BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) 2024 Q4 法說會逐字稿

Good morning to all. We are here for our call at the end of the year for 2023-2024. As you know, our year goes from June, July and we are here to talk about Q4 and closing of the year. I am here with André, our CEO and Gustavo, our CFO.

大家早安。我們在此參加 2023-2024 年底的電話會議。如您所知，我們的一年從六月、七月開始，我們在這裡討論第四季度和今年的結束。我和我們的執行長安德烈 (André) 以及我們的財務長古斯塔沃 (Gustavo) 一起來到這裡。

For those who are following us in English, the presentation is available in the chat. At the end, we will have a Q&A session. So you can make your question by audio or send by chat.

對於那些用英語關注我們的人，可以在聊天中查看簡報。最後，我們將進行問答環節。因此，您可以透過音訊提出問題或透過聊天發送。

Thank you. Good morning and now I pass the floor to André.

謝謝。早安，現在請安德烈發言。

Thank you, Anna. Good morning to all of you. It's a great pleasure once again to be with you with our annual results. We will comment about the year, the problems, the great objectives.

謝謝你，安娜。各位早安。很高興能再次與您分享我們的年度業績。我們將對這一年、存在的問題和宏偉目標進行評論。

It was very challenging year for Agro business. Once again I reinforce that the combined strategy of the company with real estate and operations has been a winning strategy. The company's capacity, the resilience, the company has to deliver combined results both operational and real estate results. The great highlight of the year was this. And we will talk a little about production, we will talk about climate, many things here with you, but what I would like to really stress is that the company in fact consistently has been delivering its strategy through operations and real estate results.

對於農業業務來說，這是非常具有挑戰性的一年。我再次強調，公司與房地產和營運的結合策略是一個制勝策略。公司的能力、彈性，公司必須提供營運和房地產的綜合成果。今年最大的亮點就是這個。我們將討論一些關於生產的問題，我們將與你們討論氣候以及許多事情，但我真正想強調的是，該公司實際上一直在透過營運和房地產業績來實施其策略。

This has been done during the years with a lot of capacity and has brought good returns to our shareholders, investors.

多年來，我們已經做到了這一點，並為我們的股東、投資者帶來了良好的回報。

So I would like to begin. Let's begin with the first page and where we see here the highlights of 2024. It's a financial highlight BRL1.1 billion in net revenue. We have a net profit for the year BRL227 million and adjusted EBITDA -- I always like to show this slide -- BRL279 million and dividends that will be proposed for the shareholders assembly, around BRL155 million.

所以我想開始。讓我們從第一頁開始，我們在這裡看到 2024 年的亮點。這是淨收入 11 億雷亞爾的財務亮點。我們今年的淨利潤為2.27 億雷亞爾，調整後的EBITDA——我總是喜歡展示這張幻燈片——2.79 億雷亞爾，以及將向股東大會提議的股息，約為1.55 億雷亞爾。

All these numbers show a little of what we have said; it's a company that has the ability, the capacity to combine a real estate strategy with operation strategy enabling us to generate its results and enabling us to really pay dividends to the shareholders that trust the company's management.

所有這些數字都說明了我們所說的一些內容；這是一家有能力將房地產策略與營運策略結合的公司，使我們能夠產生成果，並使我們能夠真正向信任公司管理層的股東支付股息。

In terms of real estate -- sale of real estate, we sold Chaparral Farm, a very important sale and we showed us the resilience of the Brazilian Agro business. A lot of people asked us in the previous calls, will the company be able to sell farms with a drop in the market. And I said, the company is resilient, the company is using this resilience and to make an important sale of a farm that we haven't sold yet. We sold an important piece of this farm; 30% of the area, but we still have 70%. So those who -- it's a farm that is worth more than BRL1 billion.

在房地產方面——房地產銷售，我們出售了 Chaparral 農場，這是一次非常重要的銷售，我們向我們展示了巴西農業業務的彈性。很多人在之前的電話中問我們，公司是否能夠在市場下跌的情況下出售農場。我說，公司很有彈性，公司正在利用這種彈性來出售我們尚未出售的農場。我們賣掉了這個農場的一個重要部分； 30%的面積，但我們還有70%。所以那些——這是一個價值超過 10 億雷亞爾的農場。

And the third we talk a little about operational results more than 2.3 million tons of production. You know we have been saying in the calls we're making progress with the strategy to farms in Bahia with irrigation and we have been continuing with this. We implemented another 600 hectares of irrigation and next year, another 900 hectares that will be irrigated. This brings stability to these farms.

第三個我們談談超過230萬噸產量的營運結果。你知道，我們在電話中一直在說，我們正在巴伊亞農場灌溉戰略方面取得進展，我們一直在繼續這樣做。我們又進行了 600 公頃的灌溉，明年也將進行 900 公頃的灌溉。這給這些農場帶來了穩定。

The company has always after new technologies. It's not only a land development company. It's a company that is a good operator and we cannot be distant from connectivity. All of this, we believe, will bring us excellent results.

公司始終追求新技術。它不僅僅是一家土地開發公司。這是一家優秀的營運商，我們不能遠離連線。我們相信，這一切都將為我們帶來優異的成果。

So this is data from Embrapa that has 10% of the GDP with artificial intelligence. So we're implementing this in the main units and one important point to highlight you all know how much logistics has caused in our business and the company finalized we were able to build a silo in the Avarandado Farm. It has already received many products this year. This gives us flexibility in terms of freight, logistics, and harvest in this unit and in the close by units.

這是 Embrapa 的數據，人工智慧佔 GDP 的 10%。因此，我們正在主要單位實施這項舉措，重要的一點是要強調大家都知道物流對我們的業務造成了多大影響，而且公司最終確定我們能夠在 Avarandado 農場建造一個筒倉。今年已經收到了許多產品。這為我們在該單位和附近單位的貨運、物流和收穫方面提供了靈活性。

This highlights -- this picture of the company shows the company's ability to combine its operating results and sale of real estate. When we talk about real estate, I brought here are the main highlights of the year. The sale of Chaparral Farm, 1,235 hectares, 8,796 useful planted area, 364 million and 350 bags of soybean per hectare. It's an asset that has been in the company since 2007. So such a high return. This shows the company's capacity to generate value to the shareholders and how much value this farm generated.

這凸顯了該公司的這張圖片顯示了該公司將其經營業績與房地產銷售相結合的能力。當我們談論房地產時，我在這裡帶來的​​是今年的主要亮點。出售Chaparral農場，1,235公頃，有效種植面積8,796，3.64億美元，每公頃350袋大豆。這是自 2007 年以來一直屬於公司的資產。所以回報率這麼高。這顯示了公司為股東創造價值的能力以及農場創造了多少價值。

I was remembering the other day, we paid. BRL40 million and today, we sold a third for BRL365 million. So, you all know this you know that the company does this very well.

我記得前幾天，我們付了錢。4000 萬雷亞爾，今天，我們以 3.65 億雷亞爾的價格出售了三分之一。所以，你們都知道這一點，你們知道公司在這方面做得很好。

The second pillar we brought here, something that we have been saying for a long time, that the companies need to balance the relationship and the production of ethanol. The company always grew, we're a company that plants sugarcane for more than 17 years. And we had most of our production of sugarcane aimed at ethanol.

我們帶來的第二個支柱是我們長期以來一直在說的，即公司需要平衡關係和乙醇生產。公司一直在成長，我們是一家種植甘蔗超過 17 年的公司。我們大部分的甘蔗生產都是為了生產乙醇。

In the past, there was a great need. More recently, you all know you have been following the market in other companies of sugar and ethanol that the relationship has changed. And since we have focused on ethanol, we were hurt a little and we as management, worked to correct this, to place in the production of sugarcane units that may not only produce as ethanol but also sugar thus improving the mix. This is an important progress, very important and we won't stop.

過去，有很大的需要。最近，你們都知道你們一直在關注其他糖和乙醇公司的市場，這種關係已經改變了。由於我們專注於乙醇，我們受到了一點傷害，我們作為管理層，努力糾正這一點，投入甘蔗單位的生產，這些單位不僅可以生產乙醇，還可以生產糖，從而改善混合物。這是一個重要的進展，非常重要，我們不會停止。

Certainly, it enables us, it helps us with a large player of the market -- one of the largest players of the market and then we're playing this game of production of sugarcane aiming at producing sugar and not ethanol.

當然，它使我們能夠，它幫助我們成為市場上最大的參與者——市場上最大的參與者之一，然後我們正在玩這個甘蔗生產遊戲，旨在生產糖而不是乙醇。

More recently, we finalized during the last month the operation, the purchase of Novo Horizonte. Novo Horizonte was an agricultural company that had operations in the region of Primavera do Leste. The highlight here it's a region that has a great value. The farm is very mature where we have irrigated land. 17% of this unit has irrigation, and we were able we bought this company that came -- brought to us equipment, irrigation equipment, all the structure of the company.

最近，我們在上個月完成了收購 Novo Horizo​​nte 的行動。Novo Horizo​​nte 是一家農業公司，在 Primavera do Leste 地區開展業務。這裡的亮點是一個具有巨大價值的地區。農場非常成熟，我們有灌溉土地。這個單位的 17% 有灌溉系統，我們能夠收購這家公司——為我們帶來了設備、灌溉設備以及公司的所有結構。

We will begin a new unit with operations with stable production of farm that will bring us great results in terms of diversification with cotton. So it's an asset that is now in a difficult year. So we're showing this highlight. The company's ability to capture real estate opportunities even in times where price of commodities are dropping.

我們將啟動一個新的部門，進行農場穩定生產的運營，這將為我們在棉花多元化方面帶來巨大成果。因此，這是一項目前正處於困難年份的資產。所以我們要展示這個亮點。即使在大宗商品價格下跌的時期，該公司也有能力抓住房地產機會。

Well, here, when we talk about price of commodities, this shows the price of commodities and how they are behaving. We saw in the last year, soybean. This is always in the Port of Tradução from [190 to 130]. Corn also dropped a little less, but it dropped. So cotton that had a certain stability we had an important impact at the end.

好吧，在這裡，當我們談論商品價格時，這顯示了商品的價格及其行為。去年我們看到了大豆。這始終位於 Tradução 港[190至130]。玉米跌幅也小一些，但還是跌了。因此，具有一定穩定性的棉花最終對我們產生了重要影響。

This shows once again the strength of combining the sale of real estate farms and operations. Now, we saw that ethanol -- the price of ethanol went up. It had a small benefit on this result because it became a few months ago, it will benefit the company's result in the next year. Ethanol thus taking sugarcane to historic levels of contribution.

這再次顯示了房地產農場銷售與營運相結合的實力。現在，我們看到乙醇——乙醇的價格上漲了。它對這個結果有一點好處，因為它是幾個月前的，這將有利於公司明年的表現。乙醇從而使甘蔗的貢獻達到歷史水準。

Here as summary of what we produced. So the production of soybean, as I said it's time to show what we did, where we have things to change, corrections we had a smaller production than we had expected and this is due to three units and one that really was affected was the operation in Paraguay.

這是我們製作的內容的摘要。因此，正如我所說，大豆的生產是時候展示我們做了什麼，我們需要改變哪些地方，我們的產量比我們預期的要小，這是由於三個單位造成的，其中一個真正受到影響的是運營在巴拉圭。

We had a very difficult year in terms of -- we had more than 45 days of drought. This affected soybean and cotton in this unit and two new units: Mato Grosso, Fazenda Panamby, Regalito. These are units that are being converted from pasture land to arable land.

我們度過了非常困難的一年——我們經歷了超過 45 天的乾旱。這影響了該單位的大豆和棉花以及兩個新單位：馬托格羅索、Fazenda Panamby、Regalito。這些單位正在從牧場轉變為耕地。

This is defect, of course you will ask me, the council asks me, the investors ask me, the company is much well -- much better prepared in these units in relation to the last. They were conversion land, we are converting from cattle raising to our arable land. This year now they are ready, and this will allow us to attenuate all the beginning effects.

這是缺陷，當然你會問我，理事會問我，投資者問我，公司做得很好——這些單位比上一個單位準備得更好。它們是轉變土地，我們正從養牛轉變為耕地。今年現在它們已經準備好了，這將使我們能夠減弱所有開始的影響。

So this year, climate conditions, the forecasts are better. But we know the problems we had in the State of Mato Grosso, in the past. Here we show in the highlights that I stress is the actual versus what we had planned in Paraguay. The yellow line shows the average during the last few years. You can see that here in summer, we were below the historical levels in Paraguay.

所以今年的氣候條件，預測都比較好。但我們知道馬托格羅索州過去遇到的問題。在這裡，我們在重點中展示，我強調的是實際情況與我們在巴拉圭的計劃。黃線顯示了過去幾年的平均值。你可以看到，夏天這裡的氣溫低於巴拉圭的歷史水準。

When we look at the harvest 2023-2024, when we look at production of sugarcane, we had 1,975,000 tons harvested area. Here, we'd like to highlight that this has a new project. It was affected very shortly. There will be a strong harvest in the second semester. The TCH in the harvest '23-'24 we're estimating 83.7.

當我們查看 2023-2024 年的收成時，當我們查看甘蔗產量時，我們的收穫面積為 1,975,000 噸。在這裡，我們要強調的是，這是一個新項目。很快就受到了影響。第二學期將會有豐碩的收穫。我們估計 23-24 年收穫期的 TCH 為 83.7。

We have a growing relationship with a previous harvest. In the past, we suffered a fire in Sao Jose that affected productivity. We have been recovering this sugarcane planted land and we will close the harvest with the productivity of 83 cattle.

我們與之前的收穫的關係越來越密切。過去，我們在聖荷西遭遇了一場火災，影響了生產力。我們一直在恢復這片甘蔗種植地，我們將以 83 頭牛的生產力結束收割。

We always say that for us, it's only a transition; raising cattle, we use it only for some time. We will never buy farms for cattle raising. We buy farms that have cattle raising, but can become arable land. So pasture land is practically the same. And due to everything that happened, the beginning of the rainy season -- you know that the rainy season, November to March is when you have a lot of grass for cattle raising.

我們總是說，對我們來說，這只是一個過渡；養牛，我們只用一段時間。我們永遠不會購買農場來養牛。我們購買可以養牛但可以耕地的農場。所以牧場其實是一樣的。由於發生的一切，雨季開始了——你知道雨季，從十一月到三月，有很多草可以養牛。

November and December we had less rain and this affected pasture land, but with the GMD, that is still attractive; 490 grams per day.

11 月和 12 月降雨較少，這影響了牧場，但考慮到 GMD，這仍然很有吸引力；每天490克。

While reinforcing once again the company's ability to sell farms, to lease, to buy, and with you we have shown growth -- so harvest after harvest although we sold 8,700 hectares, the company is still growing and the company will continue growing in '24-'25 in terms of planted area. We're close to 178,000 hectares. The important thing I'd like to highlight when we look at the graph on the right that diversity in crops. This is helping the company.

在再次加強公司出售農場、租賃、購買能力的同時，我們已經展現出增長的能力——因此，儘管我們出售了 8,700 公頃土地，但公司仍在不斷增長，並且公司將在 2024 年繼續增長。 '25 就種植面積而言。我們的面積接近 178,000 公頃。當我們查看右圖時，我想強調的重要一點是作物的多樣性。這對公司有幫助。

Remember many years ago this pie chart had only two colors. It was sugarcane and soybean only. And now we see a great diversity. There's a learning curve. But it shows what we have been saying. The importance of being able to explore these units with a maximum they can produce diversity in crops and this makes them profitable. So the graph on the right leased land, we see the land that we leased from -- the land we leased to third parties and the cultivated area.

還記得很多年前這個圓餅圖只有兩種顏色。只有甘蔗和大豆。現在我們看到了巨大的多樣性。有一個學習曲線。但這顯示了我們一直在說的。能夠最大限度地探索這些單位的重要性，它們可以產生農作物的多樣性，這使它們有利可圖。因此，在右側租賃土地的圖表中，我們看到了我們租賃的土地——我們租賃給第三方的土地和耕地面積。

And once again I reinforce, the company's strategy is the combination of two businesses. We believe in leasing to bring stability to allow us to be even more aggressive in transform areas, and also we believe in our own land that brings us a drop in the cost of capital. So the strategy of combining leasing with our own land.

我再次強調，公司的策略是兩項業務的結合。我們相信租賃可以帶來穩定，使我們能夠在轉型領域更加積極進取，我們也相信我們自己的土地可以為我們帶來資本成本的下降。所以採取了租賃與自有土地結合的策略。

No doubt we'll show as a winning strategy because it brings stability in production and on the other hand our own land will bring us the ability and capacity to get to get cheaper capital for the working capital of the company.

毫無疑問，我們將成為一個制勝策略，因為它帶來了生產的穩定性，另一方面，我們自己的土地將為我們帶來獲得更便宜的資本作為公司營運資金的能力和能力。

Well, next slide. Inputs, I believe you have been following these inputs. I said that we were in the alligator's mouth, cost dropping -- the cost goes up as we say using an elevator and it comes down step-by-step. So, once again. We have a drop in the cost of production.

好吧，下一張投影片。輸入，我相信您一直在關注這些輸入。我說我們在鱷魚嘴裡，成本下降——就像我們說使用電梯一樣，成本上升，然後逐步下降。那麼，再一次。我們的生產成本有所下降。

Reminding you when we talk of -- let's talk about soybean. We had 5,000, we dropped to 4,500 for and now 3,900, 4,000. We believe in this that there will be the need to drop this cost. So we can expand the area and increase production. What we show beside this is the relationship between the products. Potassium, close to historical prices. Nitrogenated, you know there are ups and downs. It has a lot to do with winter and phosphate that went up in the last few months and we're alert.

提醒您，當我們談論時，我們來談談大豆。我們有 5,000 人，後來下降到 4,500 人，現在是 3,900 人、4,000 人。我們相信，有必要降低這一成本。這樣我們就可以擴大面積，增加產量。除此之外我們展示的是產品之間的關係。鉀，接近歷史價格。氮化，你知道有起有落。這與冬季和過去幾個月磷酸鹽的上升有很大關係，我們保持警惕。

The graph, the numbers on top shows what we have bought -- chloride 83% bought, phosphate 80% bought, NPK 95% bought, and defensive, 70%. So everything for summer has been bought. Now is there is the harvest in winter and annual crops. Nitrogenated, when you look at it's 65% bought, because sugarcane needs fertilizer during the year. But we believe that these numbers will converge.

圖表中，頂部的數字顯示了我們購買的內容——氯化物 83% 購買，磷酸鹽 80% 購買，氮磷鉀 95% 購買，防禦性 70%。所以夏天的東西都買好了。現在是冬季和一年生作物的收穫期。氮化了，你看65%是買來的，因為甘蔗一年需要肥料。但我們相信這些數字將會收斂。

Well, here we show our hedge position. It's not only producing, we have to -- and buy sell, prompted also sell all these products -- this production. So, on the first graph we show the behavior of the price in harvest '23-'24, very competitive price. We closed soybean at [$12.81].

好吧，我們在這裡展示我們的對沖頭寸。它不僅是生產，我們還必須——購買銷售，促使也銷售所有這些產品——這種生產。因此，在第一張圖表中，我們顯示了 '23-'24 收穫期的價格行為，非常有競爭力的價格。我們大豆收盤價為[12.81 美元]。

So this has already been harvested. Most of it was already sold. There's only a part for the second. We're looking at the exchange rate during the whole year. If we take a picture now in the last few months, we saw a higher price in the dollar and this is the change in the graph beside it. This is the harvest '24-'25. The company has 17% already sold. We have some derivatives. And here we have more of the effect of the exchange rate. Especially in the last month, 45 days, we saw what happened to the exchange rate.

所以這已經是收穫了。大部分已經賣掉了。只有第二部分。我們正在關注全年的匯率。如果我們現在拍一張過去幾個月的照片，我們會看到美元價格上漲，這就是旁邊圖表中的變化。這是'24-'25 的收穫。該公司已售出 17%。我們有一些衍生品。這裡我們有更多的匯率影響。尤其是最後一個月45天，我們看到匯率發生了什麼變化。

On the right, cotton price of BRL82.20, per pound New York and in the US with an exchange rate of BRL5.57, a very good sale. 19% sold at BRL82, very different from what we have today in terms of prices and an exchange rate of BRL5.41 to a dollar. Also, we have receivables from the sale of farms. You know that we report almost BRL770 million in receivables. These are all linked to commodities.

右邊，棉花價格為每磅 82.20 雷亞爾，紐約和美國的匯率為 5.57 雷亞爾，非常好賣。 19% 的售價為 82 雷亞爾，與我們今天的價格和匯率（每美元兌換 5.41 雷亞爾）截然不同。此外，我們還有出售農場的應收帳款。您知道，我們報告的應收帳款接近 7.7 億雷亞爾。這些都與大宗商品掛鉤。

So here we show how we sold during 2024 at the price of Chicago [$12.27] and the exchange rate the same. Now the harvest 2025, we have 21% sold at [$12.37] and here we see what we see above a better exchange rate.

因此，我們在這裡展示了我們如何在 2024 年以芝加哥價格 [12.27 美元] 和相同的匯率進行銷售。現在是 2025 年收穫期，我們以 [12.37 美元] 的價格出售了 21%，在這裡我們看到了高於更好匯率的情況。

Now corn, a small volume. We're very optimistic because we have other factors helping the price, especially the production of ethanol. And corn from some regions and the second graph is ethanol. So we sign the harvest '24-'25, a great recovery in the last few months. We believe we will have more recovery. We have a part sold 25%, and some and -- sold here and derivatives.

現在玉米，量不大。我們非常樂觀，因為還有其他因素有助於價格上漲，尤其是乙醇的生產。一些地區的玉米，第二張圖是乙醇。因此，我們簽署了‘24-’25 收穫季，這是過去幾個月的巨大復甦。我們相信我們將會有更多的復甦。我們有一部分出售了 25%，還有一些——在這裡出售以及衍生品。

These are derivatives that we are beginning to operate, why? Because now we have production of sugar. Well, these were the highlights. And now I'll pass the floor to Gustavo, our CFO, and he will show the company's numbers.

這些都是我們開始操作的衍生性商品，為什麼？因為現在我們可以生產糖。嗯，這些都是亮點。現在我將把發言權交給我們的財務長古斯塔沃，他將展示公司的數據。

Thank you, André. Good morning to all who are with us here with earnings our conference call. We're reporting 12 months from July 1 to June 30, the whole year. And here we're showing a profit BRL226.9 million and we see that we had a net margin, a little higher than last year.

謝謝你，安德烈。早安，所有與我們一起參加電話會議的人。我們報告從 7 月 1 日到 6 月 30 日的 12 個月，即全年。這裡我們顯示了 2.269 億雷亞爾的利潤，我們看到我們的淨利潤率比去年略高。

And as André mentioned, now with the sale that we made in the state of Bahia, Chaparral Farm which brought to us BRL248 million in gains selling this farm. And we also see although adjusted operational EBITDA was well under the number it should have been, if we worked with historical averages we -- that we obtained in previous harvest, especially in soybean and sugarcane which are the engines of the EBITDA generation of the company.

正如安德烈所提到的，現在我們在巴伊亞州出售了 Chaparral 農場，出售該農場為我們帶來了 2.48 億雷亞爾的收益。我們也看到，儘管調整後的營運EBITDA 遠低於應有的數字，但如果我們按照歷史平均值計算，我們在上一收穫季獲得的數據，尤其是大豆和甘蔗，它們是公司EBITDA 一代的引擎。

But when we look at adjusted EBITDA, BRL179 million, this 25% EBITDA margin is for this -- is due to this the sale of the farm. When we look on the right, in the center, we're showing what we built, company's revenue, unit prices that we were able and unit costs.

但是，當我們查看調整後的 EBITDA（1.79 億雷亞爾）時，25% 的 EBITDA 利潤率就是因為這個——是因為農場的出售。當我們向右看時，在中間，我們會顯示我們建造的東西、公司的收入、我們能夠實現的單價和單位成本。

We can notice that we didn't have great variation in relation to the tonnage that we sold during this period. In soybean, we have a little less sales, especially because we made the decision to accumulate more of the inventory of soybean, and remembering that the premiums in the previous quarter were well below and although we had positive derivatives and an exchange rate that was close to market value, we still had difficulty to validate prices that would make these margins more attractive.

我們可以注意到，在此期間我們銷售的噸位沒有太大變化。在大豆方面，我們的銷量略有減少，特別是因為我們決定積累更多大豆庫存，並且記住上一季的溢價遠低於，儘管我們有正的衍生品和接近的匯率就市場價值而言，我們仍然難以驗證使這些利潤更具吸引力的價格。

So we saw here, corn that we also sold in the same amount during this period remembering that we have the second crop. We decrease the second crop because margins were low. We will see the performance on the next page, but in sugarcane, we had a production that was a little better. In the past, we had difficulty in San Jose firm due to the fire.

所以我們在這裡看到，我們在此期間也以相同數量出售了玉米，記住我們有第二批作物。由於利潤率低，我們減少了第二季的產量。我們將在下一頁看到性能，但在甘蔗方面，我們的產量要好一些。過去，我們在聖荷西公司因火災而遇到了困難。

We had a fire in 5,000 hectares and now we're recovering. It's potential and cotton, as Andre mentioned, is a highlight beans to we began to diversify more and we will show this learning curve to the company.

我們在 5,000 公頃的土地上發生了火災，現在正在恢復中。正如安德烈所提到的，它的潛力和棉花是我們開始更加多元化的亮點，我們將向公司展示這條學習曲線。

When we look at prices, all of them we see a drop around 20%, soybean, sugarcane, and cotton. A little more in cotton and corn. And this was a factor to avoid producing the land we had for this. The unit costs we see that there was a drop in the price of fertilizer. But it did not compensate the drop of the price that destroyed margins when we compare with historical margins.

當我們查看價格時，我們發現大豆、甘蔗和棉花都下跌了 20% 左右。棉花和玉米多一點。這是避免生產我們為此擁有的土地的一個因素。從單位成本來看，化肥價格下降。但與歷史利潤率相比，它並沒有彌補價格下降所導致的利潤率下降。

At the bottom, we have a graph of the main crops. We see soybean and cotton sugarcane too. Here, we understand that there is potential to recover. Later we will explain the expected marching for this type of crop and the sale of farms.

在底部，我們有主要農作物的圖表。我們還看到大豆和棉花甘蔗。在這裡，我們了解到有恢復的潛力。稍後我們將解釋此類作物的預期行進和農場的出售。

Last year we had -- we sold more last year especially at our Araucária Farm and Rio do Meio Farm, which was a small part and also the sale of Jatobá Farm, which generated a sale result of BRL100 million more.

去年我們銷售了更多的產品，特別是我們的 Araucária 農場和 Rio do Meio 農場，這只是一小部分，還有 Jatobá 農場的銷售，銷售額增加了 1 億雷亞爾。

But as Andre mentioned, the highlight here with the combined in a year that is very difficult in terms of margins although we have a hedge policy to get better prices still we had excellent harvests of soybean in Argentina, Brazil, and in the US too. So this put pressure on inventories and this put pressure on the price which dropped.

但正如安德烈所提到的，這裡的亮點是，就利潤率而言，這一年的綜合表現非常困難，儘管我們有避險政策以獲得更好的價格，但我們在阿根廷、巴西和美國的大豆收成也很好。因此，這對庫存造成了壓力，從而對價格下跌造成了壓力。

Sugarcane too, last year we had a full harvest for Brazil. This year, we see better prices coming, but this pressure on price really was the cause that the operational EBITDA in the company, which should have been normal was not normal.

甘蔗也是如此，去年巴西獲得了豐收。今年，我們看到更好的價格即將到來，但這種價格壓力確實是導致公司本應正常的營運 EBITDA 不正常的原因。

Now on the next page. Here this is to show these margins, historical margins in soybean, cotton, and corn, we see a drop of 30%. In the case of soybean here, 166,000 tons. Although we have results, margin was 16%. Although we had results with derivatives Andre showed values that were much higher than the price of Chicago, but we see that this led us to have a price that was much lower than the prices we had last year.

現在在下一頁。這是為了顯示這些利潤率，大豆、棉花和玉米的歷史利潤率，我們看到下降了 30%。就大豆而言，為16.6萬噸。雖然我們有結果，但利潤率為 16%。儘管安德烈的衍生性商品結果顯示其價值遠高於芝加哥的價格，但我們發現這導致我們的價格遠低於去年的價格。

So when we look at another product that is important for us, that we sell which is sugarcane, we also see how the price per ton two years ago, it was BRL200 per ton. It's being sold at BRL133 per ton. With this, we reached BRL8 million, a margin of 12%, very low contribution and if we look at historical margins, if soybean had a margin of BRL140, BRL150 for sugarcane, we estimated BRL80 million to BRL100 million and we see how this price impact had a strong pressure.

因此，當我們查看對我們來說很重要的另一種產品（即我們銷售的甘蔗）時，我們還會看到兩年前每噸的價格是每噸 200 巴西雷亞爾。售價為每噸 133 巴西雷亞爾。這樣，我們達到了800 萬雷亞爾，利潤率為12%，貢獻非常低，如果我們查看歷史利潤，如果大豆的利潤為140 雷亞爾，甘蔗為150 雷亞爾，我們估計為8000 萬雷亞爾到1 億雷亞爾，我們看看這個價格如何衝擊產生了強大的壓力。

Other crops, corn, of such a large volume that we produced and we didn't see a price recovery. We sold and this generated a negative result. Beans is a culture that we began to diversify and cotton the highlight as of the implementation of some services with irrigation. We begin to have a technical knowledge that is better and we're trying to intensify the surface with the irrigation by diversifying the crops.

其他作物，玉米，我們生產的產量如此之大，但我們沒有看到價格回升。我們出售了，這產生了負面結果。豆類是我們開始多樣化的文化，棉花是我們實施一些灌溉服務的亮點。我們開始掌握更好的技術知識，並嘗試透過作物多樣化來強化灌溉面積。

On the next slide, we will see operational EBITDA last year -- BRL190 million to BRL100 million. This year BRL31 million. We have also inventory to sell and we're taking this to the next semester. But here I'd like to highlight, as I mentioned, we understand that with margins, to what we have seen in terms of historical prices, we should have an EBITDA of BRL200 million and an operational EBITDA.

在下一張幻燈片中，我們將看到去年的營運 EBITDA——1.9 億雷亞爾到 1 億雷亞爾。今年3100萬雷亞爾。我們還有庫存要出售，我們將把它帶到下學期。但在這裡我想強調，正如我所提到的，我們知道，根據我們在歷史價格方面看到的利潤率，我們應該擁有 2 億雷亞爾的 EBITDA 和營運 EBITDA。

But as we showed, great difficulties in terms of price led the company to not reach the numbers it wanted. Next semester, we will -- we still have some inventory. We will be selling in the next semester and this EBITDA will have an effect in the next fiscal year, tax year.

但正如我們所展示的，價格方面的巨大困難導致該公司未能達到其想要的數字。下學期，我們仍然有一些庫存。我們將在下學期進行銷售，該 EBITDA 將在下一個財政年度（即納稅年度）產生影響。

Here, indebtedness, we have a highlight that we have a spectacular numbers. When we look at asset and liabilities, very well balanced, and a company that is not leveraged -- no leverage. We see here in terms of short and long term BRL680 million and the difference in relation to last year, the debentures that we issued during December last year to implement 4,500 hectares of irrigation in Bahia.

在這裡，債務，我們有一個亮點，我們有一個驚人的數字。當我們觀察資產和負債時，它非常平衡，並且一家沒有槓桿的公司——沒有槓桿。我們在這裡看到了短期和長期 6.8 億巴西雷亞爾以及與去年相比的差異，我們去年 12 月發行的債券用於在巴伊亞實施 4,500 公頃的灌溉。

When we look at the debt and the company's cash BRL209 million, BRL520 million in the net debt, reminding you that we have BRL770 million in receivables from farms that are not considered here, which shows that the company has a net -- a negative debt.

當我們查看債務和公司現金2.09億雷亞爾，淨債務5.2億雷亞爾時，提醒您，我們有7.7億雷亞爾來自農場的應收賬款，這裡沒有考慮，這表明該公司有淨債務——負債務。

So the highlight is the composition of this debt, we have 100% of the CDI index, very low interest rates, and we were able to lengthen the terms, especially to transformed land and to buy irrigation. This is a non-recurrent. But in the short term, we have debts at low interest rates, which allow us to help the company's cost and also have working capital. BRL500 million, BRL600 million, with this, we can be a little more efficient in the capital structure.

所以重點是這個債務的組成，我們有100%的CDI指數，非常低的利率，而且我們能夠延長期限，特別是改造土地和購買灌溉設施。這是非復發性的。但從短期來看，我們有低利率的債務，這使我們能夠幫助公司降低成本，同時也有營運資金。5億雷亞爾，6億雷亞爾，有了這個，我們的資本結構就可以更有效率一點。

In the next slide, to show as Andre mentioned, the company likes to pay dividends every year. We saw that the year was very challenging. But we understood that this dividend does not compromise the financial situation of the company. As we saw on the previous page, we have BRL770 million in receivables from the sale of farms and apart from this, the minimum dividend 25%, the company decided voted yesterday to distribute -- a proposal to distribute additional dividends and this dividend proposed is around BRL155 million.

在下一張幻燈片中，正如安德烈提到的那樣，該公司喜歡每年支付股息。我們看到這一年非常具有挑戰性。但我們明白，這種股利不會損害公司的財務狀況。正如我們在上一頁看到的，我們有7.7 億雷亞爾的農場銷售應收帳款，除此之外，最低股息25%，公司昨天決定投票分配——一項分配額外股息的提案，提議的股利是約1.55億雷亞爾。

Next slide. As we always say, this is the value of the company's shares. When we look at the price, that is trading close to the net assets of the company, when we consider the value of the property is the farms, the evaluation of the farms, we have a net asset value of BRL34, BRL35, and we understand that there is a great potential for the price of the shares to go up apart from the payment of dividends.

下一張投影片。正如我們常說的，這就是公司股票的價值。當我們看價格時，即接近公司淨資產的交易，當我們考慮財產的價值是農場時，對農場的評估，我們的淨資產價值為BRL34，BRL35，我們了解除了支付股息外，股價還有很大的上漲潛力。

Now, we'd like to begin the Q&A session. Thank you very much for being with us.

現在，我們要開始問答環節。非常感謝您與我們同在。

Thank you, Gustavo. Thank you, Andre. Before we go on to the questions, I'd like to invite all the participants on September 19, we will have BrasilAgro Day, a very interesting event. For the first time, we will be in one of our farms. So if you have the opportunity to participate, it will be very interesting, this day. So please, you have registered yourself, we have limited seats.

謝謝你，古斯塔沃。謝謝你，安德烈。在我們繼續提問之前，我想邀請所有與會者，9 月 19 日我們將舉辦巴西農業日，這是一個非常有趣的活動。這是我們第一次來到我們的農場。所以如果你有機會參加的話，這一天會很有趣。所以，請您自行註冊，我們的座位有限。

Now Pedro from XP. Your question.

現在佩德羅來自XP。你的問題。

Hello, Andre, Gustavo and Anna, nice to talk to you. I'd like to ask some questions. The first, on the guidance of productivity that you're projecting a growth for soybean and corn from 47 to 54 bags of soybean.

你好，安德烈、古斯塔沃和安娜，很高興與你們交談。我想問一些問題。首先，根據生產力的指導，您預計大豆和玉米產量將從 47 袋增加到 54 袋。

My question, how can we quantify this gain in productivity with normalization in the climate and the normal due to land development? Last year was very different with climate problems. This year, it seems to be a normal year. But you have the gains from land developments and also the sale of Chaparral, that had a higher productivity. So please, what can we expect from a more normal climate?

我的問題是，我們如何量化氣候正常化和土地開發正常化所帶來的生產力提升？去年的氣候議題與去年大不相同。今年，似乎是平凡的一年。但你可以從土地開發和灌木叢銷售中獲得收益，因為它們的生產力更高。那麼，我們可以從更正常的氣候中期待什麼呢？

And my second question is about the drop in costs 10% in soybean, corn too and the main categories, how much comes -- how much of the drop comes from seSeds, also fertilizers, herbicides? Thank you.

我的第二個問題是，大豆、玉米和主要類別的成本下降了 10%，其中有多少下降——有多少下降來自 seSeds、化肥、除草劑？謝謝。

Excellent question, Pedro. We could spend all afternoon bliss try to summarize this. I will begin from the end. First the drop in prices, what we're seeing. What we're seeing a drop around 15% to 16% the price of agrochemicals and this drop we're not talking about real terms. It's a reduction in dollars so we have 15%, 16% price of agrochemicals. In soybean, it represents BRL650 per hectare. So we have also a drop this year in the price of fertilizers, in the case of potassium, in the case of phosphate, no.

很好的問題，佩德羅。我們可以花整個下午的幸福來總結這一點。我將從最後開始。首先是我們所看到的價格下降。我們看到農業化學品的價格下降了 15% 至 16% 左右，而且我們談論的不是實際價格的下降。由於美元減少，所以農業化學品的價格下降了 15%、16%。對於大豆，它代表每公頃 650 巴西雷亞爾。因此，今年化肥的價格也有所下降，就鉀而言，就磷酸鹽而言，沒有。

So we didn't have a great drop in the price of phosphates and the price of seeds, we began to see a small drop in seeds, many new biotechnologies, and we saw here a drop around 8% to 10% in the price of seeds in general. So chloride, it drops to $400; phosphate, $700; agrochemicals, 15% to 16%; and seeds, 10%. I'm always talking about the first harvest. The corn seeds we don't -- we have an bought yet in the second -- for the second crop, and we will wait more.

因此，磷酸鹽的價格和種子的價格並沒有大幅下降，我們開始看到種子、許多新的生物技術的小幅下降，我們看到磷酸鹽的價格下降了 8% 到 10% 左右。所以氯化物，它降到 400 美元；磷酸鹽，700 美元；農業化學品，15%至16%；和種子，10%。我總是在談論第一次收穫。我們沒有的玉米種子——我們已經在第二季購買了——用於第二季作物，我們將等待更多。

The first question is complex. I will have to give you some names and units to help you. What is climate and what is maturity? That was your question. Paraguay, I would say to you that is maturity. It's basically climate. We believe that not that we're going to have a full year. We always use a methodology in units to foresee production based on the land average of the last five years. This year was very bad, and this year average productivity, that's the picture of the climate.

第一個問題很複雜。我必須給你一些名字和單位來幫助你。什麼是氣候，什麼是成熟度？那是你的問題。巴拉圭，我想對你說，這就是成熟。基本上是氣候。我們相信我們不會度過一整年。我們總是使用單位方法來根據過去五年的土地平均值來預測產量。今年非常糟糕，今年的平均生產力，這就是氣候的圖像。

Since we're seeing -- we have expectations of a weak La Nina and almost going to a neutral year in general. That's the picture. So theoretically a neutral year with La Nina -- especially in a neutral year the climate should become more normal. In Brazil you know very well, we have a great concentration in the northeast. In years of La Nina it's worse. So we're estimating that with this week La Nina and a neutral year, we should have a productivity within historical levels.

因為我們看到──我們預期拉尼娜現象會很弱，整體上幾乎會進入中性年份。就是這張照片。因此，從理論上講，拉尼娜現像是中性年——尤其是在中性年，氣候應該變得更加正常。在巴西，你很清楚，我們的業務主要集中在東北部。在拉尼娜現象發生的年份，情況更糟。因此，我們估計，由於本週的拉尼娜現象和中性年份，我​​們的生產力應該處於歷史水平。

Well, Paraguay, now let's talk about maturity. What happened in the last two years in the company? We included the Panamby Farm, Regalito Farm, São Domingos Farm, operations that came from pasture and were converted to grains. These conversion areas, when you do the conversion you have -- you have a lot of work to do. And then many times you -- it takes long. So we will -- well, we will have direct planting. We estimate that we will go back to a second year. We're 45, 48 bags in this like a normal second year.

巴拉圭，現在我們來談談成熟度。這兩年公司發生了什麼事？我們包括Panamby 農場、Regalito 農場、São Domingos 農場，這些農場都是從牧場轉變為穀物的。這些轉換領域，當你進行轉換時——你有很多工作要做。很多時候你——這需要很長時間。所以我們將——嗯，我們將直接種植。我們估計我們會回到第二年。我們今年有 45、48 個袋子，就像正常的第二年一樣。

So in the in the case of maturity, we have been developing what we had to develop. But the percentage is still low. Now, because we had a lot of progress in Bahia, we have some in Arrojadinho and some areas in Chaparral. So we should have a piece of this that is maturity, based on maturity. I'm going to give you an idea. I would say to you that the performance stabilizing because Paraguay has a great effect.

所以在成熟的情況下，我們一直在開發我們必須開發的東西。但比例仍然很低。現在，因為我們在巴伊亞取得了很多進展，所以我們在阿羅亞迪尼奧和查帕拉爾的一些地區也取得了一些進展。所以我們應該有一個成熟的部分，基於成熟。我給你一個主意。我想說的是，表現穩定是因為巴拉圭的影響很大。

This increments from I would say to you that 40%, 45% will be Paraguay in a normal situation, the others 35%, 40%. These operations in Mato Grosso will become more mature, and I would say around 10 to 15 is the maturity, organic maturity of the company's areas. Chaparral, Arrojadinho, Serra Grande, and the operations in PRV.

我想告訴你的是，在正常情況下，巴拉圭將佔 40%、45%，其他國家則為 35%、40%。馬托格羅索州的這些業務將變得更加成熟，我想說大約 10 到 15 是公司領域的成熟度、有機成熟度。Chaparral、Arrojadinho、Serra Grande 以及 PRV 的業務。

So a numerical analysis would be this, 40%, 45% climate, 40% 45% maturity of the areas in Mato Grosso and 10% to 15% maturity of the portfolio as a whole.

因此，數值分析將是這樣的：馬托格羅索州地區的 40%、45% 氣候、40% 45% 成熟度以及整個投資組合的 10% 到 15% 成熟度。

Well, we have some questions from investors in writing. Antonio Lopez, one of the analysts, they mentioned in their report that we had no impact due to the fires.

嗯，我們收到了投資者的一些書面問題。分析師之一安東尼奧洛佩茲（Antonio Lopez）在報告中提到，火災沒有對我們造成影響。

You're correct Antonio. So what actions do we have to decrease fires? Antonio, it's very sad what we had in the last few months in the State of Sao Paulo. Those who went there saw this, it's not only in sugarcane that was burned, a lot of parks, reserves, and forests were burned down too. So if you go to Ribeirao Preto, by car, you will see the effect of these fires. This year, apart from having an operation in Sao Paulo, although we didn't have big fires in Sao Paulo in the case of Maranhão too, some very small areas.

你是對的，安東尼奧。那麼我們應該採取哪些措施來減少火災呢？安東尼奧，過去幾個月我們在聖保羅州發生的事情令人非常難過。去過那裡的人都看到了這一點，不僅甘蔗被燒毀，許多公園、保護區和森林也被燒毀。因此，如果您開車前往 Ribeirao Preto，您會看到這些火災的影響。今年，除了在聖保羅開展業務外，雖然我們在聖保羅沒有發生大火，但就馬拉尼奧而言，只是一些很小的地區。

This morning I was in a call talking to the people who produce sugarcane. We're seeing it Septembe, next September with high temperatures and most not Sao Paulo, but in general the fires sometimes happen due to external fire and internal fire. So let's talk about internal fires. Internal fires, for example a machine with a leak, you have for hydraulic oil working at a temperature of 190 degrees.

今天早上，我正在與生產甘蔗的人通話。我們將在九月、明年九月看到高溫，而且大多數不是聖保羅，但總的來說，火災有時是由於外部火災和內部火災而發生的。那我們來談談內部火災。內部火災，例如機器洩漏，液壓油在 190 度的溫度下工作。

So if a hole has a problem it starts a fire? So what have we done? We have worked hard with all the machines in terms of kits for fire, like an airbag. An airbag with extinguishers. It activates an airbag and sets off a extinguisher on the whole machine. We're being very careful when machines have to stop. We remove excess straw.

那麼如果一個洞有問題就會引發火災嗎？那我們做了什麼？我們在消防套件（例如安全氣囊）方面對所有機器進行了努力。附滅火器的安全氣囊。它會啟動安全氣囊並啟動整個機器上的滅火器。當機器必須停止時我們會非常小心。我們去除多餘的稻草。

Another thing we have done in the case of internal fire, the number of fire trucks, together with the harvesters. For example, in Sao Jose we have 12 water trucks an operation of 15, 16 hectares there's one water truck for each a thousand hectares. So there's an important cost there to extinguish fires. But we're alert to this based on what we already saw as long as it's not a criminal fire.

我們在內部火災中所做的另一件事是增加消防車和收割機的數量。例如，在聖荷西，我們有 12 輛灑水車，營運面積為 15,16 公頃，每 1,000 公頃就有一輛灑水車。因此，撲滅火災需要付出巨大的代價。但只要這不是犯罪火災，我們就會根據我們已經看到的情況對此保持警惕。

There's another origin of fire, which is from outside the fire that begins in another area comes to your area. So we have a team to mon by satellite, by radar. So what have we done? We have a team of remote sensing. They monitor. They go to the manager and say look there's a beginning of a fire 6 kilometers from your unit. Send someone to inspect to see the winds.

還有另一種火源，即從另一個區域開始的火從外部蔓延到您所在的區域。所以我們有一個團隊透過衛星、雷達進行監測。那我們做了什麼？我們有一支遙感團隊。他們監視。他們去找經理說，看看距離你的單位 6 公里處發生了火災。派人去察看風向。

So we have an active search to find these fires before they arrived in our units. So we look at this and we monitor this. So it depends on how fast you act. Many times we're doing this constantly another that we do especially in the State of Maranhão, our units is in a region where we have a policy to increase awareness and so we're helping the communities to increase awareness for fires.

因此，在這些火災到達我們的單位之前，我們會積極搜尋並找到它們。所以我們會關注並監控這一點。所以這取決於你行動的速度。很多時候，我們不斷地這樣做，特別是在馬拉尼奧州，我們的單位所在的地區有提高意識的政策，因此我們正在幫助社區提高對火災的認識。

Some companies will be hurt bad, reached 60,000 hectares of sugarcane. There's a very great concern with September, but we're trying our best to avoid these fires. Thank you, Antonio.

有的企業會受到重創，甘蔗面積達到6萬公頃。九月份的情況非常令人擔憂，但我們正在盡力避免這些火災。謝謝你，安東尼奧。

Pedro has another question.

佩德羅還有另一個問題。

Thank you. Andre, I always like to talk about this to you -- with you. Today the company's hedge for soybean and corn, is there space to increase this? Do you see any trigger in the medium and long-term to increase the hedge -- so in order to capture better price? What do you see in the near and medium term?

謝謝。安德烈，我總是喜歡和你談論這個——和你一起。今天公司對沖大豆和玉米，這個還有空間嗎？您是否認為中長期有任何觸發因素增加對沖——以便獲得更好的價格？您對近期和中期有何看法？

Also, there's a question from Carlos Antonio. Please compare our hedge position with the same date last year, which is below. Are you betting on the recovery? Andre will explain.

另外，卡洛斯·安東尼奧提出了一個問題。請將我們的對沖頭寸與去年同一日期進行比較，如下所示。你押注復甦嗎？安德烈會解釋。

Well, that's the million dollar question. The crystal bowl, but when we look at this, what do we see, yes, the main basis is offer and demand. We have a lot of -- we have very little -- we have less demand. I'm talking about soybean. So the US production, 125 million tons in the US, Brazil with good perspectives, but what are we doing?

嗯，這是一個價值百萬美元的問題。水晶碗，但是當我們看著這個時，我們看到了什麼，是的，主要依據是供應和需求。我們有很多——我們有很少——我們的需求更少。我說的是大豆。所以美國的產量，美國1.25億噸，巴西前景良好，但我們在做什麼？

We saw here a drop in Chicago prices. We believed in a drop in basis and we saw an important recovery in Brazil of the basis. You all know that soybean has three components: dollar, exchange rate, premium and Chicago. We saw an important recovery in premium in the last few months both for spots, Chicago 10, but we're selling physical soybean with a premium above 100 points. This means we were right.

我們在這裡看到芝加哥價格下跌。我們相信基差會下降，但我們看到巴西基差出現重要復甦。大家都知道大豆有三個組成部分：美元、匯率、溢價和芝加哥。過去幾個月，我們看到芝加哥 10 號現貨溢價大幅回升，但我們以高於 100 點的溢價出售現貨大豆。這意味著我們是對的。

We couldn't do this in the past. We believe that. Chicago would drop and Chicago and Brazilian premium to be an important player. The one affects the other. Chicago drops since we're an important player Chicago goes up and premium should drop. Since we bet -- no one bets on a on a $10 otherwise we would have sold more when it was worth $12. No one thought it would go so low.

過去我們做不到這一點。我們相信這一點。芝加哥將會下降，芝加哥和巴西溢價將成為重要的參與者。一者影響另一者。芝加哥下跌，因為我們是重要的參與者 芝加哥上漲，保費應該會下降。因為我們打賭，沒有人會押注 10 美元，否則當它價值 12 美元時我們會賣出更多。誰也沒想到它會跌得這麼低。

So in the next harvest, answering Carlos's question, we have 17%, 18%. We'd like to highlight that most of this is done with derivatives and these contracts accumulate until May. So the sold -- the part that is sold will be greater In these contracts around 11.75. So they will continue accumulating these are derivatives that accumulate on a daily basis. And we're seeing an important recovery in premium. We had a negative premium for the next harvest and we can see positive premiums already, what makes sense.

所以在下次收穫中，回答卡洛斯的問題，我們有17%、18%。我們想強調的是，其中大部分是透過衍生性商品完成的，這些合約會累積到五月。因此，在這些合約中，賣出的部分將更大，約為 11.75。因此，他們將繼續累積這些每天累積的衍生性商品。我們看到保費出現重要復甦。我們對下一次收穫的溢價為負，我們已經可以看到正溢價，這是有道理的。

Today the feeling we have and what we're seeing is that, it may make sense, to really sell everything especially with this exchange rate, higher exchange rate in Brazil. So we're looking at this, if you ask me the picture that we have today, soybean, a little lower than last year, but not that lower. We worked last year with 123, and today this soybean is around BRL115, BRL117 in today's picture. We're alert. We believe many things will happen still as we say.

今天我們的感覺和所看到的是，真正出售所有東西可能是有道理的，特別是在巴西的匯率較高的情況下。所以我們正在研究這個，如果你問我今天的情況，大豆，比去年略低，但不是那麼低。去年我們與123合作，今天這個大豆大約是115雷亞爾，今天圖片中是117雷亞爾。我們很警惕。我們相信，很多事情仍會如我們所說的那樣發生。

There's the whole harvest in South America, also climate problems, and the fundamental thing, we're also looking at geopolitical issues around the world, elections in the US, many factors on the table. The company will do its best. We're going to try to capture volatility. So we're going to try to have an better average price. So in our Brazilian harvest -- we are in September, we have the beginning of the harvest to close.

有南美的全部收成，還有氣候問題，最根本的是，我們還在關注世界各地的地緣政治問題、美國的選舉以及許多因素。公司將竭盡全力。我們將嘗試捕捉波動性。因此，我們將努力獲得更好的平均價格。因此，在巴西的收穫季節——現在是九月，收穫工作即將結束。

And answer better Pedro's first question on corn. Corn, we have a much lower harvest last year was 130 million tons. Today it's 115 million tons and we see an important demand and recovery of ethanol prices.

並更好地回答佩德羅關於玉米的第一個問題。玉米，去年我們的收成要低得多，為 1.3 億噸。今天是 1.15 億噸，我們看到了重要的需求和乙醇價格的復甦。

Another factor that is not less important, the devaluation of the Brazilian currency helps connectivity, it helps also the exports of Brazilian meats. I'm trying to give an idea to see how we're working and monitoring things. Thank you.

另一個同樣重要的因素是巴西貨幣貶值有助於互聯互通，也有助於巴西肉類的出口。我試著提供一個想法來了解我們如何運作和監控事物。謝謝。

Very clear, Andre. Thank you.

非常清楚，安德烈。謝謝。

We have a last question from an investor Pedro Lopez, concerning our real estate strategy. He congratulates the sale of Chaparral Farm and the challenging year and operations. He wants to know perspectives for purchase of farms. So how is the funnel of -- is there space to buy more farms?

投資者佩德羅·洛佩茲提出了最後一個問題，涉及我們的房地產策略。他對 Chaparral 農場的出售以及充滿挑戰的一年和運營表示祝賀。他想了解購買農場的前景。那麼漏斗怎麼樣－是否有空間購買更多農場？

Pedro, thank you. This alone very good question Yes, you're right. I always say to you that we're the company that is that when everyone is buying, we're selling. When everyone is selling, we buy. What you said is correct. The resilience of the price of land -- a year -- bad year, two bad years are going to affect the price.

佩德羅，謝謝你。這是一個很好的問題是的，你是對的。我總是對你說，我們是一家這樣的公司，當每個人都在買的時候，我們就在賣。當大家都在賣的時候，我們就買。你說的是正確的。土地價格的彈性－一年、糟糕的一年、兩年糟糕的年份都會影響價格。

For example, if the bag of soybean went from BRL170 to BRL120, you have drop in the price of bags, but many people still selling land in -- with currency, selling in reals and not in bags of soybean. I like to show this we had more in I'd say sometimes we are selling more sometimes we're buying more. So now we're looking at a lot of opportunities. But we still believe that the price has to drop a little more.

例如，如果一袋大豆從 170 雷亞爾漲到 120 雷亞爾，那麼袋裝價格就會下降，但許多人仍然用貨幣出售土地，以雷亞爾而非袋裝大豆出售。我想表明我們有更多的東西，我想說有時我們賣得更多，有時我們買得更多。所以現在我們正在尋找很多機會。但我們仍然認為價格還得再下降一點。

I would like to say, we will continue delivering margins and returns that are similar, and there's another reason like I explained. In the past, we bought land very cheaply. We had important gains. But you needed environmental license. We had -- there was a learning curve and large areas. So this is changing right now.

我想說，我們將繼續提供類似的利潤和回報，還有另一個原因，就像我解釋的那樣。過去，我們買地的價格非常便宜。我們取得了重要的成果。但你需要環境許可證。我們有一個學習曲線和一個很大的領域。所以現在這種情況正在改變。

So now, most of the time, we're buying pasture land that you can convert much more rapidly. You don't need licensing like the other cases. An area like this reaches maturity much faster than in Savannah. So it reaches maturity. So I would say we're alert to offers. There are some opportunities. When there are opportunities, I'm sure that all investors will help us to buy more land.

所以現在，大多數時候，我們買的是可以更快轉換的牧場。您不需要像其他情況一樣需要許可證。像這樣的地區比薩凡納成熟得更快。所以它達到了成熟。所以我想說我們對報價保持警惕。有一些機會。當有機會時，我相信所有投資者都會幫助我們購買更多土地。

But I still think that we need to wait a little for a drop in price. Another point, so like I said, transformation of pasture into arable land and the -- we had cases where in the past that we waited for studies, environmental studies of five years. So today, we don't need these complex environmental studies. So things are faster today and another point, size of the portfolio is smaller.

但我仍然認為我們需要等待一段時間才能看到價格下跌。另一點，就像我說的，將牧場轉變為耕地，以及──過去我們有等待研究、環境研究五年的情況。所以今天，我們不需要這些複雜的環境研究。所以今天的事情變得更快了，另一點是，投資組合的規模更小了。

These are farms that you can convert in a faster way. Farmers -- farms that we bought last year we have already converted to arable land like Chaparral. Thank you for your -- the congratulations, Chaparral, we've been developing for 15 years this.

您可以以更快的方式轉換這些農場。農民——我們去年購買的農場已經變成了像 Chaparral 這樣的耕地。感謝您的祝賀，Chaparral，我們已經開發了 15 年了。

So I would say that the company will continue looking for opportunities and looking for profitability through stressed assets or because we will convert more pasture land or the absence of environmental licenses. We will work to deliver profitability to you.

所以我想說，公司將繼續尋找機會，透過壓力資產尋找獲利能力，或者因為我們將轉換更多牧場或沒有環境許可證。我們將努力為您帶來盈利。

Thank you, Andre. Thank you.

謝謝你，安德烈。謝謝。

If you need any other clarification, please get in touch with Investor Relations. We have another challenging year ahead of us, less because of climate, but with more challenging in terms of the market. But we're prepared for this year. Thank you, and we will meet again.

如果您需要任何其他說明，請聯絡投資者關係部。我們將迎來另一個充滿挑戰的一年，雖然氣候因素較少，但市場挑戰更大。但我們已經為今年做好準備了。謝謝你，我們還會再見面的。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。