Brasil Ecodiesel SA reported strong financial results for 3Q09. Net revenue was R$126.4 million, the third highest in the company's history. Adjusted net profit was R$5.25 million, the highest ever. Adjusted EBITDA was also a record at R$17.2 million. Production and delivery of contracted volumes to Petrobras were both at record levels. The executive board is working on the company's strategic course, including evaluating international markets and diversifying raw material sources.

1. 3Q09 Results Presentation
Brasil Ecodiesel SA
October 27, 2009
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2. Earnings Presentation
Mauro A. Cerchiari – Chief Executive Officer
Eduardo de Come – Chief Financial Officer
Charles Mann de Toledo – Investor Relations Officer
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3. 3Q09 Highlights
Financial restructuring of the company and conclusion of second
capital increase;
New management takes charge;
Record delivery of volume contracted with Petrobras - 98%;
Winning of contracts at ANP’s 15th Auction to deliver 57,000 m3 in
4Q09;
Net Revenue of R$ 126.4 million, the third highest in the Company’s
history ;
Adjusted Net Profit of R$ 5.25 million, the highest ever by the
Company;
Adjusted EBITDA of R$ 17.2 million, another record;
EBITDA Margin of 13.6% in 3Q09, the highest ever for the Company;
More than 20,000 shareholders.
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4. Resumption of Production
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5. - Production and Sale of Biodiesel
- Production per plant
- Delivery of contracts with Petrobras
- Evolution of soybean oil and biodiesel prices
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6. Production and Sales of Biodiesel
45.000
Produção (m3)
40.000
Vendas (m3)
35.000
30.000
25.000
20.000
15.000
10.000
5.000
-
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7. Sales per plant
Porto
Biodiesel Floriano Crateús Iraquara Nacional Rosário do Sul Itaquí Total
B100 Sales 3Q08 3,594.90 3,515.95 5,298.31 0 8,719.07 7,943.87 29,072.10
(m3) 2Q09 114.33 0 4,502.23 127.80 10,616.55 3,904.81 19,265.71
3Q09 142.22 0 12,917.93 9,728.67 20,818.65 12,348.62 55,956.09
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8. Delivery of contracts with Petrobras
Execution of the contracts acquired in the auctions - 2008 e 2009
160.000
140.000
120.000
M³ CONTRATO M³ FATURADO
100.000
80.000
60.000 39 % 98 %
40.000
33 % 27 % 46 %
20.000 41 %
43 %
0
Leilão 6 Leilão 7 Leilão 8 Leilão 10 Leilão 12 Leilão 13 Leilão 14
1° Sem 2008 1° Sem 2008 3° Tri 2008 4° Tri 2008 1° Tri 2009 2° Tri 2009 3° Tri 2009
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9. Evolution of Prices
2.900 45.000
Produção da ECOD em m³
Preço B100 do Leilão 40.000
2.700
Preço Médio OV
35.000
2.500
30.000
2.300 25.000
2.100 20.000
15.000
1.900
10.000
1.700
5.000
1.500 0
jan/08 mar/08 mai/08 jul/08 set/08 nov/08 jan/09 mar/09 mai/09 jul/09 set/09
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10. Financial Results
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11. - Key Indicators
- Cost of Goods Sold
- Debt Profile
- General and Administrative Expenses
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12. Key Indicators
3Q09 2Q09 3Q08
Net Revenue 126,385 52,198 88,904
COGS (101,635) (38,312) (87,856)
Gross Income (Loss) 24,750 13,886 1,048
Net Income (Loss) 5,247 (11,517) (*) (29,261)
EBITDA 17,196 1,408 (*) (8,215)
EBITDA Margin 13.6% 2.7% (*) -11.3%
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13. Cost of Goods Sold
CPV - 3° TRIM.09 - TOTAL
2,3% 0,5%
2,5% 0,1%
2,7% 2,2%
6,7%
ÓLEO VEGETAL
METANOL
PRODUTOS QUÍMICOS
MÃO DE OBRA
GGF
DEPRECIAÇÃO
GLICERINA
83,1% OUTRAS
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14. Debt Profile
Indebtedness (in ths R$) 3Q08 2Q09 3Q09
Short Term 74,878,00 92,543.00 18,280.00
Loan with Ecogreen 20,473.00
(+) Long Term 193,789.00 136,912.00 60,116.00
(=) Total Debt 289.140,00 229.455,00 78,396.00
(-) Availability 8,020.00 2,321.00 1,227.00
(-) Investments - - 123,791.00
(=) Net Debt 281,120.00 227,134.00 (46,622.00)
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15. General and Administrative Expenses
General and Administrative Expenses
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
G&A Expenses 10,509 13,715 9,003 11,090 9,153 9,099 9,356
Personnel Expenses 4,625 5,003 4,277 4,491 3,893 4,517 3,834
Administrative Expenses 5,884 8,712 4,726 6,599 5,260 4,582 5,522
Evolution of Headcount
Month sep/08 jun/09 sep/09
Employees 1,411 970 897
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16. Strategic Course
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17. Strategic Course
The Executive Board and Board of Directors are
working on the strategic course:
• Domestic and international biodiesel markets;
• Company’s positioning in different scenarios;
• Possible operational restructuring;
• Investments in diversification of raw materials.
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18. Disclaimer
• The estimates and forward-looking statements contained in this presentation are largely based part on current
expectations and estimates of future events and trends that affect or could potentially affect the business, financial
situation, operational results and prospects of BRASIL ECODIESEL. These estimates and statements are subject to
various risks, uncertainties and assumptions and are based on the information currently available to BRASIL
ECODIESEL. This presentation is also available on the website www.brasilecodiesel.com.br/ri.
• These estimates involve risks and uncertainties and do not constitute a guarantee of future performance, since actual
results or developments may differ substantially from the assumptions described in the estimates and forward-looking
statements. In view of the risks and uncertainties involved, the estimates and forward-looking statements in this
presentation may not occur and the future results and performance of BRASIL ECODIESEL may differ substantially
from those envisaged by the estimates of BRASIL ECODIESEL. Given these uncertainties, investors should not base
any investment decision on these estimates and forward-looking statements.
• The words “believe”, "can”, “could”, “estimate”, “continue”, “anticipate”, “plan”, “expect” and similar expressions seek to
identify estimates. These estimates refer only to the date on which they were expressed, and BRASIL ECODIESEL is
not responsible for updating or revising any of these estimates in light of the occurrence of new information, future
events or any other factors.
• This presentation does not constitute an offer, invitation or solicitation to subscribe to or acquire any securities, and this
presentation or any information contained herein does not constitute the basis of an agreement or commitment of any
kind.
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