So we have seen pressure in relation to the dollar/real and we are seeing
the dollar/real work at R $1.57 actually and this is another component
given that 50% of our revenues are export based.
When asked about a hedge position for the third quarter, Sadia responded;
As you know in relation to currency we have historically been very active
and we do have a policy where we hedge 100% of our net exposure to
currency for the three following months and from the third to the 12th
month is 50% and then it is ongoing basis. The issue about the currency is
that there has been less movement in relation to the currency during the
last year, so moving forward we will see less gain in relation to our
hedging positions in currency.