Good morning, ladies and gentlemen. Welcome to Simpar conference call to discuss its second quarter results. This conference is being recorded, and the replay will be available on the company's website, ri.simpar.com.br. The presentation will also be available for download. We would like to inform you that during the company's presentation, participants will be in listen-only mode. We will then begin the Q&A session, when further instructions will be provided. Before moving on, we would like to tell that the forward-looking statements are based on the beliefs and assumptions of Simpar's management and on information currently available to the company. These statements may involve risks and uncertainties because they relate to future events, and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should be aware that events related to the macroeconomic environment, the segment, and other factors could cause results to differ materially from those in the respective forward-looking statements. With us today are Mr. Fernando Simões, Chief Executive Officer, and Denys Ferrez, Executive Vice President of Corporate Finance and Investor Relations Officer of the company. Now, we are going to hand the call over to Mr. Simões that will begin the presentation. Mr. Simões, you may go ahead. Good morning, everyone. We are starting to announce Simpar's results for the second quarter of 2024. I'd like to thank all our employees, more than 54,000, for their hard work and dedication. On behalf of all of us, thanks to our customers who give us the opportunity to work and who choose our services. Thank you very much. We are starting on Page three. Before I talk about our financial highlights, I'd like to talk about our positioning and our differentiators, and what are the main foundations that position us in extremely differentiated way with a unique management model and an irreplicable ecosystem. Simpar is a holding company that controls, guides, and supports independent companies with diversified positioning in sectors and types of services, but all of them within the real economy, which ensures great resilience. On Page three are some of the main points of our companies, which are either leaders in the market or have an outstanding position in the sector they operate. We have a unique management model. The independent companies focus on their activities, which gives them agility and very well-defined values and cultures. We have a high potential for growth and development in all the business we operate in. A diversification of sectors, services, and customers that make us depend on all of them, but not on a single one. We have a very strong service DNA. In addition to our long-term contracts, which generate more than 75% of our EBITDA, we also have recurrent cross-selling within each customer where we operate. We have highly liquid assets purchased under extremely favorable conditions, which ensures us a significant residual value. And what's more, we have the capacity to manage these assets during their operation, which guarantees high quality when it comes to retire them. We have a capital structure with strong cash, indebtedness in long term, and a strategic plan that ensures sustainable growth with independent management and boards of directors who are fundamental, that set directions and monitor our development. These foundations are built with more than 54,000 employees, very well-defined culture and values, and people that have been with the company for a long time, the greater differentiators and trainers of people for the coming years. We have five independent boards, four listed companies, and unlisted companies we have also management committees. Today, we have more than service locations for our customers, more than 300,000 operational assets, more than 1.5 million square meters of distribution centers. Very humbled and happy and with everything we've done, but we still have a lot more to do. Because of a unique management model, we created an ecosystem that cannot be replicated. Move on page four. Let's talk about our main financial highlights. In the second quarter 2024, we had BRL 11.3 billion in revenue. Net revenue from services of more than eight billion. These figures represent growth of more than 30% compared to the second quarter, 2023. EBITDA of BRL 2.7 billion. Net income of BRL 159 million. Net CapEx of BRL 2.2 billion in the second quarter, 2024. Leverage, we ended at 3.8 in the second quarter, 2024, which annualized would give us 3.4 x. Annualized, ROIC of 12.3%. Now, moving on to Page five, let's talk about JSL. JSL released its results this week, so I have just one page with the main highlights considered that's extremely important. The company has been growing at a recurring rate at more than 15% a year over the last few years, as you'll see and follow. EBITDA margin has improved. The scale every quarter has been coming to levels that even improve value for this business. The acquired companies have grown and transformed and improved results and margins. It has been winning new contracts every quarter, long-term quarters, all of them in the industry that is essential to people's lives. A diversification of services that contributes to cross-selling, to winning new customers. Whenever you win a new customer, you have the opportunity to generate in new customers, new services. It has a unique management model, where it understands the customer needs, builds contracts together with customers that guarantee the quality of services and the company's development results. More than that, JSL has a management model that monitors each contract and each activity, correcting course when necessary, and ensuring that the service is going to be served to the customer. That makes us believe and give us confidence in constant, recurrent, and sustainable growth, which is based on people who are prepared, dedicated with quality and efficiency. We believe that JSL has a lot more to do than anything that has been done so far, due to its unique and strategic positioning, being the largest logistics service company with the largest portfolio and diversification of services and sectors. Moving on to page six, let's talk about Movida. Movida has also just released its results, so we are going to go through them very quickly. Movida is entering a new cycle, which is the beginning of value extraction, reflecting the quality of its management with the aim of operational efficiency, of extracting value of everything that has been built with great quality over the last few years. Revenues for the second quarter 2024, compared to the same period last year, were up by more than 30%. EBITDA 29%. Net income of BRL 8 million. That's an increase of 2.3% in margins. And I think that some of mixed deliveries in the second quarter of 2024, there were several others that I'm not talking, but it was the transformation of GTF profitability, GTF of very high quality, given its average ticket in terms of contracts. We have a new phase of repricing that was carried out at GTF and Rent-a-Car. Productivity gains in new in used vehicles. Sales of used vehicles in terms of mix, that is very important. And more than that, the mix that has been purchased, that will generate even better sales in the future. High quality, determined management, reducing financial costs. We are starting a new cycle with a focus on productivity and sustainable development, extracting more value from what was built over the last few years in an extremely responsible way, whether by improving prices, optimizing fleet, turning over of assets, sales per location. In short, we believe a lot in improving operational efficiency and results further thereon. The transformation that has taken over the last quarter has been fantastic. We believe, and I'm sure, that Movida team is prepared to further improve its operational efficiency, price repositioning, the sale of used cars by store, asset turnover, cost reduction, in a way to show even better improvements in margins and results in the future. Moving on to page seven, we have Vamos, which also released the results this week. So again, I'm going to go quick over them. Vamos has been showing growth with profitability in rental that contributes to its development in a sustainable way, in a market that in Brazil is still underexplored. In the second quarter 2024, compared to the same period last year, it had net revenue growth by more than 28%, Adjusted EBITDA more than 31%, and net profit of BRL 205 million, also adjusted. Rental has been having a consistent pace of development, both in CapEx deployed, signed contracts, which has contributed to its growth in an extremely sustainable way. Vamos is starting now what we call a second cycle, which is in line with our strategic plan, which is the rental of equipment returned after five years after retrofit, or a truck that has been returned or taken over after two years of use. We strongly believe that this business model will only develop, and that the rental of the truck, used truck, will be good for customers because you have a lower cost. It's good for us that we don't have to invest CapEx, and we continue with same assets. And more than that, we have been winning contracts with five-year-old trucks in perfect conditions. Customers want to keep the truck. Why? Because it's better to keep the truck for five, six, seven, eight years without having to pay a higher rental price. Now, speaking of dealerships, you have trucks and have equipment in line with our plans, have improved results. Agribusiness is still difficult. The other way around, instead of improved, got worse in the second quarter 2024, which believe it's a matter of time, and we are very likely to come back rapidly. We have been working very hard, the team, to reduce costs and inventories. That's it. But looking to the future, we can clearly say that Vamos is a company which more than 90% of its EBITDA comes from rental. Its main focus activity will brings resilience and a great potential for growth and transformation, as it has been demonstrated quarter after quarter. On Slide eight, let's talk about Automob. Automob has been consolidating the dealer sector in Brazil, and we believe that together with this consolidation, we are going to bring a transformation in the dealership sector in Brazil. Here are some of the features, financial highlights. If we consider the last 12 months of the second quarter 2024, LTM pro forma, we had a total net revenue of BRL 9.3 billion, which is growth of 34% over the same period last year. An Adjusted EBITDA of BRL 431 million, which is growth of 12.9%. Adjusted net income, also adjusted, of BRL 78 million. On Page eight, still are some of the main highlights of the second quarter 2024. So you're talking about record new sales, record used sales, used to new vehicles ratio, growth of F&I. So the value growth levers and the potential are something we are just beginning. The unification of these operations, improvement of processes, will lead to a reduction in expenses, administrative or financial, and increasing profitability per store. This is what we are just starting. And I'd like to share with you what this means. Our number of sales per new by new cars per store has been increasing. Because attracted by trade-in, we are a company that also sells lots of used cars. Our, our rate of sales of used car by new one could still increase a lot more, and that's what we are confident to achieve very strong organic growth, higher number of sales per store. These synergies on organic gains of scale are just beginning. This will be seen in the coming quarters in a very solid way. What do I want to say that we see in terms of dealership business? Today, we have 120 stores, 23 cities, five states, and 20 brands. We believe that the dealership business is going to be a point of commercial relationships with individual mobility users. What do I mean by that? Anyone who thinks of a car, new, used, financed, rented, will think of Automob, and we'll have the service there with the DNA that we have, a transformation in the dealership sector. That's what we believe, and that's our proposal for Automob. On Page nine, we have CS Infra. CS Infra has made moves that are helping to create a portfolio of high-end assets. Practically, all of them are pre-operational, but with potential to transform results in a very near future. For example, two ports in Bahia, an ATU12 and an ATU18 for fertilizers and grains. These are ports that were already existent, but they were at very poor conditions. We are modernizing them. We have everything contracted, financing, CapEx, which is being executed, BRL 800 million altogether, financing at special conditions, both in terms of cost and terms. But more than that, these two ports are in extremely strategic areas, and we have already practically signed more than 65% of their future volumes for the next three years, and they will be in full operation as of April 2025. And here you have some of the main figures before it works and what it will be as of April 2025, which leads us to believe that with this handling capacity, we should have, by 2026, EBITDA of BRL 180 million-BRL 200 million in these two ports. Fantastic. And more than that, they can generate major business opportunities indirectly to JSL Logistics. And when we talk about other assets, we also have a pre-operational concession in Cuiabá, with great potential for the monetization of the historic center, curating a community commercial center there. CS Rodovias, these are also concessions in the state of Piauí. We have Sorocaba BRT, already in operation. As you can see, we're talking about assets, concessions of high quality, but it's still pre-operational, extremely strategic, and with great resilience in terms of revenue and potential for results. On page ten, we have Ciclus Ambiental. Ciclus Ambiental has the solid waste concession for the city of Rio de Janeiro, and that's a Ciclus Rio. This is the largest waste treatment center in Latin America. It generates biogas at 24,000 cubic meters per hour. With the biogas, it generates more than 50% of the Brazilian production of biomethane, generated from urban waste derived from biogas, from treatment centers that we have. Integrated overflow management, an opportunity to grow in biogas and energy, and the concession runs until 2036. Then we have Ciclus Amazônia, which began operations April 2024, still contaminated by pre-operational causes, but more than 200-300 direct employees, more than 250 pieces of equipment. And you have the construction operation of the waste treatment center there, with the potential of Belém city already contracted. These contracts have already generated, in 2Q 2024, BRL 78 million, with a 25% EBITDA margin. And these contracts are more or less BRL 32 million a month, which means that we should have revenues of about 95 million every quarter. But more than that, this treatment center that will be built will serve the metropolitan region, which has the potential to bring other extra revenues. 2,500 tons a year, final disposal, and a contract until 2054. On Page 11, we have CS Brasil outsourcing of fleets with drivers to public companies. Here we have some contracts, CM, CPTM, Colombo, and main numbers in EBITDA, total revenue, and also shows growth in revenue. On Page 11, on the right, we have some of the main highlights in net revenue, cash generation for the second quarter, and income for the second quarter 2024. On P age 12, we have our bank, BBC, which, as you know, is a bank within our ecosystem that contributes to the financing of both trucks and cars, and also in used vehicle sales. We had credit origination in the second quarter 2024 of BRL 250 million, a record in all our countries. In the last six months, we had BRL 455 million reais, as you can see, with responsibility and sustainability. Delinquency very low, at 2.17%, in line with our strategic plans. Income from financial intermediation, also record and net income, most importantly, in the first six months, of more than BRL 3 million, compared to a loss in the previous year for the same period, with an extremely healthy loan portfolio, more than BRL 1.2 billion and a Basel Ratio of 21.2 for the second quarter of 2024. If the bank is growing, we are very happy with everything it's done, but we are sure that it has a lot more to do and contribute to, and further improve the results as the portfolio grows and develops, due to the quality and potential of taking advantage of our ecosystem. Now, on Page 13, I'm going to hand over to Denys, that is going to talk about our financial highlights in detail. Thanks, Fernando. Good morning, everyone. So, speaking on a consolidated basis, the financial highlights of Slide 13. We start with net revenue in the second quarter 2024 amounted to BRL 10. 308 billion, mainly due to the contribution of the provision of services, which totaled, in this number, BRL 8 billion, a growth of 33% compared to the same quarter of the previous year. EBITDA, BRL 2. 664 billion, growth of 32% compared to the second quarter 2023. Here, it's worth making a comment about the EBITDA margin. EBITDA margin in the quarter was 26.4%, in line with the previous quarter of 2024. When compared to 2023, which was 30%, we have some impacts that explain the variation. When you isolate the margin in services, it actually increases by 4 percentage points, reaching 48.5%, as you can see on the table on the right. However, in this period, we had a greater share in vehicle sales, where margins are normalizing, and also from dealerships, which, due to the nature of the business, have lower margins. In any case, it's important to stress that the EBITDA margin from services had a material expansion when compared to the second quarter 2023. Moving on to the bottom left-hand chart, where we have our EBIT, the company's operating profit. In the second quarter 2024, it amounted to BRL 1.748 billion. Compared to the first quarter this year, this already represents an increase of around 11%, and compared to the second quarter last year, an increase of 31%. In the lower right-hand chart, we have net income. We reported net income of BRL 159 million, 76% higher than in the first quarter of last year, of 2024, and materially higher than the second quarter of last year. The net income from the controlling shareholders was BRL 49 million in the second quarter. Now, I'm going to go to the next slide. The slide number 14. We talk a bit about the company's cash position and debt profile, not only for the group consolidating numbers, but also a snapshot of Simpar as a holding. Here on the left-hand side, we have consolidated numbers. At the end of the period, we reported net debt of BRL 37 billion, average maturity of 4.7 years, and as usual, a strong cash position with a total of BRL 17.5 billion, which is equivalent to 2.6 x the debt coverage in the short term or amortizations up to the year of 2026. On the right hand, we have data from Simpar as a holding company. Total net debt of BRL 3.3 billion, average maturity of basically seven years. Strong cash position totaling BRL 3.4 billion, which is equivalent to covering amortizations practically up to 2030. Now, I'm going to move to the next slide, number 15. On this slide, we talk a little about our net investments in the quarter, also comparing them to previous quarters. At the chart on the right, you see the total invested by the group this quarter of BRL 2.2 billion, 25% less than the first quarter 2024, but substantially higher than what was specifically invested in the second quarter 2023. However, I'd like to show you the chart on the left, where we show a relationship between the net investment made and the size of cash generation, measured by EBITDA, that we had in the respective periods. So clearly, in the years 2021, 2022, net investment was practically double the EBITDA we had at the time, but already with an inflection in 2023, where net investment was lower than the EBITDA made in 2023. The same time of analysis for the second quarter annualized, the inflection is maintained. That is, EBITDA is practically at 1.2 x higher than net investment made in the second quarter. This happens specifically because in 2021, 2022, we're still building a good part of the foundations of our businesses. So now that's all done, so we can enjoy more of the cash generation with net investments proportionately lower than in previous years. Let's remind everyone that the cash generation cycle of our business happens a large part of a recent current investment, generates little or no contribution to the company's results and cash generation. Moving now to the next Slide, 16. We talk a bit about the capital structure. Here, basically, leverage. We show on the left-hand side what is known as what we call the business leverage, which is nothing more than reflecting in the group's leverage, the benefit of monetizing assets at the end of each contract cycle, obviously brought to present value. On the liability side, we consider not only net debt, but all suppliers of vehicles, machinery, and equipment to be paid, as well the assignment of credit rights that we'll find in our balance sheet. As a result, we have a ratio that is 2.2 x stable, compared to the first quarter 2024. On the right hand, we show the consolidated financial leverage according to our covenants, which is usually used in the financial market. For local debt, what you have is net debt over adjusted EBITDA. An addition that seeks to bring in part of our business model that is also connected to the residual value of assets. In the second quarter, 2024, the ratio was 2.3 x, very much in line with what we have in the first quarter, 2024 and second quarter, 2023. However, taking into account that we have been growing continuously, if we analyze the second quarter, 2024, the ratio would be even lower, about 2 x. Speaking of metrics of our external issues, the ratio is made by net debt divided by EBITDA, and we ended the second quarter, 2024, with 3.8 x, in line with the previous quarter. Again, taking into account that today's cash generation has much to do with tomorrow's company than the last 12 months. In the annualization exercise here, when we analyze the second quarter 2024, the ratio would be 3.4x, considerably lower than that presented on the basis of the last 12 months. On the next slide, we show our annualized return on invested capital for 2Q 2024. Should be remembered that, this is what we call production ROIC. That is, excludes the capital employed in operations that have not impacted our revenue generation. And the volume of average production invested capital that we are referring is about BRL 40 billion. Well, ROIC then reached 12.3%, which exceeds by 3.8 percentage points, the group's cost of third-party capital. With this, I'd like to turn the floor back over to Fernando. Fernando? Thank you, Denys. On Page 18, I'd like to make some comments. The companies controlled by Simpar, after all these years of building and transforming in terms of size and scale, are starting a new cycle of extracting value from everything that was built, and it's going to confirm even more efficiency of executions. They are signaling this beginning, and I believe it's just a sign, a pointing towards continuity and evolution of results due to the solid foundations, a DNA of service with scale, coverage, and presence in several sectors. Today, we have the people, the stores, the warehouses, the adequate asset mix, asset management, asset turnover, service portfolio. Quite modestly, our people are always anticipating their customers' needs. We can always improve, but they perform a job that brings customer loyalty and generate new businesses and long-term contracts. We have a portfolio, a diversification of businesses, that we, as Simpar, have the option of investment in such sectors, such business, all of them within our ecosystem, that we know in depth, whether in training, development, people retention, which is fundamental and strategic, asset turnover. All of this contributes to operational efficiency, which has been our focus after building everything, and that will bring balance to our results and investments. This, together with the efficiency and profitability that we have been working very hard to reduce costs in asset turnover, in the right pricing, not only writing, but also monitoring operational developments. We believe that this is the model for sustainable growth, profit generation, and return on capital in a way that is also appropriate for shareholders, and a solid capital structure for our entire ecosystem, with strong cash and long-term debt profile, which gives us peace of mind for our sustainable development. This is a bit of what I wanted to share with you. I would also like to thank, on behalf of all of us, our more than 54,000 employees, your time for following us. Now we are going to open for your questions so that we can clarify anything that was unclear. Thank you. We'll start now the Q&A session for investors and analysts. If you want to ask a question, please press raise hand. If your question is answered, you can leave the queue by lowering your hand. If you want to ask a question in writing, please just type your question in the Q&A with your name and company. Our first question comes from Victor Mizusaki, from Bradesco BBI. Victor? Hello, good morning. Congratulations for your results. I have two questions. The first, Fernando, if you could talk a bit about how the group has been positioning itself, given the Chinese OEMs, we see the cars in some of your dealerships. So overall, if you could explain how this has been for the group and other companies. And now thinking of BBC, we see strong growth, both in origination of credit, but also an expansion of your portfolio. Of this growth, can we consider that 100% comes from customers from the Simpar group? And how much, looking into the future, how fast do you think this portfolio can grow? Thank you very much. Good morning, everyone. Good morning, Victor. Thank you. Chinese OEMs, they have been occupying an important space in the market, but with a car profile of higher prices at about BRL 250,000-BRL 300,000. We see some signs of cheaper cars, BRL 150,000, BRL 140,000, but also with a profile of customers that is a bit more urban, selective, 100% electric. That does not impact our plans at all, or our depreciation, or our business. And why is that? Because most of our customers today, Movida is extremely prepared, but we are talking about lower pricer cars. We buy at very differentiated conditions, and when we resell them, we are not competing with the Chinese cars. I will say the following, you can ask: Can it happen in the future? I don't think so. Now, if tomorrow there is a trend, because our turnover at Movida is so fast, we are also going to enjoy from that possibility. So what I mean is that I think there is a market for everyone. I think the space that are occupying could be, I don't know, in the future, 20% market share. Now it's about 10%, but I don't think there is a transformation that the market is going to be dominated by the Chinese. I think the market has room for everyone, and this trend is not only for 100% electric cars, but also hybrid cars. But that will take some time. We don't have the infrastructure in Brazil for 100% electric cars. So what I'm saying is that today, Movida has the right mix, a very good profile, and that has been proved in its used cars turnover. For trucks, I think the Chinese will come... but also in a very embryonic situation. And with trucks, even worse, you have to have a coverage of maintenance nationwide, and that's not something that you build overnight. Cars are a bit more urban, a bit easier for you to do that. So I don't think anything is going to impact our business. We are quite comfortable. Quite the opposite, these can bring opportunities for the cars, and they have, because, you know, we have been enjoying our ecosystem and not only selling only new cars. At BBC, as you saw, it started to yield positive results. We are past the break-even point. As you can see, it has been hitting records in financing. Now, what is important is that it is focused on the financing of used cars and trucks. You have an average entry of pay of 35%-40%, an important spread. Delinquencies of rates of 2.2, 2.3, way below the average. And what's interesting is that we have been innovating so much in granting of credit. Although it was made for within our ecosystem, 25% already comes from the outside, but with the same profile, trucks and cars, and with a 35%-40% by down payment on average. So we see that... I'm not creating any expectation, I'm not going to say that you can count on that, but we do believe that it can continue to grow and develop organically with responsibility, in terms of credit profile. So this is what I have to share with you. Thank you, Victor, for your question. Thank you. Our next question comes from Gabriel Rezende, from Itaú BBA. Mr. Rezende, your mic is open. Gabriel? Our next question comes from Guilherme Mendes, from JP Morgan. You may go on. Hello, good morning, Fernando, Denys. Thanks for taking my questions. I also have two questions. One is about inorganic growth. We saw along the time several acquisitions from Automob and also CS Infra with some projects. Specifically talking about unlisted companies, what is your appetite for new acquisitions, other than Automob? Thinking of Automob and new projects, thinking of CS Infra. Secondly, Denys, you talked about deleveraging and reduction of CapEx in the short term. What is the level of leverage and CapEx you are comfortable with? Thinking, you know, beyond the exercise that you showed in the presentation, think in the mid to long term, what would be the reference for net CapEx and optimal leverage for the group? Guilherme, this is Fernando. I'm going to start with growth, inorganic, that is through acquisitions. Although we have had some movement in last years, just talking about the group as a whole, our organic growth is still a lot higher than our inorganic growth. And the acquisitions that we made by JSL, for example, are acquisitions of excellent quality with differentiated people and that have transformed in size, which again, shows that organic growth is higher than inorganic growth. I think this is important. The value creation is much more in choosing the target of acquisition and the transformation post-acquisition. Talking a bit about that, at Automob, this was part of our plans to have the consolidation a few years ago. We had other priorities. We started back in 2000, but we had other opportunities for growth, JSL, Movida, Vamos, and now we are focused on this consolidation because we believe there is a huge opportunity in this segment of dealerships. You have very good groups, but they are regional, they are family-owned. Automob is having this movement in a very correct way with. It's very complementary in terms of regions, makes, and models, and it has still huge opportunities to grow through acquisitions. And these acquisitions, if they happen, again, without creating guidance, are going to be complementary in terms of makes or regions and with huge potential for growth. If you take a look at our growth organic in Automob, it was even higher than that of the acquisitions. And why? Because the dealerships we are acquiring have a huge potential of selling more per location, more used cars per location. Sometimes you sell double the amount of used cars, so significantly organic growth post-acquisition, and that may continue to happen. As for CS Infra. To my recollection, we had no acquisition of infrastructure business. We won concessions, bids that you can consider an acquisition, because then you have the creation of value. For instance, two ports, we were in the auction, we won the auction. These are pre-operational ports that are going to have a CapEx of BRL 800 million. We have already invested BRL 400 million, Denys can talk about that. But these are ports with a huge potential, and that are already contracted at 65% in terms of occupancy volumes, as soon as they are ready, which is going to be April 25. So many things that are unlisted, that have value being created, and I don't think that has been perceived by the market, and much more to do. And in concessions, you're going to have huge opportunities. Small concessions like this, with a potential for services and value creation in a short period of time. This is what we believe in, completely in line with our strategy, without hurting our capital structure. Everything that you see, we have our covenants. We want to decrease the leverage indicators, and that you will see in time to happen. I'm going to turn to Denys to be able to answer your question. Thanks, Guilherme. Hi, Guilherme. I'm going to use what Fernando said, you know, the theory of Automob. I'm very enthusiastic, because all value levers that Fernando mentions are very simple, in a way that they are obvious, and we are really convinced we are going to achieve that in terms of volume per stores and penetration of other services like F&I. So very good returns, not necessarily with traditional investments, but diluting fixed costs. As for CS Infra, just to give you a number, ports already have their funding contracted, incentive lines for the Northeast, IPCA + 235 basis points. The port today, of course, you know, that is receiving investment, that will multiply its capacity by seven times. But obviously, they will be in full operation at the end of this process. Again, CapEx fully contracted, no risks, and a project that has most of its installed capacity under long-term contracts. Why I'm saying that? Because this is a project that you could always put aside. Of course, you're going to have an increase of indebtedness, but it's so clear, you know, that cash generation is coming. It's so good, you could even put it aside. Going back to your question of leverage. You asked something, you said, "What level of leverage are we comfortable with?" I am comfortable with the level of leverage that we have today. On Slide 16, we showed you what we call business leverage. I know this is not the financial leverage as we traditionally think, of it. But having the opportunity of being with the group for 16 years, what we call this business leverage, has to do with the quality of assets that we have. Assets that have a very strong secondary market in Brazil, and that proved to be liquid throughout several crises in the 16 years that I experienced. And when you bring the residual value that is expected from these assets at the end of the cycle of each contract, that we have an important residual value, then we see that you have leverage at about 2.3 x. I know this is not what the market considers, but traditionally speaking, we are at 3.8. But with the investments that we made in the past, at the speeds that we made in the past, when you think of the last twelve months, the first quarter last year has nothing to do with the cash generation of the group today. That's why we are annualizing numbers, and we have 3.4. So, comfort is not what it is. But what we want in the midterm is to get to leverage below 3x. We've said that before, it has not changed. We have several initiatives that we believe can accelerate the process. We are going through a phase, as Fernando mentioned, of foundations built. The level of investments of 2021, 2022 was almost 2x our EBITDA. Now it is below our EBITDA. So I don't know if I said that in my beginning presentation. We had a peak of investments in the first half of the year. I don't want to give you any guidance, but we did have a peak of contracted CapEx and payments. So I understand, enjoying the foundations more, as Fernando mentioned, we are moving towards what we want, which is leverage below 3x. And just to add to what Denys mentioned, as an executive now and not as a shareholder, quite often people, you know, look at us and think that we turned what we are, you know, overnight. No, the board of directors gave us a very clear goal four years ago. We followed our plans, we transformed the company, with focus on capital structure, business, the quality of asset, where we were investing our money to get to this point today. Today, we have a new target, a new mission given by the board, which is extracting value of what we built. So now we are starting the process, as Denys mentioned. And so, it's not guidance, I'm not creating any expectations. The capital structure is what it is today, but everything shows we are going to decrease leverage and to generate cash organically. I, I don't know, perhaps we can see that by the end of the year. What you see of the second quarter 2024 is just a sign of what's coming, which is operational efficiency, cost reduction, reduction of inventory levels in dealerships, especially agribusiness dealerships. Even if the agribusiness does not recover when we want it to recover, all operational costs, revenues to come, inventory of that are still going to sell. These are things, the recovery of prices of Movida, and we still have opportunities to continue with the repricing. All that is very important for the business, and we want to be fair to our customers, but this is just starting. Organically, that decreases our leverage, and we are open, those unlisted companies, you'll see, environmental, you have CS Infra, of having investors and shareholders that will unlock even more value to our business. This is what we see to the future. Thank you very much, Guilherme. Very clear answer. Thank you very much, Fernando and Denys. Have a good day. Our next question comes from Gabriel Rezende, from Itaú BBA. Mr. Rezende, your mic is on. Our next question comes from Rafael Teixeira, from Arbitral. You may go on with your question. Mr. Teixeira, you may go on with your questions. Well, while we take a look at the audio, I'm going to answer some questions that we have in writing. This is Denys. So we have a question here from Lucas. The question is: I'd like to understand delinquency rates, especially in agribusiness. Can you talk about how much that contributes to Simpar total revenues and how you are dealing with that? Lucas, agribusiness revenues have very little contribution to the group as a whole. On an annualized basis, you are talking about BRL 40 million-BRL 45 million. So agribusiness is a very small share of the company. Of course, not dealing agribusiness as all sectors, because there are different sectors. But the diversification of sectors and customers in the group is huge, and isolatedly, no one is something that is relevant in our revenues. What we have is under control. Just for you to have an idea, in Vamos, we are very confident with the scenario to come; things are within normal. We have also another question coming from Danilo. I'm going to read it, but I think it has been answered. I'd like to know your plan to reduce the holding debt. Is the plan going to be kept? Do you have any change due to any variable? Well, Danilo, we have the benefits to get from the investments made, and now, with a lower pace of investment, that will certainly contribute to reducing the holding debt, in addition to other initiatives that we understand can be specific and help accelerate reduction with regards to some unlisted assets. So that is kept regardless of any scenario. And just to add to the answer, Denys talked about the receivables. This is Fernando speaking. This is something that we monitor closely. As an executive, it's my obligation, but as a shareholder, we have several indicators. That is, you take a look at receivables, the quality of credit, closely. This is very important for us to make decisions. Vamos was extremely conservative and did well. It tried to do things, you know, but if not, it repossessed, you know, at the assets that have high quality. So we are very confident to say we have no problems in terms of profile with Vamos or with any of the companies. And we don't have any problems in terms of depreciation, in our view. We look, we assess, we calculate residual values, so we believe that this is our obligation because of the quality of our assets, diversification of the business, and we're always paying close attention to that. And in terms of the holding debt and talking as a shareholder, we have several avenues and strategies that will reduce the holding debt. And our objective, in some time, is to bring it to zero. The holding debt was important for the building everything that we built. Without the holding debt, we wouldn't be able to do that. But now the ecosystem has to contribute to the holding in several ways to decrease and even bring it to zero. And operational efficiency, extracting value from what was built, will contribute organically to decrease the holding debt. Thank you. Now I'm going to go back to the operator, because I think there are questions coming. Yes, our next question comes from Fernanda Recchia from BTG. Hello, everyone. Denys, Fernando, thanks for taking my questions. I have two questions on my side. Talking about the Automob dynamics, if you could, Fernando, please give us some color. How do you see pricings at the front end? When you take a look at data from Automob, new cars are still growing in terms of prices quarter on quarter. So what do you see in terms of margin and also used cars? This is my first question. Second question, going back to leverage. Thinking more in terms of cost of debt. In this quarter, you had a significant reduction in the cost of average debt of Simpar. Do you still see room for further reductions? Is it something you are still discussing to have more prepayment of more expensive debt, or do you think that most of what you've done has been already enough? Fernanda, this is Fernando. Thanks for joining us today. Automob. Automob is a business that I compare quite humbling to what happened to the rental car scenario. When Movida got to the market, we bought it in 2014, but it already had a name, it already was working with a carbon footprint, but we had the DNA of serving and contribute to the transformation of the market, because the market was accommodated. You had white, silver, and black cars. You had no imported cars. No one rented a car because they had to, they wanted the pleasure. It was just, you know, because they need it. And I think that Movida contributed to the transformation. We have developed excellent work, and I think this is the perception. With Automob and dealerships, I think that dealerships, you know, could have this DNA of service. And what do I mean by that? What do customers want? What is Automob doing? We work in a very differentiated way, and Barreto now leading the business, this is even more so. So what is to come in terms of Automob, not only in terms of consolidation, but I'm talking about extraction of this business, it's the extraction of value. I'll give you an example. When you buy a dealer, I'll give you some simple details. Sometimes you have a used car area, and you have a showroom, but you don't have used cars. Then, you know, you have a new building, you work different areas, you increase your showroom area, and you more than double the sale of used cars. So we have seen growth of 30% in the first year, and even more so, 50, 60% in terms of increase in the volume of sales of the acquired dealers. So what does it mean? Today, we have a committee for the assessment of used assets. And then when you sell more new cars, you also sell more used cars. So all the system that Automob is putting together, I believe, is going to bring very good possibilities of organic growth, of more sales per store. And margins tend to improve, because you have a faster turnover, and therefore, you improve margins. All that said, what do you mean in terms of, innovation?... we want more and more to know what customers want, and to be a location to provide these services. Our dealers are not going to be just for the sales of used cars, new cars, after-sale services. It's going to be everything, financing, night services, so that customers can leave their cars in the end of the day and pick them up in the morning. Express services, a lot more agility in after sales, and that will increase numbers and results of Automob significantly, with a better turnover per location. And this is what we are just starting and sharing with you. When is this going to be happening in full? Well, acquisitions we still can have recurrently, but the extraction of value during the year of 2025 and 2026. Then you're going to see a much higher value extraction, especially as of 2026. This is what I see. Now, in terms of financial cost, I'm going to turn to Denys. Hi, Fernanda. Just to answer your question in terms of further opportunities, I think we do have lots of opportunities, especially with all the business dynamics that we described. We said that the foundations are built, and we are going to enjoy things more from now on. And, you had a demand for a financial volume that was quite substantial. In 2022, for example, or 2021, we invested more than BRL 20 million net. So as we have a different trend for the future, as I mentioned before, in terms of CapEx to EBITDA ratio and the dynamics that we see, in terms of metrics related to our indebtedness, I think we are going to have opportunities. Together with that, there is something else that we've always done, and that has enabled us to grow, no matter what crisis Brazil was going through, which is the level of available cash. Obviously, we don't want to do away with that, but it certainly can be lower to optimize our leverage as financing rates are lower in the future compared to the past. So we have the carrying cost, is almost a protection, and that can be reduced. So I think we have huge opportunities for the future to work in the continuity of improvements for these le vers. Thank you very much. Have a good day. Now, we are going to turn the floor back to our presenters to read the questions. Okay, so I'm answering the questions from the Q&A. Let me just organize myself. The first comes from Rafael Barreto, and the question is: could you give us some color about the current return on capital of Automob? Well, in the last 12 months, return on capital is close to 12%. Now, I'd like to emphasize that that is not what's most important now. There is so much, so much to be extracted in terms of value from Automob. The initial phase is always a phase of structuring. Initially, you know, our costs always goes up until you're organized to optimize costs. So I think that what we have to do, what we have to focus on, is to improve its mass and talk about the value levers that Fernando talked about, volumes of sales per store. So I just wanted to emphasize that. Again, I'm quite enthusiastic about Automob, a huge opportunity. We are doing Brazil, and we believe we are the only ones. That is already something that's already a trend in the U.S., so I think the opportunity is huge. Carry on. I'm going to go to the next question. The question comes from Daniel Vilarinho. The question is: was there an impact in Automob related to the IBAMA strike? Inventory of imported assets and receiving times, are they normalized? Yes, no impact whatsoever. Normalized inventory levels, normalized receiving. Next question, Pedro Ferreira: how the interest rates affects the company's plans? Pedro, our plan, and you have seen that more and more, you have less net CapEx and more value extraction of what has been built.... Another thing that is important, and we are not exempted to that, of course. It's good to have lower interest rates, but we have also to have a balance in everything. But the quality of our assets, the prices we paid, where our resources are laid, and our capacity to price our products, give us the comfort. Not that it's regardless of interest rates, but we are going to continue our development with confidence. This is what we always had in Brazil, volatility of interest rates, interest rates going up and down. And again, the foundation is built. Of course, you have the cost of debt, but you have lots of things to start operations. So we always say we see the debt of today, the interest of tomorrow, but the revenues of yesterday. JSL, pre-operational costs because of contracts closed, and you're going to see revenues for the future. I'm going to turn to Denys, but I don't see any impact because our plan is based on what has already been executed. Yes, I agree. Pricing incorporates future expectations that we have in terms of the interest curve. This is part of the pricing. An interest rate that is at the current level, and that can go up because of inflation, generally together carries the assets, the asset prices of the company. So when the interest rate goes up, the price of assets also appreciates. So you almost have a natural hedge in our business model. This is the only thing I would like to add. Our next question - Oh, sorry, this is Fernando. What you're going to see is us working very hard to trade in part of the interest into profit, therefore, extracting value of our assets. I'm going to read the question from Gabriel Rezende. He had a problem with the mic. "What is the appetite of OEMs to give bonus for sales in the second half of the year?" Gabriel, I think OEMs are working. The market has credit. The market is buying new cars, used cars. We have already defined volumes, prices in Movida. In Automob, each brand is a brand, but OEMs are working the market. I do not see anything in terms of bonus. We are having the normal discounts because, you know, we are going back to pre-COVID levels, I think. I think that's very normal market and nothing is going to impact negatively, Automob or Movida in terms of inventory or... I don't see anything aggressive, for the two businesses. Quite confident of that. Movida has been showing that everything is leading for us to have a better turnover of used assets, and this is the moment we are going through. I have two final questions on the web. They're talking about projections. I'm not going to be able to do that. Then we are going to close with Fernando. Felipe questions: about the chart of net CapEx and EBITDA. This is EBITDA, 1.2 x the CapEx. Is that a trend? Mm, I cannot say. What I said is, what I understand is that the peak of CapEx this year was the first half of the year, and we understand that our level of EBITDA is growing. So I'm going to give you these two points for you to make your own projection. And the next and last question from Lamartine says the following: "Could you talk about the delinquency scenario in Vamos? What could we expect for the coming quarters? Would be anything close to the second quarter, 2024?" Without giving projections, but this is something that Vamos mentioned in their call. That was a one-time event. The company did what it had to do for you to go back to a normal behavior. So in the first quarter, I think that we had normal levels, but again, I cannot. I'll leave the information with you for you to make your own projections. Well, internet questions are now closed. I'm going to turn the call back to Fernando. Thanks, Denys. First of all, I'd like to thank you. More than 200 people attending online. Thank you so much. And just, you know, to contribute to your reflection, we have a target given by the board of directors that is working very close with us for a new cycle. The results of the second quarter confirm what we have been sharing with you in at least the last three or four quarters. We are talking about our focus on operational efficiency, that this is very, this is a given, this is our mission. You are seeing now, again, without creating expectations, we are very confident that this is just beginning. There's a lot more to come in terms of the extraction of value of what was built. Very confidently, organically speaking, we are working very much to reduce cost, which, as I said, to swap interest for profits, which will give us opportunities of dividends and et cetera, without giving expectations, contributes to leverage. We are certain of our work. We do not want to have a follow-on. We have no need for that, just to make it very clear. To contribute even better for your analysis, when you say, where you see that? Inside our ecosystem, we have completely independent companies, but all of them, all of them, without exception, are in segments that are highly resilient: services, materials, products that are part of people's lives, to work, to survive, food, distribution. We are within the main industries in Brazil, the main segments. Our companies have scale today that has been built a long time. So the building of the company is almost done. Now it's time to extract value of everything that was built. You are not before a company that is going to extract value at all prices, just destroying value. Quite the opposite. It's going to extract value for businesses to be more sustainable. We talked about building, now it's time to extract value by reducing costs, by having less CapEx, consuming inventory. For Vamos, for instance, agribusiness, improving our bases are ready to sell. It will come back, it's just a matter of time. More revenues, revenues from JSL, better prices at Movida, with huge opportunities. The programs that we have in terms of cost reduction, but more than that, what has more value in the company is our people, dedicated, in line with our values and cultures. Today, we have more than 54,000 direct employees, people very much aligned with expertise in any of our businesses, and that gives us the comfort that we are on the right path. This is what I wanted to share with you. We are very happy about everything we did so far, but the greatest happiness is to start a new cycle with our people, aligned companies, for us to do better with a better capital structure, opening even our companies for more and better strategic movements for the future. On behalf of our more than 54,000 employees and our companies, I thank you for your time. More than 200 people online, thanks for your time, thanks for your trust, and our objective is always to be very clear, sharing with you, with transparency, where we are, without creating expectation, but showing you where we are going. We believe the second quarter is just a sign of what's to come. Thank you very much. Have a good weekend, and may God be with you. Thank you! Simpar conference call is now closed. We thank you very much for attending, and wish you a good day.