Ann: Maiden Dividend and 2014 Financial Year Results, page-54

Hi John, thanks for your comments which are always interesting & debates appreciated.
From pg47 of the YE2014 financials BDR state their sensitivity to BRL/USD forex rates -
"a 10% strengthening of the Brazilian Real at 31 December 2014 against the United States Dollar would have resulted in an increased profit of $7,033,000 (2013: $8,234,000 increased profit). A 10% weakening of the Brazilian Real would have had the equal but opposite effect, assuming all other variables remain constant."
BRL has devalued from 2014 avg BRL rate of .4257 to current .35 = 21% devaluation = approx $14M less profit this year at current exchange rates.
Having lived in a hyper-inflationary environment before (Zimbabwe), all I can say is don't underestimate how insidious it is and how devaluations quickly feed back into increased local costs (which soon become 'pegged' to the USD anyway). Once started it's almost impossible to contain & suppliers eventually charge in USD.
thanks
Life