Good morning. Thanks for waiting. Welcome to the Braskem video conference to present our earnings results for the first quarter of 2023. Today, we have Mr. Roberto Bischoff, CEO of Braskem, Pedro Freitas, CFO of Braskem, and Rosana, Investor Relations Director. Please note that this event is being recorded. All participants will only hear the Braskem teleconference. We will begin the Q&A session, and we would like to take any questions you may have. If you have any issues or requests for assistance, please request assistance using the button here on this call. This event is also being broadcast live online through a webcast and can be connected through www.braskem.com/ri. You will also find our presentation there. The slide deck is under your control. The audio will be available shortly after the event is concluded. Those following the presentation via the webcast may post their questions to the Braskem website. They will be answered by the IR team after the conference is finished. We'd also like to mention that any comments that may be made during this teleconference with regard to financial results, projections, or any other opinions are only considered as projections. These results always pertain to uncertainty, and there is always risk that is possible. Please be aware that macroeconomic conditions, industry conditions, and other factors can also cause results to differ materially from those expressed in such forward-looking statement. I'd like to turn the conference over to Mrs. Rosana Avolio, Investor Relations, Strategic Planning, and Corporate Market Intelligence Director. Mrs. Avolio, you may begin your presentation. Good morning, ladies and gentlemen, thank you for participating in Braskem's results conference call. Today, we present the results for the first quarter of 2023. Moving on to Slide 3, I will comment on the company's main highlight in the period. In the first quarter of 2023, Braskem reported recurring EBITDA of $205 million, a net profit of $184 million, and a cash consumption of $261 million. Regarding the financial highlights, Braskem continued to present solid credit metrics with a very long debt profile and a strong liquidity position, which guarantees the coverage of debt maturities in the next six years. As for the operational highlights, the company registered a global accident frequency rate with and without leave of 1.0 events per 1 million man hours worked, resulting in an 8% drop compared to the same period in 2022, reinforcing that safety is and always will be a non-negotiable value for Braskem. Furthermore, given the better global industrial activity, the company's operating performance in the period was higher than the previous quarter, with an increase in utilization rate in all regions and increased sales volume in all segments. As for the strategic highlights, Braskem progressed in the project to extend the current capacity of green ethylene by 30%, with physical progress reaching 95% until March 2023. Another agreement for the purchase of wind energy was executed in the period. In addition, Braskem Idesa, together with Advario, made an advance in the construction of the ethane terminal in Mexico, reaching 34% of physical progress in the period. Let's move on to the next slide. In the first quarter of 2023, the recurring EBITDA was around $205 million, driven mainly by the better performance of global industrial activity and inventory consumption in the transformation chain, impacting the petrochemical spreads in the international market. We had an increase in sales volume in all reportable segments of the company. Let's move to the next slide. We'll cover the highlights in Brazil segment. In the first quarter of 2023, the petrochemical crackers in Brazil operated at an average utilization rate of 77%, 5 percentage points higher than the previous quarter, mainly explained by the adequacy of production, considering the better demand in the period. In this scenario, the sales of volume of resins in the Brazilian market increased by 3% compared to the previous quarter, and the volume of exports from Brazil increased by 10% when compared to the fourth quarter of 2022 due to better opportunities in the international market. In this context, Brazil's recurring EBITDA in the first quarter of 2023 was $122 million, representing 49% of the company's consolidated recurring EBITDA. Moving on to the next slide, we'll talk about the action fronts related to the geological event in Alagoas. The total amount of provisions booked to date for the Alagoas geological event is BRL 13.2 billion. As we can see in the left chart. BRL 7.5 billion have already been dispersed. The outstanding amount of the provision, which ended the first quarter of 2023 at approximately BRL 6.1 billion, with 67% of the total amount provision booked under the short term and 33% under the long term. It's important to point out that Braskem cannot eliminate future developments related to the matter or its associated expenses. The costs being incurred by Braskem may differ from its estimates or accrued amounts. Regarding relocation and compensation, on the right of the slide, Braskem continues to advance with the process of relocation and financial compensation of the families located in neighborhoods in risk areas in Maceió. The number of proposals for financial compensation submitted reached 18,933 at the end of the quarter, representing approximately 99% of the estimated total, with approximately 93% of the proposals accepted. The reallocation program had 99% of its executions completed in March 2023. Moving on to the next slide, but still on the geological event in Alagoas, we will present the progress of the well closures and monitoring fronts, as well as the social urban measures. On the closing and monitoring of wells action front, as of the end of March of 2023, of the 35 well cavities, nine are in the sand bag filling group, with one already completed and three are in advanced stage of filling. I would like to highlight the main advances of the social, urbanistic, and environmental measures. All 11 urban mobility actions are in progress, eight of which already have their executive project concluded and three of them are already in the construction phase. Advances in the project of urban integration and development of freeways and the environmental plan actions have already been started. Let's move on to the next slide, please. This slide presents the highlights of our operations in the United States and Europe. In the first quarter of 2023, the PP plants in the United States and Europe operated at a capacity utilization rate of 81%, an increase of 6 percentage points in comparison to the fourth quarter of 2022. This improvement is explained mainly by the inventory management during the quarter due to the scheduled maintenance stoppages in the United States and higher availability of feedstock in Europe. Regarding sales, United States and Europe segment registered a sales volume of 580 tons in the quarter, similar to the previous quarter. Considering that the segment's recurring EBITDA in the period was $98 million, that represents 40% of the consolidated recurring EBITDA. Let's move on to the next slide where we'll talk about Mexico. In Mexico, the utilization rate was 72% in the first quarter of 2023, 3 percentage points higher than the fourth quarter of 2022. This increase reflects a higher ethane supply by Pemex in the period. Considering the higher feedstock availability and the demand increase in the region, sales volume was 11% higher when compared to the previous quarter. The better operational performance in Mexico, combined with an increase in the international spreads, resulted in a recurring EBITDA of $27 million in the first quarter of 2023, which represents 11% of Braskem's consolidated recurring EBITDA. Moving on to the next slide, please. Regarding consolidated cash flow, Braskem presented a recurring cash consumption of BRL 677 million in the first quarter of 2023. The consumption explained mainly by the working capital, which was impacted by the increase in sales volume, higher international reference prices, and also by the typical concentration of semiannual interest payments on bonds in the international market during the period. Let's move on to the next slide, please. Braskem ended the quarter maintaining a very long debt maturity and strong liquidity position with around 6% of its debts coming due as of 2030. The current liquidity position covers all that is coming due in the next 76 months, not considering the international revolving credit facility in the amount of $1 billion available until 2026. Going to the next slide, we will talk about credit metrics and corporate leverage. At the end of the quarter, the net debt level remained in line with the previous quarter, corporate leverage was 3.86x due to the lower EBITDA in the quarter when compared with the same quarter of the previous year. Additionally, Braskem continues with solid credit metrics, a very comfortable liquidity level, and an average debt term of approximately 13 years. Let's move to the next slide, please. As previously released, Braskem has established several initiatives to maximize its cash generation considering the macroeconomic dynamics. Regarding initiatives with an impact on EBITDA, we continue advancing in our initiatives related to the optimization of revenues, seeking commercial opportunities with improvement of international spreads. Additionally, regarding initiatives with an impact on fixed and variable costs, until this moment, we are reaching our expected target for the year. As for the Transform for Value program, it ended the first quarter of 2023 with an accumulated gain of approximately an additional $28 million compared to 2022. Regarding initiatives with an impact on cash generation, we have made advances on all fronts with a focus on the non-recurring monetization initiatives, which reached approximately 75% of its completion in the first quarter of 2023. It's worth reinforcing that the company remains committed to the implementation of all initiatives mapped and to the identification of potential new opportunities. Let's move on to the next slide, please. As part of our sustainable development strategy through innovation, we carried out the expansion of one of the company's main technology and innovation centers. In this expansion, approximately BRL 108 million were invested in physical infrastructure and state-of-the-art laboratory equipment to accelerate the company's innovation process. The new building represents an increase of 25% in the research and development area of the Technology and Innovation Center of Triunfo. It's worth remember that Braskem has innovation as a strategic pillar. In this sense, in 2022, BRL 540 million were invested in innovation and technology, including in innovation and technology centers, technical and research centers, and in pilot plants in several regions where we operate. The project pipeline currently has 198 projects with 360 dedicated members and 450 customers served globally. Moving on to the next slide. Regarding the advances in the ESG agenda, we recently published our integrated report, which meets internationally recognized reporting standards and shows the company's advances in the strategy for sustainable development. In early February 2023, the company concluded the acquisition of Wise's equity stake, and we started to consolidate sales volume from Wise. This acquisition reflects the strategy of expanding product sales with recycled content and is aligned with Braskem's commitment to eliminate plastic waste. During the quarter, the company closed with Casa dos Ventos its sixth wind power purchase agreement. This contract foresees a supply of up to 22 years for Braskem, and added to the other agreement, the company estimates a reduction of 3.2 million tons of CO2 equivalent during the contract period. This agreement is aligned with our commitment to reduce 15% of Scopes 1 and 2 emissions by 2030. On the next slide. In the first quarter of 2023, we observed an improvement in the spreads in the international market, influenced mainly by the improvement in the global industrial activity, in addition to lower inventories in the transformation chain and the end of the Zero-COVID policy in China. On the other hand, the entry into operation of new PE and PP capacity in the United States and China during the year may put pressure on spreads according to the projections of external consultants. Considering a longer view, the consensus is for a positive trajectory for the petrochemical cycle as a result of the expectation that the growth in demand over the next few years may be greater than expected increase in supply, as we can see in the chart. Going to the next slide, where we present the prospects for 2023. For Brazil segment, expectation is for the second quarter of 2023 are for maintenance of ethylene production level observed in the previous quarter, even with the scheduled maintenance stoppages at the Rio de Janeiro plant during the period. The commercial front, the resin volume is expected to remain stable. In the United States and Europe, the utilization rate should remain stable due to the scheduled maintenance stoppages in the United States for the period. The expectation is that sales volume will increase in the period, reflecting the reduction of inventory levels in the chain. In Mexico, production is expected to increase due to the greater availability of ethane. The sales volume is also expected to increase. According to the main external consultants, the expectation is for the maintenance of the petrochemical spreads in the period. Moving on to the next slide. We reinforce the main priorities for the year, taking into consideration our strategic pillars. Our first priority is related to the optimization of asset operations with a focus on cost discipline to capture synergies in all regions. The second priority is to continue implementing financial preservation initiatives, creating value for our shareholders. Following here, in relation to the growth strategy, the focus is on the execution of investments to eliminate plastic waste and combat climate change, in addition to following the implementation of the initiatives related to social responsibility and human rights. Regarding innovation, the company is focused on expanding strategic innovation and digital transformation. Finally, to continue advancing in all action fronts related to the geological event in Alagoas for fulfilling the commitment established in the agreement. Finally, I would like to reinforce that safe operations are and always will be the focus of Braskem's operations as a permanent and non-negotiable value of our strategy. That concludes today's presentation of Braskem's results for the first quarter of 2023. Thank you all for your attention. Let's move on to the Q&A session now. Ladies and gentlemen, we will now begin the question- and- answer session. If you have a question, please press star one. To remove your question from the list, type in two. Our first question comes from Pedro Soares with BTG Pactual. Hi. Good morning, everyone. Good morning, Roberto, Pedro, Rosana. I have a few different questions. The first is about what we've been seeing with regard to a potential sale of Braskem. Could you please just remind us and go over the rights to minority shareholders in the event of a purchase occurring by an outside agent or let's say if perhaps Petrobras exercises its right to preferential purchase. This discussion would be very interesting for us if you could please elaborate a bit about that. The second question is about working capital. Could you please tell us a little bit about what we should think about the working capital dynamics, especially with regard to from now up until the rest of the year and petrochemical prices. Can we envision something similar to what we have seen during the first quarter, or is this something that should change over the next few quarters? Thank you. Hello, Pedro. Thank you for the question. I'm going to answer your first question related to the rights of the minority shareholders. Today, we have a shareholders agreement, just as a reminder. In addition, we have bylaws which governs the company activities, and we are at Level 1. If there's any control change, if sale occurs, the company will ensure 100% of tag-along for ON and PN shares. We offer the same conditions of the offer for ON and PN. As to capital, I'm going to turn the floor to Pedro, so to talk about working capital, as you saw, this is a topic related to shareholders. We do not do any sort of negotiations in this context. Good morning. Thanks for your question. First, I'd just like to mention. As Rosana mentioned, we need to look at the company's bylaws and articles of incorporation. There is a scenario where Petrobras may make a purchase, and that will not constitute a change of control. This brings us back to the whole idea with the tag-along, and that's at 80%. This is essentially theoretical. Thinking about your second question with regard to prices and volume, there is utilization of working capital. This is something that occurs at many different points in time. What happens when we break apart working capital and look at accounts payable and other line items, what we see is that our level of earnings is at currently at a positive level, especially compared to other possibilities. What we see today is that we are improving our working capital as well as our ability to generate additional capital. This is in addition to the normal scenario, and that's valued at currently $200 million. If we think about what happens from now until the rest of the year, I certainly expect our capacity and that the $200 million that I mentioned to contain the natural utilization of this working capital. It's important to always be to always be aware and to follow the price of oil, of course, and the price of our different products. There are many different elements that can have an impact on working capital. Thanks, Pedro. Thanks, Rosana. Can I just follow up? I don't know if it was just my connection, but there were some points where Pedro's audio cut out. Pedro, when you mentioned 80%, can I just confirm this is only for standard shares, right? Yeah, that's right. That's exactly at 85% over the preferred shareholders, which is according to the shareholders agreement and by of the company. Thanks, everyone. Our next question comes from Vicente Falanga with Bradesco BBI. Thanks, Roberto, Pedro, and Rosana. I also have two questions. First, what is the conversation at like right now with the rating agencies and vis-a-vis the 3.9x release? How receptive are they to hold the company's rating or to improve it? Another question with regard to a potential M&A. Pedro, what kind of experience could risk a potential risk of reducing the rating? Maybe a leveraged buyout, would that have that risk? The media are mentioning a potential issuing of debt in order to assuage that risk. I'd like to understand whether that is something you're considering. Secondly, with regard to a potential shareholder, someone from Apollo perhaps, or ADNOC. Is it a matter of know-how for raw material usage or something else? Could you talk a little bit about that, please? I'm going to start, and Pedro will add to my answer. In relation to rating agencies, it's very important to keep all the rating agencies very close to us, and we have done this for more than 10 years. We provide them with information, assumptions. That being said, the ratings agencies are quite well aware of how our cycles work. Leveraging will respond to these different cycles. That being said, our interaction with ratings agencies is not just about the raw numbers, just the EBITDA. The agency does look at leverage numbers. They do expect something like 2.5x. In the high period, we'll be at 1.5x, and for a low period, we'll be at something like 4x. This is similar to what we have seen in the past. There are also discussions with the ratings agencies that are very important. For instance, future projections. Otherwise, every time a cycle completes, the agency would upgrade or downgrade every company, and that's not what happens. They know about cycles. When I look at, our upcoming period that has some uncertainties, this needs to account for a relatively high volatility period. If we look at the short and medium term, we see that especially our spreads, the vector of our spreads are pointing in the right direction. Now, any company which is in a low cycle. As I mentioned, we have an extremely robust working capital, as I mentioned, $7 billion. Today our company has $3.7 billion in capital and working. I mean, we obtained a very small window. We did issue a few titles, and we are in an extremely comfortable position for the coming year. Many of the comments that people make about Braskem during a period such as this... I mean, come on, we announced in our latest report, our previous report, a number of different initiatives. Now we are reporting their development. We're also announcing new ones. Again, it's not just a number, it is the number during the moment in our cycle and considering future projections and the company's momentum with regard to its movement and its ability to maximize cash flow. When we look at all that, especially looking at our leverage, which is 3.866x, as we reported during the last quarter, these numbers are extremely in line with what the ratings agencies expect. We have seen this year some changes in our leverage. If we look at our last year's first quarter results, we had a high cycle, EBITDA rating. I think this brings a lot of light to the company's EBITDA ratings. Thank you, Rosana. Hi, Vicente. This is Pedro. To answer your second question, ADNOC has direct operations in oil and gas, among others. There could be some synergy there in terms of inputs or access to inputs or something along those lines. It also owns or rather controls as part of a corporation, a complex that has a number of different units in Abu Dhabi called Borouge. I don't know what their strategy would be. It's difficult for us, you know, without being aware of the transaction and what the proposal is to imagine what kinds of synergies could arise. Looking at ADNOC's footprint, we see oil, gas, refineries. We certainly can see some synergies there in terms of inputs, raw materials, and their control. We'd need to look at it in more depth because they're separate, they're distinct participations. They do have a partner as Borouge. I don't know if they would engage in any kind of a composition, but it's possible. Thanks, Pedro. Just one last thing. The biggest risk. What would be the biggest risk? Could you talk a little bit about that? It really depends on how the transaction is carried out. We don't know exactly. There are some cases where there is an effect, the buyout, and there are others where there's no effect. We don't know yet. We can't give you a definitive answer. Thank you. You've answered. Vicente, with regard to the ratings agencies. There are so many different elements that it's difficult to estimate what the impact might be. It really depends on who is issuing the rating. It depends on the governance rights. They need to look at the shareholders agreements to figure out whether it's standalone or not. There are so many different variables, so it's difficult to predict right now whether that would be a positive impact. Certainly, it's difficult to explain how, you know, how that affects our strategy. It really is up to each individual shareholder. Thanks, Rosana. Our next question comes from Bruno from Morgan Stanley. Good morning, folks. Thanks for taking these questions. I don't know if Michel Fox is here as well, but to reply to Rosana's last answer, I understand that the company is following its strategy as normal. I'd like to understand what happens with the company's change in leadership in the face of a challenging petrochemical scenario. What are the different considerations of the top management with regard to what happens at Braskem and upward? Additionally, Talking about financials, is the level of leverage at any risk of crossing any kind of threshold? Is the company looking for a waiver or anything of the sort? I don't recall the exact details of the bonds, but could you answer anyway? A third question, there was a relevant piece of news that there was a loss in an arbitrage with regard to a shareholders agreement. Could you tell us a little bit about what that discussion was like with regard to that arbitration? Hi, Bruno. Thanks for your question. We remain fully committed to implementing our strategy, the one that we have shared with the market. Just as a reminder. This strategy includes two very well-defined routes for growth. One is linked to bioproducts, and our main anchor there is green ethylene. We are currently at the very last stages of investment. We've already started operating it, and we've ramped up production past the 30% that we have completed in the state of RS in Brazil. We are committed to 1 million tons by 2030. This is renewable material. We've already brought to the media a number of different discussions, for instance, in the United States to produce green PP there. Also discussions with potential partners, especially located in Asia, to expand our production of green eco polyethylene. I believe that this would be an essential strategy for our growth. Another element with regard to renewables is our role in the circular economy and the image of plastic as a component. In that sense, we've been announcing investments in acquisitions and partnerships of all sorts, not just in Brazil, but also in other regions such as Europe. All of this is essentially focused on our two main new routes for growth and our major vector for the company, which is to create value for shareholders. That's what really matters after all. In that sense, we are completely uncoupled with regard to any discussion of purchase or sale. This is, this is down to shareholders. It doesn't affect our strategy in the slightest in terms of looking at the future. Again, to reiterate, our strategy remains the same. There are no changes, okay? No changes to our strategies. With regard to our assets, which is, as I mentioned, the investments, they are the third pillar of our strategy. They occur where access to inputs and raw materials can be important, especially where we have the potential to remove bottlenecks and where that could potentially lead to new investments. We remain strongly committed to our strategy, and there is no connection to any change depending on the potential for a sale. With regard to the Petrobras question, I will let Rosana answer. Thank you, Bruno, for the question. In relation to arbitration, we have monitored the announcement of Petrobras this morning, and we are replicating what they commented on. This is an arbitration process which is confidential. With the information that we have, just like you, we do not have any further information, and that would be there will be no impact on Braskem. We are just replicating what we heard this morning. Bruno, in relation to your question related to covenant. Braskem has an investment grade since 2011, so 11 years, 12 years. When we did the process of diversification, globalization of the company, today we have a balanced base of feedstock, as you know, so well diversified base of product. Braskem has a business of specialties. All this put together first gives us the seal of investment grade, and considering that we are a company of investment grade, the company has no covenant for its corporate debt. That would not be applicable to us. Thank you, Bruno, for the question. Next question comes from Gabriel Barra with Citi. Hi, everyone. Can you hear me? Yes. Yes, we can. Hi, Rosana. Hi, Roberto. Thanks for taking my questions. I have two questions. The first is about the tag-along question. That's something that's not so simple or clear to me. It's clear to me the matter of Petrobras getting 80% of ordinary shares, but there is another possibility where Petrobras could cover other shareholders because Petrobras has the right to cover any offers. In this case, would you still have a tag-along for 100% of shares in the event, for instance, that Petrobras covers ADNOC's offer or Apollo's, or would you not cover shares in that case? That wasn't clear to me. The second question about the spreads. The U.S. has always been a very strong market. We know that they have a strong relationship with imports, and they are movers in the market, really. I'd like you to give us a few thoughts about where you stand, what you think about the U.S. market. Can we hope to see a spread improvement in the next year already, thanks to the U.S. involvement? I'd like to understand a little bit about that, please. Thanks. Thanks, Gabriel. About the tag-along, it is true. This scenario that you describe is also not clear for us. We don't know yet either. I think it really depends on how any given potential transaction would occur and how the different steps in that process take place. Things could go either way. It really is not clear for me right now. With regard to spreads in the U.S., just to recap, up until the start of 2022, the U.S. was a net importer of including polypropylene. After the start of two new plants in last year, they now became a net exporter. Braskem has started looking at other markets in addition to the United States, and what we have been seeing ahead is a growing rise in capacity. We still don't know whether they will be realized, but they can be seen in the future. Our forecast or our expectation, I should say, for 2025, is that starting in 2025, the market will go back to being a strong market. That really depends on what happens over the coming year. We're not certain that will happen. It's just something that seems to be in the future. It's important for us to also monitor the American macroeconomic situation. Although this isn't happening, we do see an important job creation dynamic in the U.S. We could even have even more positive demand than what I'm envisioning now. Since we're looking at a basic scenario here, we are still expecting currently the very start of 2025 to be this inflection point. Our next question comes from Luiz Carvalho with UBS. Hi. Thanks for taking my question. Luiz, I don't know if it's just on my end, but I can barely hear you. Luiz, I'm sorry. Can you hear me now? Yeah, it's pretty- We can hear you. It's pretty muffled for us. It's still a little muffled. Okay. I'll try to speak up. I'd like to ask about this other topic you mentioned, Pedro. There's been announcements made about the interest to develop a vertical... vertically, I should say. Could you please confirm with us about the right of preference? Because how can we benefit the company without hurting the tag-along clause? Also, what do you think about being a minority shareholder of Petrobras? What about closing out the forecast? We do apologize from the interpretation booth. It's very difficult to hear this question. There's something we've looked at a few times, and it might be worth revisiting. What would be the potential synergies in spinning off the company, for instance, in North America, in terms of potential inputs and fiscal consequences? Thank you. All right, Luiz. Well, with regard to your first question, this again comes down to the same scenario that we are. It falls under the same scenario that Gabriel's question did. To be honest, it really depends on what the actual step-by-step developments are in any potential purchase. Petrobras does have the right to cover any third-party offers. Today, we don't have a clear conclusion about what would happen to tag-along or what tag-along would look like within that scenario. Would it be 100% or would it be a tag-along that follows the LSA rule, namely 80%? That's something that today we don't have a concrete answer to give you. I think it really depends on a concrete case and what actually happens and how things actually develop. We have discussed this internally some time ago. This is a scenario that could happen. We have had internal discussions about this. Let's talk to legal counsel, let's investigate this scenario. It really depends heavily on concrete cases. It wouldn't be very productive for us to hypothesize about a topic like this. With regard to spin-offs and a scenario, as you mentioned, where the company is sliced up and sold to different parties. Our operating synergies— First, there is a synergy at the point, at the end point with regard to the purchase of raw materials. We currently purchase raw materials for Brazil. This is a result of agreements made for Europe. This is also done for Mexico. That's the raw materials. For industrial, we do have lots of knowledge being shared as well as best practices. We have a policy that allows us to hire and promote within the company and to have specialists in different fields, in reactions, in furnaces, and in many other different specific fields. If that ceases to be the case, we will potentially lose this kind of specialized skill. Next, in industrial management, there is a search for global competence. This is coordinated around the globe, and this is again, something that could potentially be lost. Our production is also coordinated in an integrated manner, so that means that we look at the different throughputs in many different regions. This is company-wide. Of course, the sales management for exports. Today we don't have separate sales teams handling international and national sales. It's all done by the same team. There's synergy there that would be lost potentially. In the case of a potential split, there are some synergies that would be lost, some of which have a greater financial impact. I would say that this would lead to a drop in efficiency and things of that sort. There is also another element that is highly dependent on how these things actually develop, and that is the capital gain. Today, Braskem, especially in the U.S. and Europe, has very favorable positions, especially because these operations were developed during a very good period. The cost of acquiring these operations would be much lower than the potential that was created when these operations were put into place. I don't know if there's anything else, but this is what comes to mind right now. Just to spin off my first question. With regard to the values, from what I understand, Petrobras does have the right to cover third-party offers right now. At a later moment in time, whether or not the tag-along to that situation is used, the price could potentially be lower than other offers. Is that the case? If a shareholder decides to implement an OPA, my understanding is. Let me restart. In the case of an OPA based on a tag-along, we would need to use the tag-along price. That's one case. Now, if it is not a tag-along based OPA, then it's just a matter of market prices. You can name a price and investors can buy or sell if they're interested. The OPA has to follow the minimum price established during the tag-along. Now, if it's a, let's say a voluntary OPA, then this is a voluntary price. Okay. Whoever wants to make a purchase can make that purchase. Of course, yes. Thanks, everyone. Our question comes from Leonardo Marcondes with Bank of America. Hi. Good morning, everyone. Most of my questions have already been taken. I do have one last question. About the spreads in the U.S. and Europe. It's more about costs. When we look at polypropylene prices, historically, there have been discounts. For instance, in 2022, however, you purchased with a premium. It looks like this year there was a discount again on your purchase. Could you explain a bit about what you see looking ahead? Hello, Leo. Thank you very much for your question. What's the dynamics of the American market? What are the competitive advantages for Braskem America so that we can have a differentiation when we purchase feedstock? First, Braskem is the largest producer of polypropylene in the United States. From the conceptual viewpoint, any large producer can get better prices. This is just natural considering our main characteristics in the United States. This is a premium price that will depend on a number of variables. It will depend on the variables of the spread or inventory costs. It will depend on the demand in one end. There are many variables at play. It's important to mention the advantage that the company has as a producer of polypropylene in Americas. Depending on the conditions, we can consider a premium, commercial negotiation, inventory levels, and different other conditions that we consider at the moment we make a decision. Perfect. Thank you, Rosana. I'd like to remind you that if you wish to ask a question, please press star one. To remove your question from the queue, press star two. Please wait while we collect other questions. That concludes the Q&A session for the day. I would like to turn the call over to the company for their final remarks. You may proceed. I'd like to thank all of you for joining us in our earnings call. I'd like to conclude with a few general remarks from the administration. This quarter had good results. This is based on an improvement to operating performance and also considering more favorable conditions internationally, not just in terms of demands in different regions, but also spreads. In any case, the pace of the growth of international demand over this year is not yet set in stone. We've discussed this during some of our presentations. For that reason, we will continue to seek out strategies to maximize synergies between the different regions where we operate and also leveraging our competitive position in the global cost curve. We should highlight that these synergies between different regions are possible due to our raw material profile. We discussed this as well, as well as products, suppliers or vendors, and clients. The vast diversity of regions where we operate helps to leverage Braskem's position as a leading company around the world. Whatever the case may be, we will remain focused on maximizing initiatives to maximize our working cash flow, as we've mentioned, and also seeking out new ideas and initiatives to improve our financial status. Lastly, I'd like to remind all of you that we continue to have a very solid credit rating, a very robust working cash position, and a very, very long and extensive debt repayment flow. This is all based around the petrochemical sector's different criteria, different conditions. I'd like to thank all of you for joining us in this call, and I look forward to meeting you again in August when we announce our second quarter's results. That concludes Braskem's media conference call today. Thank you very much for your participation, and thank you very much for using Chorus Call.