Good morning, everyone. Thank you for your presence here. Today, we'll show our results of the fourth quarter that we launched yesterday at the end of the day, and also the vision for the year 2022 as a whole. As Fabi mentioned, our agenda will show some of the highlights of the last year and our perspectives of growth for 2023. Gustavo, our CFO, will cover the operational and financial results, and then we'll be open to any kind of questions that you might have. Any question that we can't answer now, we'll answer later on via the other communication channels. All questions will be answered. Before starting the presentation, I would like to think about the year 2022 for the market. We faced two years, 2020 and 2021, that were very different years to this business. These were years with a high demand of electronics.
It was above the average. Not only what people started to understand that they needed to have their own home office in a more complete way and in a better way to work from home during the pandemic, but also because people were stuck at home, and then they started investing in items to bring more entertainment to their homes, like televisions, video games. So there were two years with a strong demand. I believe electronics were the hit of these two years, and people were somehow limited in their condition of walking around the city. Over these two years, we talked a lot about the lack of supplies, but the lack of supplies was partially due to the greater class of demand that we had in 2020 and 2021. And we knew we would go back to the market as it was before the pandemic, like 2019.
We started 2022 with the market compared to 2019, and also we had a little hangover of electronics. Let's say they anticipated the purchase of computers, video games, mobiles, and we know that it would be more difficult the next year. I'll share some numbers with you so that we can understand 2022. The smartphone market in 2022, that is a market of BRL 55 billion, decreased 5% in value. So it's the greatest in the electronic market with a drop of 5%, which impacts the electronic market as a whole. The notebook market dropped 17%. It's a BRL 10 billion market, and during 2022, it dropped 17%. So people purchased their notebooks to work from home in 2021, and in 2022, they were facing a hangover of this anticipated purchase. The electronic market was good in 2022 in the sense of TV sets. It grew 15%.
It's a BRL 26 billion market. So if we account the TVs, mobiles, and notebooks that are the three big electronics in terms of size of market, we had a flat year in 2022. TVs was intentionally driven by the World Cup, that also fosters the sales of TVs. Other things that happened in 2022 that you know quite well is that first we saw the level of unpayment of the clients, which impacted our results, and we'll talk about it during the presentation. And then the cost of capital. So we had 15%, 16%, 17% levels for the retail market that lives with credits and need credits. In cultural terms, we sold electronics in Brazil in 10, 12, 18 installments. So we deal with credits, and it impacts in terms of financial costs.
With this scenario of the year of 2022, I would like to tell you how Allied was in this environment, and I would like to start here by remembering the three business pillars that we have. On the right, we see the distribution. We are the greatest distributor of electronics in Brazil. We deal with about 1,000 retailers annually, representing the greatest brands of electronics. Besides distribution to retail, we also distribute it in a corporate way to companies and governments, and we reach about 2,000 clients in this sense. This is the first pillar. The second pillar is the digital retail. We have 37 stores that are online with our brand, Mobcom, or on the marketplaces that we have, Apple, Google, HyperX, and Xiaomi. We also have in the digital retail, the program iPhone Forever, iPhone pra Sempre. That is a partnership with Itaú.
The third pillar is the physical retail. We finished the year with 132 stores, of which 131 is Samsung, and the first Trocafy Store, we will talk about it. That is our new brand, where we work on the recertification market in Brazil. We finished the year with an expressive participation in many electronic categories, as you can see on screen. We have 15% of notebooks on the market, 25% of the video game market, and 13% of the tablet market in Brazil. Now let's see the revenue in 2022. We finished the year. I will share the three pillars again. I will focus on the right of the presentation. We have, in distribution, a drop of 17% compared to last year. In physical retail, the growth of 3% compared to last year. In digital retail, a growth of 4% compared to last year.
If we consolidate that, our revenues in 2022 is 12% lower than 2021. But I would emphasize some things here. As I mentioned before, in 2021, it was a different year to the electronics market. The demand was completely above the normal. We also like to compare to 2019. That is the first year previously to the pandemic, in which the situation was similar to 2022. I think we have good results compared to 2019. We grew 30% in the distribution, almost four times in digital retail. In physical retail, that is the part that is taking a longer time to recover. We are still behind 2019, but we have some good news in the physical retail as well. If we look at Allied as a whole, and we compare to 2019, we have a 38% growth compared to this year. How do we grow?
We grow by gaining market share. In these three categories that I mentioned before of notebooks, and here I am talking about the amount of notebooks. Notebooks decreases 12% in 2022, we grow 17%, three more points of market share. In video games, the market grows 21%, and we grow 50% with five points more of market share. Tablets, the market decreases 15%, and we grew eight, so we brought 3% more market share. Our growth in these categories impacted positively our results. I would like to show the highlights of each one of the three pillars, and I will start with distribution. The first highlight of distribution is the opening of the store in Allied Miami. We were wanting to have that for a long time. We wanted to expand geographically. As of this January, we started selling in Allied Miami.
What is the role of Allied Miami? Basically two. First, to distribute electronics to other countries in Latin America, besides Brazil. Brazil has local manufacturers. All the big manufacturers are here in the country. So the supply of mobiles, computers, and TVs are carried out by the factories in Brazil. But the other countries in Latin America, almost all of them, they are supplied by Miami. So here we have the opportunity of distributing mobiles, TVs, and computers from Miami to almost all the countries in Latin America, except Brazil. But we have some work to do in Brazil as well. That is the second goal of Allied Miami. It is the second goal of Allied Miami. It is to bring to Brazil products that are not here yet. And here we are talking about the long tail of electronics.
We're not talking about computers, mobiles, and TVs that are well represented in Brazil. But we have a long tail of brands that are not in Brazil yet and can be a good opportunity. So we start the operation this January distributing Apple products. We've already sold to more than six countries. We have 160 clients mapped. And here, the potential, if we measure Canalys, we see that only six countries of Latin America, we can see the sales of 93 million mobiles every year. In a very conservative way, we consider BRL 93 million, so BRL 8 billion as a potential market. So we estimate this year it will be BRL 600 million to us, but this is a very conservative estimate. We are starting in January. The beginning is quite promising.
The second highlight in distribution that we've been talking to you in all the presentations is our focus in the B2B distribution. We are the greatest distributor in the B2C. We sell to retailers who are selling to consumers, but we are focusing now a lot in B2B growth. So we sell to companies and government, and they are the end users of the products that we are selling. We have 2,000 active clients. If we compare 2020, 2021, and 2022, as you can see on screen, we have 167% gig. We estimate a BRL 10 billion a year market, so we are still crawling on this market. We are dealing with some tools to make us strong. We created the Education, government, and computing verticals. We are having more comprehensive offers to these markets.
We are having an online production so that the companies can buy directly from Allied as an option via online as well. So we are making this market stronger to bring a more expressive participation in this BRL 10 million that is the size of this market. I would like to talk about the physical stores, and I would like to start with this graph on the right, on the upper right part. We finished 2021 with 248 stores and 2022 with 132 stores, and I would like to call your attention on how we make this transition. In 2021, we had a model that was a store-in-store with the electronic kiosks that we had in many retailers like Marabraz, Dor, Sam's Club, and this model that is easy to implement with a low CapEx, and we could use the stocks of distribution.
We saw that during the pandemic and even right afterwards, we wouldn't bring the profit that we wanted. We finished with this model. When we look only at Samsung, we have different numbers. We finished 2021 with 148 stores and kiosks and 2022 with 132 stores and kiosks. Here the difference is basically 18 kiosks that we closed. The kiosks are solutions that we want in a shopping mall. We enter there, and then we understand the demand for a store. If that is so, we open the store. Otherwise, we keep the kiosk. We had 18 points in difference of sales of Samsung. The year 2022 is the one that we invested a lot of time and effort to improve our processes in stores and to reduce our costs with our suppliers and shopping malls. We did one- by- one, and we start bringing the results of those efforts.
On the lower right side, it's by quarter. You can see that the story is quite a successful one. We see that in every quarter. We see the revenue per sales spot. I believe that this will yield good results. Online, we've also had great results here. It was a hard year. There was some confusion in the market, and some players charged from the consumers. Some players risked not charging. We conservatively charged, and with that, we were able to have less competitiveness in the market. We had less competitiveness in the market, but the online market was flat in comparison to 2021. We reached around BRL 1 billion in revenue. We entered full operations in several marketplaces. We are starting to bring new products in specifically for the online market. Philco Electrolux are products that you can now find in Mobcom.
As part of online, we have the iPhone Forever program on which we have news as well. It's one more year in which the iPhone Forever is one of the main iPhone sales channels in Brazil. We did iPhone Day once again, which is a sale that we conduct during two days. They precede the launch of the new generation of iPhones. This year we have 40% growth in comparison to 2021. The iPhone Day starts solidifying as an important date. We also had news. Within the iPhone Forever program, we have the AirPods as well with a very interesting attachment rate to the iPhone, and we brought a new program alongside Itaú and in partnership with Microsoft, which we call the Xbox All Access .
You purchase an Xbox in 21 installments, and alongside the console, you take a game package, which is called Game Pass Ultimate, which is basically a games Netflix. For 21 months, you have your console and practically all games at your disposal. After 21 months, it is your console. If you want to continue with the Game Pass, you can subscribe to it separately. We are expanding this partnership with Itaú, and we are presenting Microsoft for games as well. Soudi, our instrument for customer financing. This is our own instrument, and it is completely digital in nature. You enter the store, and in seven minutes, we approve your credit or not with no paperwork involved. We have technology imbibed in there, which allows us to ultimately, if there is non-payment, it allows the blockage of the phone.
Soudi continues to grow, and we have been doing it very conservatively, but we have reached 81,000 active cards with a BRL 86 million wallet and over 200 stores. Soudi, which was created for Allied Samsung stores, it is already not just that anymore. We have that solution of financing in other Samsung stores with other partners. We have some team in Claro stores as well. In the market that we know, the operators and cell phone markets, we have been expanding conservatively, but very solidly. This is news. We have become a direct credit society through the Central Bank of Brazil , and this should be in full effect throughout 2023. That brings us two main advantages. First, a lower funding cost, which will significantly impact our profitability. Secondly, it will allow us to include new services within Soudi.
Several different insurances, and this could expand our volume of sales. After that, I would like to talk about Trocafy, which is our platform for second-hand phones or reconditioned phones, rather. We have included iPhone Forever there. After 21 months, the consumers, they have the option of paying for the last installment or not doing so, return the used iPhone to us, receive a new one, and begin again. We knew that as of May this year, we would have an entry of used iPhones, and we set up Trocafy. It is a reconditioning lab for iPhones that is accredited by Apple. Today we have a platform with all of the. We purchase these used iPhones in Trocafy, and we sell that to the end user, the end consumer rather. We have reached many thousands of accesses.
We have the first kiosk in Shopping Paulista. It is a market that we are betting on. If you look at the IBC numbers, it is BRL 2.8 billion in 2021, and it should reach BRL 5 billion by 2024. We have all of the elements to become a great player in this market. We have logistics capabilities, capturing, licensing from Apple for accreditation. We have all of the in-house elements to be a great player in this market, and we should grow quite significantly. It is quite small when we compare this market to the U.S. market.
In summary, we closed the year with BRL 6.2 billion in gross revenue, a net profit of BRL 77 million, an expressive participation in several electronic segments. Here we are mentioning notebooks, tablets, and video games, 132 brick-and-mortar stores, 37 online stores, and we are also very proud of our metric score, our Net Promoter Score, which shows that we have been growing with a lot of quality in service.
Now, we are a company in which results basically come from our team. We are a service provider, and so our team is essential for our activities. We are quite happy to say that we are entering our third year of our diversity, equality, and inclusion program. We have programs to better understand who are our employees. We provide training to all of Allied employees on diversity. We have affinity groups for Black employees, LGBT employees, trained by our own employees, which promote actions which then improve Allied as a place to work. We want everybody to be proud to say that they work in Allied. As a consequence of programs such as these, we were, for the fourth consecutive year, elected as a Top Employer.
To us, this is a validation that our practices in people management are on the right track, and that we are attracting and retaining talent in the Brazilian market. Lastly, before passing the floor to Gustavo, I would just like to highlight the growth points which could make 2023 a quite successful year for us. First, our international expansion, a potential of BRL 8 billion if we consider only six countries, only phones. That is quite an expensive market in which we can grow a lot. Secondly, Trocafy. We are truly betting on the growth of accredited reconditioned phones in Brazil, and we are investing to be one of the main players in this market. Thirdly, as I showed you, we are going to continue to invest in B2B distribution. We still have a very low participation in that market, so there is a lot of room for growth.
We are bringing in new tools, new products to have a more complete offer to companies and governments. This month or next year, or next month rather, we are going to have a digital platform to sell directly to corporations. Fourth, we have Soudi. We have been growing conservatively. This year, we will become an SCD. We have a lower funding cost, more products. We are expanding into operators and Samsung partners. Lastly, our brick-and-mortar retail. These were very hard two years in a pandemic. In 2022, we really dedicated ourselves to improve our processes and decrease our costs, and we already start to reap the products of that. This could be another item for us to be successful in 2023. Thank you so much. I am going to pass the floor to Gustavo, who will detail our financial results.
To continue qualitatively, I am going to talk about how this has reflected in our figures and how the actions that we took, and we continue to take, have impacted our expectations for the next few months. In a hard year for the segment of discretionary goods consumption, which affected the profitability of many companies, we are quite proud to say that the company, for another year, was profitable. We brought a lot of dividends for our shareholders. That is a bit of the way in which we manage the company. We have a relatively low margin. This is the way in which we are able to manage the company, and we always want to focus on that for positive results.
Even in a year, like Silvio said, in which there was a lot of demand and a real boom in this market, and even after a hard year, we are quite proud to say that we are profitable, and we provided returns to our shareholders. Our revenue was BRL 5.1 billion, and in the first year, that is more normal. After the change in the supply chains post-pandemic, we are continuing to grow. The same goes for the fourth quarter. Even after a drop last year, we were able to normalize it, and we have the interpretation that the diversification actions that we did in our channels and products and maturing of initiatives have been providing returns. We closed the semester with an EBITDA of around BRL 72 million, which means around 5.3%. Our normalized EBITDA should be close to 6%, so this is a harder year.
We closed the year with 5.5%, BRL 282 million. Another part is the financial cost, which is different from net profit, and in the year, BRL 77 million. It is a hard year, but even under complicated situations, we are able to bring positive results to the company. Moving to the next page. This is distribution. In distribution, just to reflect on the beginning of the presentation, this is truly where we suffered more. In the fourth quarter, we dropped 31% in revenue, and in the year, 17% in revenue. All of that, and also as a way that we see our market and our business, we always aim to ensure the profitability of the businesses. We continue to have a profitability. Our margin is around 9% and 11% in distribution.
In moments of prosperity for our segment, it is closer to 11%, and in times of more difficulties, it comes closer to 9%, and we finish the year in the middle, which I believe is a combination of what was a good beginning in 2022, a turbulent time in the middle, and in terms of profitability, is a bit better at the end. The fact that we have a harder financial cost also makes us invest less and invest in products that move quicker. When we reduce our volume of sold, we increase our medium ticket. Most of our portfolios, we invested less in accessories, in new categories. We invested in products that move faster. The core, so phones, notebooks, TVs, these are the average ticket products. They prevailed in our volume. That is why in the average price line, we saw a growth in that.
In our distribution, we show this right-hand, right lower side. Our company was born as a phone distributor, and we have been diversifying. This is also a mechanism that we use to reduce risk and to serve our clients better. For some time, our distribution has been split around 50% for products that we call mobility products, so phones and tablets, and 50% in other electronics, other categories. This is something that we made an effort in time, and we have been maturing. This was a year of defense in which we were able to achieve good results. In a year, we grew 3% in sales. In the fourth trimester, we have a mix which is in line with last year, the fourth quarter, and the difference between digital and brick-and-mortar retail. On the left lower side, we closed the fourth quarter, which is lighter than the last.
But in a year, we delivered, nominally speaking, the same value in net profit with a very similar margin to last year, close to 28%. So on the right-hand side, in the fourth trimester, as in the whole year, the growth was around 4%. Silvio said to us, we're very proud to say that we were able to grow last year under extreme conditions, not just macro speaking, but in specific conditions of the digital retail. It could seem technical, but the discussion on the tax burden over digital sales represents around 7% of the sale price for consumers, as several players were provided the possibility. The fact that we made the decision to be conservative, so we priced as if the tax was owed, and this will be discussed next year.
We were in a relatively competitive position, which is disadvantageous, and even so, we're able to deliver 4% growth. To us, this was a motive for pride. It shows that we're able to navigate this high competitiveness field with a portfolio that consumers really do want. So we closed the year with net sales with a historical record, BRL 960 million. In brick-and-mortar retail, we have a quarter of BRL 156 million, a little over 100 sales points less. So that's important for us to understand the figures. And in the year, we delivered 3% nominal growth, even though we have less stores. The sales in the same stores for the year in brick-and-mortar retail grew 11%, and the sales in the same stores in the fourth quarter grew 23%. These numbers reflect quite a significant effort of the company to adjust its operations throughout the year.
We reduced our sales spots, but we also had an effort of adapting the teams that serve our clients in brick-and-mortar retail. What are the expenses that are part of the store maintenance efforts? What are the conditions for purchasing portfolio? How do we offer different payment plans for our clients to be able to bring more profitability and keep the sales? So when we look at the sales per store in the quarter, we notice that we are already reaping the fruits of that. So in 2023, it should be a year in which even though we're under a hard scenario for consumption, we are much more ready and with a much more robust brick-and-mortar retail in order to return to higher profitability levels. So in the next page, we consolidate our sales units, our business units.
We finished the quarter with a gross revenue of around 16.4% against 16% last year. In the year, the gross margin is around 15%. This is something that we showed. We talked about the mix of our retail being a gross margin that's around 30% distribution and 10%. This mix is around 15%. Our EBITDA, close to 6%, which should be reasonable. Last year, which was a better year. And the financial results, you can see about BRL 50 million in financial expenses.
Throughout the year, we also opted to conduct less duplicate sales, and we were able to take some debentures which were longer, which improved our capital structure in a way that we were able to wrap up the year with a net profit of around BRL 77 million, 1.5% gross margin against BRL 255 million last year. In the next page, we're going to talk about our indebtedness.
We finished the year with a net debt about BRL 500 million and EBITDA of BRL 288 million, 1.8x the net debt now in leverage. It also has a way for us to go. We have been making a lot of effort to improve our capital. I believe during 2023, we will still have a reduction in the capital used in the company as we have to look and understand how to have more gains in our level of suppliers and staff and the relation with what we have to receive. This is a work that we have been challenged to do every day. This is a goal for the company employees. Although we are in a leverage level that seems reasonable as it is in 1.8x , this is something that we have a huge focus on in 2023.
It will be a priority for the company. Then we will start bringing to you a new vision about our cash flow in the understanding of the company. A little bit of what I said in the previous page is that we start seeing results in the fourth quarter. We had an important effort to reduce the levels of stock and also balancing the purchase conditions with the levels of stock. The cash generation in the fourth quarter and the balance between stock and supplier is something about BRL 500 million. BRL 450 million, I am sorry. In the fourth quarter, we have a period of high seasonality in sales, so we can also see an increase in such a way that this cash generation in purchase is partially balanced by an increase in our accountables.
In the end, we have an operational cash in the quarter of BRL 300 million, and it helps us with the operations with the suppliers of debt and different suppliers. We finish the quarter with a cash flow that is positive in the end with about BRL 39 million. This is a summary of what we did this year in this quarter. I think the final message here is that we finished the year with a work of adaptation of our operations facing a macro scenario in our segment that is more challenging.
We finished the year ready to start 2023, navigating in this environment, and then with many new initiatives, those that we planted in 2021 and 2022 that are now ready to have a fruitful 2023 with profits and so on, and we are quite hopeful. We see that we have a bet on everything to be fruitful in the operations with B2B. I finish here. I can see that there are some questions to us. I will pass on the floor to Fabiana so that we go to the Q&A session.
Thank you, Gustavo. I will start the first question. That is the question from Ricardo Gomes. I will send the question to Silvio. If you could detail the marketing strategy designed to spread Trocafy. I can see a huge growth, but I think this platform is still a little bit obscure.
Thank you, Fabiana. Thank you, Ricardo. Before answering, I would like to give some details on Trocafy. I said briefly that today in Trocafy, we work with the captioning of iPhones that return to us. We have a small capture, but mostly they are the iPhones that come in the program iPhone pra Sempre, iPhone Forever. This capture over the year 2023 will have other sources of collection and capture of them, which will allow the growth of Trocafy. Today with the volume that we have, and we are measuring our investments and our growth, we are dealing everything considering the volume that we have today. We are investing in social media. We are investing in affiliate programs. We are in Livelo, Nubank. We are investing in Google.
We have a CRM working in our client base, and we have clients in all the business pillars that we have, and they are sources of client bases, and our CRM are working on that. We are working a lot as well in the search engine optimization to improve our attractiveness and the conversion in our website of Trocafy. As we grow in this collection, this capture, we increase the investments so that the flow of people and interested parties is the necessary one so that we can sell the products that we receive. Today, these are the investments we are making.
Silvio, I will now make another question from our investor called Talles, and he asks you if we have an update on the ongoing receivables of the Americanas insurance.
I will ask Gustavo to update here with me, because we are one of the creditors of Americanas. About BRL 90 million was our exposure. We have insurance, and it covers basically 90% of this amount. There is a process and a lot of steps to follow so that we can receive from the insurance company. We completed every step. We believe that shortly we will receive about 90% of this amount.
Now I will read the question from Marco from XP and ask Gustavo to answer. I would like to understand the normalization of the EBITDA margin for 2023 with the negative impact on retail. The second question is about the international operation in Miami. He asks you to share the impact in margin. Are the margins different from the ones internal in Brazil?
Thank you for the questions, Marco. I will start by the end. We are thinking about how we will show that about the margins and the results, in fact, of the international operation. In our communication with investors, it is not clear to us, but certainly we need to talk about it with the market because the market has different characteristics. In general, for this talk here, what is important to understand is that this market has lower margins than Brazil, but on the other hand, with much less capital. This is an equation that when we see the return on the capital used, it makes sense.
We are thinking about the way to illustrate and to ensure our partners to understand how this new operation works. About next year, I think that physical retail represents about 10% of the sales of our company. I think now with all this work of re-adequating, and I think that the physical retail should contribute with an EBITDA margin of at least the same of the consolidated in the company. The beginning of this year was quite promising to us. We are quite satisfied with what we see. Not only the beginning of this year, but the end of last year was also the same. We think in 2023, we should see this impact on the results of the company during the year.
I have two questions now, and I will ask them all together to Silvio because Fabio wants to know about the point of Americanas. How is the relation of Allied as Americanas creditor if there is any missed payment and if the sales negotiation is happening with the group, and if Allied still has the insurance in case of default with the client. I will go now to Rafael Barros' question because he asks if the case of Americanas impacted the retail sector, and what is Allied's expectation in the segment for the next two years.
Thank you, Fabio. Thank you, Ricardo and Rafael. As an Americanas creditor, the way we negotiate at this moment is changing. Today, the purchase in Americanas are only with a payment, paying cash, and until we have a conclusion in the way they operate and how to pay with the potential suppliers. Two days ago, we saw some news on the newspapers about the proposals that Americanas is bringing to discussions to reach to the conclusion of this problem. Americanas has always been an important client to us, and we have always had a good relation with them. We are talking to them, and we have some supplies being carried out with the payment in cash.
But if it continues after default, this is an insurance decision. Our idea, our policy is to have credit insurance to almost everything that we sell. Our policy will be the same if Americanas will have insurance or not. It will depend on the insurance company decision. Now going to Rafael's question, I think that Americanas impacts the consumption, especially due to the fact that they have about 1,800 physical stores in small cities. They bring to the market such a capillarity that is difficult to compensate. But we have other retail companies on the market, and I am pretty sure they can also supply the demands of Americanas in case they decide not to be in the electronic market anymore. I think the great impact is that all banks and insurance companies ended up having a different position after the case of Americanas.
They are more conservative and more concerned about retail. We believe Americanas will reach to a solution, and maybe they will decide a new format of working, but they will keep up existing. It will depend on the way they decide it, but we believe that the medium-term Americanas will be there and on the Brazilian market.
Let me just complement it here, Silvio. One of the questions in the end is if we still have our insurance. We have a credit insurance, and we have had that for at least 12 years in this company. I think it started 12 years before. We have a common practice here. The case of Americanas is a specific case and a quite relevant one.
But the fact that a client delays or has some judicial recovery, and we have to deal with insurance so that we can recover from 80%-90% in case of big clients, and from 70%-80% in case of small clients, this is a common practice here in our company, and this is one of the ways we have our risk management. And this is the way we can mitigate the credit risk here. So I think the credit policy is something that is part of the way we work. Usually, when there is a judicial recovery and there is a client asking for that, the relation is over. Well, we've had a recent case. We are in a period of dealing with sending documentation and billing and so on, so we still don't have anything explicit. But whenever we have it, we'll communicate immediately.
And just to add something to Silvio's point, the perception not only of the bank but also of the manufacturers of how much credit we'll give to the portfolio of retailers they have in their list. Naturally, the perception of effort is bigger. On the one hand, to us, it is also something that causes more diligence, so we have an area of credit concession that is analyzing that, and this is the area where we have the credit insurance and concession. And it's also an opportunity to us. In our world of distribution, when there is something like that, and when the manufacturer starts seeing that they had a higher risk aversion, it's natural that to the distribution, we'll be able to deal with clients that would be partially or majorly attended by a manufacturer.
So it's not even 60 days ago when we had this event with Americanas, but our history is of working carefully in this expansion and being aware of our steps, and this may be an opportunity to spread our participation dealing with some clients that as a reflex of this risk perception, maybe this year will be more prone to be working with an insurance company like this.
So I think we are about to finish here. We are reaching our time, so the RI channel is open if you have more questions, more doubts. So thank you very much. Have a nice day.