Good morning, welcome everyone to BrasilAgro’s Second Quarter 2015 Results Conference Call. Today’s live webcast and presentation may be accessed through BrasilAgro’s website at www.brasil-agro.com. 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 BrasilAgro’s remarks, there will be a question-and-answer session for analyst-only. At that time further instructions will be given. [Operator Instructions] Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of BrasilAgro management and on information currently available to the company. They involve risk and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that conditions related to the macroeconomic scenario, industry and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Now I’ll turn the conference over to Mr. Julio Piza, Chief Executive Officer. Sir, you may begin your conference.

Thank you and welcome everybody to our first semester conference call. I’m going to be discussing the results from July 1 to December 31 which is of course our first semester. If you can move through the presentation please, on Page 2, the highlight for the semester, we’ve finalized the fifth year of sugarcane supply, a total 724,000 tons of sugarcane delivered. And I will now go over the results, pretty good numbers [ph]. We’re estimating for this year a total planted area of a little over 78,000 hectares. And as we had discussed it in our last call, we tried to see [ph] and the effects that we have been very conservative in picking the areas specifically to plant in order to cope with the low margins and pressure on prices. And that’s the result of that. Also, we are finalizing the construction of a silo and a grain storage facility in Bahia. Also, we keep on getting all the environmental permits in Paraguay which is a very good news. We keep on developing it and expect Paraguay to become more and more important in our portfolio. From a financial perspective in net revenues, and it’s over R$72 million in EBITDA, adjusted EBITDA of R$2.3 in the semester. These are the highlights, and then I’m going to go over the details later. On Page 3, a little bit of what’s been happening over soybean prices. And we have kind of lighter line is the price in dollars, so dollars per bushel. And we’ve experienced the sharp decrease in prices, in fact, seven months ago in dollar [ph] which was accompanied by - followed by a reduction in prices in Brazil as well in R$. So then, in the last quarter of the last year there is this kind of…

Thank you sir. The floor is now open for questions. [Operator Instructions] And the first question will come from Paulo Valaci of Brasil Plural. Please go ahead.

Hi, Julio. Thank you for the opportunity. I have two questions. The first is on CapEx. If I’m not mistaken, I think in previous releases, you guys would break down the maintenance CapEx and growth CapEx. I was hoping you could have some granularity on that this time around. And then the second question is, the release mentions there’s roughly 2,000 heads of livestock that BrasilAgro works with today. I was wondering if you could share with us some of the economic results with that, if we could maybe calculate what that operation would create [ph] in you guys, in terms of EBITDA on absolute basis. Thank you.

Well, thanks for your questions. I will start with the second one on the cattle. Paraguay has a very - all the region in Paraguay offer a very interesting opportunity for cattle. That specific operation, we are expecting and we’re purchasing [ph] and we’re going near, I’d say roughly $200 per hectare of margin, per hectare per year on cattle. So if you can assume that we are roughly putting up on a roughly 1.2 heads per hectare, you can do the math yourself. You can see if we have effective operation down there. And actually in Paraguay, different from Brazil and different from Argentina, the price of this year of the young cattle is actually cheaper than the terminated cattle. And that’s pretty interesting. It’s actually different in Brazil, it’s much more expensive to buy calves or more specially calves proportion and of any of those in Paraguay. So it is a pretty collective activity and probably [ph] expecting and budgeting, roughly $200 per hectare in it. And so from - pretty relevant, pretty interesting. Especially when you think about Brazil, that first year soybean, negative, it can be negative. So it is in fact is an attractive alternative as you saw moving those hectares in Paraguay while you have to wait to move it from cattle to soybean. So we’re pretty happy with that [ph]. Going back to your first question, if you could repeat it, I got it then you were discussing CapEx and maintenance and something else. And I couldn’t understand, so could you please repeat it?

Sure, sure. The question was on what the breakdown is between maintenance and growth CapEx. Previously in other releases, you have the CapEx growth attributed to growth in hectares. So opening new hectares, developing new hectares unless CapEx was used from maintenance from the current operations which I assume to be the CapEx related to this [ph] performance to the place where you already planned. And I didn’t see that initially, so --

I think it’s less than 10% of the CapEx is maintenance, the rest of it is growth. I mean how to think or have to just keep in mind that a strong growth is actually related to silo which is something that is not revealed every year. But a chunk of it, the bulk majority of it is growth. And a part of this growth is actually [indiscernible] of say roughly 25% of the silo, 25% to 30% of the silo. And that 10% is related to maintenance, so even more than that or even larger [ph] than that, and the rest of it is growth on new areas. So actually, there is a carryover in fact from last year that actually impacts the result. So we’ve kind of slowed down a little but there is a carryover, in fact, that drags out on [ph] to the next quarters. So that number actually will decrease next quarter, most likely.

Okay, thank you.

[Operator Instructions] I’m now showing no additional questions. At this time, we will conclude the question-and-answer session. I would like to turn the call back over to Mr. Julio Piza for his final consideration. Mr. Piza, you may give your final considerations now.

Thank you. Thank you, everyone, for joining us for an interesting quarter from an operations perspective. If we go back to a couple of calls back when we were discussing last year’s, we were somewhat pleased with the real estate, not as pleased with our operations satisfaction by yield. And now we can say that we are very happy with the operations so far. I do believe the sugar cane was a fantastic surprise. We are very happy. I’ll just say that soybean is looking good up to now. You never know what’s going to happen in the next month or so but it’s looking good up to now. So we’re confident on a positive operations result. On top of that, I do see an interesting year for the company. This combination of lower commodity prices and higher exchange rate can add some pressure into the system. So all of the operations’ end result that were funded [ph] were U.S. dollars will be in [indiscernible] in the coming months. And there, I’m positively sure we’ve opened up possibilities for the company in terms of growth. So I see a tough year but with very interesting opportunities for a company such as ours that has a very clean balance sheet and aspirations for growth. So thank you very much and see you all in three months. Thank you.

Thank you, sir. Ladies and gentlemen, this concludes today’s BrasilAgro second quarter 2015 results conference call. You may disconnect your lines at this time.