Gustavo Lopez: Andre, just supplementing your words. So in the last five, six years, we paid R$1 billion in dividends and the company is strong, R$280 million in cumulative results and we mentioned that we still — we sold farms and we will receive the payment. Now, in terms of the price of shares, what we have seen, many people look at the company, looking at cash flow. And although, we have been buying and selling farms every year, but I believe that we have a challenge to increase the planted area and generate more cash. Recently, we leased farms. There is one that was acquired and has a potential for a crop in a second crop. Its pasture land. We’re transforming into arable land. And with this, we believe that with the cash — with this, we would have more cash flow. This is what we want. This is what we’re after on a permanent basis, growth — a growth of 10%, 12% a year in planted area.
Andre Guillaumon: Fine, Gustavo.
Ana Ribeiro: Well, we’re running a little late, but we have some questions from Gabrielle, which is important. Let’s see. First question, the last quarter apart from sugarcane, we had a drop due to the sale of soybean. What is the sale strategy this semester and why did we have less revenue and volume? The increase in short-term debt and would you extend the maturity of this debt? And whether it’s time to sell and also the cost of freight? Is it going down or is the price of freight still very high? No, we could talk about this for another two hours.
Andre Guillaumon: Okay. Let’s talk about the revenue. Freight, we’re not seeing lower prices in freight. We see signs in the — of dropping the price of diesel oil, harvest is arriving. Where prices are not going up, but we don’t see the price of freight going down. In terms of debt, the company is — we have cultivated areas 170,000 hectares and this needs a lot of working capital. And since we have been working with some banks for a long time, yes, you saw growth in debt. But as Gustavo said, it’s a short-term debt. But with a price that is lower than the CDI interest index. It’s a loan for working capital. The company is growing a lot. Five years ago, we had a working capital of R$200 million. Today, we have a working capital of R$700 million every year.
So we have a growth in area and also we had to grow the working capital. Third point, the profitability is, we make decisions to sell when we believe that the price of an asset is going down not due to operations, not due to commodity prices, but because of higher prices of assets, we know it’s time to sell the farmland. This is the logic. Now concerning the strategy of selling grain, every year you have a different situation. So we explained the fluctuation in quarters. Some years we see a certain curve. What I can tell you is the strategy in the near and medium-term has new factors for decision making. So two, three years ago, with an interest rate of 2%, 3%, 4%, 5%, you would say, I can wait more or less. The way we see it today, you have to be very efficient because you can wait to sell soybean in April, May or in September, but you will have a cost of one point something a month.
So the sales strategy is always to have this the best profitability. So we see the price and the cost of capital in the period. If we believe it makes sense to hold the grains we hold. In some regions, you have to hold the sales due to logistics. I’ll give you an example. In Xingu, we have a problem for soybean. The whole region has because of the roads in Pio XII, the opposite; it’s easy to export from the Itaqui port. And so the sales strategy to hold back or to sell is cost of capital. And these points that I mentioned.
