Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Cosan S/A Third 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]. 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. Nelson. Mr. Nelson you may begin the presentation

Good afternoon everyone. Welcome to the Cosan's third quarter 2015 earnings conference call. We will start on page number 3, today as we through the quarter, we will discuss each one of the business performance of our company. Starting with Raízen Combustíveis, fuels distribution business, then go into Raízen Energia, the sugar , ethanol and cogeneration and then natural gas, Comgás; Lubrificantes and land management company Radar. We also discuss the other business which basically reflect our corporate structure. Now turning the page 4, starting Raízen Combustíveis and just as a reminder starting last quarter the second quarter 2015 we start to report fuel volume sold based on the Sindicom methodology which excludes the volume sold for other associate distributors within Sindicom. The objective of this change as we mentioned back then is really to make it easier to compare the results that we are reporting was the results that the market is reporting. Now we go to the numbers, the volume on this quarter of our fuels distribution business continue to need to be affected by the slowdown in the economic and industrial production, but despite of this macroeconomic scenario once again Raízen Combustíveis managed to grow above the market. If we compare with the A&B [ph] the National Petroleum Agency, their volumes were up 3% while Raízen total volume grew 1% mostly due to the 5% growth in the auto cycle supported by a strong demand on the ethanol. On the diesel sales we suffer a 1% drop reflecting the weaker demand as I just mentioned. As an information the volume sold on the aviation segment went down slightly 1% impacted basically by the slight activity reduction [indiscernible]. The adjusted EBITDA excluding the asset sales effect was 572 million, 70% above same quarter last year. This growth was…

[Operator Instructions]. Our first question comes from Alexandre Falcao with HSBC.

Just wanted to follow up and just pick, first one is just one an update on the spin off of the gas distribution company, I know you guys are quite serious because of the debenture -- I just wanted to know this idea is not going to go on right now, why is that something that eventually when we have the right conditions this is going to go through, there is still an idea within the company. And the other question is regarding raising Energia, specifically on the impact for better rain for next year and then probably better productivity going forward. So your plan to change the mix sugar at this point or more into ethanol that’s because we're probably going to have more sugar cane [indiscernible]. And second one is can we expect [indiscernible] for next year? Thank you.

Let's start with the last one, I think it's too early to say how the next crop season will look like. We are in the middle of the crop season now. So depending on the rain that we going to have this quarter we will know if we’re going to have the kind of result for the next year or not. If it does not rain potentially the volume that we will leave on the fields for next year will be very small but again it depends on the climate for this quarter. So at this point it's hard to predict what's going to be the volume or the crushing volume for the next crop season. The other point that you asked it's about the mix, as I said on the Portuguese conference call we should not expect any changes on the mix. By definition we have a higher mix of sugar and we should remain that way for the next crop season. On your first questions on the spinoff of Comgas, it's still on the radar we don't want to do at any cost but for now as you well made we are on the quite period so we cannot comment on any future changes on Comgas business.

[Operator Instructions]. Our next question comes from Rodrigo Mugaburo with Morgan Stanley.

I had a question on Raízen Energia, as of the end of the quarter you have a roughly R$2 billion in inventory, 1 billion in sugar and 1 billion in ethanol. I wanted to know if we should expect those inventory to basically be sold doing this fiscal year fourth quarter or especially in case of ethanol you will try to carry a little bit into the inter-harvest?

It's really little bit of both, we will have some of the volume being sold this quarter but some will be sold in the next quarter, in the following quarter which is the first quarter 2016, the last quarter for the crop season in their inter-crop season. So that's the plan. So I would assume that we’re going to have a little bit of both.

[Operator Instructions]. This concludes the Q&A session. I'd like to invite Mr. Nelson to proceed with his closing statements. Please go ahead sir.

Well thank you very much for attending the call and we'll talk again on the next one. Thank you.