So first on page six, we have a very solid portfolio. We announced at the end of the second quarter, we had about two years of invoicing with what we had in request in orders which is already reflecting the request that we had for the second semester of the second quarter. We have had a little bit of success and we are going to be announcing. Our backlog is good and we are well positioned at the end of the quarter.
Our net revenues per segment probably most relevant for commercial aviation, we see a growth in defense and executive aviation as well. First quarter of 2012, we have 67% coming from commercial aviation, 15% from executive, 17% from defense and 1% from other sources of revenues. We already see this growth here from other units regarding and you know we were thinking that we could go to 80% in commercial aviation, but we also see a new segmentation for the company.
Following on page eight, we had net revenue – we’ve had great solid revenue in the second quarter. We had 385 billion Reals reflecting a very solid margins also in the first quarter and this can be explained by a more favorable mix in commercial aviation and also thanks to the dollar that helped to grow while decreasing a few expenses.
So let’s talking about revenue; moving onto page nine revenues and gross margin. We had about 390 billion Reals in the second quarter. If we analyze the accumulated amount during the year, we feel that this can reflect a very favorable mix and also some reduction programs, cost reduction programs as well as a very favorable exchange.Read the rest of this transcript for free on seekingalpha.com