BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) 2025 Q1 法說會逐字稿

Good morning, everyone. We are gathered here together for an earnings call for BrasilAgro. And today, we're going to be presenting the earnings for the first quarter of the harvest year that just began in '24 and '25. If you're keeping up with us in English, just select the English option here. Also, the presentation is available on the website. Enjoy the call and thank you for your presence.

大家早安。我們聚集在這裡參加 BrasilAgro 的財報電話會議。今天，我們將介紹 24 年和 25 年剛開始的豐收年第一季的收益。如果您用英語跟上我們的步伐，只需在此處選擇英語選項即可。此外，該簡報也可在網站上取得。祝您通話愉快，感謝您的光臨。

Good morning once again. Thank you for your participation. It's always a pleasure. I think both calls are really important. And we have the one that we start off with and the one that we wrap up the earnings in the year, right?

再次早安。感謝您的參與。這總是一種樂趣。我認為這兩通電話都非常重要。我們有開始時的收入和結束當年收益的收入，對吧？

And so, in this first call, we have many important bits of news with numbers showing a bit of the alignment the company has been designing for '24, '25, which no doubt, we hope will have a bit less climate challenges and a bit more of the commercial challenges when it comes to commodities. And so, no doubt at all, the company will have to demonstrate resilience as they share these results. And so, how we see this and also a net income in the first three months of BRL97.5 million.

因此，在第一次電話會議中，我們收到了許多重要的新聞，其中的數字顯示了該公司為「24」、「25」設計的一些一致性，毫無疑問，我們希望氣候挑戰會減少一些，並且在商品方面，更多的是商業挑戰。因此，毫無疑問，公司在分享這些結果時必須表現出韌性。那麼，我們如何看待這一點以及前三個月的淨收入 9,750 萬雷亞爾。

Then in sequence, we're going to get into a bit more of this, the net income and adjusted EBITDA that come from operational revenues that you'll see up ahead and part of them come from accountability of the Phase 2 of the Alto Taquari Farm.

然後，我們將依次討論更多內容，即淨利潤和調整後的 EBITDA，它們來自營運收入，您將在前面看到這些收入，其中一部分來自 Alto Taquari 第二階段的責任農場。

And so, this is an important point to highlight because if you haven't been accompanying our earnings releases for quite a while, about two years ago, we started important sales of this business unit, and this business unit was occupied with sugarcane at the time. So initially, we delivered the areas that were already kind of reaching their full exhaustion and the newer sugarcane plantations, we also now are transferring the ownership.

因此，這是需要強調的重要一點，因為如果您已經有一段時間沒有關注我們的收益發布了，大約兩年前，我們開始了該業務部門的重要銷售，而該業務部門在時間。因此，最初，我們交付了已經完全枯竭的地區和較新的甘蔗種植園，我們現在也正在轉移所有權。

And that's where we actually understand that we're also transferring all of the risks and the owners and bonus of the assets. And that's when we account this in our balance sheet and releases and earnings in the company. So, we're going to show you what the sales were like here. From an operational aspect, just to wrap up here in this quarter, 1.6 million tonnes harvested. We already started the soy plantations and everything involving the grains market happened at the beginning. And it was a little more delayed or turbulent.

這就是我們真正理解的地方，我們也在轉移所有風險以及資產的所有者和紅利。那時我們會將其計入資產負債表以及公司的發布和收益中。因此，我們將向您展示這裡的銷售情況。從營運方面來看，本季收穫了 160 萬噸。我們已經開始了大豆種植園，涉及穀物市場的一切都是一開始就發生的。而且它有點延遲或動盪。

But ever since then, things got a lot more normalized. Mato Grosso should also be reaching -- So, it's a year many challenges, but I think you guys have also been watching our business closely. And once again, the company has brought in resilience with agricultural results and real estate results. And this also reinforces our dedication to deliver results in both pillars. I want to remind you that these sales were BRL 525 million for 1,100 per hectare. And the total area sold was 2,694 hectares.

但從那時起，事情變得更加正常化。馬托格羅索州也應該達到——所以，今年是充滿挑戰的一年，但我認為你們也一直在密切關注我們的業務。該公司再次透過農業成果和房地產成果帶來了韌性。這也加強了我們在這兩個支柱上取得成果的決心。我想提醒您的是，每公頃 1,100 雷亞爾的銷售額為 5.25 億雷亞爾。總銷售面積為2,694公頃。

And this is a combined Tier, and it's 18.6%. So, initially, we delivered 1,537 hectares to the buyer, and we accounted for this. And then secondly, that exact surface we're discussing that kind of led the sugarcane plantation to its full exhaustion. And that's where we can see the company's resilience and also in regards to the operational aspects as well.

這是一個綜合層級，為 18.6%。因此，最初，我們向買方交付了 1,537 公頃土地，我們對此進行了核算。其次，我們正在討論的正是這種表面導致甘蔗種植園完全枯竭。從這裡我們可以看到公司的韌性以及營運方面的能力。

Next, please. Well, as I mentioned, it's a year of challenges, commercial challenges, no doubt. And, as always, we have some price reversals and this initial stability of the rain period in Mato Grosso made us have some kind of a generalized delay in the beginning of the soy plantations region. And in this region, we have a bit of a limitation. And that's where we've already seen the market react significantly to the corn prices.

接下來請。嗯，正如我所提到的，毫無疑問，這是充滿挑戰的一年，尤其是商業挑戰。而且，像往常一樣，我們出現了一些價格逆轉，而馬托格羅索州雨期的最初穩定使我們在大豆種植園地區的開始時出現了某種普遍的延遲。在這個地區，我們有一些限制。這就是我們已經看到市場對玉米價格做出重大反應的地方。

The soy prices, as we've always mentioned, kind of going sideways, and the cotton prices also were a little bit lower. But the main surprise to all of us is, I've been in the business for over 30 years, I've never seen something go up so much in 60 days, the price of cattle and also, of course, reflects this, although it is not that significant in our total EBITDA, but it does bring positive contribution.

正如我們一直提到的，大豆價格呈現橫盤整理，棉花價格也略有下降。但令我們所有人最驚訝的是，我從事這個行業已有 30 多年了，我從未見過任何東西在 60 天內上漲如此之多，牛的價格當然也反映了這一點，儘管它對我們的EBITDA 總額來說並不那麼重要，但確實帶來了積極的貢獻。

So, ethanol, we've seen significant recovery, and also everything that's been done when it comes to biofuels then we'll see more stability at about 700, and sugar, everyone knows the market very well, but sugar at these levels of about 22.7 are compensating about 25% more than the ethanol production. So basically, these are the main commodity events and prices we've been accompanying. And after, we'll show you how the company is positioning itself in this price rally.

因此，乙醇，我們已經看到了顯著的復甦，以及在生物燃料方面所做的一切，我們將看到在700 左右更加穩定，而糖，每個人都非常了解市場，但糖在大約700 的水平上22.7 比乙醇產量多補償約 25%。基本上，這些是我們一直關注的主要商品事件和價格。之後，我們將向您展示該公司如何在這次價格上漲中定位自己。

Next, well, then the planted surface, we should finish this harvest with about 180,000 hectares, if we were to round that number up. And I think what's really important to highlight above all is that the company is still very relevant for soy and sugarcane, but this has been a shift in our business when we consider the projects we're developing in the company and also distributing this breakdown of these harvests.

接下來，嗯，然後是種植面積，如果我們將這個數字四捨五入的話，我們應該完成大約 180,000 公頃的收穫。我認為最重要的是要強調的是，該公司仍然與大豆和甘蔗非常相關，但當我們考慮我們在公司開發的項目並分配此細分時，這已經是我們業務的轉變。

So there's a commercialization curve as well, and it demonstrates a bit of the company's trend to search for specificity for other products that will no doubt bring in more added value to our areas. Then on the photo to the side, we can see how things are doing right now with the hydro capacity and Mato Grosso started off a little bit late.

因此，還有一條商業化曲線，它顯示了公司尋找其他產品的特殊性的趨勢，這些產品無疑將為我們的領域帶來更多附加價值。然後在側面的照片中，我們可以看到水力發電能力目前的情況，馬托格羅索州的起步有點晚。

But in exchange, we also experienced things that we hadn't been doing for quite a while. We started planting in the Mapitoba regions earlier than normally. And we already started to plant in Bahia, Maranhao and also Piau within the actual month of October. Usually, these regions start plantations around November 5.

但作為交換，我們也經歷了許久沒有做過的事。我們在馬皮托巴地區開始播種的時間比平常早。我們已經在 10 月開始在巴伊亞、馬拉尼昂和皮奧種植。通常，這些地區在 11 月 5 日左右開始種植。

Next, please. Well, just to reinforce the calendar a bit on how we're doing and it's important to standardize this so that everyone can get a feel about the agricultural companies and what they do and what's considered a cost or biological asset, what's revenue. And they chart on the side kind of shows the status of the company is over 40% of its area planted, and we started the plantation of beans throughout the beginning of December and cotton as well.

接下來請。好吧，只是為了稍微強化一下日曆，讓我們了解我們的做法，標準化這一點很重要，這樣每個人都可以了解農業公司及其所做的事情，以及什麼被認為是成本或生物資產，什麼是收入。側面的圖表顯示該公司的種植面積超過 40%，我們從 12 月初開始種植豆類，也開始種植棉花。

So, we always see that we have the cotton harvest, which is the main harvest, and then we have the second harvest where you have more towards the beginning of January, the cotton in the second harvest, the Safrinha, they call it in Brazil. So, in cattle raising and the animal protein, we can see the resilience of this activity. It's a quarter where although it's the first quarter that's based, it's basically condensing the drought periods of the year.

所以，我們總是看到我們有棉花收穫，這是主要的收穫，然後我們有第二次收穫，在一月初有更多的棉花，第二次收穫的棉花，他們在巴西稱之為Safrinha 。因此，在養牛和動物性蛋白質方面，我們可以看到這種活動的彈性。這個季度雖然是以第一季為基礎，但基本上是一年中乾旱期的濃縮。

So, when we look at the graph from backwards forward, what matters really is the GMD and that's the daily average gains the 510 grams, and we have 0.24 in the first three months. But it's worth mentioning that the first three months are the drought periods, the months where you have basically the maintenance of the kilos and you're working to not lose kilos in the drought periods. And then, of course, the hydro availability starts now in November. This year, we anticipated this a little bit in Paraguay, but also in Brazil. As we've seen in the Bahia region, I just mentioned, we started planting already.

因此，當我們從後向前看圖表時，真正重要的是 GMD，即日均增重 510 克，前三個月增重 0.24 克。但值得一提的是，前三個月是乾旱期，這幾個月你的體重基本上是維持的，你必須努力在乾旱期不減公斤。當然，水力發電將於 11 月開始供應。今年，我們在巴拉圭和巴西都對此有所預期。正如我剛才提到的，正如我們在巴伊亞地區所看到的那樣，我們已經開始種植。

This was great to start off the plantation and also to have the new sprouts of our pasture area. So, this is a photograph of the quarter, but, of course, we have very positive expectations to reach the 510 grams of GMD. Next, here, we're going to talk about sugarcane and how we're doing today. This is the photograph. This is a photo where we've considered up until the month of October.

這對於種植園的開始以及我們牧場地區的新芽的出現來說都是很棒的。所以，這是本季度的照片，但是，當然，我們對達到 510 克 GMD 抱有非常積極的期望。接下來，在這裡，我們將討論甘蔗以及我們今天的情況。這是照片。這是一張我們在十月之前一直在考慮的照片。

We already had about 78%, 79% of the harvested area. And so, what we've been seeing is, despite a very rigorous winter, the average productivity in the company are slightly like one ton above what was budgeted. And for this period, we had an average TCH of about 84 tons, and now we have 85.

我們已經收穫了大約 78%、79% 的收穫面積。因此，我們看到的是，儘管冬天非常嚴酷，但公司的平均生產力仍比預算高出一噸左右。在此期間，我們的平均 TCH 約為 84 噸，現在為 85 噸。

And it's worth highlighting here with an important piece of information that despite the winter being very rigorous and some units having some irrigation issues, we have an ETR accumulation curve that's greater historically than the last few years, and we're going to see this in the results up ahead when Gustavo is presenting. So, the productivity of the sugarcane is within what's expected with some slight variations, 1%, 1.5% above.

這裡值得強調的一條重要訊息是，儘管冬季非常嚴酷，並且一些單位存在一些灌溉問題，但我們的 ETR 累積曲線在歷史上比過去幾年更大，我們將在當古斯塔沃演講時，結果就在眼前。因此，甘蔗的生產率在預期範圍內，略有變化，1%、1.5% 以上。

But we've had a content of sugar and the level of sugar sclerosis, let's say, that's higher than what we expected. So, that also contributes a lot to strengthening the company's performance in the first quarter, which Gustavo is going to show you up ahead.

但我們的糖含量和糖硬化水平，可以說，比我們預期的要高。因此，這也對加強公司第一季的業績做出了很大貢獻，古斯塔沃將向您展示這一點。

Next, please. I think here, just to show you a bit of our chat session here with the commercial challenges and we are also bringing in a bit of expectation with what we've been doing so far, what we've been handling so far, and it's worth mentioning always that it's not only the absolute price we're looking at. We have the contribution margin here.

接下來請。我想在這裡，只是向您展示我們與商業挑戰的一些對話，我們也對我們迄今為止所做的事情、我們迄今為止所處理的事情帶來了一些期望，值得一提的是，我們關注的不僅僅是絕對價格。我們這裡有邊際貢獻。

So, at certain moments when we are going to sell product or commodity, we're also looking at the cost composition. This is a photograph of the company within these first months, and we have practically 40% of the soy sold at a price of $11.46 and we take a look at the current scenario, it's considered a good price. Currency has been a huge challenge. You've seen this, and we're taking advantage with the currency volatility a bit more, and we've been using this within our policy with a match of 20%. So, we're a little more advanced the average sugarcane price like 5.54.

因此，在我們要銷售產品或商品的某些時刻，我們也會考慮成本組成。這是公司前幾個月的照片，我們幾乎 40% 的大豆以 11.46 美元的價格出售，我們看看當前的情況，這被認為是一個不錯的價格。貨幣一直是個巨大的挑戰。您已經看到了這一點，我們正在更多地利用貨幣波動，並且我們一直在我們的政策中使用這一點，匹配率為 20%。因此，我們將甘蔗平均價格提早一點，例如 5.54。

It's worth mentioning that we're selling soy and currency for about 6 or 7 months. When you look at the spot photograph now, it's one thing, but this is what we've been doing throughout this process as we prepared for this campaign. Then on the graph on the top, we have cotton. And then for cotton, we have two photographs of the cotton. The current harvest where cotton was already harvested it's being processed, it's going to be commercialized.

值得一提的是，我們出售大豆和貨幣的時間大約是六到七個月。當你現在看現場照片時，這是一回事，但這就是我們在準備這次活動的整個過程中一直在做的事情。然後在頂部的圖表中，我們有棉花。對於棉花，我們有兩張棉花的照片。目前收穫的棉花已經收穫，正在加工，即將商業化。

And then you have the harvest that is coming up ahead. In the current harvest, this cotton is was practically already 100% set. When we look at the 557 now, it's worth mentioning that we took on this position back there in the past. So, I think it was a great currency, and we had a price about 90% that was closed at almost $0.83 per pound. So, we're going to talk about '24 and '25.

然後你就會有即將到來的收穫。在本次收穫中，這種棉花幾乎已經 100% 凝固。當我們現在審視 557 時，值得一提的是我們過去曾擔任過這個職位。所以，我認為這是一種很棒的貨幣，我們的價格約為 90%，收盤價為每磅 0.83 美元。那麼，我們將討論「24」和「25」。

We have 34% sold already. It's a good price range. When we look at spot, we're talking about 69. We have 79, almost $0.10 considering the '24, '25 harvest and also taking advantage of this reflex in the currency for both commodities, cotton and soy. Then for corn, we know that there's a big challenge for operationalization due to liquidity in the contracts, and it's different than like soy and cotton.

我們已經售出了 34%。這是一個不錯的價格範圍。當我們查看 Spot 時，我們談論的是 69。考慮到 24 年和 25 年的收成，我們有 79 個，接近 0.10 美元，並且還利用了大宗商品、棉花和大豆的貨幣反射。然後對於玉米，我們知道由於合約的流動性，操作化面臨很大的挑戰，這與大豆和棉花不同。

We have a huge offering of contracts and in corn, we operate mainly by BMF. And then we have 16% of corn commercialized. But this seemed to be assertive because, where we saw this important recovery and the company is going to try to capture this. So ethanol is at about 2,700 at the moment, and our hedge of 31% was BRL2,600. So, it's also worth mentioning that this harvest came in with ethanol at BRL2,300.

我們擁有大量的合約和玉米，我們主要透過 BMF 運作。然後我們有 16% 的玉米商業化。但這似乎是自信的，因為我們看到了這重要的復甦，而公司將努力抓住這一點。因此目前乙醇價格約為 2,700 雷亞爾，我們的 31% 對沖為 2,600 雷亞爾。因此，也值得一提的是，這次收穫的乙醇價格為 2,300 雷亞爾。

So, this is the average price we have, and it's way higher than what it was at the beginning of the harvest and maybe a little bit lower than the spot price now. So, this is really important. We have a total receivable of BRL900 million. We have over 9,070,000 of soy to receive. So, that comes into our P&L.

所以，這是我們的平均價格，它比收穫之初的價格高很多，可能比現在的現貨價格低一點。所以，這非常重要。我們的應收帳款總額為 9 億雷亞爾。我們有超過 9,070,000 大豆待接收。因此，這會納入我們的損益表。

And, of course, we monitor this. So, we have this receivable of 25. We have a percentage sold through structures with derivatives and at 12.37. And then we've already started to sell a bit of the future receivable dollar and taking advantage of this rally in the last days. So, this is a bit of the photograph. It's a year of many challenges.

當然，我們會對此進行監控。因此，我們的應收帳款為 25。我們透過衍生性商品結構出售的百分比為 12.37。然後我們已經開始出售一些未來應收美元並利用最近幾天的反彈。所以，這是照片的一部分。這是充滿挑戰的一年。

We want to show the resilience and capacity for management in the company. And to summarize, everyone always asks about how the inputs are. Here, we had a bit of a change, and, in the last slides, we were showing this curve in a period of two years, and we've reduced this to a one-year period so that we could demonstrate these variations. So, I really believe that the company was assertive. Chloride is something that the company bought very well, and it's at a really good margin ratio.

我們希望展現公司的韌性和管理能力。總而言之，每個人總是會問輸入情況如何。在這裡，我們做了一些改變，在最後一張幻燈片中，我們在兩年內展示了這條曲線，並且我們已將其減少到一年，以便我們可以展示這些變化。所以，我真的相信該公司很有自信。氯化物是該公司非常值得購買的產品，而且利潤率非常高。

And phosphate there was already an expectation. I look at the photograph at the beginning of the year, and that's considering an expectation but considering the market, that's one fact that didn't happen too much and that generated important sustained support, right? So, we're talking about MAP considering about $600. The company bought this soy at around $590. But as I mentioned, $290 and nitrogen products as well.

磷酸鹽已經有了預期。我看年初的照片，這是考慮到一種預期，但考慮到市場，這是一個沒有發生太多的事實，並且產生了重要的持續支持，對吧？所以，我們討論的是 MAP，考慮到 600 美元左右。該公司以 590 美元左右的價格購買了這種大豆。但正如我所提到的，290 美元還有氮氣產品。

So, a pretty interesting levels despite the ups and downs. On this side, you can see the percentage that we always see. When you look at the nitrogen aspect, there's a remaining sugarcane amount and also from the second harvest. The biggest consumption, well, it doesn't really happen in the soy crops, but in the sugarcane and corn crops. So, cotton will be applied from January, February. And so, the second harvest corn as well in this window, and this is mainly due to the non-need to use these inputs in the short term.

因此，儘管有起有落，但還是一個非常有趣的水平。在這一面，您可以看到我們總是看到的百分比。當你觀察氮含量時，會發現還有剩餘的甘蔗量，也是來自第二次收穫的甘蔗量。最大的消費其實並不是發生在大豆作物上，而是發生在甘蔗和玉米作物上。因此，棉花將從一月、二月開始施用。因此，第二次收穫玉米也在這個窗口期，這主要是由於短期內不需要使用這些投入。

So, for chloride, same thing happens as well. And then we're already visualizing this and so, that's because the levels of chloride are also very attractive. This is the graph on the bottom, where you can see stability in the exchange ratios, and this has been contributing to margin recoveries. I've always been talking about this, and that's where the cost goes up and products drop a lot, but we start seeing this margin getting back to the historical levels.

因此，對於氯化物，也會發生同樣的情況。然後我們已經看到了這一點，這是因為氯化物的含量也非常有吸引力。這是底部的圖表，您可以在其中看到匯率的穩定性，這有助於保證金的恢復。我一直在談論這一點，這就是成本上升和產品下降很多的地方，但我們開始看到這個利潤率回到了歷史水平。

So, Gustavo, I will pass this back to you, and then we'll come back.

所以，古斯塔沃，我會把這個傳回給你，然後我們再回來。

Good morning, everyone. Thank you so much for being with us as we look at the results of these first three months. As Ana mentioned, this conference mentioning that this is the beginning of our harvest year, and our accounting exercise goes from the 1st of July to the 30th of June every year. And just to explain, considering the results of this BRL97 million. Here, it's good to take a look at the explanation of the net revenue, right?

大家早安。非常感謝您與我們一起回顧前三個月的成果。正如Ana所提到的，這次會議提到這是我們收穫年的開始，我們的會計工作從每年的7月1日到6月30日。只是解釋一下，考慮到這 9700 萬雷亞爾的結果。在這裡，最好看一下淨收入的解釋，對吧？

So, Andres has already mentioned the sale and the accounting for this 1,057 hectares of the Taquari Farm in Mato Grosso. There was a revenue generated about BRL192 million, and then it showed this amount was a bit higher. But I want to remind you all that we always calculate the present value. And we compare the Chicago dollar and that's another sale we also had in Bahia with a revenue of BRL6 million. They had already anticipated part of this, but both of these combined actions add up to this revenue of BRL199 million.

因此，安德烈斯已經提到了馬托格羅索州這片 1,057 公頃 Taquari 農場的出售和核算。產生了大約 1.92 億雷亞爾的收入，然後顯示這個數字有點高。但我想提醒大家，我們總是計算現值。我們比較了芝加哥元，這是我們在巴伊亞進行的另一筆銷售，收入為 600 萬雷亞爾。他們已經預料到了其中的一部分，但這兩項行動加起來總計達到 1.99 億雷亞爾的收入。

And after when we discount taxes and the cost of acquisition and investments that we perform, we can reach an EBITDA of BRL 170 million, and we'll get into this a bit more ahead. Then on the other hand, from an operational aspect during this period, we continue to have our stock sales for soy that we collected in the second quarter of this year between March and June and also corn, which became an important aspect as well in this harvest and also a second harvest that we'll look at.

當我們扣除稅收以及我們執行的收購和投資成本後，我們的 EBITDA 可以達到 1.7 億雷亞爾，我們將進一步討論這個問題。另一方面，從這一時期的運營方面來看，我們繼續進行今年第二季三月至六月期間收集的大豆庫存銷售，還有玉米，這也成為了這一時期的一個重要方面。以及我們將要關注的第二次收穫。

This is cotton that we already had only maybe like the last stocks of the previous harvest and they're mainly seeds and other lower quality types of cotton. And then what we intensified here was the production and commercialization of sugarcane, where we have about 50% of all of the production volume for this. And that also complies with this combination of BRL325 million that we can see as operational net revenue. So, on the right side, you can see the amount build. And then we can also see about 57,000 tons of soy, 20,000 more than the previous year when we compare the same period.

這是我們已經擁有的棉花，可能只是上次收穫的最後一批庫存，它們主要是種子和其他品質較低的棉花類型。然後我們在這裡加強的是甘蔗的生產和商業化，我們大約佔總產量的 50%。這也符合我們可以視為營運淨收入的 3.25 億雷亞爾的組合。因此，在右側，您可以看到累積的金額。然後我們還可以看到大約57,000噸大豆，比去年同期增加了20,000噸。

And here, it's worth mentioning that we also had the strategy of carrying on a larger stock for sales in the second semester. This decision was correct because we are able to have better pricing through this increment. And the real also had this major loss in value, which helped in a bit. But in exchange, we can also see that we have a lower volume of corn. That's mainly due to composition of the areas that are planted, and we had already talked about this. And so, we had understood this reduction in margins and the impossibility to recover prices.

在這裡，值得一提的是，我們還有第二學期進行更多庫存銷售的策略。這個決定是正確的，因為我們能夠透過這種增量獲得更好的定價。雷亞爾的價值也出現了重大損失，這也起了一定作用。但作為交換，我們也可以看到我們的玉米數量減少了。這主要是由於種植面積的組成造成的，我們已經討論過這一點。因此，我們已經理解了利潤率的下降和價格恢復的不可能。

We had considered we should only plant that surface that would make sense, right? So, we always need to try to give it some cover or have like a swap in crops and try to find the best types of productivity in soy. Sugarcane, we have also been reaping at a pretty good pace, 191,000 tons. And Andre was mentioning and the cotton that's commercialized represents a greater volume of seeds and less of the low-quality part of the cotton. And then on September 30, we already have the entire harvest of this cotton that we have just produced.

我們曾考慮過我們應該只種植有意義的表面，對吧？因此，我們總是需要嘗試為其提供一些掩護，或進行作物交換，並嘗試找到大豆的最佳生產力類型。甘蔗的收割速度也相當不錯，達到 191,000 噸。安德烈提到，商業化的棉花代表著更多的種子和更少的棉花低品質部分。然後到了 9 月 30 日，我們剛生產的棉花就已經全部收穫了。

Today, we have about over BRL70 million of cotton in stock, and they're going to be processed and then they'll start the sales from December this year onwards. So, when we consider the unit prices in reais per ton, here, I think what most contributes to improving the operational EBITDA, right? So, the grains had an important recovery. If you see soy at about 3% and also the corn at about 5%. But I think this is levered mainly by the internal market.

目前，我們的棉花庫存約超過7000萬雷亞爾，這些棉花將被加工，然後從今年12月開始銷售。因此，當我們考慮每噸雷亞爾的單價時，我認為最有助於改善營運 EBITDA 的因素是什麼？因此，穀物出現了重要的復甦。如果你看到大豆的含量約為 3%，玉米的含量約為 5%。但我認為這主要是透過內部市場來槓桿的。

We've seen this increment in demand through plants to start producing ethanol and that's a pretty good perspective we have for some farms where we've been producing very little corn, and we start having the possibility to balance out a bit more and increase our corn production ahead. So, the main highlight here in regards to the sugarcane price, which we saw 21% last year and we had a problem, which was not all of affected the ethanol prices due to fuel or the gasoline prices.

我們已經看到透過工廠開始生產乙醇的需求增加，對於一些我們一直生產很少玉米的農場來說，這是一個非常好的前景，我們開始有可能更多地平衡並增加我們的產量。領先。因此，這裡的主要亮點是甘蔗價格，去年我們看到甘蔗價格上漲了 21%，但我們遇到了一個問題，這並不是所有燃料或汽油價格都影響了乙醇價格。

Now what we're seeing is that there's a pretty good recovery. And I believe that the market also helped us because lower production in Brazil kind of impacted the price of ethanol, but also a factor with the company's management, we started supplying to a plant that produces sugar, and that improves our price mix. So then after, you have the cotton price also with a significant drop, but we understand that we should not consider that, right, it's mainly connected, let's say, to commercialize subproducts or low-quality products.

現在我們看到的是恢復得很好。我相信市場也幫助了我們，因為巴西產量的下降在某種程度上影響了乙醇的價格，但也是公司管理層的一個因素，我們開始向一家生產糖的工廠供貨，這改善了我們的價格組合。那麼之後，棉花價格也大幅下跌，但我們理解，我們不應該考慮這一點，對吧，這主要與副產品或低品質產品的商業化有關。

But on September 30, 2024, we've also seen the total net revenue of BRL197 million. The main variations that we can see on the graph on the top, where you can see the results. Then we can see, with the incremental pricing, with the sugarcane as well, BRL8 million with a greater sale of volumes, especially for soy. And we also see the sales also contributing in the results and when you see the operational net revenue related to the estimates that are related to this graph as a fair value and also including the financial results that are mainly affected by the present value adjustments when we have transactions provoking this revenue impacting these results.

但截至 2024 年 9 月 30 日，我們也看到總淨收入為 1.97 億雷亞爾。我們可以在頂部的圖表中看到主要的變化，您可以在其中看到結果。然後我們可以看到，隨著定價的增加，甘蔗的銷售量也增加了 800 萬雷亞爾，尤其是大豆。我們也看到銷售也對結果做出了貢獻，當您看到與此圖相關的估計相關的營業淨收入作為公允價值時，還包括主要受現值調整影響的財務結果，當我們產生該收入的交易會影響這些結果。

When you look at this BRL79 million, you can see the soy contributing with BRL26 million and sugarcane with BRL18 million. And then, of course, we have cotton and administrative expenses as well, where you have a temporality, and these contribute a bit downwards. And then the sales, as we mentioned, the BRL107 million, which is the combined result of the sales.

當您查看這 7900 萬雷亞爾時，您會發現大豆貢獻了 2600 萬雷亞爾，甘蔗貢獻了 1800 萬雷亞爾。當然，我們還有棉花和行政費用，這些費用是暫時的，這些費用會稍微下降。然後是銷售額，正如我們所提到的，1.07 億雷亞爾，這是銷售額的綜合結果。

So, in the next page, you can see also the gross results per crop. And so, we always say that not only soy and sugarcane, but when you add them up, they're about 83% of this revenue and almost 100% of the results. And when you see the main highlights are the returns to historical levels that we're starting to notice in the margins and in the contribution margin. So, normally, we can see our histories are always close to 10%. So first, we get into the soy, which is a total result of BRL33 million and the margins then we get back to these values that are historical.

因此，在下一頁中，您還可以看到每種作物的總結果。因此，我們總是說，不僅是大豆和甘蔗，而且當你把它們加起來時，它們約佔收入的 83%，幾乎佔業績的 100%。當您看到主要亮點時，我們開始注意到利潤率和邊際貢獻率的回報率達到了歷史水平。所以，通常情況下，我們可以看到我們的歷史總是接近 10%。首先，我們進入大豆市場，總收益為 3,300 萬雷亞爾，然後我們回到這些歷史價值。

And the price of the tons, as we can see, they're always BRL100 less. But for me, what I can also remind you that the soy where, before the month of June, we were talking about BRL100 per sack with BRL1,700 per tonne. When you consider this cost of BRL1,436, you had a really low margin. And so, this strategy of carrying on this soy up ahead generated a possibility to capture this premium with the best prices. And then we're considering some margins with a cost of BRL500 that are lower, especially considering the inputs.

正如我們所看到的，每噸的價格總是低 100 雷亞爾。但對我來說，我還可以提醒您的是，在 6 月之前，我們談論的大豆價格為每袋 100 雷亞爾，每噸 1,700 雷亞爾。考慮到 1,436 雷亞爾的成本，您的利潤率非常低。因此，這種提前經營這種大豆的策略產生了以最優惠的價格獲取溢價的可能性。然後我們正在考慮一些成本為 500 雷亞爾的較低利潤，特別是考慮到投入。

And here we -- these margins were very good, and they weren't in our plans before June 30, but we understood that this would be an alternative that could be achieved, right? Then we can see this reduction of this amount of the 24 million tonnes against the 48,000. But then here, as we mentioned, the decision was not to plant too much of an area. The previous margins are really negative as we have seen, although the prices had a slight recovery, right? So, maybe 5% or so and about 731 against 631, about 5% approximately.

在這裡，我們 - 這些利潤率非常好，而且它們不在 6 月 30 日之前的計劃中，但我們知道這將是可以實現的替代方案，對嗎？然後我們可以看到 2400 萬噸的數量相對於 48000 噸的減少量。但正如我們所提到的，我們的決定不是種植太多面積。正如我們所看到的，儘管價格略有回升，但之前的利潤確實是負值，對吧？所以，可能是 5% 左右，大約 731 對 631，大約是 5%。

And the cost that had an increase in this case also, but not because of the inputs that we established with a harvest that was crops that were cheaper per hectare, but also because here, we have an important area for corn in the second harvest, and we had a smaller area with less productivity and a cost per ton that was higher.

在這種情況下，成本也有所增加，但不是因為我們在收穫時建立的投入是每公頃更便宜的作物，而是因為在這裡，我們在第二次收穫時有一個重要的玉米區域，我們的面積較小，生產率較低，每噸成本較高。

So beans, not too much. Grabbing the last harvest, sugarcane also has a gross result, the margins of 23%. And so, these are getting back to the historical levels. The increment in the margins are considering and also the production of greater levels of sugar than what we had expected. If you remember the situation here with the cost, we had an increment, but especially our areas are all leased out. So, we have all of the production in these areas and an increment in the price would also impact the cost due to this.

所以豆子不要太多。抓住最後的收成，甘蔗也有了毛利，利潤率為23%。因此，這些正在回到歷史水平。利潤的增加正在考慮之中，而且糖的產量也超出了我們的預期。如果你還記得這裡的成本狀況的話，我們有增量，但特別是我們的區域都出租了。因此，我們在這些地區擁有所有生產，因此價格上漲也會影響成本。

So the cotton, as I mentioned, we're not going to get into more details about this yet, but we do have a part that was sold in the beginning of this year, and that was already some amounts for disposal. Now, as Andre has mentioned, we have the expectation for a very good margin in cattle raising. So, I think we should have approximately BRL4 million on average of this stock per process.

因此，正如我所提到的，我們還不打算詳細介紹棉花，但我們確實有一部分在今年年初出售，並且已經有一定數量可供處置。現在，正如安德烈所提到的，我們期望養牛業能獲得非常好的利潤。因此，我認為每個流程的庫存平均應約為 400 萬雷亞爾。

So in the next page, the results of the operations, right? So, the adjusted EBITDA, we've always calculated excluding the earnings of the biological assets, information on the sugarcane and grains, and we also adjust the derivative price, as you can see in the first line, everything we're going to be selling and whenever we have some kind of coverage as well.

那麼在下一頁中，就是操作的結果，對吧？因此，調整後的 EBITDA，我們一直在計算時不包括生物資產的收益、甘蔗和穀物的信息，我們還調整了衍生品價格，正如您在第一行中看到的那樣，我們將要計算的一切銷售以及每當我們有某種覆蓋範圍時。

Then the depreciation as well, the fixed assets and in the areas that were developed as well as the permanent crops. We also see the first graph on the top, where you can see the share of the adjusted EBITDA and BRL61 million with a breakdown of the sugarcane as the main crop in this quarter and then the soy with 39% and the other crops not performing any kind of additional contribution. Then last year, sugarcane also, naturally in this quarter, we see sugarcane really relevant in the results. And soy had -- and so the other products also had some kind of contribution of those 15%.

然後是固定資產、已開發區域以及多年生作物的折舊。我們還看到頂部的第一張圖，您可以在其中看到調整後的EBITDA 和6100 萬巴西雷亞爾的份額，其中甘蔗為本季度主要作物的細分，然後是大豆，佔39%，其他作物沒有任何表現出額外的貢獻。去年，甘蔗也是如此，自然在本季度，我們看到甘蔗與結果真正相關。大豆也有——所以其他產品也對這 15% 做出了某種貢獻。

Then on the next slide here, you can see the level of debt in the company. And here, you can see the cash position and a debt of BRL737 million with a cost of 99.18% CDI and a net debt of about BRL550 million. And then you can see the schedule for these amortizations and BRL438 million, BRL97 million above five years. And it's also important, the sales accounted for this quarter, we have about like 9 million sacks to be received per sale, and this is the present value, which adds up to about BRL891.8 million of receivables per sale near the farm.

然後在下一張投影片上，您可以看到公司的債務水準。在這裡，您可以看到現金頭寸和 7.37 億雷亞爾的債務，成本為 99.18% CDI，淨債務約為 5.5 億雷亞爾。然後你可以看到這些攤銷的時間表，五年以上為 4.38 億雷亞爾，9,700 萬雷亞爾。同樣重要的是，就本季的銷售額而言，我們每筆銷售大約收到 900 萬個麻袋，這是現值，農場附近每筆銷售的應收帳款總計約為 8.918 億雷亞爾。

And then on the next slide here, we just want to remind you that the dividends that are going to be paid on November 14 on Thursday next week, and it's BRL1.96 per share. And with this, we can see that the average in the last five years that was going to be paid was about 9.5%.

然後在下一張幻燈片中，我們只是想提醒您，下週四將於 11 月 14 日支付股息，每股股息為 1.96 雷亞爾。由此，我們可以看到過去五年的平均支付金額約為 9.5%。

And then the last point finally is just the recognition, which is a point that Andres always mentions, whenever there's a possibility to share this with you guys and we always say, look, there's three important pillars that the company has, right?

最後一點就是認可，這是安德烈斯總是提到的一點，每當有可能與你們分享這一點時，我們總是說，看，公司擁有三個重要的支柱，對吧？

So, the company's strategy must always be very clear. The processes to be able to keep up with a possible risk materiality matrix that's maybe not always considered or cared for, but we always talk about this with our employees as well because here, the cash belongs to a lot of people, right? So, we don't have a single owner, and we must take care of this. And also, the third pillar is always people.

所以，公司的策略必須始終非常清晰。能夠跟上可能的風險重要性矩陣的流程可能並不總是被考慮或關心，但我們也總是與我們的員工談論這個問題，因為在這裡，現金屬於很多人，對吧？所以，我們沒有一個所有者，我們必須照顧好這個。而且，第三支柱始終是人。

Without people, we understand that the two other pillars are impossible to achieve. And so, we understand that sustainability in the business always depends on having good resources and good people to perform the plans. And in our opinion, these are always very attractive for shareholders.

我們知道，如果沒有人，其他兩個支柱就不可能實現。因此，我們知道業務的可持續性始終取決於擁有良好的資源和優秀的人員來執行計劃。在我們看來，這些對股東來說總是非常有吸引力。

Here, once again, every three years we have a survey done and we see or we try to search for ways to understand the level of satisfaction that the employees have with the company and the certification and if things were done correctly, if we were able to keep up with the certification as a major workplace. And also, there's another point that's also really important, which is GPTW.

在這裡，我們每三年再次進行一次調查，我們發現或嘗試尋找方法來了解員工對公司和認證的滿意度，以及事情是否做得正確，如果我們能夠跟上作為主要工作場所的認證。另外，還有一點也非常重要，那就是 GPTW。

So we have this new certificate now, and that's a level of satisfaction people have with working with us. And this, by what they explained to us is that it's an important artificial intelligence that monitors and interprets a bit of a [smooth] that people have at the moment they fill out this research.

所以我們現在有了這個新證書，這就是人們對與我們合作的滿意度。他們向我們解釋的是，這是一種重要的人工智慧，可以監控和解釋人們在填寫這項研究時所擁有的一點[平滑]。

And then we can also say here, it's like a new CEO, let's see, that we're also super grateful for and committed to continue to search for these results through this pillar, personnel pillar. And then the capitals market, just to show you a bit of what the value is. With these shares, the BrasilAgro and in the US also for 32.

然後我們也可以在這裡說，就像一個新的首席執行官，讓我們看看，我們也非常感激並致力於繼續通過這個支柱，人員支柱來尋找這些結果。然後是資本市場，只是為了向您展示一些價值。憑藉這些份額，BrasilAgro 和美國也為 32。

And here, as we always mentioned, we have to bring this in and post this as well, investing in the company, understanding that the level of execution as we've been performing and this has been confirming our capacity as well, our desire to continue to learn and improve. And we understand that there's going to be other moments to take on new stock value. So, we want to invite investors to invest in the company.

在這裡，正如我們一直提到的，我們必須將這一點引入並發布，對公司進行投資，了解我們一直在執行的執行水平，這也證實了我們的能力，我們的願望繼續學習和提高。我們知道還會有其他時刻來體現新的股票價值。所以，我們想邀請投資人來投資該公司。

Well, thank you, and now we're going to hop in with the Q&A.

好的，謝謝，現在我們將開始問答環節。

Thank you, Gustavo. I like to wrap up. Now we're going to get into Q&A. So we have Pedro here, and you can open up his mic as well.

謝謝你，古斯塔沃。我喜歡包起來。現在我們要進入問答環節。佩德羅在這裡，你也可以打開他的麥克風。

Thank you, Andre, Gustavo and good morning, everyone. Thanks for taking my question. And my first one is about the announcement you guys had with the increase of the area. This, Andre, during his discourse, he talked about the situation with the pricing, but I wanted to understand the drivers. And so, of course, the price is something that's a positive factor.

謝謝安德烈、古斯塔沃，大家早安。感謝您提出我的問題。我的第一個是關於你們關於面積增加的公告。這個，安德烈，在他的演講中，他談到了定價的情況​​，但我想了解驅動因素。因此，當然，價格是一個積極因素。

But I also want to ask if there's any view towards a better scenario and also this acceleration in the plantations as well, which really helped direct this decision saying that there will be a better window for the plantation of corn in the second harvest. And then in this scenario with more profitability and a better contribution margin expected for this crop.

但我也想問是否有更好的方案以及種植園的加速，這確實有助於指導這一決定，即第二次收穫時玉米種植將有一個更好的窗口。然後在這種情況下，該作物預計會有更高的盈利能力和更好的邊際貢獻。

And then my second point is I want to understand your mindset for sugarcane, '26, '27. And we've been monitoring this drop in productivity significantly due to the drought period, the fungus issues, et cetera. And I wanted to understand if the rains now kind of generate any in regards to productivity, you still have to see a bit more rain. And just thinking, we know this is a very regional issue and to get your market vision as well, that would be really interesting. Thanks, guys.

然後我的第二點是我想了解你們對甘蔗的看法，'26，'27。我們一直在監測因乾旱期、真菌問題等原因造成的生產率顯著下降。我想了解現在的降雨是否會對生產力產生任何影響，你仍然需要看到更多的降雨。只是想一想，我們知道這是一個非常區域性的問題，並且了解您的市場願景，這將非常有趣。謝謝，夥計們。

Pedro, thank you. Those were very intelligent questions. Let's try to help and clarify those questions. So, first of all, what did we see in the last few days? I'm going to get the numbers from the company that reflect the numbers of Mato Grosso.

佩德羅，謝謝你。這些都是非常聰明的問題。讓我們嘗試幫助並澄清這些問題。那麼，首先，過去幾天我們看到了什麼？我將從該公司獲取反映馬托格羅索州數據的數據。

The last harvest that we started in Mato Grosso, we started planting on September 23. Everybody knows that there was a delay in the rainy season, and we started planting in Mato Grosso basically on October 5. So, from the 25th to the 5th, that's approximately 9 days plus 5, 14 days, 2 weeks of delay. And that is a snapshot of the central area of Brazil and Mato Grosso started earlier than Goias. Goias took even longer to plant. And so, what does that mean in general?

我們在馬托格羅索州開始的最後一次收穫是在 9 月 23 日開始播種。大家都知道雨季延遲了，我們在馬托格羅索州基本上是10月5日開始播種的。所以，從25日到5日，大約是9天加上5、14天、2週的延誤。這是巴西中部地區的快照，馬托格羅索州的起步早於戈亞斯州。戈亞斯的種植時間甚至更長。那麼，這一般意味著什麼？

There is no uncertainty on productivity. There is just a delay of 15 days. There should not be any factor of low productivity, but there will be a delay in the yields. We have historical data that with every delay in the beginning of July, you lose 10% to 12% per week in the second harvest. So, what we saw in the last few days, the last few months was exactly that a delay in the planting process. So, everyone has 10 to 15 days of delay. And then there's a potential of 15% to 20% of production for the second harvest.

生產率不存在不確定性。只是延遲了15天。應該不存在生產率低的因素，但良率會有所延遲。我們的歷史數據顯示，7 月初每延遲一次，第二次收穫每週都會損失 10% 到 12%。所以，我們在過去幾天、過去幾個月看到的正是種植過程的延遲。所以，每個人都有10到15天的延遲。第二次收穫的產量還有 15% 到 20% 的潛力。

That is the initial focus. So, that means that a lot of people put more windows of operations. And so, people started planting in 24 hours on two shifts, 22-hour shifts, and there was a strong recovery in the last few weeks. The recovery that gives us even more challenges in the business.

這是最初的焦點。所以，這意味著很多人放置了更多的操作視窗。於是，人們開始在24小時內進行兩班倒、22小時輪班種植，並且在過去幾週內出現了強勁的復甦。復甦為我們的業務帶來了更多挑戰。

So, if you plant a lot together, there's a higher challenge to harvest in the future. So, in Mato Grosso, the harvest is wet. That's what happened initially, and that also happened, especially in Mato Grosso. The first areas that were planted besides corn, there are areas where we plant cotton.

因此，如果你一起種植很多，那麼未來的收穫就會面臨更大的挑戰。因此，在馬托格羅索州，收成是潮濕的。這就是最初發生的情況，後來也發生了，尤其是在馬托格羅索州。第一批種植的地區除了玉米之外，還有我們種植棉花的地區。

And in Mato Grosso as a whole, we also saw that either they didn't plant soy, so they wouldn't lose the second window of time to plant cotton or they planted soy and the area that they planted soy in with a shorter window, that area makes more sense to have a second harvest because you'll be able to reap corn on January 15, and it will be high productivity corn.

在整個馬托格羅索州，我們還看到，要么他們不種植大豆，這樣他們就不會失去種植棉花的第二個時間窗口，要么他們種植大豆以及他們種植大豆的區域的時間窗口較短，該地區進行第二次收穫更有意義，因為您將能夠在1 月15 日收穫玉米，而且這將是高產量玉米。

Remembering that on the second harvest, we are talking about the cycle of 120 days and then cotton 180 days. So, the impact of this delay for cotton is much worse than on corn. So, there was, in our case, well, we do not plant a lot of cotton, but I'm sure that this happened in the whole country of Brazil.

請記住，在第二次收穫時，我們談論的是 120 天的週期，然後是 180 天的棉花週期。因此，這種延遲對棉花的影響比對玉米的影響嚴重得多。因此，就我們而言，我們沒有種植大量棉花，但我確信這種情況發生在整個巴西國家。

Another thing, Pedro, that undoubtedly is important to mention, I always say that the farmers, and we also look at this is the margin of contribution. When we are working with the budgets, at the same time last year, we were announcing that we were reducing almost 10,000 hectares of corn because financially, it didn't make sense because the cost of production were very high and the cost expectations were very low.

佩德羅，另一件事無疑是值得一提的，我總是說農民，我們也看這是邊際貢獻。當我們處理預算時，去年的同一時間，我們宣布我們將減少近 10,000 公頃玉米種植面積，因為從財務角度來看，這沒有意義，因為生產成本非常高，成本預期也非常高。

That was recovered. And so, I do not only attribute this recovery in the price of corn to the delay of the planting of soy, but there's also an increase of internal consumption of corn for the production of ethanol. So, that has also heated up the price of corn, making corn go back to being more competitive.

那被恢復了。因此，我不僅將玉米價格的回升歸因於大豆種植的推遲，而且還導致了用於生產乙醇的玉米內部消耗的增加。因此，這也導致玉米價格上漲，使玉米恢復更具競爭力。

So, the margins when we made the decision to plant instead of soy or corn, we had margins that were practically one-third of the margins of soy. So, we would be planting corn to get BRL700, BRL800. That recovered a lot. We saw the price of corn in the average of the company. When I look at Mato Grosso Bia and Bahia, we saw a recovery of almost BRL10 per bag.

因此，當我們決定種植大豆或玉米而不是大豆時，我們的利潤幾乎是大豆利潤的三分之一。因此，我們種植玉米可以獲得 700 雷亞爾、800 雷亞爾。那恢復了很多。我們在公司的平均價格中看到了玉米的價格。當我觀察馬托格羅索比亞和巴伊亞時，我們發現每件行李的價格回升了近 10 巴西雷亞爾。

If we have the intermediary or intermittent harvest, there was an increase in the price per bag. That's what we're betting on. We believe that it will improve, and corn will be planted more. There's also the detracting factor, which is the window. That's an important aspect.

如果我們有中間或間歇性的收穫，每袋的價格就會上漲。這就是我們所押注的。我們相信情況會好轉，玉米會種植更多。還有一個不利因素，那就是窗戶。這是一個重要的面向。

That's my conclusion on corn along these lines. It's also important to highlight that we are coming from a year of low intensity in the middle of summer, we are changing the phenomenon and theoretically, we get more neutrality. And then if everything continues normal, El Nino comes in and comes out or it will not come in depending on the heating of the ocean.

這就是我對玉米的結論。同樣重要的是要強調，我們正經歷仲夏低強度的一年，我們正在改變這種現象，理論上，我們會變得更加中立。然後，如果一切正常，厄爾尼諾現象會出現或消失，或者不會出現，這取決於海洋的加熱程度。

What we see is that the phenomenon is losing its strength in the end of February and the beginning of March. And there will be some models that indicate that the neutrality from El Nino will probably in the short term, be weak. If that happens, Pedro, that changes the game.

我們看到，這種現像在二月底和三月初正在減弱。並且會有一些模型顯示厄爾尼諾現象的中性在短期內可能會很弱。如果發生這種情況，佩德羅，比賽就會改變。

So, if we see the initial lag today of La Nina moving towards neutrality, that brings us regularity in rain. And what do we expect from the rain? Well, if we have La Nina trying to go to an El Nino of low intensity, there could be a longer rainy season, and that rainy season will make a huge difference in the second harvest of corn. So, it's too early to know. It's too early to say. I'm giving you the information from our meteorologistic team that works with us, but that is a point of attention that we need to pay attention to that may affect the price of corn.

因此，如果我們今天看到拉尼娜現象最初滯後於中性，那麼降雨就會變得規律。我們對這場雨有什麼期望？好吧，如果拉尼娜現象試圖進入低強度的厄爾尼諾現象，可能會出現更長的雨季，而這個雨季將對玉米的第二次收穫產生巨大的影響。所以，現在知道還太早。現在說還太早。我向您提供的是與我們合作的氣象團隊的信息，但這是我們需要注意的一個點，可能會影響玉米的價格。

Now, let's talk about sugarcane. You were very precise in your questions. Of course, the expectations from the center and southern region of Brazil was very affected by the drought. There was an intense drought in the South. Finally, the rains are more regular.

現在我們來談談甘蔗。你的問題問得非常精確。當然，巴西中部和南部地區的預期受到乾旱的影響很大。南方發生嚴重乾旱。最後，降雨更加規律。

The intensity of the drought is basically what we commented on. There was an increase of the grade of Sacros because of the longer drought. So the cane took longer to invert. The sugar, when it is stored, it starts losing its TL. And so, this year, since that was delayed, I think all of the mills and none of us, everyone will close at 3 or 4 points higher in the level of sugar harvested because of this.

乾旱的嚴重程度基本上就是我們評論的那樣。由於乾旱時間較長，Sacros 的等級有所提升。因此，手杖需要更長的時間才能翻轉。糖在儲存時會開始失去其 TL。因此，今年，由於這項計劃被推遲，我認為所有的糖廠（而不是我們中的任何一家）都將因此而將收割的食糖水平提高 3 或 4 個百分點。

Now, the delay of rains also affects the seedlings of the sugarcane. So, I would, if I could have a reserve of sugarcane for next year. So, if you have an October that's very rainy and in November, that's going to be more regular, then everything changes. So there's that example in-house. We joke around in the sense, not in the literal sense, but we just say that, look, the rains of October, they give us 5% or 6% more productivity in sugar for the company. So, those 5% or 6% more Pedro, I'm just making this comment.

現在，降雨的延遲也影響了甘蔗的幼苗。所以，如果我能儲備明年的甘蔗，我會的。所以，如果十月的雨量很大，而十一月的雨量會更規律，那麼一切都會改變。所以內部就有這個例子。我們在這個意義上開玩笑，而不是字面上的，但我們只是說，看，十月的降雨，它們使我們公司的糖生產效率提高了 5% 或 6%。所以，對於那些多出 5% 或 6% 的佩德羅，我只是發表這樣的評論。

Just to tell you what can happen in this scenario. The scenario will not be for the center, South and Midwest. They probably won't have the 5% or 6% more, which is what happened in the last harvest for sugarcane. Our expectation is that everyone knows that, unfortunately, we'll have those historical numbers of sugarcane. It seems like we have an embleglatic mark. We're never able to grow consistently.

只是告訴您在這種情況下會發生什麼。這種情況不會發生在中部、南部和中西部地區。他們可能不會多出 5% 或 6%，這是上次甘蔗收穫時發生的情況。我們的期望是，每個人都知道，不幸的是，我們將擁有這些歷史數量的甘蔗。看起來我們有一個象徵性的標記。我們永遠無法持續成長。

We overcome it and then we go backwards. So, the commercial vision for sugarcane continues to be at the historical numbers. I think there are two things that are important to mention here. The issue of the exchange rate in a certain way, it gives us some protection and better revenue for Brazilian commodities in the case of exports of ethanol, and it also undoubtedly brings us better revenue in the case of the mills and in the price of cane.

我們克服了它，然後我們就倒退了。因此，甘蔗的商業前景仍處於歷史水準。我認為這裡有兩件事值得一提。匯率問題在某種程度上為我們在乙醇出口方面為巴西商品提供了一些保護和更好的收入，毫無疑問也為我們的工廠和甘蔗價格帶來了更好的收入。

So, in the short period of time, we believe that it will remain very similar to what it is, obviously, with a strong tendency with the source of biofuels being used and mixture of ethanol and gasoline. This could also sustain ethanol production.

因此，在短期內，我們相信它將與現在的情況非常相似，顯然，使用生物燃料來源以及乙醇和汽油的混合物具有強烈的趨勢。這也可以維持乙醇生產。

Now, more recently, we also see the exchange increase, which will probably give more parity to ethanol, more favorable to ethanol. So, in the case of ethanol, I do not see a scenario that is stable. I see a scenario that is stable or that will be better. For sugarcane, it will be the same. I think it will be the levels that are regulated by the market at around GBP27 pounds per weight.

現在，最近，我們也看到匯率增加，這可能會為乙醇帶來更多平價，對乙醇更有利。因此，就乙醇而言，我認為沒有穩定的情況。我看到一個穩定的或會更好的場景。對於甘蔗來說，情況也是一樣的。我認為市場監管的水平約為每重 27 英鎊。

That's what we think is going to happen. Sometimes there's a huge offer from India, but more and more, we believe as a society that we are evolving with the biofuels, and we will start having a factor of more stability in the production of sugar in a worldwide level when India starts producing ethanol as well.

這就是我們認為將會發生的事情。有時印度會提供巨大的報價，但我們越來越相信，作為一個社會，我們正在隨著生物燃料的發展而發展，當印度開始生產乙醇時，我們將開始在全球範圍內提高糖生產的穩定性。

So, for sugarcane, Pedro, and productivity, we think it's the same or a bit worse in the next harvest in general. Another thing that's important that I forgot to mention that I think is important to say here is that we saw an acceleration, an important acceleration in the increase of the cost of capital. We see that as an important movement for me that can give us some pushback in the renewal of the channels for Canaville. So, in my vision, I think that could be a pushback.

因此，對於甘蔗、佩德羅和生產力而言，我們認為總體而言，下一個收穫季節的情況相同或稍差。另一件我忘記提及但我認為在這裡必須說的重要的事情是，我們看到了資本成本增加的加速，這是一個重要的加速。我們認為這對我來說是一項重要的舉措，可以為我們卡納維爾頻道更新帶來一些阻力。因此，在我看來，這可能是一種阻力。

If we're talking about planting sugarcane now in January and March, the expectation is that well, you are all better equipped to analyze the interest rates. And, of course, that makes the cost of capital increase, and that can be a factor that will affect the Canaville.

如果我們現在談論在一月和三月種植甘蔗，那麼預期是這樣，你們都更有能力分析利率。當然，這會增加資本成本，這可能是影響卡納維爾的因素。

That was very clear. Thank you so much for those insights. Just to make sure I understood exactly, in corn, you were talking about an improvement of BRL700 plus BRL1,500?

這非常清楚。非常感謝您的這些見解。為了確保我準確地理解，在玉米中，您所說的是 700 雷亞爾加 1,500 雷亞爾的改進？

No, just a minute. You have to look at the harvest and the second harvest. So this is how we calculate it. We had an approximate cost of BRL200 or BRL300 per hectare, and we were able to overcome it with BRL500 per hectare. Soy was BRL300 as per cost and BRL2,000 in margin per hectare.

不，請等一下。你得看收穫和二次收穫。這就是我們的計算方式。我們的每公頃成本大約為 200 或 300 雷亞爾，但我們能夠透過每公頃 500 雷亞爾來克服。大豆以成本計算為 300 雷亞爾，每公頃利潤為 2,000 雷亞爾。

What happened was that the price of soy continued to be the same and the middle harvest and our expectation today which is the price recovery is that we are expecting BRL100,000 more in recovery. So, it was BRL1,000 now it's BRL2,000.

發生的情況是，大豆價格繼續保持不變，且處於中期收成，我們今天的預期（即價格回升）是，我們預計還會回升 10 萬巴西雷亞爾。原來是 1,000 雷亞爾，現在是 2,000 雷亞爾。

Thank you, Gustavo.

謝謝你，古斯塔沃。

Thank you, Pedro and Andre, Gustavo. I'm going to pass the floor to Gustavo Troyano. You can open his microphone please.

謝謝佩德羅和安德烈，古斯塔沃。我將把發言權交給古斯塔沃·特羅亞諾。你可以打開他的麥克風。

Good morning, Andre. Thank you so much for those questions. Hey, Andre, my question for you is to get your point of view on the global political arena in the United States. The dynamic was affected the price of soy, some things changed from then until now, Brazil is more relevant. But I would like to get your point of view if you think there's any impact for Premium, if you think there will be a similar impact or if it will be different than what happened in the past.

早安，安德烈。非常感謝您提出這些問題。嘿，安德烈，我想問你的問題是了解你對美國全球政治舞台的看法。這一動態受到了大豆價格的影響，從那時到現在，有些事情發生了變化，巴西更相關。但如果您認為這會對 Premium 產生任何影響，是否會產生類似的影響，或者是否會與過去發生的情況有所不同，我想了解您的觀點。

I would like to know what your point of view is. And then the second one, Andre, also connected to the first question in this macro situation, I would like to know if there is any impact in the price of soy combined to the macro impact of the exchange rate and cost of capital.

我想知道您的觀點是什麼。第二個，安德烈，也與宏觀情況下的第一個問題有關，我想知道大豆價格與匯率和資本成本的宏觀影響是否有任何影響。

Do you think that next year will be a year of expansion of area? That was something that we discussed in the BrasilAgro Day. So, I would like to hear an update if you think that the expansion of area will accelerate or deaccelerate since the dynamics are not so favorable.

您認為明年會是面積擴大的一年嗎？這是我們在巴西農業日討論的內容。因此，如果您認為面積擴張會加速或減速，因為動態不太有利，我想聽聽最新消息。

Well, Gustavo, with those two questions, I think we can write a thesis, but let's go. Politics and exchange rate is the worst thing to comment on. We do not have any preference for A or B, but let's analyze what happened and let's say what we expect in the future. No doubt, there could be a worsening of the relations between tariffs between the United States and China. And, of course, that could be converted into benefits for Brazil, which could be an important relevant factor.

好吧，古斯塔沃，有了這兩個問題，我想我們可以寫一篇論文，但我們走吧。政治和匯率是最難評論的事情。我們對 A 或 B 沒有任何偏好，但讓我們分析一下發生了什麼，並說出我們對未來的期望。毫無疑問，美國和中國之間的關稅關係可能會惡化。當然，這可以轉化為巴西的利益，這可能是一個重要的相關因素。

I would not say that we are far from, and my expectation, our expectation. I think we are far from seeing a trade war again like we saw in a Chicago DT with 40 positive points and then 50 positive points. I do not think that's what the market expects. That's not what we believe. But I do think there is a tendency to turn a key for the Chinese to or the market to the Asian market as a whole to give more attention to Brazilian soy and maybe we can strengthen our premiums internally.

我不會說我們離我的期望、我們的期望還很遠。我認為我們距離再次看到貿易戰還很遠，就像我們在芝加哥DT中看到的那樣，先是得到40個正分，然後又得到50個正分。我認為這不是市場所期望的。這不是我們所相信的。但我確實認為，有一種趨勢是將中國人或市場轉向整個亞洲市場，以便更多地關注巴西大豆，也許我們可以在內部提高我們的溢價。

It's important to remember, Gustavo, that we cannot forget that in this analysis, there is the supply of soy. When we had the first trade war in the past, when we had the geopolitical conflict, we already had a different situation with soy. We were talking about 130 million tons of soy at that year. Now we are at 178 million tons. So, taking into account the proportions, the impact of a geopolitical impact is different when you have a higher level of supply.

古斯塔沃，重要的是要記住，我們不能忘記在這個分析中存在大豆的供應。當我們過去發生第一次貿易戰時，當我們發生地緣政治衝突時，我們對大豆的情況就已經不同了。那年我們談的是 1.3 億噸大豆。現在我們的產量是1.78億噸。因此，考慮到比例，當供應水準較高時，地緣政治影響的影響是不同的。

So, it's important to remember that the premium can go up 200 points, and it's very intrinsic at that moment. At that moment was very intrinsic to the geopolitical situation and the stock of passage. So today, we have 20, at that time, we had 30. So, the effect of that at that time, which, once again, we believe the effect will be more moderate and in our point of view, positive. On the expansion of area, definitely, I believe -- well, Gustavo, I'm very tactical in saying that it's more related to the margin of contribution of the crop than the cost of capital itself for that transformation.

因此，重要的是要記住，溢價可能會上漲 200 點，而且此時這是非常內在的。那一刻對於地緣政治局勢和通航量來說是非常重要的。所以今天我們有 20 個，當時我們有 30 個。所以，當時的影響，我們再次相信，影響會更加溫和，在我們看來，是正面的。關於面積的擴大，我肯定相信——好吧，古斯塔沃，我非常有策略地說，它與作物的貢獻邊際關係更大，而不是與轉型的資本成本本身相關。

So, if we see soy reacting with a better price, that will accelerate the transformation. I can tell you that we actually looked at this a lot, it's more related to the margin of contribution than eventually the cost of capital. If soy starts making money again at 1 million per hectare per year, then we're talking about the margins of contribution of 4, 3 million per hectare. That's not what we're seeing. Now the supply, it's at 2,000 per hectare.

因此，如果我們看到大豆價格上漲，這將加速轉型。我可以告訴你，我們實際上對此進行了很多研究，它與貢獻邊際的關係比最終與資本成本的關係更大。如果大豆再次開始以每年每公頃 100 萬美元的價格獲利，那麼我們談論的是每公頃 4,300 萬美元的貢獻邊際。這不是我們所看到的。現在的供應量是每公頃2000個。

So, we expect to have expansions of areas regularly. We do not believe in a great expansion of hectares per year. I also don't believe that, that will, I don't think it will be less than 200,000 or 300,000 hectares per year. That's what we think. Interest rates is a pushback, but not as much as the margin of contribution.

因此，我們希望定期擴大區域。我們不相信每年都會大幅增加土地面積。我也不相信，那會，我不認為每年會少於20萬或30萬公頃。這就是我們的想法。利率是一種阻力，但不如邊際貢獻那麼大。

I'm not sure if I was able to answer both of your questions?

不知道我是否能夠回答你的兩個問題？

That was very clear. You did. Thank you.

這非常清楚。你做到了。謝謝。

Now we will open Guilherme's microphone from BTG.

現在我們將打開來自 BTG 的 Guilherme 麥克風。

Hello, Andre and Gustavo, and good morning. Just changing the topic to understand a little bit more. How is the market for the sale of the lands? How do you see that with the price of commodities with a lower structure? Maybe you could talk a little bit about that.

你好，安德烈和古斯塔沃，早安。只是換個話題，讓大家更了解一點。土地出讓市場如何？您如何看待結構較低的大宗商品價格？也許你可以談談這一點。

Okay. Let's go, Guilherme. That's a great question. What I always say is, the Brazilian tax system, especially in agribusiness is a very intelligent system. It provokes reinvestment, and it is successful due to the vocation and dedication of everyone that works in this business, but partly for the possibility of reinvestment being something very attractive.

好的。我們走吧，吉列爾梅。這是一個很好的問題。我總是說，巴西的稅收制度，特別是農業企業的稅收制度是一個非常聰明的製度。它激發了再投資，它的成功歸功於在這個行業工作的每個人的職業和奉獻精神，但部分原因是再投資的可能性非常有吸引力。

So, I could say those days of euphoria have passed where we could see every day, at least here in the company, I would receive a fund that wanted to set up to buy land here, and it's been a while since that happened. So, we know that, that has cooled down mainly because of the interest rate, and that's what is the main driver of everything.

所以，我可以說那些我們每天都能看到的欣喜若狂的日子已經過去了，至少在公司裡，我會收到一筆想要設立在這裡購買土地的基金，而且距離這件事發生已經有一段時間了。所以，我們知道，經濟降溫主要是因為利率，而這才是一切的主要動力。

But when we look at the other side, I think there's a more rational vision of having a national head and natural protection and always analyze the capacity of payment and capacity and quantity of soy that they can generate. So, if they are producing soy at a cost of 35, 40, they are paying x in their area that is leased. So, there is the remaining area of 10 or 15 bags per year.

但當我們看另一面時，我認為有一個更理性的願景，即擁有國家元首和自然保護，並始終分析支付能力以及他們可以生產的大豆的能力和數量。因此，如果他們以 35、40 的成本生產大豆，則他們在租賃區域支付 x。因此，每年剩餘面積為 10 或 15 袋。

What am I going to do with that? We have seen an evolution in my point of view. There has been an evolution in the pillar of land as well as in the pillar of infrastructure and mechanization in the last few years. The mechanization, yes, it has been provoked. It was provoked by the low interest rates.

我該怎麼辦？在我看來，我們已經看到了演變。過去幾年，土地支柱以及基礎設施和機械化支柱都發生了演變。機械化，是的，它已經被挑釁了。這是由低利率引發的。

So, when interest rate was low, the Brazilian fleet, we saw that Mato Grosso suffered a lot. And we are seeing that in the American economy as well. The American farmers have a much better capacity than us. On one hand, it did not favor investment in machinery, but on the other hand, there's a basket to put money in, which is the expansion of areas, so expansion in neighboring areas. And then no doubt there are opportunities there.

所以，當利率低的時候，巴西船隊，我們看到馬托格羅索州遭受了巨大的損失。我們在美國經濟中也看到了這一點。美國農民的能力比我們好得多。一方面不利於機械的投資，但另一方面，還有一個籃子可以放錢，那就是地區的擴張，也就是周邊地區的擴張。毫無疑問，那裡存在著機會。

So, I think that the capacity of reinvestment will always exist because they are always thinking strategically, how much did it cost me this year? How much is going to be left over? Guilherme, I would tell you that highs and lows are normal. Productive frustrations is what affects the land market much more than the price of commodities or interest rates because the price of land is very connected to the price of the bag of soy. So, it's mainly that.

所以我覺得再投資的能力會一直存在，因為他們一直在策略性的思考，我今年花了多少錢？還剩下多少？Guilherme，我會告訴你，高潮和低潮都是正常的。生產受挫對土地市場的影響遠大於商品價格或利率，因為土地價格與一袋大豆的價格密切相關。那麼，主要就是這樣。

It's not the climatic frustration. I see that the market is not generally heating up, but there are some small improvements. I think there will be an increase in sales of land, but I think there will be opportunities and other things that were very leveraged, let's say. And we are very active in this pillar. So as a company, we are oxygenating our portfolio, be it with our own areas or with leases.

這不是氣候問題。我發現市場整體上並沒有升溫，但也有一些小的改善。我認為土地銷售將會增加，但我認為將有機會和其他非常槓桿化的事情，例如。我們在這個支柱上非常積極。因此，作為一家公司，我們正在為我們的投資組合充氧，無論是我們自己的區域還是租賃。

But I do not think that the market of land has disappeared, but it's more the investments I mean, there is a pillar that's very important, which is storage or deposits, but that also is affected by the interest rates. So, when we have interest rates of 3% or 4%, 5%, that would favor a lot of the investments in machinery and investments.

但我不認為土地市場已經消失，我的意思是，更多的是投資，有一個非常重要的支柱，那就是儲存或存款，但這也受到利率的影響。因此，當我們的利率為 3%、4%、5% 時，這將有利於大量機械投資和投資。

When the interest rate is that high, you'll do what you can. So, I think the farmers that did their homework that have their numbers controlled, what they can do is they'll increase the rhythm of their expansion, but there will be expansion.

當利率那麼高時，你會盡你所能。所以，我認為那些做好了功課、控制了數量的農民，他們能做的就是加快擴張的節奏，但一定會有擴張。

Perfect. Thank you.

完美的。謝謝。

We are a bit over time, but I think there are two more very interesting questions. One from [Renaldo] Francisco. Thank you so much for your message saying that even with a bad day just listening to BrasilAgro's call, you feel better. So, Andre is going to give us another desertation, but let's try to be brief. So, what are the opportunities considering the climate? And what have you identified with the high leverage in the agro market?

我們有點超時了，但我認為還有兩個非常有趣的問題。一位來自[雷納爾多]弗朗西斯科。非常感謝您發送訊息，表示即使是糟糕的一天，只要聽到 BrasilAgro 的電話，您就會感覺好多了。因此，安德烈將為我們帶來另一場荒漠，但讓我們盡量簡短。那麼，考慮到氣候，機會是什麼？您對農產品市場的高槓桿有何看法？

That is a very good question. It's a question that I always ask whenever I visit any company. It's one of those questions that you asked where you can see the way that the managers evaluate problems and opportunities. I would say that what do we need to improve as a company? We have a very important pillar in having diversity of crops. We are thinking of dedicating more time to that, in terms of quality.

這是一個很好的問題。這是我每次造訪任何公司時都會問的問題。這是您提出的問題之一，您可以在其中看到經理評估問題和機會的方式。我想說的是，作為一家公司，我們需要改進什麼？我們的一個非常重要的支柱是農作物的多樣性。我們正在考慮在品質方面投入更多時間。

We are talking about beans. We are talking about cotton. I think that was something important that we learned last harvest. A second very important thing that we learned, I always say that we need to admit new mistakes. If we make the same mistake twice, then that's stupid.

我們正在談論豆子。我們正在談論棉花。我認為這是我們在去年收穫中學到的重要知識。我們學到的第二件非常重要的事情是，我總是說我們需要承認新的錯誤。如果我們犯兩次同樣的錯誤，那就太愚蠢了。

So, I think this is a pillar that was hard for us to understand, but everyone dedicated themselves to this. So, another pillar that we learned a lot with undoubtedly was the rhythm of expansion. I think last year, we started a lot of new operations in Mato Grosso. It's not bad to put them all on max. But when you increase the area of grains, you have to provide all of the services to incorporate false fit and limestone, which does not allow you to have an interesting agitation level, which can cause a drought in the following years.

所以，我認為這是一個我們很難理解的支柱，但每個人都為此付出了努力。因此，我們學到很多東西的另一個支柱無疑是擴張的節奏。我想去年我們在馬托格羅索州開始了很多新業務。把它們都調到最大也不錯。但是，當您增加穀物面積時，您必須提供所有服務來合併假配合和石灰石，這不允許您具有有趣的攪拌水平，這可能會導致接下來幾年的乾旱。

So, in the state of Mato Grosso, we opened a lot of new areas, a lot of areas with a low coverage plants. So, they say it happens every 40 years, but it happened last harvest, and it did harm our operations in [Novo Parambi] and (inaudible) So, I think those are the two lessons we learned. We do have a vision, a triannual vision now. We've always been paying attention to it.

因此，在馬托格羅索州，我們開闢了許多新區域，許多植物覆蓋率較低的區域。所以，他們說這種情況每40 年發生一次，但它發生在去年收穫時，它確實損害了我們在[Novo Parambi] 的運營和（聽不清）所以，我認為這是我們學到的兩個教訓。我們現在確實有一個願景，一個三年一次的願景。我們一直很關注。

But since we are accelerating our expansion in the pasture areas, there was a lot of soy planted last year in Mato Grosso in the conventional level. I think that was something that we did learn as a company. And it's not what happened in Bahia, Maranhao and Piaui because we've been working very hard there to have regenerative agriculture. If you have new areas, you do not need to have regenerative agriculture. It's when you are burning organic material, not on the contrary.

但由於我們正在加速牧場擴張，去年馬托格羅索州的大豆種植量達到了常規水平。我認為這是我們作為一家公司確實學到的東西。巴伊亞、馬拉尼昂和皮奧伊的情況卻並非如此，因為我們一直在努力發展再生農業。如果你有新的領域，你就不需要再生農業。這是當你燃燒有機材料時，而不是相反。

But from the fertility point of view, you are adding organic material and then that would be regenerative agriculture. So, that was something that we learned this year from the operational point of view. And the second point you touched on in relation to leverage. Of course, that is something we have been working on a lot. There are some current transactions.

但從生育的角度來看，你添加有機材料，那就是再生農業。所以，這是我們今年從營運角度學到的。您提到的第二點與槓桿有關。當然，這是我們一直在做很多工作的事情。目前有一些交易。

We are working on some of them. That euphoria of the good years of margins of contributions the sector has been leveraged. I don't think it's the fault of the farmers. It's not really the farmer's fault, but it's the fault of the farmers that were trying to become businessmen or businessmen trying to get into the activity and then they leverage themselves and now the interest rate CDI at 12. The cost of capital is really high.

我們正在研究其中的一些。產業的貢獻率好年景所帶來的欣喜已被利用。我不認為這是農民的錯。這並不是農民的錯，而是那些試圖成為商人或商人試圖進入這項活動的農民的錯，然後他們利用自己的槓桿，現在利率 CDI 為 12。資金成本確實很高。

As Gustavo showed you, we have the cost of capital below CDI. So, I think that will generate interesting opportunities in the next few months for the company to oxygenate our areas or our leases.

正如 Gustavo 向您展示的那樣，我們的資本成本低於 CDI。因此，我認為這將在未來幾個月為公司帶來有趣的機會，為我們的區域或租賃提供氧氣。

Thank you, Andre. The last question is what was the -- this is from Bruno Marks. What was the main drive that we had for the reduction of 26% in the cost per ton compared to last year? He's talking about sugarcane. He didn't say, but I believe so. Yes, cane.

謝謝你，安德烈。最後一個問題是什麼——這是布魯諾馬克斯（Bruno Marks）提出的。噸成本較去年下降26%，主要動力是什麼？他在談論甘蔗。他沒說，但我相信是這樣。是的，手杖。

Well, I believe that what has been happening in the market, let's remember '22, '23, we had around BRL5,000 per hectare of cost and with BRL60 in the bag of soy. And then we went to BRL4,700 per hectare with a bag at BRL173. And then for the next year, we're operating at a bag of BRL110, BRL120 per bag. The main reason for that is because the first harvest, that's because the price of the seeds are very expensive. The defensives are very expensive.

好吧，我相信市場上發生的事情，讓我們記住'22，'23，我們每公頃的成本約為 5,000 雷亞爾，而一袋大豆的成本為 60 雷亞爾。然後我們以每公頃 4,700 雷亞爾的價格購買一袋，價格為 173 雷亞爾。接下來的一年，我們的營運價格為每袋 110 雷亞爾、每袋 120 雷亞爾。主要原因是因為第一次收穫，那是因為種子的價格非常昂貴。防守費用非常昂貴。

Glyphosate is $13 per liter. In the last harvest, it was $3 per liter. The fertilizers dropped mainly in chloride, not so much in nitrogen, but in the other ones, they went down a lot and then the logistics also accumulated in lowering the price. And then the price of diesel also dropped. And so, all of that affects the price of the fertilizer until it reaches the areas where we have plantation.

草甘膦每公升 13 美元。上次收成時，價格為每公升 3 美元。化肥降幅主要是氯化物，氮肥降幅不大，但其他化肥降幅很大，然後物流也累積壓低了價格。然後柴油價格也下降了。因此，所有這些都會影響化肥的價格，直到它到達我們種植園的地區。

So, it was a combination of all of these different items. So in general, there was a correction in the services a little below inflation, but I'm not sure if it was the only item that continues, but the impact of the main fertilizers and seeds generated that economy. And for the next year, we hope to continue correcting it decreasingly.

所以，它是所有這些不同項目的組合。因此，總的來說，服務業的修正略低於通貨膨脹，但我不確定這是否是唯一持續的項目，但主要肥料和種子的影響產生了該經濟。明年，我們希望繼續減少修正。

Very good answer, Gustavo, but just to illustrate a little bit more. Gustavo said we left five pre-pandemic, post-pandemic went to 4,500 and then 3,900, then 3,600. So, that is the curve. That's the cost directly from the production of soy per hectare. We're talking about inputs, fertilizers and Agritoxins and services.

非常好的答案，古斯塔沃，但只是為了說明更多一點。古斯塔沃說，我們在大流行前留下了 5 個，大流行後增加到 4,500 個，然後是 3,900 個，然後是 3,600 個。所以，這就是曲線。這是每公頃大豆生產的直接成本。我們談論的是投入品、肥料、農桿菌毒素和服務。

And Gustavo said that there was also a small correction in logistics. In general, we did a company -- it's hard to give you a hard number because there's a different number in Bahia Maranhao and the most expensive logistics is Vale do Araguaia and Xingu, but I could say that the combo it would be $50 or $60 per ton.

古斯塔沃表示，物流方面也出現了小幅調整。總的來說，我們做了一家公司- 很難給你一個確切的數字，因為巴伊亞馬拉尼昂有一個不同的數字，最昂貴的物流是Vale do Araguaia 和Xingu，但我可以說，組合將是50 或60 美元每噸。

Some regions dropping even more, sorry, reals not dollars, BRL50 to BRL60 per ton. At the peak, we had the most expensive logistics of the company. Xingu reached almost BRL500 in Barcarena, and that went back to BRL430. And so, that is part of the cost of those direct cost of production.

一些地區跌幅更大，抱歉，是雷亞爾，不是美元，每噸 50 至 60 雷亞爾。在高峰期，我們擁有公司最昂貴的物流。Xingu 在 Barcarena 達到了近 500 雷亞爾，而這又回到了 430 雷亞爾。因此，這是直接生產成本的一部分。

Wonderful. I would like to thank everyone, Andre, Gustavo for their participation, everyone who stuck with us until the end. I think we are starting a great harvest after a very challenging harvest. So, we are very optimistic, and I will pass the floor to Andre for his closing comments. Thank you.

精彩的。我要感謝所有人，安德烈，古斯塔沃的參與，感謝所有支持我們直到最後的人。我認為在經歷了一次非常具有挑戰性的收穫之後，我們正在開始一次偉大的收穫。所以，我們非常樂觀，我將請安德烈發表結束語。謝謝。

Well, once again, thank you so much for listening to us. This is our first call, and you can count on our dedication. Gustavo commented on the certification that we just received. This is something that I insist on. I like to insist on.

好吧，再次非常感謝您聆聽我們的演講。這是我們的第一次電話，您可以信賴我們的奉獻精神。古斯塔沃對我們剛剛收到的認證發表了評論。這是我所堅持的。我喜歡堅持。

That's why we are so comfortable with our sustainability in the long term where the company is not one or two people. There can be one or two Maestros, but the company is an orchestra. So, if we have a certification, it means that the Orchestra is working. If the Orchestra wasn't working, we would not have the certification. So, the certification is proof that we have an Orchestra working and that gives us more energy to continue delivering results to our shareholders.

這就是為什麼我們對公司的長期永續發展感到如此滿意，因為公司不是一兩個人。可以有一兩個大師，但公司是一個管弦樂團。因此，如果我們獲得了認證，就意味著樂團正在運作。如果樂團不工作，我們就不會獲得認證。因此，該認證證明我們有一支管弦樂團在運作，這讓我們有更多的精力繼續為股東提供成果。

So, we have a robust process to support this process, and we have qualified people to deliver the results of the process that we expect. So, once again, thank you so much who have been with us for this last 1.5 hours, and you can count on us. The harvest will be less challenging, we hope than last year, but we still have some horizon before us. And so, let's wait and see what will be the results. So, thank you so much, everyone, and have a great weekend.

因此，我們有一個強大的流程來支援這個流程，我們有合格的人員來交付我們期望的流程結果。因此，再次非常感謝您在過去 1.5 小時中與我們在一起，您可以信賴我們。我們希望今年的收穫不會比去年那麼具有挑戰性，但我們仍然有一些前景。所以，讓我們拭目以待，看看結果如何。所以，非常感謝大家，祝大家週末愉快。

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。