Andre Pires - Chief Financial and Investor Relations Officer

Good morning, ladies and gentlemen. At this time we would like to welcome everyone to Ultrapar’s 2Q 2016 Results Conference Call. There is also a simultaneous webcast that will be accessed through Ultrapar’s website at www.ultra.com.br/ri. Please feel free to flip through the slides during the conference call. Today with us we have Mr. Andre Pires, Chief Financial and Investor Relations Officer, together with other executives of Ultrapar. We would like inform you that this event is being recorded and that all participants will be in listen-only mode during the company’s presentation. After Ultrapar’s remarks are completed, there will be a question-and-answer session. At that time further instructions will be given [Operator Instructions] We remind you that questions, which will be answered during the Q&A session may be posted in advance in the webcast. A replay of this call will be available for one week. Before proceeding let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ultrapar management and on information currently available to the company. They involve risks, uncertainties and assumptions, because they relate to future events and here fore depend on circumstances 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 Ultrapar and could cause results to differ materially from those expressed in such forward-looking statements. Now, I’d like to turn the conference call over to Mr. Pires. Mr. Pires, you may now begin the conference.

Thank you and good morning everyone. It’s a great pleasure to be here with you again. Today, we will discuss our performance in the second quarter of 2016. Some of my colleagues from our business divisions and their team are also here to help me answering your questions. So starting with Slide #3, I would like to start our discussions today with an overview of the last three months. Starting with our numbers, we would like to highlight another quarter of EBITDA growth for Ultrapar. This is the 40th consecutive quarter of year-on-year growth. Those 10 years of EBITDA growth reflect the soundness and the resilience of our business model and our team’s ability to overcome challenges and seize opportunities especially considering the challenging economic environment. Net revenues grew by 4% and our consolidated EBITDA by 19% both year-on-year. Our net earnings were 11% driven by the EBITDA growth and impacted by the increase in our net financial expenses. We continue to deploy our CapEx plan and reached R$366 million of investments in the quarter and R$659 million in the first half of the year increasing our scale, enhancing our operations and focusing on our differentiation initiatives. We know that our CapEx budget for the year is R$1.8 billion although the final number for the year could eventually be lower considering the effects of the exchange rate on Oxiteno investments. We have been growing our results and our investments on a year-on-year basis and our return on equity reached 19% maintaining a strong balance sheet. Our net debt to EBITDA ratio reached 1.3 times by the end of the second quarter of 2016 in line with our historical levels. We also announced dividend payment of R$0.80 per share for the first semester. This represents a 2.12% annualized dividend yield over…

Okay, thank you everyone for your participation and we hope to see you again or to talk to you again with our third quarter results that will be reported in November. Thank you very much.

Thank you, this concludes today’s Ultrapar’s 2Q 2016 results conference call. You may now disconnect your lines at this time.