Good morning everyone, and thank you for holding. At this time, we would like to welcome you to the Santos Brasil Participações Fourth Quarter 2021 Earnings Result Conference Call. With us today we have the Chief Executive Officer and the IRO, Daniel Pedreira Dorea, and the Chief Commercial Officer, Ricardo dos Santos Buteri. This event is being recorded and all participants will be in a listen-only mode during the company presentation. Ensuing the company's remarks, there will be a question and answer session, at which time further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. This event is also being broadcast live via webcast and may be accessed through ri.santosbrasil.com.br, where you will also find the presentation. Participants may flip through the slides at their own convenience. The replay will be available shortly after the event is concluded. The webcast participants can pose their questions on our website. These questions will be answered by the IR team after the conference is finished. Before proceeding, we would like to remind you that forward-looking statements made during the conference referring to the Santos Brasil business outlook, projections and financial goals are based on the beliefs and assumptions of the company management as well as on information currently available to the company. They involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that conditions relating to macroeconomic situations, industry and other factors could cause results to differ materially from those expressed in such forward-looking statements. I would now like to turn the floor over to Mr. Daniel Pedreira Dorea, who will begin the presentation. Mr. Dorea, you may proceed. Thank you, and a good day to all of you. Thank you so much for your presence. I hope that you are all well. Beside me, I have Ricardo Buteri, our Commercial Officer. Unfortunately, Antonio Carlos Duarte Sepúlveda, the CEO of the company, will be unable to participate in the call. He is on a mission with Brazil Export in Portugal, and of course, this was a prior commitment. That is why he is not with us today. Let us continue on with some initial remarks. 2021 marked another milestone in the history of Santos Brasil, a year that signaled above all the company's financial recovery and its entry into new fronts of activity in the port sector. All of our business units grew, showed greater profitability and improved productivity. This is not fortuitous, the result of just one extraordinary year, but rather a sustainable growth path that has been built over the last five years. Even with the difficulties experienced in the last two years due to the pandemic, Santos Brasil has remained relevant and strengthened its position as one of the main infrastructure and logistics player in Latin America. In 2021, the conjunction of three main elements helped to explain the strong results presented. First, a higher container volume, second, a balanced cargo mix, and third, a readjustment of the prices practiced. What the company did very well was to take advantage of a healthy business environment to maximize its results. Notably, we have operational excellence to capture all these scales possible, a greater exposure to import routes, a negotiation capacity to adjust the prices of the key services, adjusting the quality of the Santos Brasil operation. If we take the fourth quarter of 2021 as an example, we will see that Tecon Santos grew by 7.3% vis-à-vis the fourth quarter 2020, while the Port of Santos had a drop of 2.8% in the same period. Our market share was almost 40%, representing a gain of four percentage points vis-à-vis the fourth quarter 2020. In 2021, Tecon Santos handled 1.1 million containers, an increase of almost 23% over 2020, higher than the Porto de Santos, which grew by 10%. Among the other units, Tecon Imbituba showed good growth in the fourth quarter 2021 of 46.3% vis-à-vis the fourth quarter 2020, driven by the increase in the volume of cabotage vehicle cargo volume positively impacted by increase in domestic consumption. In 2021, Tecon Imbituba grew 4.6%. Tecon Vila do Conde, on the other hand, was negatively impacted by the lack of availability of empty containers for export and had a drop of 15.5% in container handling vis-à-vis the fourth quarter 2020. Note that in 2021, the growth of volume of Tecon Vila do Conde was 8% when compared to 2020. Our vehicle terminal located in the Port of Santos had a small drop in the handling of vehicles in the last quarter of the year. The mix improved because heavy vehicles began to represent 14.1% of the terminal's volume, while in the fourth quarter, this was 7.1%. This evolution is due to higher imports and exports of agricultural machinery and heavy equipment used in agribusiness and civil construction. In 2021, the growth in the volume of vehicles was 32.3%, reaching more than 200,000 units in the year. Santos Brasil Logística, meanwhile, showed strong growth in container storage, 42% year on year, driven by the growing volume of full containers at the Port of Santos. This increase in the flow of stored containers leverages the integrated logistics services offered to our clients. By 2021, the volume of containers stored at Santos Brasil Logística grew 50% compared to 2020, surpassing the mark of 70,000 containers stored in the bonded warehouses. We now go on to the financial highlights. In the fourth quarter 2021, the consolidated net revenue grew 70.2% vis-à-vis the fourth quarter 2020, reaching close to BRL 445 million. In 2021, the consolidated net revenue grew 65% compared to 2020, reaching BRL 1.5 billion. EBITDA totaled BRL 158 million in the fourth quarter, with a 38.3% margin. In 2021, EBITDA increased to BRL 564 million, a growth of 65% vis-à-vis 2020. We have an EBITDA of BRL 579 million, in line with the maximum point of guidance that we released in April of 2021. The consolidated EBITDA margin was 36.8%, 14 percentage points higher than that recorded in 2020. In the bottom line, we reported a net income of BRL 272 million in 2021. It is interesting to note the effect of the operational leverage of our business, enhanced by greater volumes and more balanced prices after the negotiations we signed throughout 2021. In 2022, we will see the annualized impact of these new contracts, which will be the main variable of our expected growth. Regarding CapEx in the fourth quarter 2021, we invested BRL 56 million in our assets, 43% invested in Tecon Santos alone. Over the year, investments totaled BRL 240 million, making it possible to deliver phase one of modernization in the Tecon Santos Port, whose handling capacity will jump to 2.4 million TEUs, 20% more than at present. I would like to refer to the use of cash, which ended the year with BRL 1.1 billion in available net cash of BRL 671 million. The agenda for growth and expansion of the company portfolio is and will continue to be a priority through M&As and port auctions. These are some ongoing negotiations in markets that we deem to be resilient for long-lasting growth and not necessarily dependent on domestic consumption. A first step has been taken in this direction with the acquisition of three bulk liquid terminals in the Port of Itaqui, whose demand for fuel is driven by Brazilian agribusiness, which in turn feeds a large part of the world's population. Additionally, the day before yesterday, we announced a share buyback program, confident that under certain scenarios, the trading price of Santos Brasil shares may offer excessive discounts in relation to what we deem to be the intrinsic value of our assets. Our intention is not to speculate nor to make of treasury a trading desk, but have the opportunity to allocate capital in a way that will truly maximize what we're doing this in the coming 18 months, which is the window that we have for the buyback program. It is also worth highlighting the distribution of earnings to our shareholders, which will be BRL 258 million in dividends and interest on equity based exclusively on the fiscal year 2021. This amount is equivalent to the payment of BRL 0.30 per share, conferring a dividend yield of approximately 5% and a payout of about 95%. These two fronts, both the payout of dividends and equity and the repurchase of shares in the company, does not change our growth strategy considering the expected future cash generation in the short and medium terms, not to mention the room to eventually leverage the company's balance sheet. I've almost practically reached my final remarks, but I would like to highlight two last topics. First is the company's ESG agenda. In 2021, we published the thirteenth annual edition of our sustainability report, the eighth to follow the guidelines of the Global Reporting Initiative and the fourth in the GRI Standards set. This set of values guides the conduct of our business, encourages the attraction and retention of talent, and improve our risk management. I would like to invite you to read or reread this report to familiarize yourselves with our initiatives. By the way, in 2021, Santos Brasil shares were selected to integrate three new indexes IBrX 100, the ICO2, and the Great Place to Work launched recently. They bring together companies certified by the global consultancy of Great Place to Work as having the best working environments. Secondly, we have a startup of the company's new business unit, Santos Brasil Liquids. We are confident that two of the three terminals leased at the Port of Itaqui will issue their first slips, marking another stage in the Santos Brasil business growth. Very well. Along with Ricardo, we are now at your full disposal to go on to the question and answer session. Thank you very much. Thank you, and we will now begin the question and answer session. Should you have a question, please press star one on your phones. If at any moment your question has been answered, please press star two to withdraw from the queue. Questions will be responded in the order in which they are received. We request that you pick your phones from the hook when posting the question so that we can have optimum sound quality. Our first question is from Gabriel Rezende from Itaú BBA. Good morning, Daniel and Ricardo. Congratulations for your results, and thank you for taking my question. We have two questions on our side. First, on price. We have looked at the recent work of Santos, trying to take the price to more profitable levels. It seems that you're going beyond this as you did last year with Maersk. What is the relevance of this if we could cut down your performance and volume and price? What is the relevance of price in this last part, especially when you compare yourselves with the third quarter of 2021? How can we understand new price hikes going forward if you will be able to do real readjustments in the contracts because the maritime freight still has a positive trend? If you could share with us the impact on your CapEx. At the beginning, the imported products will become ever more expensive, and eventually all of these issues should be redressed. Thank you. Hello, Gabriel. Good morning. This is Daniel. I'm going to begin with the second part of your question, and Ricardo Buteri, ensuing this, will refer to the price scenario. In terms of Reporto, there was a veto of this in the law that approved the framework for cabotage. Now, this is returning to the Congress to analyze the veto. It is a potential scenario that the Congress, now aware of the importance of this for the port segments, will turn down the presidential veto. The class associations of the sector are actively working on this topic, seeking to hold conversations and to make people aware of the importance of this benefit. I would dare to say that it is possible that Reporto will once again be instituted. It is very relevant for the port sector. Most of the equipment and the financial volumes are imported, and this is the largest part. There is no national substitute. You don't buy a ship-to-shore crane domestically. There is no production of this. Simply to mention an example, I believe that this Reporto would be possible, that the veto will be overturned and that it will be instituted once again. If we're able to carry out the survey phase two, we have BRL 500 million-BRL 700 million of investment, and Reporto represents BRL 150 million. The impact, of course, if it is not instituted once again. We will attempt to do this now. The issue with this is that we can accelerate everything. This will not be permanently open. In the suggestion of cabotage, we would have two additional years. We will have to make accounts and perhaps anticipate part of the CapEx geared to equipment. This is what we're doing. We're presently waiting, looking upon everything with a great deal of interest, participating through class associations in the debates. I have a reasonable expectation that it will be once again put in place, and we won't have that financial impact on the payment of the import levy on equipment as well as other related taxation. Ricardo, perhaps you could speak about the price scenario to respond to the other question by Gabriel. Yes, of course, Daniel. Good morning to all of you. Thank you, Gabriel, for the question. The issue of prices. I'm going to give you a short history so that you can understand what happened in 2021. Gabriel had a very important relationship with one of our clients, and we announced this alternative with 12 clients for our port relationships. Additionally to what was mentioned here, negotiations began in April 2021 and concluded in December, which means that throughout eight months, we had this negotiation with 12 ship owners that work with us, not only in Tecon Santos, but in the other terminals. This is the first piece of information about the more holistic part of the negotiation and saying that it encompassed 100% of our clients. Now, these 12 ship owners that we negotiated with, in some cases, contracts were carried out with a one-year term. This means that in 2022, 30% of the total ship owner clients that we negotiated with will have to renegotiate beginning in August and September with that possibility of basing ourselves on the results of the negotiation in the first quarter of 2022. In the others that have a two-year contract, we will have renegotiations that will only have an impact in 2023. This is the price scenario when speaking about ship owners. This is what I can inform you at present, and of course, I'm open to other questions in this direction. Thank you. Thank you very much. The next question is from Victor Mizusaki from Bradesco BBI. Good morning to all of you. Congratulations for the results. I have two questions. The first, the STS 10, there has been a public consultation for this initiative, and we have observed quite a bit of discussion in terms of who can or not participate in this auction. My first question is if you would be interested in this asset or not. Secondly, we have followed up on the discussion that ANTAQ has positioned itself against the participation of MSC and Maersk in the auction, as this could lead to a certain imbalance in the competitive environment. If you agree with this or not, with this stance. The second question is about STS 11, the grain terminal, the bulk terminal in the Port of Santos, if you have any interest in that as well. Thank you very much. Good morning, Vitor. This is Daniel. Let me take your two questions and begin with the STS 10. Yes. The company, of course, is interested in serving and assessing this asset. It's something natural. First of all, because we're dealing with containers, and this is the core of the company, and we are the largest operator of container terminals in Brazil. Naturally, therefore, we are interested in this segment niche. Secondly, in the Porto de Santos, we have an in-depth knowledge of the business environment, and this is where our main asset is. Of course, evidently this is something that is very dear to us in the sense that we have a great deal of focus and attention, and in principle, it could be an interesting asset. There is also an additional issue, the STS 10 in our expectation, if there is the auction in 2022, would be an asset that would begin to operate in 2027, 2028, 2029, where the port will also have a breakwater that would support a capacity of 1.5-2 million TEUs. Brazil does want to be a supplier of that capacity that will be demanded at the end of this decade. We believe that it would be interesting to analyze the asset. Now regarding the competition and eventual restrictions for participation, this topic will have to be very carefully analyzed. Public consultation is open, and certainly there are several contributions on the issue that will be sent in. As Brazil, we have no problem whatsoever with competition. As Tecon Santos began to operate in 1997, there already was competition. During all of these years, there has been more than one or two container terminals in the Porto de Santos. It has always been a highly competitive environment. The issue is that we have no problem whatsoever with competition. We think it's healthy, it enhances our performance. Now it has to be balanced. The playing field does have to be leveled out. This is not happening at Porto de Santos only. It's a worldwide discussion. Because of the verticalization, there is a preference given to the terminals of ship owners, and of course, this is a technical issue, based on facts and economic data and paradigms that are global. I'm convinced that the regulatory agency and the competition agencies will have to analyze this. Without a doubt, the government itself will foster a well-balanced auction allowing for a very well-balanced dispute. This is our stance, of course. In terms of STS 11, this is an area sector, a segment for bulk, for corn and other grains. Of course, we want to participate in as much as we can. Of course, we're also assessing this, the STS 11. What I do believe is that the term between the publication and the realization of the auction is a very short period. The auction has been set for March, and because of the short term, we're going to have to have a task force. We are going to analyze it for the reasons that I have been mentioning steadily. It is linked to agribusiness. This is a chain that is growing in a very sustainable and long-lasting way. It does not depend on the Brazilian economy, and it is in the Port of Santos. Yes, of course, we're going to survey this. To be very clear, we have been surveying this, and we have carried out several studies for grains in the Port of Santos, but looking at the entire map of Brazil as well. We are presently in the survey stage and there is no decision taken so far. I hope to have answered your question unless you have any additional questions. No, that was excellent. Thank you very much, Daniel. The next question is from the webcast from Carlos Herrera from Condor Insider. Good morning, everybody. I have three questions for you. First, which is your outlook on the month-over-month evolution in 2022? Will there be an impact because of the crisis in Russia? Second question, would it be feasible to have EBITDA margin that is higher than 40% in 2022? Third, the company has quite a bit of cash. How are you going to allocate these resources? Good morning, Carlos Herrera. Thank you very much for your questions. This is Carlos. Let's speak about the volumes for 2022. Practically all of the wharf volumes are in line with our budget when we look at 2022 with two months that have already passed. Your question additionally to the volume is a concern with Russia. Of course, we're following up closely on the crisis in Russia. The sanction on exports in Russia will have a very low impact on the handling of containers. The largest volume is bulk. Well, we do have a problem with the fertilizers. To give you an idea of share, the share in Tecon Santos, for example, is less than 1% of the total volume. It is 0.6%. The issue of the impact of Russia on volumes is very, very limited if we consider the total volume. Now, we do have the problem with the delays. This conflict will cause greater pressure on the logistics chains who have as yet not recovered from the pandemic. We have had delays, suspensions of shipowner clients that no longer have stays in these regions because of the delays in the north of Europe. Some shipowners have already communicated to us that there will be some cutdowns and delays, of course, which will have an impact on the Port of Santos, the port in this region. Now, why is this timely for us? We have a series of vessels that will be impacted by these delays. We will have a greater pressure in the ports, and they will put in additional vessels to carry out these scales. I think Daniel has just mentioned we made an investment of BRL 400 million in this, and we are ready to put in some additional vessels in 2021. The port demanded that we reduce some logistic impacts on Santos, Brazil because of its capacity and its operational efficiency. We were able to do this very calmly. We were able to deal with the additional movement of almost 100,000 empty containers caused by the more intense logistic chains. We don't think this is a reason for concern in the container segment, and this is a vision that we are adopting here. I will give the floor to Daniel for your second and third questions. Hello, Carlos. About cash, simply to go further in what I said in my original speech. The priority for the use of our cash is an expansion of the company portfolio, going more in depth in the portfolio containers that will go to the market or possibly go to the market. We have grains, liquid, and we also have a market not only in the auctions, but a secondary market that is on its way. The port sector is extremely dynamic with a great deal of businesses that will happen, and we do have some more advanced negotiations and projects that are being surveyed. A large part of our cash will be earmarked for that. We now have the buyback program, and as I mentioned, this is an efficient allocation within some scenarios. Of course, we're not gonna speculate with our own shares, and treasury will not be trading or negotiating our shares. This is not our profile. It is not our role in terms of treasury. However, if we begin to understand that the price is displaced from the value of our share, this is a good allocation of capital, so it will maximize the return of shareholders. Evidently, there is another part of our cash that will be geared to remunerating the shareholders' capital. We have a payout presently based on 2021 of BRL 258 million, and these are the three routes or ways of maximizing return and generating value for the company shareholders. Part of the question, if it is feasible to have an EBITDA margin higher than 40% in 2022? Yes, it is possible. We're working towards that. However, there is one variable that presently would need to monitor more closely, and this is inflation. How great the inflationary pressure will be in some cost items that are very relevant in the company matrix, personnel, for example, energy and fuel. These are the important line items in the company cost matrix. Of course, they will suffer pressure because of inflation. A margin higher than 40% is feasible with this disclaimer, of course. Thank you. The next question is also from the webcast from Rafael Carvalho from CL4 Capital. Good morning. If you could remark on the economic rebalancing process in Imbituba, what is happening with the process? If at any point this rebalancing is not authorized, how much negative accumulated cash will have to go through these results? Is there any possibility of returning this terminal? Hello, Rafael. This is Daniel once again. Very well. What we have at present is a legal decision that is favorable to suspending payment in terms of the contractual handlings at the port. Now, this amount that we have paid as a penalty to the Port Authority will of course depend on the results. It is part of the results. What it does not have is a cash impact. We have this legal decision of not proceeding with this. It's BRL 60 million presently for two exercises for MSC. Once again, it is included in the results, and we have made provisions for this. Now, regarding if the process is underway, it's at the judiciary, and of course, the process is rather uncertain. There is a long path to tread. There will be more years to administratively negotiate a solution. Unfortunately, we did not obtain a successful result at the administrative sphere, and we're seeking our rights in the judiciary. Of course, this can be a very lengthy process. Now, the return of the port is not such a simple thing in terms of port assets. The port sector was left outside of that law of the friendly return of assets that we have in the railway and highway sector. The port sector has not been included in this possibility of a friendly return. It's a very complex process, and it is equally complex to return the terminal. We cannot simply put in a padlock, say, "Very well, we've delivered it, and here is the key." This is a path that will have to be negotiated with all of the interested parties, the granting power, the Infrastructure Ministry, the Port Authority, the SCPar from Santa Catarina, and the regulator. A very complex path, therefore. We are devoting a great deal of time and surveys to understand if we can harness phenomenal value in this port if we are able to resolve the issue. Thank you very much. The next question from the webcast is from Lucas Barbosa from Santander. Good morning and congratulations for your results. I would like to understand the outlooks for price at Tecon Santos in 2022. If you could remark on the price rises that will happen during this year. Has there been any more relevant impact on the average price of the fourth quarter, 2021, or can we imagine that this price will be maintained in 2022? Lucas, good morning, and thank you very much for the question. I'm going to begin from the beginning simply because Gabriel from Itaú also posed some questions regarding price and readjustments. Very well, it had a relevant impact on the average price of the fourth quarter, 2021. As I explained, what we had in the fourth quarter was a consolidation of the increase of adjustments made with ship owners throughout a period of eight months. In fact, in the fourth quarter, we had the negotiation signaled out, and we gained traction with two points that are favorable. First, December was highly positive. The volumes of December were 15 above that of the year 2020, month after month. We had a concentration of our average tickets, and we had a highly positive December in terms of volume. Now, if we can imagine that this will maintain itself in 2022, probably yes. As the concessions are being carried out this year in accordance with our budgetary outlook, with the desires of all ship owners, we think that we will have that trend of maintaining not only volumes, but prices in 2022. The only variable that is outside of this is the mix, and the mix is very important. We had an increase of imports in 2021 that was very favorable. Our trading in terms of import at the ports are very representative. That vision of 2021 did not have a different effect besides a consolidation of a very positive volume in 2021. In 2022, I think this will be maintained. Now, to understand the price movements in 2022, I mentioned this in the previous question. 30% of the contracts with the ship owners will give us the opportunity to have a new round of negotiations beginning in September, which of course, will have an impact on the fourth quarter of 2022. I would like to make the most of your question to give you a holistic vision on prices, not only on quays or Tecon. Let's speak about Tecon. 12,000 active companies, and these are direct clients that have nothing to do with the cash operation of the ship owners, and all of them have contracts with Santos Brasil Participações. What is happening is that the volumes are aligned and the average ticket is beginning to point towards a somewhat better growth than what we had analyzed for that moment. Why? Because these readjustments based on inflation and based on the room that Santos Brasil has to render these services to the client and the integrated logistics of these clients is leading to a readjustment in some of the contracts. The volumes have become more concentrated with us, not only with Tecon, but with Santos Brasil Logística in transportation and other areas. The negotiation of contracts with these 12,000 active companies has allowed us to have more attractive tickets in the company. As a loyal logistic operator, we work with the logistic chain, the entire chain, since the moment the container is unloaded from the vessel until the production line of the clients with which we have a long-standing relationship. I wanted to give you this price perspective so that your vision can go beyond that of the war for the key. Thank you very much. The next question is from Pedro Bruno from XP Investimentos. Good morning, everybody. Thank you for taking my question. My question refers to the answer that you have just given. I would like to further explore prices, but at the vehicle terminal. Since the third quarter, we have seen a relevant leap that was also gradual in terms of the tariffs aligned with other services, as has been mentioned. In your release, you speak about the mix that the heavy equipment has gained share as part of your service. How sustainable do you think this will be, the heavy equipment? How do you imagine the mix going forward, and which will be the weight of this mix improvement in your average tariff vis-à-vis price adjustments? Another angle in the price discussion, outside of the container handling. This is the question I have from our side. Thank you. Pedro, thank you very much for your question. Let's speak about the vehicle terminal. The trend continues on when it comes to volumes. This was a fantastic year in terms of volumes. We had a very well-balanced volume between imported and exported cars. Our vision is that the speed is somewhat lower vis-à-vis 2021, but the average ticket and the mix of agricultural machinery and trucks, this will continue, at least it has in the first two months of this year. The average ticket of the year will continue to grow. We're also going to have annual readjustments for the vehicle terminal for contracts with the assembly plants. In a very practical way, what I would like to say is the following: The issue of heavy equipment in the mix will continue to be favorable. At present, we don't have a view that there will be a reduction because of construction mining and agribusiness that is importing heavy equipment. For those who already use the vehicle terminal, the average ticket will be based on the annual negotiations and the contract. We focus on volume, mix. In a very conservative fashion, we are saying that there is no trend for a change in the mix of heavy equipment. Thank you very much. Thank you. The next question is from Guilherme Mendes from JP Morgan. Hey, good morning, I have two questions on my side. The first is a clarification that 30% of negotiations this year, 30% of the number of contracts or volume. What does this represent in terms of volume in practice, which would be the ex-Maersk effect here. Now, if we look at the Tecon Santos and other terminal ports, the box rate seems to be low compared to other terminals, and there should be a price increase in 2023 of two digits, high two digits. We have discussed this topic at length, but is there a reason why this box rate has not caught up with other equivalent terminals? Guilherme, thank you very much for your question. That issue of 13% refers to number of contracts. We have 12 ship owner clients that in effect will be negotiating during 2022, and this could go on to the next year. It's not an issue of volumes, it's an issue of number of contracts. In terms of box rate, you are right. The Port of Santos does not have the best tariffs. Although it is deemed to be a hub, and although it has the highest volume of investments in the country, there are spots in the northeast and in the south with tariffs that are higher than the ones we practice in Santos. Now, what will happen in 2023 and the next cycle with ship owners will depend on supply and demand and the level of investments and operational efficiency that we bring in to provide the logistic solutions to each client. I can't single out which is the level of box rate at present, but I can guarantee that more and more we're going to reduce this disparity because of the operational efficiency vis-à-vis other ports and other states in the country. The negotiation of 2023 will follow these lines as we did in 2021, basing ourselves on supply, on demand, on the heavy investments we are making and the disparity that we find ourselves in. All of this to provide the best solution to be able to service each and every one of our clients, so that we can enhance their returns and bring returns to the company considering the unstoppable investments we have made. Thank you very much, Guilherme. Thank you. I have another follow-up. In terms of capital allocation, you spoke about the STS 10, STS 11 and the port authorities. Are you interested in these assets? Which would be your priority? Which would be more relevant for you? The port authorities, Guilherme, well, we have decided not to participate, but we surveyed them because this can be used as a benchmark for the SPA at the Port of Santos. I think it could be a good business. We would have to fully understand the model, but a great deal of time will have to go by, especially at the Porto de Santos. There are many interests because of the size. It's the largest port in South America with several types of cargo, a different list of players and a very long list of interests. All of this will have to be duly addressed, so a great deal of time will still have to go by. It could be a good business potentially, and of course, we have to look at it from the viewpoint of perhaps being a good investment opportunity and to have clarity on the impacts that would probably be positive or negative in terms of the leases of the company in the Porto de Santos. We have two important leases in the Porto de Santos. This is part of our agenda, and we are following up on this very carefully. Simply to end, Guilherme, 'cause you asked about the relevant terminals on STS 10 would be one of the first. Up to present, we are terminal operators, and in the concession of the port authorities, as we are lessees of the Port of Santos, we would have limitations in terms of participation. We cannot have individual participations that are greater than 15% in this case, if we wish to be part of the consortium. Thank you. Thank you very much, and have a good day. The next question from the webcast is from Leonardo Catto from Santander. Good morning, everybody. If you could speak with greater granularity of your expectation in investments and the beginning of operations of the two terminals, brownfield for 2022, and expectation of your CapEx schedule for the greenfield terminal in Itaqui? Thank you very much. Leonardo, good morning. We're going to work with three terminals in Itaqui and invest approximately BRL 150 million. The greenfield terminal should enter operation in 2026. The brownfields come into operation in 2022. That is the expectation. Beginning with the second semester, we're concluding the acquisition of the tanks, and we are approving the basic investment plan. The expectation, what is plausible, is to enter into operation for the second semester of 2022 for both terminals. Even that way, we will continue investing in these terminals to expand their capacity so that we can have a greater storage capacity in the Port of Itaqui. The next question is from Jens Spiess from Morgan Stanley. Good morning, and thank you for taking my question. Congratulations for your results. This is a conceptual confirmation. When we look at the gross revenues evolution year-on-year at Itaqui, we see 94% in storage, and we have the new pricing for storage as well. What I want from you is a confirmation if this explains the differences or if there is a conceptual issue here. Thank you very much. Hello, Jens, and thank you very much. The topic of storage is a percentage of retention that we have in the terminal based on the volumes that we work with in the quay. I'll explain the logic. What most has an impact on the average ticket of the storage is the dwell time, the days that the vessels remain in our unit. It's a mix of the contracts that we have with direct clients, the dwell time, and the detention level. We have several containers, for example, that could be released and taken straight to the industries. Those that are retained in terms of the storage invoicing require some additional service, separation or others. This is the difference that is also included in the average ticket, not only of the quay but also of storage. I hope that this has responded to your question. If not, you can ask another question. No, it has been responded. It's very clear. Thank you very much. We would like to end the question-and-answer session at this point by returning the floor to Daniel for the closing remarks. Well, simply, I would like to thank you once again, thank all of those that participated, and we hope to see you once again at the coming conference call, where we will be speaking about the first quarter of 2022. I wish you very good work and have a good day. The Santos Brasil Participações S.A. conference call ends here. We would like to thank all of you for your participation. Have a good day.