1 Investment Opportunity in Lemon in the Valley of the São Francisco River INTEGRATED SUSTAINABLE...

1 www.codevasf.org.br

Investment Opportunity in Lemon in the Valley of the São Francisco River

INTEGRATED SUSTAINABLE BUSINESS PROJECT


Project Team

PRESIDENT OF THE REPUBLIC MINISTER OF NATIONAL INTEGRATIONLuiz Inácio Lula da Silva Geddel Vieira Lima

CODEVASF DIRECTORY

President: Orlando Cezar da Costa Castro

Cabinet Chief: Manoel Geraldo Dayrell

Director of the area of Integrated Development and Infra-Structure: Clementino Souza Coelho

Executive Secretary: José Eduardo Borella

Director of the area of Irrigation Companies Management: Raimundo Deusdará Filho

Executive Secretary: Frederico Calazans Machado

Director of the Area of Hydrografic Basins Revitalization: Jonas Paulo de Oliveira Neres

Executive Secretary: Silas Macedo

Executive Manager of Strategic Administration: Alexandre Isaac Freire

Executive Secretary of Administrative Management and Logistic Support: João Honório Carvalho Ramos


Agenda

• Introduction

• Business Model

• Profitability Analysis

• Irrigation Projects (CODEVASF)


INTRODUCTION

• Project DescriptionThe project is a governmental initiative, aiming to attract investments to the Valley of the São Francisco River (web page:http://www.fundace.org.br/pins).

• PENSAAgribusiness Intelligence Center. PENSA researchers are responsible for the business models proposition, economic and marketing analysis and for interacting with potential investors tailoring the analysis to their particular needs (web page: http://www.pensa.org.br).

• CODEVASFSão Francisco and Parnaíba Development Company, which the mission is to develop economically and socially the Valley of the São Francisco and Parnaiba Rivers (web page : http://www.codevasf.gov.br).


Global Lemon Demand

• From 1990 to 2005, world consumption growth was 73,26%.

Source: FAO.

Why investing in Lemon Production?

World Lemon Demand from 1990 to 2005

6,5

8

6,8

9 7,0

8

7,5

2

7,8

1

8,1

0 8,3

4

8,6

5

9,1

4

9,5

7

10,

07

10,

46

10,

87 11,

12 11,

32

11,

39

6,00

7,00

8,00

9,00

10,00

11,00

12,00

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Ano

Mil

lio

n t

on

s


Global Lemon Demand

• The Brazilian lemon exports growth in the same period was an impressive 3,3371.11%.• In the last couple of years, despite de dollar currency value has decreased (16%), it also increased its total

financial value. (84,38%).

Source: FAO

Why investing in Lemon Exports?

Lemon and Limo Exports from 1996 to Oct-20070

,76

0,9

1

1,4

2 2,9

6 4,6

4

7,6

4

9,8

9

16,

95 18,

30

26,

30

33,

74

32,

91

-

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Ano

Ex

po

rts

(in

mil

lio

ns

US

$ F

OB

)


Why Investing in Lemon in the Valley of the São Francisco River?

• Selling opportunities in market windows, mainly regarding São Paulo

region (from July to December);

• low incidence of fungus;

• Lower occurrence of plagues and diseases;

• Higher yields with irrigation;

• Climate conditions favor product standardization;

• Land availability;

• Growth of international demand;


Business Model

Sales Contracts

Vertically Integrated Area: 36 haGrowers Area : 216 ha – Quasi-Integration Contracts

Packing House (PH) +

Cooperative

Contract to

PH

Growers Cooperative

Grower (36 Ha)

Vertically Integrated PH

(36 ha)

Grower (36 Ha) Grower (36 Ha)

Grower (36 Ha) P Grower (36 Ha)

Grower (36 Ha)


Coordinated Growers Cooperative Anchor Company Infra-Structure Firm

-Producing lemon contracted with the Agricultural Anchor, following agreed quality standards;

- Implementing on farm irrigation systems;

- Coordination of small holders;

- Technical assistance;

- Joint use of equipments;

- Joint purchase of selected inputs;

- Representation of small holders;

- The right to use the land will be conceded to selected growers;

- Sustainable contracts with selected coordinated growers;

- Determination of quality standards;

- Packing or industrialization of raw material;

- Marketing;

- Payment of the water to the water management firm;

- Farming on its own area;

-Supplying water for irrigation at the right quality and quantity;

- Maintenance of the common infra structure for irrigation;

Players’ Role Specification


Agric Production Processing Plant

LEMONEconomic Analysis

Processing Plant

Inputs

Investments

Graphs

Processing Cash Flow

Detailed Cost

Results and Cash Flow

Cash Flow

Detailed Cost

Agric Cost

Consolidated Cash Flow

Consolidated Analysis

Growers

Anchor Firm

Standard Sheets for Economic Analysis


Assumptions – Packing house (along with agricultural production)

• Exporting 3 containers/week;• Average production capacity:

– Vertically integrated area: 36 ha => 33,969.77 (box of 27,5 Kg);– Small holders : 216 ha => 203,818.61 (box of 27,5 Kg);– Current processing capacity : 291,000 box per year.

• PH will be built during the orchards implementation; • 20-year project;• Packing House Investment: R$ 960,000.00 (100% own capital);• Average cost per box: R$ 10.72;• Product destination: 35% external market, 55% internal market and 10% of losses;• Average selling price:

– US$ 8,97/box of 4.5 Kg (external market); – R$14,91/box of 27.5 Kg (internal market);

• Exchange Rate: US$ 1 = R$1.85;


Economic Analysis

PACKING HOUSE – Annual Turnover

$14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85 $14,85

$0,00

$2,00

$4,00

$6,00

$8,00

$10,00

$12,00

$14,00

$16,00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Years

Tu

rno

ver

(Mill

ion

US

$)

Source: PENSAExchange Rate: 1 US$ = R$ 1.85


PACKING HOUSE – Deailed Costs

$0,00

$2,00

$4,00

$6,00

$8,00

$10,00

$12,00

$14,00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Ano de investimento

Mill

ion

US

$

Investment Cost of Lemon bought from growersIrrigation Freights Finantial expenses Taxes Labor

Economic Analysis



NPV PACKING HOUSE

Project pays back is on January of the second year, It reaches a NPV of around R$30 million.

Accumulated NPV

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

jan/1

3

jan/0

1

jan/0

2

jan/0

3

jan/0

4

jan/0

5

jan/0

6

jan/0

7

jan/0

8

jan/0

9

jan/1

0

jan/1

1

jan/1

2

jan/1

4

jan/1

5

jan/1

6

jan/1

7

jan/1

8

jan/1

9

jan/2

0

Months

NP

V (

Mill

US

$)

Return on InvestmentJan/02

Economic Analysis

Source: PENSA Exchange Rate: 1 US$ = R$ 1.85


Accumulated NPV For The PACKING HOUSE - Without Agricultural Production

Packing House project has its pay back on the fourth operating month, when analyzed without the vertically integrated agricultural production.

R$ (5,000,000.00)

R$ -

R$ 5,000,000.00

R$ 10,000,000,00

R$ 15,000,000.00

R$ 20,000,000.00

R$ 25,000,000,00

R$ 30,000,000.00

R$ 35,000,000.00

R$ 40,000,000.00

R$ 45,000,000.00d

ez/

00

de

z/0

1

de

z/0

2

de

z/0

3

de

z/0

4

de

z/0

5

de

z/0

6

de

z/0

7

de

z/0

8

de

z/0

9

de

z/1

0

de

z/1

1

de

z/1

2

de

z/1

3

de

z/1

4

de

z/1

5

de

z/1

6

de

z/1

7

de

z/1

8

de

z/1

9

de

z/2

0

Months

NP

V in

US

$)

April/01

Economic Analysis



Sensitivity Analysis

PACKING HOUSE

Criteria Color

< R$ 0.0 Red

R$0,00 -R$ 5 Million Orange

> R$ 5 Million Blue

Inter. Price (R$/box27,5 kg) 3,00 4,00 5,00 6,00 7,00 8,00 9,00 10,00 11,00 12,00 13,00 14,00 15,00 Average12,50R$ (38,51)R$ (27,83)R$ (17,16)R$ (6,48)R$ 4,19R$ 14,87R$ 25,54R$ 36,22R$ 46,89R$ 57,57R$ 68,24R$ 78,92R$ 89,59R$ 25,54R$ 13,00R$ (37,72)R$ (27,05)R$ (16,37)R$ (5,70)R$ 4,98R$ 15,65R$ 26,33R$ 37,00R$ 47,68R$ 58,36R$ 69,03R$ 79,70R$ 90,38R$ 26,33R$ 13,50R$ (36,94)R$ (26,26)R$ (15,59)R$ (4,91)R$ 5,76R$ 16,44R$ 27,11R$ 37,79R$ 48,46R$ 59,14R$ 69,81R$ 80,49R$ 91,17R$ 27,11R$ 14,00R$ (36,16)R$ (25,48)R$ (14,81)R$ (4,13)R$ 6,54R$ 17,22R$ 27,90R$ 38,57R$ 49,25R$ 59,92R$ 70,60R$ 81,27R$ 91,95R$ 27,90R$ 14,50R$ (35,37)R$ (24,70)R$ (14,02)R$ (3,35)R$ 7,33R$ 18,00R$ 28,68R$ 39,36R$ 50,03R$ 60,71R$ 71,38R$ 82,05R$ 92,73R$ 28,68R$ 15,00R$ (34,59)R$ (23,91)R$ (13,24)R$ (2,56)R$ 8,11R$ 18,79R$ 29,46R$ 40,14R$ 50,82R$ 61,49R$ 72,16R$ 82,84R$ 93,51R$ 29,46R$ 15,50R$ (33,81)R$ (23,13)R$ (12,46)R$ (1,78)R$ 8,89R$ 19,57R$ 30,25R$ 40,92R$ 51,60R$ 62,28R$ 72,95R$ 83,62R$ 94,30R$ 30,25R$ 16,00R$ (33,02)R$ (22,35)R$ (11,67)R$ (1,00)R$ 9,68R$ 20,35R$ 31,03R$ 41,70R$ 52,38R$ 63,06R$ 73,73R$ 84,40R$ 95,08R$ 31,03R$ 16,50R$ (32,24)R$ (21,57)R$ (10,89)R$ (0,21)R$ 10,46R$ 21,14R$ 31,81R$ 42,49R$ 53,16R$ 63,84R$ 74,51R$ 85,19R$ 95,86R$ 31,81R$ 17,00R$ (31,46)R$ (20,78)R$ (10,11)R$ 0,57R$ 11,24R$ 21,92R$ 32,60R$ 43,27R$ 53,95R$ 64,62R$ 75,30R$ 85,97R$ 96,65R$ 32,60R$ 17,50R$ (30,67)R$ (20,00)R$ (9,32)R$ 1,35R$ 12,03R$ 22,70R$ 33,38R$ 44,05R$ 54,73R$ 65,41R$ 76,08R$ 86,76R$ 97,43R$ 33,38R$ 18,00R$ (29,89)R$ (19,22)R$ (8,54)R$ 2,14R$ 12,81R$ 23,49R$ 34,16R$ 44,84R$ 55,51R$ 66,19R$ 76,86R$ 87,54R$ 98,21R$ 34,16R$ 18,50R$ (29,11)R$ (18,43)R$ (7,76)R$ 2,92R$ 13,59R$ 24,27R$ 34,95R$ 45,62R$ 56,30R$ 66,97R$ 77,65R$ 88,32R$ 99,00R$ 34,95R$ 19,00R$ (28,32)R$ (17,65)R$ (6,97)R$ 3,70R$ 14,38R$ 25,05R$ 35,73R$ 46,40R$ 57,08R$ 67,76R$ 78,43R$ 89,11R$ 99,78R$ 35,73R$ 19,50R$ (27,54)R$ (16,87)R$ (6,19)R$ 4,49R$ 15,16R$ 25,84R$ 36,51R$ 47,19R$ 57,86R$ 68,54R$ 79,21R$ 89,89R$ 100,56R$ 36,51R$ 20,00R$ (26,76)R$ (16,08)R$ (5,41)R$ 5,27R$ 15,94R$ 26,62R$ 37,30R$ 47,97R$ 58,65R$ 69,32R$ 80,00R$ 90,67R$ 101,35R$ 37,30R$

Média (32,63)R$ (21,96)R$ (11,28)R$ (0,61)R$ 10,07R$ 20,75R$ 31,42R$ 42,10R$ 52,77R$ 63,45R$ 74,12R$ 84,80R$ 95,47R$ 31,42R$

NPV ValueExporting Price US$/box of 4,5 Kg)



Assumptions – Growers

• Average Yields: 1,235 boxes of 27.5 Kg/year (36 ha);

• 20-year project;

• Investment in Agricultural production: – R$ 623,075.84 (100% own capital);

• Irrigation Investment: – R$ 542,255.30 (1005 financed);

• Product destination: 100 % to the PH;

• Average selling price : R$10.72/box of 27.5 Kg;

• Exchange rate (R$/US$): R$1.85;


Price Sazonalities

Price received by Lemon Growers from 2001 to Out/2007.

R$ 0.00

R$ 5.00

R$ 10.00

R$ 15.00

R$ 20.00

R$ 25.00

R$ 30.00

R$ 35.00

R$ 40.00

R$ 45.00

R$ 50.00

Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez

Months

Pri

ce p

er B

OX

of

27,5

Kg

2001 2002 2003 2004 2005 2006 2007



Lemon Growers Production

Year- -

790,

57

1.18

5,85

1.58

1,14

1.97

6,42

1.97

6,42

1.97

6,42

1.97

6,42

1.58

1,14

1.18

5,85

988,

21

- -

790,

57

1.18

5,85

1.58

1,14

1.97

6,42

1.97

6,42

1.97

6,42

-

500.00

1,000.00

1,500.00

2,000.00

2,500.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year

Nu

mb

er o

f b

oxe

s o

f 27

,4 K

g

Economic Analysis

Source: PENSA


Lemon Production Cost for the Growers

Annual Production Cost

R$ -

R$ 50,00

R$ 100,00

R$ 150,00

R$ 200,00

R$ 250,00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year

Co

sts

(Th

ou

s R

$)

Production Cost Irrigation Cost Freight Cost Financial Cost Taxes

Economic Analysis



Financial Analysis

Source: PENSA

Agricultural Production

(size of 36 ha)Packing House

(with ag. production)Packing House

(without ag. product)

Consolidated Analysis

IRR: 20.56 % IRR: 126.37 % IRR: 492.51 % IRR: 66.90 %

NPV: R$ 360,000.00 NPV: R$ 30,799,101.38 NPV: R$ 41,178,272.11 NPV: R$ 32,959,101.38

Exchange Rate: 1 US$ = R$ 1.85


Grower Profit

Growers

Annual revenue per farm R$ 17,100.00

Payments for the loan to implement the irrigation equipment (8 years)

(R$ 1,871.02)

Cash Flow

Adjustment

First 2 years Need to complement the growers profit to make the project sustainable for them too.


Comparative Analysis

Implementation Costs

R$ 1.487,00R$ 728,00

R$ 1.487,00R$ 728,00 R$ 1.115,25

R$ 983,00 R$ 983,00

R$ 478,00R$ 737,25

R$ 14.820,00

R$ 894,00

R$ 16.824,28

R$ 2.088,00

R$ 16.128,00

R$ 965,00

R$ 9.676,80

R$ 546,00

R$ 380,25

R$ 507,00R$ 507,00

R$ 358,50R$ 185,25

R$ 247,00R$ 478,00

R$ 247,00

R$ 2.898,28R$ 2.898,28

R$ 894,00R$ -

R$ -

R$ -

R$ 579,00R$ 345,00

R$ 575,00

R$ 851,00

R$ 461,00

R$ -

R$ 5,000.00

R$ 10,000.00

R$ 15,000.00

R$ 20,000.00

R$ 25,000.00

R$ 30,000.00

R$ 35,000.00

R$ 40,000.00

Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Year 1 Year 2 Year 3

SP with no irrigation SP with irrigation São Francisco River Valley

Inve

stm

ent

(R

$/h

a)

Mechanical Operations Labor Irrigation Ag inputs

Total = R$ 10,541.00 Total = R$ 41,417.00 Total = R$ 37,567.10



Growers Cash Flow

Cash Flow

R$

(372

.860

,85)

R$

(250

.214

,99)

R$

12.0

38,1

9

R$

65.4

24,2

5 R$

212.

803,

34

R$

360.

182,

43

R$

360.

182,

43

R$

360.

182,

43

R$

298.

107,

41

R$

150.

728,

32

R$

3.34

9,23

R$

(70.

340,

32)

R$

(372

.860

,85)

R$

(250

.214

,99)

R$

12.0

38,1

9

R$

65.4

24,2

5 R$

212.

803,

34 R$

360.

182,

43

R$

360.

182,

43

R$

360.

182,

43

R$ (500,000.00)

R$ (400,000.00)

R$ (300,000.00)

R$ (200,000.00)

R$ (100,000.00)

R$ -

R$ 100,000.00

R$ 200,000.00

R$ 300,000.00

R$ 400,000.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Years

Mill

ion

R$


Economic Analysis


Growers NPV

Return on investment happens at the 8th year.

R$ (800,000.00)

R$ (600,000.00)

R$ (400,000.00)

R$ (200,000.00)

R$ -

R$ 200,000.00

R$ 400,000.00

R$ 600,000.00ja

n/01

jan/

02

jan/

03

jan/

04

jan/

05

jan/

06

jan/

07

jan/

08

jan/

09

jan/

10

jan/

11

jan/

12

jan/

13

jan/

14

jan/

15

jan/

16

jan/

17

jan/

18

jan/

19

jan/

20

Years

Val

ue

R$

Set/08

Economic Analysis



Sensitivity Analysis

Growers - NPV

Criteria Color

< R$ 0,00 Red

R$0,00-R$ 0,36 Milhões Orange

> R$ 0,36 Milhões Blue

Yields (t/ha) 6,00R$ 7,00R$ 8,00R$ 9,00R$ 10,00R$ 11,00R$ 12,00R$ 13,00R$ 14,00R$ Average30 (0,67)R$ (0,57)R$ (0,47)R$ (0,37)R$ (0,27)R$ (0,17)R$ (0,07)R$ 0,03R$ 0,13R$ (0,27)R$ 31 (0,65)R$ (0,54)R$ (0,44)R$ (0,34)R$ (0,23)R$ (0,13)R$ (0,03)R$ 0,08R$ 0,18R$ (0,23)R$ 32 (0,63)R$ (0,52)R$ (0,41)R$ (0,31)R$ (0,20)R$ (0,09)R$ 0,01R$ 0,12R$ 0,23R$ (0,20)R$ 33 (0,61)R$ (0,50)R$ (0,39)R$ (0,28)R$ (0,17)R$ (0,06)R$ 0,05R$ 0,16R$ 0,27R$ (0,17)R$ 34 (0,59)R$ (0,48)R$ (0,36)R$ (0,25)R$ (0,13)R$ (0,02)R$ 0,09R$ 0,21R$ 0,32R$ (0,13)R$ 35 (0,57)R$ (0,45)R$ (0,34)R$ (0,22)R$ (0,10)R$ 0,02R$ 0,13R$ 0,25R$ 0,37R$ (0,10)R$ 36 (0,55)R$ (0,43)R$ (0,31)R$ (0,19)R$ (0,07)R$ 0,05R$ 0,17R$ 0,29R$ 0,41R$ (0,07)R$ 37 (0,53)R$ (0,41)R$ (0,28)R$ (0,16)R$ (0,03)R$ 0,09R$ 0,21R$ 0,34R$ 0,46R$ (0,03)R$ 38 (0,51)R$ (0,38)R$ (0,26)R$ (0,13)R$ (0,00)R$ 0,13R$ 0,25R$ 0,38R$ 0,51R$ (0,00)R$ 39 (0,49)R$ (0,36)R$ (0,23)R$ (0,10)R$ 0,03R$ 0,16R$ 0,29R$ 0,42R$ 0,55R$ 0,03R$ 40 (0,47)R$ (0,34)R$ (0,20)R$ (0,07)R$ 0,06R$ 0,20R$ 0,33R$ 0,47R$ 0,60R$ 0,06R$ 41 (0,45)R$ (0,31)R$ (0,18)R$ (0,04)R$ 0,10R$ 0,24R$ 0,37R$ 0,51R$ 0,65R$ 0,10R$ 42 (0,43)R$ (0,29)R$ (0,15)R$ (0,01)R$ 0,13R$ 0,27R$ 0,41R$ 0,55R$ 0,69R$ 0,13R$ 43 (0,41)R$ (0,27)R$ (0,12)R$ 0,02R$ 0,16R$ 0,31R$ 0,45R$ 0,60R$ 0,74R$ 0,16R$ 44 (0,39)R$ (0,24)R$ (0,10)R$ 0,05R$ 0,20R$ 0,34R$ 0,49R$ 0,64R$ 0,79R$ 0,20R$ 45 (0,37)R$ (0,22)R$ (0,07)R$ 0,08R$ 0,23R$ 0,38R$ 0,53R$ 0,68R$ 0,83R$ 0,23R$ 46 (0,35)R$ (0,20)R$ (0,04)R$ 0,11R$ 0,26R$ 0,42R$ 0,57R$ 0,73R$ 0,88R$ 0,26R$ 47 (0,33)R$ (0,17)R$ (0,02)R$ 0,14R$ 0,30R$ 0,45R$ 0,61R$ 0,77R$ 0,93R$ 0,30R$ 48 (0,31)R$ (0,15)R$ 0,01R$ 0,17R$ 0,33R$ 0,49R$ 0,65R$ 0,81R$ 0,97R$ 0,33R$ 49 (0,29)R$ (0,13)R$ 0,04R$ 0,20R$ 0,36R$ 0,53R$ 0,69R$ 0,85R$ 1,02R$ 0,36R$ 50 (0,27)R$ (0,10)R$ 0,06R$ 0,23R$ 0,40R$ 0,56R$ 0,73R$ 0,90R$ 1,07R$ 0,40R$

Average (0,47)R$ (0,34)R$ (0,20)R$ (0,07)R$ 0,06R$ 0,20R$ 0,33R$ 0,47R$ 0,60R$ 0,06R$

Price paid to the contracted Grower (R$/box of 27,5 kg)



– The regional production is focused on Mangos, Grapes and Banana. Therefore diversification is very important;

– Investment in the local economy of around R$ 24 million has a very positive effect on local development;

– Job generation: 2 jobs/ ha is expected in lemon production areas;

– Agricultural jobs:• 580 directed employed people;• 856 indirectly employed people;• Packing house will employ around 40 people;

– Tax Generation:• City taxes = R$ 0.44 Millions;• State Taxes = R$ 1.99 Millions;• Federal taxes R$ 1.94 Millions;• Total = R$ 4.38 Millions.

– Extra Revenues for Ag input Firms: R$ 2.13 Millions;– Extra Revenues for Logistics Firms: R$ 2.78 Millions;

Benefits for the Social and Economic Development


Responsible Team

CODEVASF

Director of the area of Integrated Development and Infra-Structure

Clementino de Souza Coelho

Board Assistant of the area of Integrated Development and Infra-Structure

Alvane Ribeiro Soares

First Secretary of the area of Integrated Development and Infra-Structure

Guilherme Almeida Gonçalves de OliveiraPENSA

Coordinator: Prof. Dr. Marcos Fava NevesExecutive Manager of the Project: Luciano Thomé e CastroExecutive Manager of the Project : Ricardo Messias RossiExecutive Assistant of the Project : Vinicius Mazza da SilvaExecutive Assistant of the Project : Marina Darahem Mafud

Technical TeamResponsible Researcher: Matheus Kfouri MarinoAssistant Researcher: Christiano França da CunhaContributor: Renata A. P. Fonseca

Translation: Central de Traduções


For further Information:

E-mail: [email protected]

Mail Address:Av. Pres. Vargas, 2001- Conj. 143/144, Jardim AméricaRibeirão Preto - SP - CEP: 14.020-260Tel.: +55 (16) 3911 6088

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