Cosan SA (CSAN) 2023 Q2 法說會逐字稿

Good afternoon, everyone. Thank you for waiting. Welcome to Cosan's Earnings Release Presentation for the Second Quarter of 2023. (Operator Instructions)

大家下午好。謝謝您的等待。歡迎觀看 Cosan 2023 年第二季收益發布演示。（操作員說明）

Please note that this presentation is being recorded and will be made available on the company's IR website at cosan.com.br, where you'll find all of the resources related to this earnings release. You can also download our presentation in the chat function, including in English. (Operator Instructions)

請注意，本簡報正在錄製中，並將在公司的投資者關係網站 cosan.com.br 上提供，您可以在其中找到與本收益發布相關的所有資源。您也可以在聊天功能中下載我們的演示文稿，包括英文版。 （操作員說明）

Please remember that the information included in this presentation, as well as in the other statements that may be made during this call regarding Cosan's business outlook, projections and operating and financial goals, are based on the beliefs and assumptions of our Board as well as on the information that is currently available to us. Any forward-looking statements are not guarantees of performance. They involve risks, uncertainty and assumptions because they entail future events and, therefore, depend on things that may or may not happen. Investors should understand that general economic conditions, market conditions and other operating factors may affect Cosan's future performance and lead to results that are significantly different from such forward-looking statements.

請記住，本簡報中包含的資訊以及本次電話會議期間可能做出的有關 Cosan 的業務前景、預測以及營運和財務目標的其他聲明中的資訊均基於我們董事會的信念和假設以及我們當前可以獲得的資訊。任何前瞻性陳述均不保證業績。它們涉及風險、不確定性和假設，因為它們涉及未來事件，因此取決於可能發生或可能不會發生的事情。投資人應了解，總體經濟狀況、市場狀況和其他經營因素可能會影響 Cosan 的未來業績，並導致結果與此類前瞻性陳述顯著不同。

Today, we have Mr. Luis Henrique, Mr. Ricardo Lewin and Ms. Ana Luísa Perina with us. I will now turn it over to Mr. Ricardo Lewin.

今天，我們有 Luis Henrique 先生、Ricardo Lewin 先生和 Ana Luísa Perina 女士。現在我將把它交給里卡多·勒溫先生。

Good afternoon, everyone, and welcome to Cosan's Earnings Conference Call for the Second Quarter of 2023.

大家下午好，歡迎參加 Cosan 2023 年第二季財報電話會議。

Before I begin my presentation, I would like to emphasize that we have been continuously working to improve the disclosure and simplification of information in our material, providing higher transparency and better analysis by the market. In this quarter, we have revamped our release to provide a better and more detailed analysis of Cosan Corporate's earnings and cash flow movements.

在開始演講之前，我想強調，我們一直在不斷努力改進材料中資訊的揭露和簡化，為市場提供更高的透明度和更好的分析。在本季度，我們改進了發佈內容，以便對 Cosan Corporate 的收益和現金流變動提供更好、更詳細的分析。

Now regarding the main highlights, once again, we are presenting a robust operational quarterly results, driven by strong performance of our businesses, which we will detail going forward. The pro forma EBITDA progress is an outcome of disciplined execution of our long-term strategy, which provides a sustainable combination between organic and inorganic growth throughout our portfolio. The group's investments have advanced in line with our annual plan, focusing on efficient maintenance of the operations and on the structural projects that we will (inaudible) in the next expansion cycle of our portfolio.

現在，關於主要亮點，在我們業務強勁表現的推動下，我們將再次公佈強勁的季度營運業績，我們將在未來詳細介紹這一點。預計 EBITDA 的進展是我們嚴格執行長期策略的結果，該策略在我們的整個投資組合中實現了有機成長和無機成長的可持續結合。集團的投資已按照我們的年度計劃推進，重點關注營運的有效維護以及我們將在下一個投資組合擴張週期（聽不清楚）的結構項目。

Regarding Cosan Corporate net income, the growth is explained by the business performance on the top of the market-to-market of the total return swap of Cosan shares and the positive effect of the perpetual notes (inaudible) due to the FX variation.

關於Cosan Corporate淨利潤，成長是由於Cosan股票總回報掉期市場對市場頂部的業務表現以及由於匯率變化而產生的永續票據（聽不清楚）的正面影響。

In this quarter, as part of our liability management process to optimize our debt profile and capital structure, we successfully raised BRL 4.7 billion, ensuring liquidity for the company and guaranteeing the amortization of Cosan's debt until 2025, including the first installment of the collar financing in October 2024.

本季度，作為優化債務狀況和資本結構的負債管理流程的一部分，我們成功籌集了47 億雷亞爾，確保了公司的流動性，並保證Cosan 的債務攤銷至2025 年，其中包括第一期融資2024 年 10 月。

Moving on to our ESG agenda. In early June, we released our 2022 sustainability report which introduced the ESG Vision 2030. Moove and Raízen also published their reports, and I invite everyone to read these documents, which are available on the company's website.

繼續我們的 ESG 議程。 6月初，我們發布了2022年永續發展報告，介紹了ESG 2030願景。Moove和Raízen也發布了他們的報告，我邀請大家閱讀這些文件，這些文件可以在公司網站上找到。

In this quarter, I'm proud to share some recognitions we earned. Cosan's first inclusion in the ESG Integrity Yearbook, and we also were featured in the Merco ranking for ESG responsibility. Last but not least, we also received the Women on Board stamp, which recognizes organizations that have at least 2 women on their Board of Directors or Advisory Boards. This was a very relevant milestone in our diversity, equity and inclusion journey.

在本季度，我很自豪地分享我們獲得的一些認可。 Cosan 首次被納入 ESG 誠信年鑑，我們也入選了 Merco 的 ESG 責任排名。最後但並非最不重要的一點是，我們還獲得了 Women on Board 印章，該印章旨在表彰董事會或顧問委員會中至少有 2 名女性的組織。這是我們多元化、公平和包容之旅中一個非常重要的里程碑。

Now let's move on to the key financial and operational highlights of each business, starting with Raízen on Slide #4. This quarter marks the beginning of '23/'24 harvest year at Raízen, which, despite market challenges and volatile environment, remained focused on the expansion cycle in renewables. We achieved significant progress in the agroindustrial journey, with crushing acceleration and important gains in agricultural productivity during the period, as you likely followed in Raízen's conference call earlier today.

現在，讓我們從幻燈片#4 上的 Razen 開始，討論每項業務的主要財務和營運亮點。本季標誌著 Raízen '23/'24 收穫年的開始，儘管市場面臨挑戰和環境不穩定，但該公司仍專注於再生能源的擴張週期。正如您在今天早些時候拉森的電話會議中所看到的那樣，我們在農業工業進程中取得了重大進展，在此期間農業生產力大幅加速並取得了重大進展。

In Renewables, the decrease in adjusted EBITDA was a result of lower volumes of ethanol sold at lower prices, in line with our marketing strategy for the harvest. On the other hand, the Power business agenda has significantly advanced in the quarter, scaling up and intensifying partnerships. As of E2G or second-generation ethanol, we continue to set production records at Costa Pinto plant, while expansion investments are progressing as planned, with 5 plants under construction.

在再生能源領域，調整後 EBITDA 的下降是由於以較低價格出售乙醇的數量減少，這符合我們的收穫行銷策略。另一方面，電力業務議程在本季度取得了顯著進展，擴大並加強了合作夥伴關係。至於E2G或第二代乙醇，我們在Costa Pinto工廠繼續創造生產記錄，同時擴建投資正在按計劃進行，有5個工廠在建。

In Sugar, the higher EBITDA is a result of greater sugar pricing in a favorable cycle, which offsets the lower sales volume in line with the shipping strategy defined for the year.

在糖業，較高的 EBITDA 是有利週期內食糖定價上漲的結果，這抵消了與今年制定的運輸策略一致的銷售下降。

Moving to Mobility. We remain focused on expanding our customer base. Adjusted EBITDA of the integrated platform decreased, impacted by circumstantial challenges. In Brazil, sales volume remained stable. And the operation was affected by a few inventory losses in a more complex environment due to the diesel oversupply. LatAm operations results were impacted by the network growth and increased volumes sold, offset by challenges in restoring profitability on the front end.

轉向移動性。我們仍然專注於擴大我們的客戶群。受環境挑戰的影響，綜合平台的調整後 EBITDA 有所下降。在巴西，銷量保持穩定。由於柴油供應過剩，在更複雜的環境下，經營受到了一些庫存損失的影響。拉丁美洲的營運表現受到網路成長和銷售增加的影響，但被前端獲利能力恢復的挑戰所抵消。

Now let's move to Slide #5, where I present Rumo. As detailed in Rumo's earnings call, we achieved a record high quarterly volume and EBITDA, driven by the expansion of transported volumes and the consolidated average tariff, reflecting the structural competitiveness of the railways.

現在讓我們轉到第 5 張投影片，我將在其中介紹 Rumo。正如 Rumo 在財報電話會議中詳細介紹的那樣，在運輸量和綜合平均運價擴張的推動下，我們實現了創紀錄的季度運量和 EBITDA，這反映了鐵路的結構性競爭力。

It's worth mentioning that in addition to strong demand for the transportation of key agricultural commodities, such as soy, sugar and fertilizers, there was a sequential improvement in safety and traffic conditions in the Baixada Santista region. As for the extension project in Mato Grosso, Rumo has made progress with the licensing process and is initiating the mobilization of works in a significant stretch.

值得一提的是，除了大豆、食糖、化肥等主要農產品運輸需求旺盛外，Baixada Santista地區的安全和交通狀況也相繼改善。至於馬托格羅索州的擴建項目，魯莫在許可程序方面取得了進展，並大力啟動工程動員工作。

Now let's move to Compass on Slide #6. We concluded the second quarter 2023 with strong results in Compass, experiencing a 10% growth in EBITDA compared to the same period of the previous year. During the quarter, we distributed 13.8 million cubic meters a day, a 6% increase from the volume recorded in the first quarter, primarily driven by the recovery of the industrial segment.

現在讓我們轉到投影片 #6 上的指南針。我們以 Compass 的強勁業績結束了 2023 年第二季度，EBITDA 與去年同期相比成長了 10%。本季度，我們每天配送 1,380 萬立方米，較第一季成長 6%，這主要是受工業領域復甦的推動。

These results also reflect the richer mix of segments and inflationary adjustments on distribution margins as well as the integration of Commit in July 2022. We achieved a remarkable milestone of 94,000 new connections in the first half of 2023, expanding the distribution network in all the geographies where we operate.

這些結果也反映了細分市場的更豐富組合和分銷利潤的通貨膨脹調整以及2022 年7 月Commit 的整合。我們在2023 年上半年實現了94,000 個新連接的非凡里程碑，擴大了所有地區的分銷網路我們經營的地方。

As an example of this expansion, Sulgás inaugurated the connection between cities of Gramado and Canela in the Serra Gaúcha region just 2 weeks ago. The goal is to continue investing in the region, focusing on the expansion of hospitality and culinary sectors, new residential developments, local industries and CNG, compressed natural gas stations.

作為這一擴張的一個例子，蘇爾加斯在兩週前開通了塞拉加烏查地區格拉瑪多市和卡內拉市之間的連結。目標是繼續對該地區進行投資，重點關注酒店和烹飪行業、新住宅開發、當地工業和壓縮天然氣站的擴張。

In the Marketing & Services, I would like to highlight the progress of our LNG regasification terminal, the TRSP, which is near completion, with operations expected to start by the end of 2023.

在行銷和服務部分，我想重點介紹一下我們的液化天然氣再氣化終端 TRSP 的進展情況，該終端已接近完工，預計將於 2023 年底開始運作。

Lastly, about portfolio management. Companies announced that we will form a partnership with Orizon to create a new company to be controlled by Compass, which will invest in a biomethane purification plant using biogas from Paulínia landfill. This plant will have the capacity to produce 200,000 cubic meters a day, potentially reaching to 300 cubic meters a day, the largest one in the country and one of the largest in the world expected to start up in 2025. This project will enable renewable gas offer to its customers' more complete and flexible solutions in line with the company ESG strategy.

最後，關於投資組合管理。該公司宣布，我們將與 Orizon 建立合作夥伴關係，創建一家由 Compass 控股的新公司，該公司將投資建造一座使用保蘭尼亞垃圾掩埋場沼氣的生物甲烷淨化廠。該工廠的產能為每天 20 萬立方米，可能達到每天 300 立方米，是該國最大的工廠，也是世界上最大的工廠之一，預計將於 2025 年啟動。該項目將使可再生天然氣成為可能為客戶提供符合公司ESG策略的更完整、更靈活的解決方案。

Now let's move to Slide #7 to discuss Moove. Moove posted strong EBITDA growth once again this quarter, driven by volume expansion and an improved mix of products sold across our markets. It's worth to highlight the organic growth in Brazil throughout the year, with Moove setting a new market share record reaching 19.7% of the lubricants market.

現在讓我們轉到第 7 張投影片來討論 Moove。在銷售擴張和市場銷售產品組合改善的推動下，Moove 本季再次實現強勁的 EBITDA 成長。值得強調的是巴西全年的有機成長，Moove 創下了新的市場份額記錄，達到潤滑油市場的 19.7%。

The integration process of regions, especially in the U.S., is ongoing and continues to offer promising opportunities to the business, particularly in building and solidifying strategic partnerships with partners and suppliers. Moove has intensified investments in its operation to achieve higher levels of long-term efficiency and profitability.

地區（尤其是美國）的一體化進程正在進行中，並繼續為企業提供有前途的機會，特別是在建立和鞏固與合作夥伴和供應商的策略合作夥伴關係方面。 Moove 加大了營運投資力度，以實現更高水準的長期效率和獲利能力。

As of June, we have completed 1 year of managing the new portfolio, presenting an EBITDA exceeding BRL 1 billion in the last 12 months. This reinforces the expertise demonstrated in business integration, the quality of continuous improvement processes, establishing operations and Moove's execution capacity.

截至 6 月，我們已完成新投資組合一年的管理，過去 12 個月的 EBITDA 超過 10 億雷亞爾。這增強了在業務整合、持續改善流程的品質、建立營運和 Moove 的執行能力方面所展現的專業知識。

Moving to Slide #8, where I present the Land segment. The Land segment reflects agricultural property management business, composed of Cosan's direct participation in Radar, Tellus and Janus. In this quarter, we once again saw an increase in EBITDA due to the specific appreciation of a portion of the portfolio, combined with the growth in lease revenues, which positively contributed to the results. In line with the portfolio management strategy, we completed the sale of a farm in Piauí, resulting in no remaining properties in this state.

轉到幻燈片#8，我在其中展示陸地部分。土地部門反映了農業財產管理業務，由Cosan直接參與的Radar、Tellus和Janus組成。在本季度，由於部分投資組合的具體升值，加上租賃收入的成長，我們再次看到 EBITDA 成長，這對業績做出了積極貢獻。根據投資組合管理策略，我們完成了皮奧埃一個農場的出售，導致該州沒有剩餘財產。

Now let's move to Slide #9 to discuss the corporate results. As I mentioned at the beginning of the call, we have restructured the way we present Cosan Corporate to better reflect the holding company's contribution to the portfolio. We have presented a significant improvement in adjusted net income for this quarter. In addition to the strong operational performance of the portfolio, several factors had a positive impact, including a favorable market-to-market of the total return swap of the company's shares and appreciation of the perpetual notes due to the stronger BRL against the dollars. It's crucial to emphasize that Cosan Corporate perspective is not influenced by the investment in Vale, which we will detail shortly.

現在讓我們轉到第 9 張投影片來討論公司業績。正如我在電話會議開始時提到的，我們重組了 Cosan Corporate 的展示方式，以更好地反映控股公司對投資組合的貢獻。我們報告了本季度調整後淨利潤的顯著改善。除了投資組合強勁的營運績效外，還有幾個因素產生了正面影響，包括公司股票總回報掉期的有利市對市價以及由於巴西雷亞爾兌美元走強而導致的永續票據升值。必須強調的是，Cosan Corporate 的觀點不受淡水河谷投資的影響，我們很快就會對此進行詳細介紹。

Let's proceed to Slide #10. Cosan Oito is our intermediate holding company controlled by Cosan S.A., and this is the vehicle that holds our investment in Vale as well as the derivative instruments structured as part of the protection and funding strategy. With the depreciation of Vale shares in the period, the mark-to-market effect in the shares held through direct ownership of 1.5% was negatively impacted at BRL 1.1 billion.

讓我們繼續看投影片#10。 Cosan Oito 是我們由 Cosan S.A. 控制的中間控股公司，它是我們持有淡水河谷投資以及作為保護和融資策略一部分的衍生工具的工具。由於淡水河谷股票在此期間貶值，直接持有1.5%股份的按市值計算的影響受到了11億雷亞爾的負面影響。

In the stake with the collar of 3.4%, the loss of share value was mitigated by the appreciation of the derivative, achieving the initial objective of protecting part of Cosan's stake against potential declines in value share. The call spread result was slightly negative. In other words, the net value of these 3 effects is very similar to that of the direct ownership, highlighting the effectiveness of their structure.

在3.4%的股權中，衍生性商品升值減輕了股票價值的損失，實現了保護Cosan部分股權免受價值份額潛在下降影響的最初目標。買權價差結果略為負值。也就是說，這三種效果的淨值與直接持股的淨值非常相似，凸顯了其結構的有效性。

Moving to Slide 11, where I present the debt profile. In line with the P&L new perspective, we have separated the debt profile in 2 views. The first one is the Cosan Corporate, which basically includes cash and debt of the parent and offshore companies, that is bonds and debentures. And the second one is Cosan Oito, which basically reflects the financing of part of Vale shares acquisition, [prove] the collar financing and the fair value of the derivatives that compose the structure.

前往投影片 11，我在其中介紹債務概況。根據損益表的新視角，我們將債務狀況分為兩個視圖。第一個是Cosan Corporate，它基本上包括母公司和離岸公司的現金和債務，即債券和債券。第二個是Cosan Oito，它基本上反映了淡水河谷部分股權收購的融資，[證明]領融資和構成結構的衍生品的公允價值。

Regarding the quarterly movements, the increase in gross debt at Cosan Corporate is primarily explained by the issuance carried out in the local and international debt markets. We issued 2 new debentures of BRL 1 billion each in addition to 2030 bond that raised $550 million at a very competitive cost when considering the swap to CI.

關於季度變動，Cosan Corporate 債務總額的增加主要是由於在本地和國際債務市場上進行的發行所致。除了 2030 年債券之外，我們還發行了 2 只新債券，每張 10 億雷亞爾，在考慮轉換為 CI 時以極具競爭力的成本籌集了 5.5 億美元。

It's important to note that this was the first senior note issuance among Brazilian high-yield companies after over 1 year without activity in this market. The rationale here was to extend our amortization schedule with liability management and balance the highest amortization towers. In this sense, nearly $250 million of the bond proceeds were used to repurchase the bond 2027 in July, that is after the end of the quarter, and therefore, is still not reflected in the graph shown on this slide.

值得注意的是，這是巴西高收益公司在該市場一年多沒有活動後首次發行優先票據。這裡的基本原理是透過負債管理來延長我們的攤銷時間表並平衡最高的攤銷塔。從這個意義上說，近 2.5 億美元的債券收益用於在 7 月（即季度末之後）回購 2027 年債券，因此仍然沒有反映在這張投影片所示的圖表中。

We are prepared to meet our cash requirements for the next 2 years, thus being able to maximize the optionality and flexibility of our capital structure. In this context, last week and, therefore, a subsequent event of the result, we unwinded 20% of the first tranche of the collar financing, equivalent to BRL 300 million or 4.5 million shares of VALE3, increasing our direct exposure in Vale to 1.65%, thus, capturing a great share of earnings such as IOC and dividends.

我們準備滿足未來兩年的現金需求，從而能夠最大限度地提高我們資本結構的選擇性和靈活性。在此背景下，上週以及結果的後續事件，我們解除了第一批擔保融資的20%，相當於3 億雷亞爾或450 萬股VALE3，將我們在淡水河谷的直接風險敞口增加至1.65 %，因此獲得了 IOC 和股息等收益的很大一部分。

The increase in the net debt of Cosan Corporate compared to the first quarter of 2023 is due to dividend payments to Cosan shareholders, which occurred at the end of May, and to preferred shareholders of Cosan Nove. At the end of the period, the group's pro forma leverage stood at 2x, within appropriate levels for the company.

與 2023 年第一季相比，Cosan Corporate 的淨債務增加是由於 5 月底向 Cosan 股東以及 Cosan Nove 優先股股東支付的股息。期末，該集團的備考槓桿率為 2 倍，處於公司的適當水平內。

Let's now proceed to Slide #12, where I present the cash flow analysis. In order to improve the analysis of funds movement, we now present Cosan Corporate direct cash flow in this quarter in a managerial perspective. With this new form, it's possible to analyze the main cash impacts and to have a greater clarity of cash inflows and outflows at corporate level, such as receipt of new dividends from subsidiaries, dividend payments to shareholders, funds raised from asset sales and new funding, et cetera. The managerial cash flow reflects the balance of movements of sources and uses prior to capital allocation.

現在讓我們繼續看投影片#12，我在其中展示現金流量分析。為了更好地分析資金流動情況，我們現在從管理角度呈現本季度Cosan公司的直接現金流量。透過這種新形式，可以分析主要現金影響，並更清楚地了解公司層面的現金流入和流出，例如從子公司收到的新股息、向股東支付的股息、資產出售籌集的資金和新融資等等。管理現金流量反映了資本配置之前來源和使用的變動平衡。

The main movement in this period was the raising of 3 new debts, as mentioned before, in addition to the first dividend distribution to Cosan Nove preferred shareholders. A highlight here was the inclusion in the earnings release of the updated value of a potential redemption of Cosan 9 and Cosan 10 preferred shares. After updating and reducing the dividend spread, the value on June 30 was BRL 8.6 billion.

如前所述，這段期間的主要變動是籌集 3 筆新債務，以及向 Cosan Nove 優先股股東進行首次股息分配。這裡的一個亮點是在收益發布中包含了 Cosan 9 和 Cosan 10 優先股潛在贖回的最新價值。更新並縮小股息利差後，6 月 30 日的價值為 86 億雷亞爾。

Finally, as a capital allocation decision, we had dividend payment from Cosan, as I mentioned before, and we ended the second quarter of 2023 with net cash generation at Cosan Corporate of around BRL 4 billion. I want to emphasize to all investor and analysts that myself and my entire IR team are available to clarify any point of the new way of presenting the results. Feedbacks are always welcome.

最後，正如我之前提到的，作為一項資本配置決策，我們從 Cosan 支付了股息，並且截至 2023 年第二季度末，Cosan Corporate 的淨現金生成量約為 40 億雷亞爾。我想向所有投資人和分析師強調，我自己和我的整個投資人關係團隊都可以澄清呈現結果的新方式的任何要點。隨時歡迎提供回饋。

Before closing. I would like to reinforce the invitation to watch our Cosan Day, which will take place on September 12. The event will be broadcasted online and with simultaneous translation.

關閉前。我想再次邀請您觀看將於 9 月 12 日舉行的科桑日。活動將在線上直播並提供同聲翻譯。

With that, we can start with the Q&A session. Thank you.

這樣，我們就可以開始問答環節了。謝謝。

Before we start the Q&A session, I would like to hand it over to Mr. Luis Henrique Guimaraes.

在我們開始問答環節之前，我想將其交給 Luis Henrique Guimaraes 先生。

Good afternoon, everyone. Thank you for being here for our earnings release presentation for the second quarter of 2023. Let me speak for a couple of minutes before the Q&A.

大家下午好。感謝您來到這裡參加我們 2023 年第二季的收益發布演示。讓我在問答前講幾分鐘。

In this quarter, we had a number of highlights, as Lewin was showing us. We had very robust performance from Moove. We're growing. We have good performance from Compass and the Land business and the Renewable business, with more productivity and the reduction in production costs compared to some of the biggest players in this market, which have already released their presentations. We've had lower costs than them.

正如 Lewin 向我們展示的那樣，本季度我們有很多亮點。 Moove 的表現非常強勁。我們正在成長。與已經發布簡報的該市場的一些最大參與者相比，我們的指南針、土地業務和再生能源業務表現良好，生產力更高，生產成本更低。我們的成本比他們低。

As low lights, we had our performance for Mobility in Brazil and the performance of VALE3 stock. I would just like to say that as investors and shareholders at Cosan, as controllers of these, we have to take into account performance from different sectors and different parts of the company.

由於光線較暗，我們看到了巴西移動出行的表現以及 VALE3 股票的表現。我只想說，作為Cosan的投資者和股東，作為這些公司的控制者，我們必須考慮到公司不同部門和不同部門的表現。

We're now going to hold a Q&A session with myself, Marcelo and Lewin. Thank you.

我們現在要與我自己、馬塞洛和勒溫舉行問答環節。謝謝。

(Operator Instructions) Our first question comes from Isabella Simonato, a sell-side analyst from Bank of America.

（操作員指示）我們的第一個問題來自美國銀行賣方分析師 Isabella Simonato。

Can you hear me?

你聽得到我嗎？

Loud and clear, Isabella.

大聲而清晰，伊莎貝拉。

First, congratulations on this earnings release and on your transparency. That's really helpful. My first question is related to dividends. I think it came as a surprise to us to see the dividends from Moove in this quarter. Moving forward, do you have any expectations regarding payouts or regarding this kind of flow from Moove? Are there any expectations for the total numbers for this year?

首先，恭喜本次收益發布以及您的透明度。這真的很有幫助。我的第一個問題與股息有關。我認為看到 Moove 本季的股息讓我們感到驚訝。展望未來，您對 Moove 的支付或這種流量有什麼期望嗎？對今年的總數有什麼預期嗎？

Also, Comgás paid off dividends, but they are still at the early stages of Compass. Looking at the transaction that Compass announced yesterday, what are the expectations to raise Comgás dividends to the levels of Cosan in the third quarter or maybe even in the fourth quarter of 2023?

此外，Comgás 還清了股息，但 Compass 仍處於早期階段。看看 Compass 昨天宣布的交易，預計 2023 年第三季甚至第四季將 Comgás 股息提高到 Cosan 的水平？

Here's my second question regarding the Land segment. You've been able to monetize these operations, but could you please give us a bit more information on your expectation for portfolio turnover? Also, what about a potential restructuring of the Land segment? Could this unlock value over time?

這是我關於土地部分的第二個問題。您已經能夠透過這些操作獲利，但是您能否向我們提供更多有關您對投資組合週轉率的預期的資訊？另外，土地部門的潛在重組又是怎麼樣？隨著時間的推移，這能釋放價值嗎？

Lewin and Marcelo, could you please answer this one?

Lewin和Marcelo，你們能回答一下這個問題嗎？

Isabella, thank you for your questions. Let me answer the one regarding payout expectations for both Moove and Compass. Actually, Moove didn't come as a surprise to us. Moove has been getting better and better since its acquisition. Please remember that this asset had an EBITDA of BRL 30 million when we bought it. We made progress with this company. In the last quarter, we had big earnings for Moove. So the last 12 months of EBITDA are over BRL 1 billion.

伊莎貝拉，謝謝你的提問。讓我回答有關 Moove 和 Compass 支付預期的問題。事實上，Moove 的出現並不讓我們感到意外。 Moove自被收購以來一直在變得越來越好。請記住，當我們購買該資產時，其 EBITDA 為 3,000 萬雷亞爾。我們與這家公司取得了進展。上個季度，我們為 Moove 帶來了豐厚的收益。因此，過去 12 個月的 EBITDA 超過 10 億雷亞爾。

So for us, these earnings and this payout are not a surprise. Regarding payouts in the future, of course, we don't have any specific guidance for that, neither for Moove, nor for Compass. Of course, for Compass, we have a big, big distributor of dividends, and we expect the same to happen in the future, but we don't have any guidance for its payout.

所以對我們來說，這些收入和支出並不令人意外。當然，關於未來的支付，我們沒有任何具體的指導，無論是對於 Moove 還是對於 Compass。當然，對於康帕斯來說，我們有一個非常非常大的股息分配者，我們預計未來也會發生同樣的情況，但我們對其派息沒有任何指導。

Regarding the Land segment, we hold stake in 3 big companies, Radar and the funds Tellus and Janus. Overall, as the sum of it all, we hold 30% of the sum of these 3 businesses. We look at Land as a big portfolio. For the most mature lands, yes, we think about selling as we did in previous quarters. We sold a piece of land called [Varanau]. And you may remember that we talked about BRL 500 million. We also expect to sell and buy new land. It all depends on the level of maturity.

在陸地領域，我們持有 3 家大公司的股份，即 Radar 以及基金 Tellus 和 Janus。總的來說，我們持有這三項業務總和的 30%。我們將土地視為一個大的投資組合。是的，對於最成熟的土地，我們會像前幾季一樣考慮出售。我們賣掉了一塊叫做[瓦拉瑙]的土地。您可能還記得我們談過 5 億雷亞爾。我們也預計出售和購買新土地。這一切都取決於成熟程度。

Now when it comes to any restructuring to unlock value, I don't even think that's needed. I think value is really clear right now. This land in this portfolio is worth over BRL 14 billion, and our share is worth over BRL 4 billion. So its value is really clear. Also, when it comes to monetization, in this quarter, we sold land in the state of Piauí, as we mentioned in our earnings release presentation.

現在，當談到任何重組以釋放價值時，我甚至認為沒有必要。我認為現在的價值非常明確。該投資組合中的這塊土地價值超過 140 億雷亞爾，我們的份額價值超過 40 億雷亞爾。所以它的價值是非常明顯的。此外，在貨幣化方面，正如我們在收益發布演示中所提到的，本季我們出售了皮奧州的土地。

Next, we have a question from Thiago Duarte, a sell-side analyst from BTG Pactual.

接下來，我們有來自 BTG Pactual 的賣方分析師蒂亞戈·杜阿爾特 (Thiago Duarte) 的提問。

Here's my first question. It's striking to see your funding during this quarter and the cash position you've built recently. So it is only natural for us to wonder about what this company is going to do. You have a number of options. You have a number of triggers in a relatively short term. You have a due date calendar for your options and for your direct stake at Vale. There's also the cost of preferential stock in Raízen.

這是我的第一個問題。看到您在本季度的資金以及您最近建立的現金頭寸令人震驚。因此，我們自然想知道這家公司要做什麼。您有多種選擇。在相對較短的時間內，你會遇到很多觸發因素。您的選擇權和您在淡水河谷的直接股票都有一個到期日日曆。還有拉森的優先庫存成本。

Meanwhile, last night, you also talked about a new share buyback program. So I think there was, and there still is, this expectation that this company will go into the next quarter in a deleveraging cycle, either because their investments are mature, in subsidiaries or because of reducing interest rates or because of options that you're building to allocate your very robust cash position.

同時，昨晚您也談到了新的股票回購計畫。因此，我認為過去、現在仍然存在這種預期，即該公司將進入下一個季度的去槓桿化週期，要么是因為他們對子公司的投資已經成熟，要么是因為利率降低，要么是因為你可以選擇的選項。建立分配您非常強勁的現金頭寸的能力。

So of course, I have a very broad question, but also a very relevant question. What can we believe you're going to prioritize in the future for your cash allocation? So this is my question. And I have another one very quickly. You had an EBITDA for the cash -- for actually the land operations. How is this EBITDA connected to the appreciation of this portfolio for this specific quarter?

當然，我有一個非常廣泛的問題，但也是一個非常相關的問題。我們相信您未來的現金分配會優先考慮什麼？這就是我的問題。我很快就有了另一個。你有現金的 EBITDA——實際上是土地經營。該 EBITDA 與該特定季度該投資組合的升值有何關係？

Lewin, you're going to lead this call today.

Lewin，你將主持今天的電話會議。

Yes, Marcelo and I are here. So let me talk about liability management and Marcelo will be talking about capital allocation. Thiago, this funding is very specific. You know the Cosan Group. We've always, always cherished liquidity, especially before a volatile market. I believe we took the best advantage of our domestic market and a small window of the international market with BRL 2 billion in debentures or bonds and more from the international market. We also had the 100% swap operations of our bonds at a lower cost than usually.

是的，馬塞洛和我在這裡。因此，讓我談談負債管理，馬塞洛將談論資本配置。蒂亞戈，這筆資金非常具體。你知道科桑集團。我們一直非常珍惜流動性，尤其是在市場波動之前。我相信我們充分利用了國內市場和國際市場的小窗口，擁有 20 億雷亞爾的債券或債券，還有更多來自國際市場。我們也以比平常更低的成本進行了債券的 100% 掉期操作。

Our swap was around 116% of the CDI rate, which we believe is a good cost for the holding. Some of this money was used for liability management for bonds for 2027, so we're talking about $100 million to $150 million. As you can see in our presentation, we were able to postpone our towers for 2027. So we were able to postpone our debt. And we're able to face our next values that are due. We have our backlog debentures. And in 2024, we have our biggest towers. With this money in our hands, we have options. Of course, we can pay for these in 2024 and do liability management for our debt, and we can unravel the core, or we can get to 2024 and actually postpone this structure. So we have these options now.

我們的掉期利率約為 CDI 利率的 116%，我們認為這對於持有股份來說是一個不錯的成本。其中部分資金用於 2027 年債券的負債管理，因此我們談論的是 1 億至 1.5 億美元。正如您在我們的演示中看到的，我們能夠將塔樓推遲到 2027 年。因此我們能夠推遲我們的債務。我們能夠面對下一個到期的價值觀。我們有積壓的債券。到 2024 年，我們將擁有最大的塔樓。有了這筆錢，我們就有了選擇。當然，我們可以在2024年支付這些費用並對我們的債務進行負債管理，我們可以解開核心，或者我們可以到2024年並實際上推遲這個結構。所以我們現在有這些選擇。

Finally, please remember that some of this funding was used recently after we saw our earnings for a small settlement of our core, as stated in our release. So we settled 20% of the first installment of our core due in October of 2024. So we have the option. We can make the most out of different momentums in this market to get the best return possible, and we can undo the structure that we put together to buy Vale.

最後，請記住，正如我們的新聞稿中所述，在我們看到我們的收入用於核心的小額結算之後，最近使用了部分資金。因此，我們支付了 2024 年 10 月到期的核心第一期付款的 20%。所以我們有選擇。我們可以充分利用這個市場的不同動力，以獲得盡可能最好的回報，並且我們可以撤銷我們為收購淡水河谷而組合起來的結構。

Let me now hand it over to Marcelo to talk about capital allocation.

現在請馬塞洛談談資本配置。

Thiago, Lewin talked about many of these points that are related to liquidity, but let me stress something. First, by undoing the collar, we did something that was important because this was interesting, as you can imagine. We had this option, and it made sense for us to undo a part of it.

蒂亞戈、勒溫談到了許多與流動性相關的觀點，但讓我強調一點。首先，透過解開衣領，我們做了一件很重要的事情，因為這很有趣，你可以想像。我們有這個選擇，而撤銷其中一部分對我們來說是有意義的。

We're not necessarily going to keep undoing it. But in case this happens, it is very unlikely that right now, up until the due date in 2024, it's unlikely that we're going to undo more than the first share, which is around 15% of the full collar. We don't want to do more than that. And we're not necessarily even going to get to this number.

我們不一定要繼續撤銷它。但如果發生這種情況，從目前來看，直到 2024 年到期日之前，我們不太可能撤銷超過第一股的份額，即全項圈的 15% 左右。我們不想做更多的事情。我們甚至不一定能達到這個數字。

Of course, when the collar is in the money, it's appealing to undo it. But since we've always strived to create options up until the point where we have more clarity on what we want to do regarding our stakes, this is going to happen gradually. So we shouldn't expect the undoing of very relevant number in these operations. So I would say that the maximum would be the first installment due in 2024.

當然，當項圈很值錢時，解開它就很有吸引力。但由於我們一直努力創造選擇，直到我們更清楚地了解我們想要對我們的股份做什麼，所以這將逐漸發生。因此，我們不應期望在這些操作中撤銷非常相關的數字。所以我想說，最高額是 2024 年到期的第一期付款。

Now having said that, something really relevant, which draws questions, is our funding in companies from public equity. Because right now, we have a window of opportunity to take advantage of. We've clearly stated to the market, based on our last meetings, that we are not interested in follow-on right now, the IPOs for Compass or Moove. We don't want to follow on, on both of these IPOs for 2023.

話雖如此，真正相關但引起疑問的是我們透過公共股權向公司提供資金。因為現在，我們有一個可以利用的機會之窗。根據我們上次的會議，我們已經向市場明確表示，我們目前對 Compass 或 Moove 的 IPO 後續行動不感興趣。我們不想在 2023 年繼續進行這兩次 IPO。

Of course, in 2024, anything could happen, we could prioritize something else. But we have a capital structure in these companies that simply makes sense. We don't need more liquidity. They are generating cash. They are surprising us positively when it comes to revenue.

當然，到 2024 年，任何事情都有可能發生，我們可以優先考慮其他事情。但我們這些公司的資本結構是有意義的。我們不需要更多的流動性。他們正在產生現金。在收入方面，他們的正面表現讓我們感到驚訝。

And one of our highlights is Moove. Moove is going above and beyond our expectations. They have record highs month after month. So we believe this path is very positive. We don't need an IPO this year. I want to make this clear because I don't -- I know there's a lot of speculation in our market regarding this topic.

Moove 是我們的亮點之一。 Moove 的表現超出了我們的預期。它們逐月創下歷史新高。所以我們認為這條道路是非常正面的。今年我們不需要首次公開募股。我想澄清這一點，因為我不知道——我知道我們的市場對這個主題有很多猜測。

Now regarding that, as Lewin was saying, we're making the most out of our windows so that we can address our needs. And so that by 2025, we can have addressed everything else, so we don't need to raise any more up until then.

現在關於這一點，正如勒溫所說，我們正在充分利用我們的窗戶，以便我們能夠滿足我們的需求。這樣到 2025 年，我們就可以解決其他所有問題，因此在此之前我們不需要再籌集資金。

Thiago, this is Ana. Let me answer your question regarding the Land EBITDA. As of last quarter, we opened our P&L for Land in our release presentation. And you can see a line for expenditure, which was BRL 82 million in this quarter. Most of it is related to our portfolio appreciation based on an EBITDA of 190 million total.

蒂亞戈，這是安娜。讓我回答您有關土地 EBITDA 的問題。截至上季度，我們在發布演示中公開了土地損益表。您可以看到一條支出線，本季為 8,200 萬雷亞爾。其中大部分與我們基於 1.9 億美元 EBITDA 的投資組合增值有關。

So can I assume that the other in other revenues is majorly coming from land appreciation?

那麼我是否可以假設其他收入中的另一部分主要來自於土地增值？

Yes, you can.

是的你可以。

Our next question is from Gabriel Barra, a sell-side analyst from Citi.

我們的下一個問題來自花旗的賣方分析師加布里埃爾巴拉 (Gabriel Barra)。

Let me follow up on the last question. Marcelo was mentioning the IPO of Compass. We've seen a number of questions regarding this and the possibility of seeing that this year. I remember that your hypothesis at Cosan had to do with making our structure simpler. And making it simpler also had to do with listing these companies under the holding company. I understand what Marcelo was saying regarding 2023. However, what could trigger this operation?

讓我跟進最後一個問題。馬塞洛提到了康帕斯的首次公開募股。我們已經看到了許多與此相關的問題，今年有可能看到這一點。我記得你在 Cosan 的假設與簡化我們的結構有關。讓事情變得更簡單也與將這些公司列為控股公司有關。我明白馬塞洛關於 2023 年的說法。但是，什麼會觸發此操作？

In our last Investor Day, we saw some food for thought regarding how to do portfolio management for the holding and the little boxes that Cosan is participating in different businesses. We can also think about companies that might go private this year, and this could be a trigger for that. For example, we can think about Compagas. So what could trigger the IPOs? I know it's a tricky topic, but if you could talk about it, that would be great.

在上一次投資者日，我們看到了一些關於如何對控股公司進行投資組合管理以及 Cosan 參與不同業務的小盒子的一些思考。我們也可以考慮今年可能私有化的公司，這可能是個觸發因素。例如，我們可以考慮 Compagas。那什麼會觸發IPO呢？我知道這是一個棘手的話題，但如果你能談論它，那就太好了。

My second question related to Compass is this one, please talk about the progress with TRSP, with the São Paulo regasification terminal. We've seen information about the mountain area, and we'd love an update on that. And finally, if you will allow me, something you also mentioned in the Investor Day was partnerships. Could you please give us an update on that? And if we think about the long term for the company, these are really important, so I'd love to hear an update.

我與 Compass 相關的第二個問題是這個，請談談 TRSP 和聖保羅再氣化終端的進展。我們已經看到了有關山區的信息，我們希望了解最新情況。最後，如果您允許的話，您在投資者日還提到了合作夥伴關係。能為我們介紹一下最新情況嗎？如果我們考慮公司的長期發展，這些都非常重要，所以我很想聽到最新消息。

Thank you, Gabriel. This is Luis speaking. And please, Marcelo, feel free to jump in. Let me start with the second point. When it comes to the São Paulo regasification terminal, we're doing really well. We're going to be operational by the end of this year. We're working on final details for these works, especially to work on the last piece of piping the city gate. Everything that is land related has been completed.

謝謝你，加布里埃爾。我是路易斯。馬塞洛，請隨意插話。讓我從第二點開始。就聖保羅再氣化終端而言，我們做得非常好。我們將於今年年底投入營運。我們正在研究這些工程的最終細節，特別是城門管道的最後一段。與土地有關的一切都已完成。

The vessel is en route to Brazil. Everything is going well. And of course, this is one of the biggest points for any changes at the company for a potential IPO or other potential operations. We want to make sure that the promises that we made awhile ago when we didn't have the IPO, but we had the private placement, are delivered.

該船正在前往巴西的途中。一切進行得都很順利。當然，這是公司可能進行首次公開發行或其他潛在業務的任何變化的最大要點之一。我們希望確保我們不久前在沒有首次公開募股但進行私募時做出的承諾得以兌現。

We have the TRSP, the TSRU. We have the Commit, which is happening with the ones that are under us. We have the sales memorandum for the Northeast, which has been executed. And of course, we still rely on the preemptive rights by Mitsui. We expect to complete that by the end of this year or tops by the first quarter of next year, but we're pushing strongly to do it this year.

我們有 TRSP、TSRU。我們有提交，這正在我們下面的人身上發生。我們有東北地區的銷售備忘錄，已經執行了。當然，我們仍然依賴三井物產的優先購買權。我們預計將在今年年底前完成，或在明年第一季達到頂峰，但我們將在今年大力推動這一目標。

And of course, we have the progress of guys which are going really well, as Lewin was saying at the beginning. So the maturation of our network and our partnership operations Mitsui in the States is really important. So that we see an overall -- overview of our evolution and so that everything falls into place in their portfolio.

當然，正如勒溫一開始所說的那樣，我們的球員們進展得非常好。因此，我們的網路和三井在美國的合作夥伴業務的成熟非常重要。這樣我們就能對我們的發展有一個整體的概述，這樣一切就都在他們的投資組合中就位了。

Yesterday, we talked about the JV for biomethane, and this is really important for us in our product offering. We signed a big contract with Petrobras recently for Comgás' supply in the long term. We also now have more flexibility in different contract models, especially when it comes to potential clients in the free market and more flexibility in the Brazilian system. We also have biomethane coming in with more relevant players in this field, which is Orizon. When put together, all of this makes for a more robust offering for the future.

昨天，我們討論了生物甲烷合資企業，這對我們的產品供應非常重要。我們最近與巴西國家石油公司簽署了一份大合同，以長期供應 Comgás。我們現在在不同的合約模式上也具有更大的靈活性，特別是在自由市場上的潛在客戶以及巴西體系中的更大靈活性方面。我們還有生物甲烷，與該領域更相關的參與者一起加入，這就是 Orizon。當所有這些結合在一起時，將為未來提供更強大的產品。

Regarding partnerships, and this has been operational for over 2.5 years since when we announced its expansion for the 8 partners that we have right now. And of course, we have our Founder, Controller and Chairman, which completes this partnership. Everything has been working really well, better and better by the day. We're talking about company portfolio, capital allocation, risks, people, management, robust pipeline, good succession at every company. So I think we've reached a good level of maturity.

關於合作夥伴關係，自從我們宣布將合作夥伴擴展至目前的 8 個合作夥伴以來，該合作夥伴關係已經運作了 2.5 年多。當然，我們還有我們的創辦人、財務總監和董事長，這使我們的合作關係更加完整。一切都進展順利，一天比一天好。我們談論的是每家公司的公司投資組合、資本配置、風險、人員、管理、強大的管道、良好的繼任者。所以我認為我們已經達到了相當成熟的水平。

We're still learning, of course. There's no industrial or operating company with this model, either in Brazil or abroad. So we've been learning, and we've been discussing other models of partnerships so that we can learn from it. But we're working. It works. We're operational. And as you can see in our discussions, many of our partners are a part of the conversation, and they are responsible for different parts of the portfolio. They add to the conversation with this organized perspective on things in order to lead to more results overall.

當然，我們仍在學習。無論是在巴西或國外，都沒有採用這種模式的工業或營運公司。所以我們一直在學習，我們一直在討論其他合作模式，以便我們可以從中學習。但我們正在工作。有用。我們已投入營運。正如您在我們的討論中看到的，我們的許多合作夥伴都參與了對話，他們負責產品組合的不同部分。他們以這種有組織的觀點來加入對話，以便整體上取得更多結果。

Let me add something to what Luis said. Regarding the funding of potential acquisitions, we don't need to have specific funding for this. Please remember that the leveraging for Compass is closer to this. So we could make these acquisitions with our own funds. We're moving forward with our plans, but any potential acquisitions will be funded with our own resources.

讓我對路易斯所說的話補充一些內容。關於潛在收購的資金，我們不需要為此提供專門的資金。請記住，Compass 的槓桿作用更接近於此。所以我們可以用自己的資金來進行這些收購。我們正在推進我們的計劃，但任何潛在的收購都將由我們自己的資源提供資金。

Regarding the IPO, both for Compass and Moove, it's important to say that these companies have shareholders which are not Cosan. And of course, they are interested in leaving at some point. So yes, we want to hold an IPO for these businesses, but there's no urgency. And we don't need to do it without optimizing our valuation when we go to market.

關於 Compass 和 Moove 的 IPO，重要的是要說這些公司的股東不是 Cosan。當然，他們有興趣在某個時候離開。所以，是的，我們希望為這些企業進行首次公開募股，但並不緊迫。當我們進入市場時，如果不優化我們的估值，我們不需要這樣做。

As for Compass, as Luis said really well, we have the São Paulo regasification Terminal. In 2022, when we didn't hold an IPO, we talked about this point. And this is the only one which hasn't been completed yet, and we want to complete everything before we have a IPO. This is very significant for us.

至於指南針，正如路易斯說得很好，我們有聖保羅再氣化終端。 2022年，我們沒有IPO的時候，我們就談到了這一點。這是唯一尚未完成的工作，我們希望在首次公開募股之前完成所有工作。這對我們來說非常重要。

Regarding Moove, around a year ago, we acquired PetroChoice. We also believe it is important to deliver things and to show how much we can grow outside of Brazil before we hold an IPO. They are doing really well. These deliveries look promising.

關於 Moove，大約一年前，我們收購了 PetroChoice。我們還認為，在進行 IPO 之前，交付成果並展示我們可以在巴西以外實現多大的成長也很重要。他們做得非常好。這些交付看起來很有希望。

And after that, we can think about an IPO so that we can give an option for our shareholders to leave. There is no urgency. We're not worried about the window of opportunity right now, but we're keeping an eye on the maximum valuation possible. We want to deliver on everything we promised, and we want to have good performance.

之後，我們可以考慮首次公開募股，這樣我們就可以為股東提供離開的選擇。沒有緊迫性。我們現在並不擔心機會之窗，但我們正在關注可能的最大估值。我們希望兌現我們所承諾的一切，我們希望有良好的表現。

And Marcelo, we've been educating the market on these 2 businesses with more and more disclosure for you. So we're going to tackle these companies as if they were listed so that you can see their results better and better with more complete information because they are becoming more relevant in our portfolios.

馬塞洛，我們一直在向市場宣傳這兩項業務，並為您提供越來越多的信息。因此，我們將像對待上市公司一樣對待這些公司，以便您可以透過更完整的資訊來更好地了解他們的業績，因為它們在我們的投資組合中變得越來越相關。

Up next, we have a question from Mr. Luiz Carvalho, a sell-side analyst from UBS.

接下來，我們有來自瑞銀（UBS）賣方分析師路易斯·卡瓦略（Luiz Carvalho）先生的提問。

I'm happy to see a few changes in your Board, too, regarding the last elections. Luis, let me piggyback on the question regarding Vale. You're a member of their Board. And recently, we saw news regarding a potential change in the CEO position. Could you please give us an update, not regarding mining necessarily, but regarding the company and any changes that we may expect. It's been a while since Cosan joined. So what do you think about the business? What do you think about the opportunities you have there?

我很高興看到董事會在上次選舉方面也發生了一些變化。路易斯，讓我來談談有關淡水河谷的問題。您是他們的董事會成員。最近，我們看到了有關執行長職位可能會改變的消息。您能給我們提供最新資訊嗎？不一定是關於採礦的，而是關於公司和我們可能期望的任何變化的。科桑加入已經有一段時間了。那麼您對這項業務有何看法？您認為那裡的機會如何？

And around 6 to 8 months ago, I asked you a question regarding your time allocation and your priorities, given the complexity and the number of projects you have going on right now in your pipeline. So could you please talk about that? Piggybacking on what Lewin said, how do you look into move in this sense? Because Moove has an EBITDA above BRL 1 billion. So what could we follow up on from a close? What kind of opportunity could we expect?

大約 6 到 8 個月前，考慮到您目前正在進行的專案的複雜性和數量，我問了您一個關於您的時間分配和優先事項的問題。那你能談談這個嗎？借用勒溫的話，你如何看待這個意義上的移動？因為 Moove 的 EBITDA 超過 10 億雷亞爾。那我們可以在結束後跟進什麼呢？我們可以期待什麼樣的機會？

Thank you for your questions, Luiz. Regarding Vale, of course, I need to be brief. And as a Board member, I must ask you that any questions regarding that company's performance should be asked to that company. I face restrictions as a Board member. Now what I can say is that we have a Board that is working really well together. We had good elections. We didn't have multiple votes.

謝謝你的提問，路易斯。當然，關於淡水河谷，我需要簡單介紹一下。身為董事會成員，我必須要求你們，任何有關該公司業績的問題都應該向該公司提出。身為董事會成員，我面臨一些限制。現在我可以說的是，我們的董事會合作得非常好。我們進行了很好的選舉。我們沒有多次投票。

We saw many national and international shareholders on the same page. And this is working really well through the nominating and Governance Committee with [Penido], who is still on the Board, and who did excellent work with the previous Board to choose the current Board. So what I can tell you is that I'm a witness to how well this is working.

我們看到許多國內和國際股東都有相同的看法。透過提名和治理委員會與 [Penido] 的合作，這一切運作得非常好，他仍然是董事會成員，並且與前任董事會一起出色地工作，選出了現任董事會。所以我可以告訴你的是，我親眼目睹了這種做法的效果。

Another highlight is how important it is to segregate base metals. We're doing something structured and focused with specific goals. We have specific talent, values and cultures that are compatible with the challenges that we have ahead of us. And this frees up time for the team to focus on iron ore, should they be experts on that, and for the team who is an expert on other things to also focus on other metals.

另一個亮點是隔離賤金屬的重要性。我們正在做一些結構化的、專注於特定目標的事情。我們擁有與我們面臨的挑戰相適應的特定人才、價值觀和文化。如果團隊是鐵礦石的專家，那麼這可以為團隊騰出時間專注於鐵礦石，而對於其他方面的專家來說，團隊也可以專注於其他金屬。

We have an Executive Chairman, [Marco Tufani] with a lot of experience that's good for base metals. And we have 2 very important shareholders, PIF at 10%, which is a very strategic partner given the importance of the Middle East as a potential hub to build solutions for low-carbon mining and AGEN1 as well. This is a shareholder who is a leader in the energy transition and ESG, many operations with the Canadian government and the American government, lots of operations in North America.

我們的執行主席 [Marco Tufani] 擁有豐​​富的基本金屬經驗。我們有兩個非常重要的股東，PIF 佔 10%，考慮到中東作為建立低碳採礦和 AGEN1 解決方案的潛在中心的重要性，這是一個非常重要的策略夥伴。該股東是能源轉型和 ESG 領域的領導者，與加拿大政府和美國政府有許多業務往來，在北美也有很多業務。

They have important experience, which really goes to validate our efforts as a company in the past few years for ESG, sustainability and improving our relationships with communities. They are reviewing them. They are working on decommissioning projects, et cetera, et cetera. So in my opinion, these are the biggest highlights for this period.

他們擁有重要的經驗，這確實驗證了我們公司過去幾年在 ESG、永續發展和改善與社區關係方面所做的努力。他們正在審查它們。他們正在從事退役專案等等。所以在我看來，這些都是這時期最大的亮點。

And I apologize for not going into more details, but you should forward your other questions to their Investor Relations into Bartolomeo, their lead independent director, too. They have put together a very good governance in the past few years. They structured it really well. They want to be faster. They want to be able to support everyone to deliver results.

我很抱歉沒有提供更多細節，但您也應該將您向投資者關係部門提出的其他問題轉交給他們的首席獨立董事巴托洛梅奧。在過去的幾年裡，他們建立了非常良好的治理體系。他們的結構非常好。他們想要更快。他們希望能夠支持每個人取得成果。

Regarding time allocation, we made a few important changes. We welcomed Leo Pontes daround 1.5 years ago with the Cosan Holding. He's working with myself, Marcelo, Lewin, Paula, helping us with people and culture. And we also have Maria Rita. So this enabled us to split these efforts among ourselves to make sure we allocate enough time for each of these projects. I've been investing around 30% of my time to Vale. I've also been dedicating a lot of time to Raízen because we have big challenges for mobility in Brazil. We had a few changes in our recent structure with a more integrated downstream. And we have [tail] across [Yenmusa].

關於時間分配，我們做了一些重要的改變。大約 1.5 年前，我們在 Cosan Holding 迎來了 Leo Pontes。他正在與我、馬塞洛、勒溫、保拉一起工作，在人員和文化方面幫助我們。我們還有瑪麗亞·麗塔。因此，這使我們能夠將這些工作分攤到我們自己身上，以確保我們為每個項目分配足夠的時間。我將大約 30% 的時間投入淡水河谷。我也花了很多時間在 Raazen 上，因為我們在巴西的流動性方面面臨著巨大的挑戰。我們最近的結構發生了一些變化，下游更加一體化。我們的[尾巴]橫跨[Yenmusa]。

As you were saying, we also have a big opportunity with Moove in their agenda. We need to consolidate our operations in the U.S. We see something very robust, very good progress, very high quality. Over time, we need consolidation in Europe as well, which is our next endeavor as we are able to absorb PetroChoice. We can also think about small regional acquisitions that add to our portfolio. Very soon, we'll be calling this Moove USA.

正如你所說，我們在 Moove 的議程中也有一個巨大的機會。我們需要鞏固我們在美國的業務。我們看到一些非常強勁、進展非常快、品質非常高的東西。隨著時間的推移，我們也需要在歐洲進行整合，這是我們的下一步努力，因為我們能夠吸收 PetroChoice。我們也可以考慮小型區域性收購，以增加我們的投資組合。很快，我們將稱之為 Moove USA。

So PetroChoice will be erased as a brand, and Moove will also become our brand in the U.S. But ExxonMobil relationship is still evolving, it's more solid than ever. Very good things happening in the U.S., in Europe and in Latin America. So we want the right opportunity to expand into Europe and to continue this beautiful growth by Moove. As you were saying, we have over BRL 1 billion in EBITDA.

因此，PetroChoice 作為一個品牌將被刪除，而 Moove 也將成為我們在美國的品牌。但埃克森美孚的關係仍在發展，比以往任何時候都更加牢固。美國、歐洲和拉丁美洲正在發生非常好的事情。因此，我們希望有合適的機會向歐洲擴張，並繼續 Moove 的美好成長。正如您所說，我們的 EBITDA 超過 10 億雷亞爾。

Let me follow up on what you said about Moove. You're thinking about expanding regionally. Does it make sense to go public abroad and not in Brazil, to be listed abroad and not in Brazil? Does it make sense in tax terms?

讓我跟進一下你所說的關於 Moove 的事情。您正在考慮進行區域擴張。在國外上市而不是在巴西、國外上市而不是在巴西有意義嗎？從稅務角度來看，這有意義嗎？

We're doing research, Luiz, to see our options. And of course, we're going to go public wherever we can attract the right investors. Moove is very specific. You know I have a background in lubricants. I worked a long time in lubricrants for Shell. And right now, I don't know about any company in the world that has built what Moove has built.

路易斯，我們正在做研究，看看我們的選擇。當然，只要能吸引合適的投資者，我們就會上市。 Moove 非常具體。你知道我有潤滑油的背景。我在殼牌潤滑油公司工作很久了。目前，我不知道世界上有哪家公司能夠打造出 Moove 所打造的產品。

So we're going to look at it dearly to choose the right place and the right circumstances for its IPO because we want to attract specific investors for it. We have incredible cash generation, low need for recurring CapEx and a very high-performance team with high-quality brands, either proprietary brands or through our operations with ExxonMobil.

因此，我們將仔細考慮，選擇合適的地點和合適的環境進行首次公開募股，因為我們希望為其吸引特定的投資者。我們擁有令人難以置信的現金產生能力，對經常性資本支出的需求很低，並且擁有一支擁有高品質品牌（無論是專有品牌還是透過我們與埃克森美孚的營運）的高績效團隊。

We're getting to growth market, mixed market and very good profitability as well. So we can put together an expansion in our market share, our quality and our profit share. We're expanding our total value in our cash conversion very efficiently. When we look at Moove's earnings, to the end of the year, we only have to work on liability management for the recent acquisitions, basically. The rest of the company is balanced with a very robust cash position. And we're deleveraging after last year's acquisition, basically.

我們正在進入成長市場、混合市場和非常好的獲利能力。這樣我們就可以擴大我們的市場份額、我們的品質和我們的利潤份額。我們正在非常有效地擴大現金轉換的總價值。當我們看Moove的收益時，到年底，我們基本上只需要對最近的收購進行負債管理。公司的其他部分保持平衡，現金狀況非常強勁。基本上，在去年的收購之後，我們正在去槓桿化。

Would you like to add anything?

您想添加什麼嗎？

No. Thank you.

不，謝謝。

Up next, we have a question from Lucas Ferreira, a sell-side analyst from JPMorgan.

接下來，摩根大通賣方分析師盧卡斯費雷拉 (Lucas Ferreira) 向我們提出了一個問題。

I have a follow-up question regarding Compass. Do you have a minimum stake with which you'd be comfortable with for a future IPO? You have 30% for Rumo. Do you have anything similar to that? Also, at Compass, you have a very important shareholder, Mitsui. Would you be comfortable with liquidity through Cosan or through future purchasing at Compass? Would you be able to increase your stake at the distributors?

我有一個關於指南針的後續問題。對於未來的首次公開募股，您是否有一個可以接受的最低持股比例？你有 30% 給 Rumo。你有類似的東西嗎？另外，在康帕斯，有一個非常重要的股東，三井物產。您對透過 Cosan 或未來在 Compass 購買的流動性感到滿意嗎？您能增加您在經銷商的股份嗎？

Regarding capital allocation. You just talked about the share buyback program. How comfortable are you with capital allocation? Should we have capital allocation in the group's assets? Are you comfortable with the buybacks? What do you think about this whole thing?

關於資本配置。您剛才談到了股票回購計劃。您對資本配置的滿意度如何？我們是否應該對集團資產進行資本配置？您對回購感到滿意嗎？你對這整件事有什麼看法？

And regarding capital allocation, finally, regarding Vale, Luis was talking about the company. And in the past, they decided not to add the 1.6% to the results. That may have been strategic, but do you have any economic opportunities right now where Vale is at? Are you happy with your stake at the Board? Why not at the 1.6%, which was a possibility at the beginning?

關於資本配置，最後，關於淡水河谷，路易斯談論的是該公司。過去，他們決定不將 1.6% 加入結果。這可能是戰略性的，但目前淡水河谷所在的地方有任何經濟機會嗎？您對您在董事會的股份感到滿意嗎？為什麼不選擇 1.6%（一開始就有可能）呢？

Let me start, and then I will hand it over to Marcelo. First, let me make something clear. Mitsui is not a shareholder at Compass. It is a shareholder at Commit. Regarding a micro stake at companies like Compass and Moove, we will always have controlling rights, so over 50%. We'd love to have a larger share of Rumo right now. You know their history. We only have 30%. We'd love to have more for Rumo because it's a company that performs really well with a very robust horizon.

讓我開始，然後我將把它交給馬塞洛。首先，讓我澄清一下。三井物產不是康帕斯的股東。它是Commit的股東。對於像Compass和Moove這樣的公司的小額股權，我們將始終擁有控股權，所以超過50%。我們現在很想擁有 Rumo 的更大份額。你知道他們的歷史。我們只有30%。我們希望為 Rumo 帶來更多，因為這是一家表現非常出色、前景廣闊的公司。

Regarding Mitsui, we don't have anything at the table right now or on the table, so we can't speculate on that. Regarding our stake for Vale, we're comfortable with 4.9%. It gives us a very comfortable position when it comes exposure in derivatives.

關於三井物產，我們現在或談判桌上沒有任何東西，所以我們不能對此進行推測。關於淡水河谷的持股比例，我們對 4.9% 感到滿意。當涉及衍生性商品投資時，它為我們提供了一個非常舒適的位置。

So we repeat the same thing we've said in previous earnings release presentations, we won't be increasing our stake right now. We think this is the responsible thing to do when it comes to exposure, our total debt and our capital allocation. Marcelo, would you like to talk about the buyback program and capital allocation?

因此，我們重複我們在先前的收益發布演示中說過的同樣的話，我們現在不會增加我們的股份。我們認為，就風險敞口、總債務和資本配置而言，這是負責任的做法。馬塞洛，您想談談回購計畫和資本配置嗎？

Yes, of course. Lucas, regarding the buyback program, as we were saying before, yes, we intend on doing the buyback program. The right timing for it depends on a few things, but it could happen quickly. This is something we're going to determine soon. But yes, we intend on doing it.

是的當然。盧卡斯，關於回購計劃，正如我們之前所說，是的，我們打算進行回購計劃。正確的時機取決於一些因素，但它可能會很快發生。這是我們很快就會確定的事情。但是，是的，我們打算這樣做。

Regarding Vale, we look at this operation according to 3 layers. We have 1.5% available to us right now. And after undoing some of the collar, we went to 1.6%. We have 3.3% from the collar and then 1.6%. So it doesn't make sense for us to use the option to buy the 1.6% before solving the 3.3%. So this is at the end of our line, of our queue. We're going to get to it after working on the 3.3% in addition to 1.6%. So this is not in our list of priorities. And we could maybe not complete it and just undo it, but it is an option after we tackle the 3.3%.

對Vale來說，我們以3層來看這個操作。我們現在有 1.5% 可用。解開部分衣領後，我們達到了 1.6%。我們有 3.3% 來自衣領，然後是 1.6%。所以我們在解決3.3%之前使用購買1.6%的選擇權是沒有意義的。所以這是我們隊列的結尾。我們將在研究完 3.3% 和 1.6% 之後再討論這個問題。所以這不在我們的優先事項清單中。我們也許可以不完成它而只是撤消它，但在我們解決 3.3% 後，這是一個選擇。

Our next question comes from Regis Cardoso, a sell-side analyst from Crédit Suisse.

我們的下一個問題來自瑞吉斯·卡多佐（Regis Cardoso），他是瑞士信貸銀行（Crédit Suisse）的賣方分析師。

Let me echo my colleagues and thank you for your disclosure in the earnings release presentation on how much recovery of these holdings would be worth. This is really useful information, so I'd like to echo their thanks.

讓我與我的同事一樣，感謝你們在收益報告中揭露了這些資產的回收價值。這是非常有用的信息，所以我想表達他們的感謝。

Let me touch upon a few things. Number one, when interest rates went up, especially the CDI rate, we saw changes in the group. We saw a behavior that was more related to cash preservation and maybe deaccelerating some investment plans because, of course, the debt burden became bigger. So on this note, since we're seeing changes in interest rates, I would like to pick your brain on that. Does it have any impact on how this company is going to have a different pacing on capital allocation?

讓我談談一些事情。第一，當利率上升，特別是 CDI 利率上升時，我們看到了該群體的變化。我們看到了一種與現金保存更相關的行為，並且可能會放慢一些投資計劃，因為當然，債務負擔變得更大。因此，在這一點上，由於我們看到了利率的變化，我想請教您的想法。這對這家公司在資本配置上採取不同的節奏有什麼影響嗎？

Now more specifically, I have a question regarding Compass, more specifically, Commit. You've been exposed to different regulating models on natural gas in different states. So here's my question. Do you have good examples of different options or different regulatory models that draw your attention? Do you have a best practice role model that could be replicated? Is there a state where you feel more comfortable allocating more cash?

現在更具體地說，我有一個關於 Compass 的問題，更具體地說，是 Commit。您已經接觸過不同州的不同天然氣監管模式。這是我的問題。您是否有引起您注意的不同選擇或不同監管模式的好例子？您是否有可以複製的最佳實踐榜樣？有沒有哪個州讓您覺得分配更多現金比較舒服？

Finally, if you will allow me, this is a question maybe for Luis, maybe for Marcelo, it's up to you. I remember that you invested in Vale and, at that time, you had a hypothesis on how to unlock value. One of the hypothesis was basic metals, which hasn't come true. So overall, I'd like to ask you about your investment hypothesis at the time and how it has changed up to now?

最後，如果您允許的話，這可能是路易斯的問題，也許是馬塞洛的問題，這取決於您。我記得你投資了淡水河谷，當時你對如何釋放價值有一個假設。其中一個假設是基本金屬，但尚未實現。總的來說，我想問一下您當時的投資假設以及到現在有何變化？

Thank you, Regis. Let me answer the first question. Marcelo will answer the second one. We have shareholders being represented by them, and I represent the Board. When it comes to the interest rate cycle, we are actually focused on actually executing our projects right now.

謝謝你，雷吉斯。讓我回答第一個問題。馬塞洛將回答第二個問題。我們有股東代表，我代表董事會。當談到利率週期時，我們現在實際上專注於實際執行我們的專案。

So for Rumo, we want to complete the investment in Lucas do Rio Verde. We want to raise funds for each step. We want to work on better loads. We want to optimize things. And of course, we want to increase profitability and the competitiveness of Rumo going into Mato Grosso. Meanwhile, as Beto has been saying, we, of course, want to look at bottleneck opportunities in Santos because we have higher volumes getting to Santos, and we need to process it properly. We have the terminal, we have other improvements and we have other opportunities we're looking into. So we don't have any other opportunities. The same thing for our Commit and Compass. We can think about the acceleration of the expansion of operating models for these new companies.

所以對於Rumo來說，我們希望完成對Lucas do Rio Verde的投資。我們希望為每一步籌集資金。我們希望研究更好的負載。我們想要優化事情。當然，我們希望提高魯莫進入馬托格羅索州的獲利能力和競爭力。同時，正如貝託所說，我們當然希望看到桑托斯的瓶頸機會，因為我們有更多的貨物到達桑托斯，我們需要正確處理它。我們有終端，我們有其他改進，我們還有其他我們正在研究的機會。所以我們沒有其他機會了。我們的 Commit 和 Compass 也是如此。我們可以思考這些新公司營運模式的加速擴張。

Now regarding your second question, Regis. We're comfortable with the different regulations, different regulatory bodies and different granting authorities in different states. Of course, these legislations, these rules have their pros and cons, and may have different levels of maturity in different states. Sometimes we have low levels of maturity. We see that we need more base structure investments. In other states, we need to accelerate expansions. Of course, in São Paulo, we have a high level of maturity.

現在關於你的第二個問題，雷吉斯。我們對不同州的不同法規、不同監管機構和不同授權機構感到滿意。當然，這些立法、這些規則都有其優點和缺點，並且在不同的州可能有不同的成熟程度。有時我們的成熟度很低。我們看到我們需要更多的基礎結構投資。在其他州，我們需要加速擴張。當然，在聖保羅，我們有很高的成熟度。

For our next step, we need to understand how biomethane is going to be added to the trading scenario. You also have negotiations with different producers in Brazil, other players in this industry and the regulators. So we need to work on our first 3 clients. We have the regulations for that. But as an industry, not only with distribution but also with transportation and production, we need to create the right scenario so that we can make for free clients.

對於下一步，我們需要了解如何將生物甲烷添加到交易場景中。您也與巴西的不同生產商、該行業的其他參與者以及監管機構進行談判。所以我們需要為我們的前 3 位客戶工作。我們有這方面的規定。但作為一個行業，不僅有分銷，還有運輸和生產，我們需要創造正確的場景，以便我們可以免費為客戶製作。

We're comfortable in investing in these states because we believe we have the right maturity and the right stance from regulators and granting authorities. They understand the nature of this business and the stage in where we're at regarding the cycle. In the future, natural gas could be a key component for competitiveness in the power grid for each one of these states.

我們對在這些州進行投資感到放心，因為我們相信我們擁有適當的成熟度以及監管機構和授權機構的正確立場。他們了解這項業務的性質以及我們所處的周期階段。未來，天然氣可能成為這些州電網競爭力的關鍵組成部分。

In the case of Moove, we need to continue expanding into the U.S. We have a few opportunities with [biotons] and of course, we could work with Europe. With Raízen, we need to complete our investments in E2G. They're transformational when it comes to cash generation and better earnings when it comes to renewables and better performance for mobility in Brazil.

就 Moove 而言，我們需要繼續向美國擴張。我們在 [biotons] 方面有一些機會，當然，我們可以與歐洲合作。我們需要透過 Raízen 完成對 E2G 的投資。他們在現金產生方面具有變革性，在再生能源方面具有更好的收入，並且在巴西的流動性方面具有更好的表現。

For the Land segment, we need better portfolio turnover, where it makes sense. And we need to keep on improving our opportunities with irrigation where we're going to increase the value of land and increase yield for our clients and, therefore, improve lease prices. We want to get better at that, and we want to look for new opportunities in lateral opportunities as well, including carbon credits.

對於土地領域，我們需要更好的投資組合週轉率，這才是有意義的。我們需要持續改善灌溉機會，從而增加土地價值並提高客戶的產量，從而提高租賃價格。我們希望在這方面做得更好，我們也希望在橫向機會中尋找新的機會，包括碳信用。

And with Vale, as he was saying, we need to continue our operations. And we need to work on how to continue or undo the structures we have right now, depending on the progress we see. However, our mindset is that. Whenever possible, we need to drive this to deleverage our company.

正如他所說，對於淡水河谷，我們需要繼續運作。我們需要根據我們所看到的進展，研究如何繼續或撤銷我們現在擁有的結構。然而，我們的心態是這樣的。只要有可能，我們就需要推動公司去槓桿化。

So even with interest rates going down, we're not going to stop investing. You know our investments. You know what we've planned for, for the next few years for each one of these companies. Now let me hand it over to Marcelo, and he'll be talking about Vale.

因此，即使利率下降，我們也不會停止投資。你知道我們的投資。您知道我們為這些公司未來幾年的計劃。現在讓我把它交給馬塞洛，他將談論淡水河谷。

Regis, regarding Vale, we believe this investment of the PIF in base metals was really positive. We believe the valuation was interesting. We were happy with these results. We expected this to be a good business, but it was even better than what we had anticipated. This is a valuation that should reinforce our significant numbers for Vale. And there is no reason for us to be where we're at right now. So we expect some impact here.

Regis，關於淡水河谷，我們認為 PIF 對基本金屬的投資確實是正面的。我們認為估值很有趣。我們對這些結果感到滿意。我們以為這是一筆好生意，但結果比我們預期的還要好。這項估值應該會強化我們對淡水河谷的重要數據。我們沒有理由陷入現在的境地。所以我們預計這裡會產生一些影響。

Our hypothesis is still being confirmed, but we haven't reached a decision. Our first results with base metals is really, really satisfactory. Not only having investors for that, but also a separate governance. When you have someone from this industry with a strong background, this also leverages a lot of value for the company looking forward. But we haven't reached a decision on our stake regarding Vale.

我們的假設仍在得到證實，但我們還沒有做出決定。我們對賤金屬的初步結果非常非常令人滿意。不僅有投資者，還有單獨的治理。當你擁有來自這個行業的具有強大背景的人時，這也會為公司的未來帶來很大的價值。但我們尚未就淡水河谷的持股做出決定。

And a quick reminder of the collar mechanism. Every time we think we have enough gains to undo the collar, and when we think it makes sense to convert this stake in a share stake or actual stake at the company and not a collar stake, we can do it. But that doesn't mean that we're going to keep this stake over time. It's important to make this clear.

以及領子機制的快速提醒。每當我們認為我們有足夠的收益來解除限制時，並且當我們認為將這些股份轉換為股份或公司的實際股份而不是限制股權是有意義的時，我們就可以這樣做。但這並不意味著我們會隨著時間的推移保留這些股份。弄清楚這一點很重要。

A collar is a combination of derivatives and options. When you undo it, you have a stake at the company, which you could keep at the price that you have booked. You can undo it by immediately selling it or you can sell it in the future. So we decided to undo the collar because it's really appealing. We are going to have significant gains. And that's it.

項圈是衍生性商品和選擇權的組合。當你撤銷它時，你就擁有了該公司的股份，你可以按照你預訂的價格保留這些股份。您可以透過立即出售它來撤銷它，也可以在將來出售它。所以我們決定解開衣領，因為它真的很吸引人。我們將取得重大成果。就是這樣。

But I don't want to give you any indication, either way, for Vale at the moment. I just reinforced that we're happy with what we're seeing right now, especially operationally and strategically speaking. We're monitoring other factors before we make any further decisions regarding our stake in the future.

但我目前不想給你任何有關淡水河谷的指示，無論哪種方式。我只是強調，我們對目前所看到的情況感到滿意，尤其是在營運和策略方面。在就我們未來的股份做出任何進一步決定之前，我們正在監控其他因素。

And Marcelo, we're also keeping our 4.9% stake with the option for the future.

馬塞洛，我們還將保留 4.9% 的股份，並保留未來的選擇權。

Yes, exactly.

對，就是這樣。

This is the end of our Q&A. Now let me hand it back over to Mr. Luis Henrique for his closing remarks.

我們的問答到此結束。現在請路易斯恩里克先生作總結發言。

I would like to thank everyone for the high-quality questions and discussion. I believe it is important to stress that we're focused on the execution of the specific plans for each one of these companies, and we've delved into them in detail. We're trying to optimize our capital structure. We're looking at opportunities to generate value and to work on deleveraging our company. We're focusing a lot on reversing our results for mobility in Brazil. Of course, we also expect Vale to keep on going up with shares that show better performance.

我要感謝大家提出的高品質問題和討論。我認為有必要強調的是，我們專注於執行這些公司的具體計劃，並且我們已經對其進行了詳細研究。我們正在努力優化我們的資本結構。我們正在尋找創造價值並致力於公司去槓桿化的機會。我們非常注重扭轉巴西的流動性結果。當然，我們也預期淡水河谷表現較好的股票將繼續上漲。

At the end of the day, we're focusing on execution, focusing on the areas we believe are promising and focusing on maintaining capital discipline. As Regis was saying, we want to make the most out of these low interest, but without increasing our exposure to new investments, except for the investments that are already well structured, so that we can generate the results that we expect and that investors expect.

歸根結底，我們專注於執行，專注於我們認為有前途的領域，並專注於維持資本紀律。正如瑞吉斯所說，我們希望充分利用這些低利率，但不增加新投資的曝險，結構已經良好的投資除外，以便我們能夠產生我們期望和投資者期望的結果。

Thank you, and we'll see you at our Investors Day in September. We're looking forward to continuing this conversation with you and with other shareholders and partners at Cosan to talk about our opportunities and our challenges and to get your input. Thank you very much, and have a wonderful afternoon.

謝謝您，我們將在九月的投資者日見到您。我們期待與您以及 Cosan 的其他股東和合作夥伴繼續進行對話，討論我們的機會和挑戰，並聽取您的意見。非常感謝，祝您有個愉快的下午。

This is the end of our earnings release presentation for the second quarter of 2023 at Cosan. Our Investor Relations area is available to you, should you have any further questions. Thank you very much, and enjoy your evening.

我們在 Cosan 發布的 2023 年第二季財報到此結束。如果您還有任何疑問，我們的投資人關係專區隨時為您服務。非常感謝您，祝您有個愉快的夜晚。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]