Welcome everyone to the video conference to discuss results regarding the fourth quarter of 2022. I am Marcos Corazza, I'll be presiding today's conference. We'll be available for Q&A. We have Marcos Oliveira, company's CEO, and Elcio Ito, company's CFO. This conference is being recorded and will be available on the company website after this presentation. If you need simultaneous interpreting, the tool is available by clicking on the globe that is on the lower portion of your screen, then you can select the language of your preference, whether Portuguese or English. If you are listening to everything in English, you can silence the original audio while you listen to the translation. For Q&A, we kindly ask you to please use the Q&A icon on the lower portion of your screen. Use that button. As stated, your name will be announced if you want to take part in this conference live. If not, you need to let them know that your questions need to be read. Before we proceed, we'd like to clarify that eventual declaration that may be made during the conference regarding to perspective of business in this company, projections and operational goals, financial goals, they are beliefs and premises of the Iochpe-Maxion guidelines. They are in reference to future events, they depend on circumstances that may or may not occur. We would now like to give the floor to Marcos Oliveira, CEO of Iochpe-Maxion. Welcome to Iochpe-Maxion's Q4 2022 earnings release video conference. Year 2022 was characterized by global economic and geopolitical uncertainties, with inflation levels and interest rates at historical high levels. Bottlenecks and interruptions in the supply chain continued to impact the sectors throughout the year. Even in this scenario, the global production of light vehicles excluding China, according to IHS consultants, showed an increase by 8.3% in the fourth quarter in 2022, and 6.7% in 2022 if compared to the same period last year. The commercial vehicle segment showed growth in global production, excluding China, of 1.2% in the fourth quarter of 2022, and 9.5% in 2022, according to LMC consultants. Despite the growth observed in 2022, global automotive production, excluding China, is still 13% below the volume produced in 2029 before the pandemic. Company's operating margin were negatively impacted in the fourth quarter by the same effects observed in the third quarter of 2022. Namely, the lag between the cost of raw material inventory and selling prices. Lower operating efficiency due to unscheduled productions, stoppages by customers, and the impacts on inflation across all regions, particularly energy costs in Europe. In addition to these factors, the end of the year has a seasonal effect of customer shutdowns with an impact on operational efficiency. It is worth mentioning that the main negative impacts that fell on the results of the second half of 2022 are of a temporary and transitory nature and not structural. The gap between the cost of raw material inventory and sales prices occurs when there are significant changes in input prices. The production stoppages occur due to the restrictions of the supply of semiconductors. The situation shows gradual and sequential improvement. The inflation levels observed in the second half of 2022 began to show a cooling improvement in the main markets, and the cost of energy in Europe is already at a much lower level than we observed in the second half of 2022. I will follow the presentation in the next slides. Slide number two shows the global forecast for the production of light and commercial vehicles. As we can see on the light vehicle chart, the year 2022 presented a global production of 82 million vehicles or 7% above the year 2021. It indicates an industry of 85 million vehicles in 2023, with a growth of 3%. It's worth mentioning that even reaching the level of 85 million vehicles, the industry is below 2019 numbers in commercial vehicle segment. The drop in global automotive production in 2022 was 16%. The LMC indicates a 6% growth in commercial vehicle production for 2023. Slide number three, we can see the main highlights on the fourth quarter of 2022 for Iochpe-Maxion. We had a net revenue of BRL 4.2 billion in the fourth quarter, and an increase of 9.8% compared to the fourth quarter of 2021, and of BRL 16 point billion in 2022, meaning an increase of 23.8% if compared to 2021. Our financial leverage reached 2.26x in the fourth quarter of 2022, compared to 2.33x in the fourth quarter of 2021, and 2.27x in the third quarter of 2022. We had a reduction of 8.9% or BRL 382 million in net debt in the fourth quarter of 2022 compared to the fourth quarter of 2021, and 6.1% or BRL 252 million compared to the third quarter of 2022, all supported by the company's cash generation. Our total liquidity of BRL 2,787 million in the fourth quarter of 2022, compared with BRL 2,104 million in the third quarter of 2022, and BRL 1,088 million in the fourth quarter of 2021. Distribution of BRL 105 million in dividends referring to the year 2022, out of which BRL 59.7 million in interest on equity, net of taxes, and BRL 45.5 million in dividends. One of our highlights in ESG was our participation for the second year, consecutive year in the B3 Corporate Sustainability Index and the signing of the United Nations Global Compact. On slide number four, we can see the company's consolidated operating revenue. We reached BRL 4.16 billion in the fourth quarter of 2022, reflecting a growth of 9.8% compared to the fourth quarter of 2021, and a drop of 3.7% compared to the third quarter of 2022. The recovery of production volumes, despite the face of a still restrictive component supply scenario, allowed us this revenue growth throughout the fourth quarter of 2022. On slide number five, we see the consolidated operating revenue for the whole year of 2022, reaching BRL 16.948 billion, or a growth of 23.8% compared to 2021. Disregarding the negative effect of exchange variation, total revenue growth will be 33.6% in revenue by region in 2022. We can see Europe's contribution at 31%, South America, 30%, North America with 29%, and Asia and other markets with 9%. Slide number three. Slide number six, we can see the breakdown of net operating revenue by product with an increase in the share of structural components in commercial vehicles, which represented 22% of the company's revenue in 2022 and now represents 25% in 2022. Per segment, we have an increase in the share of commercial vehicle segment, which represented 45% in 2021 and now represents 48% in 2022. In regard to revenue per division, we can see the increase in the share of structural components, which represented 24% in 2021 and now represents 27% in 2022. Slide number seven, revenue per customer for the full year of 2022. We can see growth dynamics driven by the commercial vehicle segment, especially in North America, Brazil, and Europe. Slide number eight, w e can see some of our launches for vehicles such as the internal combustion engine and electric vehicles. Slide number eight, we have the application of aluminum wheels in the European market, North America, and Asia for different customers, and we highlight the participation of newcomers in the electric vehicle segment. On slide number nine, we can see some of the launches regarding wheels and structural components, all occurring in Asia and North America for commercial vehicles. We can also see the application of our wheel and chassis products for vehicles with internal combustion engines and for electric vehicles. Slide number 10 also brings some other launch products in South America and North America with special focus on the electric vehicle segment. These launches represent the strength of our portfolio to meet the need of the automotive sector today and in the future. On slide number 11, we begin to see the company's operating performance in the different regions. On this slide, we can see South America, which reached a net operating revenue of BRL 1.261 billion in the fourth quarter of 2022, with a growth of 14.9% if compared to the fourth quarter last year. This growth was supported by the recovery in the volume of wheels of steel for light vehicles and in the increment of the company's chassis and spare volume. When we look at the performance of the Brazilian market in terms of vehicles produced, we can observe in the fourth quarter of 2022 a growth of 1.7% if compared to the fourth quarter of 2021. In the segment of light vehicles and of 16% in the segment of commercial vehicles. Slide number 12. Now looking at North America. We reached a net operating revenue of BRL 1.152 billion, or a growth of 0.7% compared to the same quarter of the previous year. In the fourth quarter of 2022, we observed a light decrease in the volume of wheels in the light vehicle segment, with a stable volume throughout 2022 if compared to 2021. Disregarding the impact of exchange variation, the company revenue increase will be 7% in the fourth quarter of 2022. Looking at the market performance, in terms of number of produced vehicles in the fourth quarter of 2022, we can see a growth of 7.9% in the segment of light vehicles and 3.2% in the commercial vehicle segment in North America, compared to the prior year quarter. On slide number 13, now covering Europe, we had a growth of 17.5% in net operating revenue in the fourth quarter of 2022 comparing to the fourth quarter of 2021. We've reached a revenue of BRL 1,383 million. We had a particular volume growth in the aluminum wheel segment and disregarding the impact of the exchange variation. The company's revenue increase will be 39.9% in the fourth quarter of 2022. When we look at the market performance in terms of vehicles that have been produced, we can see a Europe with a growth of 13.8% in the segment of light vehicles and 7.8% in the segment of commercial vehicles in the fourth quarter of 2022 compared to the fourth quarter of 2021. On slide 14, looking at Asia and other markets, we've reached a net operating revenue of BRL 365 million, or 1.4% below the fourth quarter of 2021. We had an increase in the volume of aluminum wheels, mainly due to the ramp-up of our aluminum vehicle factory in India. Disregarding the impact of the exchange variation, revenue would have increased by 16% in Q4 2022. Looking at the performance of key markets in Asia in terms of produced vehicles, we can see an 18% growth in light vehicles production in India in Q4 2022, a quarter drop of 4% in the commercial vehicle segment, and a 9% growth in light vehicle production in Thailand in Q4 2022 compared to Q3 2021. On slide 15, we can see the company's growth profit of BRL 324 million in the fourth quarter of 2022, or a decrease of 14.3% compared to the fourth quarter of 2021. As for the fourth quarter, our growth profit was negatively impacted by the lag between the cost of our material inventory and price sales. Lower operational efficiency due to the unscheduled production stoppages by customers and impact of inflation in all regions, mainly energy costs in Europe. That was for the whole of 2022, when we had a growth profit of BRL 1 billion, 808 million, or a growth of 6.1% compared to 2021. Slide 16. We can see company's EBITDA of BRL 291 million in the fourth quarter of 2022, with a decrease of 25.4% in comparison, compared to the fourth quarter of 2021. Our EBITDA was compared by the factors previously explained in the gross profits slide. Throughout 2022, we reached an EBITDA of BRL 1.737 billion, a decrease of 5.7% compared to the 2021 year. Disregarding the non-recurring effects in both periods, company's EBITDA would have presented a growth of 1% in 2022. Slide 17, we can see the company's net loss of BRL 141 million in the fourth quarter of 2022. In this quarter, we had a negative impact of BRL 108.8 million. Due to the extra-judicial agreement at the adminis-level with the Mexican tax authorities in the fourth quarter of 2022. Throughout 2022, we achieved net income of BRL 279 million, compared to BRL 537 billion in 2021. We distributed BRL 105.2 million in dividends for 2021. Slide number 18 shows company investments at levels of BRL 257 million in the fourth quarter of 2022, with an increase of 10% compared to the fourth quarter last year, and total investments of BRL 592 million throughout 2022, with an increase of 22% compared to 2021. The main investments in the period were related to the increase in capacity to meet the demand of the commercial vehicle segment, launching of new products and productivity improvement. On slide 19, we can see the company's financial leverage of 2.26x at the end of 2022 compared to 2.33x in 2021. We had a reduction in net debt of BRL 385 million in comparison to the fourth quarter of 2021 and BRL 252 million regarding the third quarter of 2022. Performance of operating cash flow supported by working capital contributed to the reduction of net debt in 2022. On slide number 20, see our liquidity ratio, which reached 2.67x at the end of 2022, a significant improvement compared to 0.73x at the end of year 2021. On slide 21, we can see the company's debt, which has reached the net debt level of BRL 3 billion 907 million in Q4 2022, a decrease of 3.9% compared to Q4 2021. Our gross debt, which represented 73.2% in the long term in Q4 2021, now represented 80.9% in Q4 2022. Slide 22 shows some highlights for ESG. For the second consecutive year, we were in the portfolio of the B3 Corporate Sustainability Index, with a progress in sustainable practices with better performance in the questioning. In CDP 2022, the Carbon Disclosure Project, we have reached a B score on climate change, an improvement over the previous year, which was a B negative. Our positioning is higher than the global average for South America, which was a C score. In both cases, we signed the UN Global Compact in support of the mission to encourage companies and organizations to act ambitiously in solving the challenges of sustainable development. On slide 23, we can see some of the company's acknowledgement in the fourth quarter of 2022, such as the acknowledgement as best place to work in LGBTQ+ by the Human Rights Campaign Foundation in Mexico. The quality and delivery performance award for the wheel plant in Chihuahua in Mexico. The Employer Brand STARS Award. Awards at the Manisa Wheel Factory in Turkey. The Certificate of Excellence On Time Shipping Performance from General Motors and the Automotive Industry Exports Association Award, the Golden Export Award for the wheel factory in Manisa, Turkey. I would now like to open the Q&A session. We'll now start the Q&A session. We kindly ask you to include all your questions at once, waiting for the company's response. Reminding you that to ask questions, we guide you to send them through the Q&A icon at the bottom of your screen. For the dynamics, our names will be announced so you can ask your questions live. At that time, a request for you to open your mic will show up at your screen. First, we have Fernanda, sell-side analyst from XP. Please proceed with your question. Good morning, everyone. Can you hear me? Yes. Good morning, Fernanda. Congratulations on the result, and thank you for taking our questions. We have two questions. First, I'd like you to see if you could give us some more details on performance, on results, especially in Brazil and Europe. How do you see market considering Brazil as a negative in the Eurosystem impact and the performance of Europe? We would like to see if you have any credit crisis impacting your results. The second question regards EBITDA margin for the future and how you expect it to behave during 2023, and what do you see it as an acceptable time for normalization? Good morning, Fernanda. I'll talk about the markets, and then also you can talk about margins. With regards to markets, we have started the year 2023 with a positive perspective in the main markets the company operates in. If you observe this time, during the first month of the year, the production and selling of vehicles in Europe has grown. We see that sales in Europe in the first two months have grown about 11%, which is positive. In North America, we see a beginning of the year also with a growth, with an average 7%-8% growth compared to the same period in the past year. In Brazil, despite the uncertainties regarding availability of credit and cost of financing, the first two months have shown an increase of 4% in sales and production in our country. When we look at the perspective for the entire year of 2023, IHS forecast remains positive for the main markets where the company operates, with a growth at 5% levels throughout the entire year of 2023, both in Europe and the United States. A growth of about 8% in India, which is also an interesting growth. We have some uncertainty regarding Brazil. IHS still shows a 4%-5% growth for 2023, we are carefully observing each month how the retail and direct sales market operates so we can understand what is going to be the actual demand for the entire year of 2023. In 70% of the markets the company operate in, we have a positive forecast with a growth that is being confirmed at least in the first two or three months of the year 2023. The commercial vehicle segment shows a different dynamic. It still shows growth in Europe with certain growth and instability in the United States, with high demand and production. The commercial vehicles is a segment that shows growth in Europe with some stability or growth in North America, some growth in Asia, China, with expectations of growth of over 20% in commercial vehicles this year. These are interesting markets for 2023. Brazil shows a different dynamics. Forecasts indicate a decrease in the production of commercial vehicles in 2023, a drop in the first two or three months of 2023. It was of about 30% in the January, February, and is estimated for the entire year of 2023 at 20% or 22%, which is greater in the first semester with a gradual recovery throughout the second, third and fourth quarter of 2023. Elcio, you can comment on other areas. Thank you, Marcos and Fernanda. You have asked about the credit crisis we have. It's still early to understand if it's going to have a more relevant impact on our markets. Regarding the purchase and selling of vehicles, it's still early for us to have any actual opinion on that. Regarding the margins, it's too early in the year for us to understand how this is going to occur throughout the years. Today, in March 21, we see a recovery of operating margins, which should be more important in the second quarter. It's important to mention that our structural margins show several variables. Some of the main ones, with a growth of about. Even with all the themes analyzed and shown by the consultants, it is a positive growth for the industry and for our volume. This growth, and despite that, we are still going to be below than what we expected. We are with a gradual recovery. Just as a reminder, one of the backlash in our sector shows a gradual increase as we have been observing for the previous quarter. It hasn't been fully solved. This is a recovery process that is gradual. We also have commodity pricing because they are oscillating up and down. This is causing impact, of course, although this may be temporary. As the market reaches its balance, it also presents interesting stability. Some of the variations and uncertainties that we had in the fourth quarter and in regard to everything that is happening in Europe, especially concerning energy. Despite the many uncertainties that we see, some of them are being well managed and reaching projection balance. The scenario is positive, but with caution, as we can see. We see the macroeconomic events happening, and we are adjusting it timely so that new scenarios do not surprise us. Yes, we are in the recovery path for our margins, especially for the next semester. Thank you. We have a question by Gabriel Rezende, sell-side analyst from Itaú BBA. Thank you, Rodrigo. Good morning, Marcos. We have a couple of questions. What caught our attention is that the company has managed to maintain a stable leverage despite the drop in EBITDA throughout the 12 months. I'd like to understand the dynamics of capital for the next few months, if you will be able to maintain that for the next months, including the comments you made about margin. We'd like to confirm if there is any update in the process with the antitrust in Germany. You had some problems in the second quarter. We would like to see if there's any update. Gabriel, thank you for the question. Clearly, the leverage has been a very relevant process for the company. As you well mentioned, the EBITDA for 2022 in the company, the decrease in nominal deduction, we had stability and reduction of the leverage from one year to the other, greatly thanks to the performance of the company's cash flow, supported by working capital. I'd like to take advantage of this question to reinforce some cash topics that we have mentioned. At the end of 2021, there were many questions regarding inventory. We've been talking about that. Every quarter, the increase of the value of the inventory is composed by exchange variation, commodities prices and how the company deals with raw material inventories. We faced many challenges due to lockdowns, to supply chain, the stoppages in the automotive companies and several other factors that throughout the past quarters represented a negative challenge for the company regarding working capital. We know that throughout 2022, the EBITDA of 2021 was due to some factors, especially PIS/COFINS, that was kind of high. To support that, we really had to work on our cash issues, mainly working capital, which was a negative factor. We have been working with a great focus and operating areas in all plants so we can improve the situation. If you look at the working capital and the financial cycles of the company, we have a nominal reduction of BRL 198 million, even with an increase of BRL 200 million, with an increase in revenues in 24%. If you look at it from another perspective, we left 73 days to 53 days. That's a reduction of 20 days in the financial cycle one year to the other. If you look at the working capital with compared to revenues, it represented 21% in 2021, and it came down to 15% in 2022, which is great improvement in terms of working capital, especially regarding inventory determination. Just to give you some additional details regarding inventories, this is a result of volume, commodity prices and exchange rates. Looking at what is under our control, which are the volumes, if you look at December 2021 compared to December 2022, we had a reduction of 36% in the volume of inventory from March and where there are great risk reduction in inventory volumes. That shows the evolution we have had as the supply chain has re-gained stability. We're still not fully stable in the entire chain. We have some unexpected interruptions, but we are progressing gradually. I wanted to highlight that aspect. Moving forward, which is part of your question, I wanted to highlight what we have done in 2022, and we should continue focusing on EBITDA. We will continue working, as I said, the operating margins have some transitory effects with gradual improvement throughout the year and should be better in the second quarter. We'll continue working on efficiency in all areas, inventory, accounts payable. There's always the issue of exchange rate, which is an important variable regarding momentary leverage. If you have a devaluation or a valuation of the real, it's going to have an impact. This impact might be contrary how it translates into the results in terms of EBITDA. We should follow the trend of the operating evolution in a continuous focus on our cash. Regarding Germany, we're still with the same status. As you see, we have the same level we had for last quarter, the same status we were at the closing of the year with no change. Great, Elcio. Thank you very much. Have a great day. Our next question is from Rogério Araújo, sell side from Bank of America. Please, open your mic so that you can pose your question. Hello, good morning, Elcio, Marcos, Rodrigo. Thank you very much for this opportunity. First of all, I'd like you to tell us a little bit more about your Turkey operation. I know it may be like a minority in your operation, but it's very irrelevant. Was there any one-off in your operation? Do you believe the results are out there despite the energy situation from the third quarter? We'd like you to please elaborate a little bit more on the energy reduction and cost and how this impacts margin, especially in Turkey, if you can tell us. My second question, I believe you've explored the margin normalization. I know that many of the effects are temporary, but the mix is still a little bit above average. What is your reduction expectations in regard to the truck wheels and structural components on your results? Do you think this may be affect the consolidated margin? We have some positive points for an increasing margin, but at the same time, there is a headwind. There is this effect from the truck side of your production. These are my two considerations. Thank you. Rogério, thank you very much. Good morning, and thank you for your question. In regard to our Turkey operation, obviously, the impact on energy cost and raw material cost variation, among other impacts such as inflation, for example, and the cost of manpower, they have negatively impact us throughout 2022, especially at the beginning of the year. As the year went by, year 2022, some of the measures were taken, globally, but specifically in Turkey. There was a light reduction in energy cost in the second semester last year. The performance on aluminum wheels in Europe and the commercial vehicle segment in Europe, they have leveraged really well our operation in Turkey, and this allowed us for better results. As a reminder, we have built another wheels plant for commercial vehicles in Turkey, and this plant started its operation in the second semester of our last year. This allowed us to keep that positive trend in our results in our Turkey operations. As of margin normalization and mix of truck products, for sure, the truck segment is going strong, and it was like that last year in Europe, in the United States, in Brazil itself, with the production that anticipated the production for BS6. This allowed us to have the truck segment very heated. Apart from that, we have to remember that we've made some important investments in 2022, looking into eliminating some bottlenecks in our productions for commercial products components, not only wheels, but also structural components. These investments happened in Europe, in Brazil, and this allowed us to align our installed capacity and our projected demand for 2023 and 2024. The growth of mix of products for trucks has been impacted in several markets, but also there has been an increase in our capacity. This is gradually exercising a possibility for growth for us and stability, especially in Brazil. We hope that with this increasing capacity, we will be able to work with new programs that we're going to launch with some new components in the structural components area that is dedicated to the electric vehicles. Battery racks and other components, these are going to allow us to increase our capacity in structural components and in wheels in a more efficient fashion towards the future. Considering that the European and the American operation is operating at elevated levels in 2023 with a slight drop in Brazil, transitioning from Euro 5 to Euro 6, we believe that as we move forward throughout the year of 2023 and 2024, our capacity is going to be well-utilized, and the new pro-programs we are taking part with new capacity, they will allow us to maintain this very interesting mix of truck products. I'm not sure whether this mix is going to keep up with the same level or if it's going to change as we go by, but this is going to impact our light vehicles and commercial vehicles. We believe that with this new investment, with the new products, we are going to be in a different level, serving commercial vehicles with wheels and structural components in the futu re. P erfect. No one-offs as far as I understand for Turkey in the fourth quarter, correct? Especially on net profit. Let me just mention a few thing in regard to what you're saying, Rogério. We had one one-off, which is related to tax. Due to a hyperinflation, we had an evaluation of our assets in Turkey, All of this upside is what not going to transit to the side. There is part of it that impacts our own net profit. Answering your questions, that is regarding two taxes. There will be a larger depreciation in the future, and it's going to be a more positive impact further on. There is an improvement, but most of it is going to be regarding the operational effect. Everything that Marcos said. Yes, very clear. Thank you very much. Our next question is with Andressa Varotto, BSGB. Andressa, can you please move forward? Good morning, Marcos. This is my question. Regarding the recent news of the idle operation due to low demand. We know that last year, this one of the concerns that tempered with your efficiency, especially with the issues with the semiconductors. Now, with the OEMs stopping working due to demand, how do you think this is going to impact your operation? Do you think these idle moments can be planned? Do you think this is going to happen in other parts of the world? Thank you. Andressa, good morning. Thank you for your question. We are following this very close. Following what's happening with the demand, especially with the Brazilian market and the concern with interest rates and the OEMs demands, everything that they've been showing us to date. This stopping of operations and the idle moments with commercial vehicles and light vehicles. The commercial vehicles are still on the ramp up to BS6, but these planned operations idle moments are things that we are reacting accordingly, whether stopping our production or putting them into pause to adequate production to the level that is being signaled by companies. We see that throughout 2022 has been affected by the semiconductor situation. Same way it happened in 2022 and at the beginning of 2023, I apologize. This concern with the semiconductors is less relevant all over the world. It doesn't mean that this is not still happening. There are some bottlenecks here and there, and some very short idle moments due to semiconductors, but they can affect, and not as much as in 2022, the productions of OEMs. The demand indications, whether in Europe or the United States and India, they are still positive despite the market. Apart from Brazil, of course, which is different, we do see growth in demand, that two-digit demand increase in Europe, for example, just about close to 8% for the very first two months in the United States and in North America. Despite these uncertainties, concerning geopolitical matters, macroeconomical matters in Europe and the United States, the demand has been keeping up at very good levels. The automotive production represents 60% of our demand, which is very relevant. We do believe that we have to be cautious, but we also have to be optimistic. According to IHS, and the conversations we are having with the OEMs confirmed that. In Brazil, we are going to monitor the demand on retail and direct sales to car rentals. For example, they still keep themselves at very good level. In Brazil, we have to observe that in the next few weeks, we have to observe this trend on retail, how the consumer is going to purchase their products so that we can project volume for the rest of the year in the segment of light vehicles in Brazil. Obviously, a reduction on the interest rate may be positive during this year, and this may help the market. Of course, the availability of vehicles that has been very limited in 2022. This may help neutralize this concern regarding retail. The productions for the OEMs have been larger than the sales last year. This is why they are reducing production, giving collective holidays to employees so that they can operate during 2023 in a more efficient fashion. Perfect. Our next question is from André Mazini, sell-side analyst from Citi. André, you may take the floor. Hello. Good morning, Marcos, Elcio, Rodrigo. Thank you very much for this call. My first question is regarding raw material price and price of sale. I remember that last call, you brought a lot of interesting topics in this regard, and you were stock average price, and this stock is good for two months, let's say. If I remember this correctly, that's what you mentioned last call, but I'd like to understand that from this call. Do you think that the raw material price is still dropping? Do you think that the gap is still too big between the stock price and what you had as for raw price if you make a comparison to last quarter? Of course, this is a discussion that is going to change all the time because there is a rebound, there's going to be some stability. The second question is a quick one. In regard to administration, you said BRL 1.1 million rise as being the impact of the situation with the taxes in Mexico. In the financial market, you mentioned BRL 97. What's the difference there? Has it been through the DRE? Has it gone through equity? What is the difference between this BRL 1.1 that you mentioned today and the BRL 97 that you mentioned in your reports? Let me just mention this concern with the raw material that you've mentioned, and then Elcio is going to talk about the agreements with the Mexican authorities, okay? You've summarized it really well. During our last call, with regard to the results and the dynamics of raw material costs and sale, price is real. Raw material is still dropping its price, especially in Europe and North America, getting to a stability level, especially in South America. It's still dropping for this quarter and the previous quarter, and it's now going to reach a stable level. Just as for reference, to change this dynamics and not necessarily mention raw material price, whether we buy them or not. Looking at the CRU as a price indicator for the North American market, the annual average price for 2022 is at around $1,100 per ton. In December 2022, the CRU was at around $760 per ton. It's still dropping, and it's kept on dropping for the fourth semester and kept the same dynamics that we mentioned before. This gap between raw material costs and selling price, they will tend to normalize for the next semester of 2023. Elcio? Concerning the situation with Mexico tax authorities, this is being transited by the total at BRL 97.7 million were due to expenses and updates of all of our financial situation, went to BRL 84 for ER. BRL 181, BRL 97 on expenses, and BRL 84 are on income tax. BRL 48 has been paid, so still have BRL 133 to pay during this year. Just to make things clear, the impact on the P&L have already been registered last year, and they're part of it that is still pending for next year. Okay, very clear. Thank you. Our next question comes from Pedro Fontana, sell-side analyst from Bradesco BBI. Please proceed. Good morning for forgetting my question. I have two. Regarding energy costs, I understand it has reduced in the fourth quarter, but there's still a risk of change, and we would like to know if there is a new clause for automatic of this cost increase. The second question has to do with this reorganization of the supply chain globally that we have been observing with Tesla announcing a new plant in Mexico. Is there any room for JHSF to get new markets? Thank you. Pedro, thank you for your questions. In fact, energy cost has reached a peak per megawatt hour in 2022. It has dropped to very much lower levels in the last year. Now we have gotten to EUR 4/MGh. We have done, in the case of Europe, instead of automatic adjustment, we are making adjustments looking at the actual cost of raw materials in the previous quarter. Sorry, energy. As energy costs stabilize, this transfer is observed compared to the actual costs of the previous quarter. This is the dynamics that was defined. Halfway through last year, we intend to maintain throughout 2023. We believe that this will help us equalize the matter of costs versus prices of our products. With regards to the availability of energy, what we have been observing in various operations in Europe, conditions are different for each country, depending on their energy matrixes. The availability of energy doesn't seem to be a concern for 2023. The various countries, Germany, Czech Republic, and so on, they had the supply in and out of the region as being preserved, bringing alternatives from the Middle East. The updates we have from our energy providers who work with the OEMs, energy availability should not be a factor throughout 2023. We'll be monitoring that and the changes, but it doesn't seem to be a concern for 2023. With regards to the reorganization of the supply chain, we have a basis in countries that are very competitive. We are looking at the countries where we have large volumes. We talk about Brazil, Mexico, Czech Republic, Turkey, India. These are very competitive countries in their specific regions. Our business volume is, or strategy is producing in the regions that are meeting the needs of our clients in the countries we operate in. This is positive for us. As larger productions migrate to this base production, countries, they might generate new opportunities, and we are monitoring, working with the OEMs and trying to adapt our footprint, our production capacity in each region based on the future demand. Considering the growth of the industry and the nearshoring that is occurring, we talked about Mexico, but it happens differently in different countries around the world. Perfect. That was very clear. Thank you. We are now closing the Q&A session. We would like to pass the floor on to Marcos Oliveira to his closing comments. 2022 was a very significant year for our company. We have made investments in the commercial vehicle segment in Brazil and Europe. We continued the ramp-up in the volume in aluminum wheel plant in India. We completed our plant for aluminum wheels in China and started its ramp-up. We started building a new forged aluminum wheels for commercial vehicles in Europe, and we have advanced in new business and electric vehicles in the two divisions. All of that with great discipline in allocating capital, as has been proved in our net indebtedness. We still observing variations, inflation pressures and geopolitical occurrences, trying to timely adapt to the impacts of these sectors. We remain focused on grains of productivity and production efficiency with the launching of new products, advanced engineering development, innovation, and strengthening of our balance sheet so we can continue generate sustainable value to our stakeholders. Thank you all for being with us today. Iochpe-Maxion's earnings release video conference is now closed. The Investor Relations Department is at your disposal for further questions.