Situations that represent this speculative stance adopted by non-financial companies in relation to
derivative instruments are the cases that involved the companies Sadia and Aracruz Celulose. Sadia, one
of the main Brazilian food manufacturers, and Aracruz Celulose, an industry giant, acknowledged in
September 2008 that they would have to compute high losses in the next balance sheet. The losses were
a result of transactions performed with derivatives in the foreign exchange market. The stakeholders of
these companies were never informed that they were using derivative financial instruments to leverage
results