The financial result registered in 2012 was a net financial expense of R$ 211.4 million, representing a 5.4% increase over the net financial expense of R$ 200.5 million in 2011, due to the Company`s increased volume of debt. As at December 31, 2012, the debt balance was R$ 3,694.5 million, versus R$ 2,771.4 million at the close of FY 2011. Moreover, income from monetary adjustment and interests in the amount of R$ 57.8 million were recognized in 2012, and readjusted by the IPCA + WACC (5.59%) from accounts receivable, on accounts of reversal, pursuant to Interministerial Order 580.