Good morning to all. Welcome to Boa Safra Earnings Release Conference, third quarter 2023. With us, Marino Colpo, CEO, and Felipe Marques, CFO and Investor Relations Officer, Boa Safra. We would like to let you know that you'll be listening to the conference, and then we'll have a Q&A session. During the Q&A session, we ask you please to submit the questions through our webcast platform. You own the selection of the slides, you'll be doing it. I would like to pass it forward to Marino. Marino, you can proceed. Thank you. Good morning, and many thanks for attending our third quarter 2023 earnings release. I'd like to ask you, please, to move now to slide four of our PowerPoint presentation that is available on our website. I would like to mention the main highlights of the third quarter, slide number four. First of all, let us talk about our order backlog, BRL 506 million, 19 million of those contracts are corn. With the Bestway Seeds, with the good relation that we had with regards to corn, we already logged 90 million. Now, if you compare to the third quarter 2022, we are 9% above what we had in the past. The second comment with regards to our operating revenue, BRL 1.9 billion. This is the LTM for the last twelve months at the third quarter 2022 compared to the third quarter 2023, and the net profit, BRL 224 billion. That is an increase of 93% if you compare to the third quarter 2022. Two major highlights regarding those results are the increase on the added value of our seeds. We've been selling more seeds this year, biotech seeds, and also those seeds that are TSI or IST treated, are the complete treatment. So this is something that we are comparing to what we did the same time of the year in 2022, despite of the fact of the reduction of the price, of the commodity price, because many growers are trying to get a less expensive activity. Much of the country, growers wants to get quality. They are looking for a brand that delivers technology. Our product, either treatment, either biotechnology seeds, most importantly, the biotechnology seeds intended for Bayer. So Corteva, they are also growing, so growers are looking for that. And of course, we had the expansion of the company. We're trying to consolidate our position in Tocantins and also in the northeast of the country. Our projects are almost at the end, in Mato Grosso. We still have the distribution center in Paraíso to be analyzed. Of course, we're looking forward to increasing our capacity to 200,000 bags of seeds this year, and we're gonna be reaching 240,000 bags. So we're talking about 178 million bags. Now, please move to slide five. On slide five, you can see a little bit a summary of the cost of the soybean seeds over recent years. This graph is very important. Those are figures sourced, provided by CONAB. You can see here, this fifty-six reals that was in the Rio Verde, Goiás. That was BRL 56 in 2006, and today, 2022, BRL 140 per acre. So you can see the increase in the cost of the soybean seed, but most importantly, the percentage is something that we have to compare or consider. In 2006, the cost of the seed was 4% of the total cost. Seed was not so important in terms of cost to the grower. Other costs were related to defensives, fertilizers. Today, though, the reality is that the cost of the seed is about 15%, so you can see a very strong increase, a sharp increase, and of course, the technology seed is much more important today, and according to Boa Safra, this graph gains more importance. It occupies the room that was previously occupied by fertilizers, because of the new treatments, because of the new technology, and also the chemicals, and also the defensives and the new biotechnology that it is being released, making the seed more resistant, and also the treatment. So the seed is likely to be increasingly more important and more relevant within this scenario. Boa Safra navigates on this context. We have a growth in volume, and also we apply more technology to deliver the product to the grower. Between this period of time, the price of the commodity has this situation. It, it- people used to say that our product was based, or price was based on the price of the commodity, but you can see it in 2017, 40% of the price of the seed was the price of the raw material. Today, we have a third, 30%. So you can see if you see, 2006, we had 80% of those BRL 56. That was the price of the commodity. There is a reduction of the importance of the soya. So we are becoming a less commodity-based, but more technology-based company. So this is why I think that this graph is very important. Please move now to slide 6. I would like to show you a little bit of the asset-lighter model that we apply. We are a company who license technology from good players in the market. We sent via whatever in the genetic material and the biotechnology material is integrating about 300 breeders to produce seed to us. Part of that is sold as grains and part, which is our start, and part is sold as seeds. They are treated, they are kept in cold chamber for six months, and then we have more than 500 points of sale, and from there on to the growers. So part of the sale is directly done to with large growers. Now, please move to slide seven. You can see our planted area. Those are integrated growers, those who plant, as we showed you before on slide six. You can see here on the first on the left, you have a diversification. Bahia is growing significantly. Mato Grosso it starts to pop up and appear in 2021, 2022. During that, drop in from 20 to now, we moved from to 144,000 ha, this year, from 73,000 hectares to 144,000 ha. Now, to talk about infrastructure, what I have to say is that more than BRL 500 million have been invested. Our IPO in 2021 had three plants, BRL 460 million primary value today, and plants investing more than the IPO in new plants. Of course, with this information, and also with our great team, something that we take pride of, made the company grow, and I will be talking about the result. There was a strong, significant growth in results and in profit, and that is delivered in our, IPO this year and, estimated to keep growing. I would like to give the highlights to Paraíso, the new, unit. We are also improving Jaborandi unit and also Murici to be ready for the coming year. Slide nine. On slide nine, you can see the key reasons for our success. We're growing on average, 0.8%, 0.7% market share yearly. This picture, or rather, this map, Brazilian map, can give you the breakdown of the market share of our company in each regional state. You can see that there is a strong presence in the center of Brazil. This is where we started. North and Northeast of Brazil, these are regions, regions that have been receiving a lot of investment. We are growing well in that region. From 2024, we're gonna be opening our activities in the south of the country. You You can see that we're gonna be starting in Paraná. There is zero participation, but we want to increase our operation in Rio Grande do Sul, and in the state of São Paulo. This is 2024. Now, on slide 10, let me show you a little bit of our strategy. You can see that added value of the seeds, and of course, this is based on the treatment. Industrial seed treatment, that is so responsible. We have 13 facilities now. Actually, equipment for the industrial treatment. We believe that treated seeds will keep growing. And why? Because they deliver technology to growers, and also more margins to the company. So our investment is for sure in all units and all distribution centers. Basically, all units have facilities or equipment for seed treatment. This is something that we are growing steadily. On slide 11, you can see our expected group capacity for 2024. The apex of 2023 is, of course, something for us to get ready to operate on the coming years. There is, of course, the production is concentrated in the first and second quarter of the year, so it is concentrated with the seasonal. You can see that it is showing 40,000 bags and the capacity, and we have the refrigerated warehouses, 10,500 sq m. So this is our capacity. So with that, we're gonna have an increase in production. Of course, everything is literally ready for us to kick off by 2024. Now, slide 12. At this point in time, I would like to invite our CFO, Felipe Marques, to continue the presentation. Marino, many thanks. Good morning to all. It is a great pleasure to be here with you, to be sharing our third quarter 2023 results. You can see here our consolidated results, just making echo of what Marino said, the LTM, where we can mitigate the seasonal variation of the results of the company. This is something that we are always using just to compare with the reference of the previous year. You can see that our net operating revenue almost BRL 1.9 billion, compared to what we had in the previous year, BRL 1.4 billion, 30% growth. Our adjusted EBITDA shows a significant growth because of the sale of seeds during this quarter. With regards to the fourth quarter, 2022, so when you unite this information, because of the sale of the seeds, when you have 20,000 seeds, you, of course, have our EBITDA that is impacted, it changes. And of course, consequently, our net income. You can see BRL 225 million, the LTM third quarter, 2023. Now, if you look forward, with all this delay because of the planting season, because of the data that you saw from CONAB, you still see an order backlog that it is stronger if you compare to the same period of 2022, 506 million in total seeds with a growth of 9%, just like as Marino just said. On slide 13, you can see once again what Marino already mentioned as we, which is occurring in our backlog order, and also our net revenue results, backlog is equivalent to BRL 18 million of our net income. So you will see more details of the composition of our revenue. And you have here the net revenue showing a growth, if you analyze and compare with 2022. The results show that when we compare the LTM of both years, you can see that the growth is evident, despite of the fact that there was some delay in the planting because of CONAB's data, because of the irregularities of the rain regimen this year. Since we are confirming that we have El Niño operating on the, in the region, that explains those indicators. On slide 14, I would like to highlight what I mentioned before, LTM and the net revenue growth. But the most important part in this financial performance is that we see that our diversification with new crops is reflecting in our results. Corn, 2% of our gross revenue and other crops also occupying 1% of our results. This isn't a strategy that we decided to give continuity, and of course, this is related to our cash flow. There were some anticipation for the sale of grains because there was a negative value, but then there was a minor presence of grains in this quarter. Because of the anticipation of the main cost, it was negative. It wouldn't make sense. Those were not seeds. So we thought that it would be seeds. So basically, in anticipation, we, of course, that was the connection, and this is why we wanted to improve our cash flow. On slide 15, you can see that net revenue, net profit, and adjusted EBITDA show exactly what I just mentioned. All indicators showing growth. Once again, I repeat, there was a major concentration in seeds, and since we have this situation, we automatically have an improvement in our net revenue and a net profit and EBITDA of the company. So the Adjusted EBITDA here, the major adjustment is basically the addition of every result of the derivatives. And then at the end of the day, this is the communication between financial performance and operational results. So it much makes more sense to analyze this, giving this incorporation to the Adjusted EBITDA. Slide 16. It is important to show you once again that it is a solid operation. Firstly, with Fiagro, we had a new issue, a public issue. Before, Fiagro was BRL 300 million, approximately BRL 37 million, but they were not sold. So all those were sold and now incorporated to our cash. There is liquidity, there is growth, robust, BRL 800 million cash. Gross debt and consolidated value, BRL 104 billion. And so the net debt is negative. So that shows how solid we are and how strong we are to grow. So we were very tough this year with regards to all those operational exercises, because the high cost of capital and the allocation of resources. We thought that it would be some very important point, for example, the possibility of selling grains earlier. So there were several initiatives that were decided actually to be more austere in the operation of the company. And then this is shown now in the figures that we are sharing with you right now. Now, for slide 16, I would like to call Marino back to the mic so that he can conclude our presentation with regards to these results, and also to talk a little bit about our next steps. Many thanks, Felipe. So please, let us focus on slide 17. I think this is one of the most important slides on our presentation, as a matter of fact, because you can see how much we are delivering. We are extremely proud of our results. Our IPO in the beginning of 2021 was delivered, but with figures of 2020. So it was the 2021, but the 2022 figures were set. You can see that the planted area in Brazil shows an increase of 19%. So from 36.9 million hectares to 40.1 million hectares this year. Installed capacity? T wice forwarded from 100 to 200. But you can see how much my technology has been occupying. We moved to 60, 62 to 84, then to 124 in 2022, and 96. But this is just for nine months. Remember, we're just talking about third quarter, and we do not cash in with by selling seeds on the first and second quarter. So remember that it is a seasonal operation. On the third quarter, we reaped more than what we did in 2021. Actually, we are approaching the figures that we achieved in 2022, but we are still in the third quarter. The same for TSI. It is important to remember, it has been doubling every year from 2012 to 2021, almost twice as much, and then up to 38, and now we are at 23, but this is the third quarter, once again. Market share. So you can see we are one digit here. We still don't have the market share this year. We're gonna be disclosing that by the end of the fourth quarter. But everything, it makes us believe that we're gonna be growing our market share. Net profit, you can see the growth, 224. You can see it in 2023, 12 months. Nine months this year, and three months of the previous year, BRL 224 million net profit. Now, once we prove that on the fourth quarter this year, we're gonna be threefold, we're actually talking about a threefold result. So we three times what we had. We went from BRL 70 million to more than BRL 200 million net profit. Now, the net profit per big bag, there was also a big growth, almost 60%. We moved from BRL 700 per big bag to BRL 1,120 per big bag. So more and more technology and more profit every year. Well, we're still on slide seventeen. Now, here we have our volume, two hundred, and in 2023, we have, just a result. Actually, we had more than 200 bags in 2023, 240 for, 2024. Our planted area capacity, 360. We're talking about 44 million ha soya in Brazil. This is the planted area. Now, corn. So our plant is finalized 1.3 bags of corn. That was ready in June. Operation, six months, basically. But then very strong project to growth, right? So our estimate is that in 2027, we are going to be talking about three times, actually, that it is three times larger. So from 1.3 to 3.3. 22 million hectares estimated to be planted, so that you investors have an idea of what we have planned. And also for maize, sorghum, and bean. So today, we currently have 11.5 million hectares of planted area, and this is our, of course, goal of our goal. 44 million hectares, soya is the largest in the graph, more than all others. But of course, we at Boa Safra are ready to also become a seed company, not only a soya seed company. So we want to be a seed company, so there's a lot of synergy. There is our sales team, our channels of access to the clients, the distribution centers, and plus the possibility of smoothing or smoothing down our season variation. Of course, those would occupy the low soy season. We are very positive about expanding our operation with other types of seeds. Of course, not losing the focus on soy. This is basically what we have. Number one is always going to be soy, and number two will always be soy, and the three would be corn, and number four in ranking would be all the remaining crops. As a matter of fact, our team is extremely and highly competent. They are managing each of those projects in the details. Well, this is my message. Now I would like to get back to Joseph. Perhaps, this would be the moment for us to start our Q&A session. Marino, thank you very much. We're gonna be starting the Q&A session. Please submit your questions through our platform chat, and we would like to ask you please to hold and wait as we receive the questions. The first question comes from Macedo. Congratulations for the results. I would like to know if this increase on efficiency in germination is also seen in seeds of other crops. Could you compare germination that you have for corn, bean, sorghum, to the from your seeds and what you see in the market as a whole? With regards to this increase in efficiency with our industrially treated seed, yes. This is the answer. Our goal is to have treated seeds with fungicides, with insecticides, with inoculants, molecules, and other seeds as well. So we're gonna have a full treatment, not only to soya seed, but also to other seeds. We've been testing, we can see that there is an increase in efficiency and technology in the other seeds of our portfolio. Please remember, we are still starting. Now, let us talk about germination of corn, beans, and sorghum. If you compare to what you have on the market as on average, our soya germination is superior to the average you see on the market, 85% germination. This is what we deliver. About 95% germination, 110 percentage points above what we have in the average on the market. Corn, of course, that goes aligned with the quality of the market, which is already very high. So we have an ultra-modern plant that is able to deliver 100% or nearly 100% germination. It's about 98%, so the high power of germination in our corn, and it's high tech. Actually, team, they've been doing an excellent job. Now, for beans. Sorghum, as you asked, sorghum is planted. We're still reaping the seeds. We still don't have germination indicators. Everything makes us believe that it is quite well. Now, in January, we're gonna be reaping or harvesting beans in January. We still don't have data, we still don't have the information, but the main objective of Boa Safra is to focus on quality and have a good quality, and preserve our brand, and to deliver also a great deal of trust because they already know, they trust our soy, our seeds, and they will be willing to try our brand, other seeds, and other crops. Our main focus is quality. We believe this is going to be a strategy for our success. Thank you, Marino. Here's a second question from Victor Vazquez. Marino, good morning. Excellent result. Congratulations. I would like to know what was the main effect responsible for this working capital, and how do you see that the company is going to be operating in the future? Victor, thank you very much for the question. As a matter of fact, it is something that I mentioned during my part of the presentation. There was several actions combined that show improvement in our working capital. The first thing is, Fiagro quotas stored in the market that turns into cash. And royalties, advancements. Almost, in total, we did that. We finalized the past year. This year, anticipation wasn't so interesting, so we kept our cash. So because of this combination of moves, we see as improvement in our cash, and plus t he grower, they are responsible because they, because of the price that was, the price was low, and they, they thought that the price would improve, so they didn't sell their raw material to us. So this delay in the sale also made us to preserve a little bit more cash. So there were several actions combined. There was a combination of factors that made us have those results in terms of cash. Now, when you see ahead, when look forward, well, it is difficult to give you a precise answer because everything depends on this dynamic of factors. What kind of conditions we're gonna have for anticipations, and how the growers are really be willing to sell the raw material if how the market is gonna be. So, of course, it is difficult to make sure of any answer right now. What I can tell you is that from our side, we make the most to generate value to then be ready to allocate capital. If we think that it is something that makes sense, we do it. If not, we won't be doing it. This is the dynamic that we have to be analyzing on a daily basis for the decision we. Of course, we are much more austere when it comes to the use of cash, because of the high level of capital that in Brazil that indicate that it is remaining like this, so because our operating activity is much higher, so we're gonna be very diligent when we have to make any decision. Perfect. So, hey, [Gustavo], BTG, the price seems to be growing 5% every year, despite of the fact that the commodity price is dropping. Can you talk about the impact and the variation on the price of the grain and the adoption of new technologies of this positive variation on the average price of the seed? Second part of the question, 2024, how can we think about the variation of the seed price of Vosta, if you consider the drop in the price of soya? And then he makes a comment. Planting soya in Brazil, 2023 crop is late if compared to the previous cycle. How did that impact the third quarter results? Part of that is going to be transferred to the fourth quarter, and how can this be conjugated BRL 487 million? Many thanks for your question, [Nikki]. Your first comment with regards to the impact of a variation of the grain price and also technologies. Well, what happens is that when you analyze this situation, yes, the grain is dropping in terms of relevance in the price of the seed. So basically, there is a package can base it on biotechnology, with the new biotechnology that exists, principally now, this year on and the coming year as well. So we can see there is a very strong trend of growth as of 2024. And also the sell, the importance of the genes, the genetic and seed treatment. I had a first generation that would be basically just the industrial treatment seeds, which would be a combination of fungicide and insecticide and some cobalt, molybdenum, and some root stimulators. That would be the second generation. This is what we call it, second generation. But what happens is that because of the drop of the price of soy, actually, this one-third grain is one-third compared to the price of the seed. So in theory, since there was a drop of 30% throughout a year, and that is a third, you are talking about a 10% drop at the price of the seed. But then we increased the sale of technologies. Those technologies, we have royalties that are higher now. We're selling more, other products that come with better technology, and the genetic cost is higher. And of course, we are delivering more. That has been interfered on, the price of the royalties of the business. We have more added value. We deliver more to the producer, to the grower. Yes, so the price of the seed is aligned with the average price of the seed sold last year. Now, looking forward, the second part of your comment or question. According to our understanding, with this delay in our planting season in Brazil, I would be, say, a guy who would be coming from the BRL 120-BRL 100 price. I don't think so. I changed my mind. So I'm not an analyst, yeah, but what I've been talking about with those who understand the market more than me, and of course, just giving and sharing my opinion, I want to say, and I want to believe that we're gonna be seeing prices that are similar to the prices that we have this year. Seed price, basically, very similar to what we have this year. However, I still think that there might be an increase in royalties. Yes, for this year, we're gonna be adding more technology, we're gonna be adding more better seeds that deliver more new varieties with more royalty. So there will be a strong increase in the presence of treated, industrially-treated seeds, and that should still keep growing. Now, I forgot to highlight one of the things, the distribution centers. We also increasing the price of the logistics in our product. In the past, when we sold a seed, for example, in Mato Grosso, so that the grower would go get it in Goiás, it was one price. Now, when we sell the seed in Sorriso, just next door to the grower, it's a different product. When we are operating in Balsas, Paraíso, so the product is a different price, different rate. You get more quality to the grower. So this aspect of logistics is so important because it is part of the balance of the company, the logistics. So the comfort, the facility for grower to receive the seeds and to drop their product. Now, the third part of your question on how the impact... You're talking about the delay of the previous, previous crop, crop and the fourth quarter, if this is pushed to the result, this pushed to the fourth quarter. Well, actually, the third question is related to the fact that this volume of the third quarter is actually pushed back to the fourth quarter because of the delay in the planting season. No, I say no. I know that there were good shipment. There was good shipment on the third quarter. Growers were positive. There was the delay of rain that came down in late September. So when we analyze our backlog order, 9% bigger and stronger compared to the fourth quarter, 2022. So expect to have a fourth quarter similar to the fourth quarter of 2022. Of course, with those extra 9% extra seeds. So part is corn, part is soya, but then we also we're still very positive for the fourth quarter with this increase in the orders. Thank you. Now, another comment remained regarding the treated seeds. So there is a good percentage on the third quarter of 2023. Is there any kind of variation in the sale of those seeds with industrially treated seeds? We still think that considering those values, we sold more last year and last. Now, do you still believe that it is going to get more? You're gonna get more seeds sold? Well, yes, last year in 2Q, we sold 38,000 bags of those seeds. So this is about 22%, right? So 22% of our seeds last year were with treatment. Now, this year, we must get to 27% of our seeds treated, or part of the seeds, 27% will be treated. So 90%—and 90%, and 90% is what it is sold in the United States. But then, just to be clear, we're still observing a growth this year. And honestly speaking, that was, we were reticent or hesitant. There was that we were afraid because the margins were tighter, and then we were wondering if the grower would decrease the use of technology, buying less industrially treated seeds or products with technology; they would be buying less of that from us. No, much to the contrary, this is what we're proving. And of course, we're not talking about a crisis. Yes, there are less margins, right? Getting back to a little bit below the average that you see out there. But even with this return, this way back to the similar margins, even though the grower is opting for technology, for treated seeds, this is strong. It's coming well, and we are putting out there in the market more technology and more added value seeds. Perfect, Marino. Now, continuing, Pedro Fonseca, XP. "Good morning. Congratulations for the results. We see that-... I would like to know what it is, the increase of the treated seeds and the share composition. What about the sale of, the corn seeds? Are they late? What is the representative or representation of this backlog? Of course, it is a small, percentage, but what about the gross margin? Even being, a very, difficult situation, that, there was an improvement in our working capital. Give us more light on this part of the presentation. Pedro, thank you very much for your questions. Now, let us move to the first and the second, and then I will leave the question number three to Felipe. Felipe will deal with, with that. The first question, with regards to the purchase or replanting, what was the increase on the treated seed and our share composition? I mentioned that it was 22% last year, and now we're expecting to have 27% this year. So there's still a lot to go, but it isn't so surprising. There are more. They are more. They are tighter margins, of course, the grower opts for a better quality seed. Again, seeds that are treated. And now, as you mentioned, in the beginning of the next year, well, in 2024, we're gonna have a few years in the sector, but there are several seeders that are not repeating the same amount of sales that they had the previous year. So basically, we are increasing, and it is relevant. Our sales for both seeds or treatments, treated seeds this year. So I'm gonna be just posting this information. But of course, this is in fact the important factor that proves how solid we are, how good our product is, and the image that we have, and growers really want to get our product. That proves us right. Talking about replanting. Yes, replanting is happening in Minas and Goiás, not in Mato Grosso, though. The grower, despite of the fact that they are getting issues in terms of germination on a few plants per meter, their choice is not to replant it. Even if they have to less results, but they want to wait a better because of the price. It was BRL 40 and now BRL 60, so there is an increase in the price of corn. So their choice is go with second crop or Safrinha. So of course, we had a drought in Mato Grosso, so the choice that they—apparently is not to replant, so they're gonna go with corn and, and Safrinha. So this is why we're gonna have less soya in 2024. I don't think this soya is going to have a GG in price, a drop of price. Goiás, Minas, a little bit different because they always do the replanting in Goiás and Minas. So we are actually selling even more in this replanting, the second crop. In the Northeast, it's too late. The rain season is too late, and they haven't started as yet. Well, yes, they're faster in Northeast, but most of them haven't started, so they are quite late. There is still a lot to happen. It might... We might sell seeds in the end of December or the beginning of January, which would be totally off, right? Totally atypical. But let us see how the rain comes or when the rain comes, and we will see what happens in the next two or three weeks. Now, talking about the second thing that you mentioned, about selling corn seeds, if that is late, how that is represented in our backlog order. Well, corn is still small, 2%. Now, make me working on what you just said. Yeah, we are very positive about corn this year. It's really good results we had in the backlog order. So we actually providing services, basically, with corn. All contracts have been signed. We're good. Now, for this year, we are very positive with corn. Now, 2024, yeah, we were kind of worried because of the drop in the commodity price. But now, with this price over the last few days, it just went to 40 and then now 60 BRL. Now, I think that corn areas will be for sure good. The growers will plant on the second crop, Safrinha, order seeds. I think 2024 will be more positive. I'm positive about 2024 with regards to corn. I would like to pass now the floor to Felipe, because this is a very difficult moment to players because of the price of the input, and then, despite of the fact that the working capital has improved. Yes, Marino, thank you very much. Pedro, the main aspect is the initiatives and the movement in the market. This is something that I mentioned before, but something that we can show in our demonstration, in our statements, is a good structure that we have. Naturally, there is a demand of financing part of this chain, just like what Marino said, at last margins. And this is everywhere. You see industry, you see the growers. So generally speaking, there is a pressure on the margin, and of course, the higher capital cost is. So there is this demand that is analyzed, funneled to Boa Safra, because this, in the end, is shown in the level of growth. And that's why, wow, you see that we have more-- there is this demand, the possibility of absorbing this working capital, either integrated growers or clients. So that shows us on our statement, where you can see that receivables, if you look at it, compared to the third quarter of 2022, there is an increase to BRL 243. So yes, this is something that is atypical, yes. But this is the only factor that goes against our working capital. It actually was reabsorbed on this third quarter. And with this backlog order, on the fourth quarter, we're likely to increase those values. So this is very important. That shows how strong we are, how the figure that we have with the formalization of credit have a very healthy, sturdy order. So you can see that with our producers, with our clients. So this is showing in our accounts receivable. Of course, the year is not typical, but we are prepared. We are prepared to play. The other movement is the thing that we're doing in-house with regards to the taxes receivable. Of course, that went against our working capital, but of course, we are making some monetization actions at this point in time, and those are the main aspects that I had to mention with regards to the working capital during my part of the presentation. Thank you very much, Felipe. Now there is another question from Giovanni, from BB Invest. The dry season this year made the demand for seeds increase when they're replanting. Well, actually, I already mentioned a little bit of this part in the previous comment, but anyhow, let me repeat it, Giovanni. In Mato Grosso, our feel is that there won't be any replanting despite of the drought. Mato Grosso, the growers will just switch to bet on Safrinha, on the second crop with corn, and this is why there will be a decline in soya or maybe less soya being produced in Brazil. That is, I think, my estimate. Minas and São Paulo and Goiás, yes, there is replanting. Not overall, but yes, some areas are being replanted. We've been monitoring. We know that we call it a bit peaky. So there is a peak, a second peak of sales of soya seeds, and that will show in the fourth quarter. North and Northeast, they usually plant in the fourth quarter, so they are a little late, yes, compared to previous years, and they are still waiting for the rains. I was just talking to some clients. No, they haven't started planting as yet. We are monitoring. This is normal. We still think that from this coming week on, with the rain, things will get to normal, and we should be shipping seeds to them in November. So that would be a showing on the fourth quarter's gains release. And just to add, once again, more information about the pluviosity or the rain season. Now, another question from Larissa, BBA. Thank you very much for taking my question. During the beginning of the presentation, you made a comment about expanding the operations to the south of the country at the beginning of your presentation. We'd like to let us know a little bit more on how we're going to do that. Would that be a relevant impact to the mix of the products since you make those moves, and you go ahead with those expansions on the business? Larissa, thank you very much for your question, Larissa. Now, talking about the south of the country, our choice was to move our south, but with care, with caution, because we had an initial project, an idea to establish a distribution center in the south. But at first, this is not our main goal, at least on this first year. Now, we, yes, got some partners to produce seeds in the region. So we're gonna have material that is adapted to those conditions, but with other seeds. There will be, like a partnership. We're still in at the moment of dialoguing with the distribution centers in the south. This is for the very beginning, the first year. So we're stepping this terrain with care. And of course, the taxes would be very high at this point in time, so we usually finance at least part of the investment, and we were analyzing the cost of that. Of course, this is a new region to us, so we are taking much care. When it might not seem so, but when we are respecting a new region, this is almost like a detail work. It's like ants, like an army of ants. So there are several things that are considered, the roads, and of course, when people start driving by and see that there are signs, that something is going on, so they check out. And we do the marketing aspect, so there's signs, there are billboards, and you can see. It is all several moves that are made, so to make our brand more popular in the region, something that they still don't know much, but they start hearing about it. So one of the strong aspects of our business is to build on our name and the mark- but this is not still as strong in the south. So we hired a manager to operate, to do this in the south. It is someone who lives in the state of Paraná, and there are the three people on the sales team. So Paraná state will have three sales reps, and we are going to increase this number of people. Well, the manager will be also operating on Santa Catarina in Rio Grande do Sul this year, not as yet. It's not a strategy. We're starting with Paraná state. Paraná state holds 10% of planted area in Brazil. This is a very important grain producing state. 30% of the planted area—30% of the planted area is in the south of the country and 10% in Paraná. So we're gonna have a team operating in the state of São Paulo and the rest. Well, despite of the fact that at first they plant similar material in the state of São Paulo. They plant similar material to what they plant in the south. So half of the state of São Paulo and half of the Mato Grosso do Sul states, they are very similar in terms of weather and rain, so they use similar genetic material to what they use in the south. So our market share is very small, a little penetration in the Mato Grosso do Sul and small penetration in São Paulo because of the difficulty that we have, because of the type of material. But now we have the genetics, we have the fields that are planted. At first, our partners, yes, we plan to have a plant in a few years, but then little by little, we begin growing in São Paulo and Paraná, as of this coming year. But of course, as I said, this is a work that is done little by little in detail, so we're gonna be providing you information. 15,000 bags is what I'm saying to the region. That is it. Out of those 240,000 that will be reaped in this coming year, 15,000 should be coming from this region with the material, and this is in the south, and then this is the beginning. The region is, has a great deal of potentials. I would like to thank you all for the questions submitted. Since we received many questions, may I ask you please to, send your questions that haven't been answered to our IR email. I would like to pass the floor to Marino for his final remarks. Marino, please. I would like to thank you all. For those who attended this conference and our team for the results, I also want to thank all board members, directors, and mainly, a word of thanks to those investors who believed in our capability, and, make sure you work, night and day to honor the task that has been bestowed upon us. Many thanks. Many thanks. Our third quarter 2023 earnings call is, ends here, and you may now disconnect. Thank you. Have a good day.