UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549~~

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer ~~Pursuant To Rule 13a-16 Or 15d-16 of the Securities Exchange Act of 1934~~

~~For~~Pursuant To Rule ~~the month~~13a-16 Or 15d-16 of ~~March 2021~~the

~~Commission File~~Securities ~~Number:~~Exchange ~~1-33659~~Act of 1934

~~COSAN~~For ~~LIMITED~~the month of August 2021

Commission File Number: 333-251238

COSAN S.A.

(Exact name of registrant as specified in its charter)

N/A

(Translation of registrant’s name into English)

Av. Brigadeiro Faria Lima, 4100, – 16th floorSão ~~floor São~~ Paulo, SP 04538-132 Brazil (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-‑F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

~~TABLE OF CONTENTS~~.

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~~ITEM~~ 1~~. Material fact, filed by Cosan S.A. with the Brazilian Securities Commission on March 1, 2021, regarding the corporate reorganization of the Cosan Group.~~

~~SIGNATURE~~Table of Contents

Contents


Independent auditor´s review report on quarterly information	3
Statements of financial position	6
Statement of profit or loss	8
Statement of other comprehensive income	10
Statement of changes in equity	11
Statement of cash flows	13
Statement of value added	16
Notes to the interim financial statements	17

Table of Contents

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Independent auditor´s review report on quarterly information

Shareholders, Board of Director and Officers of

Cosan S.A.

São Paulo - SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of - Cosan S.A. (“Company”) for the quarter ended June 30, 2021, comprising the statement of financial position as of June 30, 2021 and the related statements of profit or loss and of comprehensive income, for the three and six month periods then ended, and the statements of changes in equity and of cash flows for the six month period then ended, including the explanatory notes.

Management is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement NBC TG 21 Demonstrações intermediárias, and IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 Review of Interim Financial Information performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Conclusion on the individual and the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above are not prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information Form (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission.

Emphasis of matter

Restatement of Earnings per share and Operating segments

As mentioned in Note 16, due to the share split, the Company adjusted earnings per share and the related notes for the three and six month period ended June 30, 2020, as provided for in Brazilian Accounting Standard CPC 41 – Resultado por ação / IAS 33 – Earnings per share. Additionally, as mentioned in Note 4, due to the change in the structure of operating segments, the Company adjusted the disclosure of operating segments for the three and six month period ended June 30, 2020, as provided for in Brazilian Accounting Standard CPC 22 – Informações por Segmento / IFRS 8 – Operating Segments. Our conclusion is not modified in respect of these matters.

Other matters

Statements of value added

The abovementioned quarterly information includes the individual and consolidated statements of value added (SVA) for the six-month period ended June 30, 2021, prepared under Company’s Management responsibility and presented as supplementary information by IAS 34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim financial information and the accounting records, as applicable, and if its format and content are in accordance with the criteria set forth by NBC TG 09 Demonstração do Valor Adicionado. Based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the overall interim financial information.

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São Paulo, August 13, 2021.

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP034519/O-6

Marcos Alexandre S. Pupo

Accountant CRC-1SP221749/O-0

Table of Contents

Statements of financial position

(In thousands of Brazilian Reais - R$)

		Parent Company		Consolidated
	Note	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Assets
Cash and cash equivalents	5.1	741,717	1,149,267	8,567,450	4,614,053
Marketable securities	5.2	787,715	788,965	3,655,932	2,271,570
Trade receivables	5.3	—	—	2,447,515	1,585,708
Derivative financial instruments	5.10	—	—	431,864	156,208
Inventories	7	—	—	1,077,566	685,900
Receivables from related parties	5.5	137,536	286,993	76,240	71,783
Income tax receivable		147,307	141,018	260,121	178,501
Other current tax receivable	6	35,526	35,507	788,412	434,480
Dividends receivable		325,905	160,694	1,000,620	77,561
Sector financial assets	5.9	—	—	237,426	241,749
Other financial assets	5.4	—	779,695	443	848,821
Other current assets		119,930	101,673	583,593	270,065
Total current assets		2,295,636	3,443,812	19,127,182	11,436,399
Trade receivables	5.3	—	—	20,547	19,131
Restricted cash	5.2	30,247	—	57,549	—
Deferred tax assets	13	183,645	54,032	2,354,182	629,591
Receivables from related parties	5.5	571,434	473,349	275,726	199,983
Income tax receivable		—	—	197,548	836
Other non-current tax receivable	6	37,795	37,533	1,968,540	167,224
Judicial deposits	14	398,895	380,727	895,375	544,226
Derivative financial instruments	5.10	2,463,037	2,457,604	4,642,347	2,971,210
Other non-current assets		176,113	165,310	295,821	227,857
Investments in associates	8.1	16,446,215	11,026,580	395,683	333,705
Investments in joint venture	9	2,240,038	2,314,537	7,304,100	7,988,208
Property, plant and equipment	10.1	57,390	61,459	15,555,527	416,996
Intangible assets and goodwill	10.2	1,873	2,191	17,567,851	10,045,296
Contract asset	10.3	—	—	589,403	695,938
Right-of-use assets	10.4	37,133	24,809	7,726,174	84,224
Total non-current assets		22,643,815	16,998,131	59,846,373	24,324,425
Total assets		24,939,451	20,441,943	78,973,555	35,760,824

The accompanying notes are an integral part of these interim financial statements.

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Statements of financial position

(In thousands of Brazilian Reais - R$)

		Parent Company		Consolidated
	Note	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Liabilities
Loans, borrowings and debentures	5.6	121,255	—	2,207,616	2,352,057
Leases	5.8	8,350	11,108	375,135	20,466
Derivative financial instruments	5.10	114,749	7,291	1,019,750	293,656
Trade payables	5.7	1,708	4,066	3,033,743	1,875,192
Employee benefits payables		20,189	25,168	337,889	195,881
Income tax payables		1,977	2,571	503,253	374,339
Other taxes payable	12	114,039	125,368	425,108	367,076
Dividends payable		35	216,929	9,603	285,177
Preferred shareholders payable in subsidiaries		221,869	—	221,869	—
Concessions payable	11	—	—	160,472	—
Payables to related parties	5.5	132,866	278,740	279,273	150,484
Sector financial liabilities	5.9	—	—	91,933	91,912
Other financial liabilities		—	—	713,061	149,293
Other current liabilities		93,979	103,501	441,429	259,580
Total current liabilities		831,016	774,742	9,820,134	6,415,113
Loans, borrowings and debentures	5.6	5,451,867	—	33,580,446	13,075,170
Leases	5.8	33,018	17,037	2,565,512	59,297
Preferred shareholders payable in subsidiaries		—	387,044	—	387,044
Derivative financial instruments	5.10	279,659	124,171	279,659	124,171
Other taxes payable	12	140,641	141,233	147,947	146,895
Provision for legal proceedings	14	310,330	308,819	1,420,047	887,794
Concessions payable	11	—	—	2,836,069	—
Provision for uncovered liability of associates	8.1	366,056	458,852	—	—
Payables to related parties	5.5	6,917,806	7,096,139	—	—
Post-employment benefits	21	158	177	739,723	728,677
Deferred tax liabilities	13	—	—	3,550,657	1,271,208
Sector financial liabilities	5.9	—	—	1,152,191	473,999
Deferred revenue		—	—	39,140	—
Other non-current liabilities		292,977	286,064	739,119	685,642
Total non-current liabilities		13,792,512	8,819,536	47,050,510	17,839,897
Total liabilities		14,623,528	9,594,278	56,870,644	24,255,010
Shareholders' equity	15
Share capital		6,365,853	5,727,478	6,365,853	5,727,478
Treasury shares		(91,158)	(583,941)	(91,158)	(583,941)
Additional paid-in capital		(2,972,100)	(939,347)	(2,972,100)	(939,347)
Accumulated other comprehensive loss		(554,874)	(252,610)	(554,874)	(252,610)
Retained earnings		5,987,039	6,896,085	5,987,039	6,896,085
Profit for the period		1,581,163	—	1,581,163	—
Equity attributable to:
Owners of the Company		10,315,923	10,847,665	10,315,923	10,847,665
Non-controlling interests	8.2	—	—	11,786,988	658,149
Total shareholders' equity		10,315,923	10,847,665	22,102,911	11,505,814
Total shareholders' equity and liabilities		24,939,451	20,441,943	78,973,555	35,760,824

The accompanying notes are an integral part of these interim financial statements.

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Statement of profit or loss

(In thousands of Brazilian Reais - R$, except earnings per share)

		Parent Company
	Note	April 1, 2021 to June 30, 2021	January 1, 2021 to June 30, 2021	April 1, 2020 to June 30, 2020	January 1, 2020 to June 30, 2020
General and administrative expenses	18	(62,410)	(109,747)	(37,153)	(72,075)
Other income (expenses), net	19	27,126	2,086	(21,528)	(96,076)
Operating expenses		(35,284)	(107,661)	(58,681)	(168,151)
Result before equity in earnings of investees, finance results and taxes		(35,284)	(107,661)	(58,681)	(168,151)
Interest in earnings of associates	8.1	841,253	1,795,605	(155,967)	265,833
Interest in earnings of joint venture	9	(19,564)	(74,499)	(27,551)	(37,935)
Equity in earnings of investees		821,689	1,721,106	(183,518)	227,898
Finance expense		(174,525)	(376,882)	(38,794)	(330,549)
Finance income		3,463	39,788	29,483	90,262
Foreign exchange, net		1,370,259	640,287	(334,571)	(1,740,757)
Net effect of derivatives		(975,613)	(384,917)	399,379	1,683,883
Finance results, net	20	223,584	(81,724)	55,497	(297,161)
Profit (loss) before taxes		1,009,989	1,531,721	(186,702)	(237,414)
Income taxes	13
Current		313	313	—	—
Deferred		(67,946)	49,129	12,317	165,279
		(67,633)	49,442	12,317	165,279
Profit (loss) for the period		942,356	1,581,163	(174,385)	(72,135)

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Statement of profit or loss

(In thousands of Brazilian Reais - R$, except earnings per share)

		Consolidated
	Note	April 1, 2021 to June 30, 2021	January 1, 2021 to June 30, 2021	April 1, 2020 to June 30, 2020	January 1, 2020 to June 30, 2020
Net sales	17	6,558,109	11,273,907	2,356,619	5,863,131
Cost of sales	18	(4,940,287)	(8,310,153)	(1,651,890)	(4,138,267)
Gross profit		1,617,822	2,963,754	704,729	1,724,864
Selling expenses	18	(180,750)	(339,406)	(306,698)	(586,094)
General and administrative expenses	18	(484,636)	(848,244)	(206,685)	(377,910)
Other income (expenses), net	19	278,400	249,472	8,837	(27,117)
Operating expenses		(386,986)	(938,178)	(504,546)	(991,121)
Profit before equity in earnings of investees, finance results and taxes		1,230,836	2,025,576	200,183	733,743
Interest in earnings of associates	8.1	18,015	16,820	2,915	3,736
Interest in earnings of joint venture	9	424,796	679,598	(221,151)	(29,808)
Equity in earnings of investees		442,811	696,418	(218,236)	(26,072)
Finance expense		(1,060,368)	(1,232,185)	(255,457)	(1,003,477)
Finance income		237,333	428,485	91,959	207,093
Foreign exchange, net		2,231,187	1,239,729	(393,781)	(1,931,805)
Net effect of derivatives		(1,622,896)	(1,032,682)	434,070	1,981,783
Finance results, net	20	(214,744)	(596,653)	(123,209)	(746,406)
Profit (loss) before taxes		1,458,903	2,125,341	(141,262)	(38,735)
Income taxes	13
Current		(630,801)	(230,941)	(146,172)	(271,403)
Deferred		367,016	8,980	110,585	249,995
		(263,785)	(221,961)	(35,587)	(21,408)
Profit (loss) for the period		1,195,118	1,903,380	(176,849)	(60,143)
Profit attributable to:
Owners of the Company		942,356	1,581,163	(174,385)	(72,135)
Non-controlling interests		252,762	322,217	(2,464)	11,992
		1,195,118	1,903,380	(176,849)	(60,143)
Earnings per share	16
Basic		R$ 0.5048	R$ 0.8782	(R$0.1119)	(R$0.0463)
Diluted		R$ 0.5023	R$ 0.8733	(R$0.1941)	(R$0.0477)

The accompanying notes are an integral part of these interim financial statements.

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Statement of other comprehensive income

(In thousands of Brazilian Reais - R$)

	Parent Company
	April 1, 2021 to June 30, 2021	January 1, 2021 to June 30, 2021	April 1, 2020 to June 30, 2020	January 1, 2020 to June 30, 2020
Profit (loss) for the period	942,356	1,581,163	(174,385)	(72,135)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences	(542,255)	(297,308)	(976,217)	(412,720)
Gain (loss) on cash flow hedges	250,455	(5,340)	845,837	690,202
Change in fair value of financial assets	245	384	39	38
Total other comprehensive (loss) income, net of tax	(291,555)	(302,264)	(130,341)	277,520
Total comprehensive income for the period	650,801	1,278,899	(304,726)	205,385

	Consolidated
	April 1, 2021 to June 30, 2021	January 1, 2021 to June 30, 2021	April 1, 2020 to June 30, 2020	January 1, 2020 to June 30, 2020
Profit (loss) for the period	1,195,118	1,903,380	(176,849)	(60,143)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation effect	(584,365)	(311,830)	145,233	755,915
Gain (loss) on cash flow hedges	250,589	(5,798)	(257,085)	(412,720)
Changes in fair value of financial assets	245	384	39	38
	(333,531)	(317,244)	(111,813)	343,233
Total other comprehensive (loss) income, net of tax	(333,531)	(317,244)	(111,813)	343,233
Total comprehensive income (loss) for the period	861,587	1,586,136	(288,662)	283,090
Total comprehensive income attributable to:
Owners of the Company	650,801	1,278,899	(304,726)	205,387
Non-controlling interests	210,786	307,237	16,064	77,703
	861,587	1,586,136	(288,662)	283,090

The accompanying notes are an integral part of these interim financial statements.

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Statement of changes in equity

(In thousands of Brazilian Reais - R$)

			Capital reserve			Profit reserve
	Share capital	Treasury share	Corporate transactions - Law 6404	Capital transactions	Accumulated other comprehensive loss	Legal	Statutory reserve	Profit to be realized	Retained earnings	Accumulated profits	Equity attributable to owners of the Company	Non-controlling interest	Total equity
At January 1, 2021	5,727,478	(583,941)	737	(940,084)	(252,610)	42,593	6,334,427	171,021	348,044	—	10,847,665	658,149	11,505,814
Profit for the period	—	—	—	—	—	—	—	—	—	1,581,163	1,581,163	322,217	1,903,380
Other comprehensive income: (note 15)
Loss on cash flow hedges	—	—	—	—	(5,340)	—	—	—	—	—	(5,340)	(458)	(5,798)
Foreign currency translation differences	—	—	—	—	(297,308)	—	—	—	—	—	(297,308)	(14,522)	(311,830)
Change in fair value of financial assets	—	—	—	—	384	—	—	—	—	—	384	—	384
Total comprehensive income for the period	—	—	—	—	(302,264)	—	—	—	—	1,581,163	1,278,899	307,237	1,586,136

Transactions with owners of the Company
Contributions and distributions:
Capital increase (Note 15)	638,375	—	—	(638,375)	—	—	—	—	—	—	—	1,750	1,750
Cancellation of treasury shares (Note 15)	—	496,916	—	—	—	—	(496,916)	—	—	—	—	—	—
Share options exercised	—	645	—	(9,036)	—	—	—	—	—	—	(8,391)	(9,239)	(17,630)
Dividends (Note 15)	—	—	—	—	—	—	(328,267)	—	(83,863)	—	(412,130)	(4,488)	(416,618)
Treasury shares acquired (Note 15)	—	(4,778)	—	—	—	—	—	—	—	—	(4,778)	—	(4,778)
Corporate reorganization (Note 1.1)	—	—	—	(1,400,557)	—	—	—	—	—	—	(1,400,557)	10,836,134	9,435,577
Share-based payment transactions	—	—	—	9,769	—	—	—	—	—	—	9,769	17,516	27,285
Total contributions and distributions	638,375	492,783	—	(2,038,199)	—	—	(825,183)	—	(83,863)	—	(1,816,087)	10,841,673	9,025,586

Changes in ownership interests
Change of shareholding interest in subsidiary (Note 8.2)	—	—	—	5,446	—	—	—	—	—	—	5,446	(20,071)	(14,625)
Total changes in ownership interests	—	—	—	5,446	—	—	—	—	—	—	5,446	(20,071)	(14,625)

Total transactions with owners of the Company	638,375	492,783	—	(2,032,753)	—	—	(825,183)	—	(83,863)	—	(1,810,641)	10,821,602	9,010,961

At June 30, 2021	6,365,853	(91,158)	737	(2,972,837)	(554,874)	42,593	5,509,244	171,021	264,181	1,581,163	10,315,923	11,786,988	22,102,911

The accompanying notes are an integral part of these interim financial statements.

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Statement of changes in equity

(In thousands of Brazilian Reais - R$)

			Capital reserve			Profit reserve
	Share capital	Treasury share	Corporate transactions - Law 6404	Capital transactions	Accumulated other comprehensive loss	Legal	Statutory reserve	Profit to be realized	Retained earnings	Accumulated profits	Equity attributable to owners of the Company	Non-controlling interest	Total equity
At January 1, 2020	5,045,214	(112,785)	737	(958,738)	(349,501)	121,270	6,288,472	171,021	348,044	—	10,553,734	507,482	11,061,216
(Loss) profit for the period	—	—	—	—	—	—	—	—	—	(72,135)	(72,135)	11,992	(60,143)
Other comprehensive income: (note 15)
Loss on cash flow hedges	—	—	—	—	(412,720)	—	—	—	—	—	(412,720)	—	(412,720)
Foreign currency translation differences	—	—	—	—	690,202	—	—	—	—	—	690,202	65,713	755,915
Change in fair value of financial assets	—	—	—	—	38	—	—	—	—	—	38	—	38
Total comprehensive income for the period	—	—	—	—	277,520	—	—	—	—	(72,135)	205,385	77,705	283,090
Transactions with owners of the Company
Contributions and distributions:
Capital increase in subsidiary	—	—	—	—	—	—	—	—	—	—	—	6,666	6,666
Share options exercised	—	1,081	—	(21,362)	—	—	—	—	—	—	(20,281)	—	(20,281)
Dividends - non-controlling interests	—	—	—	—	—	—	—	—	—	—	—	(1,158)	(1,158)
Treasury shares acquired	—	(318,828)	—	—	—	—	—	—	—	—	(318,828)	—	(318,828)
Share-based payment transactions	—	—	—	8,865	—	—	—	—	—	—	8,865	62	8,927
Total contributions and distributions	—	(317,747)	—	(12,497)	—	—	—	—	—	—	(330,244)	5,570	(324,674)
Changes in ownership interests
Change of shareholding interest in subsidiary	—	—	—	44,569	—	—	—	—	—	—	44,569	30,431	75,000
Total changes in ownership interests	—	—	—	44,569	—	—	—	—	—	—	44,569	30,431	75,000
Total transactions with owners of the Company	—	(317,747)	—	32,072	—	—	—	—	—	—	(285,675)	36,001	(249,674)
At June 30, 2020	5,045,214	(430,532)	737	(926,666)	(71,981)	121,270	6,288,472	171,021	348,044	(72,135)	10,473,444	621,188	11,094,632

The accompanying notes are an integral part of these interim financial statements.

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Statement of cash flows

(In thousands of Brazilian Reais - R$)

		Parent Company		Consolidated
	Note	June 30, 2021	June 30, 2020	June 30, 2021	June 30, 2020
Cash flows from operating activities
Profit (loss) before taxes		1,531,721	(237,414)	2,125,341	(38,735)
Adjustments for:
Depreciation and amortization		6,021	5,645	927,528	292,669
Interest in earnings of associates	8.1	(1,795,605)	(265,833)	(16,820)	(3,736)
Interest in earnings of joint venture	9	74,499	37,935	(679,598)	29,808
Gains on disposals assets		53	—	10,469	4,064
Share-based payment		4,451	5,399	20,467	9,060
Legal proceedings provision		22,442	30,292	69,748	30,511
Interest and exchange, net		28,405	326,843	590,357	802,867
Sectorial financial assets and liabilities, net	5.9	—	—	455,870	101,812
Provisions for employee benefits		4,063	2,145	109,871	48,333
Allowance for expected credit losses		—	—	(1,005)	65,819
Recovering tax credits		—	—	(609,964)	—
Other		1	66,050	362,983	62,661
		(123,949)	(28,938)	3,365,247	1,405,133
Changes in:
Trade receivables		—	—	(272,449)	255,919
Inventories		—	—	(141,681)	(8,279)
Other current tax, net		(15,972)	(11,670)	26,543	(46,003)
Income tax		15,281	(28,404)	(356,033)	(490,070)
Related parties, net		(50,962)	(203,415)	(115,521)	(22,842)
Trade payables		(2,572)	(5,148)	612,163	(48,247)
Employee benefits		(17,153)	(12,468)	(133,225)	(76,066)
Provision for legal proceedings		(1,360)	(12,809)	(46,649)	(16,584)
Other financial liabilities		—	—	102,871	(35,584)
Judicial deposits		(1,551)	(925)	(11,808)	25,922
Cash paid on disposal of credit rights		—	(1,278)	—	(1,278)
Post-employment benefits		—	—	(14,874)	(17,885)
Other assets and liabilities, net		(28,236)	1,328	(255,680)	(104,099)
		(102,525)	(274,789)	(606,343)	(585,096)
Net cash from operating activities		(226,474)	(303,727)	2,758,904	820,037

Table of Contents

Statement of cash flows

(In thousands of Brazilian Reais - R$)

Cash flows from investing activities
Capital contribution in associates	8.1	(1,700)	(11,142)	(336)	(1,142)
Acquisition of subsidiary, net of cash acquired		—	—	—	(90,247)
Sale (purchase) of marketable securities		9,255	(6,173)	1,689,816	(862,388)
Restricted cash		(30,192)	—	25,629	—
Dividends received from associates		201,816	221,057	6,796	3,274
Dividends received from joint venture		93,833	—	162,500	—
Other financial assets		—	—	13	9
Acquisition of property, plant and equipment, intangible assets and contract assets		(141)	(7,696)	(1,792,532)	(507,113)
Proceeds from legal merger	1.1	353,601	—	8,125,855	—
Acquisition of associates shares		—	—	—	(22,586)
Cash received on sale of fixed assets, and intangible assets		—	—	3,090	—
Net cash generated by (used in) investing activities		626,472	196,046	8,220,831	(1,480,193)

Cash flows from financing activities
Loans, borrowings and debentures raised	5.6	—	—	2,162,780	2,184,599
Repayment of principal on loans, borrowings and debentures	5.6	(5,427)	(1,700,000)	(7,470,395)	(2,114,036)
Payment of interest on loans, borrowings and debentures	5.6	(134,766)	(35,203)	(748,357)	(283,454)
Payment of derivative financial instruments		(25,383)	(35,636)	(506,481)	(36,076)
Receipt of derivative financial instruments		128,219	99,892	604,770	197,064
Payment of derivative financial instruments, except debt		(226,516)	—	(226,516)	—
Receipt of derivative financial instruments, except debt		197,679	—	197,679	—
Repayment of principal on leases	5.8	(1,383)	(167)	(284,887)	(4,695)
Payment of interest on leases	5.8	(1,417)	(208)	(61,803)	(1,766)
Equity contribution from shareholders interest		—	—	—	75,000
Equity contribution from non-controlling interest	8.2	—	—	2,084	6,666
Related parties		(247,070)	(63,453)	—	—
Payments to redeem entity's shares		(4,778)	(318,828)	(34,529)	(318,828)
Acquisition of non-controlling interests		(6,675)	—	—	—
Dividends paid		(480,994)	(574,139)	(486,334)	(575,861)
Dividends paid for preference shares		—	—	(239,615)	(174,227)
Transactions with non-controlling interests		—	—	69,155	65,478
Payment of share-based compensation		963	—	963	—
Share options exercised		—	(20,281)	—	(20,431)
Net cash used in financing activities		(807,548)	(2,648,023)	(7,021,486)	(1,000,567)
(Decrease) increase in cash and cash equivalents		(407,550)	(2,755,704)	3,958,249	(1,660,723)
Cash and cash equivalents at beginning of the period		1,149,267	3,490,707	4,614,053	6,076,644
Effect of foreign exchange rate changes		—	581	(4,852)	313,981
Cash and cash equivalents at end of the period		741,717	735,584	8,567,450	4,729,902
Additional information
Income tax paid		—	3,767	191,397	446,250

The accompanying notes are an integral part of these interim financial statements.

Table of Contents

Statement of cash flows

(In thousands of Brazilian Reais - R$)

Non-cash transaction

Recognition of interest on shareholder’s equity decided by Raízen S.A in the amount of R$ 48,470.

Acquisition of assets for construction of the natural gas distribution pipeline and assets for logistics operations with payment in installments in the amount of R$66,838 on June 30, 2021

In the six-month period ended June 30, 2021, the subsidiary Comgás made the payment of the 2020 annual income tax adjustment using tax credits, avoiding cash outflows. Of the total amount presented as payment in the supplementary information, R$47,739 refers to monthly advances based on gross revenue.

Capital contribution to the subsidiary Payly Soluções de Pagamentos S.A. (“Payly”) in the amount of R$ 3,750, through the capitalization of expenses that would be reimbursed to Cosan S.A.

Recognition of right-of-use for R$15,071 related to new lease agreements.

Disclosure of interest and dividends

The Company classifies dividends and interest on equity received as cash flow from investing activities.

Interest received or paid is classified as cash flow in financing activities.

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Statement of value added

(In thousands of Brazilian Reais - R$)

	Parent Company		Consolidated
	June 30, 2021	June 30, 2020	June 30, 2021	June 30, 2020
Revenues
Sales of products and services net of returns	—	—	13,542,849	7,887,736
Other operating revenues (expenses), net	(2,780)	(66,111)	284,574	(9,798)
Allowance for doubtful accounts	—	—	733	(65,819)
	(2,780)	(66,111)	13,828,156	7,812,119
Raw materials acquired from third parties
Cost of goods sold and services rendered	—	—	7,868,690	4,133,359
Materials, energy, third party services, others	54,462	62,005	259,309	279,736
	54,462	62,005	8,127,999	4,413,095
Gross value added	(57,242)	(128,116)	5,700,157	3,399,024
Retention
Depreciation and amortization	6,021	5,645	927,528	292,669
	6,021	5,645	927,528	292,669
Net value added	(63,263)	(133,761)	4,772,629	3,106,355
Value added transferred in
Interest in earnings of subsidiaries	1,795,605	265,833	16,820	3,736
Interest in earnings of joint ventures	(74,499)	(37,935)	679,598	(29,808)
Finance income	39,788	90,262	428,485	207,093
	1,760,894	318,160	1,124,903	181,021
Value added to be distributed	1,697,631	184,399	5,897,532	3,287,376
Distribution of value added
Payroll and social charges	34,343	27,200	424,014	277,926
Direct remuneration	29,443	23,594	373,242	254,509
Benefits	3,394	3,047	44,775	21,816
FGTS and others	1,506	559	5,997	1,601
Taxes and contributions	(39,391)	(160,906)	2,544,998	2,116,097
Federal	(42,590)	(162,397)	1,064,867	57,634
State	—	—	1,438,331	2,024,606
Municipal	3,199	1,491	41,800	33,857
Finance expense and rents	121,516	390,240	1,025,140	953,496
Interest and exchange variation	99,091	306,431	830,221	875,552
Rents	—	2,819	13,258	77,944
Others	22,425	80,990	181,661	—
Non-controlling interests	—	—	322,217	11,992
Profit for the period	1,581,163	(72,135)	1,581,163	(72,135)
	1,697,631	184,399	5,897,532	3,287,376
The accompanying notes are an integral part of these interim financial statements.

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

1 Operations

Cosan S.A. (“Cosan” or “the Company”) is a publicly-traded Company on the B3 S.A. - Brasil, Bolsa, Balcão, or “B3,” on the special New Market (Novo Mercado) segment under the ticker symbol “CSAN3.” The Company’s American Depositary Shares, or “ADSs,” are listed on the New York Stock Exchange, or “NYSE,” and trade under the symbol “CSAN.” Cosan is a corporation (sociedade anônima) of indefinite term incorporated under the laws of Brazil, having its registered office in the city of São Paulo, state of São Paulo. Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan.

1.1 Corporate reorganization

On July 2, 2020, the boards of directors of Cosan S.A., Cosan Limited and Cosan Logística S.A. ("Cosan Logística"), or collectively the "Companies", authorized studies on a proposed corporate reorganization to simplify the structure of the economic group.

As part of an effort to streamline its operations, Cosan S.A. carried out at corporate reorganization to enhance its corporate structure by making Cosan S.A. the sole holding company of the Cosan Group (“Grupo Cosan” refers to the economic entity previously represented by Cosan Limited, Cosan S.A., Cosan Logística and its subsidiaries before the merger, which, after the merger, is represented by Cosan S.A. and its subsidiaries, as the context requires). The corporate reorganization simplified our corporate structure, unifying and consolidating the outstanding shares in the financial market (“free floats”) of the Companies, in order to increase share liquidity, and unlock value that exists within the Cosan Group and facilitate future fundraising.

As part of the corporate reorganization, each of Cosan Limited and Cosan Logística were merged into Cosan S.A. Following the completion of the merger, the outstanding shares of Cosan S.A. were directly owned by all shareholders of Cosan Limited, Cosan S.A. and Cosan Logística. As a result, Cosan S.A. issued ADSs listed on the NYSE to the shareholders of Cosan Limited. As for Cosan Logística, the shareholders of Cosan Logística became owners of Cosan S.A. common shares.

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

Figure 1: Simplified operational structure after the merger.

The Merger Protocols, subject to the terms and conditions described therein, and after the consummation of all transactions contemplated by them, Cosan Limited and Cosan Logística were merged, ceased to exist and their rights and obligations were transferred to Cosan S.A. as a Company successor.

The administrators of Cosan S.A., Cosan Limited and Cosan Logística evaluated the exchange ratio negotiated and recommended by the committees and stated as follows:

The exchange ratio was 0.772788 Cosan Limited shares for each Cosan S.A. shares or Cosan S.A. ADS. Thus, 308,554,969 Cosan S.A. shares were issued for Cosan Limited shareholders; and
The exchange ratio was 3.943112 Cosan Logística shares for each Cosan S.A. share. Thus, 31,025,350 Cosan S.A. shares were issued for shareholders of Cosan Logística.

On January 22, 2021, the shareholders of the Companies approved the intra-group restructuring, which consisted of the merger of companies under common control, pursuant to which Cosan Limited and Cosan Logística were merged into Cosan S.A.

On February 5, 2021, the board of directors approved cancel 10,000,000 shares issued by the Company that were held in treasury.

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

The results of the companies that were consolidated from March 1, 2021, generated a positive result of R$372,203 in the Company's net income for the period ended on June 30, 2021.

1.1.1 Basis of preparation of reviewed financial information

The financial position as of March 1, 2021 is based on the individual and consolidated historical balances of Cosan S.A., Cosan Limited and Cosan Logística, as shown below:

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

Parent company

Open Balance (March 1st, 2021)

		Incorporated companies
	Cosan S.A. - Parent Company	Cosan Limited - Parent Company	Cosan Logística - Parent Company	Total incorporated assets	Elimination	Adjustments	Cosan S.A. post-reorganization
Assets					1.1.2(a)	1.1.2(b)
Cash and cash equivalents	1,099,643	353,595	6	353,601	—	—	1,453,244
Marketable securities	927,011	—	—	—	—	—	927,011
Derivative financial instruments	71,133	—	—	—	—	—	71,133
Receivables from related parties	279,718	54	194	248	(12,481)	—	267,485
Income tax receivable	143,359	3	2,841	2,844	—	—	146,203
Other current tax receivable	35,515	—	4	4	—	—	35,519
Dividends receivable	160,694	148,271	—	148,271	(148,271)	—	160,694
Other financial assets	734,903	—	—	—	—	(734,903)	—
Other current assets	101,221	1,744	—	1,744	—	—	102,965
Total current assets	3,553,197	503,667	3,045	506,712	(160,752)	(734,903)	3,164,254

Deferred tax assets	75,959	—	—	—	—	80,483	156,442
Receivables from related parties	576,929	—	—	—	—	—	576,929
Other non-current tax receivable	37,623	—	—	—	—	—	37,623
Judicial deposits	384,455	—	1,017	1,017	—	—	385,472
Derivative financial instruments	2,758,732	183,426	—	183,426	—	—	2,942,158
Other non-current assets	169,370	—	—	—	—	—	169,370
Investments in associates	13,025,364	8,769,145	4,259,390	13,028,535	(8,761,919)	329,118	17,621,098
Property, plant and equipment	60,457	2,724	—	2,724	—	—	63,181
Intangible assets and goodwill	2,067	—	—	—	—	—	2,067
Right-of-use assets	24,212	8,430	—	8,430	—	—	32,642
Total non-current assets	17,115,168	8,963,725	4,260,407	13,224,132	(8,761,919)	409,601	21,986,982

Total assets	20,668,365	9,467,392	4,263,452	13,730,844	(8,922,671)	(325,302)	25,151,236

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

		Incorporated companies
	Cosan S.A. - Parent Company	Cosan Limited - Parent Company	Cosan Logística - Parent Company	Total incorporated assets	Elimination	Adjustments	Cosan S.A. post-reorganization
Liabilities					1.1.2(a)	1.1.2(b)
Loans, borrowings and debentures	—	98,397	38,981	137,378	—	—	137,378
Leases	2,785	824	—	824	—	—	3,609
Derivative financial instruments	1,253	—	—	—	—	—	1,253
Trade payables	1,769	207	40	247	—	—	2,016
Employee benefits payables	24,246	—	—	—	—	—	24,246
Income tax payables	614	3	5	8	—	—	622
Other taxes payable	115,593	9	1,251	1,260	—	(11,544)	105,309
Dividends payable	216,929	—	241	241	(148,271)	—	68,899
Payables to related parties	318,535	4,844	407	5,251	(12,483)	—	311,303
Other current liabilities	107,502	7,902	992	8,894	—	—	116,396
Total current liabilities	789,226	112,186	41,917	154,103	(160,754)	(11,544)	771,031

Loans, borrowings and debentures	—	4,124,973	1,719,992	5,844,965	—	—	5,844,965
Leases	24,930	8,887	—	8,887	—	—	33,817
Preferred shareholders payable in subsidiaries	389,585	—	—	—	—	—	389,585
Derivative financial instruments	110,554	—	—	—	—	—	110,554
Other taxes payable	140,978	—	—	—	—	—	140,978
Provision for legal proceedings	309,484	—	—	—	—	—	309,484
Provision for uncovered liability of associates	432,350	—	—	—	—	—	432,350
Payables to related parties	7,499,128	47,771	—	47,771	—	—	7,546,899
Post-employment benefits	155	—	—	—	—	—	155
Other non-current liabilities	288,658	—	—	—	—	—	288,658
Total non-current liabilities	9,195,822	4,181,631	1,719,992	5,901,623	—	—	15,097,445
Total liabilities	9,985,048	4,293,817	1,761,909	6,055,726	(160,754)	(11,544)	15,868,476

Shareholders' equity
Share capital	5,727,478	5,328	2,284,893	2,290,221	(1,651,846)	—	6,365,853
Reserves and other components of equity	4,955,839	5,168,247	216,650	5,384,897	(7,110,071)	(313,758)	2,916,907
	10,683,317	5,173,575	2,501,543	7,675,118	(8,761,917)	(313,758)	9,282,760
Equity attributable to:
Owners of the Company	10,683,317	5,173,575	2,501,543	7,675,118	(8,761,917)	(313,758)	9,282,760
Total shareholders' equity	10,683,317	5,173,575	2,501,543	7,675,118	(8,761,917)	(313,758)	9,282,760

Total shareholders' equity and liabilities	20,668,365	9,467,392	4,263,452	13,730,844	(8,922,671)	(325,302)	25,151,236

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

Consolidated

Open Balance (March 1st, 2021)

		Incorporated companies
	Consolidated Cosan S.A.	Corporate Cosan Limited (i)	Consolidated Cosan Logística	Total incorporated assets	Elimination	Adjustments	Cosan S.A. post-reorganization
Assets					1.1.2(a)	1.1.2(b)
Cash and cash equivalents	4,367,675	356,410	7,769,445	8,125,855	—	—	12,493,530
Marketable securities	1,686,029	327	3,025,185	3,025,512	—	—	4,711,541
Trade receivables	1,639,123	305	617,546	617,851	—	—	2,256,974
Derivative financial instruments	182,922	—	82,191	82,191	—	—	265,113
Inventories	659,485	8	255,042	255,050	—	—	914,535
Receivables from related parties	205,383	36	36,451	36,487	(12,481)	—	229,389
Income tax receivable	169,644	7	98,343	98,350	—	—	267,994
Other current tax receivable	372,525	172	345,539	345,711	—	—	718,236
Dividends receivable	77,561	148,271	6,322	154,593	(148,271)	—	83,883
Sectorial financial assets	216,488	—	—	—	—	—	216,488
Other financial assets	804,256	—	—	—	—	(734,903)	69,353
Other current assets	294,606	1,955	264,994	266,949	—	—	561,555
Total current assets	10,675,697	507,491	12,501,058	13,008,549	(160,752)	(734,903)	22,788,591

Trade receivables	19,476	—	6,303	6,303	—	—	25,779
Restricted cash	—	—	29,835	29,835	—	—	29,835
Deferred tax assets	631,987	33	1,350,121	1,350,154	—	—	1,982,141
Receivables from related parties	207,905	—	94,473	94,473	(47,770)	—	254,608
Income taxes receivable	309	—	40,707	40,707	—	—	41,016
Other non-current tax receivable	168,666	—	782,580	782,580	—	—	951,246
Judicial deposits	551,833	—	328,984	328,984	—	—	880,817
Derivative financial instruments	3,311,933	183,426	2,346,374	2,529,800	—	—	5,841,733
Contract asset	655,680	—	—	—	—	—	655,680
Other non-current assets	235,161	2	57,726	57,728	—	—	292,889
Investments in associates	331,005	8,758,462	49,953	8,808,415	(9,087,580)	329,118	380,958
Investments in joint ventures	7,613,457	—	—	—	—	—	7,613,457
Property, plant and equipment	424,651	4,335	14,032,909	14,037,244	—	—	14,461,895
Intangible assets and goodwill	10,184,202	15,159	7,226,616	7,241,775	—	—	17,425,977
Right-of-use assets	83,664	8,853	7,809,397	7,818,250	—	—	7,901,914
Total non-current assets	24,419,929	8,970,270	34,155,978	43,126,248	(9,135,350)	329,118	58,739,945

Total assets	35,095,626	9,477,761	46,657,036	56,134,797	(9,296,102)	(405,785)	81,528,536

(i) Comprise the companies directly controlled by Cosan Limited, except Cosan S.A. and Cosan Logística.

Table of Contents

Notes to the interim financial statements

(In thousands of Brazilian Reais - R$)

		Incorporated companies
	Consolidated Cosan S.A.	Corporate Cosan Limited (i)	Consolidated Cosan Logística	Total incorporated assets	Elimination	Adjustments	Cosan S.A. post-reorganization
Liabilities					1.1.2(a)	1.1.2(b)
Loans, borrowings and debentures	842,781	98,420	2,318,462	2,416,882	—	—	3,259,663
Leases	11,867	1,068	510,047	511,115	—	—	522,982
Derivative financial instruments	146,261	—	—	—	—	—	146,261
Trade payables	1,813,517	1,335	566,273	567,608	—	—	2,381,125
Employee benefits payables	214,941	1,782	154,262	156,044	—	—	370,985
Income tax payables	331,264	580	245,826	246,406	—	—	577,670
Other taxes payable	375,996	10	33,092	33,102	—	(11,544)	397,554
Dividends payable	285,209	—	10,267	10,267	(148,271)	—	147,205
Concessions payable	—	—	159,330	159,330	—	—	159,330
Payables to related parties	304,021	5,786	188,971	194,757	(12,483)	—	486,295
Sectorial financial liabilities	93,244	—	—	—	—	—	93,244
Other financial liabilities	120,247	—	361,494	361,494	—	—	481,741
Other current liabilities	229,603	9,289	298,692	307,981	—	—	537,584
Total current liabilities	4,768,951	118,270	4,846,716	4,964,986	(160,754)	(11,544)	9,561,639

Loans, borrowings and debentures	14,091,982	4,125,001	20,275,636	24,400,637	—	—	38,492,619
Leases	67,882	9,097	2,430,749	2,439,846	—	—	2,507,728
Preferred shareholders payable in subsidiaries	389,585	—	—	—	—	—	389,585
Derivative financial instruments	110,554	—	—	—	—

Filing Compare · Cosan Ltd.