Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share)

Good morning ladies and gentlemen and thank you for holding. At this time we would like to welcome everyone to the ELTA Group's fourth quarter 21 results conference call. There is also a simultaneous webcast that may be accessed through ELTA Group's website ri.elta.com.br and through the MDIQ platform. Please feel free to flip through the slides during the conference call. The presentation will be conducted by Mr. Rodrigo Pizzinatto, Ultra Group CFO and IRO. And during the Q&A session, we will have the presence of Mr. Marcos Lutz as well, the company CEO. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company presentation. Should any participant require assistance during the conference call, please press star zero to reach the operator. We remind you that the webcast participants can pose their questions that will be Posted in advance in the webcast, the replay of this call will be available soon after the closing for seven days. Please bear in mind that the forward-looking statements made during this conference call referring to the business outlooks of the Ultra Group projections and operational and financial goals are based on the beliefs and assumptions Fulvius Tomelin Fulvius Tomelin Industry Conditions and Other Operating Factors could affect the future results of the Ultra Group and lead to results that differ materially from those expressed in such forward-looking statements. We will now turn the conference over to Mr. Rodrigo Pizzinatto, who will begin the conference. You may proceed, sir.

Good morning, everyone. It's a pleasure to be here once more to talk about UltraPAR's results And starting off with a short retrospective of 2021, which was an important year for the group, with large-scale transformations. It was a great year for UltraGas, UltraCargo and Occitano, which posted record results in profitability. Ipiranga and ExtraFarm, on the other hand, didn't achieve desired levels of profitability, even when considering the improvements seen in the operations during the second semester. On this note, at Ipiranga, We have carried out several changes and operational adjustments to resume the company's profitable growth trajectory over the course of 2022 and 2023. In addition, in 2021, we also made significant progress in reviewing our portfolio. With the signing of the sale agreements of Occitano and Extra Pharma, which are still pending of approval, besides the completion of the sale of our equity interest in Connected Car last October. Finally, I'd like to highlight the significant renewal of our management and governance structures, which reinforces ultra-pillars of perpetuity and growth. along with our new members of the Board of Directors that added complementary experiences and skill sets. We have also carried out the succession of the Executive Leadership Positions of Ultra Group and Ipiranga, in addition to planning the succession of the Chairman of the Board of Directors. I will now go through our presentation, sharing with you our comments on the results of the first quarter and of the year of 2021. After that, we will move on to the Q&A session in which we will count on Marco's participation. Well then, starting with slide number two, I would like to highlight two topics on the earnings report. The first one concerns the 2021 financial statements. Due to the signing of the sale agreement of Extra Farmer and Occitano over the last year, We have classified these companies as assets and liabilities held for sale and discontinued operations. Our annual financial statement released yesterday already reflects this classification. To better enable comparison with previous periods, both the earnings released and this presentation consider the company's pro forma consolidated information. That is, ultraparse data also comprise Occitano and Extra Pharma results, adopting the same concept that we have been reporting in the last years. The second topic I would like to draw your attention to is in relation to the non-recurring effects, both in 2021 and 2020. We had some one-off impacts that have affected our results. which we have explained in our releases throughout the year. By reading the explanations, you will notice that we have excluded such effects, both positive and negative, so we can analyze the operating performance of our businesses and UltraPAR. Moving forward now to slide 3 to talk about UltraPAR's consolidated results. As you can see in the chart in the upper left side, Our recurring EBITDA totaled R$1,144,000,000 in the first quarter of 2021, 32% higher than that during the first quarter of 2020, driven by better results at Bipiranga, Ultragas, Occitano and Ultracargo. Looking at the year's results, our recurring EBITDA totaled R$4,055,000,000, an increase of 22% compared to 2020. with record results of Ultra-Gas, Ultra-Cargo and Occitano and a gradual recovery in epidemia and extra-formal results. Ultra-Parsnet income in the first quarter was R$390 million, 10% lower than the first quarter of 2020, due mainly to the worsening in the financial results, attenuated by the increase in EBITDA. The worsening of the financial result was driven by three factors. First, higher extraordinary tax credits in the first quarter of 2020, which totaled R$160 million. Second, the temporary negative effect of mark-to-market, of hedges of the bonds, which has no cash effect. And third, the CDI rate increased over the greater average balance of net debt, despite lower cost of debt. In 2021, ultraprocess net income was R$884 million, 5% lower than 2020, due to the decline of the financial results and extra pharmacy impairment, which also has no cash effect, attenuated by higher EBITDA. Our Board of Directors has already informed approved the payment of R$186 million in dividends for the second half of the year, equivalent to 17 cents per share. Investments totaled R$1.9 billion in 2021, an amount 27% higher than that in 2020, in line with the plan announced in December 2020 for the year and directed mainly to Ipiranga, Ultracargo and Ultragas. We recorded a cash flow generated by operating activities of R$2.6 billion in 2021 compared to R$3.1 billion in 2020. The lower generation resulted from investments made in working capital throughout the year, driven by higher fuel, LPG, and raw material costs despite the higher EBITDA. Moving on now to slide number four to talk about our liability management. We ended the year with a net debt of R$11.7 billion, an increase of approximately R$1.2 billion compared to the net debt of 2020. The increase is explained by three factors. The payment of dividends in 2021 in the amount of R$698 million, worse financial results as I mentioned in the previous slide with an impact of R$290 million, in the effect variation of the portion of bonds designated for hedge accounting. The exchange rate rose from 5.2 in 2020 to 5.58 in 2021, adding R$201 million on the net debt position with no cash effect. Throughout the year, we have been carrying out a liability management to improve our financial results. Includin assessing the market through incentivized issuances of infrastructure debentures and an angry business receivable certificate along with anticipating the payment of debts with higher costs. We have also reduced the surplus cash level, reducing the effect of carrying costs. By these measures, The average cost of debt went from 154% of CDI in 2020 to 114% of CDI in 2021. And finally, our leverage went from 3.0 times net debt to EBITDA in December 2020 to 2.9 times at the end of 2021 due to higher EBITDA level in the last 12 months and we also kept the duration stable and 4.6 years. Let's now move on to slide number 5 to talk about Ultragas. Sales volumes during the first quarter were 2% lower than that in the first quarter of 2020, despite the 1% increase in the bulk segment due to the 4% reduction in the bottled segment as a consequence of lower demand for LPG bottles. In the bulk segment, we had also an increase in the volume sold to the industrial, commercial, and services segments, which were more affected by the pandemic in 2020. In 2021, the volume sold was 1% lower than that in 2020, with a 4% reduction in the bottled segment, as a result of greater demand for LPG bottles in 2020, meaning periods of greater social isolation. and a 5% increase in the bulk segment, I reflect a higher number of sales to industry's commercial and services segments. Ultra-gas SG&A in the first quarter of 2021 was 6% higher than that year over year. Due to the greater personnel expenses, provision for doubtful accounts resulting from the updating of accounting parameters, higher expenses with sales, sales commissions and freight, all attenuated by lower expenses with information technology. Ultragaz EBITDA totaled R$222 million in the quarter, 44% higher than that in the fourth quarter of 2020, due to the pass-throughs of LPG cost increases offset by a higher concentration of expenses in the quarter. In 2021, Ultragaz EBITDA was R$729 million, Similar to the level reported in 2020, mainly because of greater operational efficiency and expenses management. Regarding the current quarter, we expect results to continue expanding relative to that of the first quarter of 2021, driven by higher operational efficiency despite of the lower demand in the bottled segment. Now, moving on to the next slide, slide number 6, to talk about another great quarter of ultracarbons. The average stock capacity reached 917,000 cubic meters in the first quarter of 2021, a 9% growth year-over-year, on the back of the startup operations of the Vila do Conde terminal in December 2021, and the expansions in tank capacity implemented in Itatiport over the last 12 months. UltraCargo's net revenues were R$187 million in the first quarter, a 13% growth year-over-year, led by contractual adjustments, improvements in the mix of products and terminals, and the expansions above mentioned. In 2021, UltraCargo's net revenues reached R$713 million, 11% higher than that in 2020, due to the same reasons of contractual adjustments, mix, and expansions. Combined costs and expenses were 5% higher than those in the fourth quarter of 2020, as a result of higher depreciation costs arising from expansions in capacity, in addition to higher information technology expenses to support productivity gains and digital transformation projects. Ultracargo's EBITDA was R$101 million in the quarter, 32% higher than that in the fourth quarter of 2020, Due to the expansions with profitability gains, contractual readjustments, and productivity gains. The EBITDA margin reached 54% in the first quarter of 2021, well above the 46% margin of the first quarter of 2020. In 2021, Nutrocargo's EBITDA reached a record level of 396 million reais, An increase of 22% compared to the recurring EBITDA of 2020. And for the current quarter, we expect the continuity of the positive operational performance of UltraCargo, with similar levels of results as those seen in the last quarters. It is worth noting that we will gradually ramp up the Vila do Conde operations throughout 2022. Moving now to slide 7 to talk about Occitano, Volumes sold in the first quarter of 2021 were 6% lower year-over-year, mainly driven by the 34% reduction in commodity sales due to the prioritization of specialty chemicals in the mix of products during periods of scheduled shutdowns. The volume of specialty chemicals decreased 1% as a result of lower sales to the home and personal care segment. Offset by Higher Sales to the Crop Solutions Segment. We also registered a 35% growth in the U.S. plant. In 2021, the volume sold by Occitane was 3% higher than that in 2020, with an 8% growth in specialty chemicals driven by higher sales in the crop solutions and coating segments, in addition to 24% higher sales in the United States, while commodity sales dropped by 17%. Occitano's SG&A increased by 16% year-over-year as a consequence of higher expenses with freight and storage resulting from higher unit costs in reais and personnel expenses in line with the progression of results. It is worth mentioning that in the first quarter of 2020, Occitano's results were benefited from the constitution of Extraordinary Tax Credits in the amount of R$85 million. Occitano's EBITDA was R$252 million in the quarter, an increase of 42% when compared to the recurring EBITDA of the fourth quarter of 2020. Such an increase is due to better margins, which were affected in 2020 by the negative effect of the zero-cost collar hedging and of the more devaluated exchange rate attenuated by higher costs and expenses. Occitano registered a record EBITDA level in 2021 in the amount of one business, R$104 million, an increase of 75% over the recurring EBITDA of 2020. And for this first quarter of 2022, we expect Occitano's good results to continue with a recurring EBITDA higher than that of the fourth quarter of 2021. Moving on to slide 8, let's talk about Ipiranga. Volume sold were 2% lower year over year, with a 7% decrease in the auto cycle largely due to greater participation of gasoline instead of ethanol in the product mix, while diesel increased 2%. In 2021, Ipiranga posted Sales volume 5% higher than that of 2020 due to lower effects of the pandemic in the fuel consumption in Brazil in 2021, with an increase of 3% in Autocycle and 6% in Diesel. We ended the first quarter of 2021 with a network of 7,104 service stations, 16 more than the third quarter of 2021. with 127 openings and 111 closures in the quarter. The average volume contribution of the new service station is 438 cubic meters per month, while the closed ones had volumes below 19 cubic meters per month. In addition, we ended the first quarter of 2021 with 206 AMPM's company operated convenience stores, 57 more and we had in the third quarter of 2021. FG&A increased 50% in the quarter with some large effects. The first is the one-off concentration of extraordinary provisions of our contingencies in the amount of 88 million reais, which involves mainly civil and fiscal proceedings with recent decisions that increase the risk profile of such losses. In addition, We also had the impact of inflation on expenses, higher provision for DAFO accounts, and the growth of AMPM's company-operated stores, which went from 55 stores in the first quarter of 2020 to 206 stores in this last fourth quarter. It is important to keep in mind that in 2020, Ipiranga had temporarily held back expenses on several fronts due to the pandemic.

which contributes to this reported increase.

The other operating results line totaled R$ 15 million in the quarter, lower than that in the first quarter of 2020, mainly due to lower extraordinary tax credits attenuated by higher merchandising revenues with suppliers and lower costs with CBIOS. The disposal of assets line totaled R$ 128 million In the first quarter of 2021, due to the registering of a capital gain reflecting the sale of Connected Car of 76 million reais and the higher sale of real estate assets in the last quarter. With that, in the first quarter of 2021, excluding Connected Car's capital gain, Ipiranga total EBITDA of 627 million reais 29% higher than in the first quarter of 2020. This growth is the result of better margins and higher results from the disposal of assets, partially offset by higher expenses and lower sales volume. In 2021, excluding the capital gain from Connecticut, Ipiranga's EBITDA totaled R$2 billion and R$10 million, 17% higher than that in 2020, Due to better margins and higher sales volume attenuated by higher expenses. We started this year by implementing important operational adjustments in order to recover Ipiranga's profitability over the coming quarters. For the first quarter of 2022, we see results still below our expectations and of the levels seen during the first quarter of 2021, keeping in mind that the first quarter of 2021 was benefited from relevant inventory gains. We also remain attentive to the macro environment in the fuel sector. Now, moving on to the final slide to talk about extra pharma, slide number nine. We ended the quarter with 399 stores, a network 1% smaller than in the first quarter of 2020, a result of a more rigorous approach to underperforming stores. It's also worth noting that 12% of the stores are still in the ramp-up phase. Gross revenues were R$ 528 million in the quarter, a 4% reduction year-over-year, due to the lower number of stores and the strong base of comparison in mobile phone sales in the first quarter of 2020, as an effect of the pandemic in that period. Extra Farmas Gross Revenues in 2021 were R$ 2.1 billion stable compared to 2020. During this quarter, we have registered an impairment of assets with no cash effect in the amount of R$ 33 million due to the difference between the book value and the value announced in the transaction with PagMenos still subject to closing adjustment. Extra Farmers Recurring EBITDA Total 24 Million Reais in the Quarter a decrease of 30% year-over-year as a result of lower sales and the effects of inflation and expenses meaning personnel partially offset by reducing expenses and productivity gains measures In 2021, Extra Farmers Recurring EBITDA was 74 Million Reais 12% lower than that in 2020 for the same reasons I mentioned in the quarter. For this first quarter of 2022, we expect a result above that observed in the first quarter of 2021 and below that of the fourth quarter of 2021, due to the seasonal variation between periods. So now I conclude my presentation. I appreciate your attention and your interest, and let's now move to the Q&A session. and Marcos and I are available to answer your questions now. Thank you.

The floor is now open for questions and answers only for analysts and investors. Should you have a question, please press star 1. If your question has been answered, you may withdraw from the queue by pressing star 2. Questions will be taken in the order they are received. We ask you to please pick up your phone when posing the question to provide optimum sound quality. Please hold while we pool for questions. If you are following the conference call via webcast, please click on questions to the coast to send your question to the company executives. Our first question is from Gabriel Baja from Citibank. Good morning, Marcos and Rodrigo. Thank you for the presentation. I have two points that I would like to discuss with you. The first, perhaps, is the main concern of investors regarding Ipiranga. When we look at margins, there was a significant improvement in the last quarter of the year, without a doubt a relevant gain. But when we compare this with the two main competitors, Jaina that has already reported results, it was a very strong quarter for everybody and Ipiranga is still underperforming in this sector. Now, we take advantage that Marcos Lutz is in the call with us and can interact with analysts If you could discuss which are the coming steps at Ipiranga if you have important results, changes in terms of your team and which is the diagnosis presently regarding Ipiranga and which would be your future steps? We speak a great deal about sourcing, pricing. If you could further explain which will be the gains for the company regarding Ipiranga perhaps this would help us to understand what will happen with the margins. The second point that I would like to discuss with you refers to capital allocation for the Ultra Group as a whole. This plan of de-investing from Extra Pharma in the past you had the possibility of acquiring A Refinery which did not materialize. If you could explain which is the mindset of the company in terms of the future of Ultra after the sale of Occitano and Extra Pharma, which are the group priorities going forward? And are you going to focus on the billions that you have presently in your portfolio or are you thinking about other avenues of growth in the short term? Concomitantly with this turnaround of Ipiranga. Thank you. These are the two points for discussion. Gabriel, this is Marcos. Now, these two questions would take six hours of call to truly respond to them, but I will be very clear and straightforward. Ipiranga does not have a structural reason, quite the contrary, to have performance below that of the two competitors nationwide. It has a brand that is deemed to be by the end consumer as being a prime brand. It has a very similar structure. and in truth there is no gap that would justify the differences in terms of results that we have had and evidently it has an issue of software of people and processes that need to catch up. We have undergone a highly relevant transformation in the company I feel extremely comfortable with the team that we have at present and the focus of each of the teams. And this catch up will end up being something natural. We began to catch up somewhat in the last quarter, although the figures do not reflect this. We do have things beyond the financial results that show to us that we have had enhancements The Net Promoter Score for example as a company we are the company that most increased its network for the brand in the last quarter as well as in the last month of this year we are making great strides in our pricing structures as mentioned we're very close to the hundred percent that we would like to attain to consolidate a new culture to deal with pricing going beyond the pricing infrastructure that is very well established. And in terms of sourcing and trading, we still need to make great strides. We do have only one area that is well advanced, so we still have a long path to go down. and you don't do this in four months it will take us a year or two years approximately this catch up the gap will have to be closed and it will be closed and in the final analysis this is my response I don't know if I was very vague but we do have multiple initiatives which I do not control they are underway with a team and I see that they will and many others. Now, this is the response that I would like to give to your questioning. And all together, they will make a big difference. Now, for the ULTRA group as a whole, I can say the following. ULTRAPAR in the future should become a company That will generate value. In the future, it will be a company that will invest in businesses that they touch will increase value. It has a strong culture, a strong team, stringent discipline, and in the long term, this is something that will be built. Evidently, this is not something for the medium term or Something that will be done through acquisitions. Presently, the focus is how to carry out this catch-up for Ipiranga. We do have two businesses, Ultracargo and Ultagras, with very good performance, with very relevant accelerated expansion paths going forward, and of course, eventually, minor M&As, Especially in the two businesses that I have mentioned, to accelerate a structured growth, this would make sense for us. So summarizing, this is what I would like to share with you. Very clear indeed. And the first point, if you allow me to ask a very broad question, if you could further explain the issue of Logistics I know that this has already been discussed and this is not a gap that you have but perhaps there will be a logistic gap among the B2C groups in the sector. You will observe that this gap does exist. Well, I observed that there exists a gap And this gap does not justify the gap that we have in results. And there are regions where we are better than the competitors. In the south, for example, we have a better infrastructure. There are regions in the country where so far we are still structuring ourselves. We need to work harder. And what I am underscoring here is that There is a great deal to do. Some of this is already underway. We have some things that are being inaugurated by the sake of the logistic infrastructure depends on three or four significant players. Large part of the volume is something that we share with companies. Truly cannot say that this will justify 20 highs per cubic meter. Of course not. This is a minor issue. Now the software linked to the logistics perhaps does have a greater gap. The intelligence of trade, of how to program, how to carry out deliveries. Perhaps there we do have a gap that we're going to pursue, but in the software category and not in the hardware and CAPEX. Category. Thank you. Thank you very much for the clear answer. Our next question is from Regis Cardozo from Credit Suisse. A good morning to all of you. I'm sorry we were not able to hear you well. Your voice is somewhat muffled. There we are. Has it improved? Yes, it has improved. Thank you for taking the questions. Thank you for the presentation. And Marcos and Rodrigo, thank you for your participation. We have two questions. First, regarding capital allocation, ULTRAPAYER has a very relevant CAS position. Perhaps it is preparing for a transformational acquisition, but it seems that this did not go through. The question, therefore, is if you foresee other opportunities, perhaps of a smaller size or opportunities with the same size that are as representative as this acquisition, these industries that You imagine that the ULTRA group could expand to, we have already spoken about natural gas and biofuel, but in fact, there has never been a more decisive movement in that direction or ultimately a different type of solution, the payoff of debts, debts that you have abroad. A second issue to take the discussion once again towards Ipiranga, and I do thank you for your response to the previous question. Have you identified a set of low-hanging fruits, that is to say, opportunities That could be expanded in an accelerated way or do you have a learning from your previous experience that of course you could make the most of in the company? Thank you. Very well, we'll begin with the end. We don't have a key That if we flip, we'll increase the company capital by $15 million in a fortnight. In the final account, what does exist is an industry without great novelties. We're speaking about doing things in a normal way, and we have been doing this for years in terms of distribution. Now, the Present Day CEO is highly focused on operation. He has a culture in the past for this. So what we want to do is focus on the basics, perform them well and this will suffice to allow us to grow more than the competition in some cases. It will depend on the market moment. This is our focus. There is no expectation to We are in a very comfortable position. We can say that this is fully feasible. There's nothing terrible pending over our heads. And with the sale, we have a historical relationship with excellent ties. All of these issues, which were issues of concern when I was outside, nowadays enable me to feel more comfortable with this process. We're carrying out efforts day after day with the commercial team and Frederico, the commercial director, does this. Things, of course, are advancing. And as I mentioned, we already see concrete results and increase in Our branded network. And this is something I would truly like to underscore. There is no miraculous key that will transform the company. This does not exist. Now, when it comes to our portfolio, I truly don't want to be repetitive. There's another question. where I answered the same. We're not going to do anything gargantuan or gigantic now. The refinery that was a project at this point in time perhaps will not be propitious for us because of the interest rate and the lack of stability of oil. If we penetrate the sector more, we have different positions and we have a very well protected point for sales so I'm quite calm with this and we will have a portrait of the company with a reinforced balance and if we think of our foci 12 months ago in terms of the CDI we now find ourselves in a completely different world compared to 12 months ago and If we carry out an M&A at large scale, we're going to leverage ultragas more specifically. Our next question is from Guilherme Levy from Morgan Stanley. You may proceed, sir. Good morning, and thank you for taking my question. My first question, if you could speak about the draft bills in the Congress to change the way that the taxes are collected and what this will represent for the distribution sector going forward and if the way in which taxes are collected could have an impact on Ipiranga still this year My second question referring to Extra Pharma, if you have a more updated timing for this company and if you hope that the antitrust company will come up with some sort of remedy for this situation. I will answer the first question and then we will go on to Ultra Pharma, Extra Pharma. In the last 12 months, Brazil and perhaps the entire world have felt the pressure of fuel in the world and in several regions, especially those that are more political and difficult to follow up on. We have a hard time of seeing final results. We have had provisional measures, draft bills, regulations, and Many things of that sort. And our comment and our focus is a lighter way of collecting taxes because the model that we have in Brazil has an enormous impact. Brazil should have a better infrastructure for fuel distribution. It does not have one. because part of the segment truly is working with fiscal evasion and creates hyperbolic noise in the sector. So along those lines, the trust bill that is about to be voted will allow for organization. It will not resolve the issue, but it will make it easier for the governments to collect taxes, perhaps reduce taxes in some cases. And I do see positive impacts for the consumer and for the sector, at least for those that are serious, who want to carry out structural investments and allow the country to grow when it comes to fuel. I look upon this positively. This will be voted on after the carnival holiday. I will now give the floor to Rodrigo. Good morning, Guilherme. Thank you for the questions. Regarding extra pharma, we hope that the antitrust agency decision, the CADE, will have a decision on the second quarter or at the most in the third quarter. Now, the situation is quite complex. They're attempting to regulate the process, and this statement of complexity, of course, does not If the remedy comes up, we do have a contractual clause that will resolve this. Thank you. Thank you very much. Our next question is from Leonardo Marcondes from Itaú BBA. You may proceed, sir. Can you hear me? Yes. Thank you for taking my question. And in truth, my question is a follow-up on the capital allocation question. I would like to know your opinion on if there is a more attractive sector that you are evaluating now to avoid going into details that you cannot share with us. Perhaps if you could share if there is a sector that you deem to be attractive and where you intend to go into after a more in-depth assessment, if there's any link in the chain that would make any sense for you. That is my question. Thank you very much. Leonardo, we like sectors with high profitability and low risk, of course. Notwithstanding this and joking apart, what I believe could be an example, the natural gas market, for example, is one that we deem to be interesting, but it's not simple. I looked at the privatization of a distributor in Rio Grande do Sul however we were not able to enter the sector with profitability as an umbrella for investment for the company evidently everything is what is below the world of energy which is where we find ourselves now and Whatever is surrounding this, our focus at present will be to look in-house. If opportunities arise, if we're able to conclude some conversations, we have small negotiations once again under this umbrella. of Ultra Cargo and others and we're going to prepare the organization for the long term so that we will become an organization that when it makes an investment will create value vis-à-vis the other controlling companies to make a difference. I believe that this is fundamental to guarantee that this structure will be in place for larger movements. Thank you, thank you very much for your reply. Our next question is from Luis Carvalho from UBS. Good morning and thank you for taking my questions and for the recovery of Ipiranga. In truth, I have three questions here. The first question, making the most of Marcos Lutz's presence in the call If we could look at this from another outlook, in 60 or 50 days, you have participated in the commission. And what can you say to us in terms of a two-year plan or a five-year plan? What is it that you would take into account as the main accomplishments or the main The second question, and it's a question that I have posed previously in other calls, it refers to your dividend policy. Very clearly, the company policy is foreseen in the bylaws, and we understand that you will have an inflow of cash from Oxiteno and Extra Pharma. But if we look at the 3.0 time leverage of the company, it would not make too much sense to pay dividends. Is there any survey or an intention of making this process more flexible? If you allow me a last question. Ipiranga in truth is a highly acknowledged brand. And if you could give us further examples of what has already changed. Oh, that perhaps a CFO or the head of training will change. What is something more palpable? that you have perceived as a change in Ipiranga. Thank you. I'm going to avoid speaking about dividends. I do agree with your vision. As you know, this has to be reviewed as part of our bylaws. In my reading, this will have to be debated but through an Assembly This is what I can share with you at present. When it comes to Ipiranga and Linden's shoe soles, he's visiting all the clients. This is only the tip of the iceberg. It is a process of the company to getting closer to clients to understand operational problems and much more. And for a person like Linden, This will represent a huge contribution. After every trip, he comes back with a huge list of things to do. Organization, new data, and much more. And of course, he does not do this alone. He does it with his board through reviews. And in the final account, this ends up being a backlog of actions to improve our efficiency at the other tip, which is where we We have resiliency, we have quality, and despite past associations, well, he still is with us embracing this project and this resumption, this recovery. And the other question is a 100-day plan. It's so difficult to speak about this. It's a dream. And it's not a dream that will become real instantly. It's a benchmark in the sector. And as all companies, we have broad growth projects to be able to double our results. But first of all, we have to work with that catch up. And once we have caught up, we have to have a very sound and the rest of the participants. One break on top of the other and the 100-day plan is a plan which is already underway and the processes have all begun to change. Unfortunately, of course, we can't say, well, we have gotten here, we can now hire 100 people or hire a new consultant. It's not about this. It's about hard work. Fulvius Tomelin Fulvius Tomelin Working in an accelerated way. We don't have a big bang to share with you, unfortunately. Thank you. That is very clear. Thank you for taking my questions. Thank you. As we have no further questions, we would like to return the floor to Mr. Rodrigo Pizzinatto for the closing remarks. Mr. Pizzinatto, you may proceed, sir. Thank you very much for your questions, for your attention. For those questions who have come through internet, the IR team will return the contact. Thank you very much once again. Have a good day. Thank you. The earnings result ultra group conference call ends here. You may disconnect your lines now.