Good morning. Welcome to Camil's video conference to discuss the results for the third quarter of 2022. Present here today are Mr. Luciano Quartiero, Director and President, Flavio Vargas, CFO and IR Officer, and the company's investor relations team. We would like to inform you that this event is being recorded and that during the company's presentation, all participants will be in the listen-only mode. After that, we will open for questions from analysts and investors. We would like to also clarify that any forward-looking statements that might be made during this conference call related to Camil's business outlook, projections, and financial and operating goals are based on beliefs and assumptions of the company's management, as well as information currently available. These may involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur.
Investors must understand that such general economic industry conditions and other operating factors may lead to results that differ substantially from those expressed in such forward-looking statements. We will start the presentation with Mr. Quartiero, followed by Mr. Vargas, then we will open for Q&A in approximately 15 minutes. Thank you.
Hello, welcome to the comments on the results for the third quarter of 2022. In this slide, we provide you with an update on Camil as one of the most complete platforms of products and leading brands in the LatAm food market. Both the new categories and the international acquisitions made reflect our positioning as a multinational of Brazilian origin. This quarter, we highlight Camil's entry into the cookie category in Brazil with the inclusion of Mabel to our portfolio on last November 1st, followed by the licensing of the Toddy brand for cookie.
The acquisition reinforces the positioning we have been emphasizing to the market of adding recognized and higher added value brands to our portfolio. We have already proven we are able to identify and integrate acquisitions into the company that add synergies in procurement, commercial, and G&A. Cookies in particular comes in to increase Camil's exposure to the wheat chain, following on the trail of the excellent results we've been posting from the newly acquired pasta operation in Brazil. In November, we paid BRL 177 million for the transaction, which also contemplates the reported amount of BRL 152 million during the announcement and the working capital adjustment in the period. Now moving on to the financial highlights, with the acquisition of Mabel, from the accounting management perspective, we recorded an advantageous purchase gain.
This effect, together with the operating results for the quarter, resulted in an EBITDA of BRL 310 million, up 54% when compared to the previous year, with a margin of 11.9%. We also reported a gross revenue of BRL 3 billion in the quarter and BRL 8.8 billion year- to- date, both up 15% over the third quarter of 2021. On the operating side, the third quarter of 2022 was impacted by the results of a challenging economic scenario in Latin America, which put pressure on results in the food retail sector. As a food company with quality, relevant brands, and serving different consumer segments in Brazil, we were able to offset part of these effects on the results.
We are taking all the necessary measures to adjust sales, production, and profitability to the still challenging external scenarios in the short term. Excluding non-recurring effects in the period, our operating result came to BRL 168 million of EBITDA, with a margin of 6.5% in the third quarter of 2022, and BRL 621 million in the year-to-date with a margin of 8.1%. Turning to the operating results, we highlight the 6% year-to-date growth in consolidated sales volume, driven by the entry into new categories and also internationally. In the quarter, the decline in Brazil reflects this more challenging scenario in food retail and the temporary volume reduction in Uruguay, which was already expected due to the season in the country.
We also emphasize the entry into the cookies category in Brazil as of November of 2022. If we look at it by category, starting with rice, volume was down vis-à-vis the previous year, impacted mainly by a slowdown in retail and increased rice price levels in the market. Despite the lower volumes, we should also note that sales of the leading brand, Camil, remained stable when compared to the previous year. It is worth noting that the most recent increase in rice prices only occurred at the end of the quarter, reaching around BRL 90 according to CEPEA/Esalq. In beans, we continue to show good results. We posted volume growth compared to the previous year, and we continue to see a positive trend growing the leading brand and the lower pricing brands in the quarter. In sugar, the landscape was a bit more challenging, both in volumes and also profitability.
Even against this backdrop, we continued to gradually recover the usual sales volume base for the category, which is reflected in the sequential volume growth of 4%. In fish, we are resuming the volumes of the category. We are currently seeing historical profitability levels returning to double digits and volume slowly returning to normal levels. Considering that last year and in the first quarter of 2022, volume was impacted by the limited availability of sardines. In the pasta segment, Santa Amália continues to de-deliver excellent and profitable results with pricing and procurement and sales execution that allows the category to keep operating at higher than historical margins. Still in the wheat chain, we reported one month of cookies operation, which totaled 2,800 tons of sales in November.
We are proceeding with our turnaround plan focused on recovering sales, brands, and profitability of the new business acquired by the company over the next six months of operation. Besides the wheat chain, the quarter also shows the continuity of the ramp-up of coffee sales, which reached 4,200 tons in the period. We must bear in mind that we enter the category at the end of March 2022, with an operation that is in the process of expanding its capacity from 36,000 to 60,000 tons a year, ensuring product availability and sales execution. We are investing in advertising and publicity, we are in the process of expanding our reach, mainly into new regions and into new SKUs. In the international front, there was a decrease due to the temporary mismatch of exports in Uruguay.
This movement is typical of the country's business model, which concentrated exports in the second quarter of 2022. In Peru and Chile, packaged rice sales volume and profitability continued to be pressured by the political and economic landscape in these countries, as well as by rising inflation at the LatAm level. In Ecuador, volumes decreased, profitability in the country has been delivering good results with a focus on efficiency actions and commercial structure. The gains of scale that we have been presenting to you and the agile integration of the acquisition were part of the great achievements of the period. After the conclusion of the last transactions, we are now in the adjustment and sales ramp-up phases, entering into a new growth phase and capturing gains and synergies with categories with the potential to bring higher EBITDA.
We continue to pursue operating and administrative efficiencies in order to consolidate the higher business without losing the simplicity which is inherent to the company's history. We are confident with the direction the company is taking, and that even in the most challenging scenarios, we are aware of the adjustments required to anticipate trends and strengthen our position in the industry. Now, to elaborate further the financial performance of the quarter and year- to- date, I will give the floor to Flavio. You may proceed, Flavio, please.
Thank you, Luciano. Starting the analysis of the financial performance, gross revenue in the quarter was BRL 3 billion, with a net revenue of BRL 2.6 billion. Revenue grew more than 15%, boosted by the entry of new businesses in the company and market price increases in the period.
Cost of goods sold, COGS, also grew due to prices and entry into the new categories. Our gross profit totaled BRL 521 million, being 10% higher than the previous year, with a margin of 20% for the quarter. SG&A was BRL 433 million, up 42%. It is worth noting the impact of the BRL 31 million expense in G&A Brazil for the quarter related to provisions with losses. On a comparable basis, excluding M&As between the periods and non-recurring effects, SG&A for the quarter was up 17%, mainly impacted by freight, personnel, and inflation in the period.
Other operating revenues totaled BRL 184 million in the quarter due to non-recurring items with BRL 199 million of revenue from the advantageous acquisition of Mabel, as the price paid to acquire the business was lower than the fair value of the acquired company's shareholders' equity. The result was also impacted by the BRL 16 million expense related to the provision for the transfer of the cookies industrial asset from PepsiCo's plant in Sorocaba to Mabel's plant, which we'll realize in the coming months with the completion of the transaction. Taking all of these factors into account, the EBITDA for the quarter came to BRL 310 million, up 54% year-on-year, with a margin of 11.9%.
Excluding non-recurring effects of provisions and advantageous purchase totaling BRL 142 million, EBITDA totaled BRL 168 million, a 16% reduction with a margin of 6.5%. Net income amounted to BRL 147 million, growing 22% with a net margin of 5.7%. It is worth noting that year- to- date, in addition to the scale gain in revenue growth with the new acquisitions, our EBITDA totaled BRL 763 million, a growth of 33% with a margin close to 10%. Excluding non-recurring effects, EBITDA reached BRL 621 million, 8% growth with 8% margin, reflecting a more challenging external scenario for food retailing at the LatAm level, as already mentioned by Luciano.
The company's total debt was BRL 3.6 billion, with net debt over EBITDA for the last 12 months of 2.8x in the period. CapEx was BRL 230 million, with the payment of BRL 177 million for Mabel, maintenance investments, and some expansion projects. It is also worth mentioning the postponement of part of the schedule of the company's expansion projects in view of the new interest rate levels. Finally, in terms of ESG, our actions are reported in the sustainability report available to you at CVM and also on the IR website, consistent with the company's business planning for the coming years and also in line with our focus of carrying out actions that are effective in our surroundings.
In the quarter, one of the highlights was the ESG cultural work across the company, with discussions involving Camil's ESG working groups in all LatAm countries for the planning of the next fiscal year. We are focused on the continuity of zero accident projects in occupational safety, capacity building social projects such as Doce Futuro União, renewable energy, and circular economy. Of note in the quarter was the disclosure of our emissions inventory and Camil's participation in the Carbon Disclosure Project or CDP. In closing, as already highlighted by Luciano, we are focused on short-term actions to leverage the synergies of the new acquisitions and perform the turnaround and boost the cook-cookie business, which consolidates our market position with categories of higher added value for the company. We remain at your disposal during the Q&A in case you have any questions. Thank you very much.
Thank you. We will now proceed with the Q&A session for investors and analysts. In case you have questions, please press the icon raise hand. If your question is answered, you can leave the queue and click again on the same icon. Please hold while we collect the questions. Our first question comes from Gustavo Troiano from Itaú BBA. Your microphone is on. You may proceed.
Good morning, Luciano and Flavio. Good morning, everyone. There are three aspects I would like you to elaborate further. First, related to cookies. This was the first month that you are reporting that cookie business. I just want you to talk a little bit about the turnaround project. What is the timing that you have in mind? I remember that at the end of last year, you referred to a period of approximately six months. Did you have any updates since then?
The second point relates to the carry-over effect and the inventory levels at the retail level. I think back in 2018, you said that there was a reduction in the inventory, there was a reduction in margins, but recovery was really quick back then. I would just like to compare that, you know, what we have today and whether we could expect a very quick recovery of margins and how much of that margin you expect to recover in the short term. The third point is about the consumption environment. This is a more generic question involving all the categories, and this is an ongoing discussion about the potential deceleration of sales in general. You know, beverage and food segment decelerated at the end of last year. Did you notice the same thing?
What is your view about the consumption environment in the domestic market? Thank you.
Good morning, Gustavo. Thank you for your questions. Starting with your first question about Mabel. We took over the operation on November 1st. Our third quarter ends in November. As I said during my presentation, we've been operating for only a month. I think one important point that really shows how much the company prepared itself for that incorporation process is that, again, in only 60 days, we integrated the company into our system. Mabel, as of January, is already operating within our ERP system. They are already part of our sales and logistics system. Once again, the company was very quick in incorporating Mabel into our own system.
We've had some very positive surprises along the way, so especially during this first month of operation and even December, our second month of operation. I mean, our clients are really pleased with the way we are conducting the business, and we managed to reposition prices accordingly. Today, we were saying in the past that it would take us about 6-8 months to conclude a turnaround. We believe that this timing will be shorter. I don't want to tell you exactly how short. I may say that certainly we are pleasantly surprised with the way the business is performing. We still have a lot of work ahead of us. We have to optimize all of the packaging, package sizes. We've been reviewing all of the packaging in the past few months. Mabel was not evolving in this front.
Therefore, we are able to reposition prices even with packages that are very different from what we see in the market in general. This is something that will be reflected in the next coming months, you know, with the new packaging. This really shows that turnaround will be quicker than expected. Now, in terms of your second question, in Copa and lower inventories on the part of retailers, that was a very tough process. It started in August and September, and it lingered for a few more months, and this had a severe impact on our margins. Within that same period, we had lower inventory levels. We had the World Cup, the Cup, and this is bad for our segment, but it favors other segments.
Going a little bit into your third question about the consumption environment, we also felt the impact of the purchasing power and freight in the case of some specific plants. Some of our distribution routes were heavily affected because we didn't have enough vehicles, and because of that, the cost of freight was much higher. These are the most important factors that impacted our margin. Some of these factors were carried over to the next quarter. The consumption environment continues to be slow. Not only our sell-in is slower, but what we feel and by talking to some of our clients, we feel that our clients' sell-out is also slower.
We felt the impact of lower purchasing power that is carried over to the fourth quarter, not only the impact that we felt in December, but January and February that are usually lower months for us is also being affected by this additional impact. Not as severely as in the third quarter because there are two other variables that are no longer in place, like the World Cup and, you know, lower inventories, but the landscape is still not very favorable. This tends to change once we get into the second quarter, third quarter, which would be our first quarter in the Camil's calendar. These are all the answers.
Thank you, Luciano, very much. That's very clear.
Our next question comes from Pedro Fonseca from XP. Your microphone is available.
Good morning, Luciano, Flavio, and Camil's IR team. I would like to talk about two points. One is pasta. We saw a drop in volumes, you know, comparing the second to the third quarter. It's even lower than the reference volume, closer to that 5 tons. Please correct me if I'm wrong. Could you please tell us what is still missing in terms of getting to the level that we all expect to see? The second point is how you see this potential reduction in the rice season. Maybe if you think that this could be a positive thing for the margins. Thank you.
Pedro, thank you for your questions. I think that the pasta subject is impacted by the effect you mentioned. This had an impact on our volumes. Specifically in pasta, in general, we optimize our portfolio.
The very specific case of pasta, we cut a larger number of SKUs of items, and we reduced the price aggressiveness in the lower pricing brands that we have. The most severe decline in sales comes from our lower pricing brands. This is because we are now focusing on profitability, and we understand that in a different scenario, being more aggressive with lower pricing brands was not easy. That's why we made this additional adjustment and reduction. In terms of the rice crop season, there was an impact. There are some other variables, not only related to domestic production, but also if you look at other mercados there were some changes in import taxes in Central America. Because of that, the prices were higher. This is something that started to hit us back. Rice prices are much higher.
CEPEA is okay, is above 90 BRL. Looking forward towards the next nine months, we are seeing higher prices, especially when we look at the next coming year, vis-a-vis, you know, the year that just ended. Higher prices are better for the company. Therefore, we do not expect any supply risk. Risk is usually a concern because whenever Brazil goes through, you know, lower crop seasons and, you know, like in the first quarter, Brazil exported a lot and in the second quarter, we had to import. In terms of, you know, supply, no risk in that front. Higher price, that is a fact, and this is good for the company. This landscape for rice is similar when we look at beans.
We had different seasons throughout the year for beans, that's why prices for beans should also be higher next year. I think with that, I answered your questions.
Thank you, Luciano. That was very clear. I just have a follow-up about that pasta segment. If you look at what you said about focusing on more profitability going forward in 2023, what kind of volumes should we bear in mind in terms of the pasta segment quarter-on-quarter for 2023?
Well, we don't give that kind of information to the market. Maybe we could have a one-on-one meeting and just to give you some more additional information, we do not give any guidance on volume about that.
Okay, thank you.
Our next question comes from Guilherme Palhares from Bank of America. Your microphone is on. You may proceed. Mr. Guilherme, your microphone is already on. You may proceed. Given the issue with your microphone, I think you should disconnect from this call and then reconnect again. Having said that, our next question is from Leandro Fontanesi from Bradesco BBI. You may proceed, sir.
Good morning, everyone. As a follow-up on that last question about rice prices, and hello to all of you. You mentioned the impact on demand and lower business, and we saw the same thing in other peer companies. I mean rice prices are higher and this benefits the company, of course. For the calendar year of 2023, you anticipate higher rice prices and this compensates for probably lower demand. This is probably an effect that will impact the first quarter of your calendar year. Do you think that this will only be seen in the second quarter?
The second question is about that repurchase that you announced. Does that reflect the way you see the price of the share and capital allocation view of the share itself, or this buyback is just something, you know, like business as usual?
Leandro, in terms of rice prices, I just reinstate that higher prices are good for the country, not only for Camil. It's good for the companies in general in the industry. Now we have the issue of the season. We have experienced La Niña for the past two, three years, and this changes the rainfall regime and changes temperatures. That's why we are experiencing, once again, the same effect. Maybe this will be the last year. Certainly this impacts the crop seasons in Brazil, Uruguay and Argentina. Moreover, in the international market, you have Central America, and they reduce their import taxes.
That tends to keep the levels of imports from South America, and this is good for our price levels. Brazil tends to export more, and this helps prices. Higher prices, I mean, I don't have that perception at all. Certainly, I do not want to see lower sales volume because, you know, on the previous question, we talked about the consumption environment. That higher price comes to offset that lower sales. The company anticipates higher volumes going forward. If there is a region that has a consumption impact, we still have some white spots to be exploited in the country, therefore, we see other growth opportunities. I hope that despite this adverse scenario, the company will continue to grow. About the buyback, this is our eighth buyback program since the IPO. I mean, at the IPO, we had 410 million shares.
We canceled altogether, you know, in the past five years, 60 million shares, including those that we will cancel. We will have 350 million shares. We canceled approximately 14%-15% of the capital when compared to the IPO. This decision contemplates the company's value perception vis-à-vis what is being traded in the stock exchange and also capital allocation that in our view, would be the ideal one. In terms of capital allocations since the IPO, I don't remember all of the precise figures, but I think it's BRL 1 billion or BRL 1.2 billion in acquisitions. We had BRL 600 million in dividends. With this new buyback recently announced, we will have approximately BRL 550 million-BRL 600 million. This is part of our capital allocation strategy. I think that was it, Leandro.
I don't know whether you want any additional information.
That's excellent. You answered my question. Thank you so much.
Our next question comes from Mr. Guilherme Palhares from Bank of America. Your microphone is on. You may proceed.
Good morning. Can you hear me now?
Yes. Yes, we can.
Well, thank you. First of all, Happy New Year. I wasn't able to participate in the Camil Day, but I'm sure it was very good. My questions are more related to your coffee business. We are seeing the company operating at a level that is slightly lower than what had been previously announced. Could you please tell us a little bit about the challenges you faced? The company launched two products, and I would like to know how is your launch pipeline? In some markets, we have products that are vacuum packaged.
Some brands have their own, you know, coffee shops, and they're even present in the corporate environment. Can you please tell us what is your focus in this market so that we could have an idea of how you will perform as you start expanding your capacity, so we would have a better idea about the future of the business.
Okay, Guilherme. About coffee, as you said it yourself, today we have only two SKUs. Our plant operated at capacity of 36 tons a year. Now we are increasing that to 60,000 tons, and this expansion process will be concluded at the end of February and early March. In that same period, we will be able to launch a 1,500 gram vacuum package.
As of the end of February and early March, our pipeline will contemplate filter, cappuccino, you know, coffee pods. I think we will be able to launch all of these products throughout the first half of the year. We hope to launch all of these new items by August. The company is working diligently in that regard. The launching of the vacuum package, as I said in our last call, kind of packaging is very important in the coffee industry, and I think this will accelerate our growth because we will be participating in a relevant chunk of the market. We've seen competitors being more aggressive, and we are gaining momentum. We had a very successful campaign during the last Black Friday. We are gaining market share. We are in the lower two digits. We are building a very sound growth base.
The company remains very optimistic. We see great potential in this market. I mean, coffee shop that you mentioned is not in the radar of the company right now. This is something we have to get a better understanding before we venture into that space. We still have many other steps to give before we get into that. Some players are already there. This is a little further away when compared to the other categories that I just mentioned to you. In terms of coffee, that this is what I have.
Thank you, Luciano. Just as a quick follow-up throughout the coffee business. Do you see any synergy opportunities between your businesses, like having a package where you offer cookies with coffee or any commercial synergies, you know, among the companies that you acquired?
Can you tell me a little bit about the integration of these new categories or you still think that it's too early to tell? It's too early to think about all of these opportunities.
Guilherme, that's a very good question. We see a lot of opportunities to capture synergies among the different categories. There are some which may be more obvious than others. Let's say I have a salesperson serving all the categories. We have one promoter, sales promoter, serving all of the categories in the point of sale. He spends more time in the store and less time commuting from one store to another. There is also logistics. We can optimize our distribution centers. Our focus now is to look in-house in order to simplify the operations, while at the same time we capture all the opportunities and synergies.
In the industries, we haven't yet captured all of the efficiency gains. We still have optimizations to do in the pasta segment. With our new coffee plant, we will have enormous gains. With cookies, we want to add more volumes, and this will also bring significant gains. We still have some work to do in terms of capturing synergies in the different categories and areas, and even in between categories. This has been our major focus. That doesn't mean, and I will even elaborate further, that doesn't mean that the company is not open to look at new opportunities if they come along. Our focus today is mainly to capture all of the synergies that we have in-house at the moment.
Perfect, Luciano. Thank you so much.
Our next question comes from Rodrigo Almeida from Santander. Your microphone is on. You may proceed, sir.
Good morning, Luciano and Flavio and the entire IR team. I would like you to elaborate a little bit further on Uruguay. We saw a mismatch now, but also we talked a little bit about the rice scenario. When we look at North America and Central America, they're also going through a tighter moment. Uruguay, with an export platform, you know, it will be an interesting subject to exploit further. Looking into the next crop season, what kind of volumes do you expect? Also thinking about distribution, you know, and exports, what should we expect in terms of Uruguay, given the fact that this has been a more difficult quarter with lower volumes due to that mismatch? What should we anticipate going forward? Thank you.
Well, thank you for your question.
About Uruguay experienced lower volumes. Uruguay operates for a season. All of the rice that we receive in Uruguay throughout February and March, it is the product that we have available for the rest of the year. As the second quarter in the Camil calendar was very strong, we anticipated our sales for the year, and that's what justifies that lower second quarter. The fourth quarter is the residual products that we have to be sold. The transfer inventory will be lower in Uruguay because we expedited sales. Now in terms of our operation in Uruguay, we see margin improvements and also improvements in terms of sales stability. During the first two years of the pandemic, we had problems with availability and significant price increases for freight, and this made it difficult for certain markets to overcome that issue.
Now what we feel looking, you know, into the second half of last year and the first of this year, is that international freight prices are down. There is higher availability and higher demand coming from certain markets. This is a very positive landscape for our Uruguay operation. I mean, the amount of rice we will have available for next year is very much related to the harvest that is about to take place 30 days from now. The planted area was very similar, but we have to see to check the yield numbers in the last 30 days. Even though we are still 30-40 days away from harvest, there might be still some climate effects. It's difficult for us to tell you now what will happen.
You know, looking at the macro perspective, the outlook for Uruguay is much better. There is another aspect about Uruguay. We acquired Silcom, that's a company of natural products. We also deployed new systems, and that's been concluded. You know, the company is very pleased because things are as expected. There are still some synergies that are yet to be captured. We are, you know, combining that operation with rice. Silcom had a much larger, you know, client base when compared to ours. The acquisition is moving as expected. The performance is good.
Thank you, Luciano. Thank you very much.
Our next question from Victor Poli. It was in writing. Good morning. Could you tell us a little bit about the company's view in terms of leverage and future acquisitions? There is an important maturity of the debt.
Do you intend to pay or roll out the debt so you would have enough cash to pursue new opportunities? In terms of synergies, could you please tell us how much you intend to obtain and how long it will take until you capture all the synergies? Thank you.
Thank you for your question. In terms of our capital structure, the company goes through, you know, seasons. It has some seasonality. In this quarter, we have 2.8x net debt over EBITDA ratio. Seasonally, the next quarter, in terms of working capital, we release some cash, and usually this level of leverage is lower. Our ceiling for net debt over EBITDA level is 3.5x . The company understands that we still have an adequate leverage level, and this allows the company to make some strategic moves.
In regards to our willingness, the company is always open to new opportunities. Nowadays, the focus is much more turned to our internal operations, because we want to be able to operate all of the businesses that we acquired in the past 24 months, because all of these acquisitions added more complexities in terms of management. The management of the company is now working on all of the best ways to capture operating synergies, you know, ways to best integrate all of the companies, how we go to market so that we can have a very good sales performance of this entire portfolio of products, so much so as to have a profitable operation.
To make a long story short, in terms of our capital structure, we still have a very good capacity, but to look at opportunities, but the current focus is just to improve our current performance to experience further growth and more profitability. When we look at our maturity calendar, what the company has in terms of maturity payments, the company is focused on seeking for refinancing. We should start looking into that early this year. The company has commercial partners and commercial banks that are very strong. We already know the direction that we wanna go.
The idea is to start with that refinancing in the next three months so that we would have enough capital to reposition our liquidity and to do everything we have in the pipeline for the next 12 months, so that we want to have all of these maturity dates aligned with our current strategy. That's what we will focus on in the next three months. In regards to synergies, the company does not disclose what we expect to see in terms of synergies. In regards to the quality of the acquisitions that we had since, you know, SLC, Santa Amália, and now Mabel, which were more relevant acquisitions that in fact, the company is able to extract more synergies in the Brazil business.
In quality terms, the company is satisfied because all of the main assumptions when we first made the investment and we approved the business plan, since then, the company has been able to capture all of the synergies in a very effective way.
Our next question comes from Mr. Matheus Santos.
Hello. If you allow me, I would like to get a follow-up on Victor's question. What is the management's feeling about rice consolidation perspective?
Thank you for that question. The consolidation of the rice market is something that the company has always pursued, and we've led that debate. We understand that there are still many opportunities. When we look at the rice market and our stake in that market at the Brazil level, I think Camil holds about 13%-14% of that rice market.
It's a very fragmented market. The company still understands that we have room for further consolidation. Some other categories, like refined sugar, we have 40% of market share. In fish, we have approximately 45% market share. When we look at beans, which is a bit more fragmented when compared to rice, our share ranges around 7%-8%. In these two markets, there's still room for further consolidation. Consolidation is something that we will still see in the next coming years. It continues to be a very good opportunity. The company, it's working diligently in these fronts.
As a reminder, for questions, just press the Raise Hand button. Please wait while we collect the questions. As there are no further questions, the Q&A session is now concluded.
We would like to thank you all for joining us today, and we wish you an excellent day.