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| Statement |
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| Our clients are the large producers that grow every year, because of the tax efficiencies they have and they also had important productivity gains |
| So commodities, the price of commodity will affect the farmers but remember that in the last few years, we had a very positive contribution margin |
| We will say how we did, how things came out, and how we're making progress in the harvest the delivery of 2 million tons of sugarcane, once again being strong as a large producer of sugarcane |
| So irrigation is good for cotton, and this can bring us good operational results and good gains in these irrigated land, making the land more expensive |
| It is positive, but it would be very good, so our vision of price |
| We had a positive result with these biopharms and we began to use this in other crops, and the result was very good |
| We hope to have an improvement in the efficiency of the use of fuel |
| So you can continue trusting in the work done by the company, the resilience in delivering results both in operations and sale of land |
| This allows us to say that we will have sustainable growth |
| We believe that since we planted corn in a restricted window, we believe we will have a very positive harvest in corn |
| So we're very optimistic |
| And we were able to capture very positive premiums last year BRL30 million better in our results |
| If the basis was even or 30-positive or 40, as it was historically, we would have a positive contribution margin, a very good one |
| We know that we have new areas where -- new areas with sugarcane we're making adjustments and we see an improvement year after year |
| Now we have favorable pasture and we will close this gap in GMD |
| We won't get to sell at this price, but we're very optimistic |
| But what I'd like to call your attention to is that in the last years, in spite of being company that sold a lot of land, we were able to continue to grow the planted area |
| This has been very resilient inside the company |
| We understood that we could capture better premiums |
| So we were able to serve on better prices |
| This will become stronger |
| You said there are good opportunities to sell land this year |
| Beans will become stronger |
| Cotton has been growing strongly in Paraguay |
| And we were able to capture better prices |
| We began with 800 hectors than 2,000, now 2,500 hectares of cotton in Paraguay very good for cotton an absurd natural fertility |
| It's important to say that this is the positive trend that I see |
| And last year, this inventory also generated an important result |
| Price of land, you're right in saying that the increase in RJ, I always say that in agro business, communication is very efficient |
| So a great offer with lower demand in China growth of 1% |
| Statement |
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| Ethanol has been a challenge for us due to what you have been following in terms of prices, many of you follow also the prices of ethanol and sugar, it has been a challenge and we begin to see signs of improvements for the next harvest |
| And this year corn gave us a negative result and soybean represented BRL 7 million |
| So in ethanol we have a challenge the Brazilian harvest |
| We saw that the breakeven was difficult for corn |
| We had an operational margin that was lower than the historical levels |
| We had contribution margins that were very bad |
| Now we added one in Xingu farm, where we produce soybean corn second crop for corn Sao Jose also where we have sugarcane, soybean and corn, we began -- and we ran some tests with some books that are that are threat and gave us problems with the quality of the product |
| So the products that, we delivered we had a negative premium and this resulted in 23% drop in prices |
| What can we expect in the next few years? All these crops present a challenge in terms of market channels |
| It's been a challenging year in terms of production |
| So an important drop in fertilizer prices, especially potassium chloride, phosphorus also has a drop |
| This was bad for pastures |
| We had derivatives that on June 30 last year, when we saw the future in the short-term, would have lower prices we thought it would be the right time to sell our inventory and thus, during the first semester we obtained negative results of BRL23 million |
| André showed the results lower planting area, an important drop in revenue |
| Phosphated products are still high chloride has dropped a lot, so below historical levels and nitrogenated fluctuating |
| And as we said, the margins began to drop in the previous year |
| Ethanol is always 30% cheaper than gasoline and the EBITDA margin was also affected, dropped and later, I will show you this fact |
| We had to sell at prices 39%, lower than the previous year |
| Otherwise, we would be worried with farmer situations in the second semester |
| So it doesn't mean a big drop in contribution margin since this crop had a very negative price -- very negative result |
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