Cash flow (before interest expenses and capital expenditure) has been improving consistently over the last few quarters, ending 2014 at R$1,684.3 million. The results of the strategy outlined in our “FOCUS TO WIN” program attest to the joint efforts made by all business units, especially the Marfrig Beef segment, where the Productivity Agenda combined with the focus on profitability, controlling expenses and working capital led to significant improvement in the trade payables and receivables.