Morning to all. Welcome to our earnings release conference call, first quarter 2023. Felipe Marques, our Chief Financial and Investor Relations Officer for Boa Safra Sementes is among us today. Please note that all attendees will only be listening to the conference call during the entire presentation. At the end of the presentation, we will start the Q&A session. During the Q&A session, kindly submit your questions through our webcast platform. The selection of these lines will be controlled by you. I would like now to invite Felipe to start off his presentation. Felipe, you may now proceed. Thanks, Alan. Good morning to all. It is a pleasure to start 2023 after our Boa Safra Day. It is a pleasure to be able to share with you our journey. We just start. I would like to invite you to slide three. I would like to talk about our highlights of our first quarter 2023. Needless to say, the main numbers or figures that we may share with you, due to the fact that we work with seasonality, with variation every year, I'd like to talk about our order backlog of more than $900 million. That is equivalent to a 21% if compared to 2022. That growth of 21% is, as a matter of fact, aligned. Actually goes beyond our capacity, which was of 17%. Even due to that delay of those growers who didn't buy much of their input generally speaking, this growth is, as a matter of fact, quite solid. Of course, because of the, their decision on postponing the purchase of input in general, it was fertilizers, pesticides, as you may be aware of, because of the mark variation in the market. In addition to this figure, our backlog is quite different from what we had in 2022. 96% of this portfolio or, is with biotechnology. If you compare it to 2022, that was 91%. That, as a matter of fact, is the reflection of what we have in reality. The growers are looking for more technology, that guarantees our best, the best performance and operation, with regards to pesticides and also fertilizers when we eventually have our test sites. Out of those 10% are already with new biotechnology. 10% have been biotechnologies. In the year 2022, we had only 3%. That proves that this 3rd generation of biotechnology is actually reaching or achieving 10% of our portfolio, which is, as a matter of fact, something that really changes the quality of our portfolio and the composition and of course, the demand that we might have. I'd like to highlight once again, as we mentioned in previous calls, we increased our the amount of seeds. We are reaching almost 50 cultivars. We are now reducing that because of technology and new cultivars that really have good performance in the field and also considering the demand that we get from our growers. This, as a matter of fact, makes us reduce, shrink this portfolio and increase the volume of those cultivars or varieties. That's why we have the lesser number of cultivars, 43, now that are in our portfolio. In addition to our soil and seed portfolio, we would like to talk to you about Bestway. Our contracts with corn, BRL 51 million, are to be performed. We already show that in figures and our how wide the scope of our portfolio is. In addition to what we had before, all the products making part of this portfolio. With regards to the LTM operating revenue, we are reaching our BRL 1.8 billion, which is a 64% increase of the values that we had in 2022. This is basically due to the grains. You remember that we had quite a lot of grains in stock when we had the year-end in December with, of course, the fact that we sell those in the first quarter. Of course, also those that come from our tolling units. Every seed that we have, it's not everything that it is the seed, and we have our selection process, and we have those remainders, as we say. Those are also sold in the market. They go to the market, therefore, we have an increase of our grains sales, and that is actually impacting all those results, the BRL 1.8 billion. Another thing that we would like to highlight is the fact of our expansions that are at full blast. We are executing our expansion works at Uberlândia, Jaborandi, Primavera do Leste. Those are our ground fields, and also Paraíso in the state of Tocantins, which is our new distribution center. We are expecting to reach beyond 2, 000 big bags. Now we are reaching 240,000 big bags in 2024. We were very careful in the fact of making sure that we were starting early this year with our works to prevent us from running into risks. To make sure that we can guarantee those 240,000 big bags and all the works would be finalized by the end of this year. We have this static capability of 240,000 big bags either for processing or tolling units and also the storing in a temperature-controlled unit. We also started our phase II of Felipe in Uberlândia. That the beginning of the construction works will be reaching BRL 1.3 million, phase I and phase II with regards to capability. That is something that has already kicked off, and it's almost at the end. As soon as we conclude those works, we will be disclosing that fact to the market. We expect to finalize the construction work by the end of this semester. The investments. All those expansions total BRL 152 million approximately as investment. This is what we had agreed at the board. The investment is approximately BRL 60 million on this first quarter. The remainder should be actually invested throughout the year to make sure that we can for sure increase our capacity. It is truly important to reinforce our dedication and our work and where we are assigning the assets of the company for. This slide four, I would like to invite you to have a look at the figures. We once again repeat that we are observing the LTM, so our focus is greater in grains in the first quarter. As you know, the margin is low for grain, and by the end of this quarter, it will still be impacted. Why? Because there was a drop in the price from December to March, and that actually shows in our purchase agreement and also our grain stocks and also our grains. The grains that are sold that were sold throughout this first quarter. This is why you have this impact. You already know how we perform and understand the season, the seasonality and variation despite of the fact that we are still growing our ethanol capacity and our portfolio. We are increasing our volumes considerably for us to be ready for our second semester, and it is natural to have more stock now and of course there is this in short term, there is this impact and also because of the drop of price of grains. We have the EBITDA, Adjusted EBITDA of BRL -32 million and the BRL -13 of net income and compared to what we had in the previous year or so. When we analyze the LTM, and this is actually something that we want really to draw your attention, you can see our direction of growth that it is super solid. Our EBITDA and our net income and our operating revenue with 64% and the EBITDA 36% and the net income 36%. We can see that the company is growing and that mitigates a little bit the fact that there is a seasonal variation. In the end, we have the order backlog, which is also our first quarter BRL 900 million, the orders to be performed and also BRL 51 million of contracts to be performed. That is for total coming. This is an information, a piece of information that is important to share with you to prove how well our work is being done for 2023 in the first quarter. Slide number four. I would like to draw your attention once again to the fact that our production cycle is working like that. The first quarter, we have the beginning of the harvesting period and the inventory building. The second quarter, we have processing. We have the storage and logistics of anticipating and all that for our distribution centers. On the third quarter, we is, this is actually when we start of the sales of seeds and the planting for the next crop. This is when we start getting the results with regards to the soybean business. Then we have inventory sales and the fourth part of them. On the sixth slide, we have here the increase in receiving grains and planted area. This is actually the major focus on our quarter. We reach more than 240,000 tons of seeds received. That shows a growth of 20% and also since April, actually until April, which is actually proving our growth quite aligned to our install capacity, the growth of 70% and 170,000 to what we have today. Our install capacity grew and our harvested area grows, so increases. The seed treatment machinery, actually. Oh, no, coming back to the harvested area, just 2% to be harvested. That shows that it is all aligned to our growth, capacity growth, production and orders, everything is aligned with what we have ahead of us for 2023. Something that I would like to highlight now is the fact that there is the TSI, so the seed treatment is something that really is catching in the market. There is a lot of demand in the market for treated seeds. With our new unit and with increase in capacity, we are able to meet all needs. We have a greater offer of the treatment of seeds. We're moving from five to 11 treatment machines. I'd like to remind you that we actually apply the TSI machinery a little bit before shipping or holding the product. It is very important to consider having those principally because of the increase of our capacity. Slide seven shows our financial performance and also our order backlog. BRL 900 million of soybean order backlog and BRL 50 million of contracts to be performed with Boa Safra. You know, Boa Safra, once again, I would like to show you that Boa Safra is taking part in our revenue. The first quarter, [BRL 80, BRL 11 milllion]. This is something that is very important. Once again, our operation varies throughout the year. We start getting results now with corn, and previously we didn't have results, historically speaking, because our sales of grains are always in the third quarter. We can see that there are the businesses, principally in this case, we try to mitigate the variation of revenue throughout the year. The first quarter, we have this revenue almost BRL 116 million in Boa Safra. It takes BRL 11 million of that as their share. Slide eight shows you a very important fact, the growth of almost 64%. We consider the net revenue for the 1st quarter, of course, because of increase in the stock of grains also compared to last year, also the remainders of grains and how we processed those and considering that our soya market is diverted. We are, as a matter of fact, everything that is left behind is to be sold as quickly as possible, so there's no incentives today to hold back stock for future sales because of the situation of the market right now. We are trying to anticipate everything that it is not directed to be seeds, we're trying to sell everything. This is why we are actually having a stronger quarter with regards to the sale of seeds and actually because of the current market. With regards to the net revenue details, on slide eight, you can see how much we are diversifying. I have here corn that is taking 10% of our net revenue. This is of course, you know, I'm just considering it as a general. If we get into the details, we know that corn would be at a different proportion. It would be much greater in our portfolio in the end of the day. That shows that our strategy is aligned to become a seed provider company or a seed company. We have soya, corn, beans, sorghum, and wheat. We have a portfolio that is still not showing here in this pie chart. Just corn is here in a chart. We will be showing you this mix of other products that little by little are incorporated in our portfolio. In slide 9, we show you the net revenue, the net income, and Adjusted EBITDA. That shows our reinforced position in net revenue, that it is a good metric for us to see how the company is performing. BRL 169 million in net income, and the growth of 36% compared to the LTM, the previous period. We can see how consistent our growth is. That is all aligned with our revenue. This is why this growth, it was greater, as I mentioned before, the reason for that. Also in terms of the Adjusted EBITDA, we have the derivatives that are linked to the commodity or backed to the commodity. You can see the growth of approximately 37%, moving from BRL 136 million to BRL 186 million. When you see this result, we had nevertheless a drop in price, commodity price, and that was basically what affected our revenue this way. There is a negative impact because of the market also, because of the sales that were at inferior price to what we had in December. Now, I'd like to invite you now to slide 10. Right now, you can see the main aspects of our balance. We reinforce the fact that our cash position is here showing that there is. Despite of the fact that we are spending more, we have BRL 308 million cash. If we consider Fiagro shares, we have BRL 185 million in December, and Fiagro shares now are at BRL 113 million. We are as a matter of fact cash now with the sales of those shares. Considering those shares that are sold on a daily basis at the market, we would have approximately BRL 446 million in cash and cash equivalent. In a very challenging year with very high rates and less credit. Keeping that strong cash position is very strong for us to make the most of market opportunities that guarantee also that we are able to buy stock, input, and at much more attractive conditions considering the market as a whole. When we see the gross debt, you can see that BRL 352 million is our gross debt. There was an increase of 61.69%. Why? Approximately BRL 200 million of our debt is long-term. Well, that means more than 12 months. The quality of our debt is really something that makes it change. Most of it is for fixed. The quality of this debt is quite interesting, I would say. Net debt, you have BRL 44 million. Extremely low. Not to mention Fiagro shares that are still to be sold. That shows our cash position as being very comfortable. Net debt and adjusted EBITDA, we went from -0.14x to 0.24x now during this first quarter 2023. That shows, once again, what we mentioned before, how much we are able and our capacity of managing our financial operations and our cash. That was the major focus that we had in 2022. Our dedication was actually to build a solid capital structure for the company. We do believe that 2023 will show how this quality is, and it will be obvious how robust we are in terms of our financial performance. Slide 11 shows the investments. We focused on brownfield. There is a cost. Payback cost is short or lower as compared to greenfields. Of course, the difficulties that we may have, there is much of that of in greenfields than brownfields. This year is special because the rates are higher. We try to get a more efficient use of our capital looking for ground fields. The only one that we start, you can see here the works at the distribution center Paraíso do Tocantins. To us, to our understanding, it's very important to make our presence there in the north of the country. We'll be able to meet the needs of this market in Brazil for soybean production. This is why we made a decision of getting those units, the expansion of those units and also the distribution center in Paraíso and Bestway that already had their phase I and now moving to phase II. I think this is one very important point on how we are optimizing our capital structure of the company to invest in those already existing units and improving our efficiency as a whole in our operation with, of course, much lesser risks for rolling that out. BRL 61 million, you can see 2023. If you analyze the previous years, 2021 and 2022, you can see our investments were more than BRL 500 million. The IPO was our recap. The cap vision was actually most resources that we actually got since the beginning of our unit. We actually reached a very solid balance with all those investments. We are getting stronger and which is proving once again our capability to allocate capital, making the best use of our resources and producing a very solid balance and showing our capacity for growth with this present current situation at the company, even having the end of the 2023 more than BRL 500 million that are invested. In slide 12, you can see our ESG practices, environmental aspect. This is one of the main aspects. Something that we want to tell you is that no one better than us that when we talk about environment, our germination and our record, the ability to grow in Brazil, our capability is proved. We have more than 3,500 kg of yield. The quality of our products, we are helping Brazil to produce more aligned with a yield expansion. This is also relevant, but our productivity is what really makes the difference with regards to our records of the yield records that we achieved this year. Being able to produce more in per area. Of course, the quality of the seed is fundamental in that equation. This is why we want our growers to have top-notch seed for them to be able to reach record levels of productivity, of yield, principally with the use of new biotechnologies. We're also implementing our Greener Unit Program. We plant trees. We want to have more sustainable fields in all our sites, our units. Of course, we started off with the replanting trees in our units. This is something that we are discussing, what kind of new actions that we are going to implement so that our units get greener. That's why, hence the Greener Unit Program. Social aspect of the ESG. We have Camila. She is our Chair of our board. We have 86% of women. Our labor was 96% formed by women. That was an increase actually, principally in our agribusiness or agri sector. The presence of men is more the history. Now with increase of the presence of women in our company, and of course, we want to make a difference. Women are part of our goal so that we can equalize our social aspect. With regards to corporate governance, we have the management members and our board. We have a rotation, a turn. We have actually 10 meetings a year. They're all very present at our meetings. We want, of course, to get aligned with all those expansions. We want all to be present when it comes to decision-making moments so that we can make the best of the decisions to the company. We want to honor the responsibility that we have as the shareholder, to our shareholders. Slide 13. This is a fundamental aspect of our Boa Safra. With the Boa Safra today and our future perspectives, we have an increase of market share that was hit record. Increase was amazing, 6.61% in 2021, 7.4% in 2022. That shows how much we grow. Despite of the fact that there are more, there is an expansion of fields that are planted, we are growing also our market share as a company. We start this year with our installed capacity in 1,000 big bags of 200. We're talking about 144,000 hectares of planted area. We're talking about 300 integrated growers. That proves how solid we are with regards to installed capacity and planted area, meeting our portfolio as we mentioned before. Net income is something that has been discussed. Our metrics were discussed, and it is important to see that in absolute terms, so that we don't have that bias of having more grains or less grains. Because of the margin sometimes that it is low, we don't want to lose the focus. In terms of percentage, you can see the increase of net income reaching BRL 175 million. When we make the arithmetic of the cap-installed capacity and net income per capacity, you can see that it is more than 1,000 big bags, or BRL per big bag. It is important to see how much we are really growing. We are aligned with our installed capacity, and it is also aligned with our income and our sales and our performance. The net income per capacity is an excellent metric. It is important, as we mentioned before, that those BRL 152 billion invested in this year, first you have to get the more income in addition to the investments of BRL 1.3 million with Bestway, and that is for corn seeds. Analyzing 2027. 2027, we bring you this information for us to clarify or to show you where we are aiming at, to have an installed capacity of 360,000 big bags in 2027. This is the figure that we are always, we always keep in mind to provide some stability with regards to the soya seeds. This is the point that we want to get. Corn is the same. We already show you our installed capacity for 2027, which is to reach 3,300,000 big bags of corn. Moving from 1,300,000 this year, in 2027, we will have a capacity of 3,300,000. With that, you can have a glimpse of what we expect to have in the market and what we are doing, what is our assets, and how we're growing the company, and how we are going to be doing and putting to practice those expansions that we'll be sharing with you throughout this year with regards to all the decisions made. We finished last year, we expanded our storing units, and the start of the phase II will start very shortly. This is something that we're gonna have in the short run. This is just to reinforce how much we are in terms of our portfolio, our backlog orders, and with the values from Bestway and the new investments for 2024, the increase of and the implementation of BRL 61 million of this first quarter. That shows how much we're anticipating to be able to have the installed capacity ready for those 240,000 big bags in 2024. It will be ready. We don't want to have any hiccups. These are the main aspects that I wanted to share with you. I will just end my presentation now, and I would like us now to start our Q&A session. Felipe, anything? We now start the Q&A session for investors and analysts. Questions should be submitted through the platform's chat. Please wait while we retrieve the questions. First question comes from Kate. With regards to seed production, what is the average between what it is sold as seeds and what it is sold as grains? What is the average? That is a great question. This is something that varies a lot year to year, and of course, that depends on the seed quality, and that may affect the results from one year to the next. It is about 30%. 30% in terms of production. Everything that comes in as seeds from our growers, 30% is diverted to grains. When you analyze sales and our order that already is closed for the year, historically speaking of our sales compared to our capacity, 80%. Previous years, even more than that, 80%-90% in terms of sales compared to productive capacity. This is what we have in our Canada. Of course, something that really catches our eye because we pay attention to those details, our sales and our capability has to be aligned in the end because this is why we are always comparing the net income to the productivity. If our sales are much inferior to our capacity, we know how much we would have to work until we catch up to achieve the best use of the capital. Historically speaking, we had more than 90%, in the past year, we had more varieties. There were more than almost 50 varieties. Our portfolio was quite varied with new varieties being implemented, new cultivars. We had less efficient year. 2022 was less efficient than compared to our history in the past. We understand that right now we have a better position this year because we are already with our units ready. There is no hiccups with regards to the operation. It had some impact in Bahia. Bahia had more in terms of quality of seeds. It was a little bit more difficult. We also analyze with much care our sale capacity and we compare it to our install capacity, and we're moving away from the worst year, to be honest with you. Last year was the worst year in terms of production capacity. Our portfolio now is much stronger, and we will be able to show you how much we are going to be able to catch up in terms of sales as opposed to our capacity. Thanks, Felipe. Moving to the other question, second question. As a matter of fact, two questions came in from Pedro and from Alexandre. They actually asked the same thing. Even with the drop in soil price, seeds are more expensive. Can you please give some more detail in terms of what was price and what was volume in terms of our portfolio? How do you expect to be in terms of year TSI? There is a third also. Regards to our biotechnology, it's 10% sales, right, as a disclaimer. How much that would add if you compare that to previous technology? They are all questions related to price, to the order backlog and how much we would be affected. Well, great questions. Thank you, Alexandre, Pedro. Let's talk about what Alexandre asked. When we discuss the drop of price of soya grain, same grain, grains soya. With this new biotechnology and the increase of biotechnology products in our portfolio, 33% as a matter of fact. We also have the TSI in our portfolio. Our component soya grains has lesser impact in the seed composition. Even when we said how much that would be reduced, the price of the grains and our cost is lesser. In other words, there is less and less impact. What we have is the situation in the market. Of course, the grains that we have our balance at the end of the day, this is what generates volatility. I see there is the trend and it is clear. We are increasingly use technology. The grain will have less importance in the soy price as a seed component when I refer to the seeds. With regards to the BRL 900 million. How much of that is the volume? How much is price? We don't disclose that as yet. For now, we provide this piece of information by the end of the year. As a matter of fact, it is a combination of both. The growth is in volume, and also it is in price of our portfolio. With regards to TSI is not in that portfolio. Actually, TSI is sold later. It is not part of this portfolio. What we are trying to do is to have a very quite strong stock capacity to be able to meet the TSI demand. We have 11 pieces of machinery just in our sites to be able to really meet that demand. With regards to new biotechnologies, we already have 10%. We're talking about the third generation of biotechnology, they are part of our portfolio. Yes, it is a new biotechnology with more added value and with a price level that really is higher if you compare to the previous biotechnology because of the evolution that we had to translate to this view. That is a very important component. Once again, we do not disclose the markets or the type, but the sale price, yes, it is indeed a higher ticket if you compare with the biotechnology that we had before. Those also, without biotechnology, they don't have royalties. Our composition of our portfolio is very important, and it is something indeed important to talk about, principally because of what we are experimenting in the sector, volatility of prices and the whole entire context. Something is quite clear. Growers want productivity, they want technology, and that it is clear to all. In the past, growers would try to make money trying to reduce and cut costs, and now it's improved, and the trends change it completely. There's a lot of technology in the field, so they know that they can increase productivity and make more money by adopting new technology. This is what make them different. Regardless of price, regardless of market volatility, we can see the trends and that growers are actually eager for technology. They're looking for Boa Safra seeds, they're looking for quality to be able to guarantee quality of products and a good value for their money with regards to yield. Of course, the price of the land is higher too. This is why there is the adoption of new commodities like beans, for example. The optimization of the use of land and resources to produce more on the same area, perhaps two crops, three crops even. You can see that this is, there's no way back. The technology is fundamental in this scenario. Felipe. Hey, thanks. The next question comes from Rodolfo. At those, high, SELIC levels, like great levels, Is it difficult to look for credit when it comes to investment, to an investment? Thanks. Let us clarify here. We're talking about credit, the short-term credit, that is for working capital, and also there is credit for long-term adapts. Talking about short-term, we know that generally speaking, banks are quite restrictive with regards to credit composition. At the end of the day, we see that there is some move, a flight to quality move from banks. Banks are looking for good partners to have credit exposure and moving away from those that are quite, they're not so comfortable to them. They are looking for solid companies with good management. Boa Safra is one of them. Short-term credit is something that really is not difficult to us. We don't have difficulties to chip in this type of market because of our balance performance. Now, long term, today, BRL 100 million already acquired as a long-term debt. We already done this. Last year, that was not. We had rates that were pretty fixed below to CDI in the country. A very comfortable situation considering the investments that we made. Now, yes, the year will be more difficult, generally speaking, overall to the market because it is showing higher costs with lesser available lines of credit and also with regards to government costs. We have not seen much of an incentive from the government side to provide and to favor investment at lower rates. Through their public health bank institutions such as Caixa or Banco do Brasil. Yes, it is a challenging scenario indeed. There are some strategies. We always have plan A, plan B with our student investors. We are trying to find the best alternative. We have a very good position. Yes, I agree with you. The market as a whole is quite restrictive for long-term investors. I think that this is the potential for yes and no. It also favors us in this time at Boa Safra because of our capacity with our balance, with the capital structure that we have. I think this is important when we analyze those challenging scenarios and that we are able to separate all the players in the market and our position is quite strong for this year. A good capacity. I'm talking about the amount of investments that we had. You know, eventually other players would find certain difficulties in such a scenario. In my opinion, this somehow favors us in terms of relatively speaking if you compare to the rest of the market. Basically, because of what we did in 2022 to really reinforce our capital structure. We are solid. We have this comfort of being able to have this level of investment because we were able to anticipate. We did our homework. We also had Fiagro last year and all the quotas that are sold now. We still have some BRL billions to be sold. We are quite well prepared as a company. We see that the situation will be much more difficult if otherwise. We step into this year in a very comfortable status. I think it is positive again for us to be positioning ourselves, you know, in this market with the other players with such a higher capital cost. Many thanks, Felipe. We have to pass to the next question. The question comes from Gabriel. I like to know the following. With corn tolling market, how do you perceive that in our company revenue combination or all combined? What do you expect to have in the short, medium and long run? Good question. Corn. We're talking about what we want to achieve in 2027. We're talking about 3,300 big bags of corn. That is for 2027, right? That is in seeds. This is our direction. This is something we've been working year after year for us to reach that capacity in 2027. We are already witnessing the potential growth in terms of shares or the participation of corn in our composition. In addition to other commodities such as sorghum, beans, wheat and forage. Now when we see revenue is not the best thing. You're not comparing corn seed with our soya seed. We are talking about services. We don't see the product. It is like lesser revenue. There is more margin in the end of the day. We're talking about tolling. In the case of soya, it's different. Why? Because the grains are. The royalties in the end of the day are passing through. It's just talking about service. Best metric would be actually to analyze not revenue in the end of the day, but contribution input in terms of results at the company. To be able to have that participation, that, yes, is relevant. Now, let me make sure that you understand. None of those commodities or none of our businesses are there in our portfolio just because we want to be another player in the markets. All our initiatives for the purchase of Bestway last year and with the new commodities that I quoted here, we have to understand that all our business units are really for us to be actors in the market. Of course, you do not understand that we are able to generate consistent value if we are not protagonists. We are players. We have to be strong players in all areas that we are operating on. This is why we are here for. We'll be sharing how things evolve for other business units in our portfolio, to really make sure that we can guarantee that we are becoming a seeds company. This is our new direction. Actually this is now implemented, and it is clear, and this is why we want to share what we expect to have in 2023. Thanks, Felipe. Let us go to the last question due to time constraints. The question comes from Felipe. Felipe would like to know the following: If our capital structure is compatible with our growth plan. Good question, Felipe. When you see in Boa Safra Day what we shared and also in our release that we have a capital allocation capacity of BRL 600 million. That allocation capacity, it's organic growth but also to M&A. This is a solid position. The only role player in this seed matter, we are quite approached by a new opportunity for different investments and also by other companies around. We also be an acquisition in an M&A area of the company. Yes, this area is ready. We do analyzing opportunities for growth. In M&A area, the focus is more in terms of value generation, perhaps for new businesses. Actually, in the case of soya, we already have our participation. We are present, and we are growing naturally, and other businesses are catching more our attention, and we are dedicating efforts. We still obviously analyze the soya market for any expertise or any important player perhaps that we could with that connection generate more value. Of course, we pay attention to that as well. This is how we see things, but with quite a lot of acquisition, we actually M&A, we already are generating some contribution, some mergers, acquisitions in last year. This is the same way we are operating actually this way, analyzing the best way to assign a capital. This is even superior to our organic growth. That could be, as a matter of fact, a quite important aspect, if compared to our organic growth. Felipe, many thanks. Now I would like to thank you all for the questions submitted. Those who have not had their questions asked, please forward them to our email. Now I would like to pass it back to Felipe. Felipe, you may now proceed. Thank you for your participation. Thank you for your questions. It is a great pleasure to be here with you to disclose our results. Of course, that was a very difficult year compared to other years. I think we really stepped into the year in a very good position. I would like also to thank you all for you, your integrated growers and our clients and our distributors and our growers and seeders who want Boa Safra and want our quality. We really think that quality makes a difference. I would like to share for the presence and for our shareholders, 40,000 shareholders. Thank you. We work hard, and it is our commitment to honor your interests. We are quite diligent in terms of capital allocation. The entire team, we all honor, and we are quite energized, for this level of growth at which we are approaching. Many thanks to all market analysts. We also thank for the trust that's been bestowed upon us by our board, and we are getting ready. We are more than available to any question you may have. Many thanks once again. Have a wonderful, excellent day.