Good day, ladies and gentlemen. Welcome to Dexco's conference call, where we will discuss our earnings for the fourth quarter of 2023. This conference call is being recorded, and this recording may be seen on the company's website, ri.dex.co. This presentation is also available for download. This call is also being recorded in English. Click on the globe icon on the lower bar of your screen and select English. And then select mute original audio. Participants will be in listen-only mode during the company's presentation, and then we'll begin the questions and answer session, when further instructions will be given. I would also like to say that prospective statements are based on the company's assumptions, based on currently available information. They may involve risks and uncertainties as they refer to future events and depend on circumstances that may or may not come to pass. Investors and analysts should understand that events related to macroeconomic factors and others might make these results differ materially from those expressed in these forward-looking statements. We have with us in the company, the executive directors and the investor relations team. I will now pass it over to Francisco Semeraro, who will begin the presentation. Go ahead, Mr. Francisco. Hello, everyone. Welcome, and thank you for listening to this earnings call. It's a pleasure to be here with you. Before we begin, I'd just like to say that our CEO, Antonio Joaquim, will be participating remotely as he is in Brussels with a foreign delegation. So we'll begin with information on 2023, a recap of how it was for Dexco and for our economy. The construction material industry is in difficult situation. We still have high interest rates, and the company's markets have distinctly not recovered after years of growth. So this requires adaptations from Dexco. We started reorganizing our executive committee with internal talents. In the second quarter, still in a sensitive moment, we revised the 2021-2025 cycle, and we reduced our investments from BRL 2.1 billion to BRL 1.8 billion. This decision maintains our foundation of improving mix, improving assets, and investing in the industry. They will provide better profitability for the next years. Even in a challenging moment, we reinforced our long-term commitments. The third quarter was marked by our go-live for the ERP system, another strong step for our digitalization, and that ensures higher agility and data precision for decision-making. Parallel to all of these [audio distortion]. Decisions, we were diligent in working capital management and reduction in leverage. In the fourth quarter, we saw an improvement in wood division. as wood prices went up, forestry businesses were essential for the company's general performance, given the overall economic context. Finishings divisions is requiring the company to make tough decisions, such as reviewing its plants and downtime in plants to review inventory. We also made improvements in the company's productivity curve and changed price points, which impacted our results, but which are important so that we can regain market share and productivity on the medium and long term. Pulp has finished its first year with advances in its productivity curve. Continuing with slide number four. In this slide, we confirm how our gross margin was recomposed. Excluding the accounting effects of depreciation in our biological assets, as well as amortization, there were operational gains, which allowed us to face a challenging moment in the market and in the finishings department. Continuing with the next slide. Since the wood panels market is consistent, advances in market share and a forestry businesses favored wood division. so we concluded the cycle with a record recurring net revenue and adjusted and recurring EBITDA of BRL 404 million, 10% above the same period of 2022. However, this gradual improvement in the year was not enough to offset the adverse market scenario and the impacts from structuring activities finishings divisions. so we finished with an adjusted and recurring EBITDA of BRL 1.3 billion, which is lower than last year. Pulp reported a recurring EBITDA of BRL 321 million for the quarter and BRL 603 million for the year. Our pro forma result was BRL 2 billion for 2023. Looking at cash generation or cash flow on slide 6. With the leverage that we presented in the previous quarter, we dedicated our efforts to improve working capital for 2023 in the fourth quarter, especially reducing inventory and with temporary downtimes finishings divisions. we also continued rationing CapEx, and that led to the generation of BRL 363 million in the year. These initiatives reduced our working capital versus net revenue by 12%, disregarding non-recurring events. Looking at projects, we spent about BRL 693 million in our investment cycle and other initiatives in the year. Our total cash flow was negative this year, even with relevant investments and other projects. Now, let's see the impact that these results had to our corporate debt on slide seven. The effective cash generation initiatives have been reflected in reducing the company's leverage to 3.1x net debt to EBITDA this quarter, a reduction of 0.4 x versus the third quarter or fourth quarter of 2023. On the fourth quarter, we issued CRAs to the amount of BRL 1.2 billion. Excuse me, BRL 1.5 billion, and representing 80% of the company's gross debt. In January, we issued it one more time, which should improve our term starting in the first quarter of 2024. Continuing with our divisions, we'll continue on slide eight. The data published by IBÁ show consistent market growth for the fourth quarter of 2023. This industry advanced 11%, with an internal market growing 6% and the foreign market growing even more after a low period, 66%. The market contracted 3% this year, and now looking at Dexco on slide 10. Wood division was favored by this improvement in the wood panels market, and we also focused on clients, and we're successful in our commercial execution. So there was an evolution of our market share. Factory occupation rates were higher than the third quarter, and we had better margins and a better cost production. The company is optimizing profitability for its assets through forestry, which are keeping up with the increase in prices. We finished with an adjusted and recurring EBITDA of BRL 1.4 billion and margins of 34%, the best quarterly EBITDA in this division, 14% higher than what we had before, a historical record. Our competitive advantage and the improvement in the panels division improved our results by 18%. So again, BRL 1.4 billion in adjusted and recurring EBITDA. Now, we'll talk about our Dissolving Pulp results. MD Pulp maintains its operational level at an excellent one, and we did this successful debottlenecking trials, and even with lower costs and pressure from logistics, our recurring EBITDA margin has been at a healthy level. If we were to add our figures, this division would add BRL 157 million to the company. So we are confident about this new operation and our productivity level. Finishings for construction are on the next slide. The industry had an deflation of 2%, especially in basic products, according to ABRAMAT. There was a contraction of 4% of this quarter and 7% for the entire year. When we look at the metals and sanitary ware division, despite the market still being in contraction, we were able to keep the same volumes as the third quarter of 2023 with commercial initiatives, but they are still contracting. So the company decided to continue stopping its production, and there was a contraction in the factory occupation rate to 51% and a lower dilution of fixed costs. So our results were still negative by BRL 26 million in the fourth quarter and BRL 16 million for the entire year. Now, on the tiles market, let's go to my slide 15. The tiles market recovered for the first quarter in 2023 versus 2022, a growth of 8%. According to internal estimates, if we only look at wet production, they still had a decline, and this is the segment that Dexco works in. Slide 16 shows our tile division. We also repositioned our prices, and the division had the best market share for the year during this quarter. Although it was below historical levels, we're still implementing structuring changes to provide better results. Just like the metals and sanitary ware division, the market is low, so we reduced our factory occupation rates, which led to a utilization of 41%. CapEx in Central America, we suspended for 2023, so our total for 2023 was 53%. Margins are still pressured by structuring changes and a lower market, and we had a negative result of BRL 8 million during this quarter. For the year, the positive results that we presented during the first and second quarters offset the impacts from the fourth quarter, and our total was BRL 8 million for 2023. Continuing on slide 18. To talk a little bit about ESG in 2021, after global changes towards a greener economy and a more diverse societies, we started looking at ESG and approved metrics and strategies for 2025. After that, we made some changes, and the company has reviewed its sustainability strategy for 2025 without changing our ambitions. Our goal is to ensure that the commitments we made are still aligned to our long-term strategy and still comply to the best market practices with ESG ambitions. We have a critical outlook committed to this message and to the mission to the actions that impact our stakeholders. We started with a qualitative analysis, looking at the changes since then. We looked at material priority themes for Dexco, such as SDGs and demands for new ESG standards and frameworks, and this involved the Board. As a result, we achieved seven targets ahead of schedule. We consolidated corporate targets to business targets, and we had a new target with local communities. Now, to tell you about perspectives for the year, let's move on to the next slide. I'd like to conclude this presentation, telling you a bit about our expectations for 2024. Although we believe there are factors that can favor the markets in which we work, such as reduced interest rates and reduced average debt for households in Brazil, we are still making changes to reinforce our resilience. There are projects that will be delivered in 2024 and 2025, so we have to advance our competitive advantages. We're operating a new tiles factory in Botucatu, São Paulo, which will provide new products and a strategic position with important clients. In metals and sanitary ware, we will intensify the position of our products in the premium segment and will allow us to gain new markets. In wood division, we are ramping up debottlenecking, and this will make us better prepared for when this industry recovers. We're also strengthening our forestry assets. We're looking at the opportunities that can be provided by our current base and by the expansion of our base. So in parallel to strengthening our market, we have been strengthening brands in the marketplace with marketing initiatives. This is another step for Dexco. These initiatives will be backed by working capital management and active cost control, which is favored by the automation process and the new tiles factory, which is cutting-edge technology. So we will meet our ESG commitments that we've taken since 2020. Dexco is focused on its investment cycle. We're disciplined in executing projects and focusing on extracting profit from the initiatives that have been delivered. We will now open up for questions. Thank you. We will now begin the questions and answer session for investors and analysts. If you have any questions, please press the React button and then click on Raise Hand. If your question has been answered, you may lower your hand. The first question will be by Caio Greiner from BTG Pactual. Go ahead, sir. Hello, good morning. I have two quick questions. First, about wood division. i'd like to understand and try to quantify how wood sales have gone this quarter. When we tried to look at these results, it was a bit difficult to understand why it was so far from our expectations. I know that you don't discuss volumes, but I'd just like to know if you had higher volumes than what we had seen in previous quarters. So that's my question, and it's based on the margins that you delivered, far above what you did before. If you can help us quantify that, and if you can break down what it meant in comparison to how prices and costs evolved in panels. So without removing the standing wood data, it's difficult to understand. So if you could just tell us that, even if it's from a qualitative perspective, that would help. And in finishings, this is another quarter that was a bit of a disappointment. We're waiting for some level of recovery, and we saw a worse result. So I'd just like to understand how you will reposition yourselves in marketing and so on. So, what did you see this quarter that can reinforce this expectation for a turnaround and rebound, and what do you think can offset your initial expectations for this turnaround for the unit throughout 2024? Is this quarter delaying your expectations for the year? Thank you. So I'll pass it over to Henrique, but specifically about the fourth quarter. What we've been trying to do in 2023 is to continue our strategy concerning wood. In the third quarter, we had already highlighted that we would do that at a significant level. It doesn't affect our volume for the year, but we've created important opportunities to execute this strategy. Something important that we heard is that, given the market share, and since the market has been more resilient in panels, we're reinforcing our cost position because we can sustain our prices without letting go of volume. So it's a combination of wood division from the forestry standpoint and from the panels standpoint, and that creates great opportunities to generate margin. I'll pass it over to Henrique, who will add to that response. Great, Caio. We're not able to go into details, but there really was a higher volume this quarter, but since just as we heard, it's not very stable due to the availability of wood and potential buyers. That's not something that we can really give precise information on. But prices for wood have gone up significantly. But we've been able to get very interesting commercial conditions. So is there anything that can explain this improvement in margins in wood panels? Was it a change in mix? Were you able to improve prices or costs? Yes, there are two things. When we compare to last year, we had a better mix. We had higher volumes in the first half of the year, and this shows how important it is to run our organization with higher capacity utilization. A highlight in the wood operation was that we went from 90% we went to 90% capacity utilization. So not only are we doing very well in the market with a higher share, but we've been very glad to have a full plant. So to answer your second question, we have a strategic plan that involves the finishings plant, and we also have short-term effects that we mentioned during our explanation, that involve choices in the short term that can generate impact to our results. And they help us with our general strategy without compromising our service level, and we can adapt our inventory and capacity utilization. So we're not letting go of our, our medium to long-term strategy. So I'd like to invite Raul to add to that. So thank you for your question, Caio. I agree with you with some points, but I have some information to add. First of all, we need to reinforce that an important part of the results, the poor results on the fourth quarter were based on downtimes. We did that for sanitary ware and ceramic tiles in the last quarter. So we're producing less to not impact the, the short term, and it affects our working capital. So, we can see that in our cash generation for the fourth quarter. Obviously, when we do that, we affect the EBITDA for the last quarter, especially sanitary ware. All units were stopped for over a month. On the other hand, we also have appropriate inventory levels, we've organized our plants, and from the price perspective, we didn't see any price adjustments in the last quarter, up or down. The last competitive adjustment we made was in August or September, and now we can see that our items, products, and materials are very competitive, and they're very adjusted to the market, so we didn't see a price effect. So marketing is a huge investment. We need to reposition our products. We want to be present in points of sales, work and trade marketing, and we really want to be closer to our clients. And that's a constant investment, but it's also something that we're focused on in the fourth quarter and in the first quarter. We will continue to be consistent in our structuring plan since March last year, where we started reducing the plant, improving occupation rates, improving quality, and doing several things in our business foundations. We're in line with what we had imagined, except for this downtime, for this weaker demand in the fourth quarter, and the downtime in our plants. What may delay our recovery is depending on the market's expectations, our own performance. If we look at every item in every category, and if we exclude the temporary effects, we see potential for margin generation, and that can only happen if we really are able to create volumes. In that sense, we're starting to see the market reacting at the end of the first quarter. That's what can delay our recovery process, not our internal processes. Of course, it will still be a year of investments. We still need adjustments, but at a different proportion than what we had in 2023. So the fourth quarter in tiles have recovered a market share, but it's a weak result. So it's partially good news because we're showing that our actions have allowed us to start recovering the share we need. But on the other hand, in December, it was still a weak market. Better than 2022, but 2022 was terrible. So we're starting to see a concern about our recovery cycle. We need to pay attention to that in 2024. Thank you, everyone. The next question will be asked by Rafael Barcellos from Bradesco BBI. Go ahead, sir. Good morning, everyone. Thank you for taking my questions, and the first one is about the wood panels market. We still hear some feedback on excess supply in the market. Prices are still high, so they're not allowing the market to go down. But how do you see the balance between supply and demand? Is there any possibility to increase prices in the first quarter or the first half of the year? And I'd also like to ask about Deca and ceramics. When we're looking at the results, we see that capacity utilization is low, and we heard about that from Raul, the reasons why. But if you can give us some more details on how you're seeing this improving in the beginning of the year. Should we expect this in the first or second quarter? And what market improvements do you see, and what micro improvements do you see? Still on that, if you can tell us about changes to the production, given this delay in improving results? Thank you. Okay, I'll let Haddad answer that. Hi, Rafael. Thank you for your question. I think you summarized it very well. We are going through an interesting moment, and although there is a higher supply than demand in the market currently. There is a level of complexity when we look at that, because we have MDP, MDF, and we can't forget about regional changes. Brazil has some specificities, depending on the source, it can come from different areas. We have concentrations around Santa Catarina, the state of Paraná, around São Paulo, and Minas Gerais. So, when you look at the stability and the pressure in some moments in negotiations, because with the supply, that does create some pressure on price. I think that we've surpassed the limit. I think we are at the lowest possible, considering wood prices. It's difficult to imagine that prices will change too much, but pressures continue, and that's why it's so relevant to be verticalized. So this will make a huge difference, because for combined results in panels and forestry, I mean, it comes to, down to the cost of producing it. So, to summarize, it's unlikely that we'll see prices changing significantly, but we don't see the same reduction as we saw in the past when we didn't have that limit, which is the raw material price. Francisco? Yes, go ahead, Antonio. I'd just like to add something to this. We've heard from Caio and Rafael, and I apologize if my connection doesn't work very well, but It's certain that the market still has excess supply, but we have to understand that this situation does not affect everyone equally. Right now, wood division is very well positioned with our clients. We have long-term projects that have already been bought into by our market, by our clients. We know how solid our long-term supply is, so often they prefer that can be very important for the client, especially if you work in the industry, right? That's the biggest volume that we have for wood division. so it's important to understand that clients want to, you know, get attached to long-term partners, and panels may represent 50% or more of their final product. So in that sense, Dexco is very well positioned in the market. What Haddad said is very important. We had a significant increase in wood prices, and I might be mentioning this for the 10th time. I think people might be tired of it, but it will not change in the next seven or eight years. It's a structural thing for the country. It's not something that will be solved right now. There's a shortage of wood in the market, and that also has regional effects. Where are the biggest markets? Well, it's São Paulo, Southern Brazil, Minas Gerais. These are markets or regions in which they really have a shortage of wood. Dexco can then compete very well. We've been running at 90% rate of occupation, higher than the market rates. There are competitors who have strategic issues, permanence, and so on, and wood continues to go up in price. So what Adaji said is true. We're selling about the same annual volume or close to it, but the difference is the price. It continues to go up, especially in the first quarter, now that we're in early March. So it really is a situation in which Duratex, our wood brand, will stand out, and I think it can continue to do so and compete very well in the next years. It's not, it's not a process that you have an off-the-shelf solution, right? Land is more expensive, wood is more expensive, rental prices are more expensive, so it does make it less competitive for people who don't have an integrated process. So in the future, we expect the wood operation to continue to be resilient and continue presenting consolidated results. Rafael, if we talk about sanitary ware. We don't split between metals and sanitary ware, but you asked the right question. We do see higher challenges in the sanitary ware division. We need to separate idle capacity that can impact our result, and idle capacity that does not impact our result, which is the case for today. We were able to adjust the size of our plants, and with that, we maintain a good occupation rate for what is on. So teams have the right size for the operation that we have. Our raw materials and gas contracts are also adjusted for our production level. So we see them operating at a low level, but it doesn't have impact on costs. What's tough is when you have a higher cost and makes you less competitive. So we're still operating below what we wanted, but it's adjusted because the market will maintain our market share levels, which are absolutely relevant as well. Deca is very relevant in this segment, and we need to defend market share. But it doesn't make sense to be sized for a different operation. So we do see it working below on that level, but, you know, specifically this year, we're having good cost levels, although we can produce more. So this is a very relevant point. So to maintain relevance and participation for our products, we don't really see capacity adjustments. Some of the furnaces will remain stopped for the year, but we don't expect any additional downtime in sanitary ware, so that we can have a good service level. That's important, right? To have inventory and to be able to, deliver products, quickly. With the excess supply, we also saw that clients are working with lower inventory levels, so service quality is essential for metalware and for sanitary ware. So we reduced inventories to appropriate levels, but we need to maintain these levels. So we see it reacting, and it is an important lever for the Deca division to improve on metals. We also have strong initiatives in service level and productivity, but on sanitary ware, that's something that we are, are evolving in 2024. The next question will be asked by Mr. Marcio Farid from Goldman Sachs. Go ahead, sir. Hi, everyone. Good morning. I think you addressed most of the questions from the market, but you mentioned the working capital effort this quarter, nearly BRL 450 million, which helped generating cash this quarter. So I'd just like to understand if we are at a level where we will no longer see working capital benefits. Are we starting 2024 at the right level of working capital? And my second question is about wood division. we talked about how wood prices went up, and how there was a significant contribution from standing wood. So, in the past, we talked about the exports market being an escape valve for challenging moments in the market, but it seems like that changed to the standing wood market in Brazil. So just like to understand from you if that, if that's right, if it makes sense. Standing wood, is it sustainable, and is it profitable? Are the market conditions? Are the price conditions that we have right now perpetual, at least on the medium term, is that right? Does that make sense? Thank you. Thank you for your questions. So starting on working capital, we really had a significant benefit from this package of actions, with the downtimes and with the stoppages to regulate our inventory and also the entire business. So it was an effort to capitalize on the balance that we have, which is very strong and benefits our clients', service level. Our working capital to revenue ratio, even in the lowest volumes in 2023, did not go over 18%. That was a battle in 2023, quarter by quarter. I can say that for the fourth quarter, we started working in advance to have a good and favorable outcome for 2023. In order to have a higher inventory at the end of the year, it's not about not producing. You also need to make important decisions. You need to have a long chain. For example, in wood, you have a production process, you have to supply wood, and so on. But in the remaining this, areas, you also have decisions like suppliers, other components, and so on, and it needs to be adjusted in, points of sales. So we're very happy to finish 2023 with higher quality inventories and lower, inventory levels. The 12% that we're concluding on is a very positive, level in cash generation. It still, can receive some changes in the business unit, and it also helps us face an expected growth that might still happen in 2024 in volume. So there might still be some changes, 12, 14, or something of the sort, due to the seasonal patterns in cash in 2024. After purchases have been suspended, we'll see a recovery in early 2024. So 2024, because of the seasonal patterns of cash generation, will help us to recompose it. But just as well as it is said, and that's one of the main points, when we talk about inventory levels, it's not only about levels, but also quality. So I think it will be fortunate in 2023, and we'll see a positive change in 2024, but it will demand some slight adjustments. But structurally, when we look at the long term, Dexco came from very high working capital levels, right? In 2018 and 2019, and we've been able to adapt our production levels for the entire company without compromising our working capital on the short term. To answer your second question, I'll let Enrique add to that, but it's important to say that we've been talking about work fronts with the wood panels market. That's much more important than exports and wood sales. We have to say that the foreign market, although it's improved in the fourth quarter, as we saw on IBÁ's market data, we see that the foreign market is still fragile. It's improving at lower levels. The regional market in South America is only about a few certain countries, so this market composition is very important in the internal market, and that brings good news in the demand for products and service levels. We have alternatives in the export lever and the forestry business broadly, and that will help us to use our capacity, so it will still be positive. Just an additional comment, Francisco. Comparing standing wood sales to exports is very difficult because they are one-offs, so they require a reduction in the panels production. To be consistent with what we've said so far, we want to be a verticalized company. That's what we bet on, so it's a long-term program that can't change overnight. We are still maintaining exports in our strategy as a relevant channel. We're actually increasing the volume that we committed to. We increased our sourcing from Colombia with products in Brazil, so that we can add to the Colombian portfolio and even provide materials to be converted. That's a procedure that we've been doing for some time. The Colombian market is doing very well. It has outstanding performance. It's a definite market leader. Francisco said it already, we have other potential partners. We're very strong in Central America. We have a great share in Colombia as well. But major regional partners, Mercosur, and so on, we can't import to on the short term. So we're not forgetting about exporting. It's still part of our focus, but we can't forget about our philosophy, which is our optimal capacity. So we're working on that so that we can capitalize on it. We see exports, to use our capacity, but also a way of learning about the foreign market. It's great to have the possibility of competing with other players in these, markets where we work. The next question will be asked by Mr. Leonardo Marcondes from Bank of America. His question is: I would like to ask about the, demand outlook for the wood business and what price discussions, have been like? And also LD, can you give us an update on the debottlenecking plans for the operation? And if you can give us more details on the cost per ton on the fourth quarter, and how it matches your cost guidance, the optimal cost guidance, excuse me. I think we might have answered that, but there was also a question on the outlook, right? Yes, we want to continue being a challenging market, but without any significant price increase or reduction, right? Simply maintaining the same level and not missing out on the opportunities that we can see. Our strategy is not to increase prices equally across the entire portfolio and for all clients. We've been working on establishing a commercial policy. We want to have a better mix and a better service level with our partners. Great. To answer the second question on LD, there are two important comments here when we talk about debottlenecking. We really have been having positive results in manufacturing processes above what we had imagined, without requiring significant process transformations or investments. We were actually counting on a performance that we believe is very positive, and also the processes that supply our manufacturing processes. So it's been very natural. We're tuning what we've been able to execute in our operations, and it's been very positive. It's undeniable that with the original business case, which is Leonardo's reference, we've received pressures per ton. Looking at chemicals, we started a project before the COVID pandemic. We implemented and started ramping up in 2022, and we had a full year of 2023. So chemical costs, logistics costs, and all of the other costs really have gone to a different level. And it's important to highlight that the work we've been able to do to debottleneck plants without any major investments within what we can control have already provided important cost per ton results. It's still short of what we had imagined in our business case, but this is more due to the pressure that we received from macro factors, commodity price levels that really get in the way of our performance. I don't know if Enrique or Antonio have anything to add to this. Yeah, I'd just like to emphasize quality and performance for the LD operation. It's surprising to see the quality standard for the products that we are producing at LD Pulp. They're far above the standards that we expected, and that's very important for us because dissolving pulp has some differences. The one that we produce in Minas Gerais is AAA, and it's accepted by the clients that we are exporting to, so that's very relevant, and that also has an impact to the price. We also have a privileged price. About our operations, and I won't go into detail because that's not relevant right now, but we are advancing the operations ramp up by a couple of years just with this debottlenecking process. They've really done impressive work, and how they master the manufacturing process and fine-tune it, how the product fits the raw material, the eucalyptus that we produce, it really has been impressive. We're very excited about it. And like Francisco said, we're focused. We're working on cost. We had a couple of bad seasons, especially when we consider international logistics, but it affected everyone. Now we really think that we are at a different condition for the next quarters. We've been evolving at a sustainable level, so we're not only at the mercy of the channel. This concludes the questions and answer session. I'll pass it over to Mr. Francisco for his closing remarks. Thank you everyone for being here. It's great to interact with all of you. That's very important. We're still committed to execute our strategy. We're building a strong and resilient base for the medium and long term, so our commitment remains the same. This is a very important year for the company. We're capturing the results of many things that we have done, changes to all divisions, mature investments. We're delivering on very important projects that we've invested on in the last years. So 2024 will be an important year for our long-term plans, and we're focused on managing short-term pressures, how the market is evolving, and other news that we might get, projects, and all of the commitments that we have already made from the beginning of this investment cycle, and also our sustainability strategy. Thank you for being here, and we'll be available for any questions you may still have. This concludes Dexco's conference call. Thank you for listening, and have a good day.