Good morning. Welcome to Camil's video conference to discuss the results of the third quarter 2023. Present here today are Mr. Luciano Quartiero, Director- President; Flavio Vargas, CFO and IR Officer; and also the company's investor relations team. We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the company's presentation. At the end, we will open for questions only for analysts and investors. We would also like to emphasize that any forward-looking statement that might be made during this conference call related to Camil's business outlook, projections, and financial and operating goals, are based on beliefs and assumptions of the company's management, as well as information currently available. These may involve risks, uncertainties, and assumptions as they refer to future events, and therefore, depend on circumstances that may or may not occur. Investors must understand that such general economic industry conditions and other operating factors may lead to results that differ substantially from those expressed in such forward-looking statements. We will now start the presentation with Mr. Quartiero, followed by Flavio's presentation. At the end, in approximately 10 minutes, we will proceed with the Q&A session. Mr. Luciano, you may proceed. Hello, and welcome to the comments on the results of the third quarter, ending in November 2023. On slide 2, we highlight the categories of operation and the main indicators for the quarter, consolidating Camil's position as one of the largest food brand platforms in Latin America. This quarter, we achieved a record net revenue of BRL 3 billion, up by approximately 16% when compared to the same period last year, and 3% sequentially. Our EBITDA stood at BRL 249 million, a 48% increase when compared to the adjusted EBITDA of the third quarter of 2022, and 17% sequentially, with a margin of 8.3%. EBITDA comparisons are made considering adjusted EBITDA to exclude the effect of a positive 142 million BRL in the third quarter of 2022, due to the advantageous purchase of Mabel and some expenses with provisions. As for volumes, we grew 11% year-on-year and showed a sequential reduction of 8%, as we will discuss in more details in the next slides. The highlights of Brazil's operations include high turnover, made up of grains and sugar, with volumes up 3% year-on-year. This result was driven by the continuation of sugar exports, initiated in the last quarter to mitigate the effects of a challenging and highly competitive scenario for this category in the short term. Sequentially, we saw a reduction in grains. It is important to note that prices in the rice market have risen rapidly and substantially, as indicated by the CEPEA index. This increase boosts the profitability of the grains category, in line with our business model of passing on prices from the industry, leading therefore to higher revenue, and as a result, a greater dilution of fixed costs and expenses, contributing to enhancing the category's EBITDA. Moving on to the high-value category, which includes fish, pasta, coffee, and cookies, we saw a 25% increase in volume compared to the previous year, driven by the volumes of cookies and coffee. Sequentially, there was a reduction in sales volume, impacted by the cookies and pasta categories. We continue to show good profitability in pasta, and our plan to expand the plant's production capacity for this year remains on track. As for coffee, we concluded the capacity expansion project and remain focused on União brand's sales growth strategy, achieving a 5% market share in the São Paulo and Rio de Janeiro regions. In the cookie segment, we continue with our plan to improve Mabel's profitability and sales. The high-value category represents an important step towards further strengthening our position as a food platform with leading brands in a variety of higher value-added products. On the international front, we reported an increase of 30% in volume compared to the third quarter of 2022, and a reduction of 12% sequentially. This result was driven by the seasonality of our operation in Uruguay, which fluctuates according to the exports made during the quarters of the year due to the country's business model. In the other countries, we continue to see improvement and growth in profitability in Chile and Ecuador, an effect partially offset by the ongoing challenging scenario in Peru. We are gradually working on gaining scale and profitability, boosting the results of the new categories and absorbing price movements in rice for high turnover. We remain confident that we are on the right track to achieve our growth and profitability objectives. Now, I'll turn the floor to Flavio, who will comment on the financial results for the period. Please go ahead, Flavio. Thank you, Luciano. Now, moving on to the financial highlights of the period, as mentioned by Luciano, our net revenue stood at BRL 3 billion, an increase of approximately 16% and a record for the company, highlighting a new level of scale. Cost of goods sold grew by 15%, mainly due to Brazil's high turnover in sugar and the high value of cookies. As a result, our gross profit stood at BRL 580 million, with a margin of 19% in the quarter. SG&A fell by 6.2%- 14.2% as a percentage of net revenue, down 3.2 percentage points vis-a-vis the third quarter of 2022. It is worth noting that the company has been carrying out optimization plans and reviewing expenses, aiming for greater efficiency and the identification of new synergies in the acquisitions made. We have managed to maximize the synergies and profitability of the 2021 acquisition so far, exceeding our targets and also reinforcing our confidence in the growth of the new businesses. The reduction was therefore driven by lower G&A in the period, especially in Brazil, with lower personnel expenses, legal expenses, and other corporate expenses. Selling expenses were also down, with lower volumes leading to lower sales commissions and advertising expenses. In other operating income and expenses, we totaled BRL 28 million in the quarter, mainly due to the recording of non-recurring income of BRL 27 million related to some effects. We had the reversal of part of the provision for the transfer of the industrial asset of cookies from the plant of the seller of the asset to the Mabel plant, a reversal related to the agreement regarding the debt of Café Bom Dia, and finally, a PIS and COFINS income attributable to the acquisition of SLC Alimentos back in 2018. With regards to EBITDA, we reached BRL 249 million, up 48% compared to adjusted EBITDA in the third quarter of 2022, with a margin of 8.3%. As mentioned by Luciano, it is important to mention that in the comparative basis of the third quarter of 2022, we recorded other non-recurring income and expenses related to the advantageous purchase of Mabel, as well as other provisions recorded in the period. For this reason, we present the comparative analysis against the adjusted EBITDA of the third quarter of 2022. Sequentially, we would highlight the 3% increase in net revenue and 17% increase in EBITDA, as well as the reduction in the percentage of SG&A to net revenue in the period of 0.7 points. This result is driven by the increase in prices, mainly rice, and the outcome of our actions in SG&A to optimize expenses and capture greater synergies from our new businesses. Our net income reached BRL 143 million, sequential growth due to the impact we had on income tax. Income tax amounted to a positive BRL 70 million due to the exclusion of the subsidy of the remaining credit of 2022, the subsidy of the presumed credit of the third quarter 2023, and also related to the distribution of interest on capital. Now moving on to debt. The company's net debt amounted to BRL 3.66 billion, with net debt to EBITDA for the last 12 months of 4.3 times in the quarter. It's important to note that our covenants reading is annual, the next one being in February 2024. It is worth noting that the seasonality of working capital is relevant throughout the quarters, more specifically in the case of rice. As such, the first quarters of the year usually use greater cash consumption, while the fourth quarter usually sees a release in working capital and consequently, an improvement in leverage. It is also worth noting that in December 2023, the company concluded its 13th issue of debentures backed by CRA. This issue consists of simple debentures in three series, totaling BRL 650 million. With this issue and other financing carried out in the last period, we are comfortable with meeting the company's commitments for the coming months. CapEx for the quarter, in addition to the maintenance CapEx, consists of our projects already announced to the market to expand capacity in the pasta and coffee categories. As for ESG, we are consistently pursuing the actions carried out by the company, with our most recent highlight being the entry into the ISE at B3. Last year, we carried out a cross-sectional assessment of the initiatives, processes, and procedures carried out at the company, which had a direct or indirect impact on the scores in questionnaires and market ratings. The assessment resulted in a plan comprising a number of actions, one of the results of which was the news that Camil has been included in the ISE in the new portfolio, which has been in force since January 2nd, 2024. This move reinforces the company's commitment to sustainable business development, the planet, and the creation of shared value. For more details about our actions, please access our sustainability report and contact our IR and ESG team with any questions or suggestions. To conclude, as already mentioned by Luciano, we are working hard to boost our efficiency and gradually grow in scale and profitability. We are confident that we are on the right track to take the company to a new level of scale and profitability, and I will be available to take your questions in case you have any. Thank you very much. Thank you all. We will now initiate the Q&A session for investors and analysts. In case you have any questions, please press the Raise Hand button. Once your question is answered, you can get out of the queue by clicking that same button again. Our first question comes from Mr. Gustavo Troyano from Itaú. Gustavo, you may proceed. Your microphone is already enabled. Good morning, everyone, and thank you for taking my questions. Luciano and Flavio, I would like to look at three points. The first is related to rice. Given the increase in prices, I would like to hear from you whether it is already possible to see an upside in your fiscal fourth quarter, vis-à-vis the third quarter. What about that dynamic of price transfers? And also, still on rice, how is the inventory performance on the retail side? I mean, we saw that their inventory levels were being reduced throughout the year. So how do you see that inventory performance going forward, I mean, into the fourth quarter? The second point is on sugar. The profitability dynamics has been under pressure, a little bit more under pressure. Can you please tell us whether your contracts with Raízen are helping in that regard, or whether you think that you expect any renegotiation of the contracts? And what is the profitability of the business? Because I think that you were performing a little bit below the expected, you know, numbers. About working capital, Flavio talked about seasonality during his presentation, but do you think that the covenant is a concern for the next quarter, or the release that is expected is enough to bring your leverage level within the covenant levels? Thank you. Good morning, Gustavo, and thank you for your questions. Okay. Rice prices. There was an increase in prices that started in August, September of last year. We reached some record price levels in December. These prices were transferred throughout the months, so we are selling rice at higher prices. I mean, historically speaking, we've never had rice as being sold at the current prices. But I think now, you know, when we see this price peak, the rice gets to the shelves in the fourth quarter, which is a period of seasonality because it's vacation time, the holidays, and retailers, referring to your other question, people were more careful in terms of the, you know, year-end inventory, and now we have the expectation of the February crop season. That's the time of the year when price of rice has come down because of the new crop season. So when we see lower prices, even though, you know, there has been a new year, the retailers are trying to delay their purchases to wait for better prices. I think this price dynamics will start and will persist until the end of February. So putting everything together, we have the sales pace coming down until the end of the period, and certainly we are paying close attention to this dynamic on the part of retailers trying to understand the behavior of the final consumer. There is no particular point of attention up to now, but we are monitoring this very closely. Now, speaking about retailers' inventories, we felt a significant impact at the end of the last quarter of last year. Our first quarter that ends between May and June, that's when we felt greater, you know, more, more aggressive inventory moves. In June and July, things did not really reach historical levels. They continue to operate at lower levels in our main categories. Now, in December, maybe they were a bit more careful, but there is also the issue of the drop in rice prices that is coming, you know, just before the new crop season. About the season, the rice crop season, I mean, planting was delayed. There was also the impact of El Niño with excessive rainfall. If you might recall, in June and July, the industry was concerned with the lack of water, but that issue has been solved. So that delayed planting and rainfall and lower daylight, this will have an impact, but we will only learn more about the impact of these facts at the end of January and February. In our opinion, this will be partially or totally mitigated by higher yields. Therefore, if you think about price levels for next year, we believe that the average price for next year will be higher than what we experienced last year, but with lower volatility. Now, speaking about sugar, profitability is low. The profitability of the third quarter is very much in line with the one that we posted in the second quarter. So at the end of the quarter, in November, international sugar prices were around $26 or $27, and today prices are around $21. As I usually say, we were not experts in sugar, but if this level of 21 persists throughout the year, there may represent a better scenario for us because then our competition dynamics will be better. This will reduce the advantage that our competitors have, and so I believe this will be a better scenario for us. But it's probably too soon to tell whether this is the new price level, but you know, to be honest, I think we are more excited now. As for rice, we have discussed new export agreements. Certainly, this new price level may impact the dynamics. Lower prices, then it's better for our sales volumes and that may lead to a lower need to export. If prices go up again, we may then export. So we are more focused in the domestic market, and we want to resume, you know, competitiveness in this market and to compensate for that throughout the year. In terms of working capital, usually we release a lot of working capital in the fourth quarter, and I think that there are two effects here. Well, working capital release is something that is a fact, it will happen. And when we look at your EBITDA in the period, it is below our expectation for a year-end. So this year, we anticipate a better second quarter for EBITDA when compared to the first half of the year. So the fact that we improve EBITDA and the fact also that there was a cash release in this, in the second half, puts us in a very comfortable position. It means that we will reach the covenant, and as I said in previous calls, this has been a point of attention, but not a point of concern for the company. Thank you, Luciano. It's very, very clear. Our next question comes from Tiago Harduim from Citi. You may proceed, sir. Your microphone is already on. Good morning, Luciano and Flavio, and thank you for taking my questions. I would like to hear from you on certain points. The first point being international volumes and probably focusing more on Uruguay. We understand that now with the reporting of the three quarters, I think we have better visibility of the fourth quarter, given, you know, the crop season. So what do you expect in terms of volumes at the end of the fiscal year? The second point has to do with taxes. I just want to get a better understanding, probably if you could elaborate a bit more about the adjustments. I think it's just a one-off thing, but that BRL 103 million, there was an impact. I just want to get some more light and understand what is behind that rationale. And my last point, and, and probably I would just revisit my, the previous question about working capital, but more focused on the accounts receivable line. We saw an increase in that line this quarter, and I believe there should be a reduction in the fourth quarter. I would just like to understand what's behind that increase that is slightly above normal. Well, thank you, Thiago, for your questions. I think that on the international side, speaking about Uruguay, I'll, I'll just repeat the message from our last conference call. Our model in Uruguay, I mean, we receive 100% of the season in February and March, and we sell that throughout the year. So sometimes we have some stronger quarters in relation to others. But all in all, in terms of, you know, volumes for the year, it happens with the rice that we receive. And with the increase in rice prices also in the international market throughout the third quarter, sales were accelerated. I said before that in August and September, there was a high percentage of rice that was already sold, and it was just a matter of executing all of the shipments. I think 96%-97% of the rice that we have available was sold, and these shipments occur all the way through until the end of February. So our rice inventory there will be slightly below historic levels because of the increase in sales volumes. Now, speaking about the other countries, we have Chile. Chile was recovering its margins, and that process was concluded, so now Chile is back to historical levels. There was a slight recovery in Peru, but the scenario remains very challenging. But gradually, margins have been recovered. I said before that we expected, you know, an improvement in the third quarter, and in fact, that became a fact because margins improved in the third quarter. And we expect that throughout the fourth quarter, this still remains the case, so that recovery has been gradual and also consistent. In Ecuador, we have been operating above average because of the spike in prices, now is returning to the average. So on the international front, things are performing well. Now, I will refer to working capital, and Flavio can also add and also answer about taxes. In our accounts receivable line, the first thing I must say is that there has not been any structural changes. The way and the timeline we are giving to our customers is the same. So what are the two effects that we see in accounts receivable by the end of November, at the end of the quarter? Number one, there was sugar exports that occurred at the end of the month. So at the end of November, we had some amounts to receive. That's why the nominal numbers were higher. There is also a mathematical effect, because as price of rice, which is relevant to us, was increasing and has been increasing, I mean, in September, October, and November, we calculate the index by drawing an average for the quarter. As there was a strong spike, mostly concentrated in November, that snapshot of November had a mathematical effect on the dilution of sales during the quarter. This will be normalized in the fourth quarter, and the mathematical effect will be regularized. But then we also have, you know, inventory movements, you know, getting into, you know, working capital. Our rice inventory level is above average during the period, but that inventory will be fully sold by February. There is the dynamic of the drop in rice prices in the coming months. We also have fish inventories, which were slightly higher, but we are now selling more because of Lent that is coming soon in the fourth quarter. Therefore, we believe that cash release in the fourth quarter will be pretty much in line with what we expect. Just, you know, to reinstate, there has not been any structural changes, or we haven't, you know, extended payment terms for customers, so it is business as usual. I would just like to add one more thing. I think on working capital, and just to reinforce what Luciano just said, there is nothing unusual at the end of the quarter. Our inventory was slightly below, I think, 106 days. But when you look at the fourth quarter, the fourth quarter of 2021, we ended at 76 days, in 2022, 89 days. So there is great seasonality of working capital because of our own business model and structure. But we anticipate that, as it happens every year, there should be a higher cash release, you know, for the end of the year. Now, to answer your question on taxes, what we included this quarter was the recognition of some subsidy revenues from investments related to previous years, especially 2022. Then what happened? I believe that due to the results that we posted, the company was not recognizing 100% of the revenue potential related to the subsidy in the results, because we did not want to generate any negative base. And then, mostly in view of changes in the scenario, in terms of what kind of treatment will be given to that investment subsidy topic, and that was the temporary measure that was then turned into a law that will be enforced this year. And this changes the entire dynamic of how you recognize and post that subsidy. Therefore, we thought it wouldn't make sense to leave that amount on the side, because we understand that until December 31st, 2023, the company was entitled to recognize this amount, and that's what we did in this third quarter. Great. Thank you very much. Our next question comes from Mr. Pedro Fonseca from XP. You may proceed, sir. Your microphone is already on. Good morning, Luciano and Flavio. Thank you for taking my question. I have two questions. The first is related to high turnover. There was a very interesting volume growth. I think it was a record for this third quarter, and this was a challenging moment for sugar and prices increasing almost every single line. I know that you do not specify what is the volume per category, but it would be interesting if you could tell us, I mean, how does this dialogues with market share? How this increase in volume resonates with market share? And the third point, still on market share, but now speaking about a high-value category. In your release, you said that União achieved 4% market share in São Paulo and Rio. Can you please give me some light and tell me how this compares with other players, and how far can you go in that União category? That will be my second question. Thank you. Thank you, Pedro, for your questions. In terms of that high turnover, and now speaking about every single dynamics, rice, we've been maintaining our market share. And again, we've been paying close attention to the new price levels and the performance in the fourth quarter, but there hasn't been any changes. Sales are pretty much in line. Now, regarding sugar, there was a loss of market share because part of our product is been earmarked for exports. So once the scenario that I mentioned before, that is not yet given as certain, but there is a possibility of improving our competitiveness, considering the new price levels, if that materializes, we believe that there will be a recovery of that market share that we lost in the sugar category. In the case of coffee, we have that market share in São Paulo and Rio. The company's ambition is to grow much more than that. I mean, we are now working on the expansion of our plant. When we acquired the plant, it was around 2,000 tons, and throughout the year, we work on the expansion project to increase that number to close to 5,000. Therefore, if we focus on that capacity we have today, we would have 5% market share nationwide. Throughout the second quarter, we launched the vacuum package. We only... Before that, we only had pouch packages, and then after we launched the vacuum packages, we were able to operate in the south and the northeast, two markets where the vacuum packages, you know, sell more than the pouches. Therefore, we believe that in this next coming year, we will be able to evolve our market share. Our plant has, you know, physical space that will allow us to double that plant's capacity, and that depends on, you know, how much we can grow and gain more market share. In the market, I mean, there was a drop in prices throughout the year. We think that everything that had to go down, that is already in the past, and now in January, we're announcing a price increase. That, that's not only us. We see competitors going in the same direction. There will be an increase of almost 10% to be posted in January. Therefore, I think that we are in a very stable level, and little by little, we are gaining more market share. This is a category that we believe that can perform quite well. Thank you, Luciano. That's very clear. Our next question is from Mrs. Laura, Laura Hirata from Santander. You may proceed, ma'am. Your microphone is on. Sra. Laura, pode prosseguir. Seu microfone já está liberado. Mrs. Laura, you may proceed. Good morning, and thank you for taking my question. I would like to talk about some very specific topics. In terms of working capital, this is just a follow-up from previous questions and answers. There was a significant increase on days of accounts receivable when compared to historical numbers. I would just like to have a better understanding. Is there any specific category that was responsible for that increase? A more complex dynamics in cash and carry also affected those numbers, and whether, in the future, this would lead us to believe that the levels will be slightly above historical levels. I would also like to have a better understanding in the high-value categories. I would like to get a better understanding of your pricing strategy. I know that you were able to increase volume significantly, and at the same time, you were able to maintain your prices. So from all of these commodities, I would just like to have a better understanding of what goes on in your minds. And finally, you were very active in the buyback program in the past few months. Now, looking forward, what is your view about, you know, introducing new buyback programs vis-à-vis the current debt position of the company? Laura, thank you for your question. So let me start with working capital. What is different in the balance sheet for this quarter? I mean, you asked us what category contributed to those numbers, and as Luciano mentioned before, rice, in a comparative basis, our inventory is higher than historical levels. And as a company, before that major move of price increases, we positioned ourselves in a different position vis-à-vis the historical levels of the company in comparative basis. Therefore, the rice segment is impacting more working capital when compared to historical levels. Another segment that is also impacting working capital, especially if you run a comparison, is the fish segment. This is a year where you have, in our local coast, there was a large supply of raw material, meaning that the company was able to prepare the product and put it available in our inventory. But on the other hand, this was also a year that, in terms of volumes, there was a lower volume than expected. Therefore, in the fish category, we have a higher working capital exposure when compared to the average. The third factor that is also impacting that snapshot, as Luciano mentioned, was our sugar exports that occurred at the end of the quarter. This increase the nominal value that we have, both in accounts receivable, also in accounts payable. So these were the three main factors that are different when you look at the usual operation of the company. Therefore, when you look at the expectation for the end of the quarter, when you look at rice, we see that release of cash. This is something that always happens because we try to arrive at the end of the quarter, in the beginning of the crop season, with a very small inventory level, and we believe that this will also happen this time. As for fish, sales volume increased, given seasonality that occurs every year. So in the second half of the year, things become more intense because we are approaching Lent and Easter, so retailers buy more, and this is something that should occur again. And finally, the sugar topic, it was a one-off thing that may, it might happen throughout the quarter, but not necessarily at the end of the quarter, in such a way that would affect the snapshot. Laura, just to clarify your question, when you look at it by category, I mean, grain, when I break down high turnover and high volume, cookies, pasta, you know, coffee and fish, we did not increase the sales term in any of the categories. So the terms for the third quarter are the same that were in the second quarter, and this is the same thing that will happen in the fourth quarter. And if you look at sugar exports, this should only represent an increase of 3-4 days in that snapshot. But now, when you look at the mathematical effect of sales that have been increasing in September, October, November, was lower in September, October, higher, November, even higher. But when I look at the average snapshot of November with higher revenues, this will be four to five days. That's why I called it a mathematical effect. Therefore, we are very comfortable because there hasn't been any changes in the dynamics or the sales dynamics in terms of terms. Now, talking about pricing in the high-value category, I mentioned coffee, that there was a drop throughout the year, and there has been an increase now in January. Wheat, we see more stable price levels, so and this impacts both pasta and cookie segments. What we are seeing in the market, and recalling what I said in our last call, as these are newer categories for us, we're being very, very careful with pricing. We cannot operate in these categories like we operate in our grains categories, because with grains, we have new prices every week, but these two categories follow different dynamics. Therefore, we are monitoring the behavior of competitors before we do anything. Last quarter, I said that we would see some one-off actions in terms of price drops for some specific products, but what we noticed throughout the third quarter was a slight drop in prices. This does not reflect the drop, you know, in wheat, but there has been a slight drop in prices in these two categories. Now, in terms of buyback, the plan should be concluded throughout the next month. There were 9 million shares that we did throughout the year, but once the buyback program is concluded, this is a topic to be discussed by the board, and today, the company has no standing in terms of launching or not a new plan. But as you know, the company has been very active in this process in the last 4-5 years. Therefore, this is a topic that the company is constantly looking at. But today, for the moment, we do not have any firm position about that topic. But just to add something about buyback and talking a bit about capital structure in general, the company is very aware of the limitations imposed, considering the current leverage level. There are other topics like, you know, M&As, acquisitions, and CapEx, and investments, and buyback itself also. This is a discussion that also, you know, fits into a different context. We've been very rigorous in terms of capital allocation, given the current context. In terms of buyback, there is an additional thing, that is our current free float that limits the magnitude of a future buyback. The discussion happens at a level of the board because they look at all aspects. They look at capital, liquidity, whether it makes sense or it doesn't make sense, and that is what determines whether we will do another buyback program or not. But considering the current scenario, there are more restrictions this year than we had in previous years. That's very clear. Thank you so much. If you want to ask a question, just press t he Raise Hand icon. Please hold while we collect more questions. As there are no further questions, the Q&A session is now concluded. Thank you very much for joining us, and we wish you a very good day.