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So we have the earnings for 9 months ended on March 31, 2021. We have with us Mr. André Guillaumon, our Chairman; Gustavo Lopez, CFO. And all right, this presentation is being recorded. [Operator Instructions]
Before continuing, I will make some clarifications, a disclaimer, concerning any declarations made during this conference call concerning perspectives and operational goals. They are all based on assumptions and beliefs of the company and on information currently available. They involve risks, uncertainties. They refer to future events and therefore, they are -- depend on circumstances that may or may not occur. The investors should understand that general economic conditions in the industry and other factors may alter the company's performance and lead to results that may differ materially from those made in these forward-looking considerations.
Now I will pass the floor to André, who will begin the presentation. Thank you.
Good afternoon. Thank you, Ana Paula. Thank you, Gustavo, once again. And I'd like to thank you all for participating, for you have been following for many years, our earnings.
Good. Let's go on to the first slide, please. We're bringing you some numbers, relevant numbers concerning Q3 2021. So I'd like to share with you what the company did in these 9 months. We had a net revenue of BRL 440.6 million. We had a net profit accumulated in 9 months, BRL 189 million. Adjusted EBITDA, BRL 219 million.
One piece of news that we bring is the second issuance of CRA. This time, we did the CRA according to the stock market instructions, which gave a lot of visibility to the company and gave us an interest rate that was very competitive, very competitive rates. We are -- this brings visibility to our company and a longer debt profile in line with our business. So this is an important event in this quarter.
Now concerning the right side, we ended the harvest of more than 170,000 tons of soybean in Brazil, Paraguay and Bolivia. There -- I have a lot of good news. We have some bad news too, but bad news is attenuated by our geographical diversification, and we will talk about everything that happened. We finished planting corn, the second harvest of corn. Our region is privileged, most of our corn is in the region of Xingu. It's a region of Mato Grosso that suffered less -- this region suffered less. But we have a corn that is not as well positioned as we had last year. So these are the highlights.
I believe that I'd like to say that we are, in fact, a company that has operational strategy together with real estate strategy. Commodities are booming, and we're seeing the market also with better prices. So booming in terms of liquidity and prices. So we have a sale that was made last week, which is not included in the numbers. We will show this later. The sale was made last week and it's a very interesting sale. I'd like to mention 2 points about the sale. We continue being a recurring seller of assets. It's a sale that brings an IR -- of 20% -- it gives us an IRR of 20.4%. So 20% in an asset that you bought, flipped, improved. And what it shows in this transaction is that everything we will see later on, the results, most linked to the price of commodities, we begin to see the price of commodities also affecting the price of land, increasing the price of land. This is in by 250 hectares worth BRL 67 million and a gain of BRL 64 million. So this is the hedge of the company. You can expect -- Ana doesn't like because I can't give guidance. This is our business, buying and selling farms.
You can -- you will see that we will be very active during this year. This is the vision we have due to the liquidity in the market during -- to the booming prices of commodities. I always say that in commodities, we have some structural issues. We have the price of commodity, soybean, corn, sugarcane and cattle raising and cotton. So we also have the structural issue happening. Last year, China stopped importing grains because of the swine flu. After that, we had a trade war, and this really decreased the market of commodities. If nothing had happened, China would come back. But what we see different? There was an important change in terms of the production of food. China is migrating to new models of production. They're intensifying more sanitary control. And this will demand more grain, more commodities, more grain, especially corn and soybean. China is a great producer of corn. They produce corn. Historically, they never imported corn. This year, they're importing more than 20 million tons. In the next 4 years, they should get to 80 million, 90 million tons of imported corn.
This happened to soybean from Brazil. If you go back in history, China used to import 20 million, 30 million tons of soybean 7 years ago. Now it's beginning in corn, and this is structural for us. So the model -- but the model of producing animal protein is changing in China, and they will depend more on commodities. So we will bring you good results due to this increase in price. But the increase in price comes in a more structured way.
Next slide. Well, here, what we bring, always same to you year after year, we -- the company continues to grow its planted area. From 2020 to 2021, we go from 153,000 hectares, now 160,000 hectares that are cultivated in the next harvest. On the right, we see the more relevant culture, soybean, corn. We have sugarcane. A lot of sugarcane. We have other cultures that have more added value. So in the last year, the company planted beans. We had good results in beans. This year, we're intensifying even more beans. We have a company that will plant more than 6,000 hectares of beans, cotton, even a little less.
Showing to you, the company, in fact, has 2 strategies together, operational and real estate. And we are diversified. We have many products. We should expect to intensify this bringing more margin to our planted hectares. And consequently, this will really represent added value.
Next slide is the comparison in tons. And as I said, we have always been very transparent with you. We had a drop in the total production of soybean or -- the great problem in this harvest was the production in Paraguay. We had a drop in the estimated amount, around 12,000 to 13,000 tons in Paraguay, which had an impact on these numbers. In Brazil, some units produced more than we expected, some in line, some of them very little. But in general, the production in Brazil was positive. Bolivia also brought a good result in the -- we have 2 harvests in Brazil. The most important one is in winter, and now we're having the summer harvest. And this number of the estimated amount against projected, we have the number here. So we have 15,000 tons less of soybean than projected, but we have the price that is very attractive. In the case of corn in the second harvest, we have what you are seeing, a drought in the Midwest of Brazil. And as I said, most of our corn is in Xingu, a privileged region where we were able to plant in optimum conditions, very attractive for corn and we have others, cotton.
So in general, this is a picture showing the problem we had in Paraguay. And although the second harvest is well on its way, in the next few days, in the next release, it won't be a projection. We will begin the harvest of the second harvest. Well, in terms of cattle raising, here, I say once again, you've heard me say this 1,000 times, cattle raising is a transition tool for us. It's an activity that we use to add value to our assets increasing the areas being transformed. And it's -- we know that it's a transient activity. Cattle raising will migrate to grains. 2 years ago, when we talked about cattle raising, we had cattle raising in Jatobá. Now we don't have cattle raising in Jatobá. And we have cattle raising in Preferência farm and Paraguay farm. So in Arrojadinho, we're beginning a cattle raising activity together with grains that they already have and with an area of production that is irrigated in this property.
So I say cattle raising is transition -- only a transition tool. But even now with high prices, we have good results. So we give a lot of attention to GMD, average daily gain of animals kilograms, and we had year-after-year an increase in the average weight of cattle. This means they are being well kept and this, they are gaining weight. With this gain in weight, we saw an important increase in the price of beef. Last year, at the same time, in the same month, we had BRL 180, BRL 190. And now the price doubled. So this activity, transition activity that is now becoming very important because of the higher prices of beef.
Now here, what I'd like to say, we are now -- we have less than 3 months for our calendar. And we are looking at the margin. The soybean of BRL 170 that we had in the last few weeks, most of it were selling at these prices, but we also have the derivative account to pay. So once again, I reinforce the vision that we have in the medium and long term, we are looking at contribution margins. We have a position, soybeans sold at USD 10.32. If you look at the spot prices or future prices, it's totally different. We have a U.S. currency of BRL 5.35. So this is -- we had an important part already sold, and now we are delivering the hedge activities.
So in the end, you will have USD 10.32. And you have a combination, BRL 120 per bag of soybean. Different from BRL 170, BRL 145 of the spot price. But I say this is the way we work. We will continue working like this. And when we sold the soybean in Chicago, the price was USD 8.90 in March last year. Then we made -- our budget was done with USD 9.30, but pandemic came. So it's important to stress that the good cycle, we will see in these numbers, but I have no doubt that in the next few years, these -- we will have the full effect of these numbers.
In the case of corn, we had a more conservative position. We know in the domestic market, you can even operate in derivative. You can have the risk of counterparts. So in the summer, corn, we did nothing. We will benefit from these prices, BRL 80, BRL 90, BRL 100. And the second harvest, most of it is positioned in the Xingu region we have. So today, the picture of the company have 50% -- of 50% sold in corn and 50% open. Cotton, we don't have much. But in the same way, we have a price above the price in the budget, but below the market.
Gustavo, you have the floor now.
Thank you, André. Good afternoon. Now let's try to explain what André said concerning the appraisal of the commodities, the higher price and how this is impacting the company's EBITDA. You will remember that we said before the pandemic with the prices we had, we expected an operational EBIT of BRL 130 million, BRL 150 million. Now things change totally with a new price level for soybean, corn too, which had highest price increase and sugarcane.
So let's look at the lower table. We excluded here the biological -- the effect of the biologic assets in sugarcane and corn, and we included the result of derivatives of products that already sold. And we see that we have here an EBITDA for 9 months. And this doesn't include the sale of the farm that André mentioned. So with -- these prices having an impact on the result and should impact also the price of land in the future. Last year, BRL 78 million. We have to remember that we have products that were sold at BRL 1,200, BRL 1,300 a ton. And today, we're selling at BRL 2,500 per ton, this soybean.
And here, when we see the effect, here, we have part of the -- we are recognizing because the biological assets, we have an inventory, 95,000 tons, 70,000 that André mentioned that we will harvest. And the effect of price, especially in this inventory that we're harvesting, and we have begun to sell 35,000 tons of this campaign. We also see that the price of sugarcane during this quarter, the adjustment in relation to last year brought us a price adjustment that is very important between BRL 15 million and BRL 18 million, and these are the main effects that we see here.
Now next slide, please. Here, we see that of those BRL 219 million, BRL 213 million are operational. We had only the sale of a small farm. We had sold a small farm, 130 hectares, a farm that we had finished transforming for grain production. So you see the small amount of real estate, but the whole effect comes mainly from the operational side, planting and harvesting.
When we compare both periods, we're talking about a sale of 90,000 tons of soybean. We're talking about 4 million pounds of sugarcane. And during this year, we had an important increase in corn because of the second harvest that we planted in Xingu. But the great impact, most of the recognition of the difference comes from the sale of soybean, 33% higher than the previous year. In the case of corn, 40% higher. Sugarcane, 20% higher. So all the products had a price increase and are helping to increase the EBITDA, and we explained this with the tonnage of corn sold.
On the right, you see the breakdown of each one with these prices. Sugarcane, as I mentioned, the price increased by 20%. The other products increased even more. And this is what begins to bring us results that are very different. Grains become -- grain is now very strong and we're less dependent on sugarcane. Normally, sugarcane for the company, since it's a mature area, has less volatility in production, less volatility in price because we always have premiums. And this happened when the company got its result from operations from -- mainly from sugarcane in the past. So now grain is strong.
Next page, here, income statement for these 9 months, BRL 190 million. And here, we see that we will have a promising report for June 30 here. We haven't recognized neither corn nor the sale of the farm. But the results for 9 months have a great -- show a great impact of price. And this increase is the gross profit of the company, BRL 370 million. But it's important within the financial results, we have BRL 250 million of derivative results, negative. So to understand the real results of the operational part, we have to consider these 2 effects.
Next. Here, income statement, 2 large effects. 2 large events. Follow-on, which increases the company's capital. And this is part of the company's cash and also used for investments in the farms in Bolivia. The property here, we have at cost price. They are posted at -- and on June 30, we will have an independent appraisal evaluation because we believe that the soybean banks, they are not indexed to the farm, but they increased in price, they appraised. And this will change totally the situation of the company.
Another important event is what we mentioned, the impact of the price of soybean. And you see this in the company's inventory and in the receivables from the sale of the farm. We have BRL 450 million from the sale of farms, and these credits are indexed to soybean banks. And this also will bring us an appraisal.
In derivatives, we have a credit and we have other liability when we have this. So you can see the effect of BRL 150 million, as I said, in the company's results.
On the next page, we understand that we will show, once again, that the company doesn't have leverage. Here, we see in EBITDA with a net debt, BRL 119 million. But here it's important to mention the credit for the sale of farm is BRL 450 million. And on Friday, we announced issuance of BRL 240 million in CRA, and we will use this money to transform the portfolio. We still have 40% of the company waiting to be transformed to begin to plant. And the company can lengthen the time and profile of its debt. We mentioned this in previous presentations. And here, we see on this graph because here the CRA is not included. We have a debt that is very concentrated in the next few years, and this BRL 240 million, we will pay in the fifth, sixth and after 5, 6 and 7 years. Therefore, we will be able to have a longer debt. And the cost of the company, the cost of financing is low. And we believe this is an important strategy to have net assets and good evaluations because in some cases, we use this as a guarantee. And it's a good strategy for us to have a low financial cost, lower than the market.
On the next page. Here, as I said -- here, we show the market value of the company. And on this opportunity, we understood that it's not adequate because the properties of the companies on June 30, BRL 1.9 billion. This appraisal was done with the price of soybean banks at 80 only. And today, we understand that it's better to wait for -- to have an independent evaluation. And in the next quarter, which will be the end of the year for the company, we will show you the net EBIT of the company with new prices of land.
Finally, we'd like to show the evolution, the price of the shares of AGRO3. Here, we had 2 great objectives when we've prepared the plan to make a new follow-on. We believed that it was important to increase the liquidity of the shares. And today, we see that we made the right decision. So before announcing the follow-on, we were trading BRL 2 million, BRL 3 million per day in the stock market. During the follow-on, BRL 100 million. And now between BRL 26 million and BRL 30 million per day. So we're very happy with this result, and we will continue working to discount the net asset value here.
Well, thank you very much. And now we'd like to begin the Q&A session.
[Operator Instructions] I have a question from Damian. He would like to know more about the material fact on Friday, the bonus. What is the amount and the value for subscription?
Okay. Damian, our good companion shareholder. Thank you for the question. We made this communication because we received from some communications from the shareholders about the bonus. So that's why we made this communication to the market. But answering your question, this bonus for subscription, that exist before the IPO when the company was founded. It is equivalent to 20% of the company's capital. So -- and it has a price that is corrected by an index since the past, an index-linked to IPCA and this bonus is around 2,208. I'd like to remind you this value is -- it is -- this -- we correct this value every single day. It happens on the 15th. So until the 15th of the month, we make the correction. We don't have the IPCA, but we have an approximation for May. We will use this calculation. For us, it's important, it's money that goes into the company's cash. It will be transformed into the acquisition of farms.
It is money that has this objective. And certainly, we will use very well this money. And also the rest of the follow-on in new acquisitions in the pipeline that we're considering very actively in the last few months.
The next question, Thiago Duarte, BTG Pactual. Can we talk about the use of the net resources of the follow-on and the acquisition of Bolivia? Speaking about opportunities, please speak about opportunities in Brazil? Can you tell us something about region? And if possible, the timing? Second question, even knowing that we will have the year-end report in June 30 with the new appraisal of the land. We know that you do this, you have internal studies to know the value. Is it possible to give us the potential for appraisal that you have in the portfolio?
Well, Thiago, good -- it's good to hear you, to have you with us. 2 excellent questions. The second, if I give you the price, Ana Paula will kill me. But let's begin with the second. I believe that the good thing, I always say, look at what we do, look at the delivery, and you will have an idea. If I were to give you a number, I would say, analyze the sales that we made recently. A sale made last week. And look at the market, look at the price we sold for. Of course, every asset is different, a different culture. But in general, this is what is happening in the market. You can look at the appraisal of the farm we just sold. So the price of land in Brazil depends on the production of soybean bags on the land. So initially, Thiago, we're not having the correction of the multiple. This will come in years with profitable margins, high profitability. We also believe there will be a correction of the multiples.
Today, what's happening, it's a correction due to the price of soybean bag. So the same sale we made last year, we made today. Same soybean we had last year at BRL 89, BRL 90 today is being priced in the next few years at totally different prices. So the same thing happened to the land. This is what you can expect from the land.
Now concerning acquisition, I never had such an active agenda. The company's acquisition agenda was stronger before the IPO. But today, we're still very active. We have meetings with the internal teams 2, 3x a week. We're looking at many things. I always say that right now, Thiago, we will continue guaranteeing to the shareholders that we will make good deals. Cash cannot be a pressure. Cash, yes, we have to do deals, but good deals, good business. I tell you, we have a lot of things in the pipeline. If you ask me the horizon. The same one I mentioned in the past, 6 months, as we said in the past. So after -- we already have 2 months, we should announce acquisitions. Acquisitions in Brazil involve an enormous amount of work. We are very careful from due diligence and also, there are assets that you can close more quickly. Others, once signed, the purchase entails it -- it takes between 60 to 90 days to be able to continue.
So I have no doubt that the company will be able to allocate this cash in an efficient way. We're always looking at what we do. We buy pasture land. We're very focused on pasture land. This can tell you about the region. We're looking at many things in Mato Grosso, south of Pará pasture areas. There are things in other states. There are things in Tocantins and Maranhão, but mainly in this area, south of Pará, north of Mato Grosso and then Tocantins and Maranhão. This is where we should make the next acquisitions for the company.
Well, while the next question, Felipe Vieira, Credit Suisse. Concerning -- the first question, concerning the billing of the grains of the harvest 2021, how much should we receive in the next quarter in terms of grain? And also the second harvest, specifically Mato Grosso, Mato Grosso do Sul Goiás winter harvest and Paraná, where we see a lot of droughts there. Could this affect the demand and offer of grains? And could this increase the price even more?
Well, Felipe, Gustavo will answer the first part. He has these numbers on his spreadsheet. And the second, I will answer. His microphone is off.
Felipe, sorry. As I mentioned, we have a plan to sell 95,000 tons during this semester. We already sold 35,000 tons. So 60,000. And the rest we will deliver, especially in August part. November, another part, 50% of what is left. And we estimate a billing of BRL 940 million for this sale of soybean. It's important to mention we are supplying already sugarcane, the price is BRL 1 per kilogram. This will give us BRL 40 million, BRL 50 million in billing. And also corn with these good prices, we believe that most of the domestic market, we will have -- we will be selling during this quarter. That's a summary of what we have for the next quarter.
Just supplementing, we left most of the -- these products storage, we have storage at Chaparral, São José, to capture a premium. Since we already had the U.S. dollar in Chicago, we know that historically the premiums in the second semester are stronger.
So supplementing the first question. Concerning the winter harvest, I showed on the first slide, we had a project -- projection of 99 bags. We have made a reduction. We believe it's going to be -- we brought this projection to 89 bags. And I remind you, so that maybe the reduction we had is not the same as the reduction in Brazil. The rest of the country may have a stronger reduction. If you look at the data from EMEA, a study from EMEA of the planting of the winter harvest in Rondonopolis, around 163, road 163 [indiscernible] Xingu. You will see that Xingu was the region that planted -- that was able to plant in best conditions -- in the better conditions. And the picture of the Midwest and South is compromised. Everyone travels here, Goiás is a state that will suffer a lot. Mato Grosso do Sul will suffer. Paraná also, so it's difficult to give you a number Felipe, but I believe that we will have an important reduction in the winter harvest of corn. We have -- we can see this in the prices.
In the last 3 weeks, we saw important changes in the price of corn. Reminding you that this is a gain that we Brazilians always wanted. Corn is the second harvest we have. So soybean is in summer with more stability. Brazil, 75% of the production of corn is in the winter harvest. It has more volatility.
Now international prices are rising. They are very high. I would say to you, in the case of BrasilAgro, the reduction in productivity is -- the reduction in revenue per productivity is still much less than the increase in the price in our case. In the case of Brazil, I can't say the same thing, but I believe farmers also haven't -- have sold less of the winter harvest for corn than in our case. So what we leave in terms of productivity, I would say that we went twice as much in the price and the Brazilian -- in Brazil should be the same. But we know that in the next few months, there will be less corn in the market.
Thank you, André. Next question, [indiscernible] he's an investor in the company through Easy Invest. He believes that AGRO3 is an excellent opportunity for investments. What is the message you can give to individuals who want to invest in your shares, AGRO3?
[indiscernible] I'm very happy. I would like to share with you something this great increase in the liquidity that we had in our shares are from investors like you. We saw in the investor base an enormous growth of individuals investing in AGRO3. I believe that for you, investor, for all the investors investing in our shares, I always say that we are the right company at the right time at the right place. So the right company because we respect governance, processes, everything is well controlled. We have all our year-end reports audited. So our numbers are audited. When I say the right company, we are very responsible and very trustworthy with our results and profits. When I say the right time, commodities now. This is -- it is a structural thing. I have no doubt. I graduated almost 30 years ago. Brazil produced 68 million tons. Now, 260 million tons. And I want to see Brazil producing 500 million tons. And to get there, it will be faster than it took to get here.
So we're at -- in the right place, Brazil. Giving you other numbers. Brazil today -- farming Brazil produces grains on 66 million hectares. And in cattle raising, we have 190 million hectares. Of these 45 million, 60 million have potential for agriculture. So we will soon have another Brazil without increasing area or invading other lands. So Agro business in Brazil is very responsible. Our company is even more responsible in this consistent delivery of results. And so we have to do what we are doing here. Agro must spread more of this information. So this is natural. Sometimes we talk only amongst ourselves. We have to talk to everyone. We are doing this, we're talking to civil society. And these things will converge in companies like ours, we will be in the people's radars, responsible people that have the [ SED ]. For us, SID was born with BrasilAgro. So we have SAP running on the farms. So we had to audit our numbers. We did this.
We're also doing a lot in the social area. We -- and Ana Paula is with us. Recently, she became a Director of the BrasilAgro Institute. We give 1.5 -- 1% to 1.5% of our profit to social issues. So now we are doing this with the creation of Institute and in the environment. We transformed a lot. We're present in many countries, many states. We have -- we are trusted by the environmental agencies. And I have no doubt that you will help us spread the word of what we're doing.
So I would also like to mention the team, what we do here. I always say that a successful company is the company that has a clear strategy, where it wants to get. And this strategy should be spread in the whole company. We have robust processes to guarantee trust, credibility like -- from people like you investing in us, and we're a company that invests in people. We invest a lot in people. So we believe the company's success is the people's success. So the company in 3 years achieve the certificate, Great Place to Work. And so the leader who doesn't spend time with the employees is not a leader. So when we look at this, we can, in a transparent way, say that this is a company that will be successful in the medium and long-term due to these reasons that I just mentioned. Thank you for your investment.
We have another question from Gabriela Carvalho. Congratulations for the results. Please tell us about the sale of beans? Price profile of the client? And does this strategy include continuing to plant beans?
Gabriela. Okay, please beans. How we began in beans, we acquired Agrifirma in January 2020. And with Agrifirma came 3 units, 3 operational units and 2 already had beans planted. And beans were through a producer and a seller. If I were to say 5 serious people in beans, they are among these 5. So this gave us -- we trust. It doesn't have the liquidity that others have. So first, the beans began with the acquisition of Agrifirma. We put controls. We brought beans inside the SAP. A lot of tax. We made some changes because there were gaps in taxes. We like the business. It was an interesting alternative.
When you have a player on the other side that allows you. Why? Beans are -- have seasonality in prices. So with our partner, they have a cold chamber. When beans are cheap, we store the beans in cold storage, and then we sell when prices go up. This is how we regulate production in the domestic market. In parallel, we saw that it could bring us good margin. So we looked after markets outside Brazil. And in the acquisition, Sinagro they work with a company in India. And they import beans from Brazil. And we said, "Gee, let's export beans." And one of the great consumer markets is India. We had a partner who sold the company to us. And there was, on the other side, [indiscernible], one of the largest traders in India. So we tried for a year. We made an experiment. It was on a large scale, a large volume of beans was sent to India. This year, we did the same.
So in the company, Gabriela, we have 2 destinations. Part of our beans, which goes to the storage, cold storage, which is sold in the Northeast. And most of the beans produced in Mato Grosso, these go directly to India. It's exported. And we -- it leaves packed in 50 kilogram bags and it goes to India. We saw in this an opportunity to have a product with more added value, low-risk international markets you can guarantee. So our beans, I don't have the numbers here, but I should say that what we harvested in beans as of January. We may have sold BRL 280 to BRL 300 Brazilian currency per bag. And the beans in the export market with -- [indiscernible], $65 to $75 for beans. So we're in these 2 markets, the company will grow these 2 markets. The company understands that in our business strategy, it's important to have -- we want 10% with other grains. We already have beans. We haven't brought you the number, but I will say that we are a great producer of corn for popcorn.
Yes, corn for popcorn. We planted 1,800 hectares of popcorn corn. And so we're looking at this where we can find margin. So we're going after these products and including them, thus, attenuating the volatility of the price of commodities.
Well before passing to André for final comment, I will send the message from [ Nautilus ]. He said he believes a lot in BrasilAgro. He's very proud of being an investor, and he's telling us that -- he and have more than 100,000 in AGRO3 and wishing us success. Thank you. These messages that you send to us, and this participation help a lot.
So now I'd like to pass the floor to André for his final comments.
Thank you, Ana. This message let's -- we have to spread this, publish this. Well, thank you to all who were with us during this hour. And I always highlight the commitment for the consistent delivery of results. We will continue doing this. Great gaps that we had, we solve when we decided to do the follow-on. We were criticized for the price, but the investors who follow this are very happy, very satisfied and it was -- so -- we already had recurrent results and we wanted to increase the liquidity. Today, we're a company that has liquidity for the shares for small, medium and large investors, more than BRL 100 million being traded in the stock market.
So count on the dedication and the commitment of our team. And certainly, these shares will continue to rise in price with the consistent results. Thank you, and please take care. We have a pandemic. It has been challenging. So imagine, beginning to harvest sugar cane to avoid contamination. It has been a great challenge because of the pandemic, but we're satisfied to bring these results and share this with you. So count on the dedication and also the work of all of us here. Thank you.
Thank you. Please disconnect your lines.