Good afternoon, ladies and gentlemen, thank you for holding. Welcome to Braskem's conference call to discuss the results of the second quarter. Today we have with us Mr. Roberto Simões, the company CEO, Pedro Freitas, the CFO, and Rosana Avolio, the Investor Relations Director. We would like to inform you that this event is being recorded, and during the presentation, all participants will be in the listen-only mode. Following this, we will begin the question and answer session, then further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. Both the audio and slideshow for the presentation are being broadcast simultaneously via webcast and can be accessed through the website www.braskem.com/ri/home. Please bear in mind that the forward-looking statements that may be made during this conference call regarding to the company's business prospects, operating and financial projections, and goals are based on the views and assumptions of the company management, as well as on information currently available for the company. These forward-looking statements are no guarantees of performance. They involve risks, uncertainties, and assumptions as they refer to future events and depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors may affect the company's future results and lead to results that differ materially from those expressed in the forward-looking statements. I would now like to turn the conference over to Rosana Avolio, the Investor Relations Director. You may proceed, ma'am. Good afternoon, ladies and gentlemen, thank you for participating in Braskem's earnings conference call. Today, we will present the results for the second quarter of 2021. Let's go on to slide number 3, where we will speak about the petrochemical scenario in the quarter. In the second quarter of 2021, petrochemical spreads continued to improve. This dynamic is mainly explained by a healthy global demand in the period and supply constraints in the U.S. following the yearly winter storm in the country's Gulf Coast. In the second quarter of 2021, the company had recurring results of BRL 1.8 billion, 198% higher than in the first quarter of 2021. Representing BRL 12.69 for common shares and class A shares. For the entire year until the end of the quarter 2021, Braskem had a net profit of BRL 9.9 billion. I would like to highlight that in December 2020, the company had accrued losses of BRL 4.5 billion. At the end of July 2021, the company reversed this to a pre-saving profit of BRL 5.4 billion. We go on to the next slide. Slide number 6 shows you the highlights of the Brazilian operation. In the second quarter, the utilization rate of crackers in Brazil was 76%, down 6 percentile points vis-à-vis the first quarter of the year. This lower utilization rate is explained by the scheduled general maintenance at the ABC Petrochemical Complex in São Paulo. In the Brazilian market, export sales decreased in relation to the first quarter of the year due to the normalization of demand in the region, but still at healthy levels. On the other hand, exports increased during the quarter. The recurring operating result for Brazil was of around BRL 1.1 billion, results 20% above the first quarter of the year. We go on to the next slide to speak about the latest developments for the tax regime for the chemical industry. The special tax regime known as REIQ was created to improve the competitiveness of Brazil's chemical industry by reducing the PIS/COFINS tax rates levied on purchases of basic petrochemical feedstocks. In March of this year, the federal government proposed to terminate REIQ through a provisional measure. After discussion and modifications, in both houses of Congress, in June, it was passed by the federal government, and this was sanctioned by the federal government and converted into Federal Law 14,183. The law provides gradual reductions of the REIQ in four years until the special regime is fully terminated in January of 2025. We will speak about the geological event in Alagoas. The charge on the left presents the provision balance related to the geological event in Alagoas at the end of the second quarter. The balance registered was BRL 7.7 billion, and during the quarter, Braskem reversed provisions in the amount of BRL 72 million. The graph on the right presents a disbursement schedule of the total balance of provisions of BRL 7.7 billion, 58% was recorded under current liabilities and 32% under non-current liabilities. The company cannot predict with certainty the future developments in respect of this matter or its related expenses, and the costs incurred may be different than those currently estimated or provisioned. Still speaking about the geological event in Alagoas, we will speak about the new allocation program. Braskem continues to offer financial compensation to the families living in the risk area. The number of families allocated was 13,807, which means 96% of families in risk areas have been relocated, reinforcing the company's non-negotiable commitment to allow families to live in safe areas. The number of financial compensation increased by 52%, with an acceptance rate of the proposals submitted remaining at high levels. Regarding the payments made under the scope of the program, about BRL 1.2 billion have been disbursed until the end of the second quarter. These amounts were considered since the beginning of the program. We go on to slide number 10, where we present the main highlights of the U.S. and European operations. In Europe, the capacity utilization rate rose by 20 percentage points. In Europe, the utilization rate increased vis-à-vis the previous quarter due to the rebuilding of inventories and leading the demand in the region. In the U.S., the sales volume in the quarter grew by 14% compared to the prior quarter, setting a new quarterly record. It reinforces our leadership in the U.S. polypropylene market. The segment's recurring operating result in the second quarter was $493 million, 56% higher vis-à-vis the previous quarter. In the next slide, we will speak about the highlights of the Mexican operations. In Mexico, the capacity utilization rate stood at 58%, in line with the prior quarter, reflecting the higher supply of ethane by PEMEX in June, which was partially offset by the unscheduled shutdown due to isolated instability in power supply to Braskem Idesa. The sales volume for the quarter was 155,000 tons, a growth of 15% when compared to the first quarter. The segment's recurring operating result in the second quarter was $200 million, a growth of 113% when compared to the prior quarter. We go on to the next slide to speak about the company's cash generation. In the quarter, Braskem recorded positive operating cash generation of around BRL 1.5 billion. The main positive impacts were the strong recurring operating results and the monetization of PIS/COFINS cash credits in the quarter. These positive impacts were partially offset by the negative variation in working capital and higher income tax paid. We go on to slide 13 to speak about the company's progress in reducing the gross debt level. Given its robust cash position and strong cash generation, the company completed several liability management operations in the second quarter, totaling $643 million for debt reduction. In the first half of the year, Braskem reduced its gross debt by approximately 16%, which represents an amount of $1.3 billion. Ad`ditionally, Braskem also concluded in July of this year, additional operations to reduce its gross debt of around BRL 355 additional million. As a result, the total reduction during the year has obtained BRL 1.7 billion. At the end of June, Braskem continued to maintain a very long debt maturity profile and a strong liquidity position, with maturities concentrated in the long term. The average debt term was around 14 years. The current liquidity position is sufficient to cover the payment of all obligations maturing over the next 78 months. We would like to highlight that in May of 2021, the risk rating agency Fitch Ratings upgraded Braskem's outlook to positive, which reflects the company's firm commitment to maintaining its liquidity position and cost discipline and to reducing its leverage ratio. Let's go to slide 15, in which we will talk about corporate leverage. With the objective of being reassigned as an investment grade company, Braskem continued to reduce its corporate leverage, reflecting its solid credit metrics. The leverage ratio with dollars ended the quarter at 1.1 times. This is a drop of 6 times in the last 12 months. We would like to highlight that the lowest leverage ratio presented by Braskem in history and the relevant achievement for the company's credit increase. Well, Braskem reiterates that it maintains a robust cash position and a very long debt maturity profile and is committed to efficient capital allocation and cost discipline to be re-affirmed as an investment-grade company. Let's go to the next slide. Now, it is important to highlight on this slide that the main factor is analyzed by the rating agencies. The company has delivered important progress regarding corporate leverage. Braskem continues to reduce its leverage ratio, which in the second quarter reached its lowest level ever in terms of maintenance of a strong liquidity position. Braskem ended the quarter with a robust cash position of BRL 2.3 billion. This is above the minimum established in its financial policy. Braskem also continues to deliver consistent cash generation through the cycle, generating free cash flow of BRL 2.1 billion during Q1 and BRL 1.3 billion now in Q2. It is important to note that the company remains committed to disciplined capital allocation and a solid financial position before its return to be re-affirmed as an investment grade credit company. We will talk about the Transform for Value program continuance. The opportunity presented by the CE initiative already marked. Currently, in addition to the recurring annual gains of $147 million in stage 4 and 5, Braskem is in the midst of a set of important initiatives in stage 1, 2, and 3 that will generate recurring annual gains of $293 million, totaling $440 million until 2023. We'd like to highlight that the company's previous efforts result in recurring annual gains of around $140 million. A new initiative is being pipeline. On slide 18, we will talk about that highlight regarding the advanced sustainability performance during the year. We highlight the issuance of 160,000 bags of recycled plastic to be installed at the new book for chemical processes and testing directly related to the future move toward a circular economy. Other plastic resins and chemical cycle content by CD in 2030. Now, to the social dimension. Braskem was recognized for a second straight time with a bronze in the Edelman Sustainability Awards. This recognition is a recognition by the UN that recognizes the efforts of companies that promote a culture of gender equality, of women empowerment. The recognition is the result of the expressed commitment to diversity, equality, and inclusion programs whose support has helped Braskem to reach, in 2020, marks of 30% women leadership in Brazil. In the economic dimension, Braskem achieved important advances in compliance and governance practices. In the second quarter, got certified by the ISO 37001, an international standard that adapts to guidelines for anti-bribery management systems, further reinforcing its commitment to always act with integrity and transparency in all interactions with our stakeholders, compliance and governance practices. At the general meeting held July 14 of this year, the company elected members to its Ethics, Compliance, and Auditing Committee, which will be held by 5 independent directors, 2 of them are members that will be appointed via list selected by investors, including Carlos for Mexico. Here we want our pillar innovation here at the Braskem process. The innovation and technology forum. At the end of July, there were 120 projects in the pipeline that represented $2.4 million in NPV. Out of these projects, 50% presented a positive environmental impact. Until March, there was a relevant contribution of new grades as a result of the company, representing 18% of the volume and 63% contribution margin of the products. On the next slide, we will talk about the petrochemical scenario in 2021 and 2022 based on the latest forecast disclosed by independent consulting firms. PE and PP PVC spreads are expected to remain at a sound level over the whole year of 2021 and 2022. To highlight the spread of polyolefins, which are expected to remain at levels above the upcycle of the petrochemical industry. On slide 3, we will talk about the same scenario for polyolefins. In the same way that we did for PE and PP, we see that we found the previous slide. External consultancies are projecting sound PVC spreads for 2021 and 2022, especially in the U.S., for which forecasts are calling for spreads to widen the third quarter of this year. On the next slide, we will see the short-term perspective. For Brazil, it is expected higher ethylene production and normalization of operations in the cracker in ABC, São Paulo. In terms of sales volume, an increase in total sales volume is expected With the maintenance of the prioritization strategy for serving the Brazilian and South American markets, PVC spreads will remain at levels above the industry upcycle, in contrast to spreads for PP and PE, which are expected to narrow in the period. In the U.S., the outlook for PP production and sales is to remain stable in relation to the second quarter. PP- propylene spreads in the country remain at sound levels, mainly due to continued growth demand in PP in the region. In Mexico, the capacity utilization rate of PE production supplies an expectation of higher ethane imports from the U.S. Retail volumes should increase due to higher availability of product spreads in Mexico should remain at sound levels in line with the previous quarter. Now our next slide. In this slide, we can note that Braskem remains as an interesting investment opportunity in the global petrochemical sector. Although Braskem has achieved important advances over the recent period, its multiple remains discounted compared to its peers. We would like to highlight that Braskem is a global company with characteristics similar to its peers in the U.S., with a well-diversified feedstock profile, leadership position in its market, amongst others. Now slide 26 to conclude today's presentation. On this slide, we would like to recap the company's main priorities for 2021. The two main priorities are concluding the processes related to the geological events in Alagoas and reaching a permanent solution for ensuring reliable ethane supply to Braskem Idesa. We continue to make important advances toward resolving both of these issues. Braskem also remains highly committed to its financial health and to the efficient allocation of capital with the objective to be reassigned as an investment grade company. Another priority is strengthening Braskem's public and reputation and its innovation and digital transformation. The company's priorities are improving the effectiveness of its innovation action and accelerating its digital transformation. Last but not least, Braskem continues to make progress in implementing its ESG commitments with the goal of becoming an industry reference in ESG. Lastly, we want to reinforce that safety are and will always be a key focus on Braskem's operations as a potential and non-negotiable value of our strategy. That concludes today's presentation of Braskem's results for the second quarter. Thank you everyone for your attention. Now let's go to the Q&A session. Ladies and gentlemen, we will now proceed with the Q&A session. For investors and analysts, should you have a question, please press star 1 on your phone. If your question has been answered, you can withdraw yourself from the queue by pressing star 2. Please pick your handset when posing your question so we can ensure optimum sound quality. Please hold while we pull the questions. The first question from Ricardo Rezende from JPMorgan. Hey, good afternoon, Rosana Avolio, Roberto Simões, and Pedro Freitas. The first question refers to your capital allocation. As you showed in the presentation and referring to your cash, you seem to have a very good outlook. You have accumulated profit, which is quite high. Therefore, the natural question that emerges is. What should we expect in terms of dividends for the second semester, and which is the discussion regarding this? The second question, you refer to the U.S. and the situation that is happening there. There was an isolated event. If you have any plan and how are you going to work with the other markets in reference to the U.S., and what are you going to do in terms of arbitrage? Good afternoon, Ricardo. Thank you very much for your questions, actually. When it comes to capital allocation, as you mentioned, of course, it is necessary to think about higher dividends and continue on with our leverage policy. Now, we have made a decision that states that the payment will be below 2.5%. This will enable us to think about dividends that will be above the minimum rate. At present, we are at 1.1, which in truth is very low. It is perhaps the lowest in our historical trend. Therefore, it is natural to pay out dividends, something that we have been doing. I believe that it would be reasonable, if the scenario continues on as it is, to once again revise this issue. We have as yet not made a decision. Once again, this is something that we are discussing, and once we come to an opinion, we will disseminate it. Regarding the price of PP, this mismatch comes about for a certain reason. The market there is somewhat weak. Because of some issues related to the pandemic and to other issues in Asia, for example, we have a greater availability of PP, and what we are lacking are containers to extract this from the area. In the U.S., we have the situation where the market is quite balanced, and the prices, of course, will reflect this situation. We base ourselves on market prices, of course. The market is in a situation where the prices have increased, we're, of course, taking the most of the advantage of having higher margins in the U.S. The market has become regionalized in terms of prices. Brazil, once again, is still where it was, the U.S. and others have taken off. They have become unattached from the market prices. We see in a scenario that while it lasts, will be quite positive, and I do believe that it will endure until at least the end of the year. If there is a recovery in this, perhaps the price will increase. It depends a great deal on the supply and demand dynamic, and it all will depend a great deal on the logistics outflow that will happen in North America. You have come up with a provocation if we shouldn't look for markets that are more connected to the United States. What we have assessed are sales from Brazil to Mexico. We export from Brazil to other regions, and this has been included in our sales and operation methods. We include all of the possible regions, and we are revising to see where our exports will go. The great priority, of course, is the domestic market. Regardless of this, in Mexico, it is a reference with the United States. We have no PP contract in Mexico. We have assessed all the possible opportunities. Once again, it's a supply and demand dynamic that has become regionalized. Of course, we have to focus on the supply part, and we do believe that this will continue to exist for some time. When it returns, we truly do not know what will happen. Thank you very much, Pedro. Thank you for the response. The next question from Guilherme Levy from Morgan Stanley. Good afternoon, and congratulations for your quarterly results. I have two questions. The first, referring to cash generation. At the beginning of the year, we had a significant working capital and good cash generation. I would like to better understand what is happening with your consumption of working capital during the year. We still have very high spreads, and I think that they have reached a peak during this semester. My second question, I would like to better understand what is it that motivated that very timely shutdown in Mexico, and what is happening with that instability in terms of electrical energy, and when you will have a resumption of the production there. Thank you, Guilherme Levy, for your questions. When it comes to cash generation, as you mentioned, we have had important investments in working capital during this quarter. Of course, this is a fact, and Rosana Avolio alluded to this in the presentation. As we have published several times, we have a feedstock management policy, and the feedstock that we import, we are able to obtain in the market with terms of up to 160 days historically, therefore, we have making the most of these lengths in terms of payments that our suppliers have offered us. What happened is that we are in this situation of a very strong cash generation, perhaps a cash surplus. We have paid off several debts to decrease our exposure. Evidently, if you pay cash, you will obtain a discount. Therefore, we took the decision to look for site payments. There was no need to lengthen the payment, and we decided not to lengthen payment to suppliers. We have reduced the payment term, and this had a one-off impact on our working capital. The second point that was relevant, and perhaps the most relevant of the three points is the second, and it refers to the price of resin. Feedstock was raw material. When we carry out our procurement, when we make up our feedstocks, if the price increases, this will demand greater working capital. In the third place, we had a refurbishment of stocks. As you will recall, last year, we had a great deal of sales, and the sales have been strong this year as well as last year. I will refer to Brazil. We sold more than 1,600 tons per quarter, and in the second quarter, we sold 1.5 million tons. When we look at this curve, we decreased our sales somewhat, and we were able to restore some of our inventories that were somewhat below their normal levels. This is a lever too that is included in this calculation. Of course, there could be the possibility of absorbing all of this working capital to our operating cash to avoid any sort of indebtedness. Of course, this is very important and would be a good sign of Braskem's sound financial position. These were oscillations in the electric network, in the national electric network in Mexico, and this caused a failure on our automation emergency system. It is the industrial automation of our complex. We had to stop. It was an emergency shutdown because of lack of power, and this triggered the shutdown of the complex. The emergency shutdown, though we have a big impact because we had to carry out some types of maintenance. This generated a production loss during the month. I can't remember if it was May or June, but it was 15,000 tons of production that were lost. Since June, we have been running stably with no production restrictions because of this event. We still have a feedstock restriction. The event took place in May. Yes, I'll just repeat this information. Therefore, it was an isolated event. The impact was, well, 15,000 tons in production, but this has already been recovered. Thank you very much. Our next question from Pedro Soares from BTG Pactual. Good afternoon. Follow-up on dividends and capital allocations. I would like to see a number of points. There's a mention that you would pay something above the minimum. You would need a leverage before two times, 2.5 times. Our spread should come back to normal, and this is something that you mentioned, and that the leverage will increase at a very low level. I would like to understand that in addition to your leverage target, is there an optimum level of gross debt in the medium and long run? What are your priorities between paying out dividends and paying out debt? Is there some type of breakeven point here? Well, this is a good question, Pedro, because we can discuss our financial strategy and how we see our corporate leverage. If you've seen our history, well, our net debt is between $5 billion and $6 billion. We have been growing. The Delta project is providing effect as a result of achieving 9% of occupation rate. Our margins are very high in the U.S. and very attractive. We could even explore the higher net debt, if we have that exchange between $5 billion-$6 billion, and if you see this level and our policy of cash management that is highly conservative, I would say that a gross debt up to $7.5 billion, give or take, would be something reasonable. I believe that we can coexist with this with no problem. You will see that there were moments where we exceeded the $8 billion. If you see our history of the $7 billion-$7.5 billion, it's okay and we can coexist with this level. We ended the quarter with a gross debt of $6.8 billion. It is below the level that I consider reasonable. We paid out $360 million in debt. In July After we pay these debts, we have a cash position that is slightly above the optimum point for Braskem. When you see BRL 2,300 million of a surplus of cash and the increase of our leverage of about BRL 1 billion, I think this is an excellent structure of capital, and this optimizes our equity. We see dividends on one side because we want to pay out our shareholders, because for three years they haven't received dividends. It's high time they receive their dividends, and the optimum capital structure, so we're not under-leveraged. You can see that there is space here. There's a lot we can do here. Lots of maneuvering. Next question from Luiz Carvalho, UBS. Roberto Simões, Pedro, Rosana, thank you and congratulations for your results. Two questions. Number one, after seeing your presentation, slide 25 drew my attention, and you showed that Braskem continues as being a very important asset in terms of investment, and you show that. Its multiple remains discounted compared to its peers. Is there something that the management could do to unlock the value perception? Is there something in the sales process? Do you think that Braskem would be sold as a whole or separately? What could you tell us in terms of value perception? My second question is Robert Simões. You discussed this in other opportunities, but Robert, there is a private investor. If there is something that could be done jointly, are there any potential opportunities or synergies to carry out joint businesses that could give you some type of additional return? Good afternoon. It's good to talk to you, and thank you for your question. Regarding the peer discount, well, you can just see the figures, and the figures show that there is a discount. This is the second discount was lower in the past. 10 years ago, Braskem had a discounter, but it was 10%. Braskem is a company that was 100% Brazilian, 100% based in Natal. We diversified, and we went after other sources with international exposure, with exposure to other types of feedstock. Our growth in the past years, in my view, should have diminished this discount, and the discount today is 40%. We believe that this discount is not reasonable. I believe that the market caught up during the first quarter. In the beginning of the year, there was a higher discount in the past. Five times we had a discount, now we are three. What happened was the peers' multiple dropped. We continue believing that discount is not justified. Our logic, we follow a solid logic, and we are strongly inserted in the petrochemical industry. We will not have another 30 times because this is a highly cyclic business that has its own dimension. When we see our figures and we compare it to our history, this does not make sense. Perhaps you know better than I do, there is another perception of the investor. There was a rally of 150% during the first quarter. Is this still going to go up? Perhaps this is what is happening. We're trying to see why we have this distorted valuing perception as we want to show the market that we are a modern company. We have the best petrochemical producer in the world. In terms of safety, we are the best in the world with a great potential of growth. In recycling, we're thinking about the future. We're thinking about recycling, that is an important platform. It is challenging and something that drives growth, and we are positioning ourselves properly and also renewables. We have a good platform. Nobody has what we have and the potential of growth is overwhelming. Yes, what we have to show the market that we have all the reasons for not having the discount that we have today. Regarding RLAM, well, we know a great part of the team that is assuming RLAM. Many of them used to work here in the past. These are people that are very competent, and we are waiting for the right moment to talk to them. We believe that it's still not the moment. It's not the moment to embark in a deep conversation, but when we find the right moment, we will sit and talk to them and try to find synergy. We already have an idea. We have some ideas, but of course, we want to listen to their ideas, and I believe that there is a great potential in the Northeastern area. Thank you. Thank you very much for your response. The next question is from Barbara from JPMorgan. Good afternoon, and thank you for taking my questions. I know that you have a goal for the final amount so that you can reduce your leverage. Thank you. Hello, Barbara. How are you? To be very frank, we do not have a goal for gross debt. We do have an in-house goal for the net debt, but of course, this is not made public. It is simply a reference to help us in our financial management. We have communication with the market when it comes to dividends because this is very important and our figure for leverage all are in dollarized terms. The figures that we gave you are simply a benchmark for you to think about what would be a comfortable level for us, a comfortable limit for us. Thank you. Thank you very much. We would like to remind you that should you wish to pose a question, please press star 1. Please wait while we pull our questions. Once again, should you wish to pose a question, please press star 1. Please wait while we pull our questions. We have a question that came in through the chat from Ben Isaacson from Scotiabank, who asked if strategically we are interested in investing more in the regional diversification or if there are some chemicals where we would like to have a greater exposure to vis-a-vis what we have at present. Ben, thank you for the question. I would say the following. The regional diversification has been an important part of Braskem's strategy. We have invested considerably outside of Brazil in greenfield projects in Mexico, the new PP plant in the U.S. These are our largest investments abroad. We have also invested in Brazil during that period in PVC in Bahia. We are currently undergoing an expansion in the south of Brazil. We have balanced our investments both in Brazil and outside, but the magnitude, of course, of investments in Brazil was much greater than abroad, just because of our diversification logic. We are interested in continuing to follow up on the Asian market. We have a good platform in the Americas, a significant operation in Europe, a sales operation that is greater than the industrial one, and concentrated mainly in Holland and Germany, but extending throughout Europe as a whole. What we have that is proportionally smaller is Asia. We have an office in Singapore, another in India. We have our eye on Asia, and we consider it a new potential source of investment if we think of the renewable products. Asia is very important for that, and because of this, we're thinking of both of these avenues for growth, a growth in renewables and PBS. Well, Asia is very important when it comes to this product, and along with this, a regional diversification based on products that we already have, but where we can foresee a significant growth potential, especially in Asia. When we speak about other products, we are always assessing new products that come about, an acquisition, something novel. The new in-house processes of technology and innovation are mainly focused on renewables. We're speaking of new products, and this is the type of development that we are seeking. We are open to partnerships in the regions where we already operate, South America, and we're open to different products. It will depend on different opportunities. The strategy is not to diversify just to diversify. We want to value what we have now, but we will be looking at what is available. If you look at the more obvious projects, the pre-salt in Brazil, in the U.S., this is what is of interest to us. We foresee great growth in new products that will be very much linked to renewables. Our next question comes from Barbara from JPMorgan. If you allow me a follow-up, please. Your sale of assets and the controlling company, which is the vision that the company has in terms of the sale of assets, if there's any asset that presently would not be deemed strategic that could be put up for sale. If you could give us more color on this, please. Barbara, thank you once again for another question. I'm going to put that question in the context of what we observed last year. In the second semester of last year, we were at 7.1. As you know, we were working with all the possible opportunities to reduce our leverage. We included the sale of assets in these possibilities. Now, the assets that we understood that in a scenario of deleveraging we could disinvest from, we thought of that equation value and the impact on the company. Of course, we were not able to come to a conclusion. All of the Braskem assets internally are for sale. It all depends on the size of the check and the pressure that they bring to the table. Well, this is how I would state this. Braskem does have a commitment with all of our shareholders. We're going to do what will be best for all of them. If we receive an amount that we will think that is lower than the check that has been put on the table, as a natural part of the business, of course, we will assess this. On the other hand, if this doesn't happen, there is no request from anybody to sell assets at present. We're supporting the process, but we're thinking of a stake in Braskem and not selling off parts of Braskem. At least this is the way that we are thinking, and this is the guidance that we have followed. To complement this, while this discussion is being held with the shareholders at Braskem, we continue to seek for all possible business opportunities to create value, to continue to manage our company. This is the greatest value. That is very clear, and I have a last question. A follow-up perhaps on the appropriate level of debt. Obviously, the present day cycle will change going forward. Which would be the appropriate debt level, if you could remark on this? We are comfortable because if you see our metrics on the total or five, our metrics today are fully aligned, and we're comfortable with them, and we believe that the investment grade, when you see our metrics and figures. We are at a much better level than many investment-grade companies. We believe that this should be recognized by the rating agencies. We have been dialoguing with them, at the end of the line, they're the ones that decide. We see the figures, we see the facts. We analyze different scenarios and how we were able to lower our net debt and our gross debt. We are within the metrics of all of the agencies, even though we're paying out dividends. We would like to remind you that to pose questions, please press star one. We are bringing to an end our Q&A session. I would like to give the floor back to the company for their final comments. Well, I would like to thank all the participants for taking part on our earnings results call. Of course, this was an additional good quarter in all regions. Secondly, we continue with our trajectory to return to being investment grade. I would like to reinforce here that we have had significant deliveries that were presented this afternoon with a reduction of our gross debt, representing BRL 1.7 billion until the end of June, and recording the lowest leveraging of the Braskem history of 1.1 times. In 12 years, the company leverage will reduce sixfold. In the future, we will maintain a very sound position with a very good length and profile for the debt, as you could hear during the question and answer session. Additionally, this our commitment with ESG exists. You can see considerable strides in that area. We have changed the board. We have a compliance committee, all of this has had a very positive impact. We do have two independent members. Finally, we truly have confidence that the cash generation in the following quarters will be very good. Everything points to this, and our operational cash will continue at very comfortable levels. I would like to reiterate our continued commitment towards productivity and the competitiveness of all of our operations, the cash generation of our business. Of course, we want to continue to work with all of our shareholders. Once again, we would like to express our thanks