Morning, and welcome to Blau Farmacêutica's Q4 full year 2022 earnings conference call. Today, we have with us Marcelo Hahn, CEO, Douglas Rodrigues, CFO, and Bruna Gambôa, IR. Following market requests and always seeking to innovate in everything we do, we are at this time live officially opening our digital content creation room. At the end of the presentation, we will hold a Q&A session, and we ask you to take turns asking one question in order to facilitate the order of the answers. Our call is being held in Portuguese with simultaneous interpreting into English. Also, the webcast is being recorded and will be available at the company's IR website. Now, I would like to give the floor to Marcelo Hahn to start the presentation.
Welcome to our live video conference about the fourth quarter results. In 2022, Blau completed 35 years of history. With each step we take, I am sure that we are just beginning. 2022 was an important year for building our strategic planning and preparing the company for a new growth cycle. We were also able to evolve in all our strategic pillars: operating improvement, expansion of production capacity, verticalization, R&D and I, and new partnerships, M&A, among others. We have also entered into an important long-term partnership with Similis Bio, a company of the JSR Life Sciences Group, for the production of four state-of-the-art biosimilar monoclonal antibodies under patent protection, which together have an addressable market of over $42 billion, of which BRL 4 billion in Brazil and growing. We signed a contract with Amgen for the acquisition of Laboratório Farmacêutico Bergamo with important synergies to be captured.
Expansion of Blau's participation in the oncology market, increasing the production capacity of lyophilized products, and addition of important drugs to our portfolio. In 2022, we had a record mark in submissions for registration, with 20 applications for registration at Anvisa and 19 in other Latin American countries. We also had a record number of products launched. Eight new products launched in Brazil with several presentations, with an addressable market of more than BRL 2 billion. In November, we officially opened our new administrative headquarters, from where we are now broadcasting this video call live. Our former office is being turned into the extension of our research, development, and innovation center, Blau Inventta. Continuously, all our plants undergo processes for internal improvements and civil works for capacity expansion.
At Blau São Paulo, we continue with improvement processes and operational excellence, leading to reduced equipment set-up time and increasing the production capacity of the plant. At Blau Goiás, we launched the carbapenem line with the production of a new drug, meropenem, launched in 2022. In early 2023, we opened P210, a new plant, with two production lines for specialty drugs, which initially operates with one shift and will start operating three shifts in the coming months. This will be a great increment in our business. We obtained the GMP Good Practices certificate last Monday. In the Pernambuco Industrial Complex, BFO Center, the PRODEPE protocol was published authorizing the use of tax benefits 2 years before the start of operations. The master plan and the execution of the project have already been contracted.
We reviewed the company's short, mid, and long-term strategic planning, which was translated into a structured plan with incentives aligned with the interests of our shareholders. Today, we clearly know where we are going and are prepared for this new growth cycle. To close the slide, I want to highlight that 2022 was a year of many achievements. None of this would have been possible without the help of our more than 1,700 employees, our board members, and committee members who daily contributed to deliver these results and growth. I'd like to thank everyone for their dedication and engagement, and I turn the floor to Bruna to continue with the presentation. Thank you.
On slide 3, we can see that even facing some one-time off issues that hindered our growth in 2022, Blau remains focused on its profitability and always addressing its main growth fronts. In 2022, Blau had a record production with a 10% growth over 2021. We ended the year with a net revenue that was significant of BRL 1.4 billion, up 3% over last year, even with a challenging scenario with the non-retail market, falling 5% in relation to 2021. It is also important to highlight the growth of more than 20% of biologicals, even with the impact of strong competition from unregistered immunoglobulin approved for import by Anvisa until July of last year. It is also worth commenting the new products have been accounting for more and more of our results.
Last year, they accounted for about 5% of our net revenue. International operations were another important highlight, growing about 57% over last year, with expansion of all subsidiaries in Latin America. Our gross profit and EBITDA were flat compared to 2021. We had a record net profit of BRL 360 million, with a net margin of 25.6%. As for earnings, the company distributed about BRL 115 million of interest on equity relative to fiscal year 2022. Representing about BRL 0.64 per share. We ended CapEx with BRL 213 million, up 20% over 2021. It is also important to comment that we ended the year with an ROIC of 18.5%. Moving to slide 4. In 2022, we posted a record of submissions, 39 submissions. 20 product registration applications in Anvisa, and 19 in other Latin American countries.
We had a record number of product launches with eight new products and new presentations, and a total addressable market of over BRL 2 billion in Brazil. In Q4, we brought forward the launch of generic piperacillin/tazobactam, a product that has an addressable market of around BRL 450 million, bringing a total addressable market reduction in the 2023 pipeline because the product was launched in 2022. Until 2026, we have 49 products under development in our pipeline in different stages of the analysis process. It is worth mentioning that in this table we present preliminary information, okay? The dates presented here are company estimates, since registration of these drugs depends on regulatory agencies, and there might be changes here in the schedule, either to accelerate or delay the launch of these drugs in the market.
It is also important to comment on the partnership with Similis Bio. As Marcelo has already mentioned, this is a company of the JSR Life Sciences Group, and the idea is to develop together with Similis Bio for next-generation monoclonal antibodies. These drugs are currently under patent. Our expectation is that the first launch of Blau will occur in 2028. Moving to slide 5. Talking a little about our plasma collection operation in the United States, Hemarus, it is still ramping up. Our first center in Lauderhill, Florida, has completed 16 months since its opening. In 2022, more than 21,000 procedures were performed and more than 17,000 liters of plasma were collected. Currently, the first center operates at 53% of its capacity and is approaching break even in the coming months.
Our second center, North Miami, has been ready since November, and is awaiting licenses from the competent agencies. The center is expected to open in Q2 2023. The third center in Flamingo, Miami, is in the executive project phase. We expect construction to begin in the next few months. Here we have some nice news for you. Following our strategy to verticalize and operate in the plasma collection market, just now on February 15th, Blau signed an agreement to acquire a 25% stake of a new collection center in Jacksonville, Florida. If you look at the slide, it is in the upper right-hand corner. We're acquiring a 25% stake of this center, paying $500,000, and we have the possibility of acquiring the remaining 75% stake in three years.
This center started operations in 2009 and has a collection capacity of around 55,000 liters per year. In addition to increasing collection volume, with this acquisition, Blau has the right to use the FDA license to operate also in other centers, which would facilitate and expedite the opening of new centers. Moving to slide 6, and speaking a little about ESG, we continue with an important focus on innovation and sustainability, always with investments aligned with the company's purpose. In the environmental pillar, we continue with a commitment to the conscious use of resources. Since the end of 2020, we offset the carbon footprint of our fleet. We also acquired electric vehicles and trucks for distribution of drugs in the region of the city of São Paulo, always to reduce gas emissions.
In the social pillar, we support social, sports, and cultural projects are always aligned with Blau's principles. In 2022, 10 institutions and projects were supported, always with a focus on the integration of children, youth, and elderly, so that they can feel more and more included and recognized by society. In the governance pillar, transparency, respect, and corporate responsibility guide Blau's actions, both internally and with our main stakeholders, and we always seek to guarantee ethics in all of our businesses. 2022 was an important year. We joined the portfolio of the Female Leadership Index at B3. We also had a number of internal workshops, the highlight going to the ESG workshop, which had the attendance of members of the ESG and innovation committee and top leaders.
As Marcelo mentioned, 2022 was an important year for us to review our strategic planning for the short, medium, and long run. The idea is to avoid distractions and to have a structured plan with incentives, particularly for the top management, with incentives aligned with the interests of our shareholders. The year was important with important awards, such as Valor Inovação Award, Valor 1000 top ten, Época Negócios 360, Exame Melhores & Maiores, and Sindusfarma's Great Packaging Cases Award. It was a very important year for us. I turn the floor to Douglas.
Thank you, Bruna. Now let's look at the financial results of the company, starting with our net revenue. In 2022, net revenue was BRL 1.4 billion, a 3% growth over the previous year. What are the main highlights here? Our biologicals unit up 23% year-over-year. Strong growth. This unit in the last two years suffered with supply issues, but now it's back on with strong growth. It accounts for 60% of our business. This is the core business of the company, and as highlighted here by Marcelo, this growth could have been better. Our others unit, another highlight, growing more than 40%, driven by the Botulim performance. Botulim, since its launch, was an important product. It ramped up well, then it was impacted by the pandemic, and now it's another highlight in the revenue composition of the company.
We had a slight retraction in the oncologicals unit because of a more competitive scenario in 2022 and a more marked reduction in our specialties unit. It is a market that grew more price than volume in 2020, 2021, now we have a fierce competition scenario with price corrections in 2022. Other important highlights, Bruna mentioned these, new products account for more than 5% of our top line. Our ex-Brazil operation represented 9% of the revenue in 2022, this shows the company's ability to look for new opportunities to continue to grow. Speaking about public and private share, we can see here this is what we should have in the institutional market. Lastly, we have to look at the cycle. In the pharmaceutical business, nothing happens overnight.
The company started with a business plan, a preparation for the IPO, which signaled a growth cycle. After five years, it is possible to see a CAGR of 16%, showing the company's capacity to execute. We grew all the BUs, and the main drivers of growth have been investments in production capacity. We're always looking for new products and, of course, new geographies. This will definitely be the drivers for the next cycle. Now moving to the next slide to speak about operating result, gross profit and EBITDA. Gross profit, basically the same level of 2021, a slight retraction in the margin.
Here, I guess there's something important to understand. Talking about OTI products, orotracheal intubation , last year they had a contribution of 0.5% in the consolidated margin of the company with a positive effect in 2021, and now with a negative effect in 2022. We had to have a write-off provision because these products are not in demand right now. It is important to look, and you can see here what's behind the number. The company has always said, "What are growth margin drivers?" New products. Today, we have the share of new products driving the margin. We always spoke about our operating efficiency, increased capacity, gain of productivity, dilution of fixed costs, and this reflects in the results of the company.
Here there is an important theme, verticalization. We always talked about verticalizing as something strategic. In 2022, verticalization has an effect in the Hemarus operation. The company today carries pre-operational operations. In other words, they're impacting my short term because these are investments that will bring me a result in the future. This is the cycle. Hemarus is still an operation that has not reached breakeven. It stole almost 1 point in the company's consolidated number. I just want to compare, thinking about what is business as usual. The company is driving operating margin. This is shown in a CAGR. In this five-year cycle, a CAGR growing more than the revenue. We grew the margin more than the revenue. Speaking about EBITDA, same level of 2021. The main drivers are those already mentioned when we spoke about the gross margin.
Again, let me highlight the cycle. When we look at the cycle, a 22% CAGR, that reinforces the business model of the company, which is extremely efficient to allow for operating leverage, to have more operating result greater than the growth of the revenue. Moving to the next slide to speak about expenses. Expenses kind of flat. I don't want to be repetitive, but it's flat with 2021, same level. Here there's a different composition. Looking at selling expenses, the biggest growth is between 4% and 5%. We're at that level, 4% or 5% of the net revenue. That was always told as the pattern for the company. We have marketing expenses related to events, expenses related to traveling, that's kind of normal. Looking at the administrative expenses, growth is tied to the new structure that the company has.
We had important reinforcements in our structure so as to be able to address the new growth cycle. We had important investments in the strategic projects. More and more, the company's looking for new opportunities. That entails investment. Investment in our affiliates. We are talking about 7%, close to 8% of revenue. We always said that this was going to be the pattern for the company. R&D. Looking at the result, there was a slight retraction 2022 compared to 2021. In R&D, we shouldn't look at just the results, but all the line items in the balance sheet. Depending on the classification of the project, it is intangible or it can affect the result in the current year. There are other lines, R&D materials and inventory.
Next year, with the expansion of the new center, we'll have some R&D CapEx. It's always important to look at the whole picture. Now moving to the next slide, net income. Net income, specifically in 2022, had an 11% growth, a record net income, BRL 360 million with a 25.6% margin. This figure is twice as big as the revenue. That shows how the company is committed to look at profitability. We'll always look at profitability. We won't sacrifice short-term in detriment of the long term. At those points I mentioned, operating leverage, here we have tax efficiency. This shows the tax efficiency of the company and discipline in terms of cash positions and financial results. All of that translates into these numbers. Everything we prepared with the IPO, we are delivering this net income, which is an excellent highlight to be delivered.
Moving to the next slide, let's speak a little about working capital and CapEx. For working capital, it increased a little in Q4, and this is the dynamic of immunoglobulin. If I had sales normalized inventory levels of immunoglobulin, I would be at the same level at around 54% working capital. Breaking down our working capital, what is important to highlight, DSO, days of sales outstanding. This is related to our sales in a immunoglobulin scenario in the last part of the quarter. This is now translated into cash. This becomes a receivable to be converted in the beginning of 2023. Looking at suppliers, DPO, we were able to evolve in this term, the term to pay suppliers. This is all about negotiation. We don't have any operation to extend the term for suppliers.
Looking at inventories, DIO, perhaps this is the biggest challenge of the company. We had an impact of immunoglobulin. Today, we have an inventory level of immunoglobulin, which is good to address the next cycle, but never did we have such a large inventory in-house. We also have products in R&D. We have BRL 50 million in the end of 2022. This was BRL 23 million in 2021. I go back to that same point. The company's preparing itself. The company has pre-operational activities, plants that will enter into production, and that requires preparation and working capital carryover. I'm sure that when we are up and running at full steam in all of our units, we'll be able to deliver a better working capital result. The company knows that this is a market expectation. Looking at CapEx, well, it's the same level of 2021.
This additional amount basically was the subsidy for the land in Pernambuco. We have benefits, we do the counterparts, and the state offers a benefit. In addition to intangible CapEx, that is a focus of continuous investment of the company in new products. We also have the completion of P210, investments in all of our plants, increasing our production capacity. The trend for the next cycle is that we'll move to a whole new level with investment slightly higher for the next cycle. The trend is that Pernambuco will start standing out in the CapEx, in the total CapEx composition of the company. We should increase to BRL 250 million, BRL 300 million for the next few years. Now moving to the last slide. Last but not least, the cash position and debt.
Gross debt, we're talking about BRL 280 million. Basically, the six last installments of our first debenture operation in 2018. Our second debenture of BRL 250 million that we raised in 2020, we're starting to amortize it now. Cash position of BRL 644 million, a very strong cash position. This is a net cash position of BRL 364 million. It's important to highlight that the company used part of the cash in the buyback program along 2022. In the current scenario, with all credit issues in the market, high interest rates, I mean, this is a very strong and robust cash position to face the new development and growth cycle of the company and to explore and tap into new opportunities. Of course, folks, depending on the size of the opportunity, the company will raise funds in the most efficient way.
This was my idea here to give you a little more detail and color on our results. Now I turn the floor to Marcelo for his final remarks.
Well, for those of you who have been with us for a long time, it is very gratifying to see Blau's success and transformation over the last few years. Our portfolio remains robust. We're already reaping the rewards of our R&D investments with a diverse and promising future pipeline. 2022 presented important challenges for the company with a very tough and competitive landscape as well as macroeconomic challenges. Despite this, we focused on our profitability and delivered consistent results with growth above that of the institutional market. We are confident about 2023 despite the challenging credit scenario, which requires us to pay more attention to the distribution channel and pay extra attention to our financial management. We're excited about what lies ahead, attentive to the M&A opportunities that arise for those who are well-positioned as well.
We continue excited about our business plan, quite engaged with our business plan. In 2022, we celebrated 35 years, and my feeling is that we're just getting started. Thank you for your time, and have a great day.
Well, folks, since we are online, we ended up skipping the Q&A session. That's going to start now. First question from Lucas Marchesini with Itaú BBA. Lucas, you may go ahead.
Good day, everyone. Can you hear me?
Yes, perfectly.
Well, good day, everyone. Thank you for the opportunity to ask a question. Regarding the specialties segment, we know the performance was impacted by more competition and price deflation. What can we expect for the segment this year? How much of the volume will continue to be impacted by a demand for products that were in higher demand during the pandemic? What can we expect for recurring products in 2023 onward?
Thank you for the question. Well, to start, it is important to note that Blau is increasing its production capacity. We produced 10% more. These 10% were focused on specialties. That's our biggest bottleneck. We continue still with a back order. We had several launches last year that were important for the company. It's Sophie's choice. We have to choose the more profitable drugs in detriment of those that are less profitable. We are trying now to deal with this, and we understand the prices got to the lowest level for the market, given the competition. Looking forward, we understand that the price will again increase. Still, we were able to offset the situation, as I mentioned, with new products with better margins.
Super clear, Marcelo. Thank you.
Thank you.
Our next question is from Renan Prata with Citi.
Hello. Good morning. To start, congratulations on the new headquarters. It's really nice. I would like to get an update on the beginning of the year for the immunoglobulin market. We had the RDC. We had that problem of release of unregistered product. I would just like to get a sense if the market is normalizing and what you're expecting regarding that. Thank you.
I can tell you that we are improving towards normalization, but things are not normalized yet. We have been increasing our sales of immunoglobulin, but this is not normalized yet. We expect this to improve with time, with the end of this stock, a huge amount of unregistered immunoglobulin that was brought to Brazil. Little by little, we are getting back to normal. We are quite hopeful that this year we are going to have a good opportunity because never did we have so much supply of the product. Blau has a considerable inventory of this product, as Douglas mentioned. This year, we expect to put all of this product out there in the market. This is what we hope for.
Okay. Thank you.
Ian Seskin with BTG.
Good morning. Can you all hear me?
Yes, we can hear you perfectly.
I have a question and a follow-up question about immunoglobulin. We imagine that the scenario is normalizing gradually, but I'd like to ask, do you see a better pricing dynamic for that market, and should we expect a higher volume of the product coming in in Q1? The question that derives from this is about working capital. Douglas mentioned about a complicated working capital dynamic because of a higher inventory of immunoglobulin and also receivables DSO. So do you see any level of improvement in Q1 of 2023? Lastly, I'd like to understand the expectation of closing the acquisition of Bergamo. I know that this needs to go through CADE approval, but I'd like to get a sense of your expectation.
Sure. Okay. Our immunoglobulin sale price is more than 50% the price of the unregistered product. The moment that we start selling this product, we are selling it at a normalized market price, or else we wouldn't be able to sell it. We don't lower the price to sell this product. We don't give up our margin on this product. Sales are increasing, but they haven't normalized yet. On the other hand, because of the situation of inventories, we had an agreement with our commercial partner to get more term to pay the imports. This is going to give us a relief in the cash flow. Immunoglobulin is one of the factors of working capital in inventory, but we have to remember that we started operating P210 of specialties.
We have been manufacturing drugs for practically two months, and we're just waiting for Anvisa licensing to start selling those. We got the GMP of these two lines of production. This was published in the official gazette. Now we are waiting on Anvisa's release of products that were manufactured at this plant. From that moment on, we'll also be able to sell. We still have a back order of products that have been manufactured and are sitting in our inventory. This is a situation that we believe will be solved now in the month of March that will help us improve the flow, if not in Q1, but starting in Q2. This improvement will be seen in terms of capital employed.
The rest of the answer in terms of integration with Bergamo, I'll turn the floor to Douglas because he's the one running this project, and he can give us more on that. Regarding working capital, we need to wait for that normalization of immunoglobulin and all of our plants in operation at full steam, because that's when we are going to have an inventory turnover, and this will translate into more DSO.
As for Bergamo, the expectation of our lawyers is that CADE approval should happen between April and May. We have to fulfill the closing conditions, and we expect integration for the second half of the year.
Release the mic of Gabriela Ferrante of Safra. Just one question at a time, please, and then you ask again, or else we might get confused here. We're not taking notes. Stella Strano with JP Morgan.
Hello, everyone. Good morning. Thank you for taking my question. In the release, you mentioned you got registration of three new molecules for the oncology segment, that they will be sold now in Q1. How do you see the performance of these molecules since we are in March? Is this as expected? A little higher? Could you give us more color on that?
Stella, I will answer that. These three products that will be launched in Q1, we launched just one of them. The other two will be launched along the month of March. I believe it is a little too early to make comments on that. When we look at 2022 launches and launches that happened in the end of 2021, they're all in line with or above the expectations of the company. The new products already bring a higher margin, pulling up the consolidated margin. No negative news here. On the contrary, all of them with positive news.
Perfect. Thank you, Bruna.
Now we have a question by Emerson Vieira with Goldman Sachs.
Hello. Can you hear me?
Yes, perfectly.
Thank you. Good morning, Marcelo, Douglas, Bruna. I have three question. I'll ask one at a time. My first question is about immunoglobulin. I would like to understand, how do sales in the beginning of the year compare with the company's expectation for 2023? I understand that historically, looking at the two pre-pandemic years, the company used to sell 400,000 bottles of immunoglobulin. I understand that the level of 2023 should below this 400,000 bottles. When we look at these two months, are sales in line with what you intend to deliver for the year? A little above? A little below? That's my first question, please.
F or starters, these 400,000 bottles that we sold in the past included sales to the Ministry of Health. It all depends on the bidding of immunoglobulin. Recently there was a decision by the Court of Audits of the government, again, authorizing the purchase of unregistered product by the Ministry of Health, which Anvisa, well, Anvisa and the Ministry of Health said they did not agree with this, but this was a decision by TCU, and the Ministry of Health has to follow that decision. The company's taking the relevant legal actions at the Supreme Court to reverse the situation. In terms of the share of unregistered drugs, there's no need for that. There's no shortage.
We are not in an emergency calamity situation to justify the acquisition of unregistered immunoglobulin in the Brazilian market. We believe that the situation will be reversed, and we believe that we'll be able to sell our product. This would be a good situation for the company if we could take part in the bid. The expectation is not what we expected for the beginning of the year. 2023 is more challenging, particularly considering credit issues. Hospitals in the distribution channel have less inventory because the inventory is now costing them more. We have a challenging year ahead of us, but we believe that we'll be increasing our share. We'll be selling more immunoglobulin than last year.
Last year, we sold 70% of the target despite the difficult situation with the unexpected unregistered products flowing into the market. There was a huge supply of these drugs. Now we imagine that we'll be able to increase sales to more than 70%. We're following that. We believe in our business plan for this year. We have other medications. We have building P210. Also, outside Brazil, we are selling immunoglobulin in other geographies. Everything is collaborating for the company's growth.
Well, I think Emerson is no longer with us. Gabriela from Safra is back. Gabriela, if you want to ask your questions, then we'll take Emerson's other questions, his second and third questions.
Hello, good morning. Still on immunoglobulin, how do you see inventory of this unregistered product in the market, and when do you expect this to normalize, reducing the unregistered product inventory so you can increase your sales?
It's what I said. The hospitals themselves, well, they don't want to get RDC unregistered product. Those who acquired and were not able to sell or consume this drug is losing the product in-house. There's a big rejection for these products. There were many problems in the consumption of these products, so we believe that we will increase our share of sales. Again, this is a whole context. It's not just immunoglobulin. Like I said, the whole channel is avoiding carrying inventory. Hospitals are avoiding carrying inventory. It's about daily use. We replenish their inventory. It's fragmented sales. In the end, we are selling the product to be consumed. We have a challenge this year, but we believe that the situation will improve along the year.
Perfect. Thank you.
Emerson is not here, but he sent two questions. The first is: When does the company intend to start accounting for the tax benefits of P1000? How relevant will this be in 2023 and 2024? Let's answer this.
As we said in the protocol, it authorizes us two years before the operation to start capturing benefits. I'm talking about ICMS reduction of 85%. Our expectation is that he's talking about 2023, but in 2023 we don't have that. The operation will be starting in 2025, so perhaps in mid-2024 we'll start capturing part of this ICMS tax benefit because we'll be there producing in 2026. As of 2024, we could explore this benefit two years before. The most relevant benefit is related to income tax. Here I'd like to highlight that it is very important for the company to have the works execution schedule because we cannot, must not fail in the project. We have authorization to start enjoying the benefit two years before the startup of the operation, we have to be sure. We have to have all of the licenses, all of the permits.
Everything needs to be in place that we won't be benefiting from this tax incentive and then have to pay a penalty. We're being very cautious and attentive here because we want to avoid problems along the way.
Perfect, the last question by Emerson: Do you see for 2023 greater price pressure given it's an area that is still difficult in terms of hospital profitability?
I believe that this is going to be a challenging year because we start having real inflation. We always speak about high interest rates, but we have inflation in this interest rate. There's the start of the pass-through of costs to the drugs. I think this is going to be a very difficult year for the payers, for the hospitals. There are pent-up elective surgeries. We see the hospitals crowded with people, and even with crowded hospitals, they are suffering with the payers postponing payments and so on and so forth. It is a challenging situation, and we don't really know how this will be, how the adjustments will take place from the healthcare plans and the pass-throughs in the future. For now, it's still a question mark. We don't know how these price increases will be passed through in the market.
Perfect. We don't have any additional questions. Marcelo, do you want to make any final remarks?
I would like to thank you for your questions, for your participation, and for interacting with us. We're officially opening our digital content creation room, I'm very excited about all that, about everything we're building and doing. Every day there is something new. I'd like to congratulate Bruna and Douglas for this challenge, another challenge among so many. I'd like to thank all of you and wish you a great day and a great week.
Thank you. The investor relations department is available if you have any questions, additional questions, send us a message. I'd like to invite you to come and see our new office and to get to know our new digital content room. Thank you very much and have a great day.
Thank you all.