Good afternoon, ladies and gentlemen. At this time, we would like to welcome everyone to Cosan's conference call. Today with us we have Mr. Luis Henrique Guimarães, Cosan CEO, Mr. Ricardo Mussa, Raízen CEO, Ms. Paula Kovarsky, Head of IR and ESG, and Mr. Phillipe Casale, IR Executive Manager. We would like to inform you that this event is being recorded, and all participants will be in listen-only mode during the company's presentation. After that, there will be a question and answer session for industry analysts. At that time, further instructions will be given. Should any participant need assistance during this call, please press star zero to reach the operator. Today, we have a simultaneous webcast that may be accessed through the website ri.cosan.com.br. The slide presentation may be downloaded from that website as well. There will be a replay facility for this call on the website for a week. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Cosan management and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand the general economic conditions, industry conditions, and other operating factors could also affect the future results of Cosan and could cause results to differ materially from those expressed in such forward-looking statements. Now, I'll turn the conference over to Mr. Phillipe Casale, who will begin the presentation. Mr. Phillipe Casale, you may begin your conference. Hi, everyone. Thank you for joining us in this conference call where we going to have the opportunity here to explain about the acquisition of Biosev that we just announced this morning. We have today with us here, Luis Henrique Guimarães, Cosan CEO, Ricardo Mussa, CEO of Raízen, and Paula Kovarsky, Head of IR and ESG. I'll pass through the word here to Luis, before Mussa to explain about the transaction. Hi, everyone. Good afternoon. Good to have you on this call. Over the last couple of weeks, we have been talking to the market about some of the movements we are doing in the companies on the group Cosan manages, specifically on Gaspetro, refinery bids, as well as Biosev. Today we're going to update on Biosev, but before passing to Mussa, I would just to give a couple of points to reinforce what we discussed in our calls regarding the capital discipline, and that all these transactions would only happen if they had the structure that would allow us to have optimization as well as being on a price that we consider to be accretive to the overall portfolio. This is why a lot of these transactions would take time, and have been take time and energy from the team in order to arrive at this point, and we only would do that if this would happen. This is the case where over the last few days, Mussa and the team have been able to arrive on a deal that we consider to be accretive to the company. He will explain that. Regarding refiners, you have seen today the announcement of Petrobras that one of the refiners has been cancel the process because the price have not achieved the minimum price. I think, again, this is what we've been talking to you and to the market related to our discipline. We'll be prepared to engage in new processes if they come, again, this won't happen in our side, the transaction, if it will be at the right price with the right structure. The message should be very clear that all this business will be done with the usual financial discipline and capital allocation discipline that Cosan has demonstrated over the last decades. With that, I will pass to Mussa that's going to talk about transaction. At the end, we'll be here to the Q&A. Marcelo is also with us, has joined us, Marcelo Martins is also with us. Marcelo, myself and Mussa and Paula and Phillipe will be available for the questions after Mussa explain the details of the transaction and the value we see coming from this deal. Mussa. Thank you, Luis. I think we prepare here a very brief presentation. You should be seeing a line, just to talk about why we are doing this transaction. I'm going to go to a brief recap. First of all, why sugarcane, and then why Raízen is investing in sugarcane, then we'll talk about Biosev and go into the details of the transaction, okay? If you go to the first slide, you can show that why we're investing in sugarcane. Sugarcane is one of the, if not the best plant to convert solar energy into biomass. This you can see on the slide here. That's the amount of sugarcane we get, or tonnage of biomass per hectare. You compare sugarcane with corn, for instance, if you have eight times more biomass per hectare. I know this is a very simple statement. In the sugarcane area, we are not even reaching the potential of the plant. This is a plant that has a great potential to grow and deliver even more. When we look into the plant, we think it's the right plant. Brazil is the right place, and also the right time to invest in bioenergy, and Raízen's the right company. I mean, that's the congregation what we have, the right time, the right plant, at the right place, in the right country, right? More than that, if you take the portfolio that we are getting from sugarcane, it has been changing a lot. In the past, we only talked about sugar and ethanol. Now we are talking about biogas, we are talking second-generation ethanol, pellets, chemicals. Especially in the past 12 months, with the pandemic, we have seen the approach of the market for these type of products increase a lot, the demand. The premium that we are getting, are getting higher, and we are seeing a fantastic future for that. We still call that biorefineries. We see our place as positioning into biorefineries, that a place that you can get very different types of product from the sugarcane itself. That's the reasons behind why selecting sugarcane in this scenario. If you go to the next slide, why we are even investing in sugarcane. We see the sector trends, we see the evolution of the portfolio, and we do have a business model that is quite unique. We are the only company that is fully integrated. We have a production of, we lease the land, we produce our own sugarcane, we have the mills, we have distribution of fuels, we have the logistics, we have trading capabilities that we can commercialize our products globally. We have shareholders that have global reach to deliver our products. We see the potential of the trends that we can be an integrated green energy ecosystem. That's what we see. We see the Raízen model to be quite unique in this market. We only see the increase of how much dollars you get per ton, it's only increasing over time. This has happened over the past year, we don't see this trend changing over time. On the next slide, the sector trends, we show a little bit of what I'm talking about here. Biomass, we are seeing new applications of the biomass. The biogas is one of them. I talk to the guys and show how much we are getting a waste, that the vinasse, we are producing 50% more electricity without needing to produce one single ton of sugarcane or increasing one single hectare of land. With the second-generation ethanol, we can get 50% more production of ethanol with exactly the same amount of acreage, the same area. Those things show the potential of getting more efficiency into the sugarcane value chain. If you take I highlighted here, one example is Bonsucro. People ask me about how this is evolving. Bonsucro has been a certificate that we invested of qualifying our supply chain over the past, I would say nine years. If you think four years ago, we didn't let us with huge margins or additional premium. It was unbelievable what happened on the past year of how much premium we are getting for having a sustainable supply chain. In the past two years, we more than multiply by 15 times the value of the Bonsucro certificates in our portfolio. That's an example how the market is changing and starting to pay a premium for sustainable product. This, again, has been a very important piece of our strategy. Of course, our productivity, as I mentioned before, we are on a turnaround of the company of increasing productivity. We see the potential of that. It doesn't require much investment, to be honest. People sometimes will make the relation about we need to invest a lot to get much higher productivity. We have seen, especially the past two years, that hasn't been the case. We are improving a lot our productivity gains with just management skills and doing the right thing. On the sugar side, something that we've been talking a lot is how we are exploring more the value chain. I'll give a great example inside Raízen. That on the ethanol side, 100% of ethanol we sell to the final customer. We do 100% of the logistics. We have our own tanks. On sugar, on the other hand, if take three years ago, that was not the case. We are not exploring the value chain of sugar the way we should, and we are evolving on that. We are getting huge volume already that we are delivering to final clients like Coca-Cola, to Unilever, to other big corporations, not only in Brazil, but outside Brazil, and we are moving into the value chain of sugar. This has a great potential to increase margins overall by doing a better commercialization, the same way we did with the ethanol side. Okay. Of course, RenovaBio is something that it started in the last year. It was a success, the program, and we are excited to see the future of that. We see that reducing the volatility of the ethanol market, and having a huge impact on sugar prices moving ahead, because Brazil will no longer be the cushion of the sugar market. Every time that the sugar price goes up, Brazil goes and produce more. With the RenovaBio, what we will see is that when sugar price goes up in the future, the RenovaBio, the CBIO price will go up, and Brazil will keep producing ethanol, so sugar prices will have to reach different levels so Brazil can support the global demand. This will create a lot of value to our system. The next slide here is just to show the products, something that we talk about briefly here. I'm going to focus more on E2G biogas. Those are products that we recently came into a point that we are ready to go. We are ready to really boost the sales production of those products with very good results. Demand is there. I'll give the example of biogas. The electricity that we produce with biogas has 100% discount on the transmission line in Brazil. It's a huge premium of almost BRL 100 per MW compared to other ones. This is just the beginning. We did the largest plant of South America last year, and now we have plans to increase that. Ethanol, second generation, it's something also that we sold our production last crop season in 10 days for the entire year. We see the demand is getting stronger and stronger. We have big plans for the second-generation ethanol moving ahead. If you go to the final slide here before going to the Biosev transaction itself, we are talking about the commercialization. That has been one of the things that we want to explain more to the investor, what we're doing. We do have a unique business model. To be integrated from production into distribution gives us much more leverage of understanding the market trends, positioning ourselves better, getting always the arbitrage. Providing to our clients something unique that is service. We can handle all the logistics. We have tanks that today we import diesel, the same tanks we are exporting ethanol. This gives us much more flexibility to have lower costs and also achieve the demand side. If Brazil needs to import ethanol, we can be there. If we need to export ethanol, we can be there. The same thing, we expanded our storage of sugar. We can get better prices. We can offer to our clients more secure supply to deliver the sugar any time that they want. This is all guaranteeing that we will have a much better pricing at the end of the day, much better margins for our products, and moving away from commodities and getting more premium for our products. I've given one good example. It's how our performance against No. 11 on Sugar. Just to show that once you are an integrated company and knows what's happening on the sugar and ethanol market, you can be much more accurate on deciding when to hedge our prices. We are doing a very good job. Even now that we are seeing a soft commodity trend of price going up, we are keeping a discipline and knowing exactly how to do that, not only with sugar, but also with ethanol. This, again, is the business model. Why Biosev? This is a deal that we've been talking about for quite some time inside the company. There is a strategic fit. We see what the potential of what we can do with our biomass. We are just seeing that we are at the beginning of this new scenario that we can explore more of our biomass going to second-generation ethanol, going to chemicals. Getting Biosev in makes sense. We see also the ethanol ecosystem that we can generate a lot of value, even on the logistics by getting their plants and getting our footprint on ethanol. On the value chain itself, having more volume coming from Biosev to go to our final clients is also very important. They have also a very high-grade type of products. They have the high quality. Some of our clients today that we are not able to meet all their demand, now with Biosev we can. We see an upside of getting the renewable products for Biosev inside Raízen. The quality of the asset. The market, I think, has been at least how aware the market has been with the turnaround that Biosev did over the past years. We were really impressed when we were out there looking to the due diligence process of their assets, their sugarcane fields, their mills, very high quality. They are located in regions that has a high potential for production, high productivity rates, low risk of climate, and their mills on average are higher or bigger than ours, so they have a lower cost compared to us on the potential for what they can reach. They have much more flexibility. They have invested more in the past on flexibility to produce sugar and ethanol, the sugar mix and ethanol mix. For instance, they can go 65% ethanol. We can only go 55%. It's good, too, when you have this flexibility. Of course, we are going to get major synergies on our SG&A. We are going to have major synergies on buying the feedstocks, on the logistics side. We are seeing these synergies to be over BRL 6 billion in 10 years. That's the NPV of the synergy that we've calculated. Of course, when you see that relative valuation that Biosev is coming in, we have been very disciplined on selecting the deals. That has been the case for Biosev. It's a very high-quality asset at the right price, at the right moment, and we are very confident that we are going to deliver the synergies and create an even stronger company. Finally, the transaction itself, before going to the Q&A. You can see that we have 26 mills. They have nine. Eight operational mills. We have 23 operational mills. We are going to get a crushing capacity over 105 million. We are going to crush, if take this past year, we're talking about almost 90 million, a little bit less than that. Big production of ethanol, big production of sugar. They have still potential to grow their power generation compared to us. We did a better job, I think, on getting the electricity from the biomass, but that's upside from that. You can see the CapEx, that's very similar on the side. We don't see much risk on the antitrust. Even though we are going to be very large, it's still around 15% of the Center-South crushing. On the renewable side, it fits the portfolio that we have and the financial strength, that's going to be a very key element of synergies. Because today, Biosev has a very large debt. I think they are doing a good job on the operational side, but they have to deal with a huge debt structure, and this is going to be one of the main synergies when we reduce that debt. Biosev will become a much higher cash generation. On the final slide, those are the highlights of the transaction. We are talking about, we have a 3.5% stake that they are going to own the final company, plus 1.49%, 1.5%. The idea of that was creating, if there is no liquidity event on Raízen, they will be entitled to additional dividends. The way when we negotiated with Biosev was, okay, they are seeking for liquidity, but unless we give that liquidity to any liquidity event, until then, they will have additional dividends flow coming to that. That is why we have this 1.499%, that is 1.5%. Equity really is 3.5%. This is all non-voting. We try to not to mess with already the control structure between Cosan and Shell, so we remain exactly the same. There is no voting right. They have the dividend flow in a different form. There is going to be a BRL 3.6 million cash disbursement as soon as this transaction is concluded. Why BRL 3.6 million? Again, the reason behind that was looking to the leverage. We are looking to the last year EBITDA of Biosev at BRL 1.8 billion. We said we wanted to have a company inside Raízen that would not impact the leverage of the company. That is why we reached this number. We are getting the company without any debt, and we are going to put BRL 3.6 million, give that to Biosev. Billion, sorry. This is how the transaction is structured. Other things for you to take into account, there is an earn-out structure. The earn-out structure is depending on sugar and ethanol prices. If sugar and ethanol prices are higher in the next years, we grant Biosev, or EBITDA, the remaining shareholders, the potential share of that, up to a cap of BRL 350 million. What's the rationale behind that? Is that at the time that we were doing the transaction, prices were moving up, and instead of changing the price that we have already agreed upon, we said if price of sugar and ethanol remains high in the next years, and we do not have any liquidity event, they will be granted additional money. If you look into my perspective, I would love to pay this earn-out because it means that the prices are much higher than we expect. This is a positive thing in the end of the day. These earn-out similar to the redeemable shares, they stop to exist if there is any liquidity event, okay. There is also a call option and a put option. The call option here, we have the option to buy them out on year 6 and a half. If we do not exercise that option, they have the put option against us with a 20% discount against market value on year nine and a half. Of course, if there is a liquidity event, all these put and call options cease to exist, okay. Of course, there is some conditions precedent and antitrust. We have to approve that with CADE. This is already in place, already moving forward. There is also they need to finalize their restructure of the debt and all the minority shareholders' issue that Biosev probably going to talk to the investors on the end of the week. That's what we have right now to share with you guys. Very excited about the transaction. Let's go into the Q&A and open for questions. Ladies and gentlemen, we will now initiate the question and answer section. Our first question is coming from Isabella Simonato of Bank of America. Isabella, your line is open. You may proceed. Thank you. Good afternoon, everyone. Congratulations on the deal. Mussa, if you could explore a little bit the synergies, eventually break them down between what you see in terms of operational or commercial synergies, because I understand a great part of it eventually might come from the pricing and commercialization strategy, right? If you could explore a little bit that BRL 6 billion, it could be quite helpful. When we think of further investments down the road, right, and the quality of the asset that you said was quite impressive to you. If you think about CapEx on a per ton basis or any other metric compared to Raízen, what can we anticipate going forward? Do you think we can see an increase, at least for the very short term or no, CapEx could remain in line with what we're seeing for Raízen at this point? Just two topics. Thank you. No, thank you, Isabella. Very good questions. The first one, the synergies, that's not very difficult to share. Of course, on the commercial side, we cannot talk much, but there are synergies there, of course. One of the biggest ones, if you look the finance side, they have a huge debt of almost BRL 8 billion, BRL 7.6 billion, I think, if I'm not wrong, with a very high debt rate. If inside Raízen, we are going to have, of course, a much lower debt. Give an example. If you take Biosev as a standalone operation, they would have a BRL 3.6 billion of debt compared to BRL 7.7 billion. They have an average cost of debt is almost 9% in U.S. dollars terms per year. We are going to have less than half of that. On the financial side alone, we are talking about almost BRL 400 million-BRL 500 million a year on upside on that. If you take the operational side, we can easily reach, if you take SG&A and acquiring the feedstocks that we have above BRL 200 million-BRL 300 million alone. That's when you go into the safe side. We're not very aggressive on that and just very simple math to reach that. You can see on that sense. We're not putting here, for instance, reduction on sugarcane acquisition. We are not putting that in our synergy. Much more operational someone. I'll give another good example, Isabella. If you take the past three years, because of covenants and the financial structure, a lot of times Biosev was not doing the right decision on starting the crop. They were anticipating the start of the crop because they needed the cash to conclude the year. Now, with a new capital structure, you don't need to make those decisions. You make the right decision, and you can start the crop at the right time. This, what we call also synergy, because we have more than. That's an example. If you take a very simple math about not starting the crop early March and starting a crop beginning of April, this already delivers BRL 40 million of synergies, only on the Biosev operation. If take how much money we're spending on leasing machines and we compare to them, that's another way to get additional BRL 30 million. We have done a very detailed map of where we're going to get that. That's why we're very, I would say, confident on those numbers, and that's very easy to get into. To your second question, if you talk to me two years ago, I had the same perception. Of course, Biosev was going through a struggling a little bit on their financials. That was our perception. When you see what we found, they are doing a turnaround for the past three years, quite impressive turnaround. They are located in regions where the conditions for them are better on average. If you take to the region of Ribeirão Preto, great land. If you look into the numbers that they are getting on productivity today, it's impressive even to compare to our numbers. We don't see a big investment that need to be done. If you compare to other acquisitions like Tonon, being very blunt and very straightforward. Tonon was an acquisition that we did on a company that was in bankruptcy, Chapter 11. We couldn't start the operation on the right timing, and it had no control. Now we're talking about a company that is up and running. It's moving on the right direction. They have a great team of people inside the company. We intend to keep that great team on the agricultural side, on the industrial side. We are going to do this on the right way. We are not going to do a transaction that's going to be in the middle of the crop. It's going to be at the beginning of the crop. We found a structure to protect everything that they have done and to protect the investment that they have been doing right now. The numbers are really good. The conditions of the new results were very impressive compared to us. There are potentials to make investments, for instance, to produce more specialties. I anticipate increasing some CapEx, but very short-term returns. Produce specialties on ethanol that give sometimes one year return. It's something now that we can do, and Biosev was not doing because of lack of capital that they had. I do see increase, nothing major compared to what we already have in Raízen. That is not something that will require a huge amount of capital to put their system in place. On the contrary, they do have a great operation and a turnaround moving on. It's very clear. Thank you. Our next question is coming from Thiago Duarte of BTG Pactual. Thiago, you may proceed. Your line is open. Hello, everybody. Hello, Luis, Mussa, Paula, Phillipe. Thanks for the call. I have two questions, actually. The first one, you already mentioned, that you're not transferring the debt from Biosev into Raízen. There's going to be a corporate restructuring on the Biosev side, and so on. Can you detail a little bit more on the other assets and liabilities that may or may not be transferred to Raízen? I'm particularly keen to hear about accumulated fiscal losses, provisions, or any other liability that we can find when you go through Biosev's financial statements. If you could comment a little bit on those, it would be interesting. Also, on the asset side, you mentioned that you're not going to be taking the terminal, right, TEAG and Cristal S.A.. Can you give us a sense of the contribution that these assets have in terms of EBITDA, for instance, just so you can clean up the reports, the financial statements from Biosev? That would be interesting. That'll be the first question. The second question, I remember, I think last year, during the Cosan Day, you guys, and especially you, Mussa, you sort of started stating by, okay, there's part of the job that needed to be done in terms of improving cane availability at Raízen that wasn't done. So that you guys said that you will be investing in improving sugarcane productivity. We will see a higher CapEx as a result of that, and so on and so forth. When we look at Biosev, in many ways, it looks like somehow the same challenges apply, right? In terms of sugarcane productivity, sugarcane availability, and so on. Mussa, you mentioned in the previous question that there's a little bit of a CapEx, but there are some very encouraging signs of improvement and synergy, and so on. Can you provide us with, let's say, a number, like how much CapEx you would expect to invest so you can take productivity for the whole new company into higher levels? In many ways, it looks like you're doubling down on a challenge that was already present, right? It would be nice to hear your thoughts on that as well. Thank you. Thiago, let's start with your first questions. The other assets, they're coming together with the company, so they have an NOL. If I'm not wrong, it's almost BRL 10 billion of non-operating losses coming. This can be a potential asset for us to use in the future. It's coming, together with the company of the acquisition. The only thing that is not coming is their current debt. The second question about the contribution of Cristal S.A. the TEAG, it was not part of the deal. We do have, in fact, a contract, a long-term contract with the TEAG to support the growth. It was part of our strategy of not going after these assets, because we already have a great logistics. We already have in place what we need. What we did with them was securing the TEAG deal. If you look into the numbers, how much TEAG generates on EBITDA, I would say roughly BRL 30 million would be a good number. If you want to do a math of excluding that, I think that was your question, that's the number. Your final question about the challenges, that's I think one of the best questions. I'm very confident of what we did in Raízen over the past two years. We are already on a different level. We are going to see the results that we are getting are really impressive of how we are moving on the right direction. We will never be doing this transaction if we did not have the confidence of where we are. I think that's something, Thiago, that's one of the key elements for me, is to guarantee that this will not derail what Raízen is doing. On the other hand, it's only going to enhance, talking to the team of Biosev, talking to the group of people that is there on the agricultural side. If you give my two minutes thought on this. I think on the agricultural side, I would say they are a little bit ahead on their turnaround compared to us. We are going to even benefit from Biosev on the agricultural side. On the industrial side, on the other hand, I think we are a little bit ahead of where they are, and that's the beauty of this transaction. It's keeping the people, keeping the employees there to make sure that we deliver the synergies. One of the synergies is sharing best practice that both companies have. Again, we do have very high level confidence that we are already on the more than halfway go through the turnaround of the Raízen productivity. These, I can give you numbers. Of course, we are still on the silent period. On the next Cosan Day, I can share with you, Thiago, how this has been evolving. We do our math comparing first harvesting, the first harvest of sugarcane, with our suppliers, for instance. If you take in the past, we were really below our suppliers on productivity. If you take the first crop, what we planted two years ago, this year, what we harvest was already in line with our suppliers. This means that we fixed. Of course, this is going to take some time to appear in our P&L. The numbers are already showing improvement, already showing that we're going to be there. I have no, just on your specific question, we cannot share the projections right now. We are on the silent period about that. On the right timing, we are going to share that, Thiago. Thank you, Mussa. Our next question comes from Luiz Carvalho of UBS BB. Luiz, your line is open. You may proceed. Thanks, everyone. Would like to, taking the opportunity that Marcelo and Luiz are here as well. On the IPO plan, how do you say this transaction will change or reinforce this path? I understand that, of course, the IPO is not changing at all, would the transaction accelerate? Would you wait, for example, for the CADE approval in order to maybe pursue the IPO? There's no correlation about it? That's the first one. The second one, it's about the buyback, would like to try to understand a bit better on, if you would say the transaction changes anything on this front. The buyback that you announced on Friday, I would like to hear your thoughts in terms of the strategy on this front as well. Thank you. Thank you, Luiz. A quick answer. Doesn't change anything on both. We will continue to pursue our plan. There's no impact on that. Okay. Thank you. Our next question comes from Andre Hachem of Itaú. Andre, your line is open. You may proceed. Hi, guys. Thank you for taking my questions. I basically have two questions here. Firstly, congratulations on the M&A. Two questions on my side. Looking at this from the sustainable angle, we're seeing a lot of demand for green bonds. You just mentioned that there's the reprofiling of Biosev debt. What do you see the room for a green bond emissions? What is your, let's say, your schedule in terms of re-leveraging the company? My second question is in regards to the RenovaBio program, CBIOs. Could you comment on how Biosev stacks up to Raízen current emissions and how you see the development of this market? Thanks. Thank you, Andre. The first one, we already, of course, for the disbursement of the cash is going to be done when all the conditions precedence are done, and we already fixed that. We already have this arranged and negotiated. It's not going to be a green bond. Paula can even answer a little bit more about that. All the capital structure for this transaction is already aligned and in place as soon as we have the green light to conclude the transaction. The second question was the RenovaBio. I think Biosev, they have the quality of their assets, and their value chain or their supply chain, it's similar to us. We do have more certificates of Bonsucro than they do. In our due diligence, it's easy to reach very similar levels. They are going to improve our production of CBIOs. It's going to be very, very similar to what we have today on Raízen production side. We are more focused on export than they are. That's the only difference. Here, Andre, for me, the great point is that there is very small investments to go into specialties on the ethanol in particular, that we do have a great client base that's going to deliver a high return. We're talking about one year payback return investments in Biosev that we can then do for that. These also correlate to CBIO, the production, of course. These all reduce the carbon footprint and increase the value of CBIOs. If you need to do some math on your side, you can do very similar CBIOs production compared to Raízen. We do have a little bit better than them. Very is marginal, okay? It can be the same. Perfect. Thank you very much. Yeah, maybe quickly to the point of the green bond. I think one important comment about Raízen and the way we're dealing with the whole agenda there is that, if it is a green bond or a transition bond or whatever source of financing, I think the most important thing is to make sure the metrics are clear. This is something that Raízen is doing a very good job in. We mentioned the Bonsucro in the presentation, so this is something that is there, and there's a framework, and there's a roadmap for us to be in the utmost sustainable way of producing the sugarcane and therefore the sugar and the ethanol. Also, there's targets related to the carbon footprint. There's targets related to water. I think we're very prepared to leverage on increasing liquidity for renewables related or cleaner energy related sources of funding. I think it's more important to think about it from the standpoint of how much Raízen has in terms of a framework to get there and how much more we can do by enlarging the portfolio of cleaner products. Thank you. Very clear. Again, congratulations on the deal. Our next question is coming from Lucas Ferreira of JP Morgan. Lucas, your line is open. You may proceed. Hi, good afternoon, everybody. Thanks for the opportunity. My first question is a follow-up on the accumulated losses, which amount to almost BRL 8 billion at Biosev. Is this included in potential tax benefits that where do you guys want to be, let's say, in the sugar national business, I would say 10- 15 years from here? The model that you guys used to do this transaction, correct me if I'm wrong, but it's very replicable. I can think about other companies that have high leverage, would love to have Raízen shares and more liquidity, et cetera. Do you guys also think that this could be a model for future growth for Raízen, or you think you're good with the size of BRL 105 million? How to think about future growth and future in Raízen initiative, put it this way. Thank you. Okay, good question. The first one, the NOL, it's not in our synergies number, it's not there. We took a very cautious approach, but we have to analyze how to utilize that. Again, it's coming with the acquisition, but it's not in the numbers that we presented. The second question on replicable model. First of all, it's a major acquisition for us, it's not the time to talk about new acquisitions or anything like that. I think the beauty of that model was something that we are protecting the leverage of the company, being very disciplined on capital allocation, and only doing things that make sense financially and strategically. I think that's the answer. Really, it's a very sizable transaction. We have to focus into that before talking of anything going further, okay? I think that's a short answer. Thanks, Mussa. Our next question is coming from Regis Cardoso of Credit Suisse. Hi, guys. Mussa, Luis, Paula, Phillipe, thanks for hosting the call and taking the questions. I have a few follow-ups. First one on the assets you are acquiring and the working capital. Two questions. First, what price adjustments are there? Meaning, are you buying their balance sheet as it was at any specific date? Any changes in the working capital throughout the harvest will become adjustments to the price, or how should I think about price adjustments related to working capital? Because we know that it is quite important in the sugar national, the business grouping, the harvest. Still related to the working capital, I believe Biosev had significant payables with related parties, with trades related to sort of presales of their volumes. I want to understand if that structure still exists, if you treat this as debt, or is this just part of the payables. There you are getting together with the company the way it is. This is related to working capital. If I may, just a little more related to the synergies you commented on the NPV. I wanted to understand if you could maybe break down those synergies in sort of categories. I'm not sure if it's more part of the investments on increasing the prices because you then sell to industrial clients, or if it's the investments to improve the agricultural yields, or if the synergies are overhead costs. I believe you already commented it's not related to your accumulated losses or goodwill. If you could maybe break between those categories and talk about the timing. That BRL 10 billion in value, is it most front-loaded? Is it more down the road in terms of timing? Maybe just a real quick one, in terms of governance, will the structure would remain in place after, if there is a liquidity event or if you convert to global itself? Let's see. It's a lot of questions, Regis. Let me try to answer one by one. On the working capital, what we're doing is, of course, there's going to be price adjustments on the closing, and it's a normalized working capital for the past three years. What we did for both companies, we looked what the historical working capital they have been going initiating the crop for both sides, and we agreed on a formula to do that. We will, of course, once we start this new venture, we are going to improve the working capital lines. The short answer here, it's what has been over the past three years, the normalized working capital, okay? There is zero intercompany transactions coming with this, so there is no related party with LDC. Drex is all out, so we are not assuming any of that. We are buying a company without any related party transactions with LDC. Of course, they are a trading company of sugar. We do have relationship with them, all commercial relationship, but nothing here that is related to the deal. On the synergy side, the same thing I answered to Isabella. We cannot share all the numbers yet. We're on the silent period even for Biosev. If you take the big numbers, you can see the finance side. They have a huge debt of a very high cost. Just reducing that generates more than BRL 400 million, BRL 500 million, depends on how you see that a year on benefit for the company. There is a lot of operational synergies, G&A synergies, because we have a service center. They do have a service center. Overlaps, there is going to always have on both workings. To be honest, they already did a good job on streamlining their costs. That's good. There is always synergy on the operational side. Commercial synergy that I cannot talk much, that's a huge one. As I was explaining customers that today we don't have some sort of products or volumes that they can supply to us, are going to have on the liquid sugar, especially on ethanol like neutral, that one mill that we can invest BRL 20 million, we can put a new neutral plant. Those commercial things are very exciting. That's what my team was reading too. I don't have the numbers, or I cannot share the numbers yet line by line. I think that's it, right? Any final questions? I think that that was all right, Regis, or you had any questions. Did I reply to all? Just the final one on the governance of the non-voting shares and the liquidity event, whether it will be moving its current. Okay. It's not applicable because the debts are going to be restructured on Biosev side. It's a condition precedent that the company is transferred to us without any debt. This is a condition precedent. They are going to renegotiate that with their creditors, and they are going to give us the company clean. If we're talking shares for Raízen. Sorry, I think I wasn't clear. If Raízen would have non-voting shares whenever they come to the market, or if Raízen would do some IPO. No. Of course, I cannot comment on future Novo Mercado IPO. There, it's a non-voting share. They have zero rights when it comes to voting. Of course, they are my non-shareholders. That's the way we structure that. It's a preferred share, right? When it comes this, it comes a time of liquidity event, then it's a different discussion. The way we structure this deal, it's a non-voting shares, but of course, they have the protection of a minority shareholder, how it should be. Okay. Very clear. Thank you. I would like to remind you that to ask a question, you just have to dial star one. Our next question comes from Rodrigo Almeida of Santander. Rodrigo, your line is open. You may proceed. Hi, Luis. Hi, Luis, Paula, and Phillipe. Thank you for holding this call. I have a couple questions here from our side, basically. The first one is, I want to understand a little bit better how much exposure, more or less, do you expect to have from these non-commoditized products in the future? Meaning those products that are not sugar and regular ethanol. I think it'd be great maybe to have some color just to see how the operation's going to be looking like in the coming years. The second question is what can we expect, of the combined company going forward in terms of operations? Meaning, could we expect any of the mills to be shut down in order to optimize the operations or are there any plans to reduce crushing to optimize the sugarcane, own sugarcane? Just wanted to get some color on this side as well. It may be helpful. Thank you. Good questions. On the first one, the other products, right, where you call specialties. It has been a mantra inside Raízen. Of course, for commercial reasons, we cannot share exactly those numbers. Today, it's already a large share. On the ethanol side, it's already the majority of what we sell, already specialties, that's the path. When we see the Biosev portfolio, there is a huge potential to move exactly into the direction what Raízen did. When I call special products, you have to do all the way. You have to have the tanks, have the logistics, deliver to our client on the final destination, guarantee the quality, and that has been our strength all over when we combine the operation of Shell, Exxon, and Cosan in the past. This is a no-brainer. We're going to speed this process inside Biosev, but I cannot share today for commercial purposes how much it is today. What you can have is that it's more than, it's the majority of our ethanol, is not the majority of ethanol of Biosev, and on sugar, we are still on the early stages, but moving quickly into that direction. The second question, what we expect, if you're looking today on the shutting down the mills, no, we don't see that happening. I think that we hibernated some mills. We don't know if we're going to reopen them yet because depend on market conditions. If market goes into our direction and productivity also, there is this potential. Today, we are not seeing any mills being shut down, having synergies on that sense, okay? On the crushing, what I must say, they have a different type of operation on the agricultural side. I think we have something to learn with them on the agriculture, and we do have a lot to teach Biosev on the industrial side. That's how I see that happening today. It's a good benchmark, all over, all the benchmark on the commercial team, the SG&A, but especially industrial team and agricultural team. That's the beauty of having this. When we had the transactions in the past, bringing Shell, bringing Cosan, bringing Exxon, the people were the key element, and that are not going to be different this time with Biosev. Okay. Thank you. Thank you. Very clear, congratulations on the new transaction. This concludes the question and answer section. At this time, I would like to turn the floor back to Mr. Luis Henrique for any closing remarks. No, thanks, and thanks, everyone, for attending this conference. This was an important movement from Raízen. As you know, the team has been working very hard on these last few weeks and months. We're now ready for execution, ready for the points that need to be taken, as Mussa has taken, about CADE approval and the precedent conditions, but preparing a strong integration plan so we can sure we can deliver the promise on the synergies. The name of the game on this bid is about efficiency. It is about differentiation on product portfolio and evolution of our business model. We are, as shareholders of the company, very excited about what the management has done and very confident that the integration of the strong team coming from Biosev will be even better for the next crops to come. Thanks a lot, and we keep you guys posted on the progress of these and the other things we are working on. Have a good afternoon. Thank you. This concludes today's presentation. You may disconnect your line at this time, and have a nice day.