BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) 2024 Q1 法說會逐字稿

Good morning. We would like to begin the conference call of BrasilAgro Q1 2024 -- 2023, 2024, reminding you that our year goes from July 1 to June 30, following the harvest year. So now we're reporting on the first 3 months of 2024, Q1 2024. We're a little earlier today. But we have some information on the screen for asking questions. Those who are hearing in English, the presentation is available in chat and to hear simultaneous translation, please click Simultaneous Translation. I'd like to thank you all for your presence, André, Gustavo are with us once again. And I would like to pass the floor to André to begin.

早安.我們想開始召開 BrasilAgro 2024 年第一季 - 2023 年、2024 年的電話會議，提醒您我們的一年是從 7 月 1 日到 6 月 30 日，即豐收年之後。現在我們正在報告 2024 年的前 3 個月，即 2024 年第一季。今天我們提早了一點。但我們在螢幕上有一些資訊供提問。如果您聽到的是英語，簡報可以在聊天中進行，要收聽同聲翻譯，請點擊「同聲翻譯」。我要感謝大家的光臨，安德烈、古斯塔沃再次與我們同在。我想請安德烈開始。

Thank you, Ana. I'd like to thank you all for participating here and we will try and to be as brief as possible in the explanations, talking about the challenges we have had during the year. And we want to leave a lot of time for the Q&A session that are very good during this opportunity together. So I'll try to accelerate the presentation so we can spend time with questions. Here, we have the highlights, net revenue, Q1, BRL 272 million; net profit, BRL 30 million; adjusted EBITDA, BRL 23 million.

謝謝你，安娜。我要感謝大家的參與，我們將盡力在解釋中盡可能簡短，談論我們在這一年中遇到的挑戰。我們希望留出很多時間進行問答環節，在這個機會中，這非常好。因此，我將嘗試加快演示速度，以便我們可以花時間回答問題。這裡是亮點，第一季淨收入，2.72 億雷亞爾；淨利3000萬雷亞爾；調整後 EBITDA 為 2,300 萬雷亞爾。

Later on, we will see that there was a drop in net profit in relation to Q1 last year approximately 29%. When we look at the estimates. We have the same estimates, 2.6 million tons with grains, cotton, sugarcane, a small reduction in the planted area. We will give you more details. And this reduction comes because we stopped planting corn in some units where we saw that productivity is risky and due to the current production costs, we're being very strict in choosing the highest productivity levels because the price of corn is low.

稍後我們會看到淨利潤較去年第一季下降了約29%。當我們查看估計值時。我們也有相同的估算，260萬噸有穀物、棉花、甘蔗，種植面積小幅減少。我們將為您提供更多詳細資訊。這種減少是因為我們停止在一些單位種植玉米，我們發現這些單位的生產力有風險，並且由於當前的生產成本，我們非常嚴格地選擇最高的生產力水平，因為玉米價格很低。

Dividends, we approved this during the last meeting. The company once again is paying dividends. We know that this is very important for many investors. And here we are sure that having flexibility, we can be more aggressive. I said this many times. If we have projects, we will hold on. And the fourth -- the fourth year, very important, the planted area -- the growth of planted area by 11,000 hectares and independent of the reduction in the planted area of corn.

股息，我們在上次會議上批准了這一點。該公司再次派發股息。我們知道這對許多投資者來說非常重要。在這裡，我們確信，有了彈性，我們就可以更積極進取。這句話我說過很多次了。如果我們有項目，我們就會堅持下去。第四年，在非常重要的第四年，種植面積增加了 11,000 公頃，與玉米種植面積的減少無關。

Well, to talk about this growth, the growth in the last 3 years, and you follow us, you know that the company was a great seller of farms. So to maintain the planted area at the same time as you are selling farms land. So we're accelerating transformation. We accelerated new projects to transform pasture land into a cultivated area. And we have sold -- we know we have sold farms. This is very positive when we look at this in the medium and long term, the company growing.

好吧，談論這種增長，過去三年的增長，如果你關注我們，你就會知道該公司是一個偉大的農場銷售商。因此，在出售農場土地的同時要保持種植面積。所以我們正在加速轉型。加速新牧區改耕工程建設。我們已經出售了——我們知道我們已經出售了農場。當我們從中長期來看，公司不斷發展時，這是非常積極的。

And below that, here, we have some details of the reduction in the -- our -- we intended to plant 186,000 hectares. And this is what we reduced. We reduced 4,200 hectares of corn, 5,000 hectares of winter crop corn and, 3.5 (sic) [3,500] other crops and some areas were excluded, especially and some more substituted by different crops.

以下是我們打算減少 186,000 公頃種植面積的一些細節。這就是我們減少的。我們減少了 4,200 公頃玉米、5,000 公頃冬季作物玉米和 3.5（原文如此）[3,500] 種其他作物，一些地區被排除在外，特別是一些地區被不同作物取代。

So we have soybean increasing, an increase in soy, 3,700 hectares and beans also here, the company is not inventing the wheel. We have been planting beans for a long time. We developed this market. We developed export markets for beans and also the internal market for beans. We made partnerships with cold storage because you have seasonality here and you have to wait. So we have cold storage to wait for better prices.

所以我們增加了大豆，增加了大豆，3700公頃，豆子也在這裡，公司不是發明輪子。我們種豆子已經很久了。我們開發了這個市場。我們開發了豆類出口市場和豆類內部市場。我們與冷庫建立了合作關係，因為這裡有季節性，你必須等待。所以我們有冷庫來等待更好的價格。

And this graph on the right, the breakdown of crops is very interesting. When you look at the medium and long term, this shows how the company is preparing itself. It is diversifying itself. Every time you have a greater diversification of crops. What do we want? We want to attenuate volatility of commodities.

右邊這張圖，農作物的分類非常有趣。當你著眼於中長期時，這表明公司正在如何做好準備。它正在實現自身多元化。每次你的農作物都會更加多樣化。我們想要什麼？我們希望減弱大宗商品的波動性。

If you looked at this graph 5 years ago, it was a pie chart that was half and half, sugarcane and soybean, and the company has been working to manage and with growth of other crops that will give us better added value and there is a learning curve also here.

如果您 5 年前查看此圖，它是一個餅圖，一半是甘蔗，一半是大豆，該公司一直致力於管理其他作物的生長，這將為我們帶來更好的附加價值，並且有一個學習曲線也在這裡。

And the other graph, land ownership, we see the cultivated areas. I always say this, this combination is the winning combination, a combination of our own land with leased land where our own land allows us to have a more efficient use of capital and leased land to mitigate the volatility of operational results because where leasing areas in places where there is more stability of production, allowing the company to accelerate its growth and development of new areas. So this slide shows very well how the company is going, how it's preparing itself and how it is evolving.

另一張圖表是土地所有權，我們看到了耕地面積。我總是說，這種組合是成功的組合，我們自己的土地與租賃土地的組合，我們自己的土地使我們能夠更有效地利用資本和租賃土地，以減輕經營業績的波動性，因為租賃區域在生產更加穩定的地方，使公司能夠加速其成長和新領域的開發。所以這張投影片很好地展示了公司的發展、準備以及發展。

Well, here, a little more detail. You calculate EBITDA, we know. So here a summary of what we will have -- our projections for soybean, corn, also winter crop and beans in thousands of tons, 250,000 tons of soybean. We're talking about 100,000 tons of corn. We're talking about more than 10,000 tons of beans, a lot of beans and cotton and also winter crop for cotton.

嗯，這裡，再詳細一點。我們知道，您可以計算 EBITDA。所以這裡是我們將要得到的總結——我們對大豆、玉米、冬季作物和豆類的預測，產量為數千噸，大豆為 25 萬噸。我們談論的是10萬噸玉米。我們談論的是超過 10,000 噸的豆類，大量的豆類和棉花，以及棉花的冬季作物。

This shows the company is diversified, the change in mix that we're proposing, and we have been doing. This is not only for 1 year. We're building this during the last few years.

這表明公司是多元化的，我們正在提議並一直在進行組合變革。這不僅僅是1年。我們在過去幾年裡正在建造這個。

Next, here, the new participants I will talk about the status. Everyone followed the planting. We had some problems in planting, but basically, we have areas in the Araguaia Valley, 100% of the land planted in this region, Mato Grosso doing very well. At the end of October, beginning of November, we began to plant in Mapitoba, so we already began planting in the state of Bahia. Irrigated -- this is -- now the irrigated crops have been already planted some time ago. And we're accelerating the planting in Bahia province, Mato Grosso where only in the new areas we are finishing the planting.

接下來，在這裡，我先講一下新參與者的現況。大家都跟著種植。我們在種植方面遇到了一些問題，但基本上，我們在阿拉瓜亞山谷有地區，100%的土地都在這個地區種植，馬托格羅索州做得很好。 10月底11月初，我們開始在馬皮托巴種植，所以我們已經開始在巴伊亞州種植。灌溉了——這是——現在灌溉的農作物已經種了一段時間了。我們正在加快巴伊亞省馬托格羅索州的種植工作，只有新地區的種植工作才剛完成。

Beginning of the planting beans, begins now this week to plant beans and beans you were talking about beans, it is in new areas. It's not in all the areas. And cotton, too, here apart from the window, there are demands. We're projecting cotton, for example, on November 20, these are the areas in Bahia.

種植豆類的開始，本週開始種植豆類，你所說的豆類，它是在新地區。並非所有領域都如此。棉花也是如此，除了窗戶之外，這裡也有需求。例如，我們預測 11 月 20 日的棉花產量，這些是巴伊亞地區。

We'd like to remind you that in cotton, we have 3 types of crops. We have the summer cotton than in the beginning of January, we began to plant the winter crop, as we call it. And then in January, we also begin to plant cotton in irrigated areas in Bahia. Last year, we have a beautiful productivity above 410, 420 bushels per hectare, showing that the company is doing its homework where we're learning this culture, and we begin -- we believe that adds a lot of value to us.

我們想提醒您，棉花有 3 種作物。我們在一月初有了夏季棉花，我們開始種植冬季作物，正如我們所說的那樣。然後在一月，我們也開始在巴伊亞的灌溉區種植棉花。去年，我們的生產力超過每公頃 410、420 ​​蒲式耳，這表明該公司正在做功課，我們正在學習這種文化，我們開始 - 我們相信這為我們增加了很多價值。

Cattle raising. As I always say, it's a transitional activity. We have in Paraguay, 2 units in Bahia. (inaudible) here, we had a marginal -- also marginal operation with cattle that we are dismantling now. But basically, when we look at GMD. GMD, gain -- average gain in weight, this quarter, is not a good quarter for this. We're within the projections. We're doing this -- we're looking at the KPIs, but this quarter is the most affected because there is a drought.

養牛業。正如我常說的，這是一項過渡性活動。我們在巴拉圭有 2 個單位，在巴伊亞有 2 個單位。 （聽不清楚）在這裡，我們對牛進行了邊際經營，我們現在正在拆除這些牛。但基本上，當我們看 GMD 時。 GMD，增益－體重平均增加，本季不是一個好的季度。我們在預測之內。我們正在這樣做——我們正在關注關鍵績效指標，但本季受到的影響最大，因為發生了乾旱。

So we're looking at the drought months, July, August and September, which have a drought where you have a lower average gain of weight even in December, we're talking about 260 grams only. So this was -- we had this projection. The way we do this curve, it begins with 150, 200 grams of average weight gain, then there is a peak in January and February, 850 grams per month, and then it begins to drop in February. It's still high March. It drops, April, it begins to drop and then why?

因此，我們關注的是乾旱月份，即 7 月、8 月和 9 月，即使在 12 月，這些月份的平均體重增長也較低，我們只討論了 260 克。所以這是——我們有這個預測。我們做這條曲線的方式是，一開始平均體重增加150、200克，然後在一月和二月達到峰值，每月增加850克，然後在二月開始下降。三月的天氣依然很高。它下降了，四月，它開始下降，然後為什麼呢？

This curve follows the availability of food and all -- and food depends on rainfall. So in Q1, there is a problem because of drought.

這條曲線遵循食物和一切的供應情況——而食物取決於降雨量。所以在第一季度，由於乾旱，出現了一個問題。

Sugarcane, we are finalizing the harvest, the volume, an increase in TCH, you have all followed this increase in TCH in the sector as a whole. We have a lot to improve here in sugarcane. I'm sure we want to improve this even more. The productivity since -- and we're making heavy investments in irrigation in our unit with sugarcane in the state of Maranhão. So we're going to increase this TCH in the next few years.

甘蔗，我們正在最後確定收穫、數量、TCH 的增加，你們都關注了整個行業 TCH 的增加。我們在甘蔗方面還有很多需要改進的地方。我確信我們希望進一步改進這一點。自那時以來，我們在馬拉尼奧州的甘蔗種植單位的灌溉方面進行了大量投資。因此，我們將在未來幾年內增加此 TCH。

Here. I don't know if I'm going too quickly. I'm trying to accelerate. So Ana is looking at me. She tries to rush me.

這裡。我不知道我是否走得太快了。我正在努力加速。所以安娜正在看著我。她試圖催促我。

Well, here hedge -- here final -- this is the final situation. You have some product sold in the quarter. In the next, we will erase '23, and we will have only '24. This is the -- this shows the management of the company.

好吧，這裡是對沖——這裡是最終的——這是最後的情況。您在本季銷售了一些產品。接下來，我們將刪除 '23，只剩下 '24。這就是——這顯示了公司的管理。

Soybean, when we talk about the harvest '22, '23. We had basically a sale of at $14.5 per bushel.

大豆，當我們談論'22、'23的收穫。我們基本上以每蒲式耳 14.5 美元的價格出售。

Let me see here. Okay. I have it here. So we have -- the $1 with [BRL 5.47] exchange rates, which was a good combination. We can also show you what hurt us. You have Chicago, but due to a super harvest in Brazil, historically, the whole sector had been projecting positive premiums. We have positive premiums for a long time. And this year, with the super harvest, there's -- this brought very negative premiums, which had an impact on price. We will the harvest '23, '24, we can see soybean 50% sold, practically 50% sold. We began to do this in the past when we began to buy fertilizer.

讓我看看這裡。好的。我這裡有。所以我們有 1 美元兌換 [BRL 5.47] 的匯率，這是一個很好的組合。我們還可以向您展示是什麼傷害了我們。你有芝加哥，但由於巴西的豐收，從歷史上看，整個產業一直預測正溢價。我們長期擁有正保費。今年，隨著豐收，這帶來了非常負的溢價，這對價格產生了影響。我們將在23、24年收穫，我們可以看到大豆已售出50%，實際上已售出50%。以前我們買化肥的時候就開始這樣做了。

So we have a harvest sold at [$13.12] and $1 at [BRL 5.37] exchange rate. When we go to corn, we're looking at '23, '24, 45% sold, [47.02] cotton, we accelerate a lot. This is traditional to do this in the market to accelerate the sale due to some operations and due to the purchase of Agrochemicals, 72% sold at 82.5 per bushel and $1 at [BRL 5.53] exchange rate. So the company has tried to do its best to have efficiency in the sale, you know very well about the exchange rate. The exchange rate now is different from what you see here, but we're always alert to capture these numbers.

因此，我們以 [13.12 美元] 的價格出售收成，並以 [5.37 雷亞爾] 的匯率出售 1 美元。當我們關注玉米時，我們關注的是'23、'24，已售出 45%，[47.02] 棉花，我們加速了很多。由於一些業務和農業化學品的購買，在市場上這樣做是為了加速銷售，72% 的產品以每蒲式耳 82.5 美元和 [BRL 5.53] 匯率 1 美元的價格出售，這是傳統做法。所以公司已經盡力提升銷售效率，你對匯率非常了解。現在的匯率與您在這裡看到的不同，但我們始終保持警惕以捕獲這些數字。

Now ethanol this market, we have a lot of derivatives here, not as much as we would like to because it's not such a net market as others, but we did 23% of sale derivatives. And when we talk about '23, '24 sugarcane, sugarcane is harvested in April next year, 4% is sold. One extremely important factor and it's very important to follow our receivables from farms. You know that we sell farms always to receive in bags, by bags of -- based on bags of soybean. So we monitor this P&L of receivables.

現在乙醇這個市場，我們有很多衍生品，但沒有我們想要的那麼多，因為它不像其他市場那樣是一個淨市場，但我們銷售了 23% 的衍生品。而當我們談論'23、'24甘蔗時，明年4月收穫的甘蔗，有4%被出售。這是一個極其重要的因素，追蹤我們農場的應收帳款非常重要。你知道，我們銷售農場總是以袋裝、袋裝的方式接收——以袋裝大豆為基礎。因此，我們監控應收帳款的損益表。

So we have an important volume when you look at the top, the volume is large of what we have to sell in soybean in terms of receivables from the sale of farms. This is to illustrate as we always do, we see a descending curve in the price of some commodities.

因此，當你看頂部時，我們有一個重要的數量，就出售農場的應收帳款而言，我們必須出售的大豆數量很大。這是為了說明，正如我們一貫所做的那樣，我們看到某些商品的價格呈現下降曲線。

Some are more stable, like cotton, soybean after it stabilized, cattle raising began to react than stopped. And we have the great challenge, which has been ethanol. We are a large producer of sugarcane, but it's for mills that produce biofuels. And this is the result of the price policy of biofuels from Petrobras. We're suffering this impact biofuel, especially ethanol. So it's a great challenge we have for next year. We are looking to expand sugarcane in units that have production not only biofuels, but also sugar mills that produce.

有的比較穩定，像棉花、大豆穩定了以後，養牛就開始反應而不是停了。我們面臨著巨大的挑戰，那就是乙醇。我們是甘蔗的大型生產商，但它是為生產生質燃料的工廠服務的。這是巴西國家石油公司生物燃料價格政策的成果。我們正在遭受這種生物燃料的影響，尤其是乙醇。所以這是我們明年面臨的一個巨大挑戰。我們正在尋求擴大甘蔗生產單位，這些單位不僅生產生物燃料，而且還生產糖廠。

So at the top, we see ethanol at the bottom sugar. I don't remember, I've been working in this area for 30 years. I never saw sugar with the prices we have today. And no doubt, this has paid well. This has been good for the mills, price of sugar.

因此，在頂部，我們在底部的糖中看到乙醇。我不記得了，我在這個領域工作了30年。我從來沒有見過像今天這樣的價格的糖。毫無疑問，這已經帶來了豐厚的回報。這對糖廠和糖價來說是件好事。

Here, we see the costs. Today, there is an article that came out and they used the letter X. And what is the X that I'm talking about? We saw prices, which dropped and also costs. So we had a cost of product that is high because you can see here fertilizer from 950 that we paid in the last harvest now. Urea, 650, and today, you see new levels, new price levels. The harvest '23, '24 by urea below 400. Chloride, we bought earlier. There's also the issue to buy. It made sense at the time and also interesting exchange rate. So -- and map, you can see here we were able to close with lower prices. You can also see on the right percentage of coverage.

在這裡，我們看到了成本。今天，有一篇文章出來了，他們使用了字母X。我所說的X是什麼？我們看到價格下降了，成本也下降了。所以我們的產品成本很高，因為你可以在這裡看到我們在上次收穫時支付的 950 肥料。尿素，650，今天，您會看到新的水平，新的價格水平。收穫'23，'24尿素低於400。氯化物，我們早些時候買的。還有買的問題。這在當時是有意義的，而且匯率也很有趣。所以——還有地圖，你可以在這裡看到我們能夠以較低的價格成交。您還可以看到正確的覆蓋率百分比。

Here, you can see NPK. These percentages are not 100%, reminding you we have -- we have an important part of sugarcane, winter crops and irrigated areas where we don't have the costs yet.

在這裡，你可以看到NPK。這些百分比不是 100%，提醒您我們有——我們有甘蔗、冬季作物和灌溉地區的重要部分，但我們還沒有成本。

Well, now I'd like to pass the floor to Gustavo. So I showed the scenario. Now the numbers.

好吧，現在我想把發言權交給古斯塔沃。所以我展示了這個場景。現在是數字。

Thank you, André. Well made my job easier showing the impact. First of all, I'd like to thank all those participating in our call. And as Ana said in the beginning of this conference call, it's important to highlight that we're beginning a new year Q1 '23, '24, showing a net profit, BRL 30 million.

謝謝你，安德烈。很好，讓我的工作更容易展示影響力。首先，我要感謝所有參與我們電話會議的人。正如 Ana 在本次電話會議開始時所說的那樣，重要的是要強調我們將在 23 年、24 年第一季開始新的一年，淨利潤為 3000 萬雷亞爾。

Here 11% adjusted EBITDA, BRL 23.4 million with a -- different from the same period last year. And with a net revenue of BRL 272 million, with the total mix that is higher than the previous quarter. This drop in net profit in relation to the same period last year from 42 to 30 is due to the drop in prices that André mentioned in commodities, especially sugarcane, soybean, and corn, although the company has been effective in doing hedge, we didn't imagine that this -- we would have this impact in the premium and the basis.

調整後的 EBITDA 為 11%，即 2,340 萬雷亞爾，與去年同期不同。淨收入為 2.72 億雷亞爾，總收入高於上一季。淨利潤較去年同期從42下降至30，是由於安德烈提到的大宗商品價格下跌，特別是甘蔗、大豆和玉米，儘管公司一直有效地進行了對沖，但我們沒有想到我們會對保費和基差產生這種影響。

This told us that we had to sell the soybean close to the costs we had, the costs were very high, and they affected the operating margins. This impact that you can see here was partially compensated by receivables of real estate, receivables from the sale of farms and real estate.

這告訴我們，我們必須以接近成本的價格出售大豆，成本非常高，並且影響了營業利潤。您可以在這裡看到的這種影響部分由房地產應收帳款、農場和房地產銷售應收帳款補償。

Here we see the EBITDA margin 90%, historically, was 30%, 35% shows the scenario that the business is going through this. The impact of this super harvest with soybean, put pressure on the premiums and also affected the price of corn and sugarcane, too. So the company has to choose what kind of product it will plant. And we don't see reasons that could really bring a recovery of prices.

在這裡我們看到 EBITDA 利潤率為 90%，歷史上為 30%，35% 表示企業正在經歷這種情況。大豆豐收的影響對溢價帶來壓力，也影響了玉米和甘蔗的價格。所以公司必須選擇種植什麼樣的產品。我們看不到真正可以帶來價格回升的原因。

So we had to sell with tight margins, especially in the case of corn. That's why we looked at our strategy, and we're changing our mix -- product mix for '23, '24 planting less corn. So we're mitigating -- we're trying to mitigate these operational losses, and we're decreasing the planted areas of corns by 1,000 hectares.

因此，我們不得不以微薄的利潤進行銷售，尤其是玉米。這就是為什麼我們研究了我們的策略，我們正在改變我們的組合——23、24 年種植較少玉米的產品組合。因此，我們正在努力減輕這些營運損失，並將玉米種植面積減少 1,000 公頃。

Also during this whole period, we delivered million tons of sugarcane, very good harvest. When we look at our indicators, the productivity is much better than last year. This confirms that the market in Brazil is increasing the productivity. And let's see how this impact of price and higher costs price of fertilizer from the previous year. This is having an impact this year and it provokes a drop in margins.

也在這整個時期，我們交付了百萬噸甘蔗，收穫非常好。當我們看我們的指標時，生產力比去年好得多。這證實了巴西市場正在提高生產力。讓我們看看價格和較高的成本對去年化肥價格的影響如何。這對今年產生了影響，導致利潤率下降。

Well, next slide, let's see here the main numbers, the highlights. Here, we see all the products. It's important to highlight the impact on soybean, corn and sugarcane. This drop in the price of commodities, Also, we had a worse exchange rate. The exchange rate we used was worse. We used to sell at BRL 900 per ton. Now it's BRL 850, almost 30% less and the cost goes up due to -- the cost per ton, I'm saying, due to the impact of fertilizers and agrochemicals.

好吧，下一張幻燈片，讓我們看看這裡的主要數據和亮點。在這裡，我們看到了所有的產品。重要的是要強調對大豆、玉米和甘蔗的影響。大宗商品價格下跌，而且匯率也更糟。我們使用的匯率更糟。我們過去的售價為每噸 900 雷亞爾。現在是 850 巴西雷亞爾，幾乎減少了 30%，並且成本上升，因為——我是說，由於化肥和農業化學品的影響，每噸的成本。

The results, we have 650 per ton, although we have more tons sold. We can also see in the case of corn, normally, there is a correlation. We see historical correlation. 1 bag of soybean represents 2.4 bags of corn. We have this correlation with -- now it's above -- it's in excess of 3. So we don't see reasons to believe the price will go up. So we believe it's better to sell than to wait for higher prices. And here, we see that the contribution is negative in corn.

結果，我們每噸有 650 噸，儘管我們賣了更多噸。我們也可以看到，在玉米的情況下，通常存在相關性。我們看到歷史相關性。 1袋大豆相當於2.4袋玉米。我們有這樣的相關性——現在它高於——超過3。所以我們沒有理由相信價格會上漲。因此，我們認為出售比等待更高的價格更好。在這裡，我們看到玉米的貢獻為負。

Sugarcane, we see here the price dropping BRL 22 per ton, 15% less due to the drop last year, we sold at $0.0115 in this quarter, we sold at $0.90. We have a drop. And the cost per ton went up 22% with gross results -- there's a drop here, a difference of BRL 45 per ton. When we consider BRL 20 per ton versus 89.90, we see that we have a March of 1,800 per hectare when historically, it used to be 2,800, 3,500. So you see the drop. The impact that André mentioned and the variance in some costs, especially last year, higher costs gave us a margin of 15%. Historically, it was 30.

甘蔗，我們在這裡看到價格每噸下降了 22 巴西雷亞爾，由於去年的下降，下降了 15%，本季度我們的售價為 0.0115 美元，我們的售價為 0.90 美元。我們有一滴。每噸成本上漲了 22%，整體結果下降，每噸相差 45 巴西雷亞爾。當我們考慮每噸 20 巴西雷亞爾與每噸 89.90 雷亞爾時，我們發現 3 月每公頃的價格為 1,800 雷亞爾，而歷史上曾經是 2,800 雷亞爾、3,500 雷亞爾。所以你看到了下降。安德烈提到的影響和一些成本的差異，特別是去年，更高的成本為我們帶來了 15% 的利潤。歷史上是30。

Here, we can see the EBITDA -- adjusted EBITDA. Here, we always calculate excluding biological assets and also adjusted by derivatives during this period. And we added here all the expenses, depreciations and amortizations. For Q1 2024, adjusted EBITDA, BRL 23 million last line, approximately BRL 20 million from sugarcane and BRL 3 million net from the sale of the inventories of soybean those grains that were harvested last year.

在這裡，我們可以看到 EBITDA——調整後的 EBITDA。在此，我們始終排除生物資產進行計算，並在此期間也進行了衍生性商品調整。我們在這裡添加了所有費用、折舊和攤提。 2024 年第一季度，調整後的 EBITDA 為 2,300 萬雷亞爾，其中約 2,000 萬雷亞爾來自甘蔗，300 萬雷亞爾來自去年收穫的大豆庫存銷售。

When we see 2023 first quarter, this adjusted EBITDA was BRL 106 million in 2023 and BRL 60 million came from sugarcane, 950,000 tons delivered and BRL 44 million were from the inventory of soybean and corn. We had BRL 21 million in soybean and the rest in corn.

當我們看到2023年第一季時，2023年調整後的EBITDA為1.06億雷亞爾，其中6000萬雷亞爾來自甘蔗，交付量為95萬噸，4400萬雷亞爾來自大豆和玉米庫存。我們有 2100 萬雷亞爾的大豆，其餘的玉米。

On the right, you see a breakdown. As we mentioned, this operational adjusted EBITDA is recurring during this quarter, sugarcane that is more relevant. And during Q3, Q4, when the corn and soybean and cotton are harvested, they begin to be harvested and sold. It is around 40% for soybean, 40% sugarcane and the rest 20%.

在右側，您可以看到故障。正如我們所提到的，這種運作調整後的 EBITDA 在本季重複出現，與甘蔗更相關。而在第三、第四季，玉米、大豆、棉花收穫的時候，就開始收穫和銷售。大豆約 40%，甘蔗約 40%，其餘為 20%。

On the next slide, here, we have our debt, net debt of the company. We have here a short-term debt, a short-term debt BRL 208 million. We have BRL 750 million in working capital that we need to plant these 80,000 hectares. So 30% of this working capital, we work with third parties and the rest with our own capital. And as we always say, the company has very little leverage, BRL 554 million. In cash, we have BRL 399 million net debt, BRL 108 million.

在下一張投影片上，我們有我們的債務，公司的淨債務。我們這裡有一筆短期債務，2.08 億雷亞爾的短期債務。我們擁有 7.5 億雷亞爾的營運資金，需要用於種植這 8 萬公頃的土地。因此，其中 30% 的營運資金是我們與第三方合作的，其餘的則是我們自己的資金。正如我們常說的，該公司的槓桿率非常低，只有 5.54 億雷亞爾。我們的現金淨負債為 3.99 億雷亞爾，淨負債為 1.08 億雷亞爾。

On the right, you see we have a debt below the interest rate we pay is 97% of the CDI index. So we're -- we have low -- we pay low interest rates. We have here the tons that we have the amount of soybean we have from the sale of farms. Our company has a very comfortable position in terms of debt.

在右側，您可以看到我們的債務低於我們支付的 CDI 指數的 97%。所以我們——我們的利率很低——我們支付的利率很低。我們這裡有數噸來自農場銷售的大豆。我們公司的債務狀況非常良好。

Here to show to you the value of our shares in the stock market. And in the U.S., here, we see a graph that we show the evolution. Here, you can see we will pay dividends now and the share is discounted. We trust that we will have a good harvest, soybean and corn. And with the adjustments we made, we will mitigate the climate risks and the possibility of selling farms continues. We continue selling farms. We will continue to deliver positive results. So thank you very much. And now we'd like to begin the Q&A session.

這裡向大家展示一下我們股票在股市的價值。在美國，我們看到了一張顯示演變的圖表。在這裡，您可以看到我們現在將支付股息，並且股票已打折。我們相信我們會有好收成，大豆和玉米。透過我們所做的調整，我們將減輕氣候風險，並且出售農場的可能性仍在繼續。我們繼續出售農場。我們將繼續取得正面成果。非常感謝。現在我們要開始問答環節。

Thank you, Gustavo. Thank you, André. Well, this is an invitation. A reminder, we will have our BrasilAgro Day on December 1 after some years of the pandemic, we will open this year for also investors, individuals also. We have limited -- we have limited entries, please tell us if you're interested in our Agro Day. It's going to be very good. We will have the presence of our executives, André and Gustavo, but we will also bring our operations director and all our team of managers, strategy, legal, new business, purchasing environment, and we will be there to make this event even better.

謝謝你，古斯塔沃。謝謝你，安德烈。嗯，這是一個邀請。提醒一下，在疫情爆發幾年後，我們將在 12 月 1 日舉辦巴西農業日，今年我們也將向投資者和個人開放。我們的參賽作品有限，如果您對我們的農業日感興趣，請告訴我們。將會非常好。我們的高階主管安德烈(André) 和古斯塔沃(Gustavo) 將出席，但我們也將帶來我們的營運總監和所有經理團隊、策略、法律、新業務、採購環境，我們將在那裡讓這次活動變得更好。

Well, I will pass the floor to Thiago Duarte from BTG.

好的，我將把發言權交給 BTG 的蒂亞戈·杜阿爾特。

It's a pleasure to talk to you. I'd like to focus on 2 questions. The first, we see a change in mix and the reasons. André, talked a lot about this. But when we look at area, crops and volume produced we see a drop in the yield in the productivity expected, especially for grains, especially soybean because it seems early. There's a lot of discussion in the last few weeks about late -- about late planting of soybean. What are the reasons? Why are there so many problems in planting? Maybe not that much in Mato Grosso but also in others? Or I'd like to know if there are other reasons for this -- for delayed planting?

很高興與您交談。我想重點討論兩個問題。首先，我們看到了組合的變化及其原因。安德烈對此談了很多。但當我們觀察面積、作物和產量時，我們會發現預期生產率的產量下降，特別是穀物，尤其是大豆，因為它似乎還很早。過去幾週有很多關於大豆晚播的討論。原因是什麼？為什麼種植過程中會出現這麼多問題呢？也許在馬托格羅索州不那麼嚴重，但在其他地方也是如此？或者我想知道是否還有其他原因——延遲播種？

The second question in the last call you mentioned -- you discussed expectations of margins for soybean for this harvest. You talked about 1,700 to 2,500 per hectare. And now your current expectations, does it make sense to continue with this profitability expected in soybean for the harvest that is beginning now.

您在上次電話會議中提到的第二個問題—您討論了對本次收穫大豆利潤的預期。您談到每公頃 1,700 至 2,500 個。現在，您目前的預期是，在現在開始的收穫期繼續保持大豆的這種盈利能力是否有意義。

Thiago, as always, we like very much your questions, intelligent questions. Thank you. First question, there is a drop. I will explain. It's not due to the climate yet. The company, in the last year, I mentioned that the company has been growing. We're growing 11,000 hectares in the planted area year after year, even with the sale of farms. So if we add the acquisitions and leasings, for example, Regalito Farm, 6000 hectares, São Domingos Farm, 3,000, Panamby Farm, 5,700 hectares included in the last harvest, we included one and now we're including the rest plus developed plants.

蒂亞戈，一如既往，我們非常喜歡你的問題，聰明的問題。謝謝。第一個問題，有下降。我會解釋。這還不是氣候的原因。公司，去年我提到公司一直在成長。即使出售了農場，我們的種植面積仍年復一年地增長​​著 11,000 公頃。因此，如果我們加上收購和租賃，例如，Regalito 農場，6000 公頃，São Domingos 農場，3,000 公頃，Panamby 農場，5,700 公頃，包括在上次收穫中，我們包括了一個，現在我們包括了其餘的加上已開發的土地植物。

So when you look at the dilution of yield, I have good news for you, Thiago. It's not El Niño. It's because we're adding a lot of new land and you know very well these new areas have a lower productivity. So when you look at yield, it's not the company making a decision, it is the opposite. In mature areas, we're being very aggressive looking for this high productivity. But the fundamental thing -- and this difference, we have almost 15,000 hectares when we include Chaparral and some areas in Paraguay, we have more than 15,000 hectares of land in the first year -- in their first year.

因此，當你看到收益率稀釋時，我有個好消息要告訴你，蒂亞戈。這不是厄爾尼諾現象。這是因為我們正在增加大量新土地，而你很清楚這些新區域的生產力較低。因此，當你看收益率時，並不是公司在做決定，而是相反。在成熟地區，我們正在非常積極地尋求這種高生產力。但最根本的一點是——這個差異，當我們包括叢林和巴拉圭的一些地區時，我們有近15,000 公頃的土地，我們在第一年就擁有超過15,000 公頃的土地——在他們的第一年。

Everything was well done. Most of these areas, we developed. So it's their first year now. So in these areas, we will not have more than 50 bags of productivity. So this is what is happening with productivity, new areas being added.

一切都做得很好。其中大部分領域是我們開發的。所以現在是他們的第一年。所以在這些方面，我們不會有超過50袋的生產力。這就是生產力正在發生的情況，新領域的增加。

The second question, margin is very good. We have been confirming. We have been confirming the cost of production, even with some drops better than where we expected drops in cost. So our cost of production is BRL 4,000 per hectare, our expectation. And we said in the past, soybean should be BRL 124 depending on the units. So when you look at the average productivity, we will have 1,700 to 2,500. 1,700 lower productivity, 2,500 higher productivity and also units where you have higher freight costs and lower, Mato Grosso, for example. In Bahia, we have a better price because of better logistics, better freight prices. So that's our answer, Thiago.

第二個問題，利潤率非常好。我們一直在確認。我們一直在確認生產成本，儘管成本下降幅度比我們預期的要好。因此，我們的預期生產成本為每公頃 4,000 雷亞爾。我們過去說過，大豆應該是 124 雷亞爾，這取決於單位。因此，當您查看平均生產力時，我們將擁有 1,700 至 2,500 人。生產力降低 1,700，生產力提高 2,500，以及貨運成本較高和較低的單位，例如馬托格羅索州。在巴伊亞，我們有更好的價格，因為更好的物流，更好的貨運價格。這就是我們的答案，蒂亞戈。

Also, are you worried about the evolution of the -- due to the problems with sowing soybean -- planting soybean. I know it's a difficult question because we're talking about probabilities. Time will tell us. But just to try to measure, you're concerned with this discussion, which has become important in the last 2, 3 weeks.

另外，您是否擔心由於播種大豆的問題而導致種植大豆的演變？我知道這是一個很難的問題，因為我們談論的是機率。時間會告訴我們。但為了衡量，你關心的是這個討論，它在過去的兩三週變得非常重要。

Well, where we are more concerned in the -- especially we're concerned with Mato Grosso, why? because Mato Grosso, you have a window to plant -- to be able to plant corn also. Fortunately, why fortunately? Today, we have 3 positions. We're in the South to Taquari, Vale do Araguaia, Xingu, and we have now positions in the West of Mato Grosso, Vale do Guapore.

好吧，我們更關心的是——尤其是馬托格羅索州，為什麼？因為馬托格羅索州，你有一個可以種植的窗口——也可以種植玉米。幸好，為何幸好？今天，我們有 3 個職位。我們位於 Taquari、Vale do Araguaia、Xingu 的南部，現在我們在馬托格羅索州西部、Vale do Guapore 也有陣地。

I will show you how it works. Vale do Guapore, new area, low expectations very little in winter crop, less pressure. Xingu and Taquari, the planting is fast. We have winter crop and corn. When you look at Mato Grosso, the rain this year, we were able to plant in a very fast way in Xingu, the fastest planting. This is when we were able to plant very rapidly. It's not only climate. We worked with machines, service companies, and we planted Xingu very rapidly. So we began planting Xingu.

我將向您展示它是如何工作的。 Vale do Guapore，新區，冬季作物預期較低，壓力較小。 Xingu和Taquari，種植速度很快。我們有冬季作物和玉米。當你看看馬托格羅索州時，今年的降雨，我們能夠在辛古以非常快的速度進行播種，是最快的播種方式。這是我們能夠非常快速地種植的時候。這不僅僅是氣候。我們與機器、服務公司合作，我們很快就種植了新谷。於是我們開始種植新谷。

The best year in history, we began to plant on September 27. This year -- we used to plant on September 27, this year, September 22, all of Xingu, most of it before October. And we had something very good in Xingu. One thing is planting before October. But so we planted in a well distributed way. Well, this is when we look at Mato Grosso.

史上最好的一年，我們是9月27號開始播種的。今年－我們以前是9月27號播種，今年是9月22號，整個新谷，大部分在10月之前。我們在新谷有一些非常好的東西。一件事是十月之前播種。但我們以分佈均勻的方式種植。好吧，這就是我們關注馬托格羅索州的時候。

When we look at Bahia, what is the concern? The first, El Niño. So we readjusted. We began to plant in Bahia in the state of Bahia early. We have 3 people who are specialists. Our forecast is not to have lack of rain. Possibly, we will have difficulties in planting due to excess rain.

當我們觀察巴伊亞時，我們關心的是什麼呢？第一個是厄爾尼諾現象。所以我們重新調整。我們很早就開始在巴伊亞州巴伊亞種植。我們有 3 位專家。我們的預測是不會缺少降雨。由於降雨過多，我們的播種工作可能會遇到困難。

So we prepared ourselves to plant as quickly as possibly, worried with excess rainfall. After the 15th, things will change. We will have a lot of rain, and we're concerned with the excess rain because we have 2 plants in a fast way until November 15. So in a certain way, the vision for soybean is we're doing well. And for example, if we had a lot of winter crop in Guapore Valley, we would have a problem.

因此，我們準備盡快播種，擔心降雨過多。 15號之後，情況將會改變。我們將會有許多降雨，我們擔心過量的降雨，因為我們在 11 月 15 日之前有 2 個工廠正在快速種植。所以在某種程度上，大豆的願景是我們表現良好。例如，如果瓜波雷谷有大量冬季作物，我們就會遇到問題。

In Mato Grosso, we're late, Sao Domingos, there, we don't have pressure from winter crops. It's first year, there will be no winter crop. But this Guapore region has -- is very similar to Tangará. So we're looking at it. But since we don't have a winter crop, it's we're planting, but we're okay because we won't have -- it's a new area. We won't have a winter crop there.

在馬托格羅索州，我們遲到了，在聖多明哥斯，我們沒有冬季作物的壓力。這是第一年，不會有冬季作物。但這個瓜波雷地區與坦加拉非常相似。所以我們正在研究它。但由於我們沒有冬季作物，所以我們正在播種，但沒關係，因為我們不會有——這是一個新地區。我們那裡不會有冬季作物。

Next question, Pedro Fonseca. What are your expectations for the price of soybean and corn for the next weeks? Do you see any risk of a drop in prices in Chicago if the climate maps in December get better?

下一個問題，佩德羅·豐塞卡。您對未來幾週大豆和玉米價格有何預期？如果 12 月的氣候地圖好轉，您認為 芝加哥 價格有下跌的風險嗎？

That's a million dollar question. Okay. I always say that when we have these questions, we have to look at structural issues and others. I'll try -- I will try to answer. Corn, let's begin with corn. Like Thiago just asked, we saw some regions in Mato Grosso with difficulties in planting soybean. So this -- that brings a pushback in the production of corn because to give an idea of the importance of the window for planting corn in our data, 1 week of delay, you have the possibility of a 15% drop in production. The corn planted on January 15, produces 15% more than the corn planted on January 22. And 22 -- and the corn planted on January 22 produces 15% more than corn planted on January 29. You may have a year when you have longer rainfall. So structurally, we have this problem of planting that is delayed in Mato Grosso, delayed planting.

這是一個價值百萬美元的問題。好的。我總是說，當我們遇到這些問題時，我們必須考慮結構性問題和其他問題。我會嘗試——我會嘗試回答。玉米，我們先從玉米開始。正如蒂亞戈剛才所問，我們看到馬托格羅索州一些地區大豆種植有困難。因此，這會導致玉米產量下降，因為要了解我們的數據中玉米種植窗口的重要性，延遲 1 週，產量就有可能下降 15%。 1 月 15 日種植的玉米比 1 月 22 日種植的玉米產量高 15%。在 1 月 22 日種植的玉米比 1 月 29 日種植的玉米產量高 15%。你可能會有更長的一年雨量。因此，從結構上來說，我們在馬托格羅索州遇到了種植延遲的問題，並延遲種植。

The second point, which is what I mentioned, why we reduced -- why we had a drop in the planting of corn. We had to decide -- when you look at the winter crop producer had 110 bags when they have 110 bags in the winter crop, they began collecting corn at 140 and ended at -- so what did we do this year? We said, "Oh, let's stop." What is the corn at 70, 80? That's core new plant in February. You get only -- you have a drop, 70, 80 bags per hectare.

第二點，就是我提到的，為什麼我們要減少玉米種植面積。我們必須做出決定 - 當你看到冬季作物生產者有 110 袋時，他們有 110 袋冬季作物，他們在 140 袋開始收集玉米，結束於 - 那麼我們今年做了什麼？我們說：“哦，我們停下來吧。” 70、80的玉米是什麼？這是二月的核心新工廠。每公頃只能收穫 70、80 袋。

So we -- we've purged an important area where we used to have corn. We're not -- what we do, the whole sector does. So in a certain way, producer did the same. Everyone did the same. So this difficulty in planting, cost of production, all these problems with a higher breakeven.

所以我們——我們清理了以前種植玉米的一個重要區域。我們所做的事情，整個產業都在做。所以在某種程度上，製片人也做了同樣的事情。每個人都做了同樣的事情。所以這種種植難度，生產成本，所有這些問題都伴隨著較高的損益平衡。

The only factor we cannot measure yet, which is structural, the level of adoption of technology of grains. [C4] plants are dependent on nitrogenated products, and the market reduced. So when you have the planting window, when you have -- when you have a drop in productivity, then you will have less productivity because of late planting.

我們還無法衡量的唯一因素是結構性的，即穀物技術的採用程度。 [C4]植物依賴含氮產品，市場減少。因此，當你有種植窗口時，當你有——當你的生產力下降時，那麼你的生產力就會因為播種較晚而降低。

And the third point which is technological package. These are the 3 drivers that can push the corn up and down. These 3 are pointing in the same direction, a drop in production. So we hope that there will be a drop in the correction especially soybean and corn. So we're looking -- we're looking at 2.3, 2.5, it went up to 3.6, came back.

第三點是技術包。這就是推動玉米上漲和下跌的 3 個驅動因素。這三個因素都指向同一個方向：產量下降。因此，我們希望回調會下降，尤其是大豆和玉米。所以我們正在尋找 - 我們正在尋找 2.3、2.5，它上升到 3.6，又回來了。

So in the case of corn, we may have in the next harvest recovery in price. When you see we look at demand, I'm optimistic to, for some reasons. We see -- we saw a small recovery in beef. We know that beef is the engine of all the types of meat. We see a small recovery. And the experts are saying there will be a recovery in cattle raising in 2024, 2025, and this may affect corn.

因此，就玉米而言，我們可能會在下一個收穫季節價格回升。當你看到我們專注於需求時，出於某些原因，我對此感到樂觀。我們看到——我們看到牛肉略有復甦。我們知道牛肉是所有肉類的引擎。我們看到了小幅復甦。專家表示，2024年、2025年養牛業將會復甦，可能會影響玉米。

And the main issue is how much will be sent to China, whether we will export the 35 million tons to China. So that's the picture for corn. I'm optimistic concerning the price of corn due to the points I mentioned.

主要問題是有多少發往中國，是否將這3500萬噸出口到中國。這就是玉米的圖片。由於我提到的幾點，我對玉米價格持樂觀態度。

Soybean. Soybean -- Brazil, with everything we mentioned everything we saw, the added areas, so we haven't seen what may happen. We have El Niño in the South. We had this intense rain. And For example, in the south of the country, (inaudible) are the third largest producers of soybean. So there's a lot of uncertainty in soybean to be conservative.

大豆。大豆——巴西，我們提到了我們所看到的一切，增加了地區，所以我們還沒有看到可能會發生什麼。我們南方有厄爾尼諾現象。我們下了一場大雨。例如，在該國南部，（聽不清楚）是第三大大豆生產國。因此大豆存在很大的不確定性，需要保守。

I believe that the third point I'd like to mention about soybean. We have a great political geo tension -- geopolitical tension. And I believe that any further increase in the tension may affect soybean. Let's hope this will not happen. Let's hope we will have peace but there's a great geopolitical tension, and we know that -- this brings demand for soft commodities and the conflict we're seeing in the last few months, if it continues or if there is an increase in -- in terms of Chicago, we believe that without these issues, we trust in these levels we have.

我想我想提到的第三點是關於大豆的。我們面臨著巨大的地緣政治緊張局勢——地緣政治緊張局勢。我相信緊張局勢的進一步加劇可能會影響大豆。希望這不會發生。我們希望我們能夠實現和平，但地緣政治局勢非常緊張，我們知道，這會帶來對軟商品的需求，以及我們在過去幾個月中看到的衝突，如果衝突持續下去或增加的話——就芝加哥而言，​​我們相信如果沒有這些問題，我們相信我們所擁有的水平。

We believe it will be a difficult basis -- a difficult year for basis, maybe better than last year. And farmers also learned. Farmers learned that -- in the case of soybean, I'm more optimistic with corn than soybean. I believe soybean will continue with these prices, especially due to these geopolitical tensions.

我們相信這將是一個困難的基礎——基礎困難的一年，也許比去年更好。農民也學到了。農民了解到——就大豆而言，我對玉米比大豆更樂觀。我相信大豆將繼續維持目前的價格，特別是由於地緣政治緊張局勢。

Another question from Pedro. How do we see the purchase of land after the rise in prices. What are we seeing in relation to the purchase of land and supplementing.

佩德羅的另一個問題。房價上漲後我們又如何看待買地？我們在購買土地和補充土地方面看到了什麼？

We have a question from [Ivaldo Batista]. Real estate, whether we can buy land now?

[Ivaldo Batista]向我們提出了一個問題。房地產，現在能不能買地？

I said yesterday. This is the good thing about BrasilAgro, we can join the 2 strategies: selling land, selling real estate and operations. I'd like to see the full glass, a difficult sector, drop in some margins. There is an important liquidity. We continue with good liquidity. We had 7, 8 years of very high margins. Farmers are still capitalized. They have money. So I believe that we will continue having liquidity -- we're working. We're a thermometer. People come to us to buy and sell. And I can say that there is -- it's -- there are many people looking at our assets, wanting to buy our assets.

我昨天說了。這就是BrasilAgro的好處，我們可以結合2個策略：出售土地、出售房地產和營運。我希望看到全玻璃這個困難的行業的利潤率下降。有重要的流動性。我們繼續保持良好的流動性。我們有七、八年的利潤率非常高。農民還是有資本的。他們有錢。所以我相信我們將繼續擁有流動性——我們正在努力。我們是溫度計。人們來找我們買賣。我可以說，有很多人在關注我們的資產，想要購買我們的資產。

So in the next conference calls, I hope to give you good news about real estate. As I said -- we have a lot of things happening. So the market continues buying land. There's a lot of interest in buying land. We have to look at everything structurally. This business will continue being very good. The world needs more food, and this is where we can increase and we have here -- in Brazil, we have winter crops. When you look at the return rates, we're conservative because the price of sale of our assets will be the market. The price of purchase of what we buy, we decide.

所以在接下來的電話會議中，我希望能帶給大家有關房地產的好消息。正如我所說——我們發生了很多事情。因此市場繼續購買土地。人們對購買土地有很大興趣。我們必須從結構上看待一切。這個生意將會繼續很好。世界需要更多的糧食，這是我們可以增加糧食的地方，我們在巴西有冬季作物。當你看回報率時，我們是保守的，因為我們資產的出售價格將是市場價格。我們購買的商品的購買價格由我們決定。

So the challenge, the greatest challenge, you have to make a projection for the exchange rate and the price of soybean. So we see with these prices in Chicago, it's not the price of the -- it's not the price of the past, but prices are attractive due to our exchange rate in dollars. Like I said, I'd like to see the glass full of water. We see some opportunities already of financial stress. You know this very well. We bought land bank, land for transformation, but also stress. So we see high interest rates in Brazil in the last few years, high interest rates.

所以挑戰，最大的挑戰，你必須對匯率和大豆價格做出預測。所以我們看到芝加哥的這些價格，這不是過去的價格，但由於我們的美元匯率，價格很有吸引力。就像我說的，我希望看到杯子裡裝滿水。我們已經看到一些面臨財務壓力的機會。你很清楚這一點。我們買了土地儲備，土地用於改造，也有壓力。所以我們看到巴西過去幾年的利率很高，利率很高。

The market isn't showing -- and the market isn't showing a recovery. Interest rates are still very high. Let's hope interest rates will drop to 8%, 9%, which are still high for those who had a lot of leverage. So I believe there's still opportunity, and we will begin to have some opportunities of financial stress or people rebalancing their portfolio. Businessmen, who -- because the price of land went up a lot in the last 7 years.

市場沒有表現出復甦的跡象。利率仍然很高。我們希望利率能降至 8%、9%，這對於那些擁有大量槓桿的人來說仍然很高。所以我相信仍然有機會，我們將開始有一些財務壓力或人們重新平衡投資組合的機會。商人，因為土地價格在過去七年裡上漲了很多。

I'm optimistic. We begin to see also liquidity, greater liquidity in Paraguay. We're having liquidity in Paraguay that is very high, things that we didn't see in the past we're beginning to see. So we will continue doing our homework. We will be -- continue buying. We will continue selling land. And sometimes you sell more, sometimes you buy more. In the last few years, in the last call -- in the last 10 calls, I'm saying that we were selling more. Now there is a balance. There will be sales? Yes. Will there be purchase? Yes. And we're beginning to see some opportunities.

我很樂觀。我們也開始看到巴拉圭的流動性，更大的流動性。我們在巴拉圭的流動性非常高，這是我們過去沒有看到的事情，我們現在開始看到。所以我們會繼續做功課。我們將——繼續購買。我們將繼續出售土地。有時你賣得更多，有時你買得更多。在過去幾年裡，在最後一次電話會議中——在過去 10 次電話會議中，我說我們的銷量增加了。現在有一個平衡。會有銷售嗎？是的。會有購買嗎？是的。我們開始看到一些機會。

The next question is from [Renato Santos]. He wants to know about the dividend policy. Will it continue in 2024? Will there be other payments of dividends? And when will these dividends that have been approved, when will they be paid?

下一個問題來自[Renato Santos]。他想了解股利政策。 2024年還會繼續嗎？還會有其他股息支付嗎？而這些已經批准的股息什麼時候發放？

Well, let's begin payments. Our payment is for November 24, 30 days after the general assembly. So payment will be made November 24. Now concerning next year, we will work so the company can continue with operations and the sale of land. In operations, we see a drop in price. In the last year, we saw this in sugarcane. And now how sugarcane will behave actually ethanol, ethanol can put pressure raising or decreasing dividends last year. So ethanol can affect this. So we hope to have the next harvest with better prices. So the company has tried to be a good payer of dividends.

好吧，讓我們開始付款。我們的付款日期為 11 月 24 日，大會結束後 30 天。因此，付款將於 11 月 24 日支付。現在考慮明年，我們將努力使公司能夠繼續營運和出售土地。在營運中，我們看到價格下降。去年，我們在甘蔗中看到了這一點。現在，甘蔗實際上將如何表現乙醇，乙醇可以施加壓力，提高或減少去年的股息。所以乙醇會影響這一點。所以我們希望下一次的收穫能有更好的價格。因此，該公司努力成為良好的股息支付者。

When you look at our average, you will see that in the last few years, dividend yield has been one of the best in the market. And our objective is to continue to be a company that has a good dividend yield. When you have a lot of opportunities, sometimes we have to pay less. And our return on investment has been 5x. So when we say wait, we have an opportunity to buy something then later, this will also bring dividends.

當您查看我們的平均值時，您會發現在過去幾年中，股息殖利率一直是市場上最好的之一。我們的目標是繼續成為一家擁有良好股息收益率的公司。當你有很多機會時，有時我們必須付出更少的錢。我們的投資報酬率為 5 倍。所以當我們說等待的時候，我們以後有機會去買東西，這也會帶來紅利。

Now in the medium and long term, we want to be a company that is an important payer of dividends. This helped the company to have a lot of liquidity in our shares. We know the importance of liquidity for our shares, and this helps us to always pay dividends. And let's hope it's -- this is the first quarter we're in Q1. Let's hope with the whole team to have a positive result -- so we can continue being a strong company in the payment of dividends.

現在，從中長期來看，我們希望成為一家重要的股息支付者的公司。這有助於公司在我們的股票中擁有大量的流動性。我們知道股票流動性的重要性，這有助於我們始終支付股利。我們希望這是第一季的第一個季度。讓我們希望整個團隊能夠取得積極的成果——這樣我們就可以繼續成為一家派發股息的強大公司。

Thank you, André. Just supplementing the answer. We don't have a dividend policy that is preestablished. So the company, the rule is to pay at least 25% of the profit in dividends and the difference, the additional dividends, we don't have a policy. We have these assumptions that André imagined that the management follows to define how much and whether we will pay additional dividends.

謝謝你，安德烈。只是補充一下答案。我們沒有預先制定的股利政策。所以公司，規則是支付至少25%的利潤作為股息，差額，額外的股息，我們沒有政策。我們有這些假設，安德烈想像管理層會遵循這些假設來確定我們將支付多少額外股息以及是否支付額外股息。

Now continuing the next question, Renaldo (inaudible), he says congratulations for the results. And he wants to know about El Niño? Are there crops that can be affected, for example, cotton in Bahia, can it be affected?

現在繼續下一個問題，雷納爾多（聽不清楚），他對結果表示祝賀。他想了解聖嬰現象嗎？有沒有可能受影響的作物，例如巴伊亞的棉花，會受影響嗎？

Well, Renaldo knows a lot about the state of Bahia. What did we do in the company? We have increased the planted area with cotton, but most of it has been in irrigated land, irrigated land. Most of the cotton foreseen the possibility of El Niño, we had a drop in -- we had a drop in the non-irrigated cotton in Bahia. So we have irrigation in (inaudible), they just implemented another 600 hectares of irrigated land, and this includes cotton in the next cycle. So we're alert. The concern with El Niño is Bahia, the state of Bahia, but I would say that more important than total volumes is the distribution.

嗯，雷納爾多對巴伊亞州了解很多。我們在公司做了什麼？我們增加了棉花的種植面積，但是大部分都是水澆地，水澆地。大多數棉花預見了厄爾尼諾現象的可能性，我們的產量有所下降——巴伊亞的非灌溉棉花產量有所下降。所以我們有灌溉（聽不清楚），他們剛剛實施了另外 600 公頃的灌溉土地，這包括下一個週期的棉花。所以我們很警惕。厄爾尼諾現象的關注點是巴伊亞州，但我想說，比總量更重要的是分佈。

I'll give you a number. You look at last year. Last year was a year when we had a lot of frustration with the climate in Chaparral. And last year, we had 1,300 millimeters, 1,300 millimeters last year, difficulties in production. If we look at the best year in the best year when Chaparral produced since 2008, it was a year when we had 980 millimeters of rain. So what is fundamental because El Niño affects volumes.

我給你一個號碼。你看看去年。去年，我們對叢林的氣候感到非常沮喪。還有去年我們有1300毫米，去年1300毫米生產困難。如果我們看看自 2008 年以來 Chaparral 降雨量最好的一年，那一年我們的降雨量為 980 毫米。那麼什麼才是根本性的，因為厄爾尼諾現象會影響成交量。

Now for us, distribution. If 500 -- if you have rainfall of 500, the plant will use 100, the rest goes away, the rain. We want to know the distribution. Of course, there are statistical issues, greater probability, but we had years with El Niño with 900 millimeters of rain with excellent productivity in Bahia.

現在對我們來說，分配。如果 500——如果降雨量為 500，植物將使用 100，其餘的則消失，即雨水。我們想知道分佈。當然，存在統計問題，機率更大，但我們經歷了厄爾尼諾現像多年，降雨量達到 900 毫米，巴伊亞的生產力非常出色。

So the attention now is and the decisive rain is after January 20 to January -- February 20. This -- in this period, January 20, February 20, if we have 1 or 2 rains well-distributed rains, we'll have a good year even with the probability of El Niño bringing less rainfall. So especially cotton and the crops in Bahia affected by El Niño.

所以現在註意的是，決定性的降雨是在1月20日之後到1月——2月20日。這個——在1月20日、2月20日這段時間，如果有1、2場雨，而且分佈均勻，我們就會有一場雨。即使厄爾尼諾現象可能會帶來較少的降雨量，但今年還是個好年景。尤其是棉花和巴伊亞的農作物受到厄爾尼諾現象的影響。

In parallel, not only BrasilAgro, but the whole sector, the company has been working a lot in Bahia to increase our coverage. If you go to a farm in Bahia, we have a 3-year plan to plant sorghum and other crops to cover the land and to avoid volatility when the soil is well covered.

同時，不僅是 BrasilAgro，而且整個行業，該公司在巴伊亞都做了很多工作來擴大我們的覆蓋範圍。如果你去巴伊亞的一個農場，我們有一個三年計劃，種植高粱和其他農作物來覆蓋土地，並避免土壤覆蓋良好時的波動。

Now if you have El Niño with a lot of stress, if you have 35 days without rain, no coverage will last. But in Bahia, since this plan has been put into effect for more than 3 years. We have tried to have a better stability even in years with El Niño because you have the soil that's covered. So there's the climate issue and also what we have done to mitigate these effects.

現在，如果厄爾尼諾現象給你帶來很大的壓力，如果你有 35 天沒有下雨，那麼任何保險都不會持續。但在巴伊亞，這個計畫已經實施了3年多了。即使在厄爾尼諾現象發生的幾年裡，我們也努力保持更好的穩定性，因為土壤被覆蓋了。因此，存在氣候問題以及我們為減輕這些影響所做的努力。

The next question from [Rafael Flores], probably for Gustavo. What justifies the cost of sales. And as we saw there, 29% because in this quarter, the relationship is 0.52. Why the cost of sale is so high in 2023?

[Rafael Flores] 的下一個問題可能是問古斯塔沃的。什麼證明了銷售成本的合理性。正如我們所看到的，29%，因為在本季度，相關性為 0.52。為什麼2023年的銷售成本這麼高？

Okay, [Rafael], thank you for the question. We, for sale, when we sell a firm we look at the surface and we have an estimate of the land and the number of bags of soybean. 1,000 hectares at 300 bags of soybean. What we have seen in our history when you do the final measurement -- we always have a difference of 2.5% up or down. So when we sell these 1,000 hectares, we record only 97.5% and the other 2.5%, we wait for the final measurements. What happens is that it's above or below this percentage, and this creates a distortion between cost and sale.

好的，[拉斐爾]，謝謝你的提問。我們在出售時，當我們出售一家公司時，我們會查看表面，並對土地和大豆袋數進行估計。 1000公頃，300袋大豆。當您進行最終測量時，我們在歷史上看到的是——我們總是有 2.5% 的上下差異。因此，當我們出售這 1,000 公頃土地時，我們只記錄了 97.5%，其餘的 2.5%，我們等待最終的測量。發生的情況是它高於或低於這個百分比，這會造成成本和銷售之間的扭曲。

Normally, we do this when we deliver the land we -- when we transfer the land to the new owner, we make this adjustment. You will see that once a year, we have this variance.

通常，當我們交付土地時，我們會這樣做——當我們將土地轉讓給新所有者時，我們會進行此調整。您會看到，我們每年都會出現一次這種差異。

Thank you, Gustavo. The next question is [Alito Silva]. André will probably answer this. André will need a few hours to answer. What were the reasons for the good results in 2023, 2024. How do you intend to use this in the future?

謝謝你，古斯塔沃。下一個問題是[阿利托·席爾瓦]。安德烈可能會回答這個問題。安德烈需要幾個小時才能回答。 2023年、2024年取得好成績的原因是什麼？未來打算如何利用它？

Our year is beginning now. I don't know if he means January, December or our year.

我們的一年現在開始了。我不知道他指的是一月、十二月還是我們這一年。

And the second question for 2024. What were the reasons for success. Can you give us more information about the sustainability and social responsibility of the company. Brazil and André loves these topics. Okay, André?

2024年的第二個問題。成功的原因是什麼。您能否提供我們更多有關公司永續發展和社會責任的資訊？巴西和安德烈喜歡這些話題。好吧，安德烈？

Thank you. Excellent question. Yes. Let's begin with the first. The great investments we have done in technology in biotechnology and bio inputs and we are investing also digitalization, investments in digitalization. One is connection of the fields. We have a partnership with [Telecos]. And I believe this will be an important driver for future results. So bio inputs, biotechnology, connectivity and new management online systems, new online management systems. We're changing an important tool we have for production management. The technician can do everything nowadays with his cell phone. So these are 3 important pillars that will bring us results.

謝謝。很好的問題。是的。讓我們從第一個開始。我們在生物技術和生物投入方面進行了大量投資，我們也在投資數位化，投資數位化。一是領域的聯繫。我們與[電信公司]建立了合作夥伴關係。我相信這將成為未來結果的重要驅動力。因此，生物投入、生物技術、連接性和新的線上管理系統、新的線上管理系統。我們正在改變生產管理的一個重要工具。如今，技術人員可以用手機完成所有事情。因此，這是將為我們帶來成果的三個重要支柱。

And we have some projects to have administrative efficiencies. This is being done by Gustavo. We have many things so we can be more agile in accounting and do more with less, to be more efficient. And supplementing this, the challenge we have to bring new crops and stability in crops and also people management.

我們有一些專案可以提高行政效率。這是古斯塔沃正在做的。我們擁有很多東西，因此我們可以在會計方面更加敏捷，並用更少的資源做更多的事情，從而提高效率。除此之外，我們還面臨帶來新作物、穩定作物以及人員管理的挑戰。

The company has spent a lot of time with management tools, courses, online platforms, training. So we're preparing a solid base in the company. So the results will not be based on luck. The results have to be based on good planning and not luck. So the company is preparing itself.

該公司在管理工具、課程、線上平台、培訓上花費了大量時間。因此，我們正在為公司打下堅實的基礎。所以結果不會取決於運氣。結果必須基於良好的計劃而不是運氣。因此，公司正在做好準備。

When we talk about ESG as Ana said, yes, I'm passionate about this area, governance, we made many changes in the last, although we have shares in the stock market, we opened the capital in the U.S. and all the issues with the SEC in the U.S. we had to be prepared. More recently in the last year, we have an auditing committee. We implemented an auditing committee, policies that were intensified.

當我們談論 ESG 時，正如 Ana 所說，是的，我對這個領域、治理充滿熱情，我們在過去做出了很多改變，儘管我們在股票市場擁有股票，我們在美國開放了資本以及所有問題美國證券交易委員會（SEC），我們必須做好準備。去年，我們成立了一個審計委員會。我們設立了審計委員會，並強化了政策。

So I believe in terms of governance, the company has been very agile. In social in terms of social issues, Ana Paula is Director of the BrasilAgro Institute. This is something that we love. Last year, we had 17 projects. We have more than 21,000 people. What are we doing next year? We approved in out last meeting, an important budget for BrasilAgro Institute BRL 3 million, BRL 3 million for BrasilAgro Institute. This is always linked to results. So we have a lot of projects and focusing on education. I invite you. I know that you like this, spend some time with us, come here and we'll talk about the institute. You will see what we have done in education.

所以我相信在治理方面，公司一直都非常敏捷。在社會議題方面，安娜‧保拉 (Ana Paula) 是巴西農業研究所所長。這是我們喜歡的事。去年，我們有 17 個項目。我們有超過 21,000 名員工。明年我們做什麼？我們在上次會議上批准了巴西農業研究所 300 萬雷亞爾的重要預算，巴西農業研究所 300 萬雷亞爾的預算。這始終與結果相關。所以我們有很多項目並專注於教育。我邀請你。我知道你喜歡這個，花點時間和我們在一起，來這裡我們談談研究所。你會看到我們在教育方面所做的一切。

In terms of the environment, we have 2 great challenges. The measuring of greenhouse effect gases. We're measuring. We're doing this for 3 crops already and we have an important work, which will be ready carbon credits, the areas where we avoided deforestation. So we have great projects in this area. This is very important for us. I always say that ESG is becoming important. It's our -- in DNA. We always transform land. And we're always present with environmental authorities. We're always building schools and now we used to do this -- social issues, we cannot forget. We have internal and outside social, external, we created the institute. Now social internally, I would say we have great policies for equity, many things we're working on and developing. So we would love have more women, but we need infrastructure when we looked at the business.

在環境方面，我們面臨兩大挑戰。溫室效應氣體的測量。我們正在測量。我們已經對三種作物進行了這項工作，我們有一項重要的工作，即準備好碳信用額，即我們避免砍伐森林的地區。所以我們在這個領域有很棒的項目。這對我們來說非常重要。我總是說 ESG 變得越來越重要。這是我們的 DNA。我們總是改造土地。我們始終與環保部門合作。我們一直在建造學校，現在我們曾經這樣做過——社會問題，我們不能忘記。我們有內部和外部的社會，外部，我們創建了研究所。現在在社會內部，我想說我們有很好的公平政策，我們正在努力和發展許多東西。因此，我們希望有更多的女性，但當我們審視業務時，我們需要基礎設施。

For example, gender in the units, when you have a good structure, we're one of the best in the market. Now when you have a new unit where you have lack of structure, so we have to work on structure. So we have spent a lot of time on this. We could spend all afternoon talking about this. I tried to summarize. Environmental, social and governance, what we have time. And also your first question, the challenge is not for 2024, (inaudible) the company in the next 5 to 10 years.

例如，單位中的性別，當你擁有良好的結構時，我們就是市場上最好的之一。現在，當你有一個新單位時，你缺乏結構，所以我們必須在結構上努力。所以我們在這方面花了很多時間。我們可以花整個下午的時間談論這個。我試著總結一下。環境、社會和治理，我們有時間。還有你的第一個問題，挑戰不是 2024 年，（聽不清楚）公司未來 5 到 10 年的挑戰。

Excellent. Well, let's close. I'd like to thank the presence of André, Gustavo, for their time, to be with us in this conference call, I'd like to thank the participants. We had an excellent number of participants. The year is beginning, a lot of challenges, but also many good things happening. Thank you very much, and we wish you a good day.

出色的。好吧，讓我們結束吧。我要感謝安德烈古斯塔沃抽出時間與我們一起參加這次電話會議，我要感謝與會者。我們有大量的參與者。新的一年開始了，挑戰很多，但也有很多好事發生。非常感謝您，祝您有美好的一天。

[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。]