Ana Ribeiro: Many people thanking us and many — we have some questions that were already answered. What the company is thinking about dividends, whether we will have an intermediate dividend. This is not in the radar and what we expect. That’s the billion dollar question. The billion dollar question. If we expect higher share prices and will we buy back shares? That is another question whether we will buy back shares.
Andre Guillaumon: Okay. Well, dividends, the company’s policy, you have heard us when we have good results due to the sale of farms, and this has been happening. We’re very aggressive in paying dividends. It’s very fair to pay back the investors that trusted in us. And if we need money to make investments, we will also request this. So now we have seen that my guess, one to five. When we have good projects, we will be less aggressive in paying dividends. When we have less good projects even with projects, in the last year, the company did the following. The company sold, lease, and buy last year. This is what we did. We sold, we leased and we bought. So when you have a portfolio becoming mature and then you be — you sell more.
And we know that most of our gains, most of our profit comes from the sale of land. In the next few years, we will see this. Now in buying back shares, we discussed this a lot last year. We will never make a decision that everyone will be having. Some shareholders wanted dividends; others wanted us to buy back shares. So in this scenario, the best we can do is giving the money back to shareholders. And if they want to buy, they can buy shares. The company has a good liquidity. In the past, you said either I pay dividends; people want dividends to buy more shares. So it made sense to buy back shares. Today, our company has a much better liquidity after the follow-on R$20 million. So this changed a lot. So today, if I use the investors’ hat, if I — if there’s liquidity and if I want to reinvest, I can buy.
So shareholders now has — have more options than in the past when we didn’t have liquidity. So we — there’s nothing in the radar concerning buy back — buying back of shares. But this can change if we believe the prices are discounted, we might decide to buy back shares. If we believe that we don’t have good land to buy and that we will and if we have resources left over after paying dividends, we could in the future buy back shares. But we don’t have that in the radar.
Ana Ribeiro: The value of the shares.
Andre Guillaumon: Yes. I always say there’s a great challenge. So our team is always looking at this. When we began, we had NAV 1.6, 1.3. Today, an NAV, which is much higher when we look at the company, the shares — the price of shares should be R$40, our shares had to be worth R$40. So when we look at the NAV in the past we’re always increasing the company’s NAV. So I always say that we’re looking at this, we increase NAV and we close gap. But this is good. The company’s always growing. So it’s a good investment. It’s an investment that has brought an excellent profitability for investors and will continue this way. When we paid 16% dividend yield, 16% plus the appreciation of the land, it was a spectacular profitability. The company pays dividends and is always growing. We’re increasing the NAV. We’re increasing the operation. We’re generating more cash flow. So I have no doubt that there things should improve much more.
