Leverage Policy

  • Approval of Board of Directors for debts over R$5 million
  • Ratio of cash position / debt maturing in the next 12 months of at least 1x
  • Approved minimum cash policy:
  • 30% of EBITDA LTM or
  • 10% of Net Sales LTM

Sugar Hedging

  • Strategies defined by the Sales Committee
  • Requires the approval of the Board of Directors
  • Advised by INTL FC Stone
  • Daily quantitative assessment of sugar exposure based on margins

FX Hedging

  • Strategy set by the finance committee, with primary focus on protection of foreign currency receivables
  • Using instruments with low risk profile
  • Daily reports with FX exposure metrics and market instrument prices