Good morning, and thank you for standing by. Welcome to the conference call of BRF to discuss the results related to the first quarter, 2022. We'd like to inform you that this event is being recorded and that all participants will be in listen-only mode during the company's presentation. We will then start the Q&A session when further instructions will be provided. Should you require any assistance during the conference call, please request an operator's assistance by pressing star zero. This event is also being broadcast simultaneously over the internet via webcast and can be accessed at ri.brf-global.com. The replay of this event will be available soon after it's completed. We'd like to remind you that the attendees may pose questions to BRF, which will be answered after the end of the conference by the IR team. Before moving on, we'd like to clarify that any forward-looking statements that may be made during this conference call related to the business perspectives, projections, operating, and financial targets and goals are beliefs and assumptions of the company's management, as well as information currently available to the company. Forward-looking statements are no guarantee of performance since they involve risks, uncertainties and assumptions because they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts must understand that general conditions, sector conditions, and other operating factors may affect the future results of BRF, leading to results that may differ materially from those expressed in such forward-looking statements. I would now like to turn the floor to Mr. Lorival Luz, Global CEO of the company, who will begin the presentation. You may proceed, sir. Good morning, everyone. Thank you once again for being here attending our conference to discuss the results of the first quarter, 2022. Here with me, we have our CFO, Mr. Mariano, who will also address the presentation to you and other members of the executive committee. Something else I would like to mention, as you probably noticed, we are discussing the results in a different way from the way we were doing in the previous quarters. Now we are using the telephone from BRF, different from what we did in the previous times, in a studio with images and a complete infrastructure. I would like to notice that this shows our focus, our plan, our objective to simplify the way we work, the way we operate. However, I would like to talk a little bit more about this as we complete this presentation as regards this topic. Now, moving on to the next slide, I would like to show you the main indicators of BRF, the main indicators of this first quarter. As you can see, we really had some headway in our income. Our revenues with operating results, which were different from what we expected, much away from our capacity to generate results. I would like to make it clear that these results of the first quarter does not please us in any way, and the results do not reflect what BRF really is and our potential results in the next quarters. I'm going to discuss this as we move on along the presentation. Now, talking about the first quarter. The results of BRF, as you can see, was strongly impacted by the performance of the Brazilian economy. The Brazilian performance, especially in January. Our sales in January in the retail market were much below what we had planned. That generated a mismatch in our production chain. A company of living and long chain such as ours has to consider that, these are all very relevant, and we made the decision to make those adjustments to this chain. Additionally, I'm going to talk about it in the next slides. In addition to this, we also had the impact of the effects of the war that strongly impacted our results, our costs still in the first quarter, especially in terms of logistics, transportation, freight, in addition to the impact of grains that we felt. Now moving on to the next slide, as you can see, I would like to show you the impacts of our decisions, the decisions that we made. We made the decision to face the situation, face this moment, and make the proper adjustments for production and make adjustments to our inventories. Those two events in an agile, quick, accelerated manner, so that these would not continue in the next quarters. This quarter has been strongly affected. We made important decisions, responsible decisions. We had to make those decisions so that those effects would be left behind, so that we could look at the results and look ahead and capture all the opportunities and leave those BRL 400 million behind us. We had an impact of about BRL 400 million, BRL 406 million in relation to the recognition of a hedge raised in our balance sheet. I would like to make it clear to you that our objective is not to exclude those impacts from the EBITDA. EBITDA is BRL 121 million. What we really want is to show that we had extraordinary effects that impacted our results, but this is not something current in our operations, but rather they are effective impacts that happened in this quarter, and those coming quarters will not have this order of magnitude, and the impact will not be as relevant in the future. Now, leaving the first quarter a little bit behind, I would like to start and discuss our perspectives for 2022. What to expect for 2022. Before anything, I would like to use this slide, and I would like you to look at the left side to show what was the impact of January and what that quarter represents to BRF. We had two blocks in the base of 100. We show what happened to our sales. You can see that sales in January in base 100, in March we can see that we had a very relevant recovery at 140. We use this base 100 just for you to have an idea. The same can be applied in the gross profit. It shows a positive variation and a meaningful financial impact also in March. We show exactly this recovery and what we have been doing. Likewise, if we look at the central block, the central column, I would like to share the headway we made in terms of price of the chicken and the price of the pork that has been materializing in Brazil. Likewise, we use base 100. We can see the advance from BRL 100 to BRL 141 in April for whole chicken price and a little less, but still showing a recovery for our pork carcass, showing a new repositioning of our company that we have been seeing as a result of everything that has been happening in the global scenario. I would like to reassure our presence and positioning in two relevant proteins that continue growing in terms of per capita consumption year after year. This is a result that we can see in the graph to the right. The message is we have a new positioning of the proteins. We can see this growing trend, and there has been a recovery of prices in those markets. Now, moving on to the next slide, talking about halal. We had a quarter which showed excellent results, showing that our strategy to make headway in a portfolio of products with high-value-added products has been very assertive. In addition to the work that we have been doing, we have to consider the scarcity of supply of chicken from the most important exporters in the world, brought us important opportunities that we managed to capture. We have seen this excellent result in the first quarter. We made advances in the market share, both in GCC and other areas, showing that the strategy is very adequate and the performance has been very well implemented. This scenario ahead can be seen in a very positive way, considering what has been happening in this market. As we see the return of religious tourist, commercial tourist, tourism, and also for leisure, and we can see the positive results, especially at the end of the year. Now, moving on and talking about exports and the international scenario. Today we are seeing, as you have been monitoring, we have seen that there has been a worsening the offer of chicken in the international markets. The impact comes from two exporters, two of the major exporters of chicken in the world after Brazil, the United States and Ukraine. Ukraine, needless to say, the war has caused, and for the United States, we have to mention the avian flu that reached 31 American states, and those states as a whole represents about 60% of the American production of chicken. When we put those two factors together, the effect of Ukraine and the United States, that led to a price correction in the international market in such a way that it's so sharp, especially as of January. The graph on the right on the top part, we can see the advance of the chicken breast in the American market. Maybe prices that have never been seen before. Especially in the past few years. As a consequence, this has already started to bring some corrections here in terms of chicken breast in Brazil that we can see in the graph below. We can also see a growth both in volumes of exports in Brazil and also in the export price in Brazil. BRF is well-positioned. Our plants are extremely well-positioned from the commercial viewpoint. The relationship with clients and all that is associated with this. We have the capacity, and we're prepared to capture in a very efficient manner this new movement that the market shows with the increase of exports, the increase of international demand, and also with this readaptation, readjustment of prices. I can say to you that I see that our company is better positioned to capture this, and no other company is better than us, considering our sales, the quality of products, our distribution chain. This is a scenario that we are looking very attentively, and we are making decisions to direct our focus, direct our objective so that we can capture this market that is available to us. Now I would like to talk about our capital structure. I'm going to turn the call to our CFO, Fabio Mariano, and he's going to address this topic, and then I'll be back for the final remarks. Thank you, Lorival Luz. Good morning, everyone or everyone who's attending our conference. In talking about our capital structure, I would like to highlight a point which has a lot to do with the reduction of our indebtedness of BRL 4.7 billion. As a natural reflection, there has been a reduction in the leverage from 3.12x to 2.83x in the current quarter. Obviously, we can not fail to consider the inflow of capital, which was very relevant after we finished the follow-on that was in the beginning of the year. That reduces the leverage, and this results in lower performance than expected. This has to do with the performance of the quarter as mentioned by Lorival Luz. We have a replacement of an important quarter, the first quarter of 2021, with a weaker quarter in terms of results generation. This puts a lot of pressure on our EBITDA in the past twelve years, and we can see the decline of the leverage could be lower, and it's not as representative as it could be. Another thing that has to do with our indebtedness profile is the fact that the company has a very comfortable liquidity position yet in terms of availabilities and resources at BRL 10 billion. We would also like to mention that we have a credit line with Banco do Brasil at the amount of BRL 3 billion with an immediate liquidity amounting to close to BRL 13 billion. When we analyze the profile of indebtedness, we notice that there's no pressure in the short term related to refinancing activity, and this makes us very comfortable so that we can execute all the activities and make all the investments that we had planned, up to the end of the year and the years to come. Now a little bit of our debt profile. We can see that between currencies, we see some indexation still to strong currencies, especially the US dollar. About 70% of our current debt is denominated in foreign currency. Everyone knows a little bit of our hedging policy, and we'll be talking about some of the side effects and losses we've had in derivatives. We invest in derivatives precisely so that we can prevent the company from suffering from these changes in foreign exchange. The next slide shows the reconciliation of our indebtedness already 12 million reais. We see that the operating cash flow was much below what we expected and ultimately insufficient to cover our investments, our CapEx, as well as our capital burden. We try to combine both cash and non-cash debts. Between the loss of derivative cash, which is part of our strategy to cover our balance sheet, plus the indebtedness that's connected with an appreciation of the Brazilian currency of nearly 15% between the last quarter of last year and the first quarter of this year. We see about BRL 12.5 billion, which is what's reflected in our balance sheet. We have an increase in debt of about BRL half a billion, even though we've consumed about BRL 3.6 billion of our cash flow, which we'll be showing in the next slide. Just to understand our free cash flow a little bit better, we go from a corporate EBITDA, a reported corporate EBITDA of BRL 152 million and a negative working capital. We stress that our net working capital performed really well. We have about 10 days of capacity use, so our inventory cycles is doing very well. 10 days is even below our record in this sense. We see other effects from our liabilities and assets which affect the ultimate performance of our working capital. We have our investment cash flow of about BRL 900 million and the net interest and financials effect. We perform an exercise where if we disregard the effect of currency, we would have about BRL 1.6 billion in free cash flow, excluding those effects. With that, we would have an effect with derivatives and availabilities of about BRL 2 billion. That includes or excludes the foreign exchange effects and the free cash flow effects. Anytime the company loses money in derivatives, that is offset in the reduction of our indebtedness, as we saw in the previous slide. With that, I will interrupt my remarks and turn the floor back to Lorival for his final remarks. Thank you, Fabio, for your excellent presentation. Now, concluding our earnings presentation, before we open for questions, I would like to first of all address the first quarter. You guys have seen the numbers. As was said, this was not on par with our abilities, but it is what it is. We've made the decisions we were supposed to make, and this quarter is now behind us. It's a time we are now looking in the rearview mirror. As you've seen, our prospects are positive. We still have some challenges ahead of us in Brazil, but an extremely positive international market, which opens more opportunities for us. As I said, BRF is extremely well-positioned to seize these gains and make the best of the scenario that we currently have. That makes us extremely confident in the possibility of reversing these results. Now, another thing I'd like to stress, still addressing 2022, I wanted to tell you assertively that we are fully in line with our board, BRF, more agile, efficient, and dynamic. We will become more agile and seize all opportunities the market presents us, such as the one we see right now in the international marketplace, and focus even more on meeting the needs of our clients and adjusting our offerings properly, generating better results for our shareholders. That, in combination with our streamlining initiative, is a huge focus for us right now. In addition to that, we will reinforce and reinvigorate our sustainable growth strategy. We will simplify the organization as a whole in our strategy, operation strategy and across all our fronts. We will even stop some of our initiatives. That is to say that we will adjust our operations, becoming simpler and more streamlined, focusing on what provides higher returns for our shareholders and higher returns for the company. I just wanted to make it clear, so there's no question. There will be no factories being closed or distribution centers being closed or assets being sold. Becoming simpler, more direct, and more to the point is what we plan. We are fully confident and fully alignment with our board, expecting this plan to be immediately introduced, added to what has already been done over the course of Q3 or Q1, actually, and the prospects we have for the rest of the year makes us fully confident in planning and focusing on reversing these results. With this plan already bring robust and significant results over the course of 2022. In closing, our Vision 2030 is very important, and I'd like to stress that, as we said when we first introduced the vision, adjustments and adaptations. As we said, we needed adjustments seeing as this was such a long-term plan. Looking at the global scenario that we have right now and all of the geopolitical and economic changes, a wide, a broad, and profound review is now necessary, prioritizing our current needs and avenues for growth as well as our focus. Our ambition remains the same. Our long-term plan and our ultimate goal remains unchanged, but we need to adjust and adapt and review our priorities to meet those goals. We plan to adjust some of our targets for our long-term view. With that, I'd like to thank everyone for joining us and once again stress my confidence in the introduction and following of this streamlining plan as well as the results we expect them to bring to BRF. Also stress that BRF is extremely well-positioned to seize the opportunities that this scenario is now presenting us starting in Q2. Remove your question from the queue, please press star two. Our first question comes from Isabella Simonato from Bank of America. Good morning, Lorival, Fabio, and everyone else on the call. I have two questions. First of them, looking forward, after such a challenging quarter, I feel like we sort of lose sight of how quickly you guys can recover your results. Looking at the real EBITDA rate that the company used to have for just over BRL 1 billion a quarter, how confident are you guys that you will be able to recover? You've had a number of quick initiatives over the course of this quarter to try to correct your planning and your production chain in general, but what initiatives do you plan in sort of a course correction over the course of the year? My second question has more to do with your cost strategy. You guys stress the losses with commodity derivatives over the quarter, and I understand that that's part of the company's strategy. But if you could please offer some more detail as to why there were losses with derivatives. Was that because of a mismatch in short and long positions in corn? What exactly has caused this movement in your derivatives line specifically, and how can we see the upside of that? In keeping with the raw material situation, we also saw that over the quarter, there was a decrease in your raw material inventories of about BRL 400 million. If you could please detail your supplies position during this quarter, that would be great. Thank you. Thank you, Isabella. I will address your first question and then turn the floor over to Fabio so he can address the second part. I don't know if you remember, but when we had our Q4 earnings release at that moment, I told you that the month of January was giving us bad signs that the year had started on a bad note. Right now, I can tell you that the month of April was a really positive one in Brazil. Within my limitations, trying to answer your question as to how confident we are about our recovery, in light of the information we have so far, we expect that to be really quickly. As soon as Q2, we expect to be already on a completely different level. I obviously do not wanna get ahead of myself, but in light of the information that we currently have and the data that we've been receiving for May and June, we expect to recover very quickly and in a very robust way in Q2 already. Now, with regard to the derivatives line, I will turn the floor over to Fabio. I think he'll be able to explain the situation to you a little bit better. He'll even tell you what's in the balance sheet for the months to come. We always include or always included small values, but what happened during this quarter was that we saw a figure that was really off the chart. I'll turn over to him, and he'll be able to explain it to you a lot better. Good morning, Isabella. I know you understand the company's grain strategy very well, but in the best interest of everyone else, I'll give you the explanation in a more comprehensive way. The derivatives strategy is mostly focused on grain, which account for about 47% of the company's long negotiations with purchasers at future prices. The second part is the derivatives line, which is the subject of your question. Now, looking back, what happened over the course of 2021 was, on a few occasions, we sourced the grain with suppliers to ensure the corn supply in situations we understand that supply would be limited. On those occasions, we understand that we may have better price opportunities. Whatever is fixed price, we use the Chicago market to unlock better opportunities whenever we expect them to occur. When we look back, we understand that that was not the best decision in this case because grain prices continued to rise. As you know, here at the company, we use a hedge accounting strategy, which is a special treatment. If we did not use that, we would hedge, and that would be accounted in the bottom line. It's very difficult to do that. That special accounting regime allows you to acknowledge the derivative with the accounting and consequently, also the cost acknowledgment. In this case, what happened was the derivative was settled between the last quarter of 2021 and the third quarter of 2021. The fact is the company's position is very long in stocks, so the loss was materialized in Q1. There was a mismatch. Now, looking ahead, you can see in the 24.4 note 3 for commodities. You see our position in a virtually negligible position, which is why Lorival stresses that moving forward, we do not expect to have any major event in relation to this strategy occurring in relation to this strategy. That was very clear, Fabio. I just wanted to follow up on two things. First of them is, once corn prices go down, do you expect that to be reversed? The second, once you unlock this long position with purchasers, doesn't your hedging position sort of strays away from your initial strategy? Well, initially, that has to do with positioning a price, but we can't forget that it's essential to ensure supply. When we unlock in the Chicago market, we also reduce a significant risk, which is our baseline. There's a price lag. Corn is not a commodity like soybean meal, which is very much connected with the international market. Even though we have fixed prices, we also have an anchored international price, which is also very important. Yes, it's so clear. Thank you. Our next question comes from Thiago Duarte with BTG Pactual. Hello, good morning. Thank you very much for the opportunity to ask a question. In line with Isabella's question, I would really like to understand the comment that you make in terms of 5 percentage points of improvement in the gross margin along the quarter. Understand the beginning of the presentation when we say that the gross profit from a base 100 goes up to 500 in March. I understand that we are talking about two different pieces of information. The gross margin improves according to percentage, and the other one, we see multiples of 5. I would like to understand how you see them as coincident and how they interact with the intention of understanding the margin. That you mentioned in January that generated all the rearrangement of the chain at BRF. I would like to understand how you see the rest of the industry, and how do they respond to the effect that I understand should be general. I understand that this drop in demand should be felt generally. When we see that the slaughter of chicken fell 70% year-over-year, if I'm not mistaken. In terms of placement, they dropped about 5% from January and February. Doing the math, it seems that all the placement drop happened at BRF. I understand if we had a cycle of reduction of placement, I would like to understand if this reading of mine makes sense, and how would industry respond to this change in scenario that we saw in the past few months? Thank you, Thiago. In relation to the first question, we try to show in an illustrative manner the effect that we had in the quarter, the impact of January and February, and the recovery in March. When we look at what we try to show is that we had levels that were very low of margin as we saw in January and February, and we see a recovery of the margin in March. This is the increase we are talking about and of course the trend. It's a trend, and this is what we mentioned that would be happening in April and our expectation in the future for the future. In fact, this was an attempt to illustrate and show the effect and how relevant the imbalance was in terms of impacts of January, February, and March. However, in relation to the placement, what I can say to you about BRF in terms of effects and impact is that we felt considering our perspective and considering everything that happened, of course, this happens all the time. If you see BRF makes this adjustment and then it makes adjustment in the market. I would like to apologize, because I'll get in touch with you later on because I do not have the information offhand so that we could provide accurate information in relation to the warehousing or the placement. BRF makes the adjustment and not much comes from the other players, okay? I'll get back to you. Okay. Thank you, Lorival. Our next question comes from Victor Saragiotto with Credit Suisse. Morning, everyone. Let me make a question in relation to the mix. In the release you say that the company may mix to different products, cheaper products. My question is how the margins would compare to the margins of the mix, which would be more ideal. Could we have a good level of margins also considering those cheaper products, or are we talking about a lower margin in the future? The second point, you also mentioned the leverage - net leverage. That, you had a recent follow-on, you said that the leverage level would be comfortable, but considering all this, do you still feel comfortable to work with this level? Or should we make some adjustments being made in the future? Mr. Lorival Luz mentioned some things related to the adaptations and what we are doing in relation to the adjustments in terms of mix and everything are adjustments to meet the needs of the client. I can say to you is that we do not expect any loss in margin because we see at our mix. Let's say, if the mix is not perfectly aligned with the demand, our loss will also be a little bit bigger. Because if the mix is not adequate, I have a higher level of inventory and the shelf life will be reached more quickly, and then will make me forced to offer discounts. What I need is to have an alignment of the chain in much more adequate, so as to say. That would prevent me from making corrections in the past or any other corrections to make adjustments to the mix that may be inadequate. In summary, net demand, it's a gain when we make this adjustment because I'm going to have a clear cycle. In relation to EBITDA and net leverage, we will have to live with this EBITDA of the first quarter for the next three quarters. We are just going to get rid of it in the first quarter of next year. What we are looking at now, answering your question, is that once we normalize this EBITDA, we will then have pro forma net leverage, which is more ideal. We have to face this EBITDA for the next three quarters. There's no way we can run away from this calculation. We are managing the company in such a way that we will have an EBITDA now supposed taking into consideration the second quarter of this year. Without a doubt, this will make us comfortable to look at the capital structure, but being austere, being very rigid, stringent when we make decisions in terms of new investments or CapEx, and also being very assertive in the generation of results. This austerity will be very strong along the year. Thank you, Lorival. Our next question comes from Ricardo Alves with Morgan Stanley. Good morning. Thank you for the call. I would like to go back to the first questions asked by Thiago and Isabella, and I would like to focus on the margins for the next quarter, specifically in Brazil. When you quantify in BRL 400 million and qualify those effects as being extraordinary, of course, it implies that we are not likely to see any adjustments in the future quarters. I would like to confirm that if in April you actually managed to not resort to any other large adjustments. I may ask a more direct question, which is, your EBITDA margin in segment Brazil is going to be positive. I would like to understand this aspect. I think the word that you used, Ludovão, was, austerity. This is related to my next question. You started the quarter with a tough time, and we are thinking about you start thinking about CapEx. What are decisions that need to be made in your austerity? Could you provide more details of the projects that you are likely to cut? We understand that some of them will have to continue. You have no choice. This is a question both to Lorival Luz and to Fabio Mariano. Thank you for the call. Ricardo Alves, let me be very objective when I answer your question. There were adjustments in April. There were no adjustments, in fact. You ask if we are running in positive margins now, the answer is yes. Now in relation to CapEx, I'm going to turn the call to Fabio Mariano. In terms of Saudi Arabia, we have an agreement that we are going to have control. This share in BRF is going to proportionally consolidate this company. We will have the consolidation, and the cash continues in the company, and this investment will be implemented over the period according to the strategy. We do not have a cash disbursement for the next quarters considering the scenario that we have today. I'll now turn the call to Fabio to provide more detail. Ricardo, in terms of CapEx, it's important to consider that today the CapEx that we refer to as maintenance CapEx is more representative than that in the previous year when we analyzed, for example, the combination of the biological asset and the lease. The biological asset, if we see the impact of about BRL 300 million, and if you compare to the first quarter of the previous year, you see that the number of animals drop about 3% and the nominal investment increases 30%. This is related to the inflation of grain, which is a balanced feed used for reproductive animals. When you think of the year, you have to consider that part of the CapEx, something of about BRL 2 billion-BRL 2.4 billion is related to maintenance CapEx. The margin is related to growth and efficiency project in all our units of production and all distribution centers. I can say to you that we had some projects that were being implemented, and it makes no sense to stop them. Maybe two-thirds of the projects are already underway, so we would rather continue with the one-third and unlock the capacity. But for other projects, the company is more stringent in terms of the return rate, and we are very selective, especially for the transition CapEx for this quarter and the next period, we are much more committed. We are going to implement a strategy, as Lorival mentioned, with a lot of austerity and a lot of responsibility because the company has to continue growing. Perfect. Thank you, Lorival. Thank you, Fabio. Our next question comes from Lucas Ferreira with JPMorgan. Hello. I have two questions related to international market. Halal brought a very important contribution for this quarter, strong margins. How you see the results for the next quarters for 2022 in general and the seasonality, Ramadan. Do you expect strong margins as you saw in the first quarter? The second question is related to Asia. You mentioned the perspectives of higher prices considering the avian flu in the United States, but what we can expect in relation to Asia for the next quarters? Do you think it can reverse the negative results? Do you expect higher demands, higher profitability for Asia? Thank you. Thank you, Lucas. Very quickly. In relation to halal. From what we see today. In relation to Asia, I believe we have to mention two points. One is relation to chicken. We have a very positive perspective in relation to chicken. In relation to pork, we have always mentioned all the movement in China, and the relevance of China considering the global market. We see a very positive trend in terms of chicken. We are going to watch closely. We are going to monitor all the impacts of China in relation to pork. I would rather break down and divide those two topics is in relation to Asia. Okay. Thank you. Our next question comes from Thiago Bortoluci with Goldman Sachs. Hello, everyone. Good morning. I would like to go back to hedge topics and commodities. Now, thinking about the future, we discussed a lot the impact of hedging of past derivatives and its and whatever we saw in the first result. We saw the grain scenario got worse. This was a result of the war in Europe, and there's also a concern in relation to this in Brazil. I would like to understand what the hedge instruments that the company has been using, and how can we think about the cash covenant for the future. Thank you. Thank you for the question. In relation to the size of the position, there are two things to consider. One is the reality of corn. We believe we will have good opportunities, and we are going to wait for an opportunity to optimize the pricing so when sourcing the grain. When we compare the current position with the position of the previous year, we can see that it's a bit lower, and this is reflected in the raw material note. In terms of soybeans, the thing is a bit different. We try to define the prices, and we cannot place the bets for the future because the prospects are not so favorable. We have been trying to balance this to fix the price according to the amount to be consumed over a month. When we look back in terms of derivatives. We know that is something that could not be considered for the future, but we maintain the hedge strategy thinking about the dynamic to be implemented. We need to define the prices and we have to source the supplies. This is basic for us as an industry whose cost representativeness reach 45% associated to grains. Thank you, Fabio. Our next question comes from Barbara Halberstadt with J.P. Morgan. Hi, thank you for taking my question. Most of my questions have already been answered, but I would like to follow up on your austerity strategy. You guys talked a little bit about expansion CapEx for the next few quarters. If you could add a little bit more color and examples of what measures are being adopted and what initiatives do you plan to adopt moving forward to go back to higher levels in the next few months. Thank you. Hi, Barbara. Thank you for your question. I just wanted to make something clear. With regard to our growth CapEx, we have no prospect and or plan for any M&A or any type of acquisition that would represent some sort of investment in that sense. Another thing that Fabio well said, as you see, the scenario has changed. One thing is to run a simple math with the money yielding at 2, 3, 4%, and a completely different story is to calculate that with rates of 15 or 13%. That adjustment naturally makes us more selective, so to speak, in our decisions. I think that's what you can expect from us moving forward, that type of adjustment. Thank you. That was on CapEx, but in terms of operations, do you have anything to say in terms of what steps you guys have taken on the operational side when it comes to the more austere stance that you guys are now adopting? Thank you. Sure. Thank you, Barbara. Well, a little bit of what I said still stands. I think the when and the how we operate in every aspect of the company, we will keep our stance of simplifying and streamlining our processes. We wanna be more dynamic and more to the point, and we wanna work in an agile way with the purpose of growing in a sustainable and sustained way. I will not go a lot into detail because this is something that's still being developed in-house. As time goes on, we will be, disclosing all the details to you. No, that was great. Thank you. It's our pleasure. At this time, we conclude our question and answer session. I'd like to turn the conference back to Mr. Lorival Luz for his final remarks. Please, Mr. Luz, you may proceed. Once again, thank you for joining our presentation and the question and answer session. I like to once again stress our confidence in our performance over the next quarters when we expect to have material results as a result of our plan to streamline and simplify the way the company operates. Also highlight that BRF is extremely well-positioned and with the right strengths to seize the opportunities that will certainly present themselves over the course of 2022. Thank you, everyone. BRF's teleconference is now concluded. Thank you, everyone, for joining us, and have a great day.