The Votorantim Group's losses of 2.2 billion Reais was also expressive, but lower than the one of Aracruz. The losses of Ajinomoto do Brasil, at the end of 2008, totaled 180 million Reais, in similar foreign exchange operations, of which 110 million Reais were related to "non-deliverable forward" (NDF) and 70 million Reais were due to debts in foreign currencies (Cunha, 2009). In a smaller proportion, Vicunha Têxtil reported losses, in September 2008, of about 30 million Reais with derivatives transactions, essentially short positions in dollars (Lucchesi & Vieira, 2008).