Good afternoon. Thank you for waiting. Welcome to the earnings call of Aliansce Sonae plus brMalls. For the discussion of the results on the first quarter of 2023, we have here Rafael Sales, President, Leandro Lopes, VP of Business, and Ms. Daniella Guanabara, Business Director and Investor Relations Director. This event is being recorded. All participants will only hear the earnings call. Thereafter, we will start with a Q&A session just for analysts and investors. You will receive further instructions. Should you need any help during the earnings call, you may request help by typing R0. This event is being simultaneously transmitted via webcast, and you can access it on the website of the company where you have the presentation available. The replay of this event will be available for one week. Questions can only be asked through the telephone. Should you connect via webcast, your question has to be submitted directly to the RI team on the email provided by the company. Before continuing, we would like to clarify that any statements that might be done during the earnings call regarding the business perspective of the company and operational goals are based on beliefs of the company, as well as information that is currently available. Forward-looking statements are not a guarantee of performance. They involve uncertainty, risks, and they're pertaining to future events and therefore depend on circumstances that may or may not occur. General economic conditions and industry conditions as well as other operational factors might affect the performance of the company and might lead to results that are different to what we expected. Now we would like to give the floor to Rafael Sales. He will start the presentation. The floor is yours. Good afternoon, everyone. Thank you for taking part in the first quarter, 2023 of the new company, Aliansce Sonae plus brMalls. It's a temporary name. I hope that in the next quarter we have a better combination that really reflects what is and what will be the new great platform and this great opportunity that we are creating. It's with great satisfaction that we have the first earnings release. Well, we believe that we're going to create a platform that will bring more, evermore special experiences to our clients, and it will improve the opportunities for our tenants. Our financial performance in the first quarter confirmed the rationale. Even though we've had very short time in the operations, we didn't face any rupture and we continued to scalonate the raising trajectory that both companies were working separately. The new company has better results than in comparison to the year-on-year due to this. First quarter, now talking about sales, we got to BRL 8.6 billion in total numbers. Growth that is, if you compare it to the same basis of the portfolio, that gives you 16% over the first quarter of 2022. It's interesting to highlight the strength that the Aliansce Sonae portfolio has at a national level. Is clear that the growth of 16% based on a base that is over BRL 8 billion is something that we know will have a great importance. This post-growth is especially, well, we have a few malls that grew above 25% as well as some other cases. Shopping Bahia that grew 28%. Tamboré grew 26%. Curitiba, 25%, and Passeio das Águas, 24%. It's interesting to highlight how these projects of improvement has a great impact in the results and they modernize the value proposition of the malls, understanding they're the markets where we are leaders already. In this case, we bring leisure areas and news that are only possible with the improvement and repositioning of these malls as a whole and some specific areas as well. As an example of these cases, we have here two that are very important. Shopping da Bahia and Tamboré. Two mature malls that for a long time didn't go through such a revamp that is so relevant and they are in areas that demand a lot of improvements. We raised to the occasion quickly. These improvements generated a lot of improvements. Above the threshold market and other malls as well. We will see those sales being converted into rent. These improvement projects will have profitability, and they have reinforced our power to attract our clients. We have growth of over 7% in April, another month that grows the positive trend of growing above inflation. Looking at our occupancy rate and the commercial activity, let's talk about... Well, we continue with a strong rhythm, and we have the diversification of the portfolio of the company, and therefore we have an expansion avenue for wholesale and retail brands. We have 196 contracts signed. We have in this quarter. The first quarter is a quarter that is the weaker of the year, but we have managed to get great new contracts. Our occupancy is maintained at 97%, a threshold that is very healthy at the beginning of the year, reflecting the policies of last year, giving gradual discounts and bringing better tenants, improving our mix and the client's experience. Let's talk about the results. Financial results. The revenue is growing strongly, growth of 9%, and that was by the tenants, and sustained by the improvement of the mix. Therefore, we have better leasing and more sustainable rents. Parking is growing 24% in regards to the first quarter of the same year. On the NOI, we reached BRL 541 million, growth of 12%, and even without any synergies, we had an improvement of the margin in that period, which confirms that the company didn't have any problem during this process of business combinations, even though it is so complex and it is something that obviously demands a lot of effort, but will generate results. Even though we have all this complexity, the results reinforce our conviction that union of these two powerhouses will have a lot of strategic value and clear synergies that will be captured all throughout the next years. EBITDA grew 9%, once again showing the growth above inflation at a moment that is difficult, where we had expenses, and we are starting to work together, and we are growing results. Even though the payment that was done to the shareholders at the beginning of the year, there is an increase in the interest rates, we grew 23%. This is an exceptional work of re-managing the debt of both companies that was done before we joined. This is the result that is combined of the leaders of brMalls and Aliansce Sonae separately. Here we show our culture and vision and responsibility. Engagement is something common to both companies, and it will be very important for the execution of our integration. Besides that, let's talk about our capacity to work with complex transactions. Besides the fusion M&A with brMalls that was done last year, we did seven investments in malls in a period of 12 months. These investments, besides being extremely aligned with our long-term strategy and being owners of dominant malls and leaders in our markets, those investments generated a lot of value for the shareholders and the company because they reduced our indebtedness at a moment that is very important, with the high interest rates and the decrease in the activity in the market. I'm going to conclude telling you something about that we didn't mention a lot last year because our fusion M&A was ongoing. Let's talk about the digital transformation in our case. We like to talk about the phygital transformation. I would like to share a few important points that happened recently. We had the sale of our participation of LogiTech Box Delivery to Rappi International. Specifically, that transaction really brings the attention to our strategy of corporate venture capital, because besides getting a great return, it confirms that we can do partnerships that are successful. Just taking into consideration our opinion, finance, and the operational partnerships that were developed. Since we invested, the number of deliveries has gone to almost 2 million a year from 400,000, which is almost what Rappi delivers per month. Box, the company, it improved 3 x, reaching BRL 200 million. Besides having a great return on investment in this investment, which is a confidential number, Box has left operational improvements with expressive improvement for our tenants and improving the omnichannel experience for our clients. We have operations of Box with 20 malls. Our service level for the clients and the improvement of the experience at the shopping mall is clear. We hope to have this partnership all throughout time. The scale of Aliansce Sonae and brMalls will allow us to invest in companies that have knowledge, people, the capacity to have technology to address the pains and continue with the operations of our tenants and our investments. Whether we're talking about temporary investments such as Box or definitive products of Aliansce Sonae plus brMalls. We're going to continue to seek opportunities for corporate venture capital in agnostic ways, always trying to improve the lives of our tenants, regardless of the channels that they're working with. I'll give the floor to Daniella. I would like to give you an update on the integration. Here we have Lopes, our VP. He's here to answer a few specific questions that you might have in that process. We are continuously focusing at that integration, the creation of the new company, and executing the planning that was pre-established all throughout the six months of structuring of this project pre-integration. We've structured a great deal of the teams, and we have definitions for several areas such as operations and commercial. We're working with several goals established at the beginning of this year, several objectives for operational improvement. We are down the right path, capturing synergies and much confident on the success of this integration and the creation of a new company that is ever stronger, more robust, and capable of doing more and better than what we did before. I will give the floor to my colleague and I'll come back to Q&A. Thank you, Rafael. Good afternoon. Next slide. Let's talk about our strategy of management of liabilities. All throughout the next months, we prepaid the most onerous debts, and we issued two new finances at attractive rates. In the first quarter of 2023, we observed a reduction of our average cost of debt to CDI + 0.8% from CDI + 0.2% in the first quarter of 2022. We closed the period with 84% of our liabilities connected to the CDI rate, 14% to pre-fixed rates, and 2% to inflate. In the first quarter of 2023, leverage of the company is remaining at a controllable threshold 2.4x the EBITDA over the debt. Go to the next slide. The operational indicators, specifically the occupancy cost. We finished the first quarter of 2023 with an 11.5% rate. It's important to realize that even with the increased comparison base with the previous quarters, we have sustainable standards for our tenants. The health of our tenants can be corroborated by the reduction of 2.2 percentage points at the level of bad debt. In the same period of 2022, we closed the first quarter of 2023 with a bad debt of 24%. 0.4%, sorry. Continuing the presentation, we have the highlights of our sustainability campaigns. In the first quarter, we renewed our partnership with the Reação Institute, giving incentive through sports and through the resources for the good training of youth. Also, we were present in the except when we had the floods in the northern part of São Paulo. In March, we promoted in 29 of our malls a series of empowerment initiatives and female entrepreneurship, the fifth edition of the project Empodera Ela. Besides that, along with [Segura], we offer the online entrepreneurship free course for the capture of entrepreneurs. The next slide. Let's talk about the digital transformation strategy of the company. Of Aliansce Sonae plus brMalls, we continue trustworthy in this journey. We join the scale and strategic investments with 60 million visits per month in our malls. With that, we are in a differentiated state to reach the objective of creating an ecosystem where the shopping mall is present in the journey of the clients, regardless of the channel that is chosen. To make this possible, the company is based in three main premises: increasing the recurrence and share of our clients in our mall, monetizing the knowledge of the customer through data, becoming a digital platform for our malls. One of our strategies to increase recurrence and share of what of our consumers is the relationship program. The relationship program is based in three main phases: attraction, engagement, and monetization. Now we have eight of our malls in this relationship program, 650,000 clients, growth of 300,000 clients in January 2023. We have a GMV of over BRL 800 million this quarter. Next slide. Let's talk about the corporate venture capital. That potential is determined by the strategic clients that we call the master plans to each of our malls, which are continuing to study. Now, we have consolidated 7,800,000 sq m million square meters in possibility of development for real estate that should be allocated amongst future expansions and multi-use projects. Progress of the potential that is already sold, we have contracts signed for the construction of three new towers in six different states and malls as well. This project add 20,000 people to the areas of the mall and increasing the GMV. A net cash generation of BRL 469 million up until 2023. Out of that amount, BRL 409 million, sorry, by 2033. We already received some of the investment. Before going to the Q&A, I would like to mention that we published yesterday the guidance for the quarter for 2023. We have the projection of the EBITDA of BRL 1.985 million and BRL 2 b illion in the estimate of CapEx, BRL 480 million. Still reinforcing the guidance of synergies, operational synergies between BRL 180 million and BRL 110 million. Thank you everyone. We will go to the Q&A session. We will start the Q&A session, just for investors and analysts. Should you have any questions, please type star one. If your question is answered, you can leave by just typing star two. Please wait while we can answer the questions. The first question is from Aline Caldeira, Bank of America. Good afternoon. Thank you for the opportunity to ask you a question. Well, I actually have two questions. The first one has to do with assets. I wanted to know the following. You have invested some of the assets that we didn't know were going to be invested. So now with the two integrated portfolios, how are you going to recycle these going forward? Also about the integration process. You have talked a little bit about it, but we wanted to know more on how this process is going. You are now showing your results together, so we wanted to know what the main stages going forward are going to be. Thank you. Hello, Aline, this is Rafa. Thank you for the question. We now have a combined portfolio of 11 malls over BRL 1 billion per year. If we're right in our expectations, we're going to end the year with 13 malls, which are going to be representing over BRL 1 billion. Which is twice as much basically as the second malls group nowadays. It is a very different portfolio, different from what we had in 2014 until 2016 or 2017 actually, with the transition. It is 22 malls within the three companies, Sonae, brMalls and Aliansce. If we look back at the time in which we had that recession moment, I mean, it is a different portfolio now. We have very good results actually. Also in malls that were brand new at the time, such as Passeio das Águas, for instance, and Cuiabá. These are malls that had a very good ramp-up recently, and they proved to be very good elements in our portfolio. Nowadays, none of our malls has less than 20 million NOI, and that's very important because they're very good, very viable malls. Of course, any malls that have limited markets or that have very competitive markets or in which we don't have the right structure to grow, to expand, to have better products. If we have that scenario, we're going to sell. For some of the malls, we try to accelerate the sales at the end of the year, and we're going to continue to assess the scenario. We have to have a good return. If we don't have to sell, well, we have a very good scenario right now for the company. We will look at acquisitions like that. At Aliansce, we were always looking at acquisitions. Amidst the pandemic, we also have this very high cap, very important cap, 6.7%, if I'm not wrong. That was the cap rate which would be absurd today. If we look at the results in the past, it would be almost 9% of cap at a mall that continues to grow as it is right now. We have this ability to expand. Each situation is going to be different. Of course, we have this very strategic view on the transactions that we have. I think we have to continue to see our portfolio. We don't have a weak portfolio right now. It's very well structured actually. We have to see this in the long run in terms of the products that we're offering our customers. That's our view on M&A for these malls. As for integration, I think I will turn it over to Leandro to answer that question because he is dealing with that project. I just wanted to say that in the first quarter, we had good results. Of course, if we had two separate companies, we would say, "Well, everything is okay, aligned with what it was expected." In such an integration, I would say we're very satisfied with what is happening. We're going to continue to work the way we were planning to work. Leandro, I think you can answer this question. Sure. Hello. Thank you for the question. Just wanted to highlight what Rafael was saying. The main goal for this first quarter was to make sure we had good continuity in our business without any issues, since we were integrating two very large companies with certain complexities. The first stage was to integrate the commercial areas of both companies. We've seen many good contracts that we've been able to maintain and also close. We integrated the operations teams to integrate the portfolios. I think the first phase of this plan has been very successful. On January sixth, we understood that the integration had been very successful and very good in terms of business continuity. For the next phase, I would say that there are many initiatives in place right now. Some of them are simple, reviewing some of the structures that we have. Some of them are more complex, such as IT integration, for instance. One company is working with Oracle and the other is working with SAP, we have to see how that's going to work. We're certainly going to have good synergy once we choose one system to integrate all processes. In terms of business continuity, again, this was very successful already. Now we're going to focus on those other details. We're also going to look at cultural alignment, strategy alignment, and some other initiatives. I could mention the marketing teams working together, also digital transformation teams integrating. Looking at these priorities in different areas until the end of the year. Thank you. Excellent. Thank you for answering my question. Congrats. Very good results. Thank you. Now we have Antonio Castrucci from Santander. Hello, good afternoon. I have two questions about the combination of these businesses. First of all, I wanted to understand what the tax impact might be for the investment of brMalls and also the goal to recognize that increase in your assets. I mean, are you going to have a change in JCP or dividends? Hello, Antonio. Thank you for your question. This is Daniella. Well, I think it's worth saying that this is coming from the accounting log that we have. This doesn't have an effect on cash. I think the change here is because of the shares that we had for brMalls, the value of the shares, and what we have considered to be the right value for those shares. We believe that there is no economic foundation for that. We understand that the price of the combination of these businesses is the result of a negotiation between these parties and the values that were negotiated. This movement doesn't have any tax impact because it's not our intention to incorporate brMalls. We understand that the tax structure is more efficient this way, and it actually preserves the fiscal benefit, the tax benefit. If there is a brMalls asset, for instance, I can, if I have an increase, I can use the tax impact in the accumulated total. If that is not executed, this is not going to be the foundation for the payment of dividends. I think it's important to highlight that. Okay. Thank you very much. Our next question is from André Dibe, Itaú BBA. Hello, Rafa, Dani. Good afternoon. I have two questions. First of all, on sales, you were talking about the performance in April. Very good, actually. This portfolio is more exposed to a higher income audience, as we can see. The performance decelerated in April if we compare that with the first quarter. Of course, there is a difference. The first and the second quarters are usually different. I wanted to understand how or what do you think is going to happen from now on. Is it going to stabilize or not, considering the second quarter and also the second semester, you know, till the end of the year? The second question has to do with the tenants. Do you think and some other info tenants. Do you see an impact in that regard or not? Do you think that could be a challenge or maybe even an opportunity depending on the asset that we're discussing? Well, in April, as you were saying, we started with 6.9% sales. There's this amount that was very positive. The asset that we're discussing. Well, in April, as you were saying, we started with 6.9% sales. There's this amount that was very positive. Overall, when we look at the entire portfolio, the performance levels were similar in different geographies. Actually, as Rafael was saying, we had very good performance at Shopping da Bahia, Parque Dom Pedro, Tamboré, NorteShopping. Tamboré, NorteShopping actually had to go through a certain process of reno and all that. They have very good results right now. If we compare that with the first quarter, it's sort of the first quarter and second quarter tend to be different. Now we have a better foundation for this comparison. Very good results. Looking at May, we still don't know what the effect of Mother's Day was. It was a bit cold in terms of the weather, so that might have an impact as well. There are some segments that are doing well, such as sports apparel, sports shoes, but we still don't know what the exact number is for Mother's Day. I think the trend is similar to what we had in April. Well, as for the financial health of our tenants, I this resilience, consumers. It's not surprising, I think, to see the results of the portfolio. You were saying that we have this high-income audience and all that. I think our portfolio actually is supposed to be the portfolio that is going to be the best for the consumers that are in each and every region. If it is a. You were saying that we have this high-income audience and all that. I think our portfolio actually is supposed to be the portfolio that is going to be the best for the consumers that are in each and every region. If it is a lower income region, usually it's more of a dense region where you also have a certain potential for consumption. Usually people won't use their credit loans so much, buying appliances or buying a car, buying a bike or, investing in construction at home, for instance, or buying a house, buying an apartment, and they will not use their credit on that. They will actually buy products at a mall, for instance. We know that our stores will see that impact. I think it's only natural. We are directing those areas to use other types of offers. I think restaurants, bars are doing well in that regard. I think when it comes to working capital of our tenants, maybe, be as good as last year in that regard, but we're all prepared for that. Well, thank you for that question. I am Vicente, Director of Operations, as Rafael was saying, I think when it comes to retail, retailers that are facing a certain difficulty because of the interest rates, I think we're all prepared to deal with this moment, this scenario. We see that the delinquency rates are going down against last year. Also we have very good occupancy rates. Again, if we see that a certain mix doesn't make sense anymore for a mall, we're going to adapt that mix. We're going to bring new brands, different products that are more adapted. Again, if we see that a certain mix doesn't make sense anymore for a mall, we're going to adapt that mix. We're going to bring new brands, different products that are more adapted to the needs of our customers. I think we're all ready to deal with that specific scenario whenever that's necessary. By the way, related to what Vicente was saying, I have to say that last year we received many questions on tenancy or on lease rates. That the fees were different from others, other groups because of the exposure that we had in Brazil or the average income. We understand that we're partner companies. We partner with our tenants. We want our tenants to do well. Since we have high occupancy right now and tenants are doing well financially speaking, we see that reflection on sales and results as well. It might be a bit higher, but... last year it was lower than most of our peers in the industry. This is a reflection of having a portfolio that is very good, very complete. Two of the malls that, which are NorteShopping and Shopping da Bahia, they have very good results. They had a reno also process over the last few months, and they're also dealing with middle income audiences. Okay. Excellent. Thank you for answering my questions. Our next question is from André Mazzini, Citibank. Hello, Rafa, Dani, Leandro, Vicente. I want to know more on the guidance on CapEx guidance mid-range. Is the additional BRL 500 million CapEx re-revitalize portfolio was all executed by brMalls? Is that stabilized by now? What is the range that is stabilized now for maintenance? Does the NOI have anything to do with the ERPs? You were saying that one of the companies has Oracle, the other SAP, and you're probably going to choose one, right, to integrate everything. Do you have any consultancy CapEx as well for that kind of integration? I think you actually answered your own question 'cause you know the company very well. Well, I think you actually answered your own question 'cause you know the company very well. Well, let me start. Well, brMalls had basically concluded the reno of the main malls. I mean, Niterói, Tijuca, NorteShopping, Villa Lobos, Tamboré. Those were the main malls that needed a revamp, let's just say. At Aliansce Sonae, we also had some of those cases, such as Dom Pedro and Bahia. For specific reasons, they needed more profound revitalization. Work in partnership with our tenants to do that. To create a timeline that is better for everyone. Today, besides what you just mentioned, we have three cases, BRL 50 million, that are expenses coming from last year, and they were being paid now because in NorteShopping and Carioca malls, these works, they finished in December, and we had to still pay some of those expenses a bit. We have that IT CapEx as well this year because of what you just mentioned. It is a two-year project. We have Leandro working on that, Leo Cid also working on that. It is a process that is going to come to this synergy. Of course, we're going to have this initial cost in terms of CapEx. Still, we're going to have a very robust system at the end of all this, and we're going to be able to integrate everything for the future. It is a CapEx that makes sense, and it's going to make our company be way more efficient. We also are looking at 7% NOI for maintenance, and we want the mall to be good, to be updated. Of Villa Lobos and all these projects, a lso Plaza Niterói. What's good about this merging is that we all know both portfolios now, and we have the operational team very well integrated with people from both companies working together. That helps greatly. Thank you. Thank you for the question. Our next question is from Bruno Mendonça, Bradesco BBI. Hello. Good afternoon. I have a question on the guidance. Could you tell us more about the scenario that you expect to have on for this guidance? Also the contract. I think you're still exposed to the IPCA fee, so that might help this year. I wanted to know more on how you're working, what you're expecting from these contracts, and also, you know, do you think that's going to expand? How are you looking at that CapEx, and do you have also venture capital in that CapEx? Thank you. Hi, Bruno. Thank you very much. This is Dani. Well, talking about the EBITDA, this is a guidance that takes into consideration what we are expecting for the year and also a bit of the effect is that we've done all throughout the year. These stores are maturing. We are seeing the result and the improvement of rent. The rent you can see that is close to what we expect, and we have an improvement in those indicators. It's important to highlight that guidance of EBITDA, it doesn't take into consideration the non-recurring. We have the expectation that we have for the year as well as the natural improvement, which is a consequence of all the training and mix and pricing work that we've done all throughout the years. Complementing CapEx. This year we have a spot reserved for investments in innovation, in corporate venture capital. The innovation is doing very well. The projects for the apps that are ever more user-friendly and easy to connect. The digital and physical experience, whether if it's by helping our tenants to use this tool from the store itself, doing partnerships with more mature partners in digital that they use part of our services, they have a big impact. It's a one bringing services. The app of the hospitals are being updated every day. The banks are not digital native. I don't see that dichotomy or that type of conflict that you're saying or doubt on having digital as something necessary. In fact, it can be something that will make us get. Conflict that you're saying or doubt on having digital as something necessary. In fact, it can be something that will make us get a different competitive differential in regards to our competition, which is not just the mall on the other side of the street, but all the experience of the product and the shopping mall of getting the online purchasing. Also all the power of our services and our programs that have grown and are very efficient. This CapEx only happens if there is an opportunity. We can't just. Well, now we have cash, we mentioned loyalty. We didn't expect. The partnership with Box continues via Rappi and they're providing services in the shopping mall, but competing with other operators. The most important part is to follow the client and give the best opportunities for our tenants. Is there any doubt on the guidance? Oh, just the renegotiation. Bruno, well, you know that you are... It's doing better this year according to the IPCA rates. Well, obviously we have most of our contracts connecting to IGPM, the tax on the inflation. Now, as you've seen, last year, there was a few moments where we had an occupancy that is growing and the revenue is now growing at the same rhythm. Wasn't it the fact that the revenue should grow the same? No. Because the store is not operating, the tenants are working on the store. Synergies. Of course, the synergies come last next year. We are certain that this number we are going to work with the guidance of last year, and we are delivering, and we want to continue with it. We are... As you commented. Is there any side effect on the bad debt? In these numbers, we have seasonality. Was there any side effect? Also thinking up ahead, thinking about discounts. Do you foresee a stabilized standard threshold, according to the pandemic, or is there still space? I don't know. Is this center. I think that this is a bit of what we commented. On the anchors, we have the strategy for the reduction of the discounts. This has impacted in a positive way, the delinquency. Of course, it has an effect in the occupancy rate, but we are prepared with a high occupancy rate and the adequate mix. We are looking at that from the angle of opportunities of renewing the mix and getting some area satellite that ends up helping in the distribution of condominium costs, and this is something healthy that might stem from this scenario. Our next question, Jorel Guilloty, Goldman Sachs. Thank you. Good afternoon. My question, my first question is about the occupancy cost. We were seeing some interesting things. The occupancy cost year-over-year dropped 70 basis points and it's 11.5% now. Yeah, on what you think about the occupancy cost, the thresholds, is in the right threshold or is it rising, dropping? If you can tell us a little bit more about the occupancy cost, that would be great. The other question is about leasing. Is it rising, dropping? If you can tell us a little bit more about the occupancy cost, that would be great. The other question is about leasing. Well, thank you for the question. First off, in regards to the occupancy cost. Occupancy cost and percentage is something that is completely. It's very difficult to explain. Well, how we're going to evaluate it all through our times. Since we are making some area satellite and we're improving the mix, it's natural that we have an occupancy cost that is higher because the tenant will sell more. Well, and then there is the improvement in the rent, and that mall will become ever more dominant. We removed 22 malls from the portfolio. These are the malls that couldn't charge a lot of rent. For example, just the last malls that we sold, these were malls that we couldn't charge because they didn't sell a lot per square meters, and we kept the malls occupied so they can generate results. Vila Velha and Uberlandia, Londrina, were shopping malls that were 3 million, 4 million, 1 million of NOI per year. Villa Velha, 2017, and these two with post-fusion Aliansce Sonae. Portfolio is ever more stronger. As we have an improvement, there is a higher percentage. We manage the company looking at segments, attractiveness of the store. Today, the tenants that pay, not only for the point of sale, many of them are migrants from the digital to the physical, and they do a combined sale. We have the physical tenants, like you say, doing the online sale. Ever more, there is an investment to charge different ways, not only looking at the sales of the tenant. This is one of the changes that the economies are undergoing. Specifically from, over the last few years, that we have an acceleration of the digitalization process. Therefore, we will charge the minimum rent. Specifically from, over the last few years, that we have an acceleration of the digitalization process. Therefore, we will charge the minimum rent and provide the conditions for the tenants to continue to do business. We do not see the spreads as difficult, the delinquency is always increasing in the first quarter, it was less than the first quarter last year. By the way, the peers reported, well, higher delinquency than us. Now we have a delinquency aligned with the others. It's very much, it's similar. When we look at the numbers of the market in general, we have a different reality. It shows that the shopping malls ever more quality makes a difference. We have great leasing spreads over the last year and we are helping. This year, the demand is high. High occupancy rate improves our negotiation power. We want to charge the tenants well. Depending on the type of operation we have in a more controlled way. Okay, thank you. Our next question, Marcelo Motta, JPMorgan. Good afternoon. Two quick questions. The first, parking, something that is very strong and maybe some synergies and some practices that the company has presented. Should we wait for a growth at that level? I wanted to understand how that line is behaving. The second one, in terms of multi-use of cash flow over the next 10 years, we can wait for a contribution of results in the short term. Maybe in the next two, three years, what can we expect from that line of service plus P&L? Hi, Motta. Answering your question. In practice, our focus is very high in the continuity of the business of the first quarter. In fact, there was an exchange of experiences, and I think that parking is something that we start to look at the structure of operations, cost of operations, pricing and several other levers. In fact, here we start to capture the synergies that exist amongst the two companies in those two lines. Multi-use, Motta, is our business with the allocated capital because the terrains are ours, the areas are ours. The allocated capital is of projects and approval. Sometimes it might be that we are a partner in the project if it's something that is very special. We always try to do this with a financial return. Always seeking to bring a more qualified return for the shopping mall and bringing complementarity. This is a business that is recurring with 7,000,000 sq m is well, something that we have for the company for the next 20 years. The last year was BRL 40 million of EBITDA that came from that. This year we should get some more. The business is cycling. It depends on the real estate and development. If I'm not wrong, there's 17 buildings commissioned, hospitals, residential, hotels and single stores as well. That adds value. It adds qualification, a flow of clients and generates a result that we understand that is a recurring result. We have an entire team dedicated to this. Also it has a clear benefit for the mall. You saw the results of Maceió last year, and it was the place that we developed the most projects over the last few years. Projects that today per square meter, I think it was 120 x what we paid per square meter. Of course, with the return of these projects, we have this effect that we mentioned of the BRL 40 million-BRL 50 million. We are not going to give the broken guidance because we understand that there is well, this is cyclical in this type of project, but we have a few results that are subcontracted for this year and that are in the projected EBITDA. This is something that we have as a strategic pillar and will continue to happen. The partners are always good quality, and that provides us with a conviction that the projects will work. We've had very few problems all throughout the year. Thank you. Our next question is by Pedro from Credit Suisse. Hello, good afternoon. I have a question on the following. Now that you have started the integration process, I wanted to understand a bit more on what the main things that need attention would be. I mean, in the past, we've seen that whenever you have the integration of two companies of different complexity, there are some points of attention. I would like to understand what kind of costs or expenses you could have. Hello, Pedro. This is Leandro. Well, I think when it comes to integration, we have to first of all make sure that we do have a good business continuity. I think that's the main thing that we'd like to highlight. There are companies in which the operational units overlap or are competing with each other. We solved all those issues beforehand. We have a very well-aligned team right now work in our favor. This is not a scenario where you have two stores that are competing against each other or that are rivals. In practical terms, I think this is very positive. I think now we have a commercial team and an operational team and a digital transformation team that are very well-aligned, which is great for the results of the company. I think that's the main thing that could be a warning, really. We are sure that this is working great. As you were saying, the main risks are not risks per se. They're actually activities that we have mapped before. We have this integration process where we're going to have one ERP for both companies. I think nowadays, both companies have a lot of experience in that regard. Aliansce had already done that as Aliansce and Sonae. If you think about the history of both companies, there has been a lot of investment in that. We've seen good integration within the company for different operational units. We know how to do that. I agree that this is an important thing to address, but we have all areas working together to make sure that we can that we can be successful in the new dynamics of the company. On that perspective of the integration or risks for the integration, I think we have already overcome most of the risks, and we have mapped some of the activities that might take longer to implement. Great. Thank you. If there are no further questions, I'm going to turn it over to Mr. Rafael Sales for his final comments. Great. I would like to thank you all very much once again for your questions. Thank you for your interest in our conference. Thank you for participating in our call, and let us know if you have any additional questions. Thank you very much. Thank you. This is the end of the first quarter call in 2023 for Aliansce Sonae, brMalls. You may now disconnect. Have a great day.