Good morning, ladies and gentlemen. Welcome to BRF's conference call to discuss results regarding the Q1 of 2023. This conference is being recorded and the replay can be accessed on the company's IR website at ir.brf-global.com. The presentation is also available for download. At this point, all participants are connected in listen-only mode. Later on we'll start the Q&A session when instructions will then be provided. Before proceeding, we would like to clarify that any forward-looking statements are based on the beliefs and assumptions of BRF's management and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists must understand that events related to the macroeconomic environment, industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Here with us today in this conference call are Mr. Miguel Gularte, the CEO, and Fábio Mariano, CFO. I would now like to turn the floor over to Mr. Gularte who will start the presentation. Mr. Gularte, you may proceed. Good morning. I would like to thank everyone for attending our Q1 2023 earnings conference call. During this period, we remained focused on executing our efficiency plan, which advanced consistently, showing progress on all our work fronts. We have evolved in our operational indicators with emphasis on feed conversion, mortality yield, daily costs, and level of logistic service. We also advanced in commercial execution and in the share of higher added value items in our portfolio. I now invite our CFO, Fábio Mariano, to present the results for the quarter and then return afterwards to provide more detail of our progress and make the final remarks on this call. Good morning to everyone joining us. In the opening slide, I'd like to highlight our main financial indicators for the Q1, starting with net revenue, which increased by nearly 10% over the same period of last year and coming to BRL 13.2 billion. EBITDA, we reported BRL 607 million in the quarter, an EBITDA margin of 4.6%. Our operating cash flow was BRL 872 million, far outperforming our cash generation one year ago. Working capital, we continued to make substantial headway, reducing the financial cycle to 7.6 days, one of our shortest financial cycles on record. Inventory turnover reached 88 days, 14 days less than in 2022. Ending the slide with leverage, we reached 3.35x our EBITDA for the last 12 months. Our focus is to strengthen our capital structure, promote the reduction of our net debt and consequently our interest charges, that leverage reduces as quickly as possible to adequate levels. In the next slide, on the left-hand side, we show you the historical evolution of our gross profit with profitability of close to 13% end of the period. We're reporting gross profit of BRL 1.7 billion. To the left, we also notice the performance of our EBITDA, as we highlighted earlier. In the next slides, we present the performance per market and business segment. Starting with Brazil on slide 5, we notice progressive development in our EBITDA margins, especially when we disregard seasonal sales of commemorative products. This performance is even more significant when we look only at the portfolio for processed products. I'd like to highlight for the Brazilian market new progress we've made in business fundamentals, which have allowed us to gain competitiveness. Within this progress, I'd like to mention the improvement in our commercial execution, ensuring greater capability with an increased number of active customers and greater adoption of the prices suggested for the retail market. This improved execution also allowed us to make progress in our service level metrics, going up by more than 10 percentage points. I'd also like to underscore the launch of Sadia's Hot Bowls line, the result of our prioritization project with greater commercial impact. The market share of processed food and spreads end of the period unchanged at 40%. On the next slide, we see slightly more promising macroeconomic scenario. We see progress in indicators such as consumer confidence and income levels, which are closely related to sales of processed foods in Brazil, which account for 75% of our sales volume. On the next slide, we bring you the international market outlook. In the chart on the left, we see an EBITDA that's been heavily impacted by the adverse scenario for protein exports. Our EBITDA margin was negative by 1.7%, mirroring the persistent chicken oversupply, pressuring our sales prices. However, we can already see significant price recovery early in the Q2. We continue to expand our market alternatives with three new licenses, 13 suspended reversions Or reverse suspensions, I'm sorry, and many renewals for markets such as China, Malaysia, Chile, Mexico, Peru, and others. On the following slide, qualitatively terms, we highlight the Halal market with the rebound in results for Turkey, mirroring the increased supply of high value-added products in the Turkish market and a production that's balanced as a way to reverse the price trend locally. We reached about 26% share in value-added products, seeing other regions turnover. We maintain our market share leadership with Sadia and Banvit with 37% and 22% market share rates in their respective markets. We also saw higher than 50% share in Brazilian exports to the GCC area. Next, I'll show you the highlights of our direct exports on the left-hand side, which benefited from greater product availability given the increased productivity and efficacy gains, especially in yield, which we will detail further. Our direct exports from our plants have grown, reducing logistics costs and unsold inventories, which have declined, improving business execution and relieving the amount of capital we've employed. We've seen gains in participation in chicken exports to the Americas, Africa, Japan, and South Korea. I'd like to end by talking about the more favorable scenario in Asia, given the higher chicken sales in China. In pork, we continue to gain market share in Brazilian exports to the Chinese market. I'd like to conclude the presentation on business segments talking about our performance in ingredients and pet. The industry reported a 19% EBITDA margin or BRL 118 million in the quarter. We continue to realize synergies in pet, expanding our storage capacity, improving our level of service, and increasing our presence in the direct-to-consumer channel. We've also started operations of a new product line in Bastos focused on the food channel. In ingredients, we've made progress into new markets, broadening our business alternatives and increasing our line of hydrolysates for the domestic market and exports. We continue to add value to our byproducts in order to maximize business integration. Moving on to the following slide, I'd like to draw your attention to our business outlook for the company with highlights on the first chart on the left. The sharp price recovery for most chicken cuts in April compared to the average prices during the Q1 of 2023. We've seen double-digit increases for high volume cuts. The data source are the prices charged by BRF itself. We also show you a price reference in the Brazilian market in the second chart. Lastly, we'd like to enforce that we are experiencing the materialization of a scenario of decreasing grain prices, which we had already anticipated to some extent. Substantial drops have begun in March with results in our COGS expected to become more visible starting in the second half of the year. Next, I will share some progress in our efficiency program, which will be quantified in numbers by Miguel later on. I'd like to show you the comparison with the same period last year, even though the basis for comparison can be seen in our material. We noted a decrease in feed conversion for poultry and pigs by 4.3% and 1.8% respectively, and the chicken mortality rate, which decreased by 1.4 percentage points. In manufacturing, we've increased our yields by 1.6 percentage points and halved process losses. In logistics, we reduced our per diem costs by more than a third and increased our service levels in Brazil by more than 10 points, as we mentioned before. Over the quarter, we also saw highlights in sustainability with achievements such as reduced water consumption by 4% per ton compared to the base year of 2020. We expect to deliver on our commitment to ensure 100% cage-free birds in our integration system. We have made progress in the traceability and indirect grain suppliers in the Amazon and Cerrado biomes from 45% to 75%, reinforcing our commitment to a deforestation-free chain. Lastly, we've advanced in mapping and mitigating the reduction of Scope 3 greenhouse gas emissions moving forward with 20% reductions, as we discussed for Scope 1 and Scope 2 in terms of absolute emissions. I would like to show you some information about the company's capital structure. The chart on the left show you the development of our net debt and leverage levels, indicators we have already underscored early in this conference. I'd like to point out the debt profile, which is still diversified and elongated with no concentration of repayments in the short term and a liquidity position that's still higher than, but still over 12 billion BRL. There's cash available to face amortizations until 2027. We show you our free cash flow and operating cash generation of 872 million BRL. An investment cash flow of 824 million BRL and 958 million BRL in free cash flow without exchange rate effects, leading to a free cash consumption of 910 million BRL. On slide 13, the final slide, we can see the development of our net debt between these quarters. We report a net debt of 15.3 billion BRL. The execution of our demobilization plan is going forward as planned in a timely manner to reduce our indebtedness and interest charges. I'd like to thank the audience and hand it back to Mr. Miguel Gularte. Thank you, Fábio. Thank you, Fábio. To end our presentation, I would like to highlight, as previously mentioned here, that throughout this quarter, we made consistent progress of all fronts of our efficiency plan, the BRF+, capturing BRL 418 million. We improved our key operating indicators compared to the Q1 of 2022, we advanced 4.3% in feed conversion and reduced animal mortality by 1.4 percentage points. In industry, we advanced 1.6 percentage points in yield and also cut production waste by half. In Brazil, we continue to make progress in terms of commercial execution, increasing customer base and at the same time increasing the number of items sold. The level of the logistics service has also improved significantly, as already pointed out. Our demand and production planning, pricing strategy, more disciplined inventory management boosted the process category profitability gains in yet another quarter. In the international market, we also advanced in our strategy of diversification for exports with the achievement of three new qualifications and three reversals of suspensions, one of which was for China. We increased by 1.7 percentage points the share of higher value-added items in Gulf countries in Turkey, where we reached 45.9% of share of this type of products in sales. Our liquidity position remains comfortable and our debt is extended and diversified. We are carrying out the divestment plan announced in the last quarter at a planned pace and with all fronts underway. Looking at the market and at the variables that are not directly under our control, we can observe a recovery trend in chicken export prices compared to those in the beginning of the year. We are also experiencing a scenario of sharp drop in the cost of grains, which will boost together with the gains from efficiency plans, the company's profitability gains over the coming quarters. Last but not least, our leaders remain committed to boosting high-performance management. We are dedicated to the search for greater efficiency, simplicity and agility to attain increasingly consistent results without neglecting our non-negotiable commitment of safety, quality, and integrity. We are all working hard and focused to face the challenges and capture the opportunities that the coming quarters will bring. Thank you. We'll now begin our question and answer session for investors and analysts. If you'd like to ask a question, please press the reaction button and then select Raise Hand. If your question's been answered, you can leave the queue by clicking Lower Hand. Please wait as we poll for questions. Our first question comes from Mr. Gustavo Troiano from Itaú BBA. Please, you can activate your microphone. Good morning, Fabio. Good morning, Miguel. I have a couple of questions. First of all, I'd like to talk about the two cases of bird flu we saw in the news yesterday. I'd like to hear from you, even if qualitatively, what's the probability you're working with internally that an embargo could be put on Brazilian meat? If possible, I'd like to make an exercise to compare this with 2018 when we had the same case occur with Europe, we needed a reallocation for the domestic market in terms of supply and demand. If we could compare the situation with that of 2018, what has changed and what could be different if an embargo was created? I'd also like to understand on the international side, we saw an improvement in prices. We saw double-digit prices in April versus Q3. I wanted to understand this improvement in your margins. If these wider margins quarter-over-quarter that we've seen in the last few quarters is only in terms of prices, or should we expect also some decrease in unit costs that should be more significant in the second half? I also wanted to understand what Q2 would look like if we should expect some improvement and how significant that would be in the near term. Should we expect high single-digit margins on the international side? I would like to know if that makes any sense. Thank you, guys. Good morning, Gustavo. I will take your first question and Fábio will take your second. We were informed by the Ministry of Agriculture in a technical note, and then with a note from ABPA have three wild birds that were found in the state of If that occurred with migrating birds and not in production birds, the health state. The communication about the case was immediate, both from the Ministry of Agriculture and ABPA. Currently, there's been no communication in terms of closing the market as the article we've mentioned, ten point four point eight, mentioned. Evidently, Brazil's entire sanitary system is robust. The steps that have been taken in the last few years, and even more intensely so in the last few quarters, is still in effect, so that this status remains the same, and so that Brazil doesn't lose its licenses, its sanitary licenses. I'd like to ensure that there's no evidence and there's no imminent embargo for the Brazilian bird export. There's no case of bird flu in industrial production animals. This was reported for wild animals, so we do not expect any major news on this sense. The steps have been taken, the good practices and the robustness of the Brazilian market allows us to navigate this moment, a time all of us are ready for, not only us companies, but also the control systems with our associations and regulating agencies. About a potential impact, I think it's important to understand that Brazil's current situation in terms of commercial alternatives is very different to the 18th group. Brazil has gained access to many access that were not available to us in 2018, which allows us a geographic diversification that also works as a sanitary hedging strategy, and even timely or even temporarily allows us to not have such a great impact from embargoes of this kind. Here at BRF, with the Perdigão and Sadia brands, we can navigate any type of scenario, adverse as it may be. I'd now like to turn over to Fábio, who will add to my answer to your second question. Good morning, Gustavo. I'd like to address the exports issue. I think it's important to bear in mind that any protein export platform have its performance affected by supply and demand cycles. You are right by saying that export prices are already rebounding significantly early in Q2. I'd like to call your attention to the fact that this is not the only lever for capturing effectiveness. It may be an important one, but it's not the only one. I'd like to remind you that we are also capturing opportunities in the efficiency plan, which will affect the sales costs and also the materialization of the price decrease in grains, whose results should become more clear as of the second half. The inventory turnover is already being affected by the average cost. In Q2, we should already see some effect of that change. About our margins, as you know, we cannot offer you direct guidance, so I prefer not to address that issue. I'd like to reinforce that starting in Q2, we expect to see a different market reality in terms of exports, especially poultry exports to all destinations. That was perfect, everyone. Thank you for your answers. Our next question comes from Isabella Simonato with Bank of America. You may proceed, ma'am. Good morning, Miguel. Good morning, Fábio. Thank you. I have two questions on my side. The first one is related to the cash flow and the working capital that you mentioned in the release. You mentioned an improvement in the cycle. Could you provide more detail? What were the variables involved, especially looking at inventory levels? Still on the same topic, when we think about inventories of raw materials and inputs, and looking at the downward trends of grain prices, could you tell us what would be the average time you have grains stored so that we can have a better clarity on the capture of lower prices? This would be my first question, and the second one. As you mentioned in the beginning of the presentation, you mentioned also in the release that there were increases of that down the road. Looking at CD, other players considering the increasing prices that you have practiced. Thank you. Good morning, Isabella. Now beginning from cash flow, as you noticed, you saw the inventory turnover and the main highlights in this sense. Maybe the company has provoked this result because we extended the inventory levels for raw materials. I referred to grains because we have anticipated this scenario of downturn and the cost of wheat and soy. We are shortening the time between the commodities and consumption. As a result, we can see the reflection, the cost of products sold. As for the timing of the strat, did you understand this is a very sensitive information to provide you with? I'd rather not. Addressing the second part of your question related to the environment of the domestic market, I would like to point out that we understand that as of the Q2, we are going to have a more attractive environment if we consider consumption. I showed you the confidence of consumer, of Brazilians that have to do with the deacceleration of inflation levels. What I can also say from the strategic viewpoint is that BRF, leader of the main categories of processed foods, will influence in a positive way the competitive world. I mean, the I would also like to say that in Brazil, price is not the only source of intensifying our result. During the presentation, we mentioned the halfway we made in the commercial execution. I would like you to look at that. Pay attention to the number of clients we added to the R basis, more than 10,000. The efforts we made at the point of sales to improve the diversity of the portfolio, the trade suggested prices that are being observed by the retailers. If you allow me, Fábio, I will add your answer in relation to the grains. In the past quarters we have been discussing the excellence of information from about the predictive models that we have. Those models pointed to this drop in the grain prices. We use this model in order to project our strategy. Today we see that this strategy is very successful and aligned with the drop that we are experiencing in grains. Thank you. Our next question comes from Thiago Bertolucci with Goldman Sachs. Tiago, you can now activate your microphone. Good morning, everyone. Thank you for your presentation. Miguel and Fabio, thank you for taking my questions. I have two. First of all, I'd like to follow up on the Brazilian side. You mentioned a slightly more resilient pricing. Granted, when we look at the release, excluding the Christmas prices, it seems that the portfolio saw a 1% increase quarter-over-quarter, 4% in processed foods. Indeed, we are seeing a P&L statement that's very reliable. However, the consolidated saw a decrease year-over-year, and this is at a time when in theory you're still ramping up your capacity. My first question is, moving forward, how should we think about the balancing of growth in product mix, like for like sales, considering that there's more capacity to be added to the industry? That's my first question. The second, I think you changed your disclosure with a shorter breakdown. If you could talk, even if qualitatively, how did your volume price and margins performed for Halal and other products? These are my questions. Well, I will turn over to Fábio. Good morning, Thiago. Starting with Brazil, your analysis is accurate when you compare our regular portfolio for the Q1 with the 4th quarter of last year, whether we disregard the holiday celebratory product portfolio. I think that also, if we were to disregard the result of fresh products, this is also being hurt in Brazil because of a protein oversupply that's taking place worldwide, affecting sales of cuts for essentially every destination we sell to. If we were to disregard that effect as well, we could say the profitability for fresh products in Brazil is already over two digits as well, especially when compared to processed foods, which account for 75% of our domestic sales. This is a good issue. We found ourselves in a situation of excess and we needed to essentially liquidate some of inventory turnover, especially for finished products. Now, what we see moving forward in that sense and this is very much in line for the macroeconomic situation feasible in the next few quarters. I'd also like to say that when we plan out the support of that allow us to expect good performance and to seize the opportunities that the market will certainly offer us, not only with regard to the domestic scenario, but also in the international scenario. Now, Tiago, I would like to take your second question. I will answer you qualitatively about the breakdown of our international market sales. What I would like to point out in Halal is that we are still increasing the representativeness of our high value-added products in our sales in the area. In the presentation, we underscored that we increased. This is an increment of over 2 percentage points. The same can be said about Turkey. I remember that when transitioning between 2021 and 2022, we opened a new line of processed products in the area, which has also allowed us to move forward in high value-added products in general. We are still in the GCC area. That's about 37% market share, and in Turkey, about 26%. Moving toward the sub-area of Asia and indirect sales. Despite the more adverse scenario we have discussed earlier, we continued exports from Brazil. Just to give you an example, we gained seven points in exports to the Americas, 3 points in exports to Africa, 1.5 points in exports to Japan. I'm talking about poultry exports. For pork, we gained over 10 percentage points in our exports to China. Revenue. Talking about the rehabilitation of our Lucas do Rio Verde plant, both to sales, chicken cuts and also pork cuts. This is one of our most important plants in terms of production capacity and efficiency. This is also very representative for us when it comes to the export. Can break down for you about our international market operations. That was great. Thank you. Everyone. I would like to ask two questions. The first one is related to an industry review in relation to offer when we look at prices, but when we see supply, we do not see any drop when we look at. Related to chicken. I would like you to explain what explains this high prices? Do you see this rationalization being offered in some degree by other competitors? For BRF specifically, could you disclose numbers related to slaughter total production if they are consistent with the figures in terms of sales volume or if there is any mismatch that we could look at? That would be my first question. The second one is related to Miguel mentioned in his presentation about the sales of assets. The divestment plan, is it according to schedule? Is there any expectation? Would you have any detail to provide in terms of timing or even the amount of divestments that we should consider in addition to what we have already seen in the results of the Q1? Okay. Thank you. Hello, Thiago. Answering the first part of your question, then I'll turn it over to Fábio. Obviously, when you use efficiency plan model such as the case of BRF, you make the perfect adjustment both for production, operation and sales. You have an alignment considering the three segments, how you produce, how you convert and how you sell. You maximize all the logistics and the commercial execution as well. Both in the domestic and the allow your planning of 2022 we said that BRF made adjustments of the inventory to be very well-positioned for the beginning of the year with the perfect level of volume and good commercial execution with the He will answer your second question. Thank you, Thiago. Adding to the first answer, the information related to the slaughter processes. Our position in this regard has not changed in any significant manner. You can consider a share, thinking about the total pro-protein equivalent to 24% or 25%. When we think about swine, the share in the slaughter that happens in the market is about 20% or 21%. That will probably help you quantify and reach a figure. When we think about the circumstances involved that had putting pressure on the imports prices and you consider the supply data as you mentioned in Brazil. This is something that would involve the whole world. There is a downturn as to the in production. There is a reduction of storage when we compare the quarter with the previous quarter. Yes, we need to consider those data, but it's a sign that the door the Asian continent. Of course, we had by China interesting information about sales with this opening of market favoring retail and conversion. We can see that there's a recovery on the chicken price, which is something very remarkable, very visible. I would like to say that the company continues very focused in the diversification of what we do in the market. Whenever we see opportunities, we also have licenses like Jade, Minuano, Marau, and Lucas, which is also very representative, something that is new today. We want to amplify and broaden the export platform. I did not even mention the sanitary problem, which is something that we have been monitoring very closely with China, which is something that can affect the swine population. This is something that we are going to monitor closely because this can cause a very positive result for the prices. Very clear. Thank you. Okay. I'm going to make a follow-up on what Miguel said on the answers. When we look at the numbers on reduction on gross revenue, especially still suggesting that this is a very result of an evolution that you made related to accounts and higher. As Fábio Mariano said, we have looked at facilities, which is one of the most important. Now it's going to be integrated in those stages. Also from our market team, production team, quality. In other words, this is a number that does not come out of initiatives when the company is going back. As I said, simplify and go straight to the point. Let me provide some context based on the question you asked. Our scenario is very important in relation to grains market. It's not typical when we consider volumes and the significant drop. It hadn't happened for many years. With the company is improving, and we have the humility to understand that we can do further and we will capture the opportunities in this challenging scenario. We had lots of problems last semester, but we are working by diversifying quarter. We're also working so that the next quarters will bring better results. Our next question comes from Leonardo Alencar with XP. Leonardo, you can open your microphone. Good morning, Miguel. Good morning, Fábio. In fact, I'd like to maybe hear a little bit more color in terms of your operational improvements. You talked about the BRL 418 this quarter, adding to the BRL 180 that came last year. This is We're talking about over BRL 600 million in efficiency gains. You say you don't have any specific guidance for that. At the same time, as you dive into this operating fronts, production, operations, logistics, you can usually see more clearly precisely where the opportunities are. If you could just maybe update us on what's been done so far. Of course, you've reported on feed conversion and reduced mortality rates. I wanted to hear if the level of efficiency or opportunities for value capturing is what you were expecting or if you can already see opportunities to continue to do that. If you could also give us some prospect. We're talking about over BRL 600 million. Is this even quicker than expected when you begin to address this or tap into this since you've joined BRF? Leonardo, I'll start answering this from the generic perspective, and then Leonardo will quantify and give you more detail. To answer you very honestly, what I found here is really exceeding my expectations. I found a company that was ready to reap the benefits that it could with all the information it needed. If we were to quantify these gains, let's say that we established a 4.5% efficiency gains, 5 percentage points over that at 25.1% growth. This figure every quarter. As you bear or as you see the benefits. I'd also like to point out the efficacy of information which allows us to make more accurate information. Not only that. Thousands of those hits in every way. The resilience has been critical for us to create two years working in this industry. I can't stop being pleasantly surprised by BRF. This situation that we faced in these first few months is a challenging one. I still see BRF as being moderately to seize all of these opportunities that this highly qualified information system allows us to navigate all of this. Good morning, Leonardo Alencar. Quantitatively we were BRL 218 million. Just to remind you by the improved performance of each one of those operating gains that we mentioned was... Of the previous year to 2022 as the same period one year earlier. BRL 6 million super reais coming from. On the agribusiness side, we have BRL 110 million between mortality rates that have been reduced. You can expect a slightly longer period until the Well, we usually say that the best practice for the company is to repeat the same performance in one, the same performance that it had in one place, in a different place, whether that's abroad or not. Our practice, if we have one practice in Morrell, we can adopt the same. This is something we do every day in monitoring our professional way. Great advantage and 3 DP. Impact in different locations. That was very clear. Very similar to 2,000 and considering our historic history. Would you see that as historical results? Maybe a follow-up to Fábio about prices. Fábio, what I understood, you have already started some initiatives in April, but opportunities of having some additional increase those prices that you did not increase, which would be those categories, if so. The domestic price of chicken is still a bit impacted. Where do you see room for increasing prices? Thank you. Lucas, answer your question. Yes, you're right. In 2019 was the z-base hero, what we see in practice is that this was the correct base to be used because there was a gap between 2019 and 2022. We understand that 2022 is going to be exceeded and we are going to work hard for that purpose. We are focused on that. We have all those indicators that are monitored daily, if not hourly. BRF system is a nearly online system. We understand how things are happening online so that we can make decisions. In 2019, that was the top of our plan. Today, we're much closer to it. Of course, this is going to be a milestone that we are going to exceed. I have no questions about it. Some KPIs, considering the KPIs that we used as a basis, considering 2019, have already been exceeded. Now, answer your question, we see gains in all segments. If we go to the field, we understand which are the ones that are going to have a better performance than in 2019. If we go to the commercial area, both considering export and domestic market, we are sure that we are going to exceed the numbers, the KPIs that we use as basis. All our departments, VPs, we are all working to that end. It's not only a matter of willing to do. We have a plan, and we are implementing this plan in a very dedicated and disciplined way. Good morning, Lucas. Now addressing the second part of your question. I assume that when you mention prices, you refer to the domestic Brazilian market. If not, let me know. Yes, I said that, we've been trying to impact the categories of which we are leaders by price pass-through. This is something that happened in April. When you ask about opportunities of new increases of prices, I prefer to look at the capacity of the market to manage this. This was something that was done recently, and sometimes the reaction can be felt immediately by the competition. In some cases, it the response will be partially. What I mean to say is that we have to understand the capacity of the market to absorb those cost pass-throughs or price pass-throughs. We also have to understand the competitive environment. When we increase prices, we do all the calculations in terms of elasticity of the categories. What I can say is that this is a movement that is well accepted. If there will be future opportunities to increase prices, it's too early to say. The market will tell whether or not this is going to materialize, and we are going to monitor this very closely. Thank you. This concludes the question and answer session and BRF's conference. We'd like to thank everyone for joining and wish you a great day.