So hopefully, a tax balance will bring interest rates down. But there’s still around to the tax reform. As you know, it’s gone back to the House for final adjustments and then it will be submitted to Congress approval during a joint session between the Senate and the House. Obviously, we hope that any distortions in a democratic process will be dealt with and hopefully, we’ll have an IVA or a VAT like we see in many other countries at a competitive rate. And hopefully, that will help the country to grow. And an important element is that it decreases the collection hiatus, up to 25% of taxes that should be paid on paid, so there’s a gap in the country. And hopefully, the tax reform will bring our industry and the country, a reduction in that tax gap.
And hopefully, the tax rate will be lower a few years from now because everybody will pay their taxes. And obviously, all the flexibility we have come from the team working to make sure that Cosan a successful. And Cosan is its people. We’re still learning. Our model is still evolving, but it’s been proven that this model allows the group to work together without any bureaucracy, with a high degree of trust and fully focused on the group’s results as opposed to individual results.
Matheus Enfeldt: Great. Thank you.
Operator: Thank you. Our next question is from Bruno Montanari, sell side analyst from Morgan Stanley. Please go ahead, Bruno.
Bruno Montanari: Good afternoon. Thanks for taking my questions. Congratulations everyone, on all the changes. I have a follow-up question about Compass and a question about Vale. At Compass, going back to the contract, there’s practically no competition in the market right now. So it allows you to have great trading margins. I think that contract is from a while back when the LNG price was at a completely different level. So do you think other cargos will be able to have the same margin, not in the next few months, but thinking more about the mid to the long run, so we can think about what kind of return might be possible in that business. As for Vale, there have been two color settlements, same size, 0.1%. How has Cosan’s investment in Vale been maturing? And can we consider other settlements in the colorized structure from now on? And will they be similar to the previous settlements, if you could give us some more color on that? That would be great. Thanks.
Luis Henrique Guimarães: First of all, yes, there is competition. Let’s just make sure everybody is on the same page. The competition with other sources of natural gas in Brazil and abroad as well as other types of gas, diesel. It is a competitive business, but we do have the advantage of being able to look at Brazil and what’s happening in the rest of the world. We have a great relationship with Total a very relevant player in the global market, and that allows us to have a better allocation of this molecule throughout the contract as opportunities arise. It’s impossible to predict future margins, but now the company and the team are fully focused on finding the best opportunities to allocate the molecule. I can’t give you a figure, but you know that we’ll always try to maximize results whilst at the same time making sure our clients are supplied and there are supply alternatives be it through our products, third-party products or other terminals to make sure that this is always growing.
We need to develop the gas market in Brazil, and that will only happen through demand. There’s more than enough supply considering the terminals capacity in this country. Second question, yes, you’re right. We’ve done part of our position. And since the beginning, when Marcelo and I talked to you about this operation in October in 2022, we mentioned that the optionality was available, and we would exercise it when we thought the time was right. Obviously, the color before October means we trust we know what we’re doing. So we were exposed to the share with our protection downwards and obviously, without the cap, which would affect our upside. So we are increasing our trust in the long run, and that’s why we did away from this part of the color.
We’ll be looking at it over the next few months. We don’t know how much percent will take place in a few weeks or in a few months, but we will continue to look at opportunities. If we still trust it, we’ll continue to do it, obviously, the settlement of the laws and capital investment in that structure to make sure that we can own the share and be directly exposed to its appreciation, dividends and other resource payouts to shareholders.
Bruno Montanari: Great. Thank you.
Operator: We’ll conclude the Q&A session. I will now turn it over to Mr. Luis Henrique for his final remarks.
Luis Henrique Guimarães : Before my final remarks, I’m going to turn it over to Nelson so he can say a few words. So we can begin our transition and to introduce him to all of you. Over to you, Nelson.
Unidentified Company Representative: Good afternoon, everyone. It’s a pleasure to be back here with you after close to eight years being away from the earnings release conference calls, obviously, Cosan in a very different place now. And now we are focusing on the transition. There are no changes in direction or strategy. We’ll continue to focus on the safety of our people, compliance, internal processes and focusing on what we have to deliver until the end of the year. As of next year, Rodrigo and I will be here with you during our quarterly calls to continue to talk to you, because it’s really helpful to the success of our company. So see you in the next quarter.
