Good afternoon. Welcome everyone to BrasilAgro’s First Quarter 2016 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 analysts 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 risks 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.

Hi, everyone. Thanks for joining us today. We are here to discuss our results for the first quarter 2016, which we can see here through the presentation. On page two, we have the highlights. Net revenues of R$67 million; net income 44, adjusted EBITDA a little bit over R$10 million. We estimate 6,000 hectares of land to we transformed during the year. Estimated planted area of 64,000 hectares. We have some adjustments going forward. We just approved dividend of roughly R$1.4 per share. And also we registered one of the farms headquartered and has finalized the whole process and resistivity couple a years ago. So, before we go into the operational referrals on page three where we got the liquidity little bit of the market scenario for the price and here we have the evolution of soybean prices both in dollars and also in reais. You can see that since last year -- a year ago, roughly year and a half ago, once the CBOT prices have started to come down, we have an appreciation of the dollar or depreciations of the reais and the fourth thing is the coupling, between the price of soybeans in Chicago and the products of soybeans in reais, Brazilian reais. And the fourth, we're maintaining reais levels throughout in the last three or four years pretty much the same levels. Of course, there's an implication in cost from a revenue perspective and cost perspective, we probably drive within reais all add up very effective level comfort the high levels we have in 2012-2013. And then of course, as an insight going to continue on page four on land prices. Land prices have somewhat stabilized over the last quarters or so, and 36 gram is now correction in May 2013 hour rate and as we’ve…

Thank you. The floor is now open for questions. [Operator Instructions] Our first question comes from Mr. Rodrigo Mugaburu from Morgan Stanley. You may proceed.

Hi, Julio. Two questions. One, on the sugarcane, this part of our strategy looking forward that could see more and more area lease for sugarcane or just opportunity because we do what's close to call categories? And then the second question, regarding mainly on the land bill what’s the situation right now in the Congress [ph]? Thanks.

Rodrigo, I didn’t understand your first question. I will answer the second and then please if you could repeat the first one. And the second one, it’s a very difficult days in the Congress right now about the new growth have been discussed directly from changes. We're not sure, how this whole thing will turn out to be, but it's looking good. We're confident we're going to have important changes, but definitely we will make [indiscernible]. So, we’re confident we're going to have developments.

Great. My first question was related to the sugarcane lease area. I was wondering if looking forward it's part of the strategy to increase more and more lease rent per sugarcane plantation or this we just an opportunity because we are close to Alto Taquari and Alto Araguaia.

The second question, thanks for that. I will tell lying on both accounts. It was definitely an opportunity because of well closer to reforms we already have. We saw very simple model managerial structure changes to that, so we’re pleased with the lot -- in these figures. But not only that I said that is something that the company is beneficiary. We have experience in the last seven years, but sugarcane has a much lower volatility for us than other products and therefore we have that volatility as well and so all the step that we go to the New York, Chile contributing soybean, and [indiscernible] ramping our productivity, but sugarcane has to deal with that productivity. So, the bulk of very operational profitability capabilities with sugarcane [indiscernible] very interesting entry point for the spot price. So, it allows us all this capability created and more hectare of sugarcane. So, I’m optimistic in that specific, but also I would expect that to add more hectare of sugarcane in the near future.

Great. Thank you very much. Great year.

[Operator Instructions] I'll turn over to Mr. Julio Piza. Mr. Piza, you may give your final considerations now.

Thanks everyone. I think we asked for a very good year, it started pretty well, on the right foot as we tend to go. The company is well prepared on this capital structure and operational side. So, we’re looking forward to a great year. And as we have a very strong balance sheet, we’re looking forward to some growth opportunities. So, I would say that operational now cannot sought and now it’s time to look into growth. So, thank you very much for joining us today. And see you again in three months. Thank you.

Thank you. This concludes today’s BrasilAgro’s first quarter 2016 results conference call. You may disconnect your lines at this time.