Cosan SA (CSAN) 2023 Q4 法說會逐字稿

Good morning, everyone. Thank you for waiting, and welcome to Cosan's Fourth Quarter and 2023's unaudited information video conference call.

大家，早安。感謝您的等待，歡迎參加 Cosan 第四季及 2023 年未經審計的資訊視訊電話會議。

(Operator Instructions) This video conference is being recorded, and it will be available at the website of the company, cosan.com.br Investor Relations. (Operator Instructions)

（操作員說明） 本視訊會議正在錄製中，並將在公司網站 cosan.com.br 投資者關係上提供。 （操作員說明）

Good morning, everyone. Thank you for waiting, and welcome to Cosan's Fourth Quarter and 2023's unaudited information video conference call.

大家，早安。感謝您的等待，歡迎參加 Cosan 第四季及 2023 年未經審計的資訊視訊電話會議。

(Operator Instructions) This video conference is being recorded, and it will be available at the website of the company, cosan.com.br Investor Relations. (Operator Instructions)

（操作員說明） 本視訊會議正在錄製中，並將在公司網站 cosan.com.br 投資者關係上提供。 （操作員說明）

Please note that the information contained in this presentation and in statements that may be made during the conference call regarding Cosan's business prospects, projections and operating and financial goals constitute the beliefs and assumptions of the company's management as well as information currently available. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events and therefore, depend on circumstances that may or may not occur. Investors must understand that overall economic conditions, market conditions and other operating factors may affect Cosan's future performance and lead to results that differ materially from those expressed in such forward-looking statements. I will now turn it over to Mr. Rodrigo Araujo.

請注意，本簡報以及電話會議期間可能發表的有關 Cosan 業務前景、預測以及營運和財務目標的聲明中包含的資訊構成了公司管理層的信念和假設以及當前可獲得的資訊。前瞻性陳述並非業績的保證。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情況。投資者必須了解，整體經濟狀況、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聲明中表達的結果有重大差異。我現在將其移交給羅德里戈·阿勞霍先生。

Hello, everyone. Welcome to Cosan's earnings call for the fourth quarter of 2023. I'm very glad to have you here with us today, my first call as Cosan's CFO. And I'd like to start talking about the material fact that we disclosed earlier this week on the 25th. As you probably remember, back in December '23, we achieved significant influence in our investment in Vale. And therefore, (inaudible) ceased to be independent for audit purposes and therefore, Cosan engaged BDO to audit its annual financial statements. BDO started the audit work in January 2024. So despite all the efforts made not only by the company, but also by its independent auditors, we were not able to meet the regulatory deadlines in Brazil.

大家好。歡迎參加 Cosan 2023 年第四季的財報電話會議。我很高興今天有您與我們在一起，這是我作為 Cosan 財務長的第一次電話會議。我想開始談談我們本週早些時候 25 日披露的重要事實。您可能還記得，早在 2023 年 12 月，我們對淡水河谷的投資就取得了重大影響力。因此，（聽不清楚）在審計方面不再是獨立的，因此，Cosan 聘請 BDO 來審計其年度財務報表。 BDO 於 2024 年 1 月開始審計工作。因此，儘管該公司及其獨立審計師做出了所有努力，但我們仍無法滿足巴西的監管期限。

The good news is that on the 27th, we had an important portion of the portfolio being disclosed. So we have audited financial statements for Rumo, Compass and Radar. Also on February 8, Raízen disclosed its quarterly financial statements reviewed by EY. So even though the numbers that we're going to discuss today are unaudited numbers, there's an important portion of those numbers that have been audited. We are, of course, focused on delivering the audited financial statements in the shortest time possible. We still need to have the audit work performed for Moove for Raízen for equity metric purposes and for Cosan itself. And -- but given the fact that we have a portion of the portfolio already audited, we don't expect material changes between information that we're going to discuss today and the final audited numbers.

好消息是，27 日，我們揭露了投資組合的重要部分。因此，我們審計了 Rumo、Compass 和 Radar 的財務報表。同樣在 2 月 8 日，Razen 揭露了安永審核的季度財務報表。因此，儘管我們今天要討論的數字是未經審計的數字，但這些數字中有很大一部分已經過審計。當然，我們的重點是在盡可能短的時間內提供經審計的財務報表。我們仍需要對 Moove、Razen 和 Cosan 本身進行審計工作，以實現股權衡量目的。而且，但考慮到我們已經對部分投資組合進行了審計，我們預計今天要討論的資訊與最終審計數字之間不會發生重大變化。

Looking at the highlights for 2023, you can see that we had an important improvement in EBITDA under management, consistent growth in all the businesses of the portfolio. Also, when we look at the net income of the year, it's flat when we compare year-on-year, but we have an important positive impact on Q4 '23. We settled a tax dispute in Brazil in very favorable terms for the company and reverted part of a provision that was recognized during the year related to the tax dispute, and also, if you remember back on Q4 '22, we had an important appreciation of Vale's share that impacted positively the results. So even though it's flat year-on-year, we come from a strong base back in 2022.

縱觀 2023 年的亮點，您可以看到我們管理的 EBITDA 取得了重要改善，投資組合的所有業務持續成長。此外，當我們查看今年的淨利潤時，與去年同期相比持平，但我們對 23 年第四季度產生了重要的積極影響。我們以對公司非常有利的條件解決了巴西的稅務糾紛，並恢復了當年確認的與稅務糾紛相關的部分條款，而且，如果您還記得 22 年第 4 季度，我們對淡水河谷的份額對業績產生了正面影響。因此，儘管與去年同期持平，但 2022 年我們的基礎依然強勁。

Looking at our leverage, a slight increase on Q4, almost flat compared to Q3, 1.8x net debt to EBITDA compared to 1.7% on the prior quarter. Also, it's relevant to highlight the dividends received by Cosan. If you look at our annual results, we received BRL 3.5 billion in dividends, excluding the dividends are used to support the collar financial structure that we developed to acquire our share in Vale and the dividends that we paid to preferred shareholders, we reached the BRL 2.1 billion net dividends that you see on this chart here. And also, it's relevant to highlight that we're going to start talking more and more about interest coverage, basically looking at the dividends that we receive at the holdco level compared to the cash cost, the interest cash cost at the holdco level as well.

從我們的槓桿率來看，第四季略有增加，與第三季相比幾乎持平，淨負債佔 EBITDA 的比例為 1.8 倍，而上一季為 1.7%。此外，值得強調的是 Cosan 收到的股息。如果你看看我們的年度業績，我們收到了35 億雷亞爾的股息，不包括用於支持我們為收購淡水河谷股份而開發的雙環財務結構的股息以及我們支付給優先股股東的股息，我們達到了您在此圖表中看到的 21 億淨股息。而且，需要強調的是，我們將開始越來越多地討論利息覆蓋率，基本上是比較我們在控股公司層級收到的股利與現金成本、控股公司層級的利息現金成本。

And we finish '23 on time interest coverage, but the prospects are favorable, not only because we expect to improved the level of dividends from the portfolio as the CapEx cycle of the company is concluded, and we reap the benefits of the investments that we're making, but also given the fact that we are going through an important interest rate reduction cycle in Brazil that is going to reduce the interest cash cost of Cosan's debt.

我們按時完成了 23 年的利息覆蓋，但前景良好，不僅因為我們預計隨著公司資本支出週期的結束，投資組合的股息水平將會提高，而且我們會從我們的投資中獲益。正在取得進展，但也考慮到巴西正在經歷一個重要的降息週期，這將降低科桑債務的利息現金成本。

Looking at our ESG highlights. First of all, I'd like to invite you to look at our integrated report that we're going to disclose in a couple of weeks. And also, I'll start with Safety, HSE of course, safety is a quite important value for us. And you see that the -- our metric in terms of recordable injuries has improved in 2023 when we compare to 2022 from 0.3% to 0.2%. We have an ambition of 0 fatalities. But unfortunately, in 2023, we had 1 fatality in the portfolio, but we're focused on continually improving our safety metrics and reducing the operational risks of our operations.

看看我們的 ESG 亮點。首先，我想邀請您查看我們將在幾週後披露的綜合報告。另外，我將從安全、HSE 開始，當然，安全對我們來說是一個非常重要的價值。您會看到，與 2022 年相比，我們的可記錄傷害指標在 2023 年有所改善，從 0.3% 提高到 0.2%。我們的目標是零死亡。但不幸的是，到 2023 年，我們的投資組合中出現了 1 人死亡，但我們專注於不斷改進我們的安全指標並降低我們營運的營運風險。

Looking at the ratings and indexes. We highlight the MSCI where the company was rated AA. We also had a positive mention in the sustainability yearbook of S&P Global. We have also achieved important acknowledgments in terms of diversity. The female leadership on Cosan's Board of Directors and also evolving in terms of diversity overall across the portfolio. Also in terms of climate change in the next couple of weeks, we expect to report our first report aligned to the recommendations of the TCFD. So I invite you to look at our climate change report as well.

查看評級和指數。我們重點關注 MSCI，該公司被評為 AA。標準普爾全球永續發展年鑑也對我們給予了正面評價。我們在多元化方面也取得了重要的認可。 Cosan 董事會中的女性領導層以及整個投資組合的整體多樣性也在不斷發展。同樣在未來幾週的氣候變遷方面，我們預計將報告我們的第一份符合 TCFD 建議的報告。因此，我也邀請您查看我們的氣候變遷報告。

Going through the highlights of the businesses. We had record sugarcane crush in Raízen. We also have an important improvement in terms of agricultural yields. As you know, we're investing relevantly on improving the sugarcane productivity. So already reaching the first benefits. Fuel distribution margins in Brazil were healthier, returning to a certain degree of normality.

瀏覽企業的亮點。我們在拉伊森的甘蔗壓榨量創歷史新高。我們在農業產量方面也取得了重大進展。如您所知，我們正在大力投資提高甘蔗生產力。所以已經達到第一個好處了。巴西的燃料分銷利潤更加健康，在一定程度上恢復了正常。

We had a positive impact from sugarcane prices, from sugar prices, but a headwind coming from ethanol prices in Brazil. And also, we highlight the startup of the production of our second E2G plant, Bonfim that we expect to see ramping up on the course of 2024. Rumo, we had record volumes transported and also an important improvement in terms of tariffs, reinforcing not only Rumo's competitiveness, but also its importance as logistics support for the agribusiness in Brazil. We have been advancing in our Lucas do Rio Verde project that connects home or closer to the core of the agribusiness in Brazil, and we expect to see positive results coming from that in the future.

我們受到甘蔗價格和食糖價格的正面影響，但來自巴西乙醇價格的不利影響。此外，我們也強調了我們第二個E2G 工廠邦芬(Bonfim) 的啟動，我們預計該工廠將在2024 年實現量產。Rumo，我們的運輸量創歷史新高，而且關稅方面也取得了重大改進，這不僅加強了Rumo 的競爭力，以及其作為巴西農業企業物流支持的重要性。我們一直在推進 Lucas do Rio Verde 項目，該項目連接巴西的家鄉或更靠近農業企業的核心，我們預計未來將看到積極的成果。

In Compass, we had a record level of new customers. It was a year where margins expanded, but volumes were challenging, especially given the industrial segment decrease and also the vehicle natural gas in Brazil. We also had the startup of the operations of Edge, our marketing and services company, selling the first LNG cargoes and showing the importance of our LNG terminal in terms of optionalities and business improvements that it brings to the portfolio. And we also had the important advancements in terms of our JV for biomethane. In Moove, we not only expanded sales but also focused on higher margins, Moove's sales force is continually focused on improving margins for the lubricant business, and we have very important results from 2023. Moove's also advancing on its international footprint, not only by the integration of PetroChoice that we acquired back in 2022, but also continue to improve its global footprint overall. In our land business, Radar, we concluded the JV with Nuveen. Now we're responsible to manage the entire land portfolio, even though we have around 30% of the portfolio. We're managing the entirety. And also, given the positive year in terms of agricultural commodities in Brazil, we had an important appreciation of the fair market value of the land that was recognized on Q4 2023.

在 Compass，我們的新客戶數量創歷史新高。這是利潤率擴大的一年，但銷售量面臨挑戰，特別是考慮到巴西工業部門和車用天然氣的下降。我們也啟動了我們的行銷和服務公司 Edge 的運營，銷售第一批液化天然氣貨物，並展示了我們的液化天然氣接收站在為產品組合帶來的選擇和業務改進方面的重要性。我們在生物甲烷合資企業方面也取得了重要進展。在Moove，我們不僅擴大了銷售額，而且還專注於提高利潤率，Moove 的銷售團隊不斷致力於提高潤滑油業務的利潤率，我們從2023 年開始取得了非常重要的成果。Moove 還在推進其國際足跡，不僅透過整合我們於 2022 年收購的 PetroChoice，同時也持續改善其整體全球足跡。在我們的陸地業務雷達領域，我們與 Nuveen 建立了合資企業。現在，我們負責管理整個土地組合，儘管我們擁有大約 30% 的土地組合。我們正在管理整體。此外，鑑於巴西農產品方面的積極一年，我們對 2023 年第四季度確認的土地的公平市場價值有了重要的升值。

Finally, with respect to Vale, we continue with around 5% stake. We sold about 0.2% of our stake back in December 2023. But the most important here is to highlight that we almost concluded the unwinding of the collar structure. We unwound a relevant portion of the collarized part of the investment. Now we have 4.1% direct stake in Vale. And two relevant aspects come from that, not only accessing more dividends from Vale, but also improving the amortization profile of Cosan's debt given that the collar was structured with a 2.5-year duration, and we replace that with longer-term bonds, part of the bond issuance that we had in the beginning of 2024.

最後，對於淡水河谷，我們繼續持股 5% 左右。早在 2023 年 12 月，我們就出售了約 0.2% 的股份。但這裡最重要的是要強調，我們幾乎已經完成了領子結構的解除。我們解除了投資的套索部分的相關部分。現在我們直接持有淡水河谷4.1%的股份。由此產生兩個相關方面，不僅可以從淡水河谷獲得更多股息，而且還可以改善 Cosan 債務的攤銷狀況，因為該期限的結構為 2.5 年，我們用長期債券取代它，這是我們在2024年初發行的債券。

On '23, we had around BRL 1.3 billion in dividends coming from Vale, but an important portion of that was used to fund the collar structure. So on '24, we expect to have access -- virtually full access to the dividends. And also, as I mentioned in the beginning, starting from December 2023, we will recognize our investment in Vale as an equity pickup. So using equity method to recognize our investment in Vale.

23 年，我們從淡水河谷獲得了約 13 億雷亞爾的股息，但其中很大一部分用於為領結構提供資金。因此，到了 24 年，我們預計將能夠獲得——幾乎完全獲得股息。而且，正如我在開頭提到的，從 2023 年 12 月開始，我們將對淡水河谷的投資確認為股權收購。因此採用權益法確認我們對淡水河谷的投資。

Looking at the EBITDA under management. As I mentioned, we had improvements in all the businesses in the portfolio. Overall, Q4 '23 on Q4 '22, 44% increase with the highlights that I've already mentioned. In terms of debt profile, you can see the debt amortization schedule as of February 2024 in the lower part of the chart, you see that back in 2023, December '23, we had installments, amortization installments from the collar structure that occurred in '24, '25 and '26. And as you see, we have unwound the collar. And with the bond issuance of the beginning of 2024, we've improved substantially the amortization profile. This is quite important for us, especially because we adjust the company's amortization profile and the capital structure for the CapEx cycle that is ongoing. We have relevant companies in portfolio like Raízen and Rumo going through a relevant CapEx cycle. So we adjust our capital structure to support the businesses and navigate properly the CapEx cycle.

看看管理下的 EBITDA。正如我所提到的，我們投資組合中的所有業務都有所改進。總體而言，23 年第 4 季與 22 年第 4 季相比，成長了 44%，其中的亮點我已經提到過。在債務狀況方面，您可以在圖表的下半部分看到截至2024 年2 月的債務攤銷時間表，您可以看到早在2023 年，即23 年12 月，我們就發生了分期付款，從領結構中進行了分期付款。24、25 和 26 。正如你所看到的，我們已經解開了衣領。隨著 2024 年初債券的發行，我們大幅改善了攤提狀況。這對我們來說非常重要，特別是因為我們調整了公司的攤銷概況和正在進行的資本支出週期的資本結構。我們的投資組合中有相關公司，例如 Raízen 和 Rumo，正在經歷相關的資本支出週期。因此，我們調整資本結構以支援業務並正確引導資本支出週期。

In terms of leverage, I've already mentioned, virtually flat 1.7x on Q3 to 1.8x net debt to EBITDA on Q4. Finally, talking about our cash movement on year. Most of those aspects here, I've already mentioned, dividend received, the sale of 0.2% of our Vale stake debt issuances and amortization. So back to back, you see that the cash level goes from BRL 2.4 billion to BRL 3.7 billion, a healthy level of liquidity for the company. So here, I conclude my presentation. I invite you guys to join us for the Q&A session. Thank you for joining us today.

在槓桿方面，我已經提到過，第三季的 1.7 倍幾乎持平，而第四季的 EBITDA 淨債務為 1.8 倍。最後，談談我們的現金流動狀況。我已經提到過，其中大部分方面是收到的股息、出售我們淡水河谷股權債務發行的 0.2% 以及攤銷。因此，您可以看到現金水準從 24 億雷亞爾增加到 37 億雷亞爾，這對該公司來說是一個健康的流動性水準。到這裡，我的演講就結束了。我邀請你們參加我們的問答環節。感謝您今天加入我們。

Alongside with myself for the Q&A session, we also have Nelson, our CEO; and Marcelo Martins, our VP of Strategy. Thank you for being with us today, and let's move on to our Q&A session. Thank you.

除了我自己參加問答環節之外，我們還有我們的執行長尼爾森 (Nelson)；以及我們的策略副總裁馬塞洛‧馬丁斯 (Marcelo Martins)。感謝您今天接受我們的採訪，讓我們繼續我們的問答環節。謝謝。

(Operator Instructions) Our first question is from Thiago Duarte sell-side BTG.

（操作員說明）我們的第一個問題來自賣方 BTG Thiago Duarte。

[Interpreted] Thank you. Good morning, everyone. Nelson, Marcelo, Rodrigo, pleasure to talk to you. I have a couple of questions about the operation of some of the subsidiaries at Compass. Considering the guidance for EBITDA and CapEx, I don't know how much information you can give us. But if you could give us some granularity of -- how much is implicit in your EBITDA and CapEx for '24? The marketing and services and gas distribution contributions? That would be very helpful if we can break down those 2 segments from what's implicit in the guidance.

[已翻譯] 謝謝。大家，早安。尼爾森、馬塞洛、羅德里戈，很高興與你們交談。我對康帕斯一些子公司的營運有幾個問題。考慮到 EBITDA 和資本支出的指導，我不知道您能給我們多少資訊。但如果您能給我們一些詳細資訊——您 24 年的 EBITDA 和資本支出中隱含了多少？行銷和服務以及天然氣分配的貢獻？如果我們能夠將指南中隱含的內容分解為這兩個部分，那將非常有幫助。

Now as for Radar and in light of this new appraisal, you've recognized in your results and after a very strong land appreciation -- price appreciation cycle. Could you maybe talk about opportunities for monetization of part of that portfolio? Now that the price of a large number of agricultural commodities has settled, and you've done very well in that process of capturing these market timing opportunities in agricultural land in the past. So will there be some kind of rotation, more active rotation in your in Land portfolio this year?

現在，就雷達而言，根據這項新的評估，您已經在結果中認識到，並且經過了非常強勁的土地升值 - 價格升值週期。您能否談談該投資組合的部分貨幣化機會？現在大量農產品的價格已經穩定，過去你在抓住這些農地市場時機的過程中做得非常好。那麼，今年您的土地投資組合中是否會有某種輪換，更積極的輪換？

And if I might ask a third question, please. You've shown us the received dividend coverage and the debt at a holding level, it's clear to see that, that number gradually decreased in the past and dropped in the fourth quarter. So where do you see this number going looking forward? What would be a comfortable level now as portfolio managers and looking at the holding from that perspective? What would be a good level for that number to stabilize in the midterm?

如果我可以問第三個問題，請。您向我們展示了收到的股息覆蓋率和持有水準的債務，很明顯，這個數字在過去逐漸減少，並在第四季度下降。那麼您認為這個數字未來會是如何呢？作為投資組合經理人並從這個角度看待持有的股票，現在什麼水平才是合適的水平？該數字在中期穩定在什麼水準比較好？

[Interpreted] Thiago, this is Nelson. Thank you for your questions. I'll answer the first two, and then I'll turn it over to Rodrigo to talk about the holding indebtedness. So let's start with Compass. You mentioned the guidance for EBITDA and CapEx. So, which is attributed to Edge, marketing and services and which is attributed to distribution? We don't break it down in the guidance, but it's important to remember that historically, we have wanted to diversify Compass' portfolio and to continue to attract more value generation outside the regulated environment, and that's exactly what we're doing. So what I can say to you when it comes to the guidance, both for CapEx and EBITDA is that, most of it is still focused on distribution, but over time, that tends to gradually decrease.

[翻譯]蒂亞戈，這是尼爾森。謝謝您的提問。我會回答前兩個問題，然後我會交給羅德里戈談論持有債務。那麼讓我們先從指南針開始。您提到了 EBITDA 和資本支出的指導。那麼，哪些歸因於邊緣、行銷和服務，哪些歸因於分銷？我們沒有在指南中對其進行細分，但重要的是要記住，從歷史上看，我們一直希望使Compass 的投資組合多樣化，並繼續在監管環境之外吸引更多的價值創造，而這正是我們正在做的事情。因此，當談到資本支出和 EBITDA 的指導時，我可以對你說的是，大部分仍然集中在分配上，但隨著時間的推移，它往往會逐漸減少。

Our EBITDA, if we look at our 2024 EBITDA is roughly 75% to 80% related to distribution, and the CapEx is slightly less, maybe 60% to 70% of that has to do with distribution because obviously, the Marketing and Services business still has a growth journey to go through in 2024, not only to do with the end of the TRSP execution but also to do with the beginning of the construction of our Biomethane plant. So that's Compass.

我們的 EBITDA，如果我們看看 2024 年的 EBITDA 大約有 75% 到 80% 與分銷有關，資本支出略少，也許其中 60% 到 70% 與分銷有關，因為顯然，營銷和服務業務仍然2024 年將經歷一段成長之旅，不僅與TRSP 執行的結束有關，而且與我們生物甲烷工廠建設的開始有關。這就是指南針。

Now as for Radar, our Land portfolio that recycling of our land portfolio is perfectly natural, and that's what's been happening. So we have naturally been buying and selling farms when we believe prices have appreciated up to the point that we think is ideal. There's nothing substantial in sight to be done in that regard. But our everyday land buying and selling business will continue its regular pace following what we've always done. In Radar's portfolio management. I'll turn it over to Rodrigo to talk about the debt now. Thank you, Thiago, for the question.

現在就雷達而言，我們的土地組合回收我們的土地組合是完全自然的，這就是正在發生的事情。因此，當我們認為價格已經升值到我們認為理想的程度時，我們自然會買賣農場。在這方面目前還沒有什麼實質的事情可以做。但我們日常的土地買賣業務將繼續按照我們一貫的做法進行。在 Radar 的投資組合管理中。我現在就把它交給羅德里戈來討論債務。謝謝蒂亞戈的提問。

[Interpreted] About interest coverage, a couple of points. You talked about what happened along the year. That's natural. It will always happen. Interest rate and dividend fluctuates over the year, considering our LTM. We don't really have a formal target, but anything between 1.5x and 2x is what we consider to be healthy. We don't have a set target, and we will continue to revisit that. So you can expect us to talk more about that and to give you more details. Thank you for the question.

[解讀]關於利息覆蓋率，有幾點。你談到了這一年來發生的事情。那是自然的。它總是會發生。考慮到我們的 LTM，利率和股息全年都會波動。我們並沒有真正的正式目標，但我們認為 1.5 倍到 2 倍之間的任何值都是健康的。我們沒有設定目標，我們將繼續重新審視這個目標。因此，您可以期待我們更多地討論這一點並為您提供更多細節。感謝你的提問。

Our next question is from Monique Greco, sell-side, Itaú.

我們的下一個問題來自 Itaó 賣方 Monique Greco。

[Interpreted] Hi, everyone, and thank you for the opportunity to ask your questions. I'll start with a question to Nelson, please. Since he's here with us in this video conference call.

[解讀]大家好，感謝您給我提問的機會。首先我要問納爾遜一個問題。因為他和我們一起參加了這場視訊電話會議。

Nelson, how do you see the holding portfolio looking forward? In the past, throughout the year after acquiring a stake in Vale at the events and conferences, we used to attend with Luis. He mentioned several times that the portfolio had a good size, and they will be focusing on consolidating and maturing the portfolio. What are your thoughts on that? Would you be looking for a new vertical in addition to the existing ones? We've been hearing a lot about [Sebastian], reading a lot about that in the news.

尼爾森，您如何看待未來的控股投資組合？過去，在收購淡水河谷股份後的一年裡，我們都會和路易斯一起參加各種活動和會議。他多次提到投資組合規模不錯，他們將專注於鞏固和成熟投資組合。您對此有何看法？除了現有的垂直領域之外，您還會尋找新的垂直領域嗎？我們已經聽到了很多關於[塞巴斯蒂安]的事情，在新聞中讀到了很多相關內容。

So do you intend to look for a new business line, a new vertical? And is Sebastian one of those options? And in your answer to Duarte, you mentioned that you'll be diversifying, going beyond distribution, the regulated environment at Compass. How can we see that growth strategy for biomethane at Compass? You have a partnership with Horizon. You have an agreement with Sao Martinho. How can we expect that position to grow within biomethane? And will it be more focused on production as you did with Horizon? Or will it focus more on commercial agreements such as the one you have with Sao Martinho?

那麼您打算尋找新的業務線、新的垂直領域嗎？塞巴斯蒂安是這些選擇之一嗎？在您對杜阿爾特的回答中，您提到您將實現多元化，超越分銷，康帕斯的監管環境。我們如何看待 Compass 的生物甲烷成長策略？您與 Horizo​​​​n 建立了合作夥伴關係。您與聖馬蒂尼奧達成協議。我們如何期望這一地位在生物甲烷領域中得到發展？它會像《地平線》那樣更重視製作嗎？或者它會更專注於商業協議，例如您與聖馬蒂尼奧簽訂的協議？

[Interpreted] Thank you for the question, Monique. I'll start by your question about Compass and then I'll move on to our portfolio. So when it comes to diversification at Compass, as I said to Thiago, we will be increasingly looking at increasing revenue and value generation in the nonregulated market rather than the regulated market. It's not that the regulated market won't grow, but the nonregulated tends to grow faster. And one of the platforms for that is biomethane. biomethane is the same chemical compound as natural gas. It just comes from a different origin, and Compass will be including in its portfolio, biomethane as one of its options to be provided to clients who wish to have that product in their energy metrics.

[解釋] 謝謝你的提問，莫妮克。我將從您關於 Compass 的問題開始，然後我將繼續討論我們的產品組合。因此，當談到康帕斯的多元化時，正如我對蒂亞戈所說，我們將越來越多地關注在非監管市場而不是監管市場中增加收入和創造價值。並不是說受監管的市場不會成長，而是不受監管的市場往往會成長得更快。生物甲烷就是實現這目標的平台之一。生物甲烷與天然氣是相同的化合物。它只是來自不同的來源，康帕斯將把生物甲烷納入其產品組合中，作為其選項之一，提供給希望將產品納入其能源指標的客戶。

So Compass will be pursuing origination not only for biomethane but any other natural gas source in order to meet our clients' needs in a wide ranging fashion. You mentioned Horizon and, Sao Martinho. They're very different agreements. With Horizon, we have a joint venture to build a biomethane plant based on solid waste. And our agreement with, Sao Martinho doesn't include and investments. It's not a joint venture. It's a commercial agreement. Sao Martinho will be making investment and Compass will be doing the offtake of 100% of the biomethane production coming from biomass as opposed to solid waste. So that goes to show the diversification of Compass' portfolio and that we are increasingly more prepared to meet the needs of our clients with our portfolio.

因此，康帕斯不僅將追求生物甲烷的起源，而且還將追求任何其他天然氣來源，以便以廣泛的方式滿足客戶的需求。你提到了地平線和聖馬蒂尼奧。它們是非常不同的協議。我們與 Horizo​​n 成立了一家合資企業，致力於建造一座基於固體廢物的生物甲烷工廠。我們與聖馬蒂尼奧的協議不包括投資。這不是合資企業。這是一份商業協議。 Sao Martinho 將進行投資，而 Compass 將承擔 100% 來自生物質而非固體廢棄物的生物甲烷生產。這表明 Compass 產品組合的多元化，並且我們越來越準備好透過我們的產品組合來滿足客戶的需求。

Now moving from Compass to Cosan, we're very happy with our portfolio. I think small changes and small movements over time are natural. We have been considering, and you saw that in our release, reducing our position at Vale. Our exposed position at Vale is just over 4 percentage points. And that's how we will be looking at that investment over time.

現在從 Compass 轉向 Cosan，我們對我們的產品組合非常滿意。我認為隨著時間的推移，微小的變化和微小的變動是很自然的。我們一直在考慮，你在我們的新聞稿中看到了，減少我們在淡水河谷的職位。我們在淡水河谷的暴露部位剛超過 4 個百分點。這就是我們隨著時間的推移將如何看待這項投資。

Sometimes increasing, sometimes decreasing our positions a little bit. As for a new vertical, and I'm frequently asked about Sebastian. What I've been saying when I'm asked that question is that, yes, we do have a duty to look at a regulated asset in the largest state in the country, just like we have a regulated asset at Compass, which is Comgas, we do have a duty to look at it and monitor how the privatization is going. That sale by the sales of (inaudible) that doesn't mean we will be taking part in it and in my opinion, it's unlikely that we will be creating a new business vertical at Cosan. Do you have any comments Rodrigo?

有時增加，有時會減少我們的部位。至於新的垂直領域，我常被問到塞巴斯蒂安。當我被問到這個問題時，我一直想說的是，是的，我們確實有責任查看該國最大州的受監管資產，就像我們在 Compass 擁有受監管資產一樣，即 Comgas ，我們確實有責任關注並監督私有化的進展。以銷售額計算的銷售額（聽不清楚）並不意味著我們會參與其中，而且在我看來，我們不太可能在 Cosan 創建一個新的垂直業務。羅德里戈你有什麼意見嗎？

[Interpreted] No, I think that's it. Monique, just going back to our portfolio. As Nelson said, we will be sharing with you what's efficient to the company's capital structure and our portfolio performance. We want to maximize business results. And as Nelson said, we have made a small adjustment at the end of last year. So we might make small adjustments to our position at Vale so that we can have the best position for the company. That's what's in our pipeline.

[解釋]不，我想就是這樣。莫妮克，回到我們的投資組合。正如尼爾森所說，我們將與您分享對公司資本結構和投資組合績效最有效的方法。我們希望實現業務成果最大化。正如尼爾森所說，我們在去年年底做了一個小調整。因此，我們可能會對我們在淡水河谷的職位進行一些小調整，以便為公司提供最佳的職位。這就是我們正在開發的產品。

Our next question is from Luiz Carvalho, sell-side, UBS.

我們的下一個問題來自瑞銀 (UBS) 賣方路易斯·卡瓦略 (Luiz Carvalho)。

[Interpreted] Hi, everyone. Good morning. Nelson, Rodrigo. If we could go back to capital allocation. You've done a great job in allocating the debt profile, and that is already noticeable. But perhaps, the balance is still a point of attention, so to speak. So my question is, do you see the need to divest or reduce your stake? Is there an original plan from a few years ago to list the unlisted vehicles still being considered? Or are you revisiting that? If you could provide some more color on that will be great.

【解讀】大家好。早安.納爾遜、羅德里戈.如果我們能回到資本配置的話。你們在分配債務狀況方面做得很好，這一點已經很明顯了。但也許可以說，平衡仍然是一個關注點。所以我的問題是，您認為有必要剝離或減少您的股份嗎？幾年前是否有原計劃列出仍在考慮的未上市車輛？還是你正在重新審視這一點？如果你能提供更多的顏色那就太好了。

Second question is about Compass. You've already talked about that a bit, but if you could provide us with more detail on the TRSP delays, construction hasn't finished guidance at the end of last year and also going up the hill and Comgas tariff review. If you could talk about those 3 points, that would be great.

第二個問題是關於指南針的。您已經談過這一點，但如果您能為我們提供有關 TRSP 延誤的更多詳細信息，去年年底施工尚未完成指導，而且上山和 Comgas 關稅審查也尚未完成。如果你能談談這三點，那就太好了。

And if I can ask a general question, Nelson, you're very familiar with the group. You've been there for years, but it is a new position for you. So if you could tell us what your three main goals or objective will be for the next few years? That would be great.

如果我可以問一個一般性問題，納爾遜，你對這個組織非常熟悉。你已經在那裡待了很多年了，但這對你來說是一個新的職位。那麼您能否告訴我們您未來幾年的三個主要目標是什麼？那太好了。

[Interpreted] Luis, thanks for the question. I'll start with the first question about capital allocation and then I'll turn it over to Nelson. In our answer to Monique, we said that, yes, we are looking at the company's capital structure and to maybe divest to improve the company's capital structure that is still on our radar. And you're right in saying this leverage is a point of attention, and we are monitoring it. And based on the amortization structure, as you mentioned, we have adjusted that. So we're not in a rush. Given the right circumstances, given the right market conditions, yes, we will be looking at potential portfolio adjustments to improve our capital structure.

[翻譯]路易斯，謝謝你的提問。我將從有關資本配置的第一個問題開始，然後將其交給納爾遜。在我們對莫妮克的回答中，我們說，是的，我們正在研究公司的資本結構，並可能進行剝離以改善公司的資本結構，這仍在我們的關注範圍內。你說得對，這種槓桿作用是一個關注點，我們正在監控它。正如您所提到的，根據攤銷結構，我們對此進行了調整。所以我們並不著急。在適當的情況下，在適當的市場條件下，是的，我們將考慮潛在的投資組合調整，以改善我們的資本結構。

As to your question about listing other assets, obviously, we have different companies in our portfolio, which are at different stages. If we compare our 2 main companies, Compass and Moove. In terms of maturity Compass, is going through a major execution cycle. So acquiring distributor companies, the terminal, the biomethane agenda. So some key things to happen. And on the other hand, move is a bit more mature in 2023. It had its best year so far. It's been capturing a very successful commercial strategy in highly capitalized markets such as the American market. And obviously, that -- look at the international market, but there is no set day, but we can see that Moove has achieved a greater maturity level than Compass. Now I'll turn it over to Nelson.

至於你關於列出其他資產的問題，顯然，我們的投資組合中有不同的公司，它們處於不同的階段。如果我們比較我們的兩家主要公司，Compass 和 Moove。就成熟度而言，Compass 正在經歷一個主要的執行週期。因此，收購分銷商公司、終端機、生物甲烷議程。所以一些關鍵的事情將會發生。另一方面，2023 年的 move 更加成熟。這是迄今為止最好的一年。它在美國市場等高度資本化的市場中採取了非常成功的商業策略。顯然，看看國際市場，雖然沒有固定的日期，但我們可以看到 Moove 已經達到了比 Compass 更高的成熟度。現在我將把它交給納爾遜。

[Interpreted] Luis. Thanks for the two questions. I'll start with Compass. About the TRSP, the works are being finished right now. The [regas] unit and the storage units have arrived. They are at the Port of Santos terminal. They have been loaded. And right now, we're commissioning the vessel. So over the next few weeks, the terminal should go into operation. As for discussions around going up the hill we made our contributions to a public consultation, and we remain confident that between the 2 regulatory agencies, both the state and federal regulatory agencies they will be able to, based on the contributions and all the information coming from the public consultation, they will be able to understand the purposes and differences in interpretation and make progress in outlining this agreement that is so highly desired by everyone.

[解釋] 路易斯.謝謝你的兩個問題。我將從指南針開始。關於TRSP，目前工作正在完成。 [再氣化]裝置和儲存裝置已抵達。他們在桑托斯港碼頭。它們已被裝載。現在，我們正在調試這艘船。因此，在接下來的幾週內，該航站樓應該會投入運作。至於有關上山的討論，我們為公眾諮詢做出了貢獻，我們仍然相信，州和聯邦監管機構這兩個監管機構將能夠根據貢獻和所有即將到來的信息通過公眾諮詢，他們將能夠了解協議的目的和解釋上的差異，並在概述這項所有人都非常渴望的協議方面取得進展。

But that's much more to do with the regulatory agencies than ourselves. As for Comgas' tariff review it has already started. A while back, we disclosed the walk that was a few weeks ago. The next step is to discuss the regulatory and investment plans for the next cycle.

但這與監管機構有關，而不是我們自己。至於Comgas的關稅審查已經開始。不久前，我們披露了幾週前的徒步旅行。下一步是討論下一週期的監管和投資計劃。

And that's all on track and on schedule. So it can be concluded before the beginning of December, which is the official date after the amendment. It went from May to December. About your more general question about the group. You are asking me about 3 priorities.

這一切都在按計劃進行。所以可以在12月初之前結束，也就是修改後的正式日期。五月到十二月。關於您關於該團體的更普遍的問題。你問我三個優先事項。

I think the first one is, looking into our portfolio, I think there's an opportunity to focus on better returns on improving our capital structure and I think we need to go through some portfolio recycling because I think it's healthy, and it's something we should pursue in each of our lines of business over the next few years. Second priority, in my view, is governance. We need to look after the company's governance, controls safety and security, so cybersecurity, occupational safety. So governance is a point of attention, and we need to look after it. And the third priority, needless to say, is people. We need to take care of our pipeline. That's perhaps our biggest challenge considering that all of our businesses are growing. Growing, so attracting and retaining people at our organization. So those would be the three priorities.

我認為第一個是，審視我們的投資組合，我認為有機會專注於改善我們的資本結構以獲得更好的回報，我認為我們需要進行一些投資組合回收，因為我認為這是健康的，這是我們應該追求的目標未來幾年我們的每個業務領域。我認為第二要務是治理。我們需要照顧公司的治理、安全控制、網路安全、職業安全。所以治理是一個關注點，我們需要關注它。不用說，第三個優先事項是人。我們需要照顧好我們的管道。考慮到我們所有的業務都在成長，這也許是我們面臨的最大挑戰。不斷成長，從而吸引並留住我們組織中的人才。因此，這將是三個優先事項。

First, looking at our portfolio; second, governance; and third, taking care of our people and focusing on our succession pipeline. That's great.

首先，看看我們的投資組合；第二，治理；第三，照顧我們的員工並關注我們的繼任者管道。那太棒了。

[Interpreted] If I go back to my question about Compass. How is the sale going in the Northeast with Mitsui? Because I think it has to do with your capital allocation portfolio and obviously, Compass's cash surplus?

[解釋]如果我回到我關於指南針的問題。三井在東北的銷售進度如何？因為我認為這與你的資本配置投資組合有關，顯然與康帕斯的現金盈餘有關？

[Interpreted] Yes, sure, Luiz. Yes, that is one of the examples i mentioned when I talked about portfolio recycling. That is one of Compass' initiatives. That process is ongoing, selling the distributing companies in the Northeast is happening. It's going very well. And we should conclude that at the beginning of the second half of the year. Mitsui did not exercise its preference, right? So the operation should be concluded as planned. Those assets should be sold at the beginning of the second half of the year.

[解釋] 是的，當然，路易斯。是的，這是我在談論投資組合回收時提到的例子之一。這是康帕斯的舉措之一。這個過程正在進行中，出售東北部的分銷公司正在發生。進展順利。我們應該在下半年年初就得出結論。三井物產沒有行使優先權吧？所以手術應該要照計劃結束。這些資產應在下半年年初出售。

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

我們的下一個問題來自花旗賣方 Gabriel Barra。

I've got a couple of follow-up questions. First, we haven't talked a lot about Moove. We saw Moove's results. It's been following a growing trend, delivering robust results. and reaching close to BRL 1.2 billion EBITDA this year. Considering the acquisitions that were made over the last 2 years. What can be unlocked inorganically for Moove considering the past acquisitions? Is there anything we can expect for 2024 in terms of organic growth, especially in the U.S. because it's a new-ish market for the company?

我有幾個後續問題。首先，我們還沒有談太多 Moove。我們看到了 Moove 的結果。它一直遵循不斷增長的趨勢，並取得了強勁的業績。今年的 EBITDA 接近 12 億雷亞爾。考慮到過去兩年進行的收購。考慮到過去的收購，Moove 可以透過無機方式解鎖什麼？就有機成長而言，我們對 2024 年有何預期，特別是在美國，因為這對公司來說是一個新興市場？

And now going back to Compass. You've mentioned a couple of points. During the last conference call, we talked about the opportunity of a few auctions the company might be joining in the future, especially in the south. Could you update us on any divestments and M&A opportunities and potential options for growth and increasing the company's penetration in gas distribution?

現在回到指南針。你提到了幾點。在上次電話會議中，我們談到了該公司未來可能參加的一些拍賣的機會，特別是在南方。您能否向我們介紹任何撤資和併購機會以及成長和提高公司在天然氣分銷領域滲透率的潛在選擇？

And my last point about Compass. And I have asked this question before about marketing and services. During the IPO, the IPO attempt. We talked about that market and the fact that there was a huge opportunity for Combat considering TRSD, new suppliers, smaller footprint by Petrobras, therefore, providing more opportunities to new players. We see that the free gas market hasn't developed. So, what do you see on the regulatory agenda that should move forward? What has moved forward? Where does that market stand right now? So those are my 3 questions.

我關於指南針的最後一點。我之前曾問過這個關於行銷和服務的問題。 IPO期間，IPO嘗試。我們討論了這個市場，以及考慮到 TRSD、新供應商、巴西石油公司佔地面積較小，Combat 存在巨大機會的事實，因此為新參與者提供了更多機會。我們看到免費天然氣市場還沒有發展起來。那麼，您認為監管議程上應該向前邁進什麼？有何進展？該市場現在處於什麼位置？這就是我的三個問題。

[Interpreted] Thank you, Gabriel, for the questions. About Moove, I think it's important to remember that Moove made 2 recent acquisitions, PetroChoice in the U.S. now Moove U.S. and Tirreno a local company in Brazil that produces break fluid and other products. So Moove is still focusing on extracting value and generating value through its distribution network, considering these recently acquired assets. That said, there are no acquisitions on the horizon, but obviously, Moove is constantly on the lookout for opportunities. So obviously, we will look into opportunities. We will look for opportunities. But right now, we are fully focused on generating value from these recent acquisitions, okay?

[解釋] 謝謝加布里埃爾的提問。關於 Moove，我認為重要的是要記住 Moove 最近進行了兩次收購，美國的 PetroChoice（現在的 Moove U.S.）和 Tirreno 是巴西本地公司，生產破斷液和其他產品。因此，考慮到這些最近收購的資產，Moove 仍然專注於透過其分銷網絡提取價值和創造價值。也就是說，目前還沒有收購計劃，但顯然，Moove 一直在尋找機會。顯然，我們將尋找機會。我們將尋找機會。但現在，我們完全專注於從最近的收購中創造價值，好嗎？

As for Compass and the distribution companies in the South, let's not forget that part of the asset that came with the acquisition of the former (inaudible) is, the preferred right, we have one of these states or a partner decide to sell their stake.

至於指南針和南方的分銷公司，我們不要忘記，收購前者（聽不清楚）帶來的部分資產是優先權，我們有這些州之一或合作夥伴決定出售他們的股份。

In the case of Parana Compagas, that is still an ongoing process. So far, there haven't been any binding offers for that offer, Because whenever there is one, we'll have to make the decision of whether we want to exercise our right of preference or not. We're interested in exercising it. But obviously, when there's a buying offer, we'll look at how much the asset is worth and then make a decision.

就 Parana Compagas 而言，這仍然是一個持續的過程。到目前為止，還沒有任何具有約束力的要約，因為只要有一個要約，我們就必須決定是否要行使我們的優先權。我們有興趣鍛煉它。但顯然，當有購買報價時，我們會考慮該資產的價值，然後做出決定。

Third point about marketing and services and Edge. If you remember, we and -- I talked a lot about the opportunity of an open natural gas market in Brazil. We never thought that free market would simply change overnight. That's a gradual change. And if we consider 20, 25 years ago, and consider the electricity market and how long it took to migrate from a captive market to a free market, I think we're doing a lot better than they did. There's a large number of suppliers already.

第三點關於行銷和服務以及Edge。如果你還記得的話，我們和──我談了很多關於巴西開放天然氣市場的機會。我們從未想過自由市場會在一夜之間改變。這是一個逐漸的改變。如果我們考慮 20、25 年前，考慮電力市場以及從專屬市場遷移到自由市場需要多長時間，我認為我們做得比他們好得多。已經有大量供應商了。

Some numbers still have to grow, and we have been working to make sure that happens. Including by investing in the TRSP, but we also see other players, other suppliers, other traders joining the market, which is very positive for the development of natural gas, a free natural gas market in Brazil. The more supply we have, the more competition we have, the better for the development of the market.

有些數字仍然需要成長，我們一直在努力確保這種情況發生。包括透過投資TRSP，但我們也看到其他參與者、其他供應商、其他貿易商加入市場，這對巴西自由天然氣市場天然氣的發展非常積極。我們的供給越多，競爭就越激烈，對市場的發展就越好。

But we shouldn't expect for that to be something that happens overnight. It's going to happen gradually exactly as it has, and there will be opportunities over the next few months and years, not only for Edge, but also for the market as a whole.

但我們不應該指望這會在一夜之間發生。它會像現在一樣逐漸發生，並且在接下來的幾個月和幾年裡都會有機會，不僅對 Edge 來說，而且對整個市場來說也是如此。

Our next question is from Lucas Ferreira, sell-side, JP Morgan.

我們的下一個問題來自摩根大通賣方盧卡斯費雷拉 (Lucas Ferreira)。

[Interpreted] My first question is about the Sao Luis terminal. Are there any updates? Would you continue selling the asset? Do you know how long that will take?

[口譯]我的第一個問題是關於聖路易斯航站樓的。有更新嗎？您會繼續出售該資產嗎？你知道這需要多長時間嗎？

And my second question, we've already talked about portfolio recycling, but it looks like there's still an opportunity to buy back shares, not only at Cosan, but the whole group. So is that a priority for the Group? Of the group's capital allocation?

我的第二個問題，我們已經討論過投資組合回收，但看起來仍然有機會回購股票，不僅是在 Cosan，而是整個集團。那麼這是該集團的優先事項嗎？集團的資本配置如何？

[Interpreted] Thank you, Lucas, for the question. First, I'll answer the question about the Sao Luis terminal. You know what we have been doing. Obviously, it's a very strategic port for mining in Brazil. We remember that our investment scope had to do with investments in the port, and we ended up investing in Vale, and that has been progressing. So we developed the port project over time, but, it's part of our portfolio recycling process, as Nelson said, we're interested in selling that asset. It is a strategic asset. We haven't got a set date to give you, but it's definitely something we're focusing on as portfolio recycling, and there is a demand for because it's a strategic asset.

[解釋]謝謝盧卡斯提出的問題。首先我來回答關於聖路易斯航站樓的問題。你知道我們一直在做什麼。顯然，這是巴西一個非常具有戰略意義的採礦港口。我們記得我們的投資範圍與港口投資有關，我們最終投資了淡水河谷，而且這​​一直在取得進展。因此，我們隨著時間的推移開發了港口項目，但是，正如尼爾森所說，這是我們投資組合回收流程的一部分，我們有興趣出售該資產。這是一項策略資產。我們還沒有給你一個確定的日期，但這絕對是我們作為投資組合回收的重點，並且有需求，因為它是一項戰略資產。

As for the share buyback, we have been talking about it. We've been very active. We do have a buyback program, ongoing buyback program, and we have been buying back shares we try to make the most of our holding discount over time. And obviously, we'll always look into it considering the company's capital structure. We are unable to do it during certain windows. But at the Cosan level, it is an important part of our capital structure. I don't know if Nelson has anything to say. That's it.

至於股票回購，我們一直在討論。我們一直都非常活躍。我們確實有回購計劃，持續的回購計劃，我們一直在回購股票，我們試圖隨著時間的推移充分利用我們的持有折扣。顯然，我們將始終考慮公司的資本結構來研究它。我們無法在某些視窗期間執行此操作。但在科桑層面，它是我們資本結構的重要組成部分。我不知道尼爾森是否有什麼要說的。就是這樣。

This concludes the Q&A session. I will now turn it over to Mr. Nelson Gomes for his closing remarks.

問答環節到此結束。我現在請納爾遜‧戈麥斯先生作總結發言。

[Interpreted] Thanks, everyone, for joining us. Thank you for your questions. And as my final message, and as a follow-on to Luiz's question from UBS, you asked me about my 3 main priorities. And I talked about people, governance and portfolio. I think our main opportunity is in portfolio. We can improve our capital allocation discipline focusing on our capital structure and indebtedness, especially at the holding level and especially during this longer CapEx cycle that is going on at Raízen and Rumo. And obviously, by maximizing as much as possible return on all of the businesses in our portfolio. So those are the opportunities. And that's what you can expect from the management at this new Cosan cycle. Thank you so much for joining us, and I'll see you in the next video conference call for the first quarter.

[翻譯]謝謝大家加入我們。謝謝您的提問。作為我最後的訊息，以及瑞銀集團路易斯問題的後續，您問了我的 3 個主要優先事項。我談到了人員、治理和投資組合。我認為我們的主要機會在於投資組合。我們可以改善我們的資本配置紀律，重點關注我們的資本結構和債務，特別是在控股層面，尤其是在 Raazen 和 Rumo 正在進行的較長資本支出週期中。顯然，透過盡可能最大化我們投資組合中所有業務的回報。這些就是機會。這就是您對新科桑週期管理階層的期望。非常感謝您加入我們，我們將在第一季的下一次視訊電話會議中見到您。

Cosan's fourth quarter and 2023 financial information video conference is now concluded. For further questions, please contact the Investor Relations department. Thank you so much for joining us, and have a great day.

科尚第四季及2023年財務資訊視訊會議現已結束。如有其他問題，請聯絡投資者關係部門。非常感謝您加入我們，祝您有美好的一天。