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Brasilagro Companhia Brasileira De Propriedade Agricola (LND)

Participants
Ana Ribeiro Investor Relations Manager
Andre Guillaumon Chairman and Chief Executive Officer
Gustavo Lopez Administrative Officer and Investor Relations
Call transcript
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Ana Ribeiro

00:09 Good afternoon. Welcome everyone to BrasilAgro’s Q1 twenty twenty two results conference call. Today, I'm here with Mr. Andre Guillaumon, CEO; and Mr. Gustavo Lopez, Administrative Officer and Investor Relations Officer. on QX, so ended the XX, twenty begins we is on year twenty reporting are three one. company’s July that X, why September The months that being is transmission this Well, XX:XX recorded. about and transmitted is YouTube we’re concerning company’s, of at business website projections, based estimates It also operational decorations and goals our and on here perspectives the the talking on our...

presentation. would to Mr. begin our floor to Andre, the pass like Now, I to

Andre Guillaumon

ones in our XX:XX your you. here you you, the who are as pleasure the we results. to where during bar? the great Gustavo good would have our before year's I with of results calls. Ana, arrived, all We're the raising conference to this I quarter team, thank the that Thank going Even bar are sharing a It’s of we celebrate asked the would to are be as news. same

on the new level. So, a company's

in those first a different and prepared then estate Q terms A? as quarter. better real a And So, XX:XX sharing, usual, highlights today. that begin have company with let's of we will our Well, will have open company our We are the to the of and be begin is who is we with It operations. totally slide.

million we that and this two six eight million us hundred the concerning of company always year, the sugarcane. October point for the excellent that the the appraisal of seven profit that cotton last, slide. grains, six point We highlights, and Well are will highlights also approval had eight investor, the to great represent million net now, ending, had estimate paying, bring very The a hundred if and which tons of news the seventy Next year have production. thousand nine the we a record A seventh. one, harvest we the the of call, on The The we are year, a EBITDA meetings XX:XX last call million dividends So, of the reminded for are adjusted an hundred sixty Q in in And we share. sellers. twenty size sixty our sixty XX:XX on ninety before the one previous one. general that July we in the of hectares investment was XX:XX bringing point Okay. gave of and point in nine we numbers and a Two shares and in for million. well, said, assembly here or one the QX, as we Ana per for consider began approximately last percent this this is period, dividend payments. revenue two last percent. in we nine two dividend net it three

talk We on a these of dividends real like farms. already results progress. year we last we already we here in of in finalized an estate, of the they million QX, are sixty relevant sale to two are working operational purchases the results last The to had call, year, XX:XX farms, last estate. two sale small about and linked from have excellent from sale came this part when in you, two too. Entering negotiations the we these remind I'd the progress. of In transactions real

XX:XX two and domain farms with the this a thousand The we're made of estate We time, has recently selling NAV, approximately farm from is this who So, thousand the have been short results. came sale that we're This the the for two Meio, and one-third the of do value this terms you us from January this acquired a value of farm. shows eight We and [indiscernible]. company has hundred. real represents the of of value that the we the generation acquisition transaction, eight acquisition twenty in first third. checking acquired The XX:XX twenty. the potential Rio of whole those hectares selling farm

would and sale, company hundred in thousand and higher like reais, nine part. will fifteen seven We hundred we per sixty hundred twenty different hectors the hector we this initially, a six, and XX:XX And quarter do do five record has moments. a we important second the hectares, and sale other volume, result We hectares? of the hundred about hectors. during selling we Meio sale most past will will the hector. hundred sold a XX:XX this thousand two accounting and one seven ten thousand the farm we million recorded Taquari sale worth of thousand deliver do continue This our twelve two will has exploring. different hundred next on Sale recording, at of we're two It second This points recorded deliver, be the in five two hectares, The per will and of two What we posting. record for eighty with Alto sale be that fundamental in When and the will Rio acquired the you. the market told to also, hundred will sugarcane. we fifty and zero and thousand in and now mention both first thousand I six

until we and the We then and then, will record twenty will sale. the three, second the continue twenty part, of deliver will we harvest

two this we So, do say slide, accounting. XX:XX how please. I'd what our is Well, here, to Next like points.

areas to in estate. capacity of sale real operational of company the very company's a its the terms First, even efficient increase being

shows way growth we land, the efficient an percent and call corn investors your of the graph but about results to more winter like for after in have to our look crops. a basically, who twenty cultivated the if on, area crop planted of development two, land, crop. twenty land, follow year, way. types of prices. you capacity we talk year and Later increasing the from winter ten one XX:XX of to calculated operational attention, those of in are So, the a and side area comes area, corn, shows this of us safe leased more we of harvest in increase and will own I'd also, we the this The breakdown

So, twenty two in maintaining and and we a here, we will harvest. see have more beans. products an see optimistic Well, value, winter areas scenario for twenty XX:XX maintaining and that added twenty with we we twenty estimating for what Here more summary, grow production. also we're corn, one more have the

hundred three following. corn, the Winter an important thousand of to thousand increase intensifying Soybean tons. prices a leap, ninety from important six of and had hundred areas that planting we're are most because some the you corn seventy ten the

crop, here northeast. it seeing and we winter, XX:XX in have [indiscernible] we other So, example. continue corn. here areas corn We see year see in crop. and can for corn, by And And some here also the winter overlap in of an the the we numbers. drought had We

three crop XX:XX to show, we growth thermometer, when very or graph is So, hundred refer in the to slide, Well, two Paula on not refers below. a the production, new has eight prepared this. is When maintenance to after a first the we a does year normal last this but an it results. year, good ninety this look recovery our from Ana increase, eighty went thousand look seven tons, total call. winter to of It's we It area.

Friday. is graph numbers you ideal these for the of We'd This that window like the Here, remind the from are represents below planting. a company. picture to

see here can the So, we also amount point. another planted,

Northeast. into Mato We from also Part Soybean have that is Grosso. of different window there, operations Mato in plant is is It Hence we Grosso. are [indiscernible]. with a XX:XX the results the seeing from

one and see results cotton, soybean, here the and in twenty your We the cattle So, see can we two. raising. year can we twenty corn, one, in and cattle here twenty and heads, twenty also will harvest can We beans two pasture ADG. see twenty twenty harvest twenty continue

the we evolution Well, like I we a number. in [indiscernible]. please. here, in we say Next see great results XX:XX some of beans, So, the have, that sugarcane. already would to have

here tons. see production hectares the the than of area the in harvest and thousands tons for sugarcane and of number can You of number the

estimates, sugarcane. Sugarcane drought. not the the XX:XX was affected the difference Here the for and see we actual numbers by between

the much smaller. is through We [indiscernible]. the agreement irrigation our risk irrigated, with in of Midwest, case it And have the is but not

with So, hundred looked five Brazil we at Sugarcane, company when ninety, which and we XX:XX now see The had thousand hundred the eighty and drought. twenty we five have BrasilAgro and the almost a of and end hundred and harvest at tons. is, five

see we sales. a here estate from of results, real lot bringing of results generation So, the

this, maybe of comes generated a had Had a cattle. of all the thirty, closed results, to the had units and business strategy generating have big did we a spectacular results re-inventory. now. when year. from we do the on – part XX:XX when We in be we last in churn is twenty had this So, from of price aggressive decrease we what June you. more inventory GMD, time a and during volume we an sales, twenty level of The in So, a maximize our to low highest spectacular history, good to a apart We here? this lower prices,

now, the to operational pressure and the we very – lot inventory, raising hundred company we're with pasture that in company please. company the slide is here, hector. grams again, an shows slide, results excellent seventy. less to producer we're capture is and I'd the a the other, that at This the land Next of like like the with gained five last for of done last similar XX:XX So, what GMD the had And expect in talking what cattle estimating stress zero resilience capacity, a with GMD to this this. excellent we techniques. with as here beef being to of closing harvest. I'd the good always move crops. the We're and good places and good sugarcane, contribution the prices, what also margin current company's Here, XX:XX is producer with repeat the mark Well, double about

obligation production contribution ninety So, of is this every corn of a amount and margin, can a always sold depending of sale we're we date. contribution have the difference price margins, Most good and costs of make sale, see the XX:XX progress to We on time have six looking on corn we winter between price of a crop. the the moral sixty six. at at

prices the a Midwest. So in between here, Northeast, corn we into then have mix of

the in also next making have XX:XX of now progress bottom, we we year, mix, and reais last soybean. with We're see the sixty same we fifty percent At look this seven soybeans. So, reais. harvest. fifty When with in the comparison

relation will than reais seven sales revenues higher an per cotton. dollar, is even in to the an eight will back. we and have terms this rates. talk numbers, in relation and and increase what prices year. result price at operations we have I'd see Gustavo figures, The Next hundred actually we can we from the reais three at the five price percent a when help this you Here of point intensified see slide? are also main exchange important because when it year per future to pass XX:XX of at with last where in harvest for dollar. important progress, at an Well, see, harvest, this look to will the sixty the with the sixty previous previous we look had This fifty to be We and last little cotton Closing for floor the a point due eight one can had of one than robust five here, about reais, we the hundred us more that line we margin grains. the to year and higher reais. XX:XX we a previous, like the area harvest progress, with to cotton, then was When in the fifty we

Gustavo Lopez

Good XX:XX afternoon. main here we're the of Thank you, Well, numbers quarter. Andre. showing the

sale leveraging the continue XX:XX should eighty include will and at in two the and see Last XX:XX quarter, net reais. increases adjusted – three and it's this hundred here sugarcane, important year, percent these We hundred reais, profit this price the leveraged mentioned shows come derivatives So, as When what to previous pharma, a we We as until expecting revenue reais. and hundred improving increase had to the in and quarter three that year price important year, during here, forty mentioned, the corn, thirty net increase see or the year that a here what the we're we performance year, is second the million the million last Rio million is expectation last results. company. see here of soybean, and our mention stress. XX:XX especially of almost in see can one million page, that will tons next from harvested do and record Andre the we is year. the in of On an results EBITDA in and highlights for and one ninety our results. zero sugarcane and for Ana next seven to look EBITDA, we operational sugarcane Farm Meio all we we percent And sale It's next is As of Andre adjusted and this ninety this of to three parts mentioned. page. and continue we expect above

had price almost which of reais the sixty sugarcane, we eight see we doubled. per year, kilogram. Last Here,

farms four selling the the report percent, of September that increase stable, is we're XX, strong. to point we a you an soybean will and here ninety we of higher the we're four sale receivable and to before. thirty reais, than selling long-term see and that can corn. ninety the reais. the company's percent and including with collected five last the in We one hundred here hundred an accounts the had to two, percent, terms expecting the we we five, We Now, of due It's to expectation see June of the this EBITDA case five property Reminding is it use important the and cash and premium that contract the on thirty receivables there recently. the here thirtieth. prices, we're we're we XX:XX And also than price weight we it's and investment, soybean of a more assets, the hundred that cash year impact farms, numbers, also, sugarcane long-term close million of we we here reminding reais, relation a of On million São So, reinforced, that to on June three in total we continue of and six, The and one the José. thirty, year-end be of sugarcane market similar see hundred inventory twenty in very corn of percent soybean provoke short-term, at will have say see six from will in will farms, but and lower see thirty because of XX:XX inventory cotton, hundred page, company's short-term, hundred increase. next next in sugarcane much Five here in three hundred total twenty hundred thirty billion six XX:XX that forty with five the significant an for a million see in June million harvest and case the the reais, will in with page. twenty record quarter. percent we short-term higher, two companies next be Well, of indebtedness details debt, that on sold reais,

we to in Here, and working we expect with to gross have one areas Transformation land see that's it's we that objective operation. we for a million we adjusted some net especially need to net in two and past what we forty is gross or of three to the make as that company's the in gross we purchasing we bank we in to are negative million, debts, debt debt, renew and farms. company's investments, debt, you So, at this, we but cash, careful that had XX:XX will years of the company's levels. reais, consider know, have maintain to we volatility, hundred trying but these the longer debt very When debts. times gross five during plant we're be instruments have reasonable the the the numbers, company's which these debt hundred mentioned

like that cost the we'd eight On consider assembly next future tomorrow, general a approved we and curves dividend the of dividends, pay in and although a dividend policy, the interest page? after have XX:XX to percent, is, five the have Here, here will two say don't on sixty the of yield we that is if objective November clear I'd million Here reais we hundred have five tenth to percent. tomorrow, after like we rates. to this stress five of three point the tenth, the company payment point the

have reais. million will what XX:XX goal. the three asset will On two point is next this net we So, page, as value, we see

The of numbers point Here, three internal value these this said, property of had with reflect cost. reais. than the billion evaluation. numbers; evaluation, that an are These Deloitte’s the lower of the is company Deloitte cost. the four the

we'd net billion We four the that of seventy to upside our and once to evolution On we November five, an of forty potential number the our again, in see next the evaluation. you we also forty reais, per XX:XX consider fourth. two share invest four the see reais market. with about five three, share. company. So, point We talk our two the company point continue seventy always point four AGROX the page, value point like on XX:XX last of the And shares, and for great stock to invite slide,

the performance of the company. show Here we

results. the So, this is for booming agro company the too is market business positive with and

will session. thank excellent you So, we We for on for Q our we and the is participating, company go to A now to opportunity believe that investments. XX:XX and

Ana Ribeiro

This difference [indiscernible]. is and the shares? of What Carlos XX:XX first question between price [Operator NAV Instructions]

Andre Guillaumon

eight Sixty percent. XX:XX

Ana Ribeiro

Do to see opportunities you shares? XX:XX back buy

Andre Guillaumon

Carlos, XX:XX course. of

believe to make the approve since and the if one will we one we to to to property as remind we the thirty of this the point are worked monitor this the have traded company's the company. that have yes, important council before increase evaluation point an XX:XX shareholder worth follow today. a we through million We two of every on, but sense, you of to when company, the four were float billion like the three day. the traded consider and we billion. follow have pre twenty portfolio five on, free We being it million will we increase We I'd of gap, the and know council five base

where launch cheapest market but not in that market opportunities are now high shares might the the maybe value there new program, a we're show that having to with are we such the So, are Brazilian to if see the looking back the to buy shares. we farms the volumes, of to

Ana Ribeiro

XX:XX that we're dividends, will how of pay farms, of Also, resources the Will we sale Carlos, with be resources? use these sale it raising to the the used farms?

Andre Guillaumon

XX:XX of the farms. good the important to in stress question. a It's company sale Carlos,

We a the of producer. lower have cost capital than

So, we finance can transaction. the

have we we're with purchases, in makes of capital because cash So, more cost that a aggressive sense. purchases

So, in two thirty recorded in We do It it's of approximately Rio stress. to should and so during two two point this were transaction, Meio other, I also that first, the two twenty instances. made also be a will like the I'd one five this the nine sold in million six, sale year, installments. be sales transactions, important million five the year hundred was five, should with remainder, would only point in revenue but ninety it point twenty record of say recorded is the times. the to two duration during four to Taquari and These three into XX:XX stress point two in you made these from

results Carlos. showed with better from will with prices, estate Gustavo us buy showing payments [I we we [ph], Last So, the higher had This sell installments. few real we last of results, in how cash rate down of Q different year year, give XX:XX us, we're very and in one sales the results. and result. a company's joke]

should so we opportunities robust will we in year. buy will With dividends and will farms the shareholders. have company will be an our be even – opportunities to Carlos. So, you, we But good opportunities, aggressive see. again in we have will limited due we without result more the or to distributing be last results good all aggressive in Thank – once

Ana Ribeiro

the had a the shares. previous of also question, Damian We XX:XX line question with concerning buyback from in

went He we the and already [indiscernible] fertilizer last I up month. for answered, So, the have results, believe many during to Credit congratulations now concerns the price says relation in Suisse. of that

in have fertilizer of So, do harvest? for delays you delivery this the

Andre Guillaumon

not to saw. [Shingo] XX:XX went we Oh, there. pity was back I large lively, happy It's were is Saturday. on this areas in [ph] were I week. with of very a came We that what region. the visit we it We

to to of industry also following happening. are born from had or new important gas, me. operations XX:XX with at I We but your Nitrogen, Nitrogen things to left. produce come and inviting The believe nitrogen, XX:XX phosphate produce based we us go to for material I you Urea. natural life. we to raw How always areas for results. is from to you did Shingo, is the also So, with natural and to gas, – Urea phosphate it's gas. the or natural for have it And So, you this said fertilizer you most look see ammonia going went of acquisitions with fertilizer. price We’re question, not the very back go are this.

in in Because Northern are six the now at six of next we believe the a of price months? world, in hemisphere. the don't due So, to fertilizers greater being frank, months. the drop in gas winter natural time for consumption the we Why

January, have XX:XX December, gas year. consumption have This a homes. for of in So, competitor. happens we highest always the heating we natural So, every

have now gas. for high very natural and prices we So,

up hundred percent went months. in the You the of six natural gas, two eight of the the last too, can in see prices, price natural price but Europe gas

has terms phosphate concern to know have fertilizer global will raw it's level in that a direct which producing, a I industry great The potassium XX:XX has materials. And nitrogen, many this this this effect. in see of with producing. So, gas, way. begin on fundamental industry will plants we plants begin

see the an second bots. impact we important be XX:XX important the terms impact, of Victor, all crop, one, we for same second the projecting way crop. for numbers, it for in our impact in will Brazil winter crop, this we’re the there For previous BrasilAgro, an have fertilizer the the an So,

a at of previous when we in the year, see they future in price price we look very about It's sales XX:XX We're expecting the crop but The the market, is for the chemical. So, what question increases in with positive this it on in also have from we're last fertilizer, great go currency. now to will the depending for prices, but fifteen up. happen at dollars, on. looking of margins us. important will percent talking the increases to agro chemicals U.S. percent ten with harvest, We're

– increase prices a be – in price of of based in for have the many in There consequences is chemicals, natural are it's So, gas. the careful. to increase the on fertilizer we

say, So, making believe when two are chemicals, and this is I something We're nothing for monitoring. the fertilizer, is we twenty there monitoring to this always we Victor yet, yes. as decisions, that Harvest twenty agro already we're do, but three,

our We the we said I for December problems. was for properties. in already said fertilizer. a is All logistics, fertilizer lack that already there this much fertilizer Winter have bought delivery already, crop, fertilizers planted looking and No is until for the now. buy, no us, partner Gustavo we of until strategy. week, pressure terms now, to in no they and Why, nitrogen our October why winter no, In problems here? crop. XX:XX winter was have it, but to so of from put phosphate. for most crop. this, the we is We're fertilizer receiving this I of reminded

Ana Ribeiro

[indiscernible]. with in XX:XX line question. Well, Victor’s

important for will cost Do now or for two comment next? the you show believe favorable. we you know twenty this Please company's crops. profitability concerning, year commodities price the the risk on As harvest will increases twenty in and cost expect of a be of the estimates impact production, the the this there main one, for how is this

Andre Guillaumon

questions. has Andre already these believe I XX:XX answered

Ana Ribeiro

question, [indiscernible] the next Investments. And XX:XX

First, about twenty he you fertilizer Andre fertilizer. the I the vision three, crop has and I the you future Thank from answered Leonardo. for concerning fertilizer? says results. the bought market? believe fertilizer you corn. harvest two, What congratulations have questions is for have already twenty winter How have you. the the your for these believe for all bought the soybean

Andre Guillaumon

the say, is it. that And XX:XX question, this like this in I believe I'd next question, to

We concerns. have two

April, We have begins nitrogen in harvest sugarcane with fertilizer. May that the

we base industry, base Our especially now believe is drop it, natural The the natural We gas, season perspective the raw as hemisphere. after way said, in the the in XX:XX gas. material cold see we don't northern a in with gas we expect with more semester the in second winter phosphate. the next the Northern hemisphere the of price natural the available year in at a twenty end fertilizers, two, of especially of beginning semester first drop twenty can and nitrogen

Ana Ribeiro

in the the for The tell us various results. rainfall about farms? question, Congratulations more you [indiscernible]. next XX:XX Could

Andre Guillaumon

question. thank behavior It's to you. would [Indiscernible] great year. is much I better talk say following. the This to the you the for a last than pleasure XX:XX year,

market Mato us we see, had who, Last the not company, the lot can only problems the you planting. is year, of follow Grosso. of state I said, as information. You the Mato all Grosso finishing a but

me with season, a the little is in has rainfall. complexity news planting is began a And well happening. about about the Maputo, good it's good During good region the Mato talking good window, you also or one a Rainfall, The earlier. even a present climate other of is that no XX:XX because the Grosso lot distribution. not replanting this companies, in in in in company year heard talking the

historically, we We regions. have a in planted soybean things of are know these lot two, that that's [indiscernible], by year

October. rainfall in and We in Maputo have year in November, already this

we when of it. is talk So, terms This Brazil, the in about situation.

we in positive. average Paraguay, running, in distribution begin Areas always that XX:XX concern to the plant with When looking our year have to and had We in been we that Midwest, will reduced of about in we Brazil, long new south we Paraguay, a end so, Now, at in November, continue. where within the Paraguay. of in we have Paraguay. always climate we're have but us of concerned working We rainfall we talking for we things Maputo rainfall, the this is areas. year Brazil. know allows the the good the rain, Paraguay a we're a but the in good the time, rainfall have south and we are exposure long-term this is BrasilAgro, where XX:XX of good about coverage, did talk and

we're Argentina’s planting, respecting than soybean concerned way. representative fifteen and for of crop climate and Brazil and we're We climate. the is ago, days continue the a But normal. should in Bolivia, also, will our harvest Paraguay, also also with the The planting previous. began be concerned soybean. We with concerned more winter second In defensive the is for south XX:XX with

So, sugarcane, bit rainfall average. well. we're had In is is nutshell. May within there popular we a XX:XX the lot very company little normal in so beginning rainfall in Bolivia, we but of April, Bolivia and a doing is the of have a stress, now, The in

Paraguay. and Midwest with have with year the in Paraguay of the of is good Brazil. The concern exception and a the of South All forecast south and and the Brazil, we for regions upwards these

Ana Ribeiro

twenty the XX:XX [ph]. next twenty for anticipate Well, charge question government to intend twenty the mind, income dividends dividends, you do Bearing from the tax? one, to [Walter] in twenty taxes comes on two, intends

Andre Guillaumon

government. XX:XX looking we're the but We no at from reforms forecast, have the

tax looking This government prepared we for being to prepared. reform happens, company as of received tax If for is dividends The investors. the profitability wants actually of company is if the this reduces saw a this lot at when taxation The prepared. the reform. the attention this do. We're prepared. We’re the

Ana Ribeiro

spent twenty XX:XX much [ph]. is twenty Concerning twenty fertilizers [Adrian Well, for And comes twenty chemicals, how the in one? two? was from and what the next cost question Pattinson]

Andre Guillaumon

talk at percentages help numbers. XX:XX about can the we Well, me product. here Gustavo, looking without with each

Andre Guillaumon

year, XX:XX with this the Last thousand uses ones XX:XX have corn. with Now, last a thousand two uses thousand hundred. more three thousand in highest increases. different fertilizer. farms, the it. These suffers three four cost. year, eight depending These of two hundred. price thousand two eight fertilizer to Four also are have reais. we has corn, content of the there to but three In So, where thousand And you were XX:XX Corn, cost two hundred case the me it it hundred differences, eight regions more six is regions. thousand hundred It nitrogen. hundred year, production This that had twice. are, higher soybean, a help on

to we in had two, no, relation U.S. Now, agro dollars. one, twenty in the no twenty we differences in twenty twenty expressive had chemicals, harvest

twenty twenty an of estimating issue fourteen freight three. that to to molecules We This points. due rate. containers, This this agro in we're is the planting have I mentioned the and talking restrictions, the increase, price in The chemical problems now. three, containers so twenty this finished had twenty increase harvest fifteen two, of that When is Brazil. came ten containers in forecast are twenty the and two, not hundred lack for a environmental chemicals We're for Natural that harvest many previously about America harvest, dollars. see, imported gas, lack twenty that dollars. ocean increases high in of exchange twenty the we from next for twenty containers with percent that XX:XX China a we're you to ocean freight products of know possible

twenty thousand dollars. eighteen, Now,

their have So, will for I'm important that sure increases. we begin us. industry to raise prices

Gustavo Lopez

twenty roughly percent had in approximately we in XX:XX twenty As percent one, fifteen increase Andre twenty the harvest and an and soybean corn. twenty percent twenty agree thirty in to mentioned,

we an why? dollar. to Because five the increase, advance, also, also next, was to five reais the twenty around three, currency a made payments buy twenty For per when soybean U.S. able percent we

we XX:XX have percent relation year. we decision? of buy increase making to expecting Why Last anticipated expectation last thirty had year, five, Shingo selling are crop. reais an five Today, we’re seventy we this We're bag. in an We an reais sixty of thirty to in the Now, in per bag. more around time sales, per this sixty took way, winter and six in.

increase the price of are of terms or the better So, they of fertilizer. margins, in similar than even

Ana Ribeiro

rise? XX:XX in sugarcane, to the relation from for price concerning Also, question [indiscernible] costs, of greater, a inputs production

Andre Guillaumon

XX:XX answer I [indiscernible]. will this

to sugarcane,. year, began leasing year, last the So, cost this we include of in

but the percent. around I the thirty on, a thirty you approximately, purchased the very sugarcane, to is not considered of the crops, leasing year, farms. thousand increase of to due other more If last effect, reais details, can rental production percent, the Later price similar this the you give weather was few which in

Ana Ribeiro

XX:XX The the The next done hedge is margin? hundred a at company hedging a have contribution question for [indiscernible]. Does policy hedge or you costs percent?

Andre Guillaumon

the XX:XX always total a revenue. the contribution revenue [Indiscernible] [indiscernible] the monitoring We're name. and products, monitor of same I answering and margin, cost you. I colleague hedging. had the a We in colleague we had in the had do [indiscernible],

the soybean that budget, to? is So, case the not expectation receivables when and volume for also expected farms, fifty in is of to of from So, cotton, We relation farms of XX:XX fifty percent the it's cotton of fifty the important have the showed, corn, of of for soybean, total percent in hedging six, that also number projected. almost are volume is company volume is from the in expected our which in important volume the productivity. It's soybeans. cost. best seven total us the we produced What receivables bags the

So, that in sold. us of all year, The be P&L on receivables that producer become part based soybean mature pay to soybean. they the of can the

the is of our the from consider perspectives by receivables done of analysis we year So, And quarter XX:XX on in analysis based also derivatives. receivables. farms every future Gustavo of this

be can of and as of question, of percent time So, we the the eighty percent a estimates the when that plan. result able number at sell harvest we harvest, the look we sale monitor, the evolution eighty get up that to we production, and of answering to percent. crop, of to saw point your fifty Then will at foresees we the of see the you

in policy. we're very So, strict this following

Ana Ribeiro

from a XX:XX great [Indiscernible] had graduated Thank [indiscernible]. [indiscernible]. he that I you. said is friend with me who

growth these and will concerning There of have question that the questions the of land. believe the in company [indiscernible], we Some on new of price price land, then the does for we're acquisition higher price continue areas, Questions of think of What seeing land? [indiscernible]. that. the a is of almost from the prices in sales? terms a markets Do new you of percent land, hundred

Andre Guillaumon

XX:XX Well, [indiscernible].

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Ana Ribeiro

has Thank XX:XX for answered. purchase of Question you, I believe Andre. [indiscernible] land, Andre

relation we at have in How you a the [indiscernible] from two due for continue He will they concerning questions sugarcane see this to question at to in of should harvest, for sugarcane. scenario? decarbonization? Do and you levels? high whether Wayne Now, relation [indiscernible] ethanol the sugarcane continue to prices believe that do levels John And wants next current sugarcane. guidance

Andre Guillaumon

two Well, I'd excellent all spend to afternoon. XX:XX questions. like

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Ana Ribeiro

COPXX ending deforestation of XX:XX a affect company? this summit the Well, Gordon] will thirty. agreement our [indiscernible] question for Brazil the in last deforestation signed next an by treaty, twenty comes [Anthony from How year, as announced

Andre Guillaumon

twenty deforestation pleasure Anthony, XX:XX they to in In what afternoon. it's great illegal deforestation to talking Brazil, a to what illegal This words, zero signed our good believe deforestation. other is We're thirty. understand what illegal obligation, about XX:XX believe signed. talk It's deforestation, to proposed. by they zero I Brazil. you. I is important Brazil

Okay.

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Ana Ribeiro

XX:XX Thank [indiscernible]. about will help? talk can you, technology tomorrow. you can Concerning, We here projects in the Andre. until stay Question for How XG the field?

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Andre Guillaumon

XX:XX question. Victor excellent

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Ana Ribeiro

question in next I'm ESG governance. The of XX:XX [indiscernible], policies measurement social Brazil, the environment, and concerning

Andre Guillaumon

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Ana Ribeiro

we XX:XX again, see close. next we'd will and in participating the again you Gustavo, to you. like Andre, Thank you Well, quarter. thank for Once

Andre Guillaumon

are coming the questions who will who our Once are you. the focused doing We XX:XX on good intelligent the to resilient questions. many the model. team, with questions, committed you Thank of again, a results business of continue investors team, work XX:XX afternoon. the had good for We Thank greatest Gustavo. investors, wish the team your you Thank company good we us of number you, people questions, Ana. delivering has Thank you count Thank with committed very with results on participants this which you, the way results. our showing of been with attention. continue,