Adecoagro SA (AGRO) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's Second Quarter 2023 Results Conference Call.

早上好，女士們先生們，感謝您的等待。此時，我們歡迎大家參加 Adecoagro 2023 年第二季度業績電話會議。

Today with us, we have Mr. Mariano Bosch, CEO; Mr. Emilio Gnecco, CFO; Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP; and Ms. Vitoria Cabello, Investor Relations Officer.

今天與我們在一起的有首席執行官馬里亞諾·博世 (Mariano Bosch) 先生； Emilio Gnecco 先生，首席財務官； Renato Junqueira Pereira 先生，糖業、乙醇和能源副總裁；以及投資者關係官 Vitoria Cabello 女士。

We would like to inform you that this event is being recorded.

我們謹通知您，該事件正在被記錄。

(Operator Instructions)

（操作員說明）

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.

在繼續之前，我要指出的是，前瞻性陳述基於 Adecoagro 管理層的信念和假設以及公司目前掌握的信息。它們涉及風險、不確定性和假設，因為它們與未來事件相關，因此取決於未來可能發生或不發生的情況。投資者應了解，總體經濟狀況、行業狀況和其他經營因素也可能影響 Adecoagro 的未來業績，並可能導致結果與此類前瞻性聲明中表達的結果存在重大差異。

Now I'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

現在我將會議交給首席執行官馬里亞諾·博世先生。博世先生，您可以開始會議了。

Good morning, and thank you for joining Adecoagro's 2023 Second Quarter Results Conference. As you may have seen in the report, we are presenting very good results despite the extreme drought that impacted some of our operations. Our adjusted EBITDA was 15% higher compared to last year. It is in times like this, when we can clearly show and monetize the benefits of being diversified and focused on achieving efficiencies in our whole value chain.

早上好，感謝您參加 Adecoagro 2023 年第二季度業績會議。正如您可能在報告中看到的那樣，儘管極端乾旱影響了我們的一些業務，但我們仍取得了非常好的業績。與去年相比，我們調整後的 EBITDA 增長了 15%。在這樣的時代，我們可以清楚地展示多元化的好處並將其貨幣化，並專注於提高整個價值鏈的效率。

We are very excited about how our Sugar, Ethanol and Energy business is performing. The development of our sugarcane plantation is really good, and we expect to increase crushing volumes by 15% compared to 2022. We have a large flexibility to shift production, and we are using it to maximize sugar production. We have about 25% of this year's sugar production and almost all of our next year's still are hedged and very well positioned to continue to capture solid prices.

我們對糖、乙醇和能源業務的表現感到非常興奮。我們的甘蔗種植園的發展非常好，我們預計壓榨量比 2022 年增加 15%。我們有很大的靈活性來轉移生產，我們正在利用它來最大限度地提高糖產量。我們今年的食糖產量約佔 25%，幾乎所有明年的糖產量都進行了對沖，並且處於非常有利的位置，可以繼續獲得穩定的價格。

30% of our expected annual ethanol production is stored in our tanks to be sold in the following quarters. This decision to carry forward ethanol is already proving to be a good one, as prices are expected to increase following the increase in gasoline prices and the Otto Cycle growth. The reason why our sugarcane plantation is in great shape, is because of our focus on achieving efficiencies. As I mentioned before, throughout the past years, we have put a special focus on our farming activities.

我們預計每年乙醇產量的 30% 儲存在我們的儲罐中，以便在接下來的幾個季度出售。事實證明，繼續推進乙醇的這一決定是一個好的決定，因為隨著汽油價格的上漲和奧托循環的增長，預計價格也會上漲。我們的甘蔗種植園之所以狀況良好，是因為我們注重提高效率。正如我之前提到的，在過去的幾年裡，我們特別關注我們的農業活動。

As a result, we are reaching incredible levels of TRS content per hectare. For example, we implemented Muda Pre Brotada or pre-sprouted seedling through the multiplication of meristem which is technology only used by us. This enables us to really reproduce cane varieties that are better adapted to our region at a much faster pace and replace the older varieties. We even built a factory that now produces 26 million (inaudible) every year. We are using two-line harvester, which not only reduces diesel consumption per ton, but also soil compaction, leading to better yields of sugarcane.

因此，我們每公頃的 TRS 含量達到了令人難以置信的水平。例如，我們通過分生組織增殖實現了Muda Pre Brotada或預發芽苗，這是我們獨有的技術。這使我們能夠以更快的速度真正繁殖出更適合我們地區的甘蔗品種，並取代舊品種。我們甚至建立了一家工廠，現在每年生產 2600 萬件（聽不清）。我們使用兩行收割機，不僅減少了噸柴油消耗，而且還壓實了土壤，從而提高了甘蔗的產量。

We use biological pesticides to control plates. We use drones and artificial intelligence to monitor our plantation and apply heritage only in the areas with infestation among many other examples. These innovations are good not only for our productivity levels, but also reduce our cost per ton and improve our carbon footprint. Another good example of this is our production of biomethane, which we are already using to power more than 130 vehicles replacing diesel consumption. We are very happy with the region where we are located with our sugarcane plantation and our needs, the work that we did and the potential that we still have ahead.

我們使用生物農藥來控制板材。我們使用無人機和人工智能來監控我們的種植園，並僅在遭受蟲害的地區應用遺產。這些創新不僅有利於我們的生產力水平，而且還降低了我們的每噸成本並改善了我們的碳足跡。另一個很好的例子是我們生產的生物甲烷，我們已經用它來為 130 多輛汽車提供動力，以替代柴油消耗。我們對我們所在地區的甘蔗種植園、我們的需求、我們所做的工作以及我們未來仍有的潛力感到非常滿意。

Now let's move into our Farming business in Argentina and Uruguay. In our Crops business, as we mentioned in the past releases, we experienced an unprecedented drought. Our results in this segment are a reflection of this. Now we are focused on the '23, '24 campaign, where we are starting fresh with no long-term impact in our earning potential from the drought.

現在讓我們進入阿根廷和烏拉圭的農業業務。正如我們在過去的新聞稿中提到的，在我們的農作物業務中，我們經歷了前所未有的干旱。我們在這一部分的結果反映了這一點。現在，我們的重點是“23”、“24”活動，我們將重新開始，乾旱不會對我們的收入潛力產生長期影響。

We have already started planting activities, and we have good expectations for the new crops with the favorable El Nino forecast. In our daily business, last year, we finished populating our four free-stalls. Productivity per cow came marginally down as we navigated the challenges of operating at full capacity. This year, productivity is at record levels, reaching almost 38 liters per cow per day on average.

我們已經開始了播種活動，隨著厄爾尼諾現象的預報，我們對新作物抱有良好的期望。在我們的日常業務中，去年我們完成了四個免費攤位的填充。當我們應對滿負荷運營的挑戰時，每頭奶牛的生產率略有下降。今年，生產力達到創紀錄的水平，平均每頭牛每天產奶量接近 38 升。

In terms of prices, there is a mixed performance, but we have the flexibility to adapt to the context. In the case of our rice business, the decision we made last year to set a foot in Uruguay by acquiring four rice mills strategically located is already paying off. In Argentina, even after the dry year, we managed to do very well. We own and operate one of the largest fully integrated rice operations in the world under a sustainable production model where we develop our own seed genetics and produce varieties customized to our clients' needs.

在價格方面，表現參差不齊，但我們有適應環境的靈活性。就我們的大米業務而言，我們去年做出的通過收購戰略位置上的四家大米廠進軍烏拉圭的決定已經得到了回報。在阿根廷，即使經歷了乾旱的一年，我們仍然做得很好。我們在可持續生產模式下擁有並經營世界上最大的完全一體化水稻業務之一，我們開發自己的種子遺傳學並生產根據客戶需求定制的品種。

We are building trusting relationships with clients all over the world and consolidating as a leader of this market, offering high-quality rice and full production traceability coming from Uruguay and Argentina. Now we have a huge opportunity in front of us. There is a lack of water in many rice producing countries of the world, and they are cutting their rice exports. This means that there will be a very clear need for South American rice.

我們正在與世界各地的客戶建立信任關係，並鞏固作為該市場領導者的地位，提供來自烏拉圭和阿根廷的優質大米和完整的生產可追溯性。現在我們面前有一個巨大的機會。世界上許多稻米生產國缺水，他們正在削減稻米出口。這意味著對南美大米的需求非常明顯。

Having operations in Argentina and Uruguay, we are uniquely positioned to benefit from this. Another thing we are very enthusiastic about is the work we are doing in the ESG front. We have been working on emphasizing the sustainability profile of our production model and monetizing them. The sale of carbon credits in Brazil is the most obvious example. But we also have several certifications for our products and processes and clients willing to pay a premium for them.

我們在阿根廷和烏拉圭設有業務，因此具有獨特的優勢，可以從中受益。我們非常熱衷的另一件事是我們在 ESG 方面所做的工作。我們一直致力於強調我們生產模式的可持續性並使其貨幣化。巴西的碳信用額銷售是最明顯的例子。但我們的產品和流程也獲得了多項認證，客戶願意為此支付溢價。

Sustainability is part of our DNA. Every day, we work to develop sustainable production models in the interior of the countries where we operate. In our integrated ESG report, we show with great details how we do this. I invite all of you who are interested to read it. We have a very positive outlook ahead. Also, we are compliant with our distribution policy. We recently distributed dividends and we continue repurchasing shares, always maintaining our debt below 2x EBITDA.

可持續發展是我們 DNA 的一部分。我們每天都致力於在業務所在國家的內陸地區開發可持續生產模式。在我們的綜合 ESG 報告中，我們詳細展示了我們如何做到這一點。我邀請所有有興趣的人來閱讀它。我們對未來的前景非常樂觀。此外，我們遵守我們的分銷政策。我們最近分配了股息，並繼續回購股票，始終將我們的債務維持在 2 倍 EBITDA 以下。

To conclude, I want to thank our teams. This year started off with many challenges, but with your hard work and commitment to efficiency, we now have a very positive outlook ahead of us. I feel confident that we will continue to generate good returns and value to our shareholders.

最後，我要感謝我們的團隊。今年一開始就面臨著許多挑戰，但通過你們的辛勤工作和對效率的承諾，我們現在面臨著非常積極的前景。我相信我們將繼續為股東創造良好的回報和價值。

Now I will let Emilio walk you through the numbers of the quarter.

現在我將讓埃米利奧向您介紹本季度的數據。

Thank you, Mariano. Good morning, everyone. Let's start on Page 4 with a summary of our consolidated financial results. Gross sales totaled $407 million during the second quarter, making a 6% year-over-year increase while on an accumulated basis, it reached $654 million, 11% higher than the previous year. This was mostly explained by our commercial decision to favor sugar production and execute sales at solid prices, coupled with higher average selling prices in our rice division. Consequently, adjusted EBITDA expanded to $136 million during the quarter, whereas year-to-date, it stood at $226 million. 15% and 10% higher than its respective previous periods.

謝謝你，馬里亞諾。大家，早安。讓我們從第四頁開始總結我們的合併財務業績。第二季度總銷售額達4.07億美元，同比增長6%，累計銷售額達6.54億美元，比上年增長11%。這主要是由於我們有利於糖生產並以穩定價格進行銷售的商業決定，加上我們大米部門平均售價較高。因此，本季度調整後 EBITDA 擴大至 1.36 億美元，而年初至今為 2.26 億美元。分別比前期高15%和10%。

Please turn to Slide 5 for our broader view of our consolidated financial figures. As you can see on the bottom right chart, crushing volumes in our Sugar, Ethanol and Energy business were up 42% on a year-to-date basis on account of greater sugarcane availability and solid productivity indicators. On the other hand, total production in our farming division reported a 27% year-over-year reduction, mostly explained by crops due to the effects of an unprecedented drought in Argentina, which impacted area and volume produced.

請參閱幻燈片 5，了解我們對合併財務數據的更廣泛看法。正如右下圖所示，由於甘蔗供應量增加和生產力指標穩定，我們的糖、乙醇和能源業務的壓榨量今年迄今增長了 42%。另一方面，我們農業部門的總產量同比下降了 27%，主要原因是阿根廷前所未有的干旱影響了農作物的種植面積和產量。

Let's move ahead to Slide 7. With the operational performance of our Sugar, Ethanol and Energy business. Crushing volume amounted to 3.6 million tons during the second quarter, making a 9% increase versus the prior year. This was mostly driven by solid productivity indicators enhanced by good precipitations registered during the first 6 months of the year. Thus, agricultural productivity indicators such as yields presented a year-over-year improvement from 60 to 78 tons per hectare in the quarter, while TRS content increased from 119 to 126 kilograms per ton.

讓我們繼續看幻燈片 7。我們的糖、乙醇和能源業務的運營績效。第二季度破碎量達360萬噸，同比增長9%。這主要是由於今年前 6 個月的良好降水增強了可靠的生產力指標。因此，本季度產量等農業生產力指標同比從每公頃 60 噸提高到 78 噸，TRS 含量從每噸 119 公斤增加到 126 公斤。

In terms of mix, we diverted as much as 48% of our TRS to sugar production in line with our strategy to maximize production of the product with the highest marginal contribution. Within our ethanol production, 70% was anhydrous and to further profit from the premium that this ethanol commanded, we dehydrated over 22,000 cubic meters of hydrous ethanol stored in our tanks. On a year-to-date basis, crushing volume reached 5.1 million tons, 42% higher year-over-year. This is explained by a significant improvement in yields and TRS content, as well to the greater sugarcane availability, which enabled us to resume our continuous harvest model during the first quarter of 2023.

在組合方面，我們將多達 48% 的 TRS 轉移到糖生產上，這符合我們最大限度地提高邊際貢獻的產品產量的戰略。在我們的乙醇生產中，70% 是無水的，為了進一步從這種乙醇的溢價中獲利，我們對儲存在罐中的超過 22,000 立方米的含水乙醇進行了脫水。年初至今，破碎量達到510萬噸，同比增長42%。這是因為產量和 TRS 含量顯著提高，以及甘蔗供應量增加，這使我們能夠在 2023 年第一季度恢復連續收穫模式。

As mentioned before, production mix stood at 48% sugar, in line with the quarter as shown in the bottom right chart, while we maximize sugar production throughout the first semester to profit from the rally in global sugar prices. The opposite was observed last year as ethanol prices reached record levels in Brazil. This proves the high degree of flexibility of our mills.

如前所述，糖產量結構為 48%，與右下圖所示的季度情況一致，同時我們在整個第一季度最大限度地提高糖產量，以從全球糖價上漲中獲利。去年情況恰恰相反，巴西乙醇價格達到創紀錄水平。這證明了我們工廠的高度靈活性。

Please turn to Slide 8, where we would like to describe our sales throughout the year. Net sales amounted to $179 million during the quarter and $274 million in the first semester, making a 9% and 18% increase compared to the previous year, respectively. In both cases, this was driven by higher sugar sales on higher production and prices which fully offset the year-over-year reduction in ethanol sales. As you can see on the top left chart, selling volumes of sugar amounted to 317,000 tons year-to-date. As our mix decision favored sugar production to capture the price premium over ethanol. Consequently, our average selling prices increased 9% during the first semester, and we benefited from an excellent sugar prices.

請參閱幻燈片 8，我們將在其中描述我們全年的銷售情況。本季度淨銷售額為 1.79 億美元，第一季度淨銷售額為 2.74 億美元，分別比上年增長 9% 和 18%。在這兩種情況下，這是由於產量和價格上漲導致糖銷量增加，完全抵消了乙醇銷量的同比下降。正如左上圖所示，今年迄今為止的糖銷量達到 317,000 噸。由於我們的混合決策有利於糖生產，以獲取相對於乙醇的價格溢價。因此，我們的平均售價在第一學期上漲了 9%，我們受益於良好的糖價。

In the case of ethanol, the decrease in volumes sold was driven by reduction in ethanol production, coupled with our commercial decision to increase our carryover stocks. The year-over-year comparison does not see fair during the second quarter of 2022, we took advantage of a market opportunity that ethanol offered and sold ethanol at very attractive prices. As explained in prior releases, last year, we sold most of our ethanol volumes at prices as high as $0.26 per pound of equivalent, taking advantage of a shortage in supply caused by the late start of harvesting activities in Brazil.

就乙醇而言，銷量下降是由於乙醇產量減少以及我們增加結轉庫存的商業決定所致。 2022 年第二季度的同比比較並不公平，我們利用了乙醇提供的市場機會，並以非常有吸引力的價格銷售乙醇。正如之前發布的信息中所解釋的，去年，我們利用巴西收穫活動較晚啟動造成的供應短缺，以每磅等值 0.26 美元的價格出售了大部分乙醇。

It is worth highlighting that this year, we also benefited from a peak in demand and sold 52% of our ethanol volume there, capturing 12% above the average price of the quarter. Within the 132,000 cubic meters of anhydrous ethanol sold year-to-date, 22,000 cubic meters were exported at an average price of $0.205 per pound equivalent out of which 16,000 cubic meters were conducted during the second quarter at an average price of $0.208 per pound. This is so since we have the necessary certifications and industry capacity to meet product specifications.

值得強調的是，今年我們還受益於需求高峰，在那裡銷售了 52% 的乙醇量，比本季度平均價格高出 12%。今年迄今為止銷售的 132,000 立方米無水乙醇中，有 22,000 立方米以每磅 0.205 美元的平均價格出口，其中第二季度出口了 16,000 立方米，平均價格為每磅 0.208 美元。之所以如此，是因為我們擁有滿足產品規格所需的認證和行業能力。

On an accumulated basis, energy selling volumes increased 13% compared to the prior year, even though its average selling price decreased by 10% due to lower energy spot prices. Regarding carbon credits, year-to-date, we sold over 250,000 CBios, 34% lower than the previous year at an average price of $18 per CBio. This is explained by the lower year-over-year production and sale of ethanol, which led to a lower amount of carbon credits issued.

累計能源銷量較上年增長 13%，但由於能源現貨價格下跌，平均售價下降 10%。關於碳信用額，今年迄今為止，我們已售出超過 250,000 個 CBio，比上年下降 34%，平均價格為每個 CBio 18 美元。這是因為乙醇產量和銷售量同比下降，導致發放的碳信用額減少。

Please go to Page 9, where we would like to present the financial performance of the Sugar, Ethanol and Energy business. Adjusted EBITDA amounted to $117 million and $194 million during the second quarter and the first half of the year, respectively. In both cases, the increase in adjusted EBITDA was driven by higher net sales as well as gains in the mark-to-market of our harvested gain on higher crushing volume. However, results were partially offset by a year-over-year loss reported in the mark-to-market of our commodity hedge position.

請轉至第 9 頁，我們將在此介紹糖、乙醇和能源業務的財務業績。第二季度和上半年調整後 EBITDA 分別為 1.17 億美元和 1.94 億美元。在這兩種情況下，調整後 EBITDA 的增長都是由更高的淨銷售額以及我們因破碎量增加而獲得的按市值計價的增長所推動的。然而，我們的商品對沖頭寸按市值計價的同比虧損部分抵消了業績。

Finally, to conclude with the Sugar, Ethanol and Energy business, please turn to Slide 10, where we would like to briefly talk about the current outlook for the rest of the year. Assuming weather going normal, we expect our crushing volume in 2023 to be approximately 15% higher than in 2022. As we have sufficient sugarcane availability to use our industrial capacity. This, in turn, will result in a reduction of unitary costs due to better dilution of fixed costs. From our commercial point of view, sugar prices continue to be supported by strong fundamentals and are trading on average about $0.24 per pound.

最後，結束糖、乙醇和能源業務，請參閱幻燈片 10，我們想在其中簡要討論今年剩餘時間的當前前景。假設天氣正常，我們預計 2023 年的壓榨量將比 2022 年增加約 15%。因為我們有足夠的甘蔗供應來利用我們的工業產能。反過來，由於固定成本的更好攤薄，這將導致單一成本的減少。從我們的商業角度來看，食糖價格繼續受到強勁基本面的支撐，平均交易價格約為每磅 0.24 美元。

We are in an excellent position to profit from this scenario as we have 25% of our expected 2023 sugar production unhedged. And for 2024, 90% of our sugar position remains open. In the case of ethanol, we are taking advantage of our storage capacity to carry over production into the following quarters to profit from higher expected prices. We believe that ethanol will continue to play an important role in the energy transition matrix, not only in Brazil, but globally, and we believe Adecoagro will make its contribution.

我們處於從這種情況中獲利的絕佳位置，因為我們預計 2023 年食糖產量中有 25% 未對沖。到 2024 年，我們 90% 的食糖頭寸仍保持開放狀態。就乙醇而言，我們正在利用我們的儲存能力將生產結轉到接下來的幾個季度，以便從更高的預期價格中獲利。我們相信，乙醇將繼續在能源轉型矩陣中發揮重要作用，不僅在巴西，而且在全球，我們相信 Adecoagro 將做出自己的貢獻。

Now we would like to move on to the Farming business. Please go to Slide 12. As of the beginning of August 2023, we harvested 96% of the total area and produce over 800,000 tons of agriculture produce. The remaining hectares are expected to be fully harvested during the rest of this month. As anticipated, yields for most of our summer crops presented a significant decline compared to the previous campaign due to record drought that Argentina and Uruguay experienced as a consequence of La Nina weather event. Nevertheless, there have been possibility of developments impacting the price of some of our products, which help us to partially mitigate the weak performance at the farm level.

現在我們想轉向農業業務。請看幻燈片12。截至2023年8月初，我們收穫了總面積的96%，生產了超過80萬噸農產品。剩餘公頃預計將在本月剩餘時間內完全收穫。正如預期的那樣，由於拉尼娜天氣事件導致阿根廷和烏拉圭經歷創紀錄的干旱，我們大部分夏季作物的產量與上一季相比顯著下降。儘管如此，事態發展可能會影響我們某些產品的價格，這有助於我們部分緩解農場層面的疲軟表現。

The Argentina government passed a resolution that allowed for the use of a preferential FX rate to convert the proceeds from sales of rice, soybean, corn, peanut and sunflower, which partially offset the decrease in yields. Also, in the case of rice, India, the world's largest rice quarter recently announced the ban of long-grain white rice exports to secure domestic supply. Thus, we expect to profit from this, thanks to our flexibility to sell into the export market and offer full product traceability.

阿根廷政府通過一項決議，允許使用優惠匯率兌換大米、大豆、玉米、花生和向日葵的銷售收入，部分抵消了單產下降的影響。此外，就大米而言，全球最大的大米生產國印度最近宣布禁止長粒白米出口，以確保國內供應。因此，由於我們能夠靈活地向出口市場銷售並提供完整的產品可追溯性，我們預計將從中獲利。

To conclude, we began planting activities for our next campaign starting with wheat and other winter crops. We expect a positive outlook for the upcoming season, especially since the weather forecast is shifting to moderate El Nino pattern, which should allow for an improvement in soil moisture and recovery of water levels in the reservoirs favoring the outlook for the '23, '24 harvest season.

最後，我們開始了下一個季節的種植活動，從小麥和其他冬季作物開始。我們預計即將到來的季節前景樂觀，特別是因為天氣預報正在轉向溫和的厄爾尼諾模式，這應該會改善土壤濕度並恢復水庫水位，有利於“23”和“24”的前景豐收季節。

On the following Page 13, we would like to present the financial performance of our Farming and Land Transformation businesses. Adjusted EBITDA totaled $24 million in the quarter, making a 22% year-over-year increase. Year-to-date, adjusted EBITDA was $43 million, 23% lower than the previous year. In both cases, this was explained by an outperformance of our rice and dairy divisions which fully offset the poor performance of crops as expected due to the record drought caused by La Nina whether that affected yields.

在接下來的第 13 頁，我們將介紹我們的農業和土地改造業務的財務業績。本季度調整後 EBITDA 總計 2400 萬美元，同比增長 22%。年初至今，調整後 EBITDA 為 4,300 萬美元，比上年下降 23%。在這兩種情況下，這都是因為我們的稻米和乳製品部門表現出色，完全抵消了拉尼娜現象造成的創紀錄乾旱造成的作物表現不佳（如預期）是否影響了產量。

Starting with our crop business, adjusted EBITDA amounted to $313,000 and $509,000 during the second quarter and first semester of the year, respectively. As previously explained, results were mainly impacted by the reduction in yields coupled with a genuine increase in costs in U.S. dollar terms as a reduction in planted area versus the previous season. Adjusted EBITDA in our rice business was $15 million during the second quarter and $27 million on an accumulated basis. Despite a reduction in yields compared to the previous campaign and higher costs in U.S. dollar terms, adjusted EBITDA was higher year-over-year. This was driven by an increase in both volume and average selling prices due to a better mix of higher added value products as well as the use of the preferential exchange rate mentioned above, among other factors.

從我們的農作物業務開始，今年第二季度和第一季度調整後的 EBITDA 分別為 313,000 美元和 509,000 美元。如前所述，結果主要受到單產下降以及種植面積較上一季減少而導致的以美元計算的成本實際增加的影響。第二季度我們大米業務的調整後 EBITDA 為 1500 萬美元，累計為 2700 萬美元。儘管與上一季相比收益率有所下降，且以美元計算的成本較高，但調整後的 EBITDA 仍同比增長。這是由於高附加值產品的更好組合以及上述優惠匯率的使用等因素導致銷量和平均售價的增長。

Moving on to the dairy business, adjusted EBITDA totaled $10 million, 41% higher than prior year, while year-to-date, it stood at $16 million, making a 15% year-over-year increase. Results were explained by higher average selling prices as we produce more fluid milk for the domestic market, which offered the highest marginal contribution during this period, coupled with our continuous focus on achieving efficiencies in our vertically integrated operations. Results were partially offset by higher costs, including cost of feed of our dairy cups.

說到乳製品業務，調整後的 EBITDA 總額為 1000 萬美元，比上年增長 41%，而年初至今為 1600 萬美元，同比增長 15%。結果的解釋是，由於我們為國內市場生產了更多的液態奶，因此平均售價較高，這在此期間提供了最高的邊際貢獻，再加上我們不斷致力於提高垂直一體化運營的效率。結果被較高的成本部分抵消，包括我們的奶杯的飼料成本。

In the case of land transformation, although no farm sales were concluded, results reflect the mark-to-market of an account receivable corresponding to the latest sale of farms in Brazil, which tracks the evolution of soybean prices.

在土地轉型的情況下，雖然沒有得出農場銷售結論，但結果反映了與巴西最新農場銷售相對應的應收賬款的按市值計價，該應收賬款跟踪了大豆價格的演變。

Let's now turn to Page 15, where we would like to present our capital allocation strategy. In 2022, we generated $141 million of net cash from operations. According to our distribution policy, we are committed to a minimum distribution of 40% of the cash generated during the previous year via a combination of cash dividends and share repurchases. In terms of dividends, on May 24, we paid $17.5 million in cash dividends, representing approximately $0.16 per share which corresponds to the first installment of our annual cash dividend. The second shall be payable in or about November in an equal cash amount, resulting in a noncash dividend of $35 million. In addition, we have already repurchased $14 million in shares year-to-date, which represents approximately 1.6% of the company's equity.

現在讓我們翻到第 15 頁，我們將在其中介紹我們的資本配置策略。 2022 年，我們的運營淨現金為 1.41 億美元。根據我們的分配政策，我們承諾通過現金分紅和股票回購相結合的方式至少分配上一年度產生的現金的40%。股息方面，5月24日，我們支付了1750萬美元的現金股息，相當於每股約0.16美元，相當於我們的年度現金股息的第一期。第二筆應於 11 月左右以等額現金支付，從而產生 3500 萬美元的非現金股息。此外，我們今年迄今已回購了價值 1,400 萬美元的股票，約占公司股本的 1.6%。

Moving on to the debt position. Our net debt increased 3% compared to the same period of last year, amounting to $852 million. This was explained by the financing of our working capital requirements, mainly related to advanced purchases of agricultural inputs at attractive prices in order to take advantage of low cost of capital. Furthermore, the Brazilian Real appreciated 8% versus the prior year, consequently impacting our debt denominated in such currency. As of June 30, 2023, our liquidity ratio reached 1.3x, showing the company's full capacity to repay short-term debt with its cash balances, whereas our net leverage ratio was 1.9x, in line with the previous year.

繼續討論債務狀況。我們的淨債務比去年同期增加了 3%，達到 8.52 億美元。這是因為我們的營運資金需求融資，主要與以有吸引力的價格提前購買農業投入品有關，以便利用低成本的資金。此外，巴西雷亞爾比上年升值 8%，從而影響了我們以該貨幣計價的債務。截至2023年6月30日，我們的流動性比率達到1.3倍，顯示公司完全有能力用現金餘額償還短期債務，而我們的淨槓桿率為1.9倍，與上年持平。

To conclude, 29% of total CapEx invested throughout the quarter was destined to expansion projects. Investments on this front were mostly related to continue increasing our sugarcane plantation as well as other complementary projects such as the construction of our second biodigester in Brazil to increase our biogas production, which later is converted into biomethane and is used to replace our diesel consumption.

總而言之，整個季度投資總額的 29% 用於擴張項目。這方面的投資主要與繼續增加我們的甘蔗種植園以及其他補充項目有關，例如在巴西建造第二個生物沼氣池以增加我們的沼氣產量，隨後將其轉化為生物甲烷並用於替代我們的柴油消耗。

In our Farming division, we are finalizing the construction of our second biodigester in our dairy business, which will be using cow manure as an input to generate renewable energy, project that is aligned with our sustainability committee.

在我們的農業部門，我們正在完成乳製品業務中第二個生物消化器的建設，該生物消化器將使用牛糞作為生產可再生能源的投入，該項目與我們的可持續發展委員會保持一致。

Thank you very much for your time. We are now open to questions.

非常感謝您的寶貴時間。我們現在願意接受提問。

Thank you. The floor is now open for questions.

謝謝。現在可以提問。

(Operator Instructions)

（操作員說明）

The first question is from Thiago Duarte from BTG Pactual.

第一個問題來自 BTG Pactual 的蒂亞戈·杜阿爾特 (Thiago Duarte)。

Yes, I have 2 points I wanted to address with Renato on the sugar and ethanol business. And then one final question, if I may, to Mariano and Emilio on capital allocation.

是的，關於糖和乙醇業務，我有兩點想與雷納托討論。如果可以的話，最後一個問題是關於資本配置問題向馬里亞諾和埃米利奧提出。

So to Renato first. Renato, can you talk a little bit about the possibilities that you have for increasing or enhancing even further the flexibility to sort of move away from depressed ethanol prices in Brazil right now. So I'm basically asking if you guys are planning or is there any possibility for increasing the capacity of producing sugar even more than the maximization that you have in place right now?

首先是雷納托。雷納托，您能否談談您是否有可能進一步增加或增強靈活性，以擺脫巴西目前低迷的乙醇價格。所以我基本上是在問你們是否正在計劃或者是否有可能增加糖的生產能力，甚至超過你們現在的最大化？

And also, if you could talk a little bit more about the opportunities for exporting ethanol even more than you have been doing. So I see that you guys captured pretty interesting export prices on the ethanol business, but the volumes are still not that representative considering the total ethanol volumes there. So if you could elaborate on whether there is room for, as I said, increasing sugar mix and increasing -- or you think there is room to increasing ethanol price -- ethanol export volumes even further?

另外，如果您能比以往更多地談論出口乙醇的機會。所以我看到你們捕捉到了乙醇業務的相當有趣的出口價格，但考慮到那裡的乙醇總量，數量仍然不那麼具有代表性。因此，您是否可以詳細說明是否有空間，正如我所說，增加糖的混合併增加——或者您認為有空間提高乙醇價格——乙醇出口量？

And the second on biomethane. It's very interesting what you guys are doing in terms of producing more biogas and biomethane and using that as a replacement of diesel. Can you talk a little bit of the economics? How the cost of biomethane compares to the cost of diesel? I don't know if you can talk about unit economics there to -- so you can get a sense. I get the decarbonization impact, but I also would love to hear a little bit of the economic impact of that.

第二個是關於生物甲烷。你們在生產更多沼氣和生物甲烷並將其用作柴油替代品方面所做的事情非常有趣。您能談談經濟學嗎？生物甲烷的成本與柴油的成本相比如何？我不知道你是否可以在那裡談論單位經濟學——這樣你就能有所了解。我了解脫碳的影響，但我也很想听聽它對經濟的一些影響。

And finally, to , I think, to Mariano and Emilio, if you could talk a little bit about capital allocation now, right? Because you guys are heading to a nice year after all, in terms of margin expansion in sugar and ethanol, good rice prices. We think there seems to be a good prospect in terms of cash flow generation. The expansion CapEx, you mentioned in the presentation a few projects that you have ongoing. But it feels like you're either going to be paying more -- paying out dividends and repurchasing a lot of shares or you might have new projects in place. So if you could talk -- elaborate a little bit more on that. What we should expect now that the company is deleveraging apparently, even faster than we thought before?

最後，我想，馬里亞諾和埃米利奧，你們現在能談談資本配置嗎？因為你們畢竟將迎來美好的一年，就糖和乙醇的利潤擴張以及大米價格而言。我們認為在現金流產生方面似乎有良好的前景。擴展資本支出，您在演示中提到了您正在進行的一些項目。但感覺你要么要支付更多的錢——支付股息並回購大量股票，要么你可能會有新的項目到位。因此，如果您能談談的話，請詳細說明一下。既然公司正在明顯地去槓桿化，甚至比我們之前想像的還要快，我們現在應該期待什麼？

Thiago, thank you very much for your question. I think as you mentioned, Renato will address your three main points on the sugar and ethanol, and then we will take the capital allocation. Renato?

蒂亞戈，非常感謝你的提問。我認為正如您所提到的，雷納托將解決您關於糖和乙醇的三個要點，然後我們將進行資本配置。雷納托？

Thiago, thank you for your question. Regarding sugar production, I think first, it's important to highlight that we have been producing a lot of sugar this year, reflecting the existing capacity. In July, we have reached our monthly sugar production in record. Actually, we have produced 116,000 tons of sugar in a month, which is 12% higher than the last record. We have been able to produce more sugar than our installed factory capacities. Actually in July and August, we are producing 18% more than our installed capacities. So we are producing a lot of sugar this year. And I think it's also important to mention that the sugarcane in the third quarter is very rich, TRS (inaudible) in August is higher than 150 kilograms per ton. So that's what we are doing regarding sugar.

蒂亞戈，謝謝你的提問。關於食糖生產，我認為首先需要強調的是，我們今年生產了大量食糖，反映了現有產能。 7 月份，我們的月糖產量創歷史新高。實際上，我們一個月內生產了116,000噸糖，比上次記錄增加了12%。我們生產的糖超過了我們工廠的裝機容量。實際上，在 7 月和 8 月，我們的產量比裝機容量高出 18%。所以我們今年生產了大量的糖。我認為還值得一提的是，第三季度的甘蔗非常豐富，8 月份的 TRS（聽不清）高於每噸 150 公斤。這就是我們在糖方面所做的事情。

Regarding expand our capacity for the next year, we think that we're still having some bottlenecks that we can remove out of the sugar process, especially the bottlenecks in the operation. So we believe that we can produce more sugar by investing into the bottlenecks -- removing the bottlenecks. When sugarcane content is lower than it is now. And then, we would -- I would say, had approximately 40,000 tons of sugar for next year.

關於明年擴大產能，我們認為製糖工藝中仍然存在一些可以消除的瓶頸，特別是運營中的瓶頸。因此，我們相信，通過投資瓶頸——消除瓶頸，我們可以生產更多的糖。當甘蔗含量低於現在時。然後，我想說，我們明年會有大約 40,000 噸糖。

Regarding ethanol, what we are doing, we are starting our production. Today, we have more than 215 million liters of ethanol in our tanks. And we think that the growth of the Otto Cycle is growing in a faster pace than everybody was predicting, attracting the growth of the Otto Cycle is close to 11% and also the increase that Petrobras announced in the last week in the gasoline price puts the competitiveness of ethanol -- in a very good position.

關於乙醇，我們正在做的事情，我們正在開始生產。如今，我們的儲罐裡有超過 2.15 億升乙醇。我們認為奧托循環的增長速度比大家預期的要快，吸引了奧托循環的增長接近 11%，而且巴西國家石油公司上周宣布的汽油價格上漲使得乙醇的競爭力——處於非常有利的位置。

I think the (inaudible) rate today is close to 61 -- 62%. So we think there is a lot of room for ethanol -- for the price of ethanol increase, especially when the Brazilian season start to get close to the end. And then we will be selling the ethanol at a higher price. Regarding the methane, I think we are very optimistic about the project. Today, we -- our production cost of methane is close to -- biomethane, I'm sorry, is close to (inaudible) 1 liter of diesel. So it's including depreciation. So it replaces diesel that was today BRL 4.5 -- BRL 4.8 per liter. Of course, we have a potential to produce much more biomethane than we can use in our fleet. So at some point, you have to sell biomethane to some buyers, and then we are analyzing the best option to (inaudible).

我認為今天的（聽不清）比率接近 61 - 62%。因此，我們認為乙醇還有很大的空間——乙醇價格上漲，特別是當巴西產季開始接近尾聲時。然後我們將以更高的價格出售乙醇。關於甲烷，我認為我們對該項目非常樂觀。今天，我們——我們的甲烷生產成本接近——生物甲烷，抱歉，接近（聽不清）1 升柴油。所以它包括折舊。因此它取代了目前每升 4.5 至 4.8 巴西雷亞爾的柴油。當然，我們有潛力生產比我們車隊所能使用的更多的生物甲烷。因此，在某些時候，您必須向某些買家出售生物甲烷，然後我們正在分析最佳選擇（聽不清）。

Thank you, Renato. Thiago, regarding the capital allocation, the first point I want to make is that we need to be -- to have clarity that we started a very challenging year. Now we are very optimistic on our future results but we have to understand that we are changing that situation as we speak. So it is important to understand that we maintain our distribution policy. That is the most important thing. And also, we want to be below 2x EBITDA -- net debt-to-EBITDA. So assuming both things, as you've seen, there are very specific projects and very synergetic projects in the sugar and ethanol business and some of them in the rice and some of them in the dairy. But we don't see any large specific project that will change our policy that is the most important thing that we have ahead.

謝謝你，雷納托。蒂亞戈，關於資本配置，我想說的第一點是，我們需要明確我們開始了充滿挑戰的一年。現在我們對未來的結果非常樂觀，但我們必須明白，我們正在改變這種情況。因此，了解我們維持分銷政策非常重要。這是最重要的事情。而且，我們希望低於 2 倍 EBITDA（淨債務與 EBITDA）。因此，假設這兩件事，正如您所看到的，糖和乙醇業務中有非常具體的項目和非常協同的項目，其中一些項目涉及大米，一些項目涉及乳製品。但我們沒有看到任何大型具體項目會改變我們的政策，這是我們未來最重要的事情。

Next question is from Guilherme Palhares from Bank of America.

下一個問題來自美國銀行的 Guilherme Palhares。

Good morning, everyone. I would like to explore a bit on the farming side, right? We are finally moving away from El Nino and maybe going into a season that might look a bit better in terms of primary conditions. So a question that we have around that is regarding yields for the next year, right? Because we had 3 years of El Nino conceptually and we would like to have a bit of a sense whether you see yields normalizing already in the next harvest season or whether the depletion of the soil through 3 consecutive droughts could have an impact that would be long standing in terms of productivity for the coming season. So that's question in terms of farming.

大家，早安。我想在農業方面進行一些探索，對吧？我們終於擺脫了厄爾尼諾現象，也許會進入一個在主要條件方面看起來更好一些的季節。因此，我們面臨的一個問題是關於明年的收益率，對吧？因為從概念上講，我們已經經歷了三年的厄爾尼諾現象，我們希望了解下一個收穫季節產量是否已經正常化，或者連續 3 次乾旱造成的土壤耗竭是否會產生長期影響就下一季的生產力而言。這是農業方面的問題。

And another one, in terms of dairy, we are seeing that the company is already beating its initial estimates in terms of the herd that you are managing, you see that herd continues to grow and whether you're reaching a new goal in terms operational just the sheer size of the operation of dairy, whether you see herd continue to grow or we are stabilizing on that level?

另一個，在乳製品方面，我們看到該公司在您管理的牛群方面已經超出了最初的估計，您會看到牛群繼續增長，以及您是否在運營方面達到了新目標只是乳製品經營的龐大規模，您是否看到畜群繼續增長，或者我們是否穩定在這個水平？

Guilherme, thank you for your question. Number one, regarding the El Nino forecast and the yields expected for next season in crops, it's very clear that there is no effect on the past drought. So we are starting from scratch the new season. So we can expect normal yields going forward. Furthermore with El Nino, we should expect above normal yields, but we are only using as a budget, the normal yields for the 5 years -- the last 5 years average. That is regarding crops in general.

吉爾赫姆，謝謝你的提問。第一，關於厄爾尼諾現象的預測和下一季農作物的產量預期，很明顯，對過去的干旱沒有影響。所以新賽季我們要從頭開始。因此，我們可以預期未來的正常收益率。此外，由於厄爾尼諾現象，我們預計產量將高於正常水平，但我們僅將 5 年的正常產量（過去 5 年的平均值）用作預算。這是關於一般作物的。

Then to your specific question on dairy, in the dairy cows, we are achieving and even going beyond the productivity levels, but this is within the same cow herd. We are not planning to increase our cow herd for now. We are simply increasing its productivity unit per cow basis. This increase in productivity also has to be taken into account a new biomethane production that will start to produce by the end of this year, so that will also increase our sales through the sales of electricity generated by the biodigestor. So those are the increases that will happen in the dairy business.

然後，關於乳製品的具體問題，在奶牛中，我們正在實現甚至超越生產力水平，但這是在同一個牛群內。我們暫時不打算增加牛群。我們只是增加每頭牛的生產力單位。生產力的提高還必須考慮到將於今年年底開始生產的新生物甲烷生產，因此這也將通過銷售生物消化器產生的電力來增加我們的銷售額。這些就是乳製品行業將發生的增長。

On top of this, also in the dairy business, we should see improvement through this investment that we've done in the cheese factory that will also increase our total sales. But in terms of the cow productivity, it's only this increase in productivity per cow basis. Furthermore, there are some value-added products in the domestic markets that we are also improving or achieving the market, and that will also generate some additional profits on the daily business.

除此之外，在乳製品業務中，我們應該通過對奶酪工廠的投資看到改善，這也將增加我們的總銷售額。但就奶牛生產力而言，這只是每頭奶牛生產力的提高。另外，國內市場還有一些增值產品我們也在完善或者實現了市場，這也會為日常業務帶來一些額外的利潤。

Next question is from Lucas Ferreira from JPMorgan.

下一個問題來自摩根大通的盧卡斯·費雷拉。

I have a few on Argentina. The first one on the rice business. You mentioned that India ban on exports, was checking some important Asian markets, you see already rice prices increasing 30%, 50%, depends on the index you look. So my question is on the rice business, when you look at the marginal price you're selling, exporting right now, how much bigger this is versus the, let's say, the prices -- the realized prices in the second quarter. So just -- we have a sense of sort of the size of the potential upside you could see in the third or the fourth quarters in the rice business.

我有一些關於阿根廷的。第一個是大米生意。你提到印度禁止出口，正在檢查一些重要的亞洲市場，你看到大米價格已經上漲了30%、50%，這取決於你看的指數。所以我的問題是關於大米業務的，當你看看你現在銷售和出口的邊際價格時，這個價格與第二季度的實際價格相比有多大。因此，我們對大米業務在第三或第四季度可能看到的潛在上行空間的大小有一定的了解。

The other question is more about Argentina macro. So if you can remind us, given the recent devaluation. Your net exposure to the currency, I mean, you obviously sell some local, but mostly exports, but you have also the inputs that you still need to buy. So just wondering the net effect that you would expect on the devaluation. And you mentioned the preferential rates, FX rates. So if that continues in this scenario. Just wondering what to expect now with this new FX levels in your business?

另一個問題更多的是關於阿根廷宏觀。鑑於最近的貶值，您能否提醒我們一下。我的意思是，你對貨幣的淨敞口，你顯然出售了一些本地產品，但主要是出口產品，但你也有仍然需要購買的投入。所以只是想知道您對貶值的預期淨效應。您提到了優惠匯率、外匯匯率。所以如果這種情況繼續下去的話。只是想知道現在您的業務中新的外匯水平會發生什麼？

Lucas, thank you for your question. Regarding rice, as we explained in our presentation, we are very optimistic. We see this advantage. We see that we are very well prepared from South America, from Argentina and Uruguay with this large operation that we have and the investment we did last year in getting into Uruguay. We are very well positioned to supply the world's market and these needs that the world has today. So how much this increase could be. We are increasing compared to the last year in relevant value in terms of prices.

盧卡斯，謝謝你的問題。對於大米，正如我們在演講中所解釋的那樣，我們非常樂觀。我們看到了這個優勢。我們看到，我們在南美洲、阿根廷和烏拉圭已經做好了充分的準備，我們擁有這個大型業務，並且去年我們在進入烏拉圭進行了投資。我們處於非常有利的地位，可以滿足世界市場和當今世界的這些需求。那麼這個增幅可能是多少。與去年相比，我們的價格相關價值有所增加。

Regarding the last particular increase in the Asian prices because of the ban of India, there is also an increase for next year, and we feel more comfortable there, and we continue to benefit from that specific situation. But it is more important than that because we are developing this specific varieties to specific clients all over the world. And that is giving us an advantage on top of the long grain rice that is the more commodity in the rice commercial business. So that is regarding rice.

關於上次由於印度禁令導致亞洲價格上漲，明年也有上漲，我們在那裡感覺更舒服，我們繼續從這種具體情況中受益。但這比這更重要，因為我們正在為世界各地的特定客戶開發這種特定品種。這給我們帶來了除長粒米之外的優勢，長粒米是大米商業業務中更常見的商品。這就是關於大米的情況。

And then regarding the market of Argentina and this recent devaluation. Just to remind you, from Argentina, we export 70% or between 70% to 75% and 30% to 25% on the domestic market. So the devaluation in general is positive for our margins. It depends on when and how this devaluation happens is more or less positive. We are well positioned to take advantage of this specific measure.

然後是關於阿根廷市場和最近的貶值。只是提醒您一下，我們從阿根廷出口 70% 或 70% 至 75% 至 30% 至 25% 到國內市場。因此，貨幣貶值總體上對我們的利潤有利。這取決於這種貶值何時以及如何發生，或多或少是積極的。我們完全有能力利用這一具體措施。

Furthermore, we anticipated some acquisitions of inputs for this campaign that we are planting now and that I mentioned we were optimistic and there, we also took some advantage of how this fertilizers and chemicals already acquired and in our balance sheet that are dollar-denominated cost within the total production. So I would say this is very positive for us in terms of our future results.

此外，我們預計我們現在正在種植的這場活動會獲得一些投入，我提到我們很樂觀，在那裡，我們還利用了一些已經獲得的肥料和化學品的優勢，並且在我們的資產負債表中以美元計價的成本在總產量之內。所以我想說，就我們未來的業績而言，這對我們來說非常積極。

(Operator Instructions)

（操作員說明）

Next question is from Daniel Sasson from Itau BBA.

下一個問題來自 Itau BBA 的 Daniel Sasson。

Daniel is saying his mic is not working. You may ask your question. Can you type your question in the prompt.

丹尼爾說他的麥克風壞了。你可以問你的問題。您可以在提示中輸入您的問題嗎？

So Daniel Sasson from Itau. He is asking, I also have a question on innovative projects. Could you please give us some color if you're looking into the submarket for ethanol. Also on biomethane, do you see any potential to sell your technology to other mills in the medium to long term in exchange for royalties? And another question regarding your sugar division, given the hike in prices over the last couple of months, do you have plans to increase your sugar capacity? For how long do you think that prices would have to remain this high before we see the industry increasing capacity as a whole once again?

來自 Itau 的 Daniel Sasson 就是這樣。他在問，我也有一個關於創新項目的問題。如果您正在尋找乙醇子市場，請給我們一些說明。同樣在生物甲烷方面，您認為中長期內是否有可能將您的技術出售給其他工廠以換取特許權使用費？另一個關於您的糖部門的問題，鑑於過去幾個月價格上漲，您是否計劃增加糖產能？您認為在我們看到整個行業的產能再次增加之前，價格必須保持這麼高多久？

Okay. I will ask Renato to answer the question regarding the sugar division and the expansion that he has already mentioned something, but he can be more precise on this, Renato?

好的。我會請雷納托回答關於糖分部和擴張的問題，他已經提到過一些事情，但他可以更準確地回答這一點，雷納托？

Daniel, thank you for your question. As I mentioned before, we have plans to increase our sugar production for next year by removing some bottlenecks that we have in the operation of the process. By doing this, we will be able to produce more sugar and if TRS content is lower -- lower than the mix in the third quarter, for example, so we have some potential to increase anything (inaudible) of sugar.

丹尼爾，謝謝你的問題。正如我之前提到的，我們計劃通過消除工藝運行中的一些瓶頸來增加明年的糖產量。通過這樣做，我們將能夠生產更多的糖，並且如果 TRS 含量較低（例如低於第三季度的混合物），那麼我們就有可能增加任何糖（聽不清）。

Thank you, Renato. We are hearing some noise on your microphone. So I'm going to take the question on the biomethane and the technology, if that could be sold to third parties on exchange of royalties for that. That is clearly a possibility, but today, we are focusing on the execution of our own project. We have some specifics on our production system that includes this continuous harvest model. So because of these reasons and that we use all the vinasse as a fertilizer -- as a biofertilizer and that we are concentrating the vinasse.

謝謝你，雷納托。我們在您的麥克風上聽到一些噪音。因此，我將回答有關生物甲烷和技術的問題，是否可以將其出售給第三方以換取特許權使用費。這顯然是一種可能性，但今天，我們專注於我們自己項目的執行。我們的生產系統有一些具體細節，其中包括這種連續收穫模式。因此，由於這些原因，我們將所有酒糟用作肥料 - 作為生物肥料，並且我們正在濃縮酒糟。

So there are some specifics to our own project that makes as very profitable on developing these biodigesters on our own production system. So we are going to focus on the short term on our own specific project and develop that with the financing of Finep and all the different alternatives that we have in Brazil and after that, we are going to analyze in more details this possibility of getting some money from the technology.

因此，我們自己的項目有一些細節，使得在我們自己的生產系統上開發這些生物消化器非常有利可圖。因此，我們將在短期內重點關注我們自己的具體項目，並通過 Finep 的融資以及我們在巴西擁有的所有不同替代方案來開發該項目，之後，我們將更詳細地分析獲得一些資金的可能性。錢來自於技術。

Then you also asked about these new technologies like the sustainable aviation fuels. This is very interesting. The sustainable aviation fuels comes from oils and from ethanol. So both technologies are things that we are looking at. There are some petroleum companies that have asked about this potential possibility. So we are simply looking at those, understanding how this will impact to this sector and whether there is any specific possibility for us regarding this. So we are knowing what's going on and analyzing that what we can share with you at this moment, Daniel.

然後您還詢問了可持續航空燃料等新技術。這很有趣。可持續航空燃料來自石油和乙醇。所以這兩種技術都是我們正在關注的。有一些石油公司詢問了這種潛在的可能性。因此，我們只是關注這些，了解這將如何影響這個行業，以及我們對此是否有任何具體的可能性。所以我們正在了解正在發生的事情並分析我們現在可以與您分享的內容，丹尼爾。

(Operator Instructions)

（操作員說明）

This concludes the question-and-answer section. At this time, I would like to turn the floor back to Mr. Bosch for any closing remarks.

問答部分到此結束。現在，我想請博斯先生髮表結束語。

Thank you all very much for participating and hope to see you all in our upcoming events.

非常感謝大家的參與，並希望在我們即將舉行的活動中見到大家。