In Sadia’s case, disclosure was even less evident and practically only the definite income figures were
made available. Table 2 reflects an extremely positive profit in 2006 and an adverse result in 2007. The
numbers suggest a slow-down in investments with derivative instruments. An adverse result would be
natural in the light of the company’s volume of operations and its 24% per year growth rate. Nonetheless,
the volume of the accrued loss for 2008, all of it concentrated in the second semester, and the content of
the Relevant Event that was disclosed, leave no doubt as to the derivative transactions’ speculative
nature.