We'll turn to English because there's a lot of people that has joined on the webcast platform. So most of the presentation is gonna be doing in English, but feel free, after the presentation, to do questions or to respond in Portuguese or in English. It's important just to share everything that we're gonna be presenting today for all the participants that are also connected with us. So again, thanks, everyone. Thanks for joining us here, at the Congonhas Airport, at the GOL's headquarters. We have, you know, a few participants on webcast as well, that is, they're accessing our website, IR website. I'm Mario Liao. Probably, I know most of you. We have had opportunity to meet in person in some investment conference or some meetings. Today we are here also with our senior management team. I think it's a good opportunity today to really, you know, present where we are, you know, talk more in-depth about the business, provide more details, and also talk about where we are going, now, especially in this next year. On today's agenda, we're probably gonna be spending, like, 60 or 90 minutes. We're gonna be go through some sessions. Let me switch here. We're gonna start with our CEO, Celso Ferrer. They're gonna be provide some context about strategic context and the current environment. Then we're gonna be followed by Carla. Carla is our Chief Commercial Officer and CEO of Smiles. She's gonna be providing some information related to sales and also business units performance, and especially Smiles. We're gonna be going through Mateus, that is our Chief Strategy Officer, he's gonna be talking a little bit about network and also revenue management. Then, followed by André Cruz, our Chief Operating Officer, talk a little bit about operating performance and also the fleet. Then followed by, the most important, the most interesting thing is gonna be the financials, right? Then, following that, we're gonna be going through the Q&A. So for all the participants that are here, physically, we're gonna be asking to do the questions. For those who are gonna be in the webcast platform, we're gonna be asking to send those questions to the, to the platform, and then we're gonna have, part of our IR team, you know, sending the questions, and we're gonna be trying to do the best in order to respond, on the, on the time, availability that we have for this, this meeting today, okay? So, before passing the word to Celso, I would like to really thank, the... Thanks, everyone. Thanks, the-- appreciate the support, you know, investment, and also the confidence, on, so many years by doing business with us, okay? Thank you. Celso, please. Thank you, Mario. Good morning, everyone. Good morning, and welcome to GOL. Welcome to our campus here. We're very happy to have you on board. Thank you, everyone, that is joining through the webcast. Today is a very important day as well, because in this room, after this meeting, we are gonna have promotions to new captains. So it's the first big party after the three tough years that we had during the pandemic. So we're gonna use the same room to receive all the families here. It's gonna be a very nice day for us here. So today, as Mario said, I have the privilege to have the main executives with us today. Carla, Carla is the CEO of Smiles, has joined the group eight years ago, and she's now also responsible for marketing and sales of the whole group, so, and also customer experience. So part of the, her structure is where we are having, like, a lot of synergies with Smiles. As you know, we have, we had run the companies completely independent, including the, the customer service platforms, and now we are integrating this into one kind of a platform, master platform, in terms of system, the way we, we approach our customers, all the channels, communication channels, and also, how we are gonna serve those markets. So Carla, will share, with you, I mean, how successful is the program and everything we are doing at GOL as well. So Mateus, Mateus is the chief strategy. He's running network planning, revenue management, and alliance. So he's, I mean, the key responsible for optimizing the network and all the supply and demand issues that we have now. I mean, so he's been great with his team to optimize results. Then André, COO, I mean, has the most challenged seat right now in terms to face all the supply chain issues that we are facing, aircraft delays, engines, and also, we're gonna talk about fleet plan, I mean, the way we... I mean, what kind of visibility we have on the MAX delivers and how we are managing this. Then Mario, our CFO, most of you know, has been with us for 15 years. So Mario, Mario will take the lead on explaining where we are on the financial and also the whole program of to address the capital structure of the company that we will explain by the end of the presentation. So thank you, Mario, thank you, Jomir and the whole team, for making this event possible. So this is our purpose. I mean, GOL, it was created to be the first for everyone. I mean, since the beginning of the company, that was clear the target. I mean, we want to bring access to the air transportation, and that is what we have been doing for the last 22 years, without little changes in our business model. But really, I mean, being low cost, being focused on how much efficiency we can bring to the system. When we started, the market was 30 million passengers per year, the air transport market in Brazil, and after five years, GOL alone was carrying 30 million passengers, which is more or less the number we have today. So we were able to add up 30 million in very early stages of the company. We still have the lowest operating cost among our peers, and this is the clear target for the whole team here. Largest players in the main capital, so we rely on our position and on the footprint we have created, especially here in São Paulo, Congonhas, Guarulhos, Rio, Brasília, now Salvador became a very important hub for us. For the seventh year, we have been the top of mind, so we are the Brazilian carrier in the mind of our customers, really proud of it, and the largest narrow body fleet in Brazil. Our model, like I said, is really the same. I mean, the core and the hard product is being the same. We densify our planes. We have a highly adapted network, so we change a lot of our schedule. This is the flexibility we have by having single fleet types, having the same crew, same spare parts pool. So we change a lot. I mean, we are. The Mateus and his team, they do this portfolio management of the whole network, routing by routing. So we are changing to really optimize. It gives us a lot of flexibility and easy movement from a month to the other. Strong presence in the premium market, so we have this strong presence, and also we create the rules in these strong markets, having Smiles with 22 million customers and being the largest frequent flyer program in the region. So the structure, it's a very lean company, so you are visiting us, our facility here. I mean, compared to other airlines, I can guarantee to you that this is the lowest cost and also the lean and the best team and structure. Boeing 737, I mean, has been really the key pillar of the success of the company, bringing low cost, bringing high efficient to our and also safety to our customers. Productivity is a part of the key piece of the single fleet type, and the way we manage the company is to have higher utilization, scale, generate less cost, dilute more fixed cost to deliver a better best cost and best fare. So it's true that we have a company now positioned to be the largest LCC in the region. We have developed new business units. This is kind of around the core, which is the PAX and the passenger air transportation. But as you can see here, we developed GOLLOG, our cargo transport. André is gonna share with you, we are kind of more than doubling the size of GOLLOG now. For the first time, we have a dedicated cargo fleet, and we wait until the 737-800 became a cargo plane to start it, because then we have the gains of scale, of using the same crew, same operational support that we have for our passengers is the same that we use for the cargo. We also have the ability to convert passenger planes to cargo planes. It's a way that we found during the, let's say, the fleet right sizing that we are doing. It was also a good tool that we are using in a very profitable way, and you're gonna see the numbers that we are. We increase the market presence very quickly. For Aerotech, you're gonna see that we are now I mean able to address most of our maintenance in-house, so we still need to do our engines outside. We have just a light shop repair for engines, but most of the maintenance is running by us, and it's a huge facilities that we have in Belo Horizonte, Brasília, São Paulo. Smiles, the best loyalty program. I mean, we are increasing Smiles year- over- year. I mean, even during the toughest year, during the pandemic, we were able to grow the program. We are growing the premium segment of the program. I mean, that's... You're gonna see the results. That is, it became a very profitable and business unit. And the VoeBiz, which is also a loyalty program that we are like benchmark with Smiles and applying for medium-sized and smaller companies. So that's, that's now running. Numbers are growing. I mean, we can see cargo and Smiles, they're growing, I mean, much faster than the airline itself, and they have been helping us on generating a lot of, I mean, a big increase in our unit revenues. And also, we launched this year the Smiles Viagens. It's a tour operator that's gonna be part of the group, so we intend to be one of the largest in Brazil. We have, I mean, in this ecosystem, we have 22 million customers inside of the Smiles program. We transport 30 million passengers at GOL, so we can provide very good product for our customers as well in the tour operator. I mean, this company, I mean, was created in, to bring innovation and to bring scale to the business. So most of the initiatives and the events that we have here, I mean, you can see acquisition of Varig, acquisition of WebJet, now the cargo. It's a ways, ways of being larger, gains of scales with our single fleet type, and at the same time, and many, many, achievements on the technology side that position us, on, on the best cost. It's true that on the last three and a half years, we have been facing, big challenges. I mean, as you know, Brazil, we didn't have any kind of financial program support from the government, while we have, like, a $55 billion support, for example, in U.S., and also a big amount of support, during in Europe. We here, we really rely on our main stakeholders, so employees, banks, lessors, ANAC, to flexibilizing rules where when we were cancel flights, Infraero, DECEA, Boeing, we have made many adjustments in our order, but primarily shareholders, bondholder. I mean, a big thank you for all our stakeholders, every partner that supports the business during this period. And in 2023, I mean, we've made the biggest step forward, which with the creation with the Abra Group. Abra Group, thereby in its creation, we launch also the exchangeable senior secured note that allow us to bring new capital for the company, that is supporting the operation of the company today. What we are gonna talk today is about this last topic, which is what we call the capital structure program, how we're gonna optimize the capital structure going forward, since, I mean, a big piece of this legacy is not addressed, and the company has constraints to growth. So Mario is gonna share a little bit more. I think the last session today is only dedicated to this program. Our focus today, I mean, if you go and walk around this building here, you're gonna see that the focus of the team today is really being able to address and increase revenues, increase the pricing, while we are navigating this very high-cost scenario. I mean, so we put revenues higher than the cost, investments, and financial expenses. I mean, we are pushing revenues really high to make sure that the company will achieve the equilibrium. Care and attention of every cost details, this is part of our culture. I mean, it's really the culture that we want. Be the first airline in the highest productivity in the market. We are getting there. I mean, the three years that has passed was really impactful for us in the term, in terms of productivity and how our ability to have, let's say, the right amount of spare parts available to sustain the high utilization that we normally have, but it's clear a target for us. Then reducing fuel consumption, not only with the MAX, but with many programs that we have in, on the operation. I mean, anticipate opportunity flights is like the way we... Also reduce the ground, the turnaround time of the planes is really the way our team's managing the, the day-by-day in the airports to make sure we increase utilization. Digital acceleration, so during the pandemic, we had the migration from Navitaire to Sabre. It was really painful for our customers. We recognize this, but now it's stable, and we are really accelerating the digital transformation for self-servicing. That's, that's the clear target of Carla's team and Luiz Borrego, which is our CIO. They have clear targets of, I mean, how many people we are gonna bring to our digital channels and all the services should be provided in the digitals. Easy to use the channels and leverage sales. I mean, it's a clear target to increase direct sales through digital transformation. Customer experience and culture are all together. I mean, it's the way our team behave with the customers, kindness, the way to offer really a humanized service, attention to our customer needs. So this is, I mean, what the 13 employees are really focused at this point, to deliver superior results. So even I mean, like I said, the three years of a lot of challenges that we have been facing, we have in 2023, I mean, we are an airline serving 176 markets, 16% year-over-year revenue increase. Even with less ASK. So you saw in November, we had less ASKs because of the aircraft delays we are facing. But even with, I mean, stable, let's say, ASKs, we have been able to increase revenues. We are inaugurating new routes, so this is part of the, the, let's say, the very, dynamic network planning that we have. So we are not comfortable with the network we have every day. We change, we try new markets, we are launching new routes, we are stimulating-- Like in the regional markets, we are open, and there is where GOL can be the GOL that we really wanna be. Because we go to small cities with a larger plane, offering larger, less cost and offering best fares, and really stimulating the market. We are doing this. Most of the regional markets today, the main regional markets is served by GOL, and it's served by, high-density 737. So which is good. It's, it's really transformed, the, the, the, the city. Like we are flying at Pelotas, Passo Fundo, Ribeirão, I mean, really small cities that we enter, and the city used to have only regional aircraft, and really, we are now being able to connect those passengers to our main hubs, primarily Guarulhos, and offer connectivity to the rest of the world. 621 flights daily, this is the size of operation today. 23 million passengers so far. I think this is the September year-to-date number, and -9%, -10% decrease in CASK. So even with all the pressure, and on FX, fuel, but also the pressure that we have for not being able to dilute fixed cost, we have been able to offer lowest CASK then comparing to last year. So this is really the outcome of the focus of our team. So the big challenge we are facing is, of course, a global challenge for all the airlines. That's really what is happening in the whole supply chain. And during this four years of the pandemic, two years of pandemic and now still recovering, we can see that aircraft manufacturers, parts manufacturers, they are not have been able to have the same level of just-in-time or even to rely on their own contracts to be able to deliver what the industry needs. I mean, so we see the supply depths with limited industry capacity. The cost is getting really, really high. So you see escalation on parts, on engines, is more than 9%-10% dollar year-over-year. So it's, it's really, really a different environment for all the airlines. But how specifically is affecting us? And then you can see here that the most—the two big things that are affecting us, it's affecting the day-by-day of the airline, by the way, and it's affecting when, when we have a maintenance problem in, in some station, that in the past we used to have, let's say, a kind of adjusting time part, inventory to address that, that maintenance immediately, now it's taking us 6 hours. So we don't have in all the stations the same level of inventory that we used to have. But the main pillars here and the main, challenges we have today is the 737 MAX delays. So if you look at our presentation, the GOL Day last year, you would find that we were planning to have, at this point, 53 MAXes flying. We have, by September, we had 38, and so it's 15 planes less. And of course, we were counting on those planes, and we were counting on those planes to renew the fleet, but also to renew the engine park. So the less we receive on the MAX and the new technology, and of course, the new plane comes with fresh engines, the more pressure we have on our engine maintenance backlog on the 737 NGs, 'cause those planes, most of those planes were supposed to be returned during this periods, renewing the fleet at a different pace. Once we don't take delivery of the MAXes, we create two problems: I mean, less capacity and a big pressure on the maintenance side, and we don't have access to the same financial mechanisms that we used to have in the past. So the industry, because of all the... And this is not necessarily something for GOL. I mean, the industry itself, they don't provide the same kind of financing, the CapEx financing that you used to have in the past, because the industry is struggling. I mean, there's more demand than capacity to deliver, so it's really hard to address, and also there are bottlenecks, physical bottlenecks, to be addressed all the engines at the same time. So it's a cash constraint, but also a physical constraint to have slots in most of the MROs. All the airlines are looking for slots at this point. I mean, we have engine pressure all around the world. The result is that the GOL capacity is now, I mean, it's still below the 2019 levels, 89%, and this is constraining our growth. So we have a very profitable network. We're gonna show you. I mean, you saw the results, 27% margin in last quarter. I mean, we are seeing the market, I mean, very healthy at this point, and we are not able to grow at the pace we have planned. And the market is growing. I mean, we have a high expectation on GDP. More and more, we are seeing that, I mean, spending on services is growing again. You see that during the pandemic, we have a retail spike, but now services is growing. We can see day by day that corporate market is recovering. We are seeing, like our Congonhas, Santos Dumont, Rio, Brazilian network now getting the right traction. I mean, we have been flying, especially last year, which I can say is already after pandemic, we were flying, like, less business, more leisure, more VFR. Now we always say that, okay, maybe there is an upside on corporate that will come. I can say that it's coming. Like, it's coming. Still not there yet. We're still, like 80%, in number of passengers, corporate passengers that we used to have. The revenue is way higher than 150% of what it used to be, and it's strong, and now really in the core of our network. Because the way we—I mean, we have this company set up, and the footprint we have is really relying on the corporate markets that are now performing well. So still an upside. You're gonna see now in the Carla's presentation of what we have in terms of sales, even with less seats or stable capacity, we have been able to sell more, and this is what Carla is gonna share with you. Please, Carla. Thank you. Good morning to all. I appreciate your being here today. I will start by presenting the evolution of sales volume. The pace has been accelerating, and we have closed the last quarter with a growth of 18% versus the third quarter, 2022, and 39% versus the third quarter, 2019. It's a good evolution. Important, again, is the growth in sales in our e-commerce channel, where we have a strategy of continuous evolution of the customer experience, and we intend to continue strengthening sales across the channels in our ecosystem. It's very important for us. One of the channels we invested in and launched this year, which will gain a lot of strength next year, is our travel operator, Smiles Viagens. Okay? We're working with three verticals: B2C, with differentiated, B2B, and B2B2C experiences. Partnerships with companies that want to offer tourism solutions to the customer, so it's good opportunity for us. The next slide has a summary of what we have worked on this year in Smiles Viagens. We already have over 800 hotels available. In addition to GOL, we have eight more airline partners and partnerships in the traveler ecosystem, such as parks, stores, and others. Our goal with Smiles Viagens is to be among the five largest companies in the market by 2026. So I have great challenge. About Smiles: Smiles is the most complete travel platform in Brazil. In addition to GOL, we have five airline partners and flights to 160 different countries. We have 35 bank partners and co-branded cards with three large banks in Brazil, Banco do Brasil, Bradesco, and Santander. Besides the flights, Smiles customers can redeem hotel accommodations, rent a car, buy tickets for tours, parks, redeem Uber rides, or products at Smiles Marketplace. Regarding Smiles, it gives me great pride to talk about this year's results, another year of records and overcoming. Year- to- date revenue of BRL 3.7 billion, 13% better than last year, and almost double, double, double 2019. More than 170 billion mi redeemed, almost 40% higher than last year, sorry. The customer base continues to grow, okay, by more than 30% compared to 2019. We'll close the year with more than BRL 2.5 billion in deferred revenue, so very strong.... This growth is also reflected in the market. Smiles has a 49% market share of the entire loyalty market in our sector and major programs. For me, this growth is closely associated with our capacity and agility and innovation compared to the competition. For example, this year, we have launched the new program, Rules, broad innovation. Smiles is the first loyalty program with a gamification concept and unprecedented benefits, such as Gift a Tier and Upgrade Pass. Another example, we have recently launched a club and Miles sales platform for companies, okay? As a way of benefiting employees. It's a new product. Innovation is the essence of Smiles, and I believe that's why we have again recognition as the best loyalty program in Brazil. The last slide highlights an action we took together with banks to increase sales of our co-branded card. In this campaign alone, we sold 120,000 new cards. This year, the average accrual of the co-branded cards grew 30%, and the monthly spending of our base is BRL 1.2 billion, a high ticket per customer, which is another important example of the growth of our products and of our customers' engagement with our program. We still have many opportunities at Loyalty, and we intend to maintain this momentum of accelerated growth, a strong feature of Smiles, right? Thank you. Mateus. Thank you, Carla, and good morning, everyone. Thank you for being here, investing your time this morning to see how GOL is evolving. It's a great, great pleasure. And now we'll start by talking about our network. So, given the context that Celso just shared with you, capacity constraints and difficulties related to the supply chain, we had to take some decisions. We took some decisions in the direction of having a defensive network as a first step to ensure that we were paving the way for future growth. So basically, what we decided is to keep the main strengths of our network and to optimize some very important features of this network. What I mean by those evolutions? So we were able to keep all of our main strategic positions, our slots, our position in the main cities, our expansion on the regional, our investments on the international. At the same time, we had to concentrate those network and have connecting banks even stronger than on the pre-COVID basis. Which should mean that we traded off this evolution on the network side with the costs, and which is not true. So the team was able to capture the best of the structure of the network in terms of costs. So we are quarter- by- quarter, increasing utilization of the fleet. At the same time, we are increasing the number of connections. These together, again, paving the way for future growth, and our beliefs, what we foresee for the future is untouched, is there. We were able to optimize the short term with limited resources. At the same time, we are not giving up any of our future positioning in this front. Here, we're keeping connectivity on the main airports, high frequency, meaning that we have the best, or at least the second very well-positioned schedule for the main airports in Brazil, the main business airports. And as Celso shared, this second half of the year, we saw some recovery in the side, which is translated in the results you started to see in the third quarter. Well, one of the important piece of how we are innovating in terms of network is related to Abra. So now we are talking to them how to better use both the strengths and create real, real right wings on the network side that will provide value for both companies and for the group. I will show one example that we just launched, and I will comment more on that in some slides. But here, this is how we see the network, this is how we track the performance internally, and this is how we have the clear, different milestones for each one of the pieces of the network. So we have the regional, as Celso explained. On the regional, it's really the frontier of expansion. So here's how we attract new passengers to our system, here's how we start the expansion, and here's how we keep the purity of the low cost, at most comparing to the other two buckets. What I mean, here we have a very different pricing strategy. The prices are—the dispersion of the prices are lower on those markets, and we really want to stimulate the demand to reinforce the core and the international parts of our network. So it's clearly very different to the other. We are very proud to say that we are leaders in terms of seats on the regional, which is somehow different from what we are used to here. But here is the real regional, that when we come, we take the low-cost examples of the world in Europe, in the United States. This is the way they do, they operate, and they clearly change the dynamics of the economics of the region. So it's, it changed the dynamic of the city, changed the dynamic of the neighboring cities as well. Then, we have the core of our network. It's business-oriented, it relies on connectivity, and here we have normally less sensitive, price-sensitive customers. And, the optimization I just explained in terms of network is making that the regional and the international, they are pressuring the core, and they are, at this point in time, asking for more capacity. You are seeing the numbers of the load factors we are releasing. We are on a day-by-day basis, trying alternatives and trying ways to keep all those three buckets in a good relationship, although we clearly see that we miss some capacity on the core nowadays. On the international, it's another lab of innovation in terms of network. We are really changing our international. So we are changing the way we sell international, we are changing our presence in international, we are changing our marketing in international. And we are being able to do all of this together with strong partners, making sure that we have all the right toolings prior to enter. So well, it takes some time to develop a new route, so maybe you are seeing that we are releasing less routes, but we are making sure we are very strong on each of our bets in term of, our, our international. Here, a very special thing that changed, so as I already shared, we keep our positioning on the main airports, but Rio regulation forced us to, to change our strategy, in, in that particular two airports, that is the Galeão and Santos Dumont. And, well, the, the good news is that the team managed to do, something very interesting there. Coming back to the old distribution of Rio airports, basically, Santos Dumont Airport used to be the main one operating in that city, and basically one third, one third, and one third per airline operating there. Which means, well, it's difficult to see a clear position, it's difficult to extract value, it's difficult to show that you are the best option. And well, the airport is a lot constrained. We were managing to have the best option for our business passengers, but we were missing something. And with this new distribution, that basically we will stay in Santos Dumont for Congonhas and Brasília, and in Galeão, we will have more than 30 destinations. We are being able to serve our international partners, serve our ourselves on the international, to strengthen our position in the Galeão, and we really believe that we will run in the direction of having a positioning in Rio that is close to the pre-pandemic, when we were 60%-70% of the capacity of the airport. It's very strong, the brand of GOL, in that particular state. So the customer base, as Carla shared, about Smiles, it's really strong in the state of Rio. We were questioning ourselves at what point this would bring sustainability to our operations in Rio, and now we have no questions to ourselves. It's really, really changed the dynamic in Rio. In Galeão Airport, our equipment, the 737, has almost no operational restriction, which means we are being able to, even though we are shrinking a little bit the number of departures from Rio, we are increasing the number of seats. Less cost per seat, higher capacity of connecting, and being really different there, where we were, like, stuck with the other. So this is something I. Here, talking about the network, the international opportunities. I just would like to share something that is on the top of the page. That is the evolution of the load factors on the international. It's almost seven points, and it really brings the international to the profitability table on our case. And well, it's a different system, a different system that we changed during the pandemic. It's a different network connectivity. It's a different way of approaching our partners to do those business to be really sustainable. So it's taking more time to develop the international, but it's clearly much more sustainable, and we, we are creating, a very different position, to, to keep growing on, on, on this side. So we are seeing that not only on the load factors, we are seeing that on the yields of the internationals, and we are seeing that on the how we sell our partners. So just to give you an example: we sell, our, our main partners, and we are being able to sell 10% of their capacity to airports and destinations that we almost never operated or operated as Varig. So what makes someone entering GOL website to buy a ticket that GOL doesn't operate? So the brand awareness of GOL for the international is really strong. We were missing a system as enabler. Now we have the system, and now it's changing the way we see international and changing the way our partners look to us. They were looking like a connectivity tool. Now they are looking as a sales machine with a strong connectivity tool. And here, just to give you an idea about what we are in talks to our partners. So first of all, we are selling. In some months, we reached five times what we were selling in 2019. It's really impressive, and we also have Smiles as a strong player on the international markets. And here we have our strategic partners. So for instance, what we are exploring with our strategic partners? Let's take a, as an example, American Airlines. We have our Brasília, Miami, and Orlando flights. Let's take the Brasília/Miami. We connect to 30 cities in Brazil, almost 30. We connect to more than 30 cities in the United States. So it clearly makes opens the options for the customers, and it doesn't give us an exposure to the direct segment, which is very different to the pre-pandemic and to the previous partner we used to have in the United States that were not so strong in Florida. So now we are connecting more passengers. It strengthening our position on our own flights and also bringing to the table more sales capabilities. So this is one example of what we want from our partners. We don't want only them to be to sign a deal with us or to have the connectivity with us. We want our partners to create growth opportunities with us, and this is exactly what we discussed with our friends, KLM, that I will explore in the next slide. But also, I'd like to explore here our recent announced operations, Guarulhos, Bogotá, and EZE. So the three main domestic markets in the South America, in the three most important cities in terms of economic environment, with the three leading airlines. So the positioning we have when we launched that flight, we were not being able to launch that flight without this organization with our partners. So what we can create are really new things. We are positioned to do that, and we are keeping all of our strengths on our domestic network. We probably will have, very soon, we will have new commercial developments, commercial developments with an airline on Asia, Middle East, but commercial, let's be very clear, not sure. But it's important to keep our position with our more than 70 partners all around the world. And it's important for you to know that we are seeing our partners in a different way, and our key partners are also. So years ago, the partners were protecting their hubs, "So don't operate my hub." Then capacity constraints were a reality all around the world, and everyone understood that it's good as a risk diversification to have your portfolio partners operating in your hubs. This is something that the airlines are not speaking too much, but the potential to change the dynamics on the worldwide and on the alliances business is really big. Here, just some comments on our recently, also recently announced deal with our friends, KLM. It's important and deserves much more than a slide because of the single fact that when we were negotiating with them, I was reading the press, that they were to close very soon a big deal with another airline... Well, we understand why people were entertaining those thoughts. They, they have some alignment with other airlines, but, but clearly, the message here is Air France-KLM looked into the region that is very strategic to them and said, and they made a choice. They have chosen to continue with us. They think our network is reliable, they believe our operations is the best one to carry their passengers, including their premium passengers from La Première, for instance. And they also think that, well, there's always trust in the middle of those alliances conversations, that the trust they were able to do together with us in the last 10 years, will worth the next 10 years. And of course, we talked about exploring new growth opportunities together, and this is one of the reasons they will support us with the engines maintenance that is a key piece for our growth in the future. I would like to emphasize what this means. It's much more than a simple agreement that we will extend for the next 10 years. There's a lot of trust involved from a very important partner that sees the world in a way, in a privileged way, I, I would say. And here, I'm switching a little bit to revenue management. So all of this, we are doing all the efforts to extract every penny from our network, and we are taking care not to restrict the access to our network. So the high levels of load factor means that, well, we are working to get high yields, but we are not making difficult to access our network. It means there's no capacity constraint. We are not limiting people from access our network, from buy our tickets. We sometimes see people trying to say that airlines are enforcing artificial things. No, it's not artificial. We are at 85% load factors. We are trying to attract all the customers possible, but we have a capacity constraint. Well, very proud to see that the gap among competitors is becoming very thin, and we are working hard to make this reality changing very soon. What I can anticipate is that we showed the third quarter results, and for the fourth quarter, we were talking about a very rational environment in terms of the booking curves, the pricing environment, and this goes on. It's true that because of the seasonality, we are seeing some slowdown in the sales nowadays, but everything as planned, so no news in this path of good news, I would say. And how we are being able to achieve that? Well, the market explains the macro explanations on the market, but we are really working hard to change our pre-pricing strategies. They have to change very quickly. Sometimes we are using humans because the systems are not being able to understand Brazilian reality in a fast pace. Well, I have a team of analytics, 60 people working to do the analysis in the most technological way, but still, we are relying on people at this point in time because everything's changing so fast, and we are being successful. We are changing process, we are reviewing structures, and we are investing a lot on integration with the other departments of GOL and technology as well. Technology, we are starting new projects, but very soon we will talk about artificial intelligence and systems that will be proprietary to GOL, that will be able to do the changes in an even faster way. So, with this, I end my presentation, and if you have questions, I'll be happy to answer at the end. André? Can you hear me? Good morning, everyone. Thank you, Mateus. So good morning, everyone. Hope you have a good reception here. Thank you for participating today in our GOL Day. It's a pleasure to have you here, all of you here in our headquarters, São Paulo, Congonhas, and for those ones that are watching us through the webcast. So for this event, before I start, I prepare a couple of slides to talk about a few important things. The first one is our fleet, how we are managing our fleet, and which are the next steps, and how we are dealing with the fleets and constraints that we are facing now. The second one, I'll talk a little bit about our cargo operations, and the impact of the cargo operations and how the cargo operations brings benefits to the fleet itself. And the third one, that is important as well, some environment initiatives that we are taking for the company, and that put us pretty much in line and in closer to our target to reach zero or neutral carbon emissions by 2050. So here, talking about the fleet, first, you're gonna see that from 2024 up to 2027, we didn't split the MAX aircraft and the NG, for the simple reason that we are facing a lot of problems to take delivery of the airplanes. The manufacturers, as Celso mentioned, it's a global, worldwide supply chain issues that we are facing, and Boeing is impacting that as well, taking delivery of the airplanes. But that's the direction that we believe that we're gonna have on the fleet side by 2028. That's the first important thing. And more than that, is that our fleet renewal keep on going. What it means with that? I mean, since July 2018, 2018, when we took delivery of the first MAX, even with the 20 months of grounding of the MAX, we are keep growing, keep taking delivery of airplanes, keep replacing the old technology airplanes by the new technology airplanes, and that brings us efficiency. And why is that so important? Because one of the drivers of this company, since day one, since its foundation, is to have the lowest cost. And the only way to reach the lowest cost in this company is taking initiatives, or through the technology, or through the process and procedures or new initiatives, or other actions that may help to drive our costs down. And then, in this case, we are bringing here some comparisons about the MAX 10, that we start taking delivery for the airplanes very soon. And when you compare, as an example, a old technology airplane, a 700 airplane with a MAX 10, you can see the huge number of seats, the plus seats that we can offer on the MAX 10. And on top of that, is a big driver for our CASK or a CASM reduction. That's really important for the company. Then we—you can make two questions for me: "Hey, Andre, why, why MAX 10 is replacing 700?" Not necessarily is replacing 700, but the MAX 10, these airplanes gonna play important roles for us. The first one, somehow the 700s or the MAX 8 can replace the 700s or even the MAX 10. That's one piece. But the second piece, the MAX 10 aircraft is a niche aircraft. We don't intend or don't have plans to replace the whole fleet for the MAX 10. So the MAX 10 is gonna be used in two different scenarios. First one, where frequencies in some airports are not important, I mean... Or because I have slot constraints or any other reason. And the second one, where upgauging the airplane is more beneficial than adding frequencies. And the second one is putting the MAX 10, especially in on our hubs, where we can feed other markets with the MAX 10. So it's a, it's an important airplane, it's a niche airplane, as I said, but it's an important key to drive our costs down, and we are pretty much, you know, in line with delivery of the airplanes on the coming years. On top of that, we have 103 airplanes on order. We have, for that, a very flexible, streamlined delivery schedule with Boeing, which help us all the time. If you follow, go very close, you'll see that we have supply and demand adjustments all the time, and having flexibility in our order helps us a lot to manage that in, you know, in times where the demand is not at the levels that you're expecting, then we can adjust the number of airplanes that are in the fleet. And on top of that, having a newer fleet helps us on the efficiency and productivity. Which means that the airplanes can have a higher utilization, a higher dispatch reliability, and more than that, a higher on-time performance. When you have all those combined, you can have the airplanes flying more. Once the airplanes are flying more, we have in this company what we call wheel of fortune. It means that I have the airplanes flying more, I can dilute more costs. Once I dilute more costs, I can offer more seats in the market with lower fares. And then, all those benefits is reinvested in the company for a continuous growth. So that's the way that we see that with a newer fleet and the investments that we are doing on the fleet renew, is bringing for the company. The next one is speak a little bit about our logistics. I mean, we can compare our cargo operation as a whole by any metric in terms of market share, seat service, cargo tons, carriage, and any other metric. You see that we are improving, and that's really good for the business and for the investments that we are doing. More than that, recently, we have—we announced the partnership with Mercado Libre, that here drives two things that usually we don't talk much about, and it's important to bring that to you today. The first one, for sure, we have 6 airplanes converted at this point, and you have 6 additional to go. So this business can grow up to 12 airplanes. But more than that, what we don't talk much is that once you have this program with Mercado Libre, it helps us in two things. Helps us to have a cost avoidance on the lease return airplanes. You know that lease return in airline is a very expensive activity, so instead of return an airplane and we convert the airplane to cargo, we put future, or today, cost obligations to return an airplane, we move that to a future cost return obligation. Because the airplane is maintained in here, and you move that to the end of the new agreement. That's the first piece. The second piece that's important, Celso mentioned the very beginning of his presentation, the drag that we are carrying on the fleet side and the challenge that we are facing to put this fleet back in service, and also the constraints that we are facing with the supply chain in the market. Every airplane that we convert to cargo, it's one less airplane. One, or airplane from the operational side that you can replace for a new technology airplane, for a new MAX. Or two, it's a idle aircraft that I have to put it back in service and converts to cargo, that you don't need to worry anymore on the passenger side. So at the end, this, this, this system or this cycle, virtual cycle of cargo operation, benefits in a way that GOLLOG is more relevant and more presence and emphasize our presence in the cargo business. But more than that, brings us a huge relief in the passenger side, on the aircraft, on the passenger side, helping us renewing the fleet, bringing all the benefits that I said before, but also on the idle aircraft that you have in the fleet as of today. So here, I'm bringing our maintenance facility. Most of the things that are, you usually listen on a company that has a single fleet type, like, the same pilots, crew, pilots, ground mechanics, parts, and everything of a single fleet type, all those benefits, you listen that a lot. What I decide to do here today is a big difference, the things that you don't talk on a day-by-day. Is that with those facilities. First, we have three facilities in GOL today. One in Confins, that was one of the largest ones in Latin America, so it's the first Aerotech, we call Aerotech One. We have Aerotech Two in Congonhas, that we have capacity for two additional airplanes. More recently, we have Brasília, that we are calling Aerotech Three, where we have a huge capacity there, especially to support the airplanes that are flying out of Florida, where we can have the maintenance overnight there in the hangar in Brasília. But more than that, what we can do with those facilities and how we can help us work with those facilities to reduce our costs or bring our costs down? The first one is that we do everything in-house, so we can manage the capacity of the facility. Considering the seasonality that you have in Brazil, we have the high season very high and the low season very low in this country. And with that, we can manage very well, the manpower and the airplanes that are in the hangar under maintenance. In this case, in the low season, we have more airplanes under maintenance, and in the high season, as less as possible, sometimes zero airplane, going through maintenance. That's one thing. The second one, having a single fleet type that's very helpful for the maintenance, is the efficiency and productivity. How we can get that? On top of the process, procedures, and everything is standardized that you have on the maintenance side, repetition is a key. Every day, you have the same aircraft type, the same level of job, the same level of maintenance. The repetition drives to quality, to efficiency, and lower costs. So the combination of have those facilities where we can manage, the ability to manage that in the best way, and having a single fleet type that help us to make the same process, the same activities over and over again, helps us not only reduce the turn time of the airplanes in the hangar, which is cost. Every airplane that is parked is cost, and secondly, help us to be more efficient on the day-to-day on the teams that you have there in place. And on top of that, we are doing some important investment in shops as well in our facility. How we are doing that? I mean, we are picking, sharing those shops that are more relevant, which with low investments, we can bring huge benefits. Here, I'll bring you an example of the engine shop. We used to say that an airplane is a third one engine, a third the airframe, and a third the other engine, so two-thirds of the airplane costs are engines. So we are making some investments on the engine shop for light repairs first. We are working in some module replacement as well. We are replacing modules of the engines. And more recently, in a conjunction or in a partnership with MTU, Germany, we developed together a replacement of HPT blades that are an issue that we have on the engine 7 B for the fleet. And now we are certified to do in our facility there in Confins, the replacement of the HPT blades. Why that is so important? First, we don't need to ship the engine outside for any shop. As Celso mentioned, we have large constraints; we can do that in-house, one. Secondly, we avoid the turn time of the engine, not only the engine shop, but the logistics for in and out of the shop. And also, having the engines faster available for us, the number of spares can be reduced as well. Because instead of considering six days, 60 days turn time for an engine, we can do that in 15, 20 days. Those 40 days of savings that you have in an operation like this, at the end of the year, it's saving engines that I don't need to have as a spare, because the turn time is much faster. So that drives cost, drives investment, and drives efficiency and productivity for the company. Here, at last, I'm bringing some initiatives that we are doing more recently on the environment side. But before that, it's important to mention that GOL was the first airline in the region to commit to have neutral carbon emission by 2050. That's the first piece. This is pretty much aligned with the industry, ICAO, IATA, and that for us. We are really proud of that for us. Secondly, we have. It seems that your 2050 is too far, but years are passing so fast that we need to start acting now to making sure that there we are be where we, we must be. And first, to achieve those, that target, how and how we are working internally in the company. For the 100% of emissions that we have today, 15% is gonna come from the new technology airplanes, from fuel savings that we are having with MAX. So MAX is bringing more efficient fuel savings, less emissions, less noise, and other things that the technology airplane is bringing. That's the first one, 15. 3% is bringing from operational initiatives. Just this year, to have an idea, we reached over 2% with ops engineering initiatives, and other things that we did in the company. So over 2% of fuel savings is expected by 2050, we reach closely to 3%. So 15 from the new airplanes, 3% from the operational initiatives. Another 64% from SAF, so Sustainable Aviation Fuel. Here is the important thing. We need to have a regulatory framework to making sure that the airlines and the companies, they're gonna work together with governments, local governments, to making sure that we have that benefit they produce. It's, it's much more than have SAF, it's how we can produce in a commercial size, the first one, you have scale, second. Third, how we can have a competitive pricing on that? Otherwise, it's gonna be really difficult for the airlines to adopt and keep using that. So 64 is coming from the SAF, and the remaining portion that we have as a contribution are initiatives made by our passengers. And that here comes to the Meu Voo Compensa. It means that every tickets that every single passenger buys in our website can be neutralized, and that helps. We are considering that by 2050, we're gonna reach closely to 18% of every ticket that's bought in the company website is gonna be neutralized by the passengers. You can do that while you are buying your tickets, but also if you fly and you decide to neutralize afterwards, you can go back to our website, do the process again, and it neutralize your carbon emission for that specific flight. And then you're gonna ask: How much it costs? It is not much, considering the benefits that we are we're all together in this planet, and we need to make that, you know, a better plan for everyone. It's one-hour flight, if you look at a one-hour flight, we are talking about less than $1 to neutralize your carbon emission. It's not much, and I believe that, you know, more and more the passengers, they will be adopting this and making sure that everyone together, we are going towards to have a better planet and, for everyone, for us and for the future generations. Okay. Questions? I give back to Mario. Mario? Thanks, André. I'm very delighted to start this session, but before that, I think it's important to show that, you know, we're gonna be talking about the numbers, that we usually have these conversations during the meetings, investors conference that we have with all of you. But despite of that, you know, you can see very clearly we have a company here that, you know, is continuing to evolve, is continuing to expand, have a clear strategy. And in terms of how we internally are organized, you know, we're gonna be talking further, and I especially think right now is the right time to start to talk about the capital optimization plan. That, you know, there are some of the colleagues, for example, Carla, that has continued to expand and to continue to grow, Smiles with a lot of opportunities. And, you know, the company's gonna start to getting greater, you know, network that is a strategy to continue to grow. Of course, it depends on the availability of aircraft, you know, that's the key of our factory, you know, our machine to continue to produce further profitability. But the fundamentals are there, you know, the fundamentals are very strong, are very solid, you know, is correlated to the foundation of the company that is gonna be the pure low-cost model. And that somehow has been impacted by, you know, the last capacity that has been able to deploy. So here in the first page, you can see that, you know, despite of the impacting in terms of the capacity, we have been able to combine both strategies, in order to look, in terms of the unit cost and also on the revenue cost. So we have been able to maintain the balance, between both sides. While we have been talking about a lot about the delays, and also the fleet availability, in a smaller offer than we initially expected when we launched the guidance, in the very beginning. We continue to maintain the cost leadership, in the sector, and continue to expand yields into a much superior level, compared to our peers. So you can see here on the left, on your right side, you know, more than 50% expansion compared to pre-COVID. That was coming first from the capacity discipline in the beginning of the year, when you start to see much higher impact in terms of the cost pressure, especially on fuel effects; they're still there. You know, I think we remember that three or four years ago, before when you start to see about the impact of the pandemic, you know, most of you participants were very skeptical that companies can survive in an environment that we have effects at BRL 5, fuel price per liter beyond BRL 5. Of course, it is impacting the profitability, you know. It's those costs has almost double since the level of pre-COVID. But, you know, we're start to see a more stability or less volatile environment that enables us, in terms of yield management, you know, to be more effective and try to compensate part of that impact on cost through yields, but of course, not totally. But it's in an environment right now where all the competitors are in the same challenge and are very disciplined in terms of how they are looking in terms of yield management going forward. So by addressing the fleet's viability, we understand that we can produce further cost dilution. You can see that we are continuing to maintain the cost advantage. Of course, that advantage has narrowed because most of the competitors has already get back to a level that was around 100% or even beyond 100% of the 2018 ASK levels. We're still lagging behind, but while we still have less dilution cost, we're still trying to maintain that cost discipline, you know, especially on the fixed cost. You know, we are in a much more lean company. You know, we are producing, in comparison to 2018, you know, much higher revenue, but into a much less capacity. So that's also resulting in a much lower fixed cost under our structure. So we wanted to continue to keep that. We wanna continue to be more efficient. And with the strong positions with the key airports, you know, and the exposure that we have, really to in order to capture, you know, the continued, very strength performance in, strong performance in terms of the leisure traveler, that's really what has been supporting the demand, right now. But in terms of this continuous, slower but continuous, recovery in terms of business passengers, and you saw that we're very well positioned through our large program, you know, for our key airports. So in order to capture that, that prize in terms of the business passengers, you know, that's the main driver, the main formula, to continue to deliver, consistent profitability throughout the years. The profitability is here, you know, you know, we have been continued to be one of the top-tier international and regional benchmarks among the industry. We have been delivering consistent margins throughout the year. You know, we are talking here in terms of EBIT margin, operational margin, you know, in terms of all the peers in the industry, we are on the benchmarks, delivering four consecutive quarters of EBITDA margin, EBIT, EBIT margin beyond 50%, EBITDA margin, you know, roughly close to 25%. That is roughly what we expect to deliver throughout the year in terms of the guidance for 2023. And considering... And And that's, that comparison is considering all the is what is under the financial statements, is including all the non-recurring costs. You know, even in a scenario that during the third quarter, the most recent results, we also have no recurring or unexpected costs, you know, or that's not part of an ongoing business related to anticipation of four redeliveries. That is very costly, but is our main priority to really bring the efficiency back, you know, to start to address the idleness of the aircraft that has been delayed because of the delays in terms of a new aircraft that was supposed to start to be delivered this, especially during the second half of the year. But, you know, we are delivering a much better performance. The focus here is that we can continue to deliver the ongoing, business return, you know, maximizing the return on the key markets, where we operate. You know, just getting back a little bit, I think it's important to remember in terms of the history, that Brazil is a very cycle economy, you know, and we experience a lot of volatility for different reasons during the last, let's say, 10 years. There was actually those 10 years that the market didn't grow, and the passengers has been continue, in the level of 100 million passengers in the industry. And, you know, that is different than the first phase of GOL from 2001 until 2009, you know, that we call as a GOL effect, that the entrance of GOL is stimulating the market, popularizing the air transport in the industry, almost triple the size of the industry. So because of the, you know, downturn of the economy, so that is starting in terms of slowdown from 2011 and entering a very deep recession between 2015 and 2016, that impacted the margins, and that also leads us at the time to entering a fleet restructuring. And, you know, there was different reasons, but we also had to adjust the fleet during 2015, 2016. We returned almost 29 aircraft because of the lack of demand. After that, in the following years, we start to recover the profitability, we start to grow our revenue basis, and then we reach. Then you can see that period from 2017 to 2019, that we reached one of the most highest record levels of profitability back in 2018, almost reaching 30% of the EBITDA margin. And of course, the challenge that we faced during the pandemic, especially in 2020, 2021, that was much heavier in terms of the immediate slowdown, downturn related to the demand for different reasons. And then we start to implement, of course, what we show as liquidity stability. You know, we try to maintain the stability, we try to keep the company running the business while we understood that after the pandemic, the company could emerge, you know, in the same way how we started the operation. So meaning that the fundamental was still there. But we carry a lot of the first. We negotiate, you know, a lot with the main suppliers with the main stakeholders. So that's something that, of course, we need to resolve now. We have been talking about the capital optimization plan, the restriction and why that's been happening now. You know, first is because we have been able to deliver one year of track record, you know, one year of stability in terms of margins. 2022 was when we reached a 19% EBITDA margin. This year, we are expecting to read this mid-20s, that is consistent to, to the guidance. We estimate that, you know, this year, even though we are still carrying a lot of, those drag effects, and, you know, that is associating the P&L. So like, you know, having a much higher discount rates, you know, carrying a lot of, you know, cost, from the deferrals, from the agreements that are still under our balance sheet. You know, the lack of availability of aircraft is also increasing the cost that we have in terms of, our relationship with the customer, in terms of the recommendation, in terms of, cancellation for, bad weather conditions. So those things, we estimate that is impacting something around 2%-3% EBITDA margin, you know, in terms of how they are increasing the cost, increasing our unit cost. And that's something that is the right time to start to look on that. And even though we are still not delivering any guidance for next year, because we still have a lot of uncertainty related to how is gonna be the pace of new aircraft being delivered, you know, we understand and we estimate that if we're gonna be able to start to address and reduce those drags, you know, we're gonna have like a 2% or 3% points that is embedded in our results that could even increase EBITDA margin. And that's gonna be a natural process of, you know, in a scenario where unit environment is gonna be somehow stable, the companies, the competitor is gonna be still be very disciplined. We have the opportunity because we are still carrying around 20 aircraft idle, you know, 20 aircraft are paying leases, 20 aircraft that requires some level of a cost associated that is inside of our P&L. They're not generating any SK, and we can really deploy those SK back on track, back on the machine that is producing a very good level of profitability. On the right side, here you can see the leverage. You know, we started since the beginning of pandemic, the process of the leveraging. The fastest deleveraging process is started by the fourth quarter of the last year, when we started to reach to this level of normalization in terms of our profitability. And then from almost 10x net leverage, we are reaching now close to 5x. There is still far from what we intended to be in terms of financial policies that back in 2018, back on the beginning of GOL, you know, we are much more around 3x. But the most of that, the deleveraging was only related to the beach, the production, you know, the gross debt or the balance sheet issues are still in the balance sheet. So that's the right time right now, where the company is delivering profitability in order to start to look on that, in order to further expand the leveraging process in the future. We did a lot, you know, during this, let's say three-four years. You know, we reach all the stakeholders. All the stakeholders are a very long-term relationship with the company. You know, we did first, in terms of the renegotiation of debts, you know, we issued during the pandemic $650 million of SSN, senior secured notes, maturing in 2026. And that was subject to, a refinancing, you know, an exchangeable exchange transaction during this year, where, by the creation of Abra, the holding company, you know, around more than 50% of the 2025 and 2026 bonds were, you know, exchanged into a new SSN, into new secured notes maturing in 2028. Where 1.1 out of the BRL 1.8 billion of the outstanding amount of that, the remaining in our bonds has been exchanged into a longer maturity, and also, you know, reduced partially, you know, the exposure with market value that was around $600 million. In addition to that, we were able to also raise through our holding company, our controlling shareholder, the Abra, new money of $450 million. That was crucial, was key, especially during the year that was very challenging for credit market, even in the international market, but also in the local market, because all the distress that happened through some retail company in Brazil. In order to bring this new liquidity, that was key, in order to start to reinvest for essential CapEx activities, you know, acquisition of spare parts and really, you know, put back some of the capacity that was supposed to start to be in the beginning of the year. We also been under discussions with lessors during the entire pandemic. We tried to keep, in terms of, all the negotiations that we have with lessors, to not be prolonged in terms of deferrals, into more than three-four years, because we understood that the cost of those deferrals is gonna be very expensive, and it's gonna be very difficult to manage after the end of pandemic. So we have been keeping a frequent dialogue. You know, we have, more than 25 lessors, so imagine how frequent we have been under interactions, with those. Basically, GOL's team, you know, through André's team, you know, the fleet team, in a constant dialogue in order to keep, the market, rate of the, the aircraft, you know, the lease price into some lab of normalization, and then extend in a short-term, six year-- six months deferrals. But of course, you know, right now, we understand that, you know, it's not gonna be sustainable into an environment that, you know, the market, the aviation global market is requiring a lot of demand of new aircraft, and we have this constraint related to the manufacturer to continue to stand in the short term. So we wanted to really touch base with the lessor community to create a fair and definitive solution that we can solve in a definitive way, you know, all the exposure that has been created during this pandemic. So we started on negotiations in the mid year, so was by the beginning of the second half of the year. We hired two advisors, those in the very beginning, Skyworks, and then most recently, we hired Seabury. Seabury was also one of the advisors that conducted the restructuring of the fleet from one of the competitor. There was Azul that was concluded by the end of this third quarter right now. You know, basically, our exposure with the lessors are, you know, is a very common, is almost the same, the same lessors that work with Azul or even LATAM are also exposed to GOL. But in our case, we are the only biggest operator of 737-800 Boeing aircraft in the region. So there's, of course, a lot of willingness in order to find a common solution. And why we understand that, you know, the dialogue is gonna be friendly, and why we launched our capital pos- optimization plan and restructure of the lessors in a consensual basis? Because the company is running into a good operating performance. So, you know, those lessors are stakeholders that they are not just focused on very short-term relationship, they are, you know, focused on long-term relationships. So every lease agreement has, in terms of average term, around seven years, 10 years, and 12 years. And during this period, of course, Brazil is gonna be exposed to a multi-cyclical, cyclical periods that, of course, can produce some kind of a slowdown in terms of demand. But in a broad picture, for the next 10 years, the company, we're gonna continue to deploy in a very efficient way. So, we are talking with them very frequently. By the end of last year, we created a partial solution that was just to avoid the very short-term exposure. We structure a new senior amortizing notes 2026. Of course, right now, our priority really to avoid big maturities coming in the next three years. So we wanted to be longer on that that we can really invest and focus on the underlying business, and not, of course, being under the exposure in the next three years on the big maturities that can impact our ability to continue to grow. There's also other initiatives, a lot, you know, both on on equity side and both, you know, touching bases with the relationship that we have with the local banks. You know, we did, you know, renegotiation of the inventories, you know, that we extended one local exposure that, you know, we have more than 10 years under the exposure with the major three Brazilian banks in Brazil, Santander, Banco do Brasil, and Bradesco. So we're gonna be able to extend for the next three years. And of course, you know, into this concession or broad capital optimization plan is something that, of course, requires additional discussions with them. But we did that also in the back of, you know, potential support from, you know, new source of financing coming during the pandemic period, but was only rely on the Brazilian banks. We did our incorporation of Smiles during the pandemic, and now you can see, there was a right decision that created a very, important collateral for the company that enable us to really do the restructuring of a new debt. So Smiles IP is really right now the main collateral for all this re- let's say, optimization of balance sheet that was did recently. Shareholder, basically, the control shareholder also invested on equity during 2021, did a capital increase. We also had the support of American Airlines that you saw on the Mateus presentation, that it was been expanding the network and invested $200 million of equity during the pandemic, and we renegotiated payables with the main suppliers as well. So where we are right now, right? I think this is the transition of what we wanted to discuss, and then we're gonna be doing very quickly, and then we'll go to Q&A. So first, we have a good operating performance, and then we were delivering this 27% EBITDA margin more recently in a very consistent way. But we still have some drags on the balance sheet, that is everything is accounted. So you can see in our financial statements, the increase in terms of payables in the short term is something that, you know, we can resolve through the operating margin performance, but it's gonna be taking longer because if you wanted to address all the CapEx issues, all the balance sheet, they're still sitting in terms of the fares. Airlines, we need to produce, you know, probably 40% or 50% operating margin, that, of course, is not feasible, even in a scenario that GOL is really right now in terms of the top tiers of EBIT performance so far. And we have equivalent of 20 aircraft in terms of CapEx requirements, that we are paying as a drag, and we are impacting our P&L, and of course, require a lot, you know, a very relevant amount of CapEx to really invest. That given the current demand, you know, the company cannot continue to prolong those investments, of course, or otherwise, gonna be losing competitive advantage, or is gonna be creating a space for this demand to not be captured by the company. The liquidity, of course, have been very stable since the beginning of pandemic, and you know, but the cash that is available, we run to run the ongoing operations, and the cash that they're generating is neutralizing the ongoing operations, but not still sufficient to cover the balance sheet. We require additional initiatives in order to solve that balance sheet drag right now. So we launched a capital restructure plan, having advisors that is gonna be properly communicating, and is gonna be really putting focus to address this in a much fast way, in a fast priority, deploying what you understand is gonna be a very fair you know solution to them, while our team is gonna be continuing to be focusing in order to deliver the performance of the company. We start to talk with the lessors that maintenance CapEx is also one of the, you know, the issues there are exposed to the lessors. So, you know, we are also working on initiatives in order to address this CapEx. Mateus mentioned about the partnership with Air France-KLM. That's one of the initiatives that can recover 1%, a portion of the CapEx by inducting those engines in order to start to be restored. We are under discussion with the government, you know, very close to being able to close kind of a CapEx financing that's gonna be enable further investments in services being done in Brazil, that are gonna be stimulate also the market, the economy here in Brazil. And that's gonna be the second important piece. Then, you know, we understand that by doing our homework here, you know, the stakeholders also need to, every single one, you know, as a next first phase, you know, if we can address the lease rec, the balance sheet, and also the CapEx requirements, that's gonna trigger us, or it's gonna unlock us in order to start to touch also some of, you know, medium-term challenges related to the bonds, gonna be between 2025 and 2026. And also enable to have liquidity initiatives. And also, it's important to remember that our control shareholder, since the foundation, is being very... has been supporting the company since the beginning, so that's gonna continue. But, you know, all the stakeholders will be able to support simultaneously in order to not having just one piece of the stakeholder supporting or financing others. So that's my last part. You know, why this restructuring is so important? So first, you know, we're gonna be able to unlock the Avianca potential that is now under the drag of our profitability, and that's gonna be enabled through cost dilution, and for through, you know, reducing in terms of cap- you know debt service interest costs that is embedded in our P&L. Second, engine CapEx financing is something that we always assume to have some credit lines in order to expand our growth in the future. So that can enable us to start to reach to other markets, international markets, that we have those expansion plans, you know, into a very important high-density markets in the region. And also in the regional markets that you see that even with minus 10% capacity this year, we have been able to expand nine destinations this year, mostly on regional routes. We're gonna continue to or ensure this low-cost model continue to going forward. We're gonna continue to dilute fixed cost, and that's gonna be result more competitive operation. Finally, that's gonna be create benefits for all the holders of investors from the company, given that, you know, we're gonna be able to increase the pool of receivables of collateral the company, and Smiles and GOL's IP right now, that is an important collateral for the company that's gonna be utilized for the, financings that, is gonna be ensure that, optimization of the capital structure, you know, the value or the added value creation is gonna be continue to increase. So that's the right time. You know, we were stable, or we have been delivering profitability, and, you know, 2024 is really, the year that we, we understand we need to resolve those, given that demand has been very strong, and we have those aircraft as opportunity to, deliver further competitive advantage compared to the, to the market competitors. Then I will pass back to Celso to close the final remarks. Thank you, Mario. And just a small reminder here, to make sure that our guests can start to ask questions through the platform. So we are a little bit late, so it's already open. So anyone that needs to shoot a question, please feel free to start, and then we are gonna organize ourselves for the Q&A. As a final remark, I think what we shared today is a comprehensive situation of the company, which is on the operational side, is delivering the best results ever, on a company that has a good track record on the operational side. Still carrying a lot of drag that Mario mentioned, I mean, still carrying more planes that we need. So the number one priority is to recover ASKs with the fleet efficiency. We don't know exactly how many planes we're gonna be able to receive. You saw in the direct presentation that we are trying to compensate. If we don't take delivery of a MAX, then we have an NG, and we are gonna discuss an extension of this NG and the ability to lift those engines. But we wanna keep our presence. Cost reduction initiatives, I mean, we are gonna continue, and we are going to be able to do it. I mean, we most of the initiatives are already in place. The more it's gonna come where we adjust the fleet and optimize the utilization. Again, the balance sheet, we saw that the fleet is playing an important role, not only because we have arrears and deferrals to be addressed on the fleet restructuring, but also because we have an engine backlog that, I mean, it's significant and should be addressed at the same time. We have been working on initiatives for new financing, but we are also working close to the lessors to better understand, I mean, the planes that will stay and the planes that we're gonna return, and how many engines we're gonna take from them and from Boeing... again, eliminate the drag and engine backlog impact. So with that, I would like to thank you very much for you all to be here, for everyone that's in the platform, and make ourselves available for the Q&A session. I don't know how we're going to handle the Q&A. We're going to start this now with questions? I think we can. Sorry, you know, if you, anyone has questions, please, please, you have a microphone, you can go, go there. So whatever you feel. I think we have two questions, yeah, so far. Thanks. Good morning. This is Gabriel Rezende from Itaú BBA. Two questions here on our side. If you could comment a little bit, further comments on the restructuring plans, regarding your negotiations with lessors. My point is that, do you think that negotiations could be slightly tougher at this current environment in the industry versus what we had during the pandemic? Just looking at, regional traffic demand and also the lack of aircraft, the lack of supplies in the industry, maybe create some more liquidity for the lessors to bring those aircraft to other players. So just trying to get your view on, maybe how tougher the negotiations could be at this context in the industry compared to the last three years. And also, another question regarding the restructuring. You, you mentioned that you expect all the stakeholders to join the restructuring plan, which sounds very good, but I'd just like to understand whether this could involve the shareholders as well, and potentially lead to some dilution for minority shareholders. So, Gabriel, thank you very much for your question. You're right that the aircraft... I mean, part of the presentation was to explain that there's no aircraft in the world that's available, and the ones we have, the fleet on the ground is waiting for engines everywhere in the world and for parts. So this is a completely different environment from what we had in the pandemic. It's challenging, and we know that it's not going to be a surprise for the lessors, since we have been already talking to them. The thing is that they will expect, like, a further and comprehensive restructuring overall, including everyone, to make sure that, okay, that's going to be a definitive solution. We will address; we'll deleverage the company. The company will be able to match cash flows with the debt obligation, and that's what they want, I mean, to keep and to support their plan. So it's our responsibility now to show them and to structure a plan where one thing will be somehow a precondition to the other, and then we can trigger all this together and deploy the whole plan. I think the goal, as Mario said at the beginning, we kind of think it's on our side, is a good moment because we are showing consistency; we're showing results. We can show to all the stakeholders, but also to the lessors that we have plans for the airplanes. We are going to be using those planes. It's just making sure that we can do this adjustment right now, have the right lift with the engine to address the liabilities that we have created during this period. It is a tough environment, but we also are going to show them a good case in terms of post-restructuring company. I mean, and then you mentioned of all the stakeholders. Yeah, all the stakeholders are talking. You know that our shareholders, they have been very participative during the history of the company and very recently with Abra, and they are also part of the overall restructuring program. Yeah, we you know, when talk about consensual basis and, and of course, everyone, we're going to be being part of that that broad solution, you know. Of course, lessors we are much more well advanced, you know, and local banks we did recently, and, you know, we wanted to continue to have discussions with them. Most of the necessity of the company, really, you know, in the short term is really to have reduction of the short-term pressure. You know, most of what we have been discussing with lessors has been kind of long-term extensions. If there's you know, a new source of cash that was going to be coming, you know, we're going to be discussing from which area is going to be coming. And of course, you know, we don't want it to create something that, you know, one stakeholder is going to be thinking that it's going to be financing others. So there's going to be one stakeholder that we're not going to be doing nothing, is going to be continuing to receive everything, and then it's going to have all the type of stakeholders financing, you know, the between them. So again, you know, we cannot anticipate at this point of time what's going to be those solutions. So we're going to be working, of course, with lessors right now in a more advanced way. But we can ensure they're going to be, you know, discussing with all the, all the stakeholders that we have been presenting here. What I can say is that, you know, the control shareholder is committed, you know, since the beginning of the company, and of course, there's going to be also involved in those discussions as well. Thank you. That's very clear. Thank you. I think there's another question there. ... Hi, good morning, André Ferreira from Bradesco BBI. I have two questions. The first one, if you can comment a bit on how are negotiations for credit line for maintenance advancing? And the second one about the program, Voa Brasil. I mean, when do you expect that it will actually be launched, and how many passengers are you forecasting it will add to the results network? Yeah, I can take this one. So on the credit lines, we are working closely with the industry development ministers in Brazil. I mean, what we want, of course, it's a big ask for the industry. It's - it should be business as usual, so we don't see this as a kind of a package of support of the airlines. We used to have similar financial facility when we used to do our engines in Delta, for example, we used the Ex-Im Bank as a contract guarantee to finance our engines in U.S., and this is the type of the instrument that we are working to launch here. We're really confident that we are gonna have this still this year. We... Then once we have the collateral, then we are gonna have, potentially, private banks, providing loans. I mean, we're talking about around $200 million is the initial targets, to finance engines that should be performed, maintenance should be performed here in Brazil. So in Petrópolis, we have a GE, General Electric shop called Celma. It's a very old shop, and, I mean, world's high standard shops that we have in the world, and we believe that it's, it's good for the, for the country, it's good for the airlines here, and this is something for the industry, it's not something for GOL. Of course, we're gonna be, I mean, in line, first one in the line for asking this, taking into account the situation we are. But this is gonna be a very important piece in the overall plan that we are talking here. We have a number of engines already committed with Air France-KLM, which is also part of it. And André mentioned that we are also signing GTA agreements with many other suppliers in the world, because there is a run for shops right now, that we need to secure these slots, and once we have the financing, we are gonna be able to go. Part of the finances also include in the overall fleet restructuring. So we are talking to the lessors also, in kind of a create a financing mechanism to where we together go and the lessor address some of short-term engines that we need to address. It's good for the lessor, it's good for us. They also don't want, they don't wanna have their engine sit on the ground. On the VoeBiz, I mean, we have been talking and completely open to that program. The only thing we want is not to avoid any type of cannibalization of existing customers. We have already low fares in the system. Although we have, we are showing, there's people complaining about the high fares on the short APs, we still have more than 15 million Brazilians flying with us for more than BRL 500. So out of the 30 million that we have on average per year, half of it is paying less than BRL 500. So this is really remarkable. The Voa Brasil will take part of this, but we want to reach incremental and really give access to people that are not flying. So the discussions we have with the government is, how will be the technology involved, how the customers will be selected, maybe participants of already federal government programs like Bolsa Família or any other program, Prouni is an idea of the new minister, Silvio. So we are in talks with them. We believe, my expectation, again, is to start this beginning of next year, and then we may have more than 1 million passengers in our system flying through this program. There are two questions on platform that is related to that, and I'm probably gonna put here. So what is the estimate of cash CapEx required to engine backlog to cover with the delivery obligations? And then, what is gonna be the extension of the restructuring with the lessors, and if it involves all other stakeholders, and what is the amount that is gonna be negotiated with the lessors? We, in terms of the CapEx backlog, you know, we estimate something between $200 million-$250 million. That is basically 20 aircraft. Each aircraft has an average of $5 million-$7 million of spend. Every aircraft has two engines, so it's basically something related to 40 engines. So it's about $200 million-$250 million. In addition to that, we anticipated some of the negotiations into a structure that we implemented last year. That was the SSN, that was now outstanding amount of $230 million. And they still have additional $150 million, roughly, that was not covered by that structure, that is sitting in some agreements, that is gonna start to fall in the, in the short term. So that's basically, you know, one of the items that is gonna be covered, because the CapEx is also something, as Celso mentioned, that we, you know, it's under the exposure of the aircraft that we have. We are doing our job, you know, we are creating- ... some of those initiatives, of course, there's new not gonna be covered, you know, 100%, so it's still also requiring some support, you know, creating some kind of a joint solution, and we will—sorry for that engine CapEx. So those are basically the one of the big items. We also wanted to discuss with them, you know, what is the future obligations for the coming years? You know, we wanna sit here, you know, in just one negotiation to cover all the major obligations. So it's gonna be, of course, relevant on those two items, but, of course, it's gonna be ensuring that most of the short-term concentration on the balance sheet that is already present in our numbers, that's gonna be really being relief during the short term, and it's gonna be much more under the long term. Any other question here? Hello? Yes. Alberto Valerio from UBS BB, thank you for taking my questions. I have two related questions, and talk a little bit more about CapEx. For next year, what should we expect from net CapEx and total CapEx? I imagine that the deliveries of new aircraft should change these estimates. And what change from pre-pandemic level in terms of PDPs and sales lease back that we should expect for the new aircraft? And take a follow-up on this, what should expect of cash gap for next year, and what would be EBITDA breakdown to have zero cash debt cash gap for next year? Thank you. Wanna take the, André, the first one- Yeah -with CapEx? On the CapEx side, first, let's start from the end. On the Boeing side, on the PDP side, we had a chance during the recent past months to discuss and renegotiate the streamline of deliveries, plus the PDPs that you had with Boeing. So I'd say that it's not a big deal for us, and that is not an expense that we are worried for 2024, because we were able to move that to the right a bit, and then we're gonna keep taking delivery of the MAX with no pressure for the PDPs itself. That's one. And the strategy for 2024, at this point, is to have our sale-leasebacks. At this point, even working on the fleet restructure, there is a huge appetite for the lessors to have more airplanes with us. And we are, you know, pick and choose, pick and choose, and cherry-pick which airplanes and which lessors we're gonna be making those sale-leasebacks in beneficial of the whole fleet restructure. So we are being very careful in how we make those deals, to making sure that at the same time that you have the new airplane that producing more seats and more profitability, at the same time, we manage the airplanes that are in an idle mode or even the airplanes that you have to return. It's a combination of things that we are pretty much in line for 2024. The delivery schedule, that's the only thing that I cannot say at this point. Whatever I tell you at this point can change. Until we have officially a delivery notes from Boeing, we cannot confirm that. But have that in mind that we are pushing them really hard to have as many as possible, you know, have our fleet on the size that we are expecting for 2024. That's a good point because, you know, in our P&L, you know, in the numbers that we are providing to the market, in this year, you know, we are, of course, not discounting any non-recurring costs. You know, we have a weight, a large number of aircraft that is grounded during the pandemic, almost 40, so we still carrying 20, but we decided to include everything on the margin. So, that include also, you know, all the acceleration of some, you know, redeliveries that we did this year. You know, in our original plan, we're, we were expecting to have 15 deliveries that we, up to the third quarter, we see 1. So of course, you know, the lack of 14 aircraft, you know, some gains on sale-leasebacks were not accounting this year, but at the same time, from what we expected to have between four or five redeliveries, we return right now, in the up to the third quarter, a number of 8. So we have additional costs on redeliveries, but we have a lack of, you know, some contribution from sale-leasebacks. So of course, depends on what is gonna be the pace of aircraft gonna be under delivery on next year. You know, somehow we are—maybe we can transfer that, you know, and that's somehow can be able to contribute a little bit in terms of the margin of next year. But, virtually speaking, we are saying that, you know, this year, with the regular CapEx, you know, usually in terms of guidance, we always show a number that's around BRL 600 million-BRL 700 million on a net basis. What this means, it means that BRL 700 million is already net of financing or sources financing from the gross CapEx. In terms of gross CapEx, in a regular basis, we have something around $250 million per year. So BRL 600 million-BRL 700 million, basically, it's about 50% net, you know, from the sources that you can get from the market. ... We're talking about our France-KLM, and we're talking about one initiative that we are getting, you know, close to be able to achieve. That represent roughly, you know, that level of coverage, and of course, we wanted to create additional solutions to be able to offset the other portion. On top of that, we have this backlog that is require additional $250 million that has been postponing. And of course, we understand that given the current demand, you know, we cannot prolong to continue to postpone that. In terms of margins for, in order to cash flow generation, you know, the 25%, the margin for the ongoing operations, for the business, if you imagine the company which doesn't have this drag, it doesn't have this, this, you know, CapEx and balance sheet issues, they're still carrying that, you know, we're gonna be reaching on the numbers, some kind of neutral cash flow. The problem is that we're still paying arrears, the borrowings that has been maturing, and then we are constantly negotiating and extending. But those extensions, we understand that, of course, it's not sustainable to continue to prolong additional six months, one year, two years. So we wanted to, you know, be the time when we are normalized in terms of EBITDA generation, to be able to address this. So you saw on the slide that if we fix that, we understand that there's 2%-3% points of EBITDA margin that is in the results that was not supposed to be, if we can resolve those issues. You know, back in 2018, we—you know, the margins reach to back to 30%. We are not expecting that. And of course, depending a lot in terms of how much aircraft we're gonna be available in order to produce the EBITDA in terms of, of volume. But in terms of margin, you know, we're gonna expect that at least that 25%, you know, in the more efficient cost dilution, we can gradually expand the margins through that efficient going forward. First of all, thank you. Thank you for presentation. It's very clear where GOL is now and the future for the GOL. I saw some, some words in the presentation about Abra. I would like to understand a little bit more the relationship between Abra, Avianca, GOL in the future, the impact in operation, network, customer experience, and governance in the future. Yeah. Thank you. Thank, thank you for your question. I mean, this year, I mean, we start to really work together. I mean, when I say together, is the team, GOL team with Avianca team. We started with almost no overlapping. I mean, we have some overlaps in the partnerships, but we don't have physical route overlapping, which is good. We see this as a good opportunity to start with. One of the flights that we have mapped, we are just launching, is, I think it's very symbolic, the way we are thinking about deploying the fleet, is now we know the numbers of the A320s, GOL has the MAXes, and what will be the best plane to fulfill, I mean, each one of the MAXes. What we want is to explore further the international markets, rely on Avianca international sales capability and distribution, that they have been invested a lot. So we have, for example, now, Avianca team representing us in many countries, and of course, GOL will be representing any other countries, so we can optimize the commercial efforts. Carla is working hard with the LifeMiles team to create, I mean, it's all the synergies among those two programs. They're, I mean, two very relevant programs in the region. And networks are really, I mean, complementary, and also the, we are gonna be aligned, all the benefits. We are gonna be, I mean, showing Smiles customers that they can also use LifeMiles and vice versa. So the programs will stay, but, I mean, we are gonna be able to offer a better, a larger program for the whole customers. And then, the way we are organizing things in terms of customer experience and governance, is like we have, like, the streams, network streams, commercial streams, loyalty programs stream, supply chain. So there's a lot of supply chain work that will be coordinated from now on. Like on the engine side, for example, even though they have, on the narrow body, they have A320s, we have 737s, but we both fly GE engines, so of course, there is some synergies by doing things together and negotiate together. So this is just one of the examples also with other key suppliers that we have for both companies. What we see is that we are completely aligned on the mission. I mean, being the first for everyone, they said, "El cielo es de todos" in, in Avianca, which is, I mean, completely alignment of our mission to be the low-cost platform. Together, we are gonna have almost 40% of market share in the, in the region, which creates stability and creates a potential growth for us. Avianca is growing a lot. Right now, we have plans to grow. Of course, we have to, to overcome all these challenges that we have on the short term. I'm sure we will. But together, I mean, it represents a lot of new market opportunities for us. Again, Mateus show you the network, international network. This Avianca has primarily international markets. Avianca is primarily an international carrier. Domestic Colombia is important, but international, I think they, they know how to explore those markets, and this is something that we are gonna be learning and exploring to make sure we can grow more international as well. Conscious of the time already reached, so any last questions, then we can close the event? All right. Thanks, everyone. It's a really, you know, appreciated, you know, have both of you here personally, and also participants that are still on the webcast platform. So, very happy to been able to share, you know, those informations for you today, and thanks for your support, continuous support and relationship with GOL. Thank you very much.