Thank you for participating in our call about the second quarter of the 2016/2017 crop year. I will start on page number three where we have the agenda for today. We will be starting with the revision of the guidance that was published yesterday and the material information together with our financial statements, then our inventories and forecast of sales, then the financial highlights, indebtedness, COGS both for sugar and ethanol for the quarter and for the half year, and ending with our sugar exposure for this fiscal period and also for the next one and how we see the price dynamics. On page number four, we talk about the revised guidance that we published yesterday as a material fact. During July, we were hit by three frost in [Ribeirao Preto; equably] about 25% of all my own sugarcane plantation was hit, about 40,000 hectares. And because of the frost, we had to totally change the management of our harvest as when you have frost on sugarcane, immediately you have to harvest in order to lose as little as possible on this raw material and because of that, there was an impact on our cycle and we had to reduce our production guidance for both sugar and ethanol and crushing is low. Just to give an idea, we have a capacity in 2016/2017 of 20.7 million tons and we gave a guidance to the market of 20.5 million tons, equivalent to 99% crushing of this capacity and the revised guidance was 93% of capacity or [19.6 million tons]. This frost hit us in areas where we had not harvested the sugarcane yet. So it was an area still to be harvested and even worse than that, it was an area where the sugarcane was going to be harvested at the end of the crop year between October and November and because of that, the sugarcane was still growing and this further aggravated our yield when you look at the crop year overall in Sao Martinho and in Santa Cruz.
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That.s why if you are considering religious life it is necessary to get to know particular communities. We reflect on God specifically calling individuals in the Old and New Testaments to do specific things or to become something or someone new, and wonder how we will know what God calls us to do. When he does these things he acts in the Person of Christ. There were also complex distinctions between internal and external, and the “vocation efficax” and “inefficax” types of callings. 6 Hyper-Calvinism, unusually, rejects the idea of a “universal call”, a vocation, to repent and believe, held by virtually all other Christian groups. For someone who has chosen a single life, even though they have not formally taken the three vows of poverty, chastity and obedience, yet they make a personal commitment to put their freedom at the service of others in their work and prayer. Those who belong to a religious order not only follow the evangelical counsels for themselves, but are accepted by the Church, more or less officially, to represent in religious society the practice of the rules of perfection; and to offer it to God as a part of public worship. Instead, we are on a journey in which God gives us constantly evolving options, depending upon our choices and the choices of others. An ecclesiastical or religious vocation is the special gift of those who, in the Church of God, follow with a pure intention the ecclesiastical profession of the evangelical counsels. We have to believe that God loves us more than we love ourselves and that God wants our happiness more than we want it. A reaction set in against this abuse, and young men were expected, instead of following the choice of their parents, a choice often dictated by purely human considerations, to wait for a special call from God before entering the seminary or the cloister .
s’apprete a investir 100millions USD dans les vehicules de placement de Stellwagen Capital Stellwagen Group (Stellwagen) et Acasta Enterprises Inc., une societe publique basee a Toronto, au Canada (Acasta, et conjointement avec Stellwagen, les Parties) ont annonce aujourd’hui la signature d’accords definitifs en vertu desquels Acasta va acquerir Stellwagen pour environ 270millions USD, auxquels s’ajoutent une contrepartie conditionnelle future sur le rendement d’exploitation de Stellwagen au cours des trois a cinq prochaines annees etl’engagement d’investir 100millions USD dans la societe de pret senior de Stellwagen Capital ou tout autre investissement strategique. Ces accords sont soumis a certaines conditions, notamment l’approbation reglementaire et l’approbation des actionnaires d’Acasta. L’equipe de direction de classe mondiale de Stellwagen execute un modele de gestion entrepreneurial hautement rentable. Le Groupe occupe une position unique pour tirer profit de la technologie et ingenierie financieres innovantes afin de moderniser le pret et credit-bail d’aeronefs, pratiquement inchanges depuis des decennies. Les activites de gestion et financement aeronautiques de Stellwagen ont enregistre une croissance importante au cours des trois dernieres annees et s’appuieront sur les relations et l’expertise d’Acasta pour stimuler la croissance des activites existantes et des nouvelles activites de technologie et gestion des actifs. L’industrie du financement et de la gestion des actifs aeronautiques est extremement attractive, avec des rendements solides et beaucoup moins de volatilite que le secteur aeronautique en general. L’activite de technologie recemment lancee nous donnera egalement une grande confiance dans l’equipe de Stellwagen, et est validee par l’adhesion qu’elle a deja recu sur le marche, a declare Michael Neal, l’un des fondateurs et conseiller d’Acasta, et membre actuel du conseil d’administration de JP Morgan. En tant qu’ancien PDG de GE Capital, M. Neal, a supervise l’unite financement et avions commerciaux de 46millions USD de GE Capital Aviation Services.http://noahbaileypower.prosportsmall.com/2016/11/14/picking-rudimentary-programs-in-interview/
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