Good morning, ladies and gentlemen. Welcome to the BRF teleconference regarding the results of the third quarter 2022. This teleconference is being recorded, and replay can be, can have access in the site of the company. It is available for download in the ri.brf-global.com. All the participants are connected only as listeners now, and afterwards, we'll have a Q&A session and more instructions will be provided. Before we continue, I would like to reinforce that this information, they have as the basics, the expectations, beliefs and assumptions of BRF and the information available to the company. Such statements do not correspond to historical fact, and they are based on currently available competitive financial economic data. According to the circumstances that can occur, they can change. We have Mr. Miguel Gularte, CEO, and Fabio Mariano, CFO. I would like to give the floor to Mr. Miguel Gularte, who start the presentation. Please, Mr. Miguel. Good morning. I would like to open this results teleconference, the first in BRF, thanking all of you that are connected today. I'm very excited to be in the BRF team and be able to contribute to such a relevant company in the food industry. We have iconic brands in its categories, excellent portfolio of product and an appropriate infrastructure. I would like to give the floor to Fabio Mariano, who's present the results 2022 third quarter, and I'll come back later. Good morning to all of you connected today. I will highlight the main financial results for the quarter. Starting with net revenues, we can see an evolution of 13% compared to the same period in the previous year. We have achieved more than BRL 14 billion. Right below, I present to you adjusted EBITDA, 1.4, more or less, billion reais, similar to the same quarter in 2021. This is a margin in the EBITDA of around 10%. The net income was a loss of BRL 137 million, half of what was reported in the same period in the previous year. Moving to the right, we have an operating cash flow above BRL 1.3 billion. We're a little bit under previous year. However, we have a sequence being proven here from the beginning of 2022. It is 40% above the previous quarter, even considering a very similar EBITDA. In the working capital, although we have some seasonal advancements in the festivity crops and the second crop, we have noticed a reduction in some of the main products. We have a reduction along the third quarter. We have also worked with our suppliers. Moving to the net leverage, we have reached 3.26x the EBITDA of the last 12 months, still under the influence of a common performance in the first quarter. This indicator was also impacted by the Real depreciation. We are putting our effort to have this cash flow generation as an engine for our net income so that the leverage will go back to appropriate levels. Finally, I would like to highlight that our indebtedness base is still comfortable, our period above eight years. In the next slide to the left, we have the gross profit evolution. We had around 18% and the gross profit around BRL 260 million. To the right, we can see the adjusted EBITDA evolution, a performance that has been already highlighted. In the following slides, I would like to present a performance by business segments in the markets. Starting in Brazil, we have a sequential evolution of EBITDA every quarter throughout 2022, but still below or lower than what our brands usually perform, our products and all the infrastructure that we have. I'd like to highlight in the Brazilian market, some important evolution in the number of active customers that will allow us better competitiveness in the following quarters. We have also portfolio simplifications and the item sold to the customers. With improvement in the market, we have a decrease in the low profitability SKUs, improvements in market share and brand visibility initiatives. We had a significant improvement in our service levels in the secondary logistics. We had, as I said, improvements in the market share and brand visibility, mainly in margarines, cold cuts and meat products. We'll have a fourth quarter with significant investments in media. I would like to highlight the investment in the World Cup streaming. We have a lot of visibility for our brand. In the halal segment, the chart to the left, we can see the EBITDA and margins back to historical levels as a result of a more normalized offer in the region. We have the impact of the price peak that we had tested in the previous quarter. Turkey is still a challenge. The macro and microeconomic scenario. We increase in exports and value-added products in order to maximize our results and protect also the operation from the Turkish lira influence. We have also the added value products extending its sales. We can see high levels in halal here in market share when we assess the levels of the last years and months. Also we have an increase of exports to the region. I would like to close here with two highlights. First, the joint venture with PIF, an important movement, with an ideal partner that will allow us through this alliance to develop the Arab market and keep on consolidating our presence and leadership in the country. Also, the JV investments cannot be different. They are being discussed jointly with the partners, and the business plan will be totally in compliance with the strategy to the region. Second, what has to do with the expansion of sales in added value products in the region, also during the World Cup. These added value items is about 21% of our portfolio in direct exports. In Chart two, on the left, we see the stability of the margins at a very high level. We have included a mix of products and the region, and we have expanded our performance in chicken export to Africa and other regions. To the right, we see the higher prices to the portfolio that serves the region, especially a very positive trend to pork. We believe that the sanitary issue, the avian influenza, for United States and Europe, this can impact positively the prices in this segment. We are prepared to capture opportunities, both in the price variables and in other aspects. We also bring now the development in Asia. We here can see a better profitability performance. We have left the third quarter with this 12.5% in the EBITDA margin. We have reached 12.5% in the third quarter. We can see to the right, we have seen prices positively responding between quarters in the market such as Japan, Korea and China, both for chicken and pork, the last one with a relevant recovery throughout 2022. We have gained participation in the chicken exports to China and pork exports to Singapore. I end the presentation of the business segments in the next slides with the development of ingredients and pet food. We have 21% EBITDA margin, equivalent to BRL 143 million. We've keep on capturing synergies in pet food. We have advanced also in the GTM plants, and we have expanded the portfolio to Grandfood and Biofresh brands. In ingredients, we have an expansion of market alternatives and first sales to Thailand. We are putting our effort to maximize the integration of our business and consequently, our profitability. In the quarter, we had some highlights in sustainability. We can see in the next slide some conquests, like the environmental seal by the Environment Agency, Abu Dhabi, re-acknowledging our environmental practices in the Kizad plant. We have been using satellite technology, tracking more than 95% of direct grain, and we are reaching our goal of 100% of traceability for grain suppliers in the Amazon and Cerrado biomes. We keep progressing our clean energy generation with the use of solar panels in many companies integrated production, and then also recognized for the third consecutive year with the Gold Seal by the Brazilian GHG Protocol Program. Now we will present the information related to the capital structure of the company. To the left, you can see the evolution of the net debt and net leverage. We have the indicators that have been presented already in the beginning of this presentation. I would like to call your attention to those that are connected to two aspects. First, this indexation of the gross debt, the strong currency, we have reached in dollars, yeah, these figures, and this allowed us to change our indebtedness profile, eliminating the need to use intensively derivatives. We have this coverage of our exchange. The second aspect is the amortization profile. We have amortization, short-term amortizations combined with a high liquidity position equivalent to more than BRL 12 billion when we consider the cash flow condition and the revolving credit lines that have already been negotiated or promised. In the next slide, we show the free cash flow. This chart will highlight BRL 1.3 billion. This investment flow of BRL 1.6 billion without financing activities. We have an operating cash flow BRL 355 million free cash flow, or BRL 226 million free cash flow if we include derivatives, and also the cash flow variation. The cash flow has been recovering sequentially every quarter, as we show in this chart, or the smaller charts here in this slide. In the final slide, we can see the evolution of the net debt. Besides the consumption here that we had, we had the negative impact of the exchange rate. If we consider both results combined, half billion BRL in the indicator, this was the variation. I thank you for the audience, and I'll give the floor to our CEO, Miguel Gularte, to the final remarks. Thank you. I'd like to close this teleconference on results. Talking about my first impressions in more than 45 days in BRF, I found a company with professionals, very competent professionals in all levels. Very well-developed indicators that will certainly allow us to take from the company the performance that the market expects and that it can deliver. We have an appropriate footprint. We have powerful brands. Brands in 95% of the Brazilian households, very consistent. They will allow us to build, in 2023, a very appropriate performance to our excellent potential. The time elapsed, we can already see clearly the improvements within our reach. We have the sense of urgency and consistency in execution using methodologies and indicators that are available. Together, we will build the performance that is expected. We need and we're going to advance in energy efficiency. We're going to improve the index in mortality, profitability, both in slaughtering and in boning. Constantly, we will improve our factory index. We will improve our time worked without hampering or jeopardizing the costs. Certainly, this will bring to bear BRF the performance and reliability that is expected. I will work together with the board and the other levels of the company. We'll go through the fine-tuning of our performance and operational performance. We're building a solid benchmarks, and we should, as always, keep on investing in capacity building and training of our collaborators. This is basic and critical to this high labor business. The geographic location of our grains purchase, they are very competitive aspects that should be enforced so that we can have a more balanced supply chain that is flexible and dynamic. We're going to improve our price system and inventory as well, and flexibility to the domestic market and exports, so that in the perfect timing, we can have quickly a more agile and flexible company. We'll keep on diversifying our market, focusing on profitability, and we should never forget the improvement of our industrial part for the demands in the world. We have more than logistic. We are focusing the improvement of fleet, the improvement of the service level to customers. We will work to better the facing and optimizing the energy costs. We will continue to improve services and commercial performance. We will, in the brands, continue to invest in communication, looking for innovations and a better profitability profile. Environment is critical, and we're going to be very strict working in the short and long term and not jeopardizing the future. We'll be reasonable, and we will have our incentive models to faster the execution of our tasks and improve our performance. I would like to close the presentation with this conviction of more than 80 years of history. We have this latent performance culture that will be consolidated with the delivery of these results. Agility, pragmatism, focus, and rationality. We are totally sure that it is possible that we are able to deliver and fulfill our commitment. I would like to thank you all and reinforce our commitment with more than 89,000 collaborators, our controller, our shareholders, our board of directors, customers and partners, and everywhere BRF is present. We will continue to evolve with the company so that it is more and more competitive in the world. Thank you. We'll now start the Q&A for investors and analysts. If you'd like to ask a question, please press the Raise Hand button. If your question can be answered, you can lower your hand or you can press it again. Please wait. We'll wait for the questions. Our first question comes from Gustavo Troyano. Good morning. I have two questions here, specifically for you, Miguel, focusing on your final message, focused on operational performance and productivity. I'd like to focus on this topic, in an exercise to understand what's the main opportunity that you have managed to map so far in terms of operational improvement and maybe the main challenge. Anything that you could advance in this topic would be great. Then the second question would be more related to markets. Here, I'd like to hear your vision on the exports of corn from Brazil to China. I'd like to ask if this could be a challenge in terms of grain exports in the short- to medium-term and the level of current stock, if this is enough to offset this situation with the corn. Thank you. Good morning, Gustavo. Thank you so much for your question. I will start by answering and then Fabio will speak about the grain scenario. We have started this effort at BRF, as said 45 days ago, more or less. The first thing was to have a diagnosis and an action plan very carefully by using our leadership, so you don't run the risk of not getting where you want to get, which is all the way out there to the production. We have united all the leadership, all the management, and then we worked in a very detailed way in all the aspects. This plan goes through field, phase, people, industry. To give you an example, we have a labor-intensive industry with over 98,000 employees. In this kind of industry, you need to work on the main indicators. We have to work on employees' attendance, not to have so much absenteeism from our employees. We need to work on conversion centers, both for pork and mortality, for pork as well as poultry. If we go into the industry, you have to look at the fixed costs, but we have to also work on productivity in terms of slaughtering, on boning and so on. This is a transformation industry. You need a processing industry. When you have slaughtering activities, you have to follow the indexes. When I talk about optimizing indexes, it's very important to stress something that's very important at BRF. If I were to compare this information at BRF, when you have a car and you have a 3D panel, so with these precise indicators, the main challenge is to build a indicator that is reliable and applicable. Here at BRF, they're very precise, very accurate. The information is accurate. Going into logistics, we're working with the logistics area to improve efficiency. I'm talking about the fleet, I'm talking about rationalizing the network. We're working specifically on logistics. If I work on planning, it's very important, we're working very hard on this. We have a pricing system that connects all the areas. We have a company that needs to be agile to take the right decisions. If you have a pricing system, you need to be assertive in your decisions, and you manage coordinating exports, domestic market, segments as halal. You can add the important aspect, which is the two iconic brands, Sadia and Perdigão, will perform well, both domestically as well as for exports. We have this program led by Marcelo, Marketing VP, where we capitalize the advantage, not only in Brazil, we have a very important event, the World Cup, but also in the Middle East and the other export markets that we have our brands which perform really well. Finally, we need to capitalize on all the quality information, the diversity in geography, the competitive advantage and a highly skilled team and transform this into results that the company needs and the market is expecting it. We are very confident. The first 45 days has been a wealth of activities. We're very excited. We're working together, and I make it very clear that we have everything we need to make things happen. The company is ready, and we're very focused on details to deliver these results and work on this plan and spreading this out all around the company. We're working with everybody in the company, and this is going to start to be visible. The expectation, very important to mention, that a lot of these improvements and plans are already part of our 2023 budget. It's a very clear form of measuring. Everything you can measure, you can improve. This is what we're working on. Now I give the floor to Fabio Mariano to answer the second part of your question. Well, good morning, Gustavo Troyano. To specifically answer your comment about increase of imports of corn from China, we believe that this is not going to have an influence on prices, because in relative terms, this is not going to place pressure on corn exports from Brazil compared to the general crop. Export in Brazil is close to 1/3, and data suggests. I think you probably had access to the data, so these numbers still relative. Linking to our projections for the crop in this, then we're also talking about soybeans. There is a great expectation in the southern hemisphere of an increase, both in terms of planted areas as well as in productivity, which is going to impact a 12% increase in Brazilian crop, over 20% additional in soy. Brazil should reach over 150 million tons in production, and that is a record. We understand this. Our predictive models are suggesting this, and we have a declining cost in 2023. It's important to talk about commodity aspect. We're talking about grains, not just when it comes to pricing. We need to talk about quantity, consumption. A lot of what Miguel has presented as to our priorities have to do with mortality indicators. In this sense, we are no longer wasting grain when we lose an animal. When it talks about yield indicators, we see the example of wasting grain. When we talk about feed conversion that's not adequate, we're also throwing grains away. There's a lot of effort on gradually and consistently improving consumption indicators. It's positive estimate. As for the second part of your question in terms of stocks, it's very common when we are at the other side of the second crop, stocks move up, so there's a trend to lower prices compared to the average price of stocks. This has been done, and today stocks are strategic within a range we believe it's adequate and still allow us, in case we see new opportunities, we can materialize them. Perfect. This is very clear. Our next question, Guilherme Palhares from Bank of America. Please go ahead. You can open your mic. Good morning, Miguel Gularte. Good morning, Fabio Mariano. When we look at the cost issue, especially in this quarter for the halal business, I'd like to understand the costs, the stocks issues, and how this is going to play out in the future. Still for cost situation, looking into Brazil, you mentioned a number of initiatives. I'd like to understand, do you see this with the asset base the company has today? Do you manage to deliver all of these improvements, or is it important to have more investments so that you can actually deliver all the points that you have mentioned in this call? Thank you. Good morning, Guilherme. Your question has three parts. I am going to answer the first two, and then I'll give the floor to Miguel to answer the last bit. The halal cost. In order of importance, I'll give you three reasons to justify the increase you mentioned. The first factor has to do with our Turkey operation. This is a domestic operation and definitely has the Turkish lira influence, and we are looking at a hyperinflation economy today. When we translate in the balance the consolidation currency, which is the Brazilian real, you have an impact of 40% on that increase you mentioned. The other issue has to do with the foreign exchange in the Gulf and the Middle East area. We have our own distribution, so we transfer stocks from Brazil to these distributions in the country. We have to use dollars for stocks. When you have an exchange fluctuation, we have an increase in cost for the difference between parity stock and the stock after the product is sold. That also has an impact of 40% the increase. The 20% left has to do with marine sea freight on all players that are working on export platforms. You will have the rest of the 20% of the increase is then explained by this, as you mentioned. Now, speaking about our stocks, it's very important to detail that in Q3, it's natural that we are going to have finished product stocks, especially for festivities, because we're getting ready for the Christmas season. During this period, because of the summer, when we can sell in natura products as well as cold cuts, we have a strategic stock. We are going to have the sports event that's going to happen in our summer, and we see opportunities there. That's why we have prepared for these festivities, these events, these consumption opportunities. When we take away the seasonal impact, we have had stock reductions in other lines. For example, meat stocks, inputs and biological inputs, raw materials. For Q4, we are going to see a reduction in finished products because of season, which is natural, but because of the other items I have mentioned. Good morning, Guilherme. Thank you so much for your question. Yes, we are very attentive to our investment and our capacity to deliver performance. Obviously, BRF has a historical CapEx that has supported our growth. When you have a program, as we mentioned, that all segments, production, industrialization, logistics, then obviously you are going to increase production and improve performance of the company to a certain extent. By increasing efficiency and productivity, then you naturally reduce idleness in the company. We have an organic growth capacity and with our qualifications footprint and CapEx in our factories is going to make us deliver our 2023 program. It's important to stress that in the last few days, we had a great piece of news when it comes to important markets, such as Mexico and China. That is going to lead to a much wider range of options. We have celebrated a number of achievements, and we're also very attentive to what's going to happen in 2023. We have prepared our factories that are prepared to respond to requirements of all different scenarios, is going to be able to do a number of things. You will be able to perform both, domestically as well as in exports, and you will have the option to choose. We're working really hard on this on a daily basis with a full team, so that naturally, 2023 is going to be marked by pragmatism and agility. Company has to be more agile in taking the right decisions. It's very important to have the people, the facilities, as well as information. The scenario we are preparing for 2023 is to really capitalize on opportunities. We see a huge opportunities when it comes to pricing. Pricing is what's going to drive good decisions. We speak to all the management in terms of exports, halal operations, so we can take the right decisions. I understand that all the elements for a good decision to be taken are present and we need to make good choices. Obviously, we cannot forget the details. We have to look at the short and medium term, but that doesn't mean that we are actually putting the future on hold. To work efficiently is critical to work in a simplified way. I apologize for repeating myself. We believe in a plan that is going to permeate the whole company. We are here to serve the business and not the other way around, and that is what we're working on. Very, very clear. Thank you so much. I remind you that to ask your question, if you just need to press the Raise Hand button. Please bear with us while we collect new questions. Lucas Ferreira, JPMorgan has the next question. Your mic is on. Go ahead. Hello, everybody. Good morning. Thank you so much for the questions, too. Topics. First of all, Miguel, I apologize for going back to your initial points and some follow-ups of some of the questions that you already answered. I would like you to maybe have an exercise. In your assessment, the operational improvement opportunities that you see at BRF, are they opportunities medium to long-term, meaning marginal? Or do you believe that there are, let's say, low-hanging fruits that could actually be embraced in the short run, in the next quarters or year, that is going to have an impact on the results of BRF? You spoke about some KPIs, feed conversion, you spoke about losses. Do you have the metrics to share with us numbers that are below the industry benchmark or below BRF's history, so we have an idea where the company is in this sense? The second question about Brazil, the Brazil business. Speaking about the market, could you expand, in addition to the seasonal issues that we are expecting for the next quarter, and including in this the World Cup, do you see an improvement in competitive environment? What's the industry going to be? There will be a possibility to increase margins. Can you speak about the business environment, in Brazil, removing the festivities and seasonality that we know is going to help? Thank you. Well, thank you so much, Lucas, for your question. Well, let's go straight to the point. Yes, very relevant, and they do have a major impact, but it's also important to say how you're building a plan. I am convinced that the first benchmark you need to look at is your own internal benchmark. You imagine, BRF's geographic diversity with the possibility of adopting best practices. You have a huge number of factories in different areas of the country, and in each area in the country, you can improve your best practices. You can copy best. The best BRF is the best BRF that we have somewhere out there. Improving no matter where you are, and then to implement this and make this happen. That's why I always say, "Let's speak not just at the top level. Let's go down to the factory floor." We have great examples in this sense. In all the aspects I mentioned, people, operations, logistics, planning, sales, we have established very clear KPIs that are very relevant, that have an impact on the business, and that start impacting the business in the short and medium term. This is continuous improvement processes, and as the impacts occur, and we capitalize on the opportunities, we call this the opportunity map. We are working on this, and as they occur, we will share more information to you. We are at a phase in which a lot of the KPIs are beginning to kick in. They're being adopted and best practices are heating up and permeating the whole operation. I'd say we're very excited because when you decide to take a program such as this one, the challenge is to get quality information. Our industry is extremely detailed. Whatever hundred grams here or there is going to make millions in difference. We slaughter 1.5 million chicken, pork, so the increase in 1% or 2% is huge. But there's no point being just on intent. You need to have a clear plan, a diagnosis, correct information, and you have to have the discipline, so the detail is part of your routine. This is a game that you cannot be too concerned over. You have to look at the ball, but you're doing that, going back to the base. If I had to choose a sentence to give an example, we're going back to basics, doing things in a simple way, and I can guarantee that all the conditions, they are present, and they will make the difference again in the mid and short terms. Good morning, Lucas. Regarding the question on Brazil market, I would like to tell you that regardless of the variables that we control, the market variables and competition variables and competency as well, it's important to highlight evolutions that we have been promoting in the basics of the business. For example, a trade execution, we are able to expand our customer base, the items sold to the clients, to the customers. The guarantee that our commercial policy will allow the adherence of prices in the sales point, price to the consumer, this will influence the purchase decision. In the service levels also we have increased drastically. All of that in this slow process and gradual process that we can capture significant achievements already. At the end of the day, this will impact our market share. Our last reading from news and we have had market share achievements in important categories such as margarines and also cold cuts and meat products. They are volumetric categories for the company. This has to do with this commercial evolution. If you pay attention to the pricing data, this was possible, but we didn't have to adjust the pricing. You can see that the relative price in Brazil has grown still inside this context. There are other opportunities related to competitiveness. Besides what I have mentioned, the cost of feed that is declining will favor the Brazilian geography and other markets as well since we have the production base concentrated in Brazil. I have to mention the projections for exports and production of pork products. This would be the basis of most of our processed products. This indicated that we will have more exports than production, and we can see an increment here and this will help us on the availability of raw material in Brazil. This will impact prices and also will disincentivize the import of processed products. When we have this economic scenario, with a more deteriorated income, we have low quality products in accessible prices, affordable prices. This will impact the market we have, mainly in our processed products that will take pork in its formulation. What will be the elevation of costs in Brazil and the elevation of the use of this protein? Thank you. Our next question is from Thiago Duarte, BTG Pactual. Please, Thiago, you have the mic. Hello, good morning, everyone. Thank you for the opportunity. I would like to ask two questions. The first one, leaving the Brazilian market discussion, and I'd like to hear from you a little bit about the perspectives about the margin going into the fourth quarter, your vision to the next year. When we look first into this consistent recovery that the results are showing in Asia and that came from very bad margins in some quarters. I would like to hear from you the perspectives, if this is a profitability level that you understand can be sustainable or can you even improve that if it, as it seems so. In halal segment, this has shown a good figure, but it's still low. I'd like to listen to you, to hear from you what you think about the region. Just leaving a little bit the Brazilian market discussion, how you see the exports market, especially for chicken and the capacity of the company to maintain the margins, two digits, around 12%. It's kind of low. This would be the first question. The second question, I think that, most people raised that here regarding the opportunities and efficiency gains. Miguel, we have been following BRF for a while, and we have heard about turnaround plans a few times. It's not rare, in fact, to see these plans pointing to many of the points that you have in a preliminary way due to the very short time that you have several points in common. I believe that they repeat themselves due to some level of difficulty to implement and to be able to capture the results. I would like to know or understand what is missing and what you understand that you could do differently regarding people, processes. Someone has asked about the need to have more capital to do that so that we can, let's say, we can support and back your initiatives. Maybe it's too early, as I said, due to the very short time that you have had, but I think this would be a very interesting discussion. Thank you. Okay. Since your question is recent, I'll start on the second question. Good morning. Thank you. I believe that it's important to say that all the plan that we have been talking about, this is not something new. I have a track record here, 42 years of experience with this type of process and situation that I have faced. I'd rather not look back and have this backwards analysis. I would like to look forward and look at the scenario and what we have to do. It doesn't mean that we're going to ignore the programs that we had that existed. It's very important to build a new future. You must have the wisdom to analyze the past. The past can bring something to the future if you're able to analyze and learn from it. It's very important to realize that. I'm very modest when I say that. I understand that all industrial processes, and allow myself to reinforce this aspect. For 15 years, I've been a factory unit person in several companies. I always understand that the process starts in production, in the manufacturing, in the transformation phase. I do believe that the major challenge is we have several challenges, but as you said in the preliminary analysis, this is an analysis that has this experience background that allows me to have a very clear vision. The major challenge when we start a process such as this one, you have to build the correct indicators. In this aspect, BRF has a major advantage because we have very high quality indicators. The temptation is not to build the indicator, but to know what indicator we have to look at and what indicator we have to prioritize. Then after this 42 years of experience of changing animal and protein and protein food, I think that we are working. We have a good team. The company has perfect conditions to deliver the results with very significant competitive advantages. You have the product aspect. We have the brand, very strong brand aspect, and this makes things easier. You cannot lose focus. The temptation is to attack everything at the same time. That's why we have a very segmented plan. We have separated what we have to do in the field, industry, logistics, commercial. A very clear example, you can have an excellent commercial performance, but if you don't have good logistics, you will not perform. You can sell, but you will not be able to deliver. Working together, the major challenge, I think, is to identify this potential correctly. I think we are in the right way to change that into reality. Don't leave the plan on the top floor. We need to be able to permeate the plan throughout all the company operations included. We will be working with all vice presidents, all our leadership. Things happen in the units, and we are able to do that. I believe that all the performance part of the plan goes through people and processes. People and processes, you need discipline to analyze, to see the segment in the transformation and detail-focused industry. Any detail can mean loss, as has been said here before. It can also mean gain. You have to be focused on focusing on the details. We have a lot of work ahead of us building this market with quality information, with this commitment to discipline. The program starts in the field, not only in the industry, in the plants. We are focusing on that when I talk about mortality, and we're talking about also the field. The first time that my veterinarian diploma will be worthwhile. I have to use that in my daily routine. I think it's important. We have a whole technical team in BRF in the field, and we have other technicians as well, food engineers and all, and other professionals. They are extremely qualified and valuable. We will be working, and this is an intensive labor-intensive company. A lot of human capital involved. We have to work with that and focusing on detail with the KPIs. You cannot think that you have this silver bullet, but the pathways are well-designed and very a lot of humbleness. I know that you're asking very pertinent questions and how each geographic location and the operational plan could bring us results. We are going to discuss that, and we're going to go into more details timely. I'll give the floor to Fabio to answer the second part of your question. Good morning, Thiago. Regarding international markets that you have mentioned, I think that what is really important in exports platform is to look for ways to maximize your revenues. In this sense, you have to expand the alternatives in the market. We have been working intensively to enable our production units to new markets in order to change it into a more flexible, agile company regarding decision-making that are focusing in the offer and different geographies and very dynamic. You have mentioned Asia. I can highlight here in the period we had the pork being enabled to new fields in Singapore. We had also Toledo, the chicken protein to the Eurasia. We had also chicken for China, Lajeado. This is a work that will allow us to weigh in other positions, and this will influence a lot, either in preserving our margins and even thinking about expansion. If we look ahead to 2023, we also see a good time for the turkey and pork protein. We see some offer restrictions due to sanitary issues in United States and Europe. There is an expectation already for reduction of production in these areas. A trade flow that should be more intense in China. China is around 20% of imports for pork. The company is well prepared to capitalize on all these opportunities. You have also mentioned halal segment. We have a major opportunity now in the fourth quarter during the World Cup, since it will happen in the Gulf area. We will be able to move forward in our added value portfolio. More than 20% of the local sales we already linked to that, some incremental gain related to the brand and to the product processing. This should become more intense in the fourth quarter. Also, we have the rehabilitation of the Quisaji plant unit that is exporting processed products to Saudi Arabia, so we are opening an additional front exporting processed items. I would like to highlight especially sausages and also the nuggets. Finally, in this region, we have to maximize the cut mix, even in the whole chicken, what we call the different ranges. Light, that will have the premium related to the heavier range. We're working on that to optimize the business front that at the end of the day will impact this increase in margins and the results in the international market. Excellent. Thank you, Fabio, for all the detailing. Thank you, Miguel, for the openness and for being so candid. Our last question is from Thiago Bertolucci from Goldman Sachs. It is in our Q&A. Hi, Miguel and Fabio, good morning, and thank you for the call. This is Thiago Bertolucci in Goldman Sachs here. My question is related to price and competitiveness. First question: To what extent will this major turnaround change the company pricing policy? Second, BRF is rationalizing CapEx at this point, while its main competitor is expanding. How can this impact market share and BRF competitiveness from now on? Thank you. Good morning, Thiago. I will start by answering the CapEx part of your question. I'd like to remind you that during 2021, specifically in the second half of 2021 and along 2022, we have executed a number of projects, especially growth projects that have to do with an increase of processed products offering. In 2023, the company is going to be able to enjoy the capacity as a result of these investments, and that is going to bring the opportunity for growth with very marginal investments. That doesn't mean to say that the company is not gonna take the business opportunities that may arise in the future, and that may require additional investment. It's very important to be highly disciplined, as has been rightly pointed out by Miguel in terms of capital allocation. It has to be very careful because today the macroeconomics globally represent challenges in geopolitics, mature economy inflations and the expectations of even recession. We will be very careful, but we are not going to lose return opportunities and pay back opportunities to go unnoticed. We have enough system capacity that can really sustain relevant growth, which is the main portfolio in Brazil. In this sense, I'm speaking about processed goods. As for weak points in terms of performance, at this point in time, we don't want to put numbers. Miguel has been very clear in qualifying relevant opportunities, and these will happen gradually. He has said that there is no silver bullet. We have mentioned a number of indicators that will need improvement through time. The plan is there, the will is there, the engagement is there, and gradually, we're going to make this happen. In this context, we will offer visibility as we progress. Q&A is finished, and our call is also wrapping up. We would like to thank you for your participation and wish you a great day.