Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's fourth quarter 2020 results conference call. Today with us, we have Mr. Mariano Bosch, CEO, Mr. Carlos Boero Hughes, CFO, and Mr. Juan Ignacio Galleano, Investor Relations Manager. We would like to inform you that this event is being recorded, and all participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question and answer session. At that time, further instructions will be given. If any participant needs assistance during this call, please press star zero to reach the operator. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro's management and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements. I'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference. Good morning. Thank you for joining Adecoagro's fourth quarter results conference. 2020 was an atypical year due to the global impact of the COVID-19. Since the pandemic was declared, we immediately prepared safety measures to mitigate the eventual risk of being affected by the disease and prevent an uncontrolled spread of the virus throughout our operations. We provided a safe environment for our employees and contractors, implementing safety measures and developing protocols that allowed us to maintain our facilities 100% operational. It is because of this that we achieved very good operational and financial results, even in such challenging times. Once again, we proved that being low-cost producers and focusing on efficiencies definitively pays off. In our sugar, ethanol, and energy business, the impact of the pandemic caused a decrease in the prices and demand for ethanol, starting in the second quarter of 2020. In light of these factors, we rapidly shifted our strategy to maximize sugar production. We slowed down our crushing pace, implemented a cost reduction plan, and revised our CapEx plan. As signs of a partial recovery started to emerge, we accelerated our crushing pace and finally concluded the year with 11.1 million tons crushed, 0.3 million tons higher than during 2019. A very relevant aspect of our production system is the high flexibility we have to switch from producing sugar to ethanol and vice versa. This allowed us to triple the amount of sugar we produced compared to 2019 and to increase our relative production of anhydrous ethanol to capture the premium prices. These were decisions we took on a weekly basis, given such a changing and unstable environment. Having the ability to change directions in such a short period of time constitutes a very important competitive advantage. As you know, having a sustainable production model is part of our DNA. Thanks to this, we obtained one of the highest scores under the RenovaBio program and benefited from an additional cash generation of almost $3 million through the sale of CBIO in 2020. We are optimistic about the program's consolidation, and we will continue to increase the sustainability of our operations to keep on benefiting from this additional source of income. To conclude on our sugar ethanol business, and because of all these things I'm mentioning, we ended up 2020 with a cash cost of $0.079 per pound. That is 13% lower than the previous year. In our farming and land transformation business, our adjusted EBITDA during the year was 50% higher year-over-year. This is a clear proof of the consolidation of the five-year plan investments we made across our crops, rice, and dairy businesses, together with our focus on efficiencies. In 2020, we completed the harvest of almost 1 billion tons of rice and grain, transporting our production across 10 provinces and reaching customers across the world. We were able to achieve this and overcome the logistical challenges caused by the mandatory lockdowns because of our people and the work we did alongside with public agencies. We have once again started harvesting activities for rice and some of our crops, while soybean, corn, and peanuts are in the period of yield definition. In our daily operations, we continue ramping up our industrial facilities and achieving high productivity indicators even as our cow herd increases. In terms of land sales, the active demand for farmland in Argentina allowed us to conduct an additional farm sale in December at a significant premium to the Cushman & Wakefield's independent valuation. As anticipated in our past releases, 2020 marked a turning point for us. We became free cash flow positive for the first time since we started our five-year plan in 2017, generating over $50 million. The expansion of our cluster in sugar and ethanol business, especially in terms of cane availability, the acquisition of our peanut and sunflower processing facilities, the investment in our rice business, both at the farm and industry level, and the acquisition of the two milling processing facilities, are part of the investments we did during the past years. They are all generating returns on invested capital in line or above our expectation, ranging from 20%-100%. The investment in our peanut processing facility, to make one example, paid itself back in less than one year. Now that the results of our bigger, more efficient, and vertically integrated operations are in front of us, and that our five-year plan is in its final stages, we are confident that cash flow generation will continue to increase in the upcoming years. Commodity prices have been increasing, our cane availability for 2021 is good, and our debt level is adequate and well structured in the long term. All of this places us in a good position to distribute results with our shareholders. As you can see, we have already started doing it through our buyback program. Lastly, I would like to express my gratitude to all of our operational and management teams. We are very proud of the commitment shown during these difficult times, of the hard work, and continued support. I am convinced that we have the right people and that we are following the right strategy to generate good returns and value for our existing shareholders. As always, we need to remain focused on being low-cost producers, enhancing our efficiency, and taking care of our people. Now, I will let Charlie walk you through the numbers of the year. Thank you, Mariano. Good morning, everyone. Let's start on page four with a brief analysis on the rains in Mato Grosso do Sul. As seen on the top charts, rains in our cluster during the fourth quarter of 2020 were 10.7% below the 10-year average, but 12.8% higher compared to the fourth quarter of 2019. Rainfalls were distributed throughout the quarter and was especially concentrated towards the end of the December, resulting in interruptions in our crushing activities, as can be seen in the following slide. I would like to briefly comment on the weather in the Center-South Region of Brazil. The region, which accounts for approximately 85% of Brazil's sugarcane production, experienced dry weather for a prolonged period of time last year. It forced mills to shut down operations earlier than usual, as they didn't have enough cane to crush. For the same reason, the beginning of this year's harvest season will probably be delayed, resulting in a longer than anticipated inter-harvest period. It is worth highlighting that we will continue to crush cane year-round and produce both sugar and ethanol during the inter-harvest period. This is so because we are based in a region that has a different weather dynamic and because we operate under a continued harvesting model. Let's continue with slide five, where I would like to discuss our sugarcane crushing. During the fourth quarter of 2020, a total of 2.5 million tons of sugarcane were crushed, 40.1% or 700,000 tons higher than the same period of last year, despite the reduction in effective milling days. Indeed, in an attempt to make up for the slowdown in crushing activities during the second quarter and in order to profit from high prices, we decided to accelerate milling operations. This was evidenced by the astonishing 57.6% increase in milling per day. Needless to say, it was the greater cane availability, coupled with enhanced efficiencies at the industry level that made it possible. On a year-to-date basis, a total of 11.1 million tons of sugarcane were crushed. This represents an increase of 2.4% compared to the same period of last year. Again, this speaks for the highly efficient and coordinated work during the second half of the year. Please jump to page six, where I would like to walk you through our agricultural productivity. During the quarter, sugarcane yields reached 82 tons per hectare, 20.3% higher compared to the fourth quarter of 2019. The year-over-year gap is fully explained by the negative impact of the adverse weather conditions on the 2019 fields, as most of the harvested area was cane below optimal growth stage. TRS content was 137 kilos per ton in the Q4 2020 and 132 kilograms per ton in 2020, 5.5% and 1.1% overall compared to the same period last year. Again, the reason for the decrease is explained by the dry weather conditions in 2019, which led to higher TRS content. The combination of these two effects resulted in TRS production per hectare of 11.3 tons in the Q4 2020, 13.6% higher year-over-year. Year to date, yields reached 79 tons per hectare and TRS content 132 kilograms per ton, resulting in a TRS production per hectare of 10.4 tons, 3.5% higher year-over-year. Let's move ahead to slide seven, where I would like to discuss our production mix. As already said, in light of the improved outlook on prices and in order to take advantage of the favorable weather and cane availability, our strategy during the quarter was to maximize crushing. As you can see in the top left chart, during the fourth quarter of 2020, sugar traded at a premium of 14.3% and 3.9% to hydrous and anhydrous ethanol, which traded at $0.125 per pound and $0.14 per pound respectively. As a result, our efforts were focused on maximizing sugar, the product with the highest marginal contribution. Indeed, we operated our sugar kitchen at full capacity throughout the quarter, diverting as much as 50% of TRS to sugar production, compared to 6% during the same period last year. On a full year basis, we maximized sugar production in 44% compared to 15% during 2019, despite our first quarter of full ethanol maximization prior to the pandemic. I would like to insist that this high degree of flexibility constitutes one of our most important competitive advantages, since it allow us to make a more efficient use of our fixed assets and sell the product with the highest marginal contribution. In terms of ethanol, during the quarter, we diverted 50% of TRS to the ethanol distillery, compared to 94% during the same period last year, when our strategy was to maximize this product. Year to date, sugar accounted for 36.9% of total EBITDA generation in the sugar, ethanol, and energy business, considering other operating income, four items higher compared to 2019. Again, this is a clear evidence of our capacity to shift production from one product to the other. Let's please turn to slide eight, where I would like to discuss quarterly results. As you can see on the top left chart, ethanol sales volumes decreased by 36.1% year-over-year. This is fully explained by our strategy to maximize sugar production due to the lagging impact of the pandemic on ethanol prices and demand, in particular, during the first semester of the year. During 2020, hydrous and anhydrous ethanol traded on average at sugar equivalent prices of $0.12 per pound and $0.131 per pound, 6.7% discount and 1.3% premium to sugar respectively. Average selling prices for ethanol were higher measured in BRL, but lower in USD, standing at $0.132 per pound in sugar equivalent, representing a 36.1% year-over-year reduction. On account of the lower selling volumes and lower average prices in US dollars, net ethanol sales during the year amounted to $180.6 million, 46.4% lower year-over-year. In spite of the lower results, I would like to mention once again that ethanol prices experienced a recovery throughout the second half of the year due to higher gasoline prices, increase in fuel demand, and lower supply, thus building a positive scenario for the upcoming months. In the case of energy, year-to-date net sales amounted to $36.9 million, marking a 31.3% decrease compared to 2019, driven by a 5.3% decrease in volume and a 27.5% decrease in average selling prices measured in US dollars. Net sales of sugar increased by 72.7% in 2020 compared to the previous year, reaching $167.8 million. Sales volumes increased by 89.9% year-over-year, led by an increase in production mix and volume, which fully offset the 9.1% decrease in average selling prices measured in US dollars, despite an increase in prices measured in BRL. Although sugar is traded in US dollars, the depreciation of the Brazilian real does have an impact on prices due to the fact that our functional currency in BRL and our reporting currency in US dollars. In addition, I would like to comment that during 2020, we started exporting certified organic sugar produced at our Umuarama mill. Certification is required by the European market and is only granted after having produced organic sugar for a period of three years. We successfully exported approximately 5,000 tons of organic sugar at an average price of $0.25 per pound, capturing a significant premium over VHP sugar, and plan on doubling the exported figure in 2021. In this way, we not only have a highly efficient cluster model in place, but we also continue to add value to sugar. Let's move to slide nine, where I would like to explain our total cost of production. Total cost of production depicts, on a cash basis, how much it costs us to produce one pound of sugar and ethanol in sugar equivalent. Maintenance CapEx is included in the calculation, since it's a recurring investment necessary to maintain the productivity of the sugarcane plantation. As we are calculating sugar and ethanol costs, energy is seen by a by-product and thus deducted from total costs. As for the tax recovery line, it includes the ICMS tax incentive that the state of Mato Grosso do Sul granted us until 2032. As shown in the table, total cash costs in 2020 marked a 12.7% reduction on a per unit basis, reaching $0.079 per pound of sugar equivalent. This increase was explained by a 29% reduction in total production costs, driven by higher crushing volume, which allowed us to dilute fixed costs, coupled with the year-over-year depreciation of the Brazilian real, which further contributed to reduced unit costs measured in US dollars. Additionally, enhanced agricultural efficiencies, lower industrial costs due to reduced third-party services, and temporary suspension of wood chips purchases also had a positive impact on production costs. These positive effects were partially offset by the higher cost of third-party cane, both as a result of higher purchased volume and higher Consecana prices. At the same time, the maximization of sugar production led to an increase in SG&A expenses, as well as a reduction in PIS/COFINS reimbursements. Finally, to conclude with the Sugar, Ethanol, and Energy Business, please turn to slide 10, where I would like to discuss financial performance. Adjusted EBITDA during the fourth quarter of 2020 was $80.3 million, $25.2 million or 45.6% higher compared to the fourth quarter of 2019. This increase was mostly explained by the $19.9 million higher result derived from the mark-to-market of our biological assets, partially offset by a loss derived from the mark-to-market of our commodity hedge position and an increase in SG&A on account of higher freight and farming costs due to higher sugar sales. On a full year basis, results were impacted by the effects of the pandemic. Adjusted EBITDA amounted to $253.1 million, in line with last year. I would now like to move on to the farming business. Please direct your attention to slide 12. As of today, Adecoagro finished its planting activities for the 2020-21 harvest year. We planted 262,000 ha, 10% higher than the previous harvest season. This increase is expected to come primarily from a greater leased area. So far, rains have been adequate in average. However, we continue to closely monitor water requirements as we are going through the critical phase in the development of most of the crops. Let's move to page 13, where I would like to walk you through the financial performance of our farming and land transformation businesses. In 2020, adjusted EBITDA in the farming and land transformation businesses reached $107.7 million, $35.9 million or 50.1% higher year-over-year. The increase in financial performance is mostly explained by the $28.3 million higher result generated by the farming business. Although the land transformation business contributed with a $7.6 million increase following the completion of two land sales during 2020. The crops business generated an adjusted EBITDA of $35.7 million during 2020, 39.1% or $10 million higher compared to 2019. This is mainly explained by a $17 million gain in the mark-to-market of our biological asset and our grain inventory as a consequence of the increase in commodity prices, the higher planted area, and the increase in yields for most of our crops, and by a cost reduction in U.S. dollars on account of enhanced efficiencies and the depreciation of the Argentine peso. These results were partially offset by a $10.5 million loss in the mark-to-market of our commodity hedge position. The rice business accounted for an increase in adjusted EBITDA of 67.8% or $13.7 million compared to the previous year, reaching $34.1 million in 2020. This was mostly driven by a $6.3 million gain in the mark-to-market of our biological assets, explained by the increase in commodity prices, coupled with an increase in area and yields as a result of recent investments, which enhanced productivity, and a $6.9 million reduction in selling expenses due to our focus and reduction in export taxes, and the cost dilution effect as a result of the depreciation of the Argentine peso during 2020. The dairy business was responsible for an increase in adjusted EBITDA of 21.3%, or $3.8 million compared to last year, totaling $18.2 million during 2020. This increase was driven by our enhanced efficiencies at the farm and industry level, led by our continuous focus on increasing productivity in every stage of our value chain. Our production flexibility, which enabled us to capture the increasing demand in the domestic market driven by COVID-19 pandemic, and an increase in gross sales thanks to our 58.7% increase in sales volumes, partially due to the three-month gap in 2019's industrial operations. This increase was partially offset by higher costs and expenses on account of the larger volume. Let's now turn to page 16, which shows the evolution of Adecoagro's consolidated main figures for the year. I would like to highlight the fact that despite all the challenges, we managed to outperform both from an operational and financial perspective. Consolidated adjusted EBITDA totaled $342 million, 12.1% or $37 million year-over-year. As previously explained, the good results in farming and agricultural leasing explained the increase. At the same time, 2020 marked a milestone for the company as it was the first year that we generated positive free cash flow following the initiation of our five-year plan back in 2017. Turn now to slide 16 to take a look at our net debt position. As you may see in the bottom left chart, our net debt as of December 31st, 2020, reached $635 million, $33 million or 4.6% lower than the previous quarter, driven by $122.7 million increase in cash and equivalents, which fully offset the higher gross debt. The higher cash and equivalents was mainly explained by our strategy to raise long-term debt during the second half of the year, with the idea to cancel short-term debt during the first semester of 2021. This will result in a significant improvement in our debt profile while substantially reducing capital payments for the year. On a year-over-year basis, net debt in the fourth quarter of 2020 was 6.4% or $43.2 million lower compared to the fourth quarter of 2019, in spite of gross debt being flat year-over-year. This is explained by the 15.8% higher cash and equivalents driven by a positive free cash flow during the last 12 months and by the short-term working capital loans we raised throughout the year as part of our risk management program. The fourth quarter of 2019, in turn, reflects the inflow from the insurance of the CRA bond in Brazil that took place by 2019 year end. We believe that our balance sheet is in a healthy position, not only based on the adequate overall debt levels, but also on the term of our indebtedness, with approximately 78% having a long-term tenure. As of December 31st of 2020, both our net debt ratio as well as our liquidity ratio improved compared to the previous quarter. Indeed, our net debt ratio reached 1.86 x, 18.9% lower than the third quarter of 2020 and 16.4% lower year-over-year. At the same time, our liquidity ratio, which is calculated as cash and equivalents plus marketable inventories divided by short-term debt, reached 2.62 x compared to 1.49 during the second quarter. This ratio shows the full capacity of the company to repay short-term debt with cash balance without raising external capital. Thank you very much for your time. We are now open to questions. Thank you. The floor is now open for questions. If you have a question please press star one on your touchtone phone at this hour any time. If at any point your question you may remove yourself from the queue by pressing star two. Questions will be taken in the order as they are received. [Inaudible]. Today's first question comes from Pedro Soares with BTG Pactual. Please go ahead. Yes. Pedro. Good morning. Good morning, Mariano, Carlos. Juan. I have a couple of questions here on the sugar and ethanol division and another one regarding farmland. Now with the end of the investment cycle that you guys delivered in the past few years, what should we expect for the crushing levels for the year? For the 2021 or, in other words, the 2022 crop year, it would be helpful to have a color on that, if you could expect it to increase in the next harvest. Also regarding the organic sugar market, what's the size of this market for you guys? What should we expect as well in terms of how much you could capture in terms of value for in the organic segment, it'd be nice also to hear. The last one, regarding farmland and permanent sales. With this recent spike, especially in north of commodities, could we see or expect you to sell more land and for this to accelerate, like in previous years that this happened also when inflation picked up in Argentina, this was the case. If you could also touch base a little bit on this, would be helpful to us. Thank you. Hi, Pedro. Thank you very much for your question. On all the sugar and ethanol space, I will ask Renato to answer your question, and then I can complement, and then I will go through your farmland question. Renato, do you want to answer Pedro's question? Okay. Thank you, Pedro. To start for the organic question, we have been producing organic sugar in Umuarama for four years. This year is the first year that we have export organic sugar, because we need three years of conversion to start selling to European and U.S. market. Also the weather in Umuarama is very well defined. We think the conditions to produce organic sugar there is very good. The scale of our project is about 3,000 ha, which will be able to produce 14,000 tons of organic sugar. We don't think that we can grow more than that because in this particular area, we have been able to use all the by-products that we produce, vinasse, filter cake, fly ash. If you go further, we have to acquire organic fertilizer from other areas, which would make the cost of the sugarcane very high. We think that's the size that we think it's appropriate for our model. The size of the global market is about 400,000 tons of sugar, and so it's a small market. It's a niche. The growth of this market is about 10% per year. Regarding the other question about sugar ethanol, I couldn't understand very well. If you could repeat that, I appreciate it. Sure. It's actually regarding the crushing that was expected for this next harvest year. Should we expect you guys to crush more cane? Okay. For the current year, we expect to crush around 10% more than we did the last year. As Carlos mentioned before, the weather in Mato Grosso do Sul was very good in the second semester. We had very good rain in key points of last year and this year. For example, in January, we had more than 400 mm of rain, which was very good. That's why we are crushing a lot in the first quarter, taking advantage of the prices of both sugar and ethanol that are very high. We expect to reach the 12.5 million tons of sugarcane, which is our goal in our five year plan in 2023. I think the good news is that we have already leased all the land that we need. It's just a matter of planting those lands and to be ready to crush that. Thank you, Renato. Pedro, to answer your question about the farmland, I would say that since September of last year or since the end of last year, there was an increase in the demand of land in Brazil, Uruguay, and Argentina. There was more demand also for our own farmland. As you know and as we've been explaining many times, selling and buying land is an illiquid market where we find the right buyer, and it takes time to find the right buyer for our already transformed farms. That's what we did back in December. We do expect to continue to do it within the same level. That would be the general answer to your question. That was pretty clear, Mariano. Thank you, and thank you, Renato, as well. Our next question today comes from Lucas Ferreira with J.P. Morgan. Please go ahead. Hi, guys. Good morning. Two questions regarding capital allocation. The first one is a quite simple one. Can you remind us the CapEx budget for this year, if it has also revised up or not because of the outlook on prices. Second question is, since you now finished your growth cycle, probably will be paying more dividends and doing buybacks. Wanted to think about strategically thinking, let's say, a couple of years from now, what are the growth opportunities for the company? Would you still be investing in Argentina? Do you see opportunities in acquisitions or expansion CapEx in Argentina? If yes, where exactly, in which segment, which market? The same question for Brazil. What are the growth perspectives for the operations in Brazil? Would you consider M&A or organic growth? Can you discuss this with us a little bit more? Thank you. Hi, Lucas. Thank you for your question. I will try to answer first on a broad way, and then we can get into more details. I will try to include all the different parts of your questions. I would like to point out, as you mentioned, the cash flow positive that since 2017 that wasn't there anymore. The important point here is that all the investments that we did are currently generating very attractive returns. Because of this consolidation, is that we are generating this free cash flow positive. This marks the beginning of the path where we start to generate cash in a structural way, and should result on a significant increase in our cash generation in the upcoming years. In addition, our debt level is structured in the long term and reaching the adequate levels. This means that we will have enough cash for both to distribute results with our shareholders and continue to create value by enhancing our operations. Our first priority is to distribute a relevant portion of this cash with our shareholders. In fact, we have already started to do this via our buyback program. Only during the first month of 2021, we have already purchased close to 1 million shares. We are also analyzing attractive opportunities both in the farming and in the sugar business, as you were asking specifically. All these opportunities synergize well with our current operations and have the potential to make them more efficient as a whole operation. All of these things that we are analyzing offers IRRs above 30%. That's basically how we are thinking about this capital allocation question that you were asking. Specifically in terms of the CapEx of 2021 that you were asking, I would consider that is in the same lines that what happened in 2020. In 2020, when we revised some of the CapEx, as we were mentioning, we delayed some of this five-year plan CapEx that we had already planned. Excuse me, just a quick follow-up. These potential high return projects you're talking about, what's the size of those? Could we expect something like a major, significant increase in your CapEx going forward? My point is, do you see any large CapEx or big CapEx that could impair your dividend payments in the next few years? That would be my question. No, the important thing is what I was just mentioning, and I also mentioned in the introduction, is that our priority is to distribute with the shareholders. Including that, is that we are open for different projects with attractive IRRs. All these projects can include M&A or can include organic growth, or can include changing one machine that makes us much more profitable so that the small investment has a specific IRR because of its marginal contribution of 50% or 70%. Those are all the different projects that we can do, but always with this idea that we have a priority that is distributing with shareholders also. That's how we are approaching on all this thinking of the capital allocation. To be more specific, I don't see a huge CapEx coming online. Got it. No, that's very clear. Thank you very much. All these different topics also take time because they imply improving on the operations on the day-to-day. Are all things that cannot be done from one day to another. Thank you, sir. Today's next question comes from Rodrigo Almeida with Santander. Please go ahead. Hi. Good morning, Mariano, Carlos, and team, and congratulations on the impressive results and successful implementation of the CapEx as well. My first question here is related to the sugar and alcohol business and more specifically to the expansion in harvest area. I think Renato already mentioned that you've already leased the area that you need. I wanted to understand a little bit more on the pace of planting and harvesting on these areas through 2023, just so we can understand a little bit better the sugarcane availability year by year. Also, just out of curiosity here, with the higher sugar, soy, corn prices, is there any way that the lease expenses could increase, or do you have everything very well wrapped up so that these changes in prices do not affect your contracts? Just also out of curiosity, if you were to lease more land right now, do you think you would have a higher cost than you did before just because of the high prices? Just out of curiosity here. The second topic here that I want to touch a little bit is on the buyback program. As far as I remember, the program was extended into September of last year, maybe I missed something, just want to understand until when the program is going to be valid and what's the size of the program that is active right now. Those are my questions. Thank you. I'm going to start from the end of your question, Rodrigo. Thank you for them. On the buyback program, the buyback program is 5% what has been approved by the board, and it's renewed every year. If we reach that level, it can also be opened by the board. This is a board decision that always can be taken. Today, what is on place is this 5% program. Going to your question about the costs and the different costs and leasing the land and with this increase in commodity prices. Yes, it's clear there is an increase in costs, but the increase in the revenues because of this increase in prices is higher than the increase of cost, so the margins improve even with this increase in cost. Of course, we are working with that. We have several parts of the cane that is being leased for two years, for two cycles, and that means 14 years. That is not going to change, but there is a portion of the leases that they view this year, that when we renew those leases, there are some small increases. That's part of the negotiation that we continue to do every day, and that's part of what we do. If we take your question, we see what you are seeing, and it's part of our reality. At the end, the margins, of course, are better with these higher prices. Finally, on the expansion of the harvesting area, I couldn't understand exactly well, specifically on the farming and land transformation, there is an increase of 10% where we're increasing the more profitable crops that in this case are sunflower, peanuts, and rice. On the sugarcane question, I couldn't understand exactly what was your question. We have already leased all the land to continue to finalize the 13.2 million tons of total crushing that we will reach in 2022 that Renato was talking about. I couldn't understand exactly what was that part of your question. Yeah. I just wanted to listen through the pace of the planting and harvesting, how much we can expect in more sugarcane availability in 2021, 2022, and then we reach the full capacity. I just want to understand the year by year pace. Renato, do you want to answer more specifically? Of course, always it depends on the climate of every year. As you've seen, that is changing. We have our own projection that is between 5%-10% growth every year. Yes. We still need to plant 12,000 ha of the expansion planting. We think that we will increase this year 10% compared to last year, then another 10% compared to this year. Then finally in 2023, we reach the 12.5 million tons in the cluster, and we have to add the 1.2 million tons of to get the total crushing capacity. Okay. That's perfect. That's a very good follow-up. Thank you. Thank you, Rodrigo. Our next question today comes from Santhosh Seshadri with HSBC. Please go ahead. Hi. Good morning. Thanks for taking up my question. I remember in one of your presentation a couple of years ago, you mentioned that your EBITDA could reach well above $400 million, by the end of your five year CapEx plan. I know that's a bit dated presentation, but I'm just wondering if we had to refresh those estimates to reflect the current commodity price increases, which are obviously much higher than it was at the time of presentation, do you think you will still be able to generate EBITDA of about $400 million in 2021? Is there any other factor that is necessary to achieving that number? I'm basically trying to understand the possible scenarios for 2021 earnings and underlying drivers. Thank you, Santhosh, for your question, and thank you for participating in the call. Of course, we don't give guidance as EBITDA guidance. You can clearly, as you were making your own calculations with our crushing volumes and what we are going to be producing, and subject to all these climatic events that our business has, we can reach those levels that you are talking about, the EBITDA levels. It's something that you can do your own calculations and work with the models, and it's clear that it's something that we cannot take publicly to guidance, but it's something that we could easily reach. Thank you. I have another question. If we look at ethanol prices in Brazil, it has seen a strong rally in February 2021. Assuming this momentum would continue, do you think you will be producing more ethanol instead of sugar for 2021? If you can give some numbers on the production mix between sugar and ethanol, that will be helpful. Yes, that's an excellent question. Today, in this exact moment, we are again maximizing ethanol, that's something that we are changing every week. That's the great competitive advantage that we have as a company, that's the great flexibility that we have. Every week, we know what is it that we are going to be maximizing. We've been maximizing sugar for many months. Now, that has just changed, that could change next week. That's one of the great advantages of our whole production system, not only the assets, but the whole production system. The other important thing I would like to point out with your question is that we are currently producing ethanol. That in general, nobody is producing ethanol today. Because of our continuous harvest and our model of the harvesting all the year round, in this moment, we are taking advantage of all these excellent prices of ethanol. Thank you. My last question is on your yield expectation in your crop business. Since you're nearing harvest for most of the crops, can you give some sense on the potential yield impact due to the dry weather in Argentina? Okay. Good question. For the whole sugarcane operation, we are in an excellent situation in terms of climate. There has been a relatively dry period for the center s outh region. We are in the Mato Grosso do Sul region, and we are with an excellent sugarcane plantation. That is for the whole sugar and ethanol business. For the total farming in Argentina and Uruguay, there has been a dry period in the last 15 days. Soybean, corn, and peanuts are in the middle of its yield definition. I would say that we have already done a portion, but we are still subject to climatic events, and these dry periods can continue or not. There is still variability on those three crops. We have the other crops like rice and sunflower that are important for us today, that are having very good yields in this climatic situation. We are in the middle of the harvest of those two crops that are yielding pretty well and some way above our projections. That talks about the amount of different crops, that how we minimize our risk because of having all these different crops and climatic regions. Thank you. That's helpful. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to Mr. Bosch for closing remarks. Okay. I would like to use this opportunity to reiterate my gratitude to all our employees, contractors, and stakeholders for their hard work and commitment during such hectic times. 2020 was a very difficult year, full of challenges that tested the limits of organization and adaptability against an unexpected event. Our investments, our devotion to efficiency in each process across the different lines of businesses, and our low-cost production model have proven us right one more time. We close the year with attractive returns in every segment, resulting in strong consolidated figures. The challenges are not over yet. 2021 is already showing us signs of difficulties that we shall have to overcome. We are confident that we have the right people and strategy to continue generating value for our shareholders and obtaining attractive returns. Thank you very much, and see you in our upcoming events. Thank you. This concludes today's conference call. You may now disconnect your lines, and have a wonderful day.