Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Cosan S/A Second Quarter of 2015 Results Conference Call. Today, with us, we have Mr. Nelson Gomes, CEO and Investor Relations Officer; Mr. José Cezario, CFO; and Mr. Phillipe Casale, Investor Relations Manager of Cosan S/A. We would like to inform you that this event is recorded and all participants will be in a listen-only mode during the company's presentation. After Cosan's remarks, there will be a question-and-answer session for industry analysts. At that time, further instructions will be given. [Operator Instructions]. The audio and slideshow of this presentation are available through live webcast at ir.cosan.com.br. The slides can also be downloaded from the webcast platform. Before proceeding let me mention that forward-looking statements will be made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Cosan's management, and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and, therefore, depend on circumstance that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Cosan and current results differ materially from those expressed in such forward-looking statements. Now, as to begin this conference call, I will turn the conference over to Mr. Marcelo Martins, Board Member of Cosan S/A and CFO of Cosan Limited for his opening remarks. Mr. Marcelo, you may begin the call.

Good morning, everyone. The purpose of my participation or my short participation in the call today is basically to try to address some of the issues that have been raised by the market in relation to Cosan S/A and potential investment in its current businesses and other businesses, as well as the spinoff of the gas distribution business which was announced last year. As you know well, Marcos Lutz and I have formally become executives of, actually we were already, but we have -- we are now 100% dedicated to Cosan Limited as executives, but we continue to be board members in the companies that are controlled by CZZ. We have last year in during the Cosan Day meeting announced our intention to spinoff the gas distribution business out of Cosan S/A. I just want to confirm that it continues to be our objective to implement that transaction or the spinoff. The only reason why we have not done it yet is because we have also committed to transfer part of the debt that’s dated in Cosan S/A to this new entity, to the gas distribution company. And considering recent market conditions we are not able to do the refinancing of part of Cosan S/A debt in order to transfer the new debt to the new entity, to the gas distribution business. Once we are in a position to do it, we will complete the spinoff of the business. We continue to be highly committed to doing that deal. And we also, as a consequence of that first move, we continue to be a 100% committed to simplifying the structure so that we have only one listed company for each energy, logistics, and gas distribution businesses. There is another issue that was raised by the market recently, which has to…

Good morning everyone. Welcome to the Cosan S/A second quarter 2015 earnings conference call. As we did it in the last quarter, we will discuss our business performance of Raízen Combustíveis, Raízen Energia, Comgás, Lubricants, and Radar. Starting on the Page 4 with Raízen Combustíveis, our fuels distribution business, before we go through all the numbers, I would like to say that start this quarter we will report the fuel volumes sold exactly in the same way that Sindicom does. Basically, excluding all the volume sold among other distribution companies. The main reason behind this change is to really facilitate comparisons between the result reported by us and by the market. Now, going to the numbers. The volume this quarter on our fuels distribution business were impacted by the drop on the economic activity, mainly on diesel sales which suffered a 2% drop when compared with the same quarter last year, not only on B2B, but also in retail. Despite this challenging macroeconomic scenario, we are presenting a 0.4% growth on total volumes sold, mainly driven by the growth of 5% in gasoline and ethanol business that are more resilient during this economic downturn. The aviation segment went down 3% impacted mainly by the productivity reduction and cost. On EBITDA, we are also reporting in this quarter above and beyond the accounting EBITDA an adjusted EBITDA, which excludes one-offs, as detailed in the right side of the slide. The accounting EBITDA was $514 million, 20% above the same period the same quarter of last year. When adjusted by the non-recurring effects related basically to the World Cup last year and some assets divestments. The adjusted EBITDA on this quarter was R$508 million, 60% above the same period of last year, mainly driven by a better sales mix of gasoline and…

Thank you. [Operator Instructions]. Our question comes from Rodrigo Mugaburu, Morgan Stanley. Mr. Rodrigo, your line is open.

Yes, thank you. Good morning, Nelson, quick question on ethanol strategy on the sales, last year Raizen build large inventories waiting for higher prices. Remember that earlier this year you said that strategy might change this year. So now with how the market has evolved so far, do you still think that you will be selling all of the ethanol during the second half of the year or you might build inventories through going to harvest. Thanks.

Rodrigo, what we said at the beginning of the year is still valid. We're not going to build up inventories as we did last year, but we will follow what the market will do this year. If you look at the inventory levels that we have at this point at the beginning of the crop season it's similar to what we have in the same period of last year.

Our next question comes from Ravi Jain, HSBC.

I had a question on the fuel distribution business so more longer in the medium-term let’s say in 2016 and 2017 the U.S. net EBITDA growth will be stronger as you've seen in the past unit volumes remain a little muted let's say in the below 5% range do you see that the scope or efficiencies and an increase in EBITDA growth beyond the volume growth in the medium-term. Thanks.

What we see on the long run for the fuels business is still -- we're going to still implement the white flag, the white bumpers conversion that we have. So we still have a lot white flag service stations out there that can be converted to major brand. So this is part of the strategy and that will remain in the following year, so some of the growth will come from those investments. And then specifically on margins, other than fuels, we have the known fuels, which is convenience stores, for example that will keep on growing as well. Okay. So we do expect additional growth for the coming years.

[Operator Instructions]. This concludes the question-and-answer session for investors and analyst. Now, I turn the floor back over to Mr. Nelson Gomes.

Well once again thank you all for attending the call and we will talk again on the next quarter. Thank you.