Good morning, everyone. We are starting the run-out, the results for Simpar for the first quarter 2024. On behalf of our more than 51,000 employees, I would like to thank you all for our participation, and especially thank our customers for the opportunity to work with us and to choose our services. Thank you very much. Before talking about the main finance highlights, I would like to start on page 3. When we talk about the ecosystem of Simpar Group, which was structured in recent years with completely independent companies, segments of great resilience in several sectors of the industry, a diversification of businesses and services, and sectors of the economy. On the left-hand side, we talk about the main figures of this business group. We are today more than 51,000 employees, eight completely independent companies with CEO, CFO, administrative structure, management goals, and objectives that are independent, clear, and for the most part with completely independent boards. We have more than 1,000 service locations today: dealerships, used vehicle stores, car rental stores, and especially the logistics company and branches all over Brazil. Our customers are in 80% of all sectors of the Brazilian economy. We have more than 1.4 million square meters of warehousing and provide services to our customers in the most wide variety of industries, all of them with high resilience and vital to people's lives. We have more than 330,000 assets, and this business was largely built in Brazil, but today we are in other nine countries in addition to Brazil. I wouldn't say that this is a barrier to enter, but I would say that our infrastructure, our team, our people are prepared for the development of all our businesses. When we talk about our companies, on the right-hand side, we talk a bit about our strategic planning and value creation next steps. Here again, on page 3, on the right-hand side, we talk about the listed companies. Our companies are prepared for development and are positioned in an extremely differentiated position: JSL, the largest road logistics company, several sectors of customers to several sectors of the economy, all of them with resilience. Although it is the first and leader in the sector, it has less than 2.5% market share, so huge potential for continued growth, whether organic or through M&As. Movida, the second largest car rental and fleet management company in Brazil, has the right position in terms of size, brand, management, and people, prepared now with focus on operational efficiency and value creation. And I would say that it has just the right size for the size of the Brazilian market, and it has the option to grow by improving returns or creating more and more efficiency with less growth. Vamos, it is leader and has unique positioning in the rental of trucks, machinery, and equipment. It has also a small dealership business, which also has great potential, but the rental business, which is its flagship in the market, is just starting, and it has scale and unique positioning. When we talk at the bottom, right-hand side, in the development of maturation of our businesses that are not listed, we see great synergies to be explored and possible strategic moves that will create even higher value to the company. We have Automob, which is the largest vehicle brand portfolio in Brazil. Today we have more than 120 stores with opportunity for continued consolidation, and it is just starting to capture synergies. We have a bank within our ecosystem that is prepared to take more and better advantage of the ecosystem, bringing more scale, but it has already found its break-even, but great potential to growth. CS Infra, with a portfolio of concessions, PPP, whose vocation is services, whether in social infrastructure, logistics, or urban mobility, and Ciclus Ambiental, with the largest urban solid waste treatment center in Brazil, one of the largest in the world, and uses the biogas and produces more than 50% of Brazil's biomethane generated in the segment. CS Brasil, which offers fleet services with drivers, whether logistics services or facility services through mobility, as well as urban mobility for public and mixed-ownership companies. Now on page 4, we have the main financial highlights for 1Q24. We had a record EBITDA of BRL 2.4 billion, which is 22% up over the same period last year. We had record revenues of BRL 10 billion, a 23% increase over the first quarter 2023, net revenue from services alone of BRL 7.2 billion, an increase of 25% over the same period last year, adjusted net profit of BRL 122 million, an increase of 36% over the same period last year as well. On the same comparable basis, that would give us an increasing profit of 298% compared to the same period last year. We had net CapEx of BRL 2.9 billion, which is down 33% compared to the fourth quarter 2023. Our leverage ratio, which is net debt over EBITDA, was kept at 3.8%. If we annualize our EBITDA generated in the first quarter of 2024, we would have a leverage ratio of 3.5 times, return on invested capital of 12.1%, accounting ROIC of 11.2%, an increase of 2.8 percentage points. As you can see, you have a lower CapEx, higher revenue, higher generation of EBITDA, higher profit, which is our focus on efficiency and extracting value from everything that was built over the years. As we saw on the previous page, the basis, foundations, people, our business position have all been built, and it's now up to us to create more and more value and efficiency and focus on extracting value to shareholders and the sustainable development together with our customers. On page 5, we have JSL. As we mentioned, a unique positioning, managed model, scale, operational efficiency. It is positioned in a different way in all segments in which it operates, great resilience in the economy, essential in the lives of people, with people that are prepared. We've made some acquisitions in recent years, but we've had extremely strong organic growth. You can see it on the left-hand side on page 5. JSL's EBITDA has constant margins, small improvement, very consolidated, net profit, return on invested capital, improving every quarter, and even more important than that, a contract-managed model that ensures the quality of its services and prices. Efficiency of scale has been greater quarter-over-quarter. Finally, to close JSL, it has just 2.5% market share in Brazil. According to information, a logistics companies in developed countries, United States, and Europe, has more than 8% market share, leader companies. That shows the huge potential of growth, and JSL, in addition to all that, has expertise in post-M&A management and has ensured the quality of the companies acquired with growth and improvement in results. On page 6, we have Movida. Yesterday, it announced its results, so I'm going briefly to go through the company. Movida has rapidly transformed in recent months, changing its fleet mix, making adjustments to that both in cost and in longer period, which is developed for the business. But more than that, it has today a balanced fleet with an ideal mix, and these vehicles have made it possible for the company to improve its yield and still recover prices. When I look at Movida forward, I see an improvement in prices, this extremely optimal asset mix with possibility of making fleet acquisitions even under more advantageous conditions. And this fleet, this new mix, we still haven't seen the sale of those assets, which I believe are factors that will contribute to the constant improvement of Movida's results in a very solid way. That's what I'd like to share with you. On page 7, we talk about Vamos. Vamos has been showing in rental consistent growth, solid and organic, and it is diversifying sectors where it operates as a rental company. Remember, these are long-term contracts, more than 95% of five-year contracts. That makes the business resilient. It has had some returns of vehicles and trucks. The return is not what we wished for, but it has also given us the opportunity to re-rent the trucks at more competitive prices. And when they are sold, they have margins over 30% book value because of the quality of the acquisition, the quality of the product, and our positioning. Asset sales have just been going up in Vamos, which shows the market there is to absorb Vamos' used assets, which is part of its business. Dealerships are still being affected in every business, but showing signs of recovery. In other words, I think Vamos is only going to improve. And remember, its main business is the rental of trucks, machinery, and equipment, which is still a market just emerging in Brazil with huge potential for development, and Vamos has a unique positioning. On page 8, we have Automob. This is a network of dealerships. This group has been operating since 1995, developed more in the 2000s, but it was already part of our strategic planning. In the last two years, we focus on consolidating car and light vehicle dealerships, becoming today the company that represents the most number of brands, 28. We are in 22 cities, five states, with 122 stores. We are in consolidated regions with great synergy. As you can see, the growth here is shown on page 8 from 2020 to 2024, first quarter, and this is already a company of BRL 9 billion, pro forma, with an EBITDA of 4.9%. But there are some comments worth mentioning. You can see we used to sell 1.3 used cars for each every new one in 2020. Acquisitions were made. Synergies to be extracted are just starting, but we have more than 34%, 40% growth in the sales of acquired companies after we take over. So what does that mean? More inventory of used vehicles, more inventory of new vehicles, better differentiated financial conditions to customers, a space to offer a better environment to customers, which has led to higher volume of sales per location. But the synergies are still to come. We are very happy that the board has appointed Antônio Barreto as CEO of Automob. He is now the business owner, while the presidents of the brands are responsible for the operation of each business. In other words, the attitude of a small company with the efficiency of a large company led by someone already in our group who certainly knows and will be able to draw on synergies more quickly, whether in same-store sales and other business opportunities within Automob. On page 9, we talk a little about CS Infra. It is building step by step, solid concessions, PPP, which focus is to provide services, creating high-quality assets, whether environmental, ports, urban mobility, highways, small businesses with appealing returns. And we are sure that through CS Infra, we are going to have one of the options to create value to shareholders, whether in joint ventures or in different assets or in the sale of assets. That is, we believe very much in creating value by contributing to the group with CS Infra. On page 10, we have CS Brasil. This is a company that currently provides fleet management outsourcing services with drivers and performs services, logistics services through people and mobility. This is where a small part of our urban mobility business is concentrated. It's a company that has had some growth, considering improving returns, but it is connected to have opportunities in concessions, but also believe that has potential to grow. On page 11, we have BBC, which is a bank. As I said, it found its break-even point, but it's still just starting with huge potential to extract more value within our ecosystem. It has a credit origination that is growing year-on-year, and it's prepared to improve results, returns, and to extract even more value within our ecosystem. On page 12, we have some of our main financial highlights. Now I'm going to turn to Denys. Denys, Thank you, Fernando. Good morning, everyone. So we are going to start on slide 12, financial highlights, consolidated basis. The group's net revenue in the first quarter amounted to BRL 9.1 billion, of which BRL 7.2 billion came from services, in which, compared to the same period last year, represents a 25% increase in net revenue from services. To the right top EBITDA, it amounted to BRL 2.4 billion, growth of 21% compared to the same period last year. As a reminder, 75% of this EBITDA comes from long-term contracts. On the bottom left-hand chart, we see operating profit with BRL 1.6 billion, 20% higher the same period last year. To the right, our net profit amounted to BRL 122 million, up 36% over the same period last year, although in the previous period, we did have some tax benefits. If we adjust tax benefits, it would be equivalent to saying that this quarter's profit had a four-fold increase compared to the same period last year. So then I'm going to the next slide that talks about our debt amortization schedule and liquidity on a consolidated basis. The group's net debt amounted to BRL 34 billion at the end of the quarter, and our liquidity position was around BRL 19 billion, already considering the transaction carried out in the beginning of April. Average net debt maturity stands at five years, and the liquidity position enables us to say that it is equivalent to the full amortizations of the years of 2024, 2025, and partially of 2026, or in other words, that this is equivalent to three and a half times the coverage of our short-term debt. In addition, I'd like to draw your attention to the fact that out of the total amount raised in 2024, about BRL 7 billion, the average cost was approximately 90 basis points below the current average cost of debt, which will certainly contribute to the company in the future. I'd like to continue and move on to the next slide where we talk about Simpar as a holding company exclusively. Simpar as a holding company ended the quarter with net debt of BRL 3.3 billion, cash position of BRL 3.2 billion, average net debt maturity of seven years, and short-term debt coverage of around eight years. The liquidity means that we can cover all the scheduled payments until 2030. Here on the right-hand side of the slide, we are pointing out that only our stake in listed companies, remember that we have many other assets within the group, is equivalent to probably three times more than the holding company's net debt. On the next slide, number 15, we talk about our asset base. We ended the quarter, first quarter 2024, with approximately 93% of the total asset base on vehicles, trucks, trailers that are quite young and have a very liquid secondary market. Also, worth noting is that 95% of our assets are unencumbered. On the right-hand side, I'd like to draw your attention to the fact that the market value of our assets shows appreciation compared to book value, 11% higher than market value versus book value. And when compared to the financial obligations and payables to suppliers of machinery, equipment, and vehicles in our subsidiaries, this is 1.2 times higher than our obligations. Moving on to the next slide, we bring at the top left this timeline of investments on a net basis, gross investments minus sales. We had a reduction, as you can see at the end of the chart, of 33% in the volume of net investments when we compare 1Q 2024 with 4Q 2023. But it's worth mentioning that a large part of these investments have not yet generated cash. As we show here on the top right-hand side, we have around BRL 3 billion of investments that did not generate cash in the first quarter. This is part of our model. It's always good to emphasize because you often see the obligation recorded on the balance sheet, but not yet the cash that is generated from this investment. On the next slide, we talk about leverage. On the right-hand side, we have what we understand to be the business leverage. As we have said before, our business is based on assets, assets with a strong secondary market, and at the end of their contracts, after the service is provided, they will be sold. So when we consider the present value from the sale of assets at the end of contract, we have a leverage of 2.2x. However, according to the financial convention, we present a leverage, if we take the EBITDA for the quarter and annualize it, of around 3.5x. I annualize the first quarter because it already begins to better represent the new size of the company. But in the classic model, 12 months back, leverage would be around 3.8. The ratio is used in our external issues, in bonds, but we also have a leverage ratio for the domestic market, which I understand is more in line with the business profile. This ratio, as you can see at the bottom of the page, is 2.3 times when its maximum is 3.5. So we have room of 1.2 times the criterion applied, and this is what we call the maintenance covenant. On the next page, page 18, we give you a bit of the mechanics of how we got to the business leverage ratio of 2.2 times. I won't say much, but it's simply to tell you that based on the consolidated net debt, we subtract about BRL 26 billion, which is our assumption of present value of assets, which will be sold in the future, and add up obligations payable, suppliers of vehicles, which wouldn't be fair not to do so. This is exactly what we did in Simpar then, and the sum of these three items leads to a total of BRL 18 billion, and you compare with the services EBITDA. Of course, we could not use the benefit from the sale of assets here, so the figure of BRL 18 billion after deducting the present value of assets is only checked against the service EBITDA, which brings us to 2.2 times leverage. Moving on here to my last slide before I turn back to Fernando, on page 19, we talk a bit about the return on invested capital. This is an indicator that we follow from close here. We brought a concept here, which is the concept of production r eturn on invested capital. And production because, as we've talked before, there is part of the capital that has been allocated that is not generating cash, and therefore, in that, we reach 12.1% when we analyze the first quarter of the year, which is around three percentage points higher the average cost of debt after tax. This is the result of the work that has been done and will continue to be done in the several companies, as you have already heard in the call of the listed companies, but also the work being done in unlisted companies, which have a lot either to mature because they are pre-operational or to improve whatever is already operational. So we understand that we are on the right track. The figures show that, but we also understand there is a lot to be done. With that, I turn the floor back to Fernando. Fernando? Obrigado, Denys. Thank you, Denys. Now we are going to page 20, and I would like to share with you our basis to carry out the strategic plans for 2024 and 2025. Simpar has the mission to contribute to the development of our companies with focus on creating value through operational efficiency, excellence in services, and continuous development to extract the maximum value from everything that was built in a sustainable way. Thanks that we're building segments that are highly resilient and that are a part of the lives of people and industries. After investing more than BRL 31 billion in the last three years, we are focused on operational efficiency to extract greater value and returns from investments already made. I've said that this is the first time we start a new cycle of development focusing on operational efficiency without having to build the foundations and infrastructure, which is very different, and I believe this will truly enable us to create even greater value to shareholders. Companies are ready to move forward with development without the need for additional capital. We have consolidated cash of more than BRL 18 billion at the holding BRL 3.2 billion with an extended debt schedule, average term of five years, and we do not need to have a follow-on in any of the companies in order to develop them properly. We also have a very strong focus on the efficiency of capital employed, whether by improving our asset turnover, reducing assets, creating value through asset- light operations whenever possible, reducing inventory in dealerships or in used cars, which will certainly improve our return on invested capital, and with focus on efficiency in operating costs. All this through a company-managed model that is unique, with strong value and culture and people that are dedicated to the development and to the DNA of services that we have. It's through them that we have our business execution and ensure the strengthening of commercial alliances. People focus on a strategy that ensures the execution of our strategic plans and sustainable development. We are present in several sectors of the economy with barriers to enter because of our position and the ecosystem built. Scale, reach, strategic differentiations built over the years of the company's development with consolidation and a leading position. This is what I wanted to share with you. Once again, I'd like to thank you all for joining us today, and now we are going to open for your questions. Thank you very much. Thank you. We'll now start the Q&A session for investors and analysts. If you want to ask a question, please press raise your hand. If your question is answered, you can leave the queue by clicking on lowering your hand. If you wish to ask a question in writing, please enter your question in the Q&A field followed by your name and company. Our first question comes from Gabriel Rezende from Itaú BBA. Gabriel? Hello, Fernando. Denys, good morning. Thanks for taking my question. Congratulations for a sequence of strong results we saw last night with other unlisted companies but also listed companies. I have two questions about Automob. The first, very straightforward. With Barreto now sitting as CEO of the company, is he also going to sit as the M&A officer of Simpar as a whole? So just to understand what kind of structure you're going to have and if you're going to restructure the activities that Barreto performs or performed. And second point about Automob, if you could talk about the bonus for the sale of cars from OEMs. We are monitoring the Fipe table, and we see a more flexible demand and bonuses from OEMs. So if you could talk a bit about that, I would really appreciate that. Hi, Gabriel. This is Fernando speaking. Can you hear me okay? Yes, very clear. Okay, great. Good morning. Good morning, everyone. Thanks for the question. Gabriel, Automob, Barreto, as of next week, on the 15th, he's going to be 100% dedicated to Automob. We, as a group, we count on people. Our major difference are the people. Of course, we are going to hear from him, but M&A and strategic plans for Simpar, Barreto will leave. He's going to focus on Automob. He's a board member of some companies, JSL, so he's part of committees when we talk about strategic plans, but he's going to be 100% devoted to Automob, leaving Simpar's M&A and planning. He created a very well-structured area, and we still do not have anyone in the position. That is how we have structured ourselves. As for bonuses from OEMs, we all know that brand new cars had a huge increase, and OEMs, I always say that in the end of the day, we are almost like a luxury franchisee because it's an interesting business. You have a low margin. It's always been a tight margin, but it'll never be a negative margin for long because it's not interesting that the front end is not healthy. So at some point in time, OEMs can offer more or less bonus to contribute to our margins or to help the sale of some makes that are needed. So you're seeing there with more premium brands, SUV, they have a bit more modus. This is much more to regulate retail prices. So this is something that we are seeing. It's not really out of the ordinary. This is just business as usual that OEMs do whenever retail is not selling as well as they wished, but quite business as usual, Gabriel. Very clear, Fernando. Thanks for your answer. Our next question comes from Matheus Sant'anna from XP. Matheus? Oi, Fernando. Denys. Hello, Fernando. Denys, good morning. First, I have a follow-up on Gabriel's question, Automob. It was a quarter a bit tighter in terms of margins. You talked about bonus. You also had the consolidation of recent acquisitions. What are you expecting for margins in the year? If you could give us a bit more color. Leverage, I would like to ask. It went slightly up. Again, what is your view for the year, and how do you see the balance between capital allocation and leverage control? Thank you. Hi, Matheus. This is Fernando talking about Automob once again. Automob is a company that in 2020 we had revenue of BRL 900 million, and now we are close to BRL 10 billion. This is growth and transformation that happened by acquisitions and consolidation. Automob has been integrating the businesses. So all synergies are still to come because when you consolidate, you have a concentrated effort, and you do increase costs. And because margins are tight, you have a surplus cost, an excess cost, but this is what it is. You have to first organize yourselves, not to lose what is best from each company, and then you start enjoying results. I'll give you some examples. You buy a dealership. You have administrative personnel that you put together. Then you see what is best in one team, what's best in the other. Sometimes in the integration, you even increase the team, so you have an increase in cost. But then in our stores, we have been improving sales by 30%-40%. But with that, you have to increase inventory. Sometimes these are simple things, BRL 1 million, BRL 2 million a store, but sometimes you invest to improve your showroom because then you increase margins and scale and sales per store. So sometimes you have, you know, to create the infrastructure to have more lung, and then you start to enjoy the benefits. So while you are building, sometimes you have a drop in numbers and returns, but Automob literally is under construction. And I think that in 3, 4 quarters, we are going to have a more stable margin that is more compatible to its potential. And again, our capacity of sales per store has been bringing 30%-40% more revenues in acquired companies, but there is still a lot more to be implemented in Automob. Leverage, I'm going to turn to Denys. I would just like to make a very quick comment. In the fourth quarter 2024, and in the first quarter, we had more than BRL 7 billion net CapEx. And that is something that we haven't enjoyed revenues yet, and quite the opposite. You have the cost of interest, pre-operational cost, and then you start receiving revenues, and then you annualize revenues. But Denys can give you a bit more color on that. Matheus? In your question about leverage, you talked about our prospect for the year, and you did ask something else that I forgot. I'm sorry. Yes, basically how you see the balance between higher allocation of capital and leverage control. Okay. I'll start with leverage then. In the year of 2024, we see the peak of investments in the first quarter and then slowing down to the second half of the year, which therefore should bring the number down. So here I'm talking about just directions. But, you know, due to what Fernando has just mentioned, the company that you are showing is always closer to reality than the company 12 months ago due to all the investments made and everything that we have been doing. So when you take a look at this higher number, 3.8, this is the number that looks into the past, again, following the classic metric of EBITDA. But if you annualize first quarter numbers, the 3.8 is 3.5. Just using your question, I'd like to reinforce that our leverage is very different from other companies and sectors. It is based on net assets that belong to contracts that are pre-term and that will be sold. The assets have proved their quality along the time, at least that I've had the satisfaction of working in the company, 16 years. We have gone through crises in Brazil, globally, but we are very confident about the quality and value of our assets. So when you take a look at leverage, when you think about the business, this is a leverage level that is not 3.5, 3.8. It's about 2.2 times. You see, this number is much more adherent to the covenants of local debt. The indicator in this quarter was 2.3, and the cap is 3.5. So you see a relevant difference. This is the only covenant that we have, which is called maintenance covenant, that you cannot go up. So we still have much room there. But to answer your question, we see all the planned growth ahead not affecting the trend I mentioned before. The peak of investments for 2024 was in the first quarter, and then we have a slowdown throughout the year. Okay? Very clear, Denys. Thank you very much. Our next question comes from Guilherme Mendes from J.P. Morgan. Hello, Fernando. Denys, thanks for taking my questions. I have two follow-ups. First is leverage. Denys, your answer was very clear, but my point is about the holding debt. You mentioned in other calls about reducing debt a long time. So I would like to know from you the main levers to decrease this leverage at the holding level, and what would be your final objective. And the second question is a follow-up on Automob, more specifically about Chinese OEMs. Much has been saying aggressive Chinese OEMs being very—I'm sorry, Chinese OEMs being very aggressive in the market. How much do you think that could affect vehicle prices? Hi, Guilherme. I'm going to turn to Denys. I'm going to talk about Chinese OEMs, but before I'd like to make a comment. When we say that our annualized EBITDA has a leverage of 3.5x, I would like to say that this does not really translate to the reality of our results. Because, for instance, in the first quarter of 2024, you are not enjoying, you know, the CapEx made in the fourth quarter of 2023. So it is just an idea. We are just going to see that in the second or third quarter. So very different dynamics. But I'm going to turn to Denys. And as a shareholder, and of course, Denys is going to talk about the answer as CFO, we are very comfortable with the level of debt at the holding because we would never be able to build the assets we built if it weren't for the holding debt. And what gives us the comfort is the liquidity of our assets and the options that we have with our assets and the revenue to come and the creation of value. So several alternatives. Some are part of our strategy, but others also give us a lot of confidence in our position. But anyway, Denys, up to you. Hi, Guilherme. Thanks for your question. I'm going to talk about the holding company, which was your question specifically. Looking at our liquidity, we continue to follow our strategic plans with confidence. We, you know, are trying to do things as well as possible in a timely manner. And this is what continues to be true, especially because of the very extended maturity with most of our debt maturing by 2031. If you think of leverage, drivers to reduce leverage, in the first quarter, we were fortunate to show the return of capital invested. This is something that we understand will support profitability and even higher numbers for the future. Of course, it will contribute to the holding, but also we have the unlisted companies. We are already getting to maturity in them as well. The ports, for example, in the case of the ports, and perhaps we didn't say much on our side, but the ports are going now into a phase where it's going to reduce cash generation because all investment bundles are closed, and now we have a scheduled shutdown that should go on up to March 25. After March 25, this will generate strong cash as it is the natural pace of port operations. So these are some aspects that will reinforce what you already see in our listed companies. Our investments on toll roads are just being completed in April. We are completing the last toll plaza, and again, that will generate the group's cash position. And we have had great interest in unlisted assets, even with joint ventures and partnerships, as it is the case of Automob that is really consolidating the light dealer business in Brazil. So several divers, from the most basic to more sophisticated ones, and that will lead to the maturity of investments made. Guilherme, this is Fernando back again, so we have huge alternatives. The port mentioned by Denys, by 2026, the port will have revenues of about BRL 500 million and a bit of about BRL 250 million, BRL 270 million. I'm not giving you guidance, but just based on what we have today in operations in Brazil. And most of the revenue has already been guaranteed with contracts from customers due to the size of demand. So we have our plans, but the demand was even greater than expected. So you can see in the case of Ciclus, for example, biogas, biomethane, we have in Ciclus more than 50% of the biomethane generation in Brazil. It is the largest waste treatment center in Brazil, one of the largest in the world. So we can have some kind of partnerships, joint ventures, sale of assets. Again, it's a new cycle of development to create value from our business to both the group and shareholders. So this is what we see. This is a formal guidance that we have for the ports, just to make it clear, it's just part of our plan. So this is one point, Guilherme, that really gives us the confidence. Not to mention that leverage is always an option. We can hold growth, and then you're going to see huge cash creation. Now, to answer your question on Chinese cars, we do believe in Chinese cars. We do believe in electric cars. And our plan is just that we don't think that electric cars are going to be a silver bullet. You know, the car market was in a standstill for a long period. It's just Brazil that had ethanol as an alternative fuel. Now we have, you know, this explosion of alternative sources. So we do believe in ethanol for Brazil. We think it's really important. It contributes to climate. But you also have gas. You have biomethane. You have so many alternatives. We don't think one is going to be a silver bullet. So it is going to be quite widespread, I think, in terms of fuels. As for Chinese cars, I would like to draw your attention to our ecosystem. We are in rental, retails. We have cars. The group is positioned in such a way, and whatever car to get to end customers has to have distribution channels. We have also to finance customers. We have to exchange used for new cars. So whatever the make and model, we are prepared to enjoy this. How about the residual value? Well, this is our life, 24 by 7. We sell cars so fast, no matter the scenario. It is not going to be a problem in our hands because we really know the market. And so part of our cars are electric, but we have also other cars, so much so that we never had a problem with electric cars in our balance sheet. And historically speaking, we are really changing levels, and nothing, I think, surprises us anymore. And Guilherme, remember that lower-end cars do not have the structure to be electric cars. If you buy a car that is 5, 6 years old, of course, we are not going to have electric cars. This will happen with time. But just to give you an overall view of the sector and the quality of the residual value of our assets. Okay, thank you very much for your answers. Thank you, Guilherme. Our next question comes from André Ferreira from Bradesco BBI. Hello, everyone. Congratulations on your results. Thanks for taking my questions. I have two. First, about the management of liabilities. Movida issued a bond in dollars. So I'm thinking of liability management for the group. What should we expect in terms of new issues and liability management for the group? And second, going back to Chinese cars, BYD announced in the end of 2022, if I'm not mistaken, that Automob is one of their dealers of some sorts. So what we hear from BYD is that they have a very aggressive plan of growth in terms of number of stores. They want to open 100 stores. So how does Automob fit the expansion? And do you have negotiations to have more stores with this partner? Thank you. Hi, André. This is Denys. I'm going to start talking about liability management, debt management. It's true, in the beginning of the year, the group already performed BRL 7 billion in funds raised at a cost of 90, almost 100 basis points below the average cost of debt. In some of the companies, and you already heard from them, that now, given the surplus, they would have prepayments. And in fact, that will be done. In some cases, we did give you some color about what to do. And fortunately, sometimes trying to give you as much information as possible, we make things wrong. That changed a bit of the trending dynamics of these bonds in the secondary market. The prepayment is still possible, but perhaps we have other bonds in the secondary market with the same absolute yield, not only talking about the coupon in paper, and so that we may have to change the strategy based on everything that happened with just too much information. So perhaps you are going to hear about the prepayment of some of these debts with a higher interest rate and/or higher yield. André, thanks for your questions. When we talk about Automob and BYD, BYD is a fantastic car. We are very pleased to represent them. But it's important to say that inside the more of 120 stores, we have the most diverse number of brands, 28. We are in one of the few groups that have BYD, Great Wall, and other Chinese groups that are coming with electric cars. So part of our business strategy is to diversify brands, but also have huge scale in the regions in which we operate. BYD has been very much agile, focusing on putting together stores, and we are part of this ecosystem, which will enable us to have organic growth at Automob in a very differentiated manner. But once again, there are other good brands with combustion engines, hybrid engines. This is a model that is here to stay. And quite humbly, Automob has a unique positioning to be one of the companies that will most capture the retail movement that is coming. Thank you. Thank you. Our next question comes from José Daronco from Suno Research. Mr. Daronco, you may go on. Thank you. Thanks, everyone. Fernando, Denys, Paulo, our team. Thanks for taking my question. Congratulations on your results. I have two follow-ups. When on Automob, I'd like to understand. We saw banks releasing results and talking about a higher credit appetite. I would like to understand, does this higher credit appetite benefit Automob? Are you feeling that for the first quarter this year? And the second question on return on invested capital, perhaps more directed to Denys. We have been following Simpar, and your return on invested capital has been going up. We see today a more profitable group because of your economies of scale and everything and size. But when we look forward, what should we expect? Are you going to continue having gains in profitability? And if so, where do you think it's coming from? Is it more from unlisted companies, listed companies? We know Movida has been working to improve the profitability of operations, and we did see that in the first caller. But if you could give us a bit more color on that, we would really appreciate it. Hi, Jose. This is Fernando. When we talk about credit, credit undoubtedly helps the economy as a whole. And when we talk about credit in the automotive sector, it helps Vamos, Movida, and Automob. It did improve. Credit approval is improving, you're right, but it has been gradually. I think we still have room for improvement, and that helps us a lot, especially with cheaper cars, entry cars. And you were right. It does help Automob and our ecosystem as a whole. I'm going to turn to Denys to talk about the return on invested capital, but really our focus is the new cycle of return on invested capital. We want to have less inventory, especially with agricultural machines and trucks, more sales for used. So we still have opportunities to improve our return. Denys? Thanks, Daronco. It's a pleasure to have you on our call. Return on invested capital. Yes, I do think we are going to have an improvement. And why is that? Let me break down companies. Movida has been doing stellar work. It had an inflation in the return on invested capital vis-à-vis third-party capital, but still has a lot to improve. So I'm quite positive in thinking that we'll continue to improve our numbers there. JSL has been quite consistent, but because it is a large company, I think there is always room for us to try to do a bit better and more economically. And they are very much engaged in doing that. Vamos, when I reported the projected annualized return on invested capital of 12%, Vamos' annualized return on invested capital is lower than what you saw in the last 12 months because of the contribution of its secondary market, which is the dealerships. But I also believe that this is a segment that is going to recover. We already see signs of that. So thinking of the company contributing to the 12.1, I think that it can expand the contribution. Automob is a bit harder now because I'm certain it will operate at a higher level, but it's still under construction, so to speak. And during this phase, you'll have a bit more burden before enjoying the benefits. It's just natural. CS Infra in the short term or before it completes investment, especially in ports with regards to modernization and getting to a planned level of productivity, it will take some time, and it's still not going to get there as we saw in previous years. It was operating. It was positive. And now we had a shutdown, and we have to have the shutdown to make the investments. Ciclus has huge opportunities. Fernando already mentioned that. We have exceeding guidance, biomethane, other sources of income. But considering all that together and taking into consideration the pros and cons, the checks and balances, I think we still are going to deliver better return on invested capital close to the 12.1 I reported. Okay, thank you very much. As of now, questions that were taken on the Q&A area are going to be answered by the company. Okay. First question comes from Daniel. Daniel, thanks for your question. The question is about Automob revenue. Can you talk a bit what happened to the drop in volume and prices of vehicles? Okay, Daniel. This is Fernando. Sometimes you see a drop in volume, but you can have an increase in direct sales, and you'll have less cars that are sold from the inventory or that are going through the dealership. That is direct sales. And therefore, you're going to have a mix in sales. But again, Automob is increasing the volume of sales per store. I don't know if there is anything specific or one-off, but you also have seasonality. In December, I always joke around. After November, no one is buying a car. You're thinking about the end of year, vacations. This quarter was even a bit higher than expected because people advanced purchases, perhaps because of credit that was asked before. We are very comfortable about what's to come. There are some cases, of course, that are one-off, some stores being remodeled that are hurt a bit, but volume comes better after works are finished. Seasonality, perhaps, but not more than that. I'm sorry. Yes, the question was about from the fourth quarter to the first quarter. But anyway, you answered that. Another question coming from Danilo. Danilo, thanks for your question. The question is, with regards to Ciclus Ambiental to accelerate growth in other regions and capitals, are you thinking of any JV to reduce your debt and increase your capacity to invest? Yes, we are always talking about partnership JVs, anything that contributes to the creation of value to the group. In Belém, for example, we had this movement, not because of debt or structure, but because it was strategic, another capital that we are looking into right now. So this is not because of expansion. In Ciclus, because of the valuation that people are having on biogas, biomethane, the need from fuel companies, Ciclus can have something along this way. This is part of our strategic plan. Thank you very much, Danilo. One more question on the web coming from Jonathan. Thank you very much, Jonathan, for your question. The question is about the tax reform. Should we have any reduced taxation on rental companies as we have the benefits today for the ICMS subsidy, or perhaps an impact of VAT that is going to be in full to service companies? Okay, Jonathan. What I always say, and it's very important to say, is that interpreters are not taxpayers. We pass on taxes. Fortunately or unfortunately, we charge the taxes from our customers, and we pay the government. I don't pay the tax that is generated to the company. So we want the impact to be the least possible. But whatever impact, I'm going to pass on to prices. We try to be competitive, and we work on that, on operational efficiency. But taxes, you know, are taxes. You have to pass on taxes to prices. So this is what we consider. When you're looking to our business, we might have some impacts on assets, purchase, sales, but this is going to be passed on. We think it's going to be neutral. You're not going to have an increase according to our simulations. This is what we have been observing for now. But after it is passed in Congress, we are going to have a clear answer. But we think it's going to be neutral. But whatever, you know, final version we have, we might have an impact that is going to be passed on to customers. Well, we close questions from the web. Paulo, any more questions? Yeah, we have a final question. Operator, please. Our next question comes from Pedro Pimenta. You may go on. Good morning. Congratulations on your results. I have a more subjective question to Fernando and the team as a whole. I'd like to understand, after years of strong growth, a significant change in company size, what were the main mistakes or lessons learned that make you watch out for the future? We know that the market was very volatile at the time, but also, what are the things that you got right that you should consider as a strength of the company? Pedro, this is Fernando speaking. Well, you could have asked a simpler question. Well, jokes apart. Thanks very much for your question. Pedro, I always say, and we say that in-house, you know, the ones that do the most earn the most. And you know, what's important is to make more things right than wrong. So what I would like to share with you is that nothing was built in this country, especially in the last 10 years, that was not aligned with the board, with our strategic plans, because, you know, people say, "Oh, you had growth overnight." But no. When you take a look at our history, we planned the IPO, the board of directors, the shareholders, you know, so all this was part of our development, the companies, you know, the opportunity for Movida. We did not have a market in Brazil. Customers didn't have cars to rent. Movida did contribute to the change. We didn't have operational leasing. Vamos brought that to the market. It gave us scale, governance that really transformed the company with numbers of committees, listed company. So our growth was strong but planned, always looking into the future, both in the short and long term. So this is what I had to share. So what were some of the mistakes we made? I think the first mistake was not to create Simpar three, four years before. That would have given you a much better view of the group. Today, you know, the company separated. Ciclus Ambiental is something that we are doing now, for people to see better. We could have done that two, three years before. I think it would be much better if we had done it before. So, I would say, you know, this in terms of errors, but what we did right, I think that, you know, we did not let go, our origins, our value, our people, our culture, and we did not, you know, grow out of ambition, generating value in the short term but not knowing what to do in the long term, because there are lots of people that do that, because then you don't know if you're creating really merged operations or just messy operations. So we woke up every day trying to do better, but I think that our simple management model, focus on the business, gave us the agility. It was very important during the pandemic in buying, selling assets. I think Movida did it right, buying, you know, assets and bringing more than 1 million customers. Now it's selling cars that are more expensive than the price of purchase with a huge customer portfolio. So Movida now, recovering prices, it's just going to show better. It's just going to have better results. Vamos in the inventory it bought, working with forklifts and machinery. So lots of things that gave us this strategic position and a very unique positioning in the market. If we hadn't done that, guided by the board in the time we had, perhaps we wouldn't have the opportunity of building such an ecosystem in the real lives of people with huge resilience of liquidity, of revenues in highly liquid assets. And since it's the last question, I would like to thank you once more. E just stress some points that I think are very important. And I think that when I was answering Pedro, Denys also answering about capital structure, but I would like to show that we are very confident with our position and businesses. We have BRL 7 billion CapEx invested that still has not yielded return or results. Quite the opposite. We had the cost of debt, the cost of interest, pre-operational costs, so zero revenues that's still to come. And when you take a look at our annualized numbers, we do not see it either. It is more to the future. But we do have a unique positioning in our companies, either as leaders or runner-ups with potential in economic sectors that are within the real economy, that are adjustments to make but not to huge transformations any longer. And in all segments, we have a unique positioning and the possibility of growing either organically or inorganically, in all of them, Movida, JSL, Vamos, Automob. So this is a unique positioning in Simpar's ecosystem and the subsidiaries. And to close, we are starting a new cycle, a cycle for the first time, and this is very important, and I said that the last quarter, in which the main companies of the companies have already been built. We are focused now on operational efficiency, asset turnover. People are committed to creating value in a sustainable manner without losing sight of our culture and values. That will create value to shareholders and to each business. If I do not recall in my time with the company of such a good time. On behalf of the more than 51,000 employees, I thank you very much for attending our call. Thank you. And also, I'd like to thank, you know, all of you that have been following us along our journey. And to close, I would just like to send our solidarity to our friends in the South of Brazil. We hope that they will recover fast. We are doing our share. I'm sure you are too, to really minimize the suffering of our brothers and sisters from the South of Brazil. May God be with you and all the best. Thank you very much. Thank you. Simpar's video conference call is now closed. We thank you very much for joining us today and wish you a very good afternoon.