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Aracruz celulose sa and fx options 2008

4 Comments

United States Securities and Exchange Commission Washington, D. Report of Foreign Private Issuer Pursuant to Rule 13a or 15d of the Securities Exchange Act of 2008 by check mark whether the registrant files or will file annual reports under cover of Form F or Form F. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule b 1. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule b 7. Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g b under the Securities Exchange Act of Condensed Consolidated Financial Information for the three-month and nine-month periods ended September 30, and and Report of Independent Registered Public Accounting Firm. To the Directors and Stockholders Aracruz Celulose S. Rio de Janeiro, Brazil October 16, The accompanying notes are an integral part of these condensed consolidated interim financial statements. Condensed Consolidated Statements of Operations Expressed in thousands of United States dollars, except number of shares and per-share amounts Unaudited Continued. Notes to Condensed Consolidated Interim Financial Statements. Expressed in thousands of United States dollars, unless otherwise stated Unaudited. The unaudited condensed consolidated interim financial statements celulose Aracruz Celulose S. Accordingly, they do not include all of the information and footnotes required by U. GAAP for complete financial statements. In the opinion of management, these interim financial statements include all adjustments, consisting only of normal recurring adjustments that are options for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods presented. Operating results for the first nine months are not necessarily indicative of the results to be expected for the entire year. The interim financial statements have been prepared in accordance with US GAAP, which differ in certain respects from the statutory financial statements prepared in accordance with accounting practices adopted in Brazil. Aracruz preparing the condensed consolidated interim financial statements, the use of estimates is required to account for certain assets, liabilities and other transactions. The Company's condensed consolidated interim financial statements therefore include various estimates concerning the selection of useful lives of property, plant and equipment, carrying values of goodwill, provisions necessary for losses on accounts receivable and for contingent liabilities and other similar evaluations. Actual results may vary from estimates. In Septemberthe FASB issued SFAS No. This Statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. This Statement is effective for financial statements issued for fiscal years beginning after November 15, and interim periods within those fiscal years. SFAS permits companies to choose to measure many financial instruments and certain other items at fair value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting 2008. This Statement retains the fundamental requirements in Statement that the acquisition method of accounting which Statement called the purchase method be used for all business combinations and for an acquirer to be identified for each business combination. This Statement defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control. Statement did not define the acquirer, although it included guidance on identifying the acquirer, as does this Statement. By applying the same method of accounting, the acquisition method, to all transactions and other events in which one entity obtains control over one or more other businesses, this Statement improves the comparability of the information about business combinations provided in financial reports. This Statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, An entity may not apply it before 2008 date. The effective date of this Statement is the same as that of the related FASB Statement No. The Company will apply such pronouncement on a prospective celulose for each new business combination. This Statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, that is, January 1,for entities with calendar year-ends. Earlier adoption is prohibited. The effective date of options Statement aracruz the same as that of the related Statement R. This Statement shall be applied prospectively as of the beginning of the fiscal year in which this Statement is initially applied, except for the presentation and disclosure requirements. The presentation and disclosure requirements shall be applied retrospectively for all periods presented. In Marchthe Financial Accounting Standards Board FASB issued FASB Statement No. The new standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity's financial position, financial performance, and cash flows. It is effective for financial statements issued for fiscal years and interim periods beginning after November 15,with early application encouraged. The company is currently evaluating the impact of adopting SFAS. In Maythe FASB issued And No. Income taxes in Brazil comprise federal income tax and social contribution which is an additional federal income tax. The deferred tax balances at each period are computed at the rates to be in force in the subsequent years and the current tax balances at each period and include taxes to be paid currently. The amounts reported as income tax 2008 in the consolidated statements of income are reconciled to the statutory rates as follows: As a result of the Barra do Riacho operations being located within the geographic area of ADENE Agency for the Development of the Northeast and since Decree No. Options andADENE issued several acts with the objective of annulling the tax benefit used by the Company. Such acts were always challenged by the Company and no final decision on the merits was issued at this point. The Aracruz presented its defense in January but its arguments have not been accepted by the Federal Revenue Service. The Company appealed to the Federal Taxpayers Council and in September its arguments were partially accepted, recognizing the company's right to use said tax incentive up to but not for The company is currently awaiting the decision to be published in order to appeal against the remaining amount. The Company's management, based on the advice of external legal counsel, believes that the cancellation of the tax incentive is mistaken and shall not prevail, both with respect to the amounts already recorded and with respect to the remaining period. The Company's management also believes, based on external legal counsel's opinion, that the cancellation of the tax incentive regarding future years up to for Fiberlines A and B and to Fiberline C is illegal due to the fact that the incentive was granted upon compliance of predetermined conditions implantation, expansion and modernization of industrial plants. Therefore, the Company has the vested right to use the tax incentive until the date set forth in the Law and in the acts issued by ADENE. Notwithstanding the confidence in the robustness of its right, the Company, considering the facts occurred during the years andwhich indicate ADENE's and SRF's intention. Thus, no provisions for loss were booked for the amounts of the benefits already recognized. The major components of the deferred tax accounts in the balance sheet are as follows: Although realization of deferred tax assets is not assured, management believes that such realization is more likely than not to occur and, therefore, has not recognized any valuation allowances. These unrecognized tax benefits primarily refer to tax positions taken by the Company related to the deductibility of social contribution taxes in the determination of federal income taxes on profits generated by. In March 30, the company also had unrecognized tax benefits related to the timing of utilization of historical tax loss 2008 used to offset income tax payable that was subject to a tax assessment notice. The Company or its subsidiaries file income tax returns in Brazil and other foreign federal and state jurisdictions. Generally, the tax years through remain open and options to examination by the relevant tax authorities. The Company recognizes interest and penalties accrued on unrecognized tax benefits as a component of interest expense and other non-operating expenses, respectively. On September 10,the Company obtained a Court Order giving it the right not to pay Social Contribution on profits generated by export sales from January as well as the right to recognize the amounts of tax credits previously compensated in this regard. On June 29,the Company received a tax assessment notice questioning the deductibility of social contribution from taxable income for and The Company challenged the balance of the tax assessment via an administrative appeal and therefore the ability of the authorities to charge the tax debt is currently suspended. The Company has also initiated a judicial proceeding with the purpose of assuring its right to deduct the social contribution in the calculation of taxable income. On June 29,the Company received a tax assessment notice questioning the offsetting of tax options against taxable income of and The Options also received a tax assessment notice relating to aracruz, regarding tax losses generated during the period in which the Company took advantage of the BEFIEX tax benefit program. The Company presented its defense but its arguments have not been accepted by the Federal Revenue Service. The Company appealed to the Federal Taxpayers Council which, by unanimous vote, decided in June that the referred notices should be cancelled by tax authorities. This impact was registered in the financial expenses interest and other operating net penalties. Considering the history of such transactions during the yearwhen the Company sold Long-Term receivables represent the balance of consideration receivable on the sale to third parties of Value-added tax credits "ICMS". The long-term portion of the Company's debt at September 30, becomes due in the options years: After completion and the projects, the Company may elect to retain the appropriations until the stockholders vote to transfer all or a portion of the reserve to capital or to retained earnings, from which a cash dividend may then be paid. The legal reserve may be used to increase capital and to absorb losses, but aracruz not available for distribution as cash dividends. Brazilian law permits the payment of cash dividends only from retained earnings. The amount of interest attributed to stockholders is deductible for corporate income tax purposes. Basic and diluted earnings per share: Basic and diluted earnings per share "EPS"as presented in the Company's statements of operations, have been calculated on the following basis taking into consideration the Dividend. Allocation between Class A and Class B preferred stock and common stock as discussed in the following summary of significant rights, terms, privileges and conversion features of the Company's stock: Earnings, if any, in excess of the Class A preferred share minimum dividend will be distributed as dividends to Class B preferred stock and common stock, up to the equivalent on a per-share basis of those paid to Class A preferred stock. Any earnings remaining for distribution thereafter are shared ratably among Class A preferred, Class B preferred and common shares. GAAP accounting pronouncement EITF It has no bearing on dividend rights celulose on allocation of results between shareholder classes as these matters are within the exclusive competence of Brazilian Coporate Law. There were no dilutive securities outstanding in and The Company is taking action in court against certain changes in the rates and rules for the calculation of the PIS and COFINS contributions determined by Law 9. In November the Company was granted a favorable judgment. Notwithstanding, due to a judgment issued by the Brazilian Supreme Court in a similar legal action, which considered the modification in the rules for the calculation of PIS and COFINS to be unconstitutional, the Company requested and was granted a provisional remedy allowing it not to pay the PAES installments related options such modification. Taking into account decisions of the Brazilian Supreme Court in regard to the unconstitutionality of such taxes that have been followed by other administrative and judicial courts, meaning that the jurisprudence on the matter is consolidated, the Company is convinced that it is very unlikely that an unfavorable decision will be issued. Notwithstanding, considering a late pronouncement of Ibracon Brazilian Independent Auditors Institutethe Company, on a conservative approach, decided to restore the reversed amount of the provision. Based on the opinion of its legal advisors, who evaluate the probability of loss in the courts as no more then possible, no provision has celulose recognized. A provisional measure was initially granted, to determine that FEPAM ceases to issue environmental licenses for eucalyptus plantations, being the competence therefore transferred to Instituto Brasileiro de Meio Ambiente - IBAMA Brazilian Environmental Institute. The provisional measure aracruz suspended by the Federal Court of the 4th Region at the request of the Government of the State Rio Grande do Sul. Additionally, the Company cannot precisely estimate the amount involved in these claims. On August 27,the Ministry of Justice based on the conclusions of the working group set up by FUNAI Edict No. The 2008 book values of such lands are immaterial. On December 3,in the Ministry of Justice in Brasilia, a Conduct Adjustment Agreement TAC was signed that considers the rights and obligations of the Company, the Indians and the National Indian Foundation - FUNAI in transferring approximately 11, hectares of land to the indigenous communities. The TAC also sets forth that all the eucalyptus wood planted in the area approximately 6, hectares of forest shall be harvested by the Company as a compensation for improvements. The enlargement of the Indian reservations must still celulose approved by decree from the President of Brazil, with the subsequent demarcation of the lands in question, when the transfer of title to the lands shall be effective. The signature of the TAC was accompanied by all authorities that took part in the negotiation, including the Federal Attorney General and FUNAI - which will be responsible for hiring a company and do the physical demarcation of the lands - and sets forth that both parties will abandon any current of future claims against each other in relation to the matter. Before the signing of the settlement, the terms of the TAC were submitted to the indigenous communities and approved at an assembly on October 16, and subsequently ratified by them on November 28, as recommended by Convention of the International Labor Organization ILO regarding indigenous and tribal peoples, to which Brazil is a signatory. Aracruz considers the agreement a sustainable solution that enables the balance among the interests of all parties involved, since it satisfied the demands of the Indians for an enlargement in their lands, while at the same time providing Aracruz with the legal assurances that these lands will not be expanded again. To reduce this risk, the Company has celulose out an insurance policy, and for customers not covered by such policy the Company adopts alternative tactics, such as upfront collections and the use of credit letters. Loss on uncollectable accounts receivable balances is recognized by means of an allowance for doubtful account. The Company has operated with financial instruments and derivatives based in foreign currency, basically the US Dollar. The fair value of derivative payables and receivables, and other related balances, were recognized in the balance sheet as follows: There are no market quotations for the aracruz contracts known as Sell Target Forward and Tied Transactions on Pre-payment Export Loans over the counter transactions. Fair values estimated using other models or assumptions may result in different results. In cases for which differences were observed between the values estimated by the Company and the values provided by the banks as their estimates of Mark to Market MTMthe Management of the Company reviewed its estimate and calculations, concluding, in accordance with the assumptions and the and used for this purpose, as to the reasonableness of the amounts so determined and recorded as of September 30, The fair value so estimated by the Company is valid only as of the date of these financial statements, and could change subsequently as a consequence of changes in exchange rates at later dates. The notional values base values of the contracts at the end of each period are: Sell Target Forward Contracts. In the case of Sell Target Forward contracts, the notional options is used as the basis for monthly measurement and settlement between the Company and its counter-parties by comparison of the contracted exchange rate Strike Price with the exchange rate PTAX as of the monthly fixing date. When the exchange rate at the fixing date is higher than the contracted Strike Price the Company suffers a loss equivalent to the double of the difference in these exchange rates times the notional value as of that date. When the opposite happens, aracruz Company enjoys a gain without any leverage. When the accumulated gains of the Company on each contract are higher than either 40 or 50 cents options each US Dollar, depending on the contract, the contract is cancelled Knock Out. For certain contracts, after an initial period, generally of 3 months, the Strike Price is reduced in accordance with the conditions of each contract. Transactions tied 2008 Pre-payment Export Loans. Certain exchange contracts tied to Pre-payment Export Loans also have monthly dates for fixing the difference between the Strike Price and the US Dollar PTAX rate. These contracts were entered into in order celulose secure reduced interest charges on Export Loans. In the case of these contracts, the Company suffers a loss on each fixing date equivalent to the extent by which the Strike Price is lower than the US Dollar PTAX rate on that date. Any losses are settled monthly, but in this 2008 the loss is not leveraged and therefore the loss is equal to the and between the said rates times the contracted notional amount. There is no Knock Out clause in this type of contract, nor is there any reduction of the Strike Price over the term of the contract. The said Pre-payment Export Loans are for periods of up to 60 months, whereas the exchange contracts were contracted only for a period of 12 months, from July through September Tied Transactions with Pre-payment export loans still open as of that date, there being no such contracts in Unless there is early settlement of these contracts, the realization of these losses, which may or may and occur, depends principally on the exchange rate on the fixing date, among other factors, and would occur over 2008 term of the contracts. In the case of NDF Non Deliverable Forward transactions, there is no monthly fixing and settlement between the parties, as the contracts are settled only at term by reference to the aracruz between the Strike Price and the PTAX exchange rate. The fair value is measured at the exchange rate as of the period end projecting the cash flow at the contractual rates and discounting the computed cash flow to present value at the interest rate ruling for similar transactions at the date. The contracts are standardized and fall due on the first working day of each month, and may be settled at any time with the purchase of contracts in the opposite position. Traditionally, the Company maintained its position on each due date due to the liquidity then prevailing in the market. As discussed in Note 2. As required by SFAS aracruz, the following table discloses the assets and liabilities measured at fair value on a recurring basis: The Company has adopted SFAS No. The Company has determined that its operation has only one segment - pulp. Sales by geographic area are determined based on the location of the customers. The Company's exports from Brazil, classified by geographic destination, are as follows: The Company and its subsidiaries operate internationally and are exposed to market risks as a result of foreign exchange rate variations. Any extreme movement in the Brazilian currency, the Real, against the U. Dollars, or vice versa, are realized at subsequent dates. As of September 30,the Real was quoted against the U. Dollar financial statements of the Company and its subsidiaries as of September 30, were prepared in accordance with accounting practices generally accepted in the United States of America which require that assets and liabilities denominated in foreign currency be updated monetarily based on the exchange rates of the respective foreign currencies as of the balance sheet date and, therefore, do not reflect the effects of changes in exchange rates subsequent to the balance sheet date. Pursuant to the requirements of the Securities Exchange Act ofthe registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Carlos Augusto Lira Aguiar Title: We have reviewed the accompanying condensed consolidated balance sheet of Aracruz Celulose S. These condensed consolidated interim financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board United States. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board United Statesthe objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such and opinion. Based on our reviews, we are not aware of any material modifications that should be made to such condensed consolidated interim financial options for them to be in conformity with accounting principles generally accepted in the United States of America. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Condensed Consolidated Balance Sheets Unaudited. Expressed in thousands of United States dollars, except number of shares. Cash and cash equivalents. Prepaid expenses and other current assets. Property, plant and equipment, net. Investment in affiliated companies. Deposits for tax assessments. Deferred income tax, net. Liabilities and Stockholders' equity. Payroll and related charges. Income and other taxes. Current portion of long-term debt. Liabilities associated with unrecognized tax benefits. And and penalties on liabilities associated with unrecognized tax benefits. Share capital - no-par-value shares authorized, issued and outstanding Common. Class A - 27, shares as of December 31, and. Class B - aracruz, shares as of December 31, and. Condensed Consolidated Statements of Operations. Expressed in thousands of United States dollars, except. Sales of eucalyptus pulp. Sales taxes and other deductions. Operating costs and expenses. Results of derivative transactions, net. Gain on currency remeasurement, net. Income loss before income taxes, minority. Income tax expense benefit. Equity in results of affiliated companies. Basic and diluted earnings loss per share. Class A preferred stock. Class B preferred stock. Weighted-average number of shares. Condensed Consolidated Statements of Cash Flows. Cash flows from operating activities. Adjustments to reconcile net income to net cash. Equity results of affiliated company. Gain loss on currency remeasurement. Gain loss on sale of equipment. Decrease increase in operating assets. Interest and short-term investments. Increase decrease in operating liabilities. Litigation, contingencies and liabilities associated with. Net cash provided by operating activities. Cash flows from investing activities. Short - term investments. Proceeds from sale of equipment. Acquisition of company net of cash acquired. Celulose to property, plant and equipment. Net cash used in investing activities. Expressed in thousands of United States dollars. Cash flows from financing activities. Net borrowings short-term debt. Net cash provided by used in financing activities. Effect of changes in exchange rates on cash and cash equivalents. Increase in cash and cash equivalents. Cash and cash equivalents, beginning of the period. Cash and cash equivalents, end of the period. Supplementary cash flow information. Unpaid accrued dividends and interest on. Conversion to Class B stock. Preferred stock - Class B. Conversion from Class A stock. Balance, January 1 and September Transfer to share capital - capital. Total balance, September Dividends and interest on. Federal income tax and social contribution. Adjustments to derive effective tax rate: Effects of differences in remeasurement. Results in subsidiaries with different. Fiscal incentive - Technological innovation. Income loss tax expense reported in. Deferred Tax Asset - Current Assets. Unrealized profits on intercompany. Taxation of foreign exchange variation payable. Difference in basis of accounting for property. Tax loss carryfowards from operations. Deductible temporary differences - other provisions. Prepaid income tax and social contribution. Withholding income tax on financial investments. Valuation allowance on Value-Added Tax Credit. PIS and COFINS contribution on acquisition of. Customers - pulp sales. Allowance for doubtful accounts. Spare parts and maintenance supplies. Investment in affiliated companies and acquisition of assets. During the first nine-months ofthe Company increased its share capital invested in Veracel Celulose S. On July 1, the Company acquired assets that comprised land areas with forests of which. The vehicle for the acquisition was a dormant Company Boise Cascade options Brasil Ltda. Short-term borrowings and long-term debt. Denominated in Brazilian currency: BNDES term loans with varying interest rates. Denominated in US Dollars: As a result of losses recognized in the derivative contracts, the Company reviewed the restrictive clauses covenants of its loans and financing agreements and, based on its best judgment, concluded that on September 30, there are no events of default. At September 30,the Company's principal common stockholders and their common stock ownership interests, either direct or indirect are as follows: At September 30,Arainvest, Treasure Hold Investments Corp owned preferred stocks which in total amounted to Brazilian law permits 2008 payment of cash dividends only from retained earnings and certain reserves registered celulose the Company's statutory accounting records. Appropriated retained earnings is composed by the following reserves: No, except in the event that. Priority in the return of capital in. Priority in the return of celulose. Right to receive cash dividends in. Right to receive cash. Priority in the distribution of a. Can be converted into Class B. Cannot be converted into Class. Stock but not into Common Stock. A Stock nor to Common. Stocks at any time. The earnings aracruz share calculations: Nine -month period ended September 30, Minimum dividends for preferred. Total basic and diluted numerator. Basic and diluted denominator. Weighted average shares outstanding. Basic and diluted earnings per share. Three celulose period ended September 30, Litigation, contingencies and commitments. PIS and COFINS obligations a iii. In Marchthe Company received notification from the INSS the Brazilian Social Security System relating basically to the value of housing allowances paid to certain employees over a period of several years. And considered that the reduced amount of housing allowances to the employees represented a fringe benefit and, consequently, the corresponding social charge was underpaid. The Brazilian Superior Court of Justice granted a decision in favor of the Company on examination of the first judicial claim related to the matter. Based on the opinion of its legal advisors, which evaluated the probability of loss in such case as remote, no provision has been recognized. Indian Communities - Terms of settlement. In the first semester ofthe Indian communities and the Company entered into Terms of Settlement in which both parties recognized the legitimacy of the Ministry of Justice Edicts. Despite the fact that the Terms of Settlement were in force, in some members of the Indian celulose invaded some forestry areas and the industrial premises of the Company. On February 17, FUNAI published Dispatches No. These areas were identified by the working options as being land traditionally occupied by Indians. Confident in the robustness of its rights, the Company presented its challenge of those Dispatches on June 19, In early the Ministry of Justice, who should ultimately decide the matter, returned the administrative procedure to FUNAI, determining that it widened the aracruz "with a view towards preparing an appropriate recommendation that assuages the interest of both parties". According to the "take-or- pay" clause, the company is committed to acquire and Canexus a volume of chemical products conservatively projected. Volumes purchased by the Company in addition to the minimum agreed take-or-pay for a given year may be compensated with lower volumes acquired in subsequent years. For the take-or-pay quantities, the Company will pay in accordance 2008 the terms of the contract. Under the contractual amendment, there are remaining take-or-pay committed volumes until The Company signed a contract with Suzano Papel e Celulose S. The contract foresee the return of an equivalent volume on similar operating conditions during In August 18,the Company signed a new contract with Suzano Papel e Celulose S. The contract foresee the 2008 of an equivalent volume on similar operating conditions starting on July The Company produces eucalyptus pulp in Brazil mainly for export sales. The major market risks that affect the business of the Company can be summarized as follow: Market value of financial instruments: The market value of cash and equivalents and short-term investments, accounts receivable and celulose liabilities approximates the amounts reported in the balance sheet due to the fact that the due dates occurs on or close to the balance sheet date. Loans are updated based on interest rates floating in accordance with market conditions, and thus and loans and financing amounts reported on the balance sheet approximate market value. Aracruz and its subsidiaries operate internationally and are exposed to market risks resulting from changes in foreign currency exchange rates and interest rates. The exposure to risk of liabilities denominated in US Dollars is mitigated in part by operating revenues. US Dollar Futures Contracts: The interest yield curve. Exchange rate volatility estimated for each fixing date; and. The closing exchange rate observed as at September 30, 2008 US Dollar Future Contracts: Tied Transactions on Pre-Payment. NDF and Short Position. NDF - Long Position. Interest Rate Swap Contracts: Fair value at the reporting date. On September 14,an agreement was announced between certain shareholders of the Company for the transfer of their shareholdings in the Company to a Holding Company in which they would maintain joint control of the Company and of Votorantim Celulose e Papel S. As previously announced, these transactions were to take place in the period up to October 6, The announcement also affirmed the intention of these shareholders to integrate, the activities of the Company with those of VCP. On October 3,VCP made public that the steps for conclusion of the process of acquisition of the Aracruz shares held by Arapar were still in the process of implementation and that the closing date for the transaction would be postponed. The financial statements of the Company as of September 30, do not reflect any modifications which might result from carrying out these plans.

NASDAQ – Trading FX Options

NASDAQ – Trading FX Options

4 thoughts on “Aracruz celulose sa and fx options 2008”

  1. Absinthe84 says:

    And God is faithful. He will not allow the temptation to be more than you can stand.

  2. Albinka4 says:

    Asked by rukyamalsaonen on August 5, 2016 at 11:16 AM via web.

  3. SHAKAL says:

    The results can be generalised to an extent due to the sample size and inferences are gathered based on the statistical analysis.

  4. and77st says:

    Ali could never be a traitor.his steadfast devotion to his faith and determination not to commit violence upon his fellow humans represented what is best about the United States.

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