Good morning, everyone. Welcome to the Wilson Sons Earnings Conference Call for the fourth quarter and year of 2022. Today with us, we have Mr. Fernando Salek, the company's CEO, Fabrícia Souza, the CFO, and Arnaldo Calbucci, the COO. This conference is being recorded and will have simultaneous translation for those who wish to listen to the English version. During the company's presentation, all participants will be connected in a listen-only mode. During the conference, participants will be able to record their questions via webcast and audio. At the end of the presentation, we will begin the question and answer session with the company's executives. The financial results are expressed here in Brazilian reais and presented in accordance with international financial reporting standards, unless otherwise stated. Before proceeding, we would like to mention that page two of the presentation contains the usual disclaimers on forward-looking statements for your reference. Now, I'll pass over to Fabrícia Souza. Thank you. Good morning, everyone, and welcome to our earnings call. Let's start on slide four by talking about safety and sustainability, two of the key material priorities for our company. In 2022, we registered a lost time injury frequency rate of 0.45 incidents per 1 million hours worked, outperforming the world-class benchmark and a 29% reduction from the rate recorded in 2021. This performance evidences our relentless commitment to the safety of our employees. In September, our sustainability report was elected the winner among 13 entrants in the services category of the ESG Investing Reporting Awards 2022. In total, over 300 reports were evaluated. In October 2022, for the second year in a row, our greenhouse gas emissions inventory received the Gold Seal in the Brazilian GHG Protocol Program. This is the most used tool by companies and governments to assess, quantify, and manage their emissions. This award reinforces our climate-oriented agenda and attests to our continued commitment to the environment. In November, the company came in the industry's top quintile in the S&P Global 2022 Corporate Sustainability Assessment. 85% of companies achieved an equal or lower ESG score. In this assessment, our performance was above the sector average across all ESG criteria. During the year, we delivered WS Centaurus and WS Orion, the first two of a series of six tugboats with over 90 tons of bollard pull joining our fleet by 2024. This will take us to the milestone of 150 vessels built at our shipyards. Both vessels are already in operation, serving the largest bulk carriers currently calling Brazil ports with capacities reaching 400,000 tons deadweight. Furthermore, the new tugs follow the highest sustainability standards of the International Maritime Organization with a hydrodynamic design that improves hull efficiency for a reduction of up to 14% in greenhouse gas emissions. Together with the terminal electrification program and the prioritization of waterway cargo transportation in Rio Grande, these actions contribute to the development and continuous improvement of our ESG practices and operational excellence, strengthening one of our strategic pillars. Turning to slide six. Here, we present a summary of our consolidated results. Net revenue increased slightly in the fourth quarter to BRL 584 million, mainly reflecting the increase in operational activity in the offshore support bases, higher shipping agency revenue, favorable volume conditions for the international logistics business, Allink, and also increased conversions and dry docking for third parties at the shipyard. EBITDA increased 32% in the quarter to BRL 251 million, mainly benefiting from the solid towage and logistics results. Net income rose 169% in the quarter to BRL 113 million, driven by the revenue increase. Exchange rate impacts were positive at BRL 25 million as the Brazilian real appreciated 3.5% over the U.S. dollar against a devaluation of 2.6% in the comparative period. The main factors here were the positive impact of BRL 14 million on Brazilian real denominated monetary items of the offshore support vessel joint venture. Another BRL 9 million of exchange rate variation on deferred taxes and the exchange gain of BRL 5 million caused by balance sheet translations of Brazilian real denominated net monetary assets in U.S. dollar functional currency subsidiaries. Excluding these effects, profits would have increased 56% in the quarter. For the year, EBITDA was 9% above the comparative in Brazilian reais and grew 14% in U.S. dollars, reflecting robust towage and logistics results also seen in the fourth quarter. Profit increased 51% to BRL 339 million and was 57% above the comparative in U.S. dollar terms. We now move to slide seven. We highlight here the financial performance of our main business divisions in the quarter. Container terminal revenue totaled BRL 199 million, remaining in line with the comparative period due to the decline in operational activity despite an increase in warehousing revenue. EBITDA grew 4% to BRL 106 million as cost reductions more than offset flat revenues and were 10% above the comparative period in U.S. dollar terms. Volumes were impacted by the shortage of empty containers and global logistics bottlenecks, particularly in Rio Grande. The situation has started to improve with aggregate volumes up 5.2% in the first two months of 2023. Towage revenue was in line year-over-year at BRL 295 million as the improvements in operational activity and harbor maneuver mix were offset by lower special operations revenues. A better revenue mix reflects an increase in maneuvers of ships carrying grain and break bulk cargo, which generally have higher tonnage. EBITDA increased 5% to BRL 145 million, supported by cost reductions, and was 11% above the comparative in U.S. dollar terms. Non-consolidated joint ventures, comprised mainly of the offshore support vessel operation, saw a significant recovery in demand. Revenue grew 58%, supported by the 21% increase in operating days and a 30% improvement in the fleet average daily rate. Profit, which is accounted in the company's results via equity income, was BRL 27 million against a loss of BRL 8 million in the comparative quarter. Moving to slide nine. In this slide, we present some of our liquidity and leverage ratios, which remain solid, reflecting a robust balance sheet and resilient businesses. Bank debt decreased slightly compared to 31 December 2021 due to amortization in the period. In terms of cash flow movements, we highlight the BRL 333 million in CapEx, mainly for tugboat construction and for the acquisition of new equipment for the Salvador container terminal. As well as the payment of BRL 278 million in dividends. As a result, we ended the year with BRL 261 million in cash. At December 2022, the company distributed its first interim dividends totaling BRL 69 million, which were equivalent to approximately BRL 0.16 per share. In addition, we've proposed to shareholders an annual dividend of approximately BRL 0.31 per share, which currently totals approximately BRL 137 million based on shares outstanding to be paid in May 2023, in addition to interim amounts already distributed. The total dividend compared to the 2022 results is consistent with gains made in the last four years. The bank leverage ratio was decreased slightly to 1.7x EBITDA due to the earnings increase. At year-end, 81% of our bank debt was long-term, and 68% was financed by the Merchant Marine Fund with fixed interest rates. Our presentation ends here, and I would like to invite you to the Q&A session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please dial star key followed by the one key on your phone. To remove a question from the queue, dial star two. Please hold while we collect questions. First question comes from Victor Mizusaki from Bradesco. Good morning. I have two questions. First is if you can tell us a little bit about the trends you're seeing in container movements in both terminals for 2023. If you could give us a little bit more information on your investment plan for 2023 as well. Thank you. Victor, thank you. I'll pass your question on movements to Arnaldo Calbucci. Hi, Victor. Good morning. Container movement in terminals started positive in the last, well, in the first two months of 2023. There were many empty container repositioning movements and transshipment. This is positive on the medium and short-term because it shows that ship owners are positioning containers to be loaded for exportation. In Rio Grande, in particular, we are able to use our riverways or waterways with these barges. This is a very important point. We see that the number of cancellations has gone down significantly along the year. In March, we also saw a number of service windows aligning to the pre-COVID levels. It's positive news. Obviously, we have to wait a little bit to see how it will go for the next months, but it's a promising start. Victor, about your second question on investment plans, I'll pass it over to Fabrícia Souza. Hi, Victor. Good morning. Considering our CapEx plan for 2023, we don't foresee any major changes. We will probably keep our sustaining investments at the same pace. Our construction plan for new tugboats will also be maintained to keep with the same fleet, but we're not seeing any major changes for the next year. Great. Thank you. As a reminder, if you'd like to ask a question, please dial star one. If you'd like to remove your question from the queue, dial star two. Please hold. We received a question from Alex from Event. He's asking in English and I'll translate it into Portuguese here. He's asking if we have a target level for our net bank debt over EBITDA. He continues by asking what sort of initiative or what sort of action we would take if our leverage were to go down below this ideal level. Asking if we would increase our dividends, if we'd consider share buybacks, or if we would increase our investments. I'll pass this over to Fabrícia Souza. Alex, thank you for your question. We're at a very comfortable indebtedness level right now. We also believe that it could go up to about 3x if we think this is necessary in our investment plan or in our expansion. Clearly, since we manage things like that, Alex, it's not by setting an indebtedness target. Obviously, if we have cash availability that's not directed towards a new project or an expansion project, if we have greater investment needs in any of our businesses, then this excess value will definitely be given back to shareholders in the best way possible, whether it is through dividends or share buybacks. We actually have a share buyback program currently, and it supports our stock option program. These strategies are already used by the company, and they will continue to be in the future if we believe it's the right moment for this, for a value transfer. I hope that answers your question, Alex. We got two questions from Antonio Baer from SL. The first one is about tugboats. He's asking us to discuss our participation, competition, the share of tugboats with our competitors. We have a second question which is very similar about the offshore market, offshore vessel market. He's also asking us to talk about our competitors, expanded capacity. I'll pass this over to Arnaldo Calbucci. Hi, thank you for your questions. The question on tugboats. Our share has remained flat with a small growth in 2022. We estimate that the share will continue flat in 2023. There's a lot of competition in the market. There are many companies that are well-known. There was a significant movement from SAAM acquiring tugboats from Starnav, which will maintain a similar number of tugboats in the Brazilian market, and we consider that to be very positive. I'd say consolidation, and we don't see a significant increase. Companies are growing organically. Two tugboats are being built in a shipyard north of Brazil, so that increases the number of tugboats in operations. Given the need we have in Brazil, this is not something that impacts us significantly. We believe that the market will remain flat, with some improvements in prices in 2023 as well. To answer your question about offshore. This is a market that is recovering. We've faced some difficulties in the last few years with weaker demands. Also demands were going up. There's a lot of competition. The biggest client, as you know, is Petrobras. We don't see our fleet expanding, so we don't see many new vessels being built. This market is recovering. We have a positive outlook on it, but it's still a challenging market. As a reminder, if you'd like to ask the question, please dial star one. If you'd like to remove your question from the queue, please dial star two. We'll be taking new questions. This concludes the question and answer session. We'd like to invite Mr. Fernando Salek for his closing remarks. Please go ahead, sir. Thank you. I'd just like to wrap up by saying that we're very happy to report robust growth in our financial results, in addition to some important achievements such as the delivery of increasingly powerful and sustainable tugboats and positioning ourselves at the forefront of the ESG and innovation agendas in our industry. Looking ahead, while the effects of geopolitical conflicts and the pace of global economy on trade flow do create some uncertainties, we're confident in our strategy and the long-term growth of Brazil's maritime trade. We're committed to playing our important role in the country's socioeconomic development with excellence. We will continue to pursue a world-class performance in our infrastructure, maintaining the safety levels of our operations, and consistently seeking opportunities to leverage our market position. This reflects the resilience of our business model and the versatility of our services. We will continue to make an effort to challenge and transform maritime transport for the benefit of all of our stakeholders towards an increasingly sustainable future. Thank you all for joining our conference call. I hope you stay well and safe. Have a good day. This concludes the conference call. Thank you for participating, and have a good day.
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