Olá, senhoras e senhores [Foreign Language]. Good morning, ladies and gentlemen. Welcome to Minerva's, to the video conference on the material fact released by Minerva Foods yesterday. Here with us today are Mr. Fernando Galletti de Queiroz, CEO, and Mr. Edison Ticle, CFO and IRO. We'd like to inform you that this presentation is being simultaneously translated. Interpretation is available by clicking on the Interpretation button. For those listening to the video conference in English, you may mute the original audio by clicking on Mute Original Audio. During the company's presentation, all participants will be in a listen-only mode. Later, we'll start the Q&A session. To ask a question, click on the Q&A icon and enter your name and affiliation. Once your name is announced, a prompt to activate your microphone will appear on the screen. Please then enable it to ask your questions. Questions in English may be only asked in writing. To ask questions in writing, type the question into the Q&A button. We'd like to clarify that any forward-looking statements that may be made during this video conference regarding Minerva's business prospects, operational and financial targets, are projections of the company's management, which may or may not occur. Investors should understand that political, microeconomic, and other operational factors may affect the company's future and lead to results that differ materially from those expressed in such forward-looking statements. Now, I'd like to turn it over to Mr. Fernando de Queiroz and Edison Ticle, who will start the presentation. Please go ahead, gentlemen. Good morning. Thank you everyone for joining us this morning. I will give a very brief presentation, and then we'll move on to the Q&A session. On slide number two, we share what was bought and what was announced yesterday. 16 slaughtering plants, beef and lamb, plus one distribution center in Chile. These assets are located in Brazil, Uruguay, Argentina, and Chile. These were slaughtering and deboning plants that were owned by Marfrig. Almost all operations, except for processing operations from Marfrig and some other plants that were used in order to support their processing operations. These assets supplement our international footprint. They will enhance our geographic diversity, also strengthen our beef operations in South America, particularly exports. We believe that may grow by 30%, and also it also supplements our lamb operations, diversifying operations in Chile. Three quarter of lamb operations will be in Australia, 1/4 in Chile. As for operational metrics, our slaughtering capacity is almost 13 heads of beef per day and 6,500 heads of lamb per day. Our estimate, and once again, we are acquiring assets. We did not have access to any balance. This is our estimate based on geographic location, based on our own operations, and our net revenue estimated is approximately BRL 18 billion and an estimated EBITDA of BRL 1.5 billion, considering the plants and the current management of such assets. This is a point I'd like to stress and just to share how we worked on the numbers. If we worked on our numbers for last quarter, divided by the number of heads, we would have for beef, BRL 7,500-BRL 7,100, and for lamb, BRL 1,100. Our capacity by 80% and adjusted to beef, especially the three plants that are not in operation right now. As the assets stand today, the estimated revenue using our metrics per beef and per lamb, which will be around BRL 17 million. This is very easy math. There is no magic bullet. So go over the numbers that we presented in our second quarter and the head slaughter of beef and lamb. What about the deal structure? We estimate, or I should say that, the firm value is BRL 7.5 billion, and yesterday we made a down payment of BRL 1.5 billion from our cash, and we also have a firm commitment, credit line from JP Morgan and 18 months in order to consider how this bridge loan will take place. Now, moving to the next slide and talking about the assets. As I mentioned, we are buying assets in Brazil, Argentina, Chile and Uruguay. So in Brazil, you can see the plants in the map... plus a distribution center located in the city of Itupeva. The installed capacities of approximately 10,000 heads and a very good geographic distribution, and that will supplement our current geographic location. In Uruguay, we're buying three plants, capacity of slightly over 2,000 heads per day, also supplementing our current Uruguayan footprint. Moving to Argentina, we are buying a plant with a daily slaughter capacity of 750 heads, also in a region that is not where we are present today. And finally, in Chile, a lambs plant in Patagonia, 6,500 heads. That is the slaughter capacity, and that will also enhance our position. So it will really supplement our current portfolio, adding value in our ship operations. Now, I'd like to turn it over to Fernando, so that he can go over the rationale of such transaction. Good morning, everyone. You all know Minerva's strategy, and the geographic diversification is a growth pillar of our strategy. This operation increases our geographic presence in Brazil, Uruguay, Argentina, and adds a new country, Chile. Adding value to our lamb operation that we currently operate in Australia, particularly focusing on the international market, and this is very important. First, to establish the number one platform regarding beef efficiency in Latin America. So today, that is focused in Dubai, so I would call it a plug-and-play to our operation. Just as Edison mentioned before, this acquisition is not bringing SG&A. So when we talk about the headcount, we are talking about those who work at the plant, so it will generate cash. Besides that, the second important point, our operating and commercial synergies. Economies of scale, obviously, also commercial synergies, as I mentioned, especially regarding exports, and we estimated that, that will add 100 to 200 basic points to our margin. Improve the efficiency also, not regarding price, but mainly diversification, also on how we can speed up or not our operations, and also the reach. Our reach will increase, we will strengthen our presence in different markets. So it will if we go over to what happened after the pandemic, many markets observed the consolidation food services, particularly outside Brazil. We are strengthening our company so that we also are stronger in our future negotiations. This opportunity to grow is really an opportunity that we have to take advantage of. We have been examining the opportunities for more than 10 years, and you know that, I believe that now we have reached the level of maturity, both companies. Also, with regards to confidence between the companies, and that allowed us to take this step forward. We believe this is a win-win transaction that also strengthens our leadership regarding beef in Latin America. We also increase our efficiency in risk management, and also increases our presence in premium markets, fitting our strategy. In next slide, we can see the Minerva's future footprint. We are adding 16 plants, so 40 plants in different regions, and that will also increase our reach. We are very close to producers. That also enhances our efficiency. That gives us this capacity of also experiencing those, regions closely. And you can see here the number of plants of lamb, and you can see the percentage and where we stand regarding our geographic diversification. So when we go over our capacity, we achieve 52% of our production capacity in Brazil, 15% in Paraguay, 15% in Argentina, two very important countries. We have also enhanced the capacity of Uruguay to 11%, and as you can see, this for beef is a unique footprint. It's unique worldwide and the way it is structured. And I'd like to once again highlight the fact that this cannot be repeated. We are not going to see a company with such capacity and geographic presence, and for lamb 75% in Australia, 25% in Chile. And that also allows us to reach premium markets. If we put everything together, this environment and this win-win structure for both companies, this allowed us to take this step, move forward. We are confident, and we know we can generate value. Obviously, we will face some integration challenges, culture challenges, but this is the twentieth M&A operation that Edison and I carry out together, and that strengthens our integration also on how we efficiently carry out risk management and how we lead that to operations. Now, let me turn it over to Edison once again. Thank you very much, Fernando. So on slide number seven, let's talk about the financial highlights. So LTM, for the last quarter, you can see here our net margin, EBITDA, and a leverage of 2.7. With the assets that we are adding from Marfrig, and once again, based on our best estimates, based on second quarter numbers, net revenue of BRL 18 billion, EBITDA of BRL 1.5 billion, and I should say that, assets will also add to our cash. We estimate that the CapEx will be approximately BRL 300 million EBITDA of BRL 1.5 billion, and the debt in order to acquire the plant, BRL 7.5 billion. That will cost us BRL 800 million per year. One, these assets will generate BRL 400 million as cash. We believe that this is a very comfortable scenario, considering also leverage. The assets position us as unique, just as mentioned by Fernando, and that also help us to carry out a quick deleverage. If we bring together the operations, we estimate a revenue of BRL 46 billion, EBITDA of BRL 4.3 billion, a margin of 9.1%. So if we take into account synergy, if we go over our background of 19 M&As, we will improve our base by 200 basis points, which we had before acquisition, and usually in 18 months. If I look one year ahead, and if I consider synergy of approximately 70 basis points, so having our margin moving from 9.1% to 9.8%, we're talking about EBITDA of BRL 5.1 billion, revenue that increases by 10%, and that will generate a free cash flow of BRL 5.2 billion. So we can get BRL 1 billion + BRL 400 million from assets, and we believe we can generate another BRL 700 million to 800 million of free cash coming from synergies. So our leverage in 12 months will reach the same level that we see today. Is that a challenge? Obviously, it is. But our track record of 19 M&As that have been carried out, all the integration process, and also all the value that was added in every single acquisition. So we increased our revenue 50x over the years that we have been managing the company. Another highlight that we find important, the cost of indebtedness is very conservative. It is also related to our bridge. So obviously, we know that some other opportunities will be presented, and we'll make the decisions in the next 12 months. And just as Fernando mentioned, we are buying assets, so we are not bringing the management structure. It's just a variable cost. And because we are increasing our capacity by 44% regarding slaughtering and processing, that means that we are diluting our fixed cost by 44%. And that will reflect on our improved margins in our operations in the next months. And finally, moving to slide number eight. Here's some sensitivity analysis, and I'd say they are very conservative, down-to-earth. A margin EBITDA one year ahead, so 2024, between 9% and 11%, and then we need to extract from zero to 200 basis points of synergy. And we also present the corresponding EBITDA, generation of free cash, and also our net debt and our leverage metrics. So being very realistic, just as we close the deal and one year ahead, so if we consider closing the deal December, and if we examine the end of 2024, we'd say that our leverage may be between 2.2x and 2.9x, depending on how synergies will be taken advantage of in this new Minerva. And once we close the deal and analyze the pro forma numbers, our leverage going over numbers of the second quarter of 2023, we believe that that go to 2.3x. Not taking into account the timeline for that closing and also additional leverage until we close this deal effectively. Once again, this transaction includes assets that generate cash. I'd like to stress this point, it's very important. Despite being 100% leveraged and also being very conservative regarding that, these assets will generate cash to our operation. Finally, is a final message, just going over the benefits that will be brought about from this transaction to be the number one in beef exports and also the largest in Latin America. We will also increase our geographic diversification. We will increase our slaughtering capacity by 44%, so more than 42,000 heads of beef and 25,000 heads of lamb. Also, an opportunity to benefit from operating and commercial synergies. We will have access to more than 100 countries with regards to exports. We will also be the largest number of plants certified for export to China, approximately 7,000 heads per day to China. A very diversified, industrialized portfolio and premium brands. So we will increase, increase the volume of our brands, and that will increase profitability and commercial opportunities. And finally, it strengthens also our platform for value generation. It reinforced our leadership, so we are occupying privileged position regarding synergies and also our international reach. Now, I'd like to turn it over to the operator, so that we can open for the Q&A session. Thank you very much. Thank you. We will now start the Q&A session. I'd like to remind you that if you want to ask a question, click on the Q&A icon, enter your name and affiliation. Once your name is announced, a prompt to activate your microphone will appear on the screen. Enable your microphone to ask your question. Please hold on while we poll for your questions. Our first question comes from Ricardo Alves with Morgan Stanley. Please go ahead, sir. Good morning, everyone. Thank you for this call. Once you examine the assets, what draws your attention? Since last night, you talked about Tangará da Serra and some other assets that might be interesting. So can you please add more color about the initial conversations you had with Marfrig? And as I mentioned, that the idea is not to open the three new plants, but perhaps that could be a strategy. And obviously, that also leads me to ask about plants that have access to China. Do you see the possibility to access the Chinese market and some other regions? I'd like to also ask you to talk about Uruguay. Obviously, it's a consolidation strategy in Uruguay. So what can you share about Uruguay and some other regions? Another very quick question about potential questions from the competition agency, antitrust-related questions regarding concentration of presence in some specific market. And let's say that we may see a delay. Are there specific mechanisms in order to effectively close the deal? Ricardo, let me start with the antitrust agency. We will follow, obviously, the regulation of each country, but we do not believe that will take more than 12 months so that we can close the deal in all countries. And I can also tell you that we are working already, so that we in our the maximum timeline that we foresee, considering the different jurisdictions, is 12 months. With regard to what you mentioned about what led us to focus on that, is how these plants supplement our operations. And Minerva also improved our geographic arbitrage, market access, geographic position. Today, we have a centralized structure in Dubai to sell to international markets, and our reach is very big, 17 offices. We are also reaching new areas. So in this post-COVID market, in which we observed consolidations to have a stronger company and the most efficient platform regarding beef, that certainly makes sense to us. And for those of you who follow the market, we had already examined this opportunity over the last 15 years for many times. So now we are more mature, both companies. And to us, this is a win-win transaction. And our team also has never been so prepared, especially when we talk about risk management, culture, technology, business intelligence. So we are ready to make this move. And you also asked about Uruguay. Uruguay is certainly a very important country, especially considering that it holds the best sanitary condition, and that is very important to us, considering also how important diversification is to us. With regard to sensitivity analysis and the numbers of the second quarter, we did not include the BPU. Once again, the closing shall take place tomorrow, by the end of August. Then in September, we will also start to operate BPU. We have already obtained the ratifications. Now it's just a matter of handling the business to us, and that should take place by the end of this week. Numbers are very conservative because it does not include a very important margin and revenue coming from BPU. Thank you very much, gentlemen. Our next question comes from Mr. Thiago Bortoluzzi with Goldman Sachs. Please go ahead. Hello, Fernando and Edison. Thank you very much for taking my question. I have two questions. When we try to compare the implicit margin in the EBITDA numbers that you presented for Marfrig, my number is approximately 8.5 as EBITDA margin, and that also compares to seven to Minerva. So we are talking about more of 200 basis points to be captured. So is there any structural reason that indicates that the assets that you are buying should have a margin that is below Minerva's current margin? So in order to consider efficiencies and also my second question is about leverage. I know that you are not going to provide us any guidance, but considering the potential gain in efficiency, not to mention also the organic growth of cash. So do you believe that Minerva will reach 2x leverage by the end of next year? Well, to answer your first question, the answer is no. We do not believe that these plants will not be in operations and presenting the margins that we achieve today in 18 months. It's a matter of quickly integrating them and then have them in our Minerva's management. So all the risk management tools, our channels, many other instruments that we have available, and we know we are more efficient than the average. So we know that there are some quick wins and low-hanging fruits that can also support our... and enhance our synergies. As for your second question, can you please repeat your question? Leverage. Okay. Yes. Well, the sensitivity analysis, we try to be very conservative, so we work with a more optimistic and a less optimistic scenario. What I can tell is that when we close this operation, if everything happens as they happen in the previous 19 acquisitions, it's very likely that in 12 months we will go back to our current leverage of 2.5 to 2.7. If I can ask one more quick question. Perhaps it's more to Marfrig and not you, but just in order to try to understand.... In Marfrig's presentation and the EBITDA of the asset that you are acquiring, they reported, they mentioned something closer to BRL 750 million. So how to explain this difference presented by you and Marfrig? Okay, so our estimate, Thiago, is what we generated every unit per head. So each company, they have their means to allocate costs. They also have their own specific policies, particularly regarding internal transferences and processing. So we do not know exactly, because that depend on internal policies. So there are many other issues. So depending on, for example, how you use a marketing budget, for example, you may, present revenues more to one side or the other. It doesn't matter how you do the math, but obviously the major question is what you just mentioned. Okay. Our next question, Gustavo Troyano, with Itaú BBA. Please go ahead. Good morning, Fernando and Edison. Actually, I have two questions related to the same issue. The investment required to achieve the margins that would reach the current Minerva's level in 18 months, and also working capital and CapEx. So how much working capital will need to be burned in order to achieve the top line you mentioned with the ramp-up of the plant? Also with regards to CapEx, the BRL 18 billion you mentioned, do they take into account the reactivation of the plants, and will it take further investment, non-recurring investment, in order to reach that level? Well, the answer is no. We are not considering, as I mentioned during the call, we are not considering these three plants going back to operations. So it's a mess. So you open a spreadsheet, and then you go over revenue per head of beef and lamb, and then you will reach that number, BRL 17 billion, approximately BRL 18 billion. So as for CapEx, just for maintenance, so the plants are running at a level that are similar to ours, and they should keep doing that until they hand them over to us. As for working capital, in order to be more efficient, we estimate that it may take investment of BRL 500 million-BRL 700 million in 12-18 months. So it's not something that will take place at once. As the operations are handed over, we will do the ramp-up, we'll improve, and that may require up to BRL 700 million of working capital. This is the investment that will be required in order to benefit from the synergies and to achieve the margins we mentioned. Gustavo, I'd like just to add that the seller has many efficiencies, and considering the previous integration processes, we've learned. But, for this specific case, we have a very good idea of what we will find. So we swapped plants in the past, so Várzea Grande, which was ours, for Paranatinga, which belonged to them. So we already went through an experience of knowing what is different in our management system, and that will also allows us to expedite this integration, to keep the best practices and to increase efficiency. Thank you very much. It's very clear. Next question, Pedro Fonseca with XP. Please go ahead, sir. Good morning, Fernando and Edison. Congratulations for this deal, and thank you for taking my question. Just a follow-up on what Edison mentioned about synergies, and you do have a great track record. But, considering the previous 19 M&A, where do you think that you can find the synergies in a more easier way, and also considering maturation? So this is my first question. My second question, Edison already mentioned that there are some proposals about the takeout of the bridge given by the bank, but considering the timeline. So what can we expect regarding the takeout of that bridge? It's difficult for us to determine deadlines, but to us, it's a priority to consider the best structure. Probably, it will be a basket of operations in order to take off the bridge. We are not in a hurry, but we will certainly also take opportunity of the windows available in the national and international markets. The timeline for these operations will fit what is necessary in order to generate also free cash and also to benefit from synergies. So we'll keep the capital structure favorable to us, and with the less debt. We are considering synergies, Pedro. One of the most important is the commercial synergy. I mentioned in our presentation, 17 commercial structures in order to serve the different markets. So if our trader is selling 10 or 20 containers, they also increase their strength. And I see a lot of synergy. In the previous plants, we know how important that is and how strong that is. As for risk management, that is another commercial issue, and that allows us also to expedite or not the plans according to seasonality, according to also producers, generating more value to producers and to us. As for production, certainly there will be many learnings we'll have to learn, but there is also the strong interest in aligning our teams. Just to give an example, we had a competition for different areas of plant and plants, and we assessed the best practices that will be transferred to all units, and that was really transformational within Minerva. This is just another example of management on how we can effectively accelerate the process. Just giving once again the example, Paranatinga and Várzea, in which many of these models were implemented. So we are very optimistic. We believe there is room not only to implement our system, but also to learn and improve Minerva as a whole. Thank you very much. So just a follow-up question. Edison talked about the main assumptions about estimated EBITDA, so BRL 1,700 million for beef and BRL 1,200 million for lamb. And you also mentioned capacity, 80%, if I'm not mistaken. Yes, 78%-80%, depending on the plant. But, the average is very close to 80. Okay, thank you very much. Next question, Antonio Luiz Gomes with Ninety One. Please go ahead, sir. Hello, good morning. Can you hear me? Yes. Great. Regarding the financing of the bridge loan, you mentioned that you're looking for windows in national, international markets. So what about interest rates? So what kind of split do you have in mind? What plans do you have regarding this finance? You told us that you don't know about the timeline, but, can you share more about the issue? Because the market is volatile. The strategy is to follow, and once we find an open window and conditions that make sense to us, we'll take opportunity and carry out the takeout. The idea is not to be tied to a single instrument, but also consider other options, not only capital market, but also bilateral, also working with banks. So there is a broad menu, and according to the market windows. And as for the costs, we will examine and we'll do our best regarding cost, so that cost can be the lowest possible and also considering the timeline. Okay, my second question is about rating agencies. Have you-- You have talked to Fitch and S&P, what is their take on these transactions? We will talk to them today. Initial conversation of the transaction is welcome. It increases diversification. Our company will also increase. Criticism may be Minerva's size. So if we diversify more and if we increase our size, that is welcomed, especially when we talk about the leverage. It will not be close to the covenants that we have. It's still very comfortable vis-à-vis covenants, and also, we expect a quick deleverage. And considering our track record, once again, 19 acquisitions over the last 14 years. My last question is about... It may sound a basic question, but... How are you going to work with Marfrig regarding beef? Well, we negotiated an agreement regarding supplying the to some of those plants. Okay, thank you very much. Once again, just to remind you, if you want to ask a question, please click on the Q&A session, Q&A icon rather, state your name and affiliation. Please hold while we poll for your questions. So I'd like to turn it over to Edison, so that he can go over written questions. First, two questions are in English. First, from Joseline Jansen. Her question is: When do you expect to effectively close the deal? Well, the antitrust issues should be over in 12 months. What about EBITDA generated? Well, I have already answered that. Our estimate is very good, especially considering our EBITDA and the characteristics of the assets that are being bought. We estimated that without synergy, they will generate BRL 1.5 billion of EBITDA. And how are we going to finance the transaction? Well, with that, we have a committed credit of BRL 6 billion from JP Morgan in 18 months, and then we will consider how to take out that bridge. Second question from Nikolai: What is the expectation regarding leverage by year-end? Well, if the transaction is not concluded by year-end, then our leverage will stay on the current level, 2.5x, which is the leverage that the company has been presenting over the last 18 months. How do we plan to manage logistics? Logistics is a very important synergy point, so we will also increase our bargaining capacity. And I'd like to remind you that one of the industries which we also saw more consolidation, was with regards to shipyards, so that also makes us stronger. The other question was about agreement in providing products to these new plants. No, most of the cattle is bought on the spot market, and this is how we are going to keep on our operations. And we also have some long-term agreements that will allow us to provide some special products. But we will keep the same dynamics, just the way we operate today. Question from João Mendonça: The BRL 1.5 billion of EBITDA? Well, this is the EBITDA that was calculated based on our experiences, considering the assets that we are acquiring. This is our best estimate of what they will generate, without considering allocations or sub-allocation of costs between different divisions. Next question from Rafael from Uruguay: Minerva will now have seven plants, plus the three BPU, three more. Well, we have six plants in the country, and do we plan to close any of them? No, we do not plan to close any plant. Rafael, BPU was not included because we have not taken over yet. So just the three and these three that we have acquired, plus BPU. So your math is right, it's seven, but we are considering just the three that we already own, plus the three that will be acquired according to our outlook. Next question from Barron's: Can we issue a bond in US dollars before closing the deal? Well, that is one of the options for the takeout. It's on the table. It's just one of the options that is currently available. We have more questions about funding, so we are examining all instruments. Can we consider capital market? Yes. And with regard to security bonds? Yes. Local debentures? Yes. Also, local loans, yes, or syndicated international loan, yes. We have a very broad menu, and we will probably combine some of them. Next question about the dividends from Fidelity: What's our plan regarding dividends, considering increased leverage? Our policy will be maintained. Leverage equal to or below two by the end of calendar year. Our policy is to pay at least 50% of net revenue as dividends. We will keep that policy, but once we conclude the deal, we will leverage the company above those levels. But if we are correct regarding synergies, we will go back to the target of 2.5, and then we will once again resume our dividend policy. We may have an interruption regarding the minimal policy for a year, when our leverage level will be higher. Question about synergies in ESG and the value chain of the plant. Obviously, yes, we will also implement the benefit, the best practices coming from these plants that are being owned. What about also if we see any changes in the share in the local market or not? Well, the idea is to keep on doing what we do. We run a weekly matrix that will give us the optimal breakdown between local market, export market, considering different cuts in every single market, and also how much we can allocate of those cuts in each market. So our innovation area is also improving and expediting the process, becoming more efficient. So if we took 10 minutes to run the model and have 30 outcomes today, that runs in 1 minute with more than 100 potential outcomes. So more options, more efficient, faster, and that certainly is one of our differentials regarding management, and that's also important, the decision-making process. And that also help us in extracting synergies and improving margins. So the mix will be determined week after week. So today, that would be 65-35 or 70-30, export to local market. Now, Ricardo, considering the strategy over the last couple of years and dividends and keeping the same policy, would you consider anything to increase, to deleverage faster? No, we considered acquisition with that because we are very confident, considering our track record, that we can also deleverage our company and generate free cash. I believe that the last question about our plans regarding dividends, once again, considering our increased leverage. Once again, we will keep the policy, and we expect that in 12 months, we can go back to the leverage equal to or below 2.5 and pay minimum 50% of net profit as dividends. One more question from BPA Asset Management: What is the percentage of the total production capacity? So it's about our supply agreement. So how much will we supply to Marfrig? It's really negligible, considering what we are producing. I can tell you that is approximately 2% of what we expect to produce in one year. Okay, I believe these are all the questions. Let me turn it over to Fernando first for his closing remarks. Oh, we have one more question. Thank you, Edison. Our next question from Lucas Ferreira with JP Morgan. Please, Lucas, go ahead. Good morning. Considering the future, and you have reached-- and you have already reached a very good scale in South America, do you still see opportunities to keep on growing in this region, or it would make more sense to focus on Australia in the midterm? And expect the leverage to go down to the current level quickly. And are you considering other acquisitions in the next 12 months, or will that depend on future opportunities? Last question, considering the yield at the plants, do you see any opportunity? Well, as we mentioned, when that type of Paranatinga with Várzea Grande, we learned that we have the possibility of capturing value and of what we can add. So we always examine opportunities, and I think that the secret is really to consider new techniques. As for new acquisitions, the answer is no. Now, we are facing this integration challenge, and Minerva is very focused. We have a high discipline, so we will focus on this integration and also in working with these assets once they are handed over to us. So conservatively, just as we did in every single acquisition that's happened before. Well, please let me add, the plans for growing in Australia have been rolled out in the short and midterm. The focus is to digest and integrate these acquisitions, and I believe that this is a work for two years. So for two years, we are out of M&A. Now we need to extract value from what was acquired, reduce leverage, pay debt, and also to resume the payment of dividends aggressively, just as we did in the last couple of years. Thank you. Our next question comes from Rodrigo Almeida with Santander. Please, go ahead, sir. Sir Rodrigo, sir, you can ask your question. Please, Rodrigo. Mr. Alves, you can go ahead. Apparently, there is some problem with your audio device, Mr. Rodrigo. It seems that Mr. Alves is having some issues with his microphone. With that, we end this Q&A session. Let me turn it over to the CEO for his final remarks. Well, thank you very much for joining us. Minerva has always been very transparent and very clear regarding every single transaction. So with this new acquisition that we have announced today, our intention is to consolidate our policies regarding risk management and apply our know-how from the previous 19 acquisitions. But I'd like to highlight our team. Our team is very mature, is ready, and prepared for this transaction. So this is taking place in the optimal moment, and I'd like to commend our team for everything they have done and on how we have generated value in every single front, and everything we have learned over the years. So I'd like to thank you all. We are available to answer any questions you may have or to any ideas. Please, you can get in touch with us for anything you might need. Thank you. Well, the video conference of the Minerva's Material Fact is now concluded. If you have any questions, send us an email to ir@minervafoods.com. We thank you all for joining us, and have a great day. Thank you.