Bom dia a todos e obrigado por aguardarem. Sejam muito bem-vindos à videoconferência de divulgação dos resultados do quarto trimestre e do ano de 2022 da Cosan. Destaco aqueles que precisarem de tradução simultânea, temos essa ferramenta disponível na plataforma. Para acessar, basta clicar no botão Interpretation através do ícone do globo na parte inferior da tela e escolher o seu idioma de preferência, português ou inglês. Para aqueles ouvindo a videoconferência em inglês, há a opção de mutar o áudio original em português clicando em Mute Original Audio. Informamos que esta videoconferência está sendo gravada e será disponibilizada no site de RI da companhia, no endereço cosan.com.br, onde se encontra disponível o material completo da nossa divulgação de resultados. É possível fazer o download da apresentação também no ícone de chat, inclusive em inglês. Durante a apresentação da companhia, todos os participantes estarão com o microfone desabilitado.
Em seguida, daremos início à sessão de perguntas e respostas. Ressaltamos que as informações contidas nesta apresentação e eventuais declarações que possam ser feitas durante a videoconferência relativas às perspectivas de negócios, projeções e metas operacionais e financeiras da Cosan constituem-se em crenças e premissas da administração da companhia, bem como informações atualmente disponíveis. Considerações futuras não são garantias de desempenho. Elas envolvem riscos, incertezas e premissas, pois se referem a eventos futuros e, portanto, dependem de circunstâncias que podem ou não ocorrer. Investidores devem compreender que condições econômicas gerais, condições de mercado e outros fatores operacionais podem afetar o desempenho futuro da Cosan e conduzir a resultados que diferem materialmente daqueles expressos em tais considerações futuras. Hoje contamos com as presenças dos executivos da companhia Luís Henrique Guimarães, CEO, e Ricardo Lewin, CFO e DRI. Passaria a palavra ao senhor Ricardo Lewin.
Good morning, everyone, and thank you for participating in Cosan's earnings conference call for the fourth quarter of 2022 and the full year of 2022. With me today, I have Luis Henrique, our CEO. Before going through the numbers, I would like to highlight that once again, we ended 2022 fulfilling our mission and objectives for the year, even in the face of various challenges such as strong fluctuations in macroeconomic indicators, climate change, supply chain disorganization, elections in Brazil, in addition to the conflict in Ukraine, all factors that somehow affected global volatility. Our businesses once more show the ability to navigate different scenarios without losing focus on delivering robust results.
We have important achievements in the group that you were able to follow throughout the year, such as the progress in Raízen's Second-Generation Ethanol agenda, the beginning of the execution of Rumo's extension to Lucas do Rio Verde project, the conclusion of the acquisition of Gaspetro by Compass, now rebranded as Commit, the acquisition of PetroChoice by Moove and at Cosan, the increase in its stake in the Land segment and acquisition of minority stake in Vale. Let's now go through the main financial and operational highlights of each business. Let's start on slide three with Raízen. Regarding Raízen's segment, in Renewable, there was a higher sales volume of own ethanol and power and a higher average sales price biofuel, resulting in an EBITDA increase of 31%.
In Sugar, higher cost pressured margins, leading to a reduction in adjusted EBITDA that amounted to BRL 180 million in the quarter, even though the crop year-to-date result show expansion of 7% in EBITDA. In Marketing and Services, the operation in Brazil, the most relevant in the integrated LatAm platform, was significantly affected by the dynamics of the fuel market, with margins pressured, a consequence of price reductions that impacted inventories and the higher product supply in the market, especially ethanol. As a result, we had a 35% drop in adjusted EBITDA, which reached BRL 880 million in the quarter.
It's very important to point out that with strong demand from the international market for second-generation ethanol, in addition to the current plant in operation in Piracicaba, we have another three plants under construction and another five to be built to serve customers worldwide, and the biofuel commercialization contract with Shell until 2037. Let's turn to slide number ffour, which shows the highlights of Rumo. Rumo had an excellent performance both in the fourth quarter 2022 and in the year, reaching the guidance with a record volume in 2022 of almost 75 billion RTKs, which was driven by the increase in capacity, mainly in the north operation.
The company's capacity utilization record also had the following milestones reached last year, 20.5 million tons in cargo at Rondonópolis terminal and unloaded 514,000 railcars at the Port of Santos, in addition to 7 billion RTK in July. It's worth mentioning that Rumo started its first phase of the extension to Lucas do Rio Verde, which is essential to ensure the infrastructure for grain supply and inputs for the global food chain. This first phase consists of a 200 kilometers railway to Campo Verde. Let's turn now to slide number five, which shows Compass figures.
Once again, we reported robust results in the quarter and in 2022 at Compass, reflecting the consolidation of Commit's results and the higher volume of natural gas distributed by Comgás in Residential and Commercial segments, combined with the effects of inflation adjustment on the margins, which neutralized the decline in industrial volumes due to the slowdown in the period. In line with this planning, Compass made divestments in some of Commit's assets, in addition to continuing the investments in the final phase of regasification terminal construction, which should begin operations in the second half of this year. Let's turn now to slide number six, which shows the results of Moove. Moove delivered a consistent performance in the fourth quarter 2022 and in the year with EBITDA evolution driven by the growth in sales volume, the profitability of its portfolio, and the consolidation of PetroChoice.
This result once more reflects the focus on operational efficiency and the assertive execution of the commercial and supply strategy in all regions where Moove operates. Moving on, slide number seven shows the consolidated results of Cosan. The main component of the result of Cosan Investimentos is the land segment, which is composed by Radar, Tellus, and Janus. The strong growth in EBITDA was driven by the reevaluation of the portfolio's agricultural properties carried out in the fourth quarter, in addition to leasing revenues resulting from the acquisition of additional stakes in Tellus and Janus in October. In the Corporate segment, expenses declined, explained by the exercise of compensation plans in the fourth quarter last year. In addition, adjusted other operating expenses are composed mainly of legal expenses and contingencies in the fourth quarter of 2022.
Adjusted EBITDA increased in the period, mainly driven by the reevaluation of agricultural properties and the strong results delivered by Rumo. Adjusted net income grew when compared to the same period last year. Let's go to slide number eight to talk about Vale. Regarding the acquisition of minority stake in Vale announced in October, we concluded this quarter the issuance of preferred shares by Cosan Dez, owner of 88% of the shares of Compass, and Cosan Nove, owner of 39% of the shares of Raízen. With this operation, Bradesco BBI Bank now holds 23.3% of the total capital stock of Cosan Dez, and Itaú BBA now holds 26.9% of interest of Cosan Nove.
On this slide, we present the effects of the acquisition of a stake in Vale on Cosan results with the aim of ensuring transparency of the recognitions and a normalized comparison basis. Finally, I would like to inform that we made a voluntary statement of the financial statements of the third quarter 2022, so that they better reflect the impacts of Vale's operation, making the exposure to direct participation of approximately 1.5% and the movement in the appreciation of the stocks and derivative structures in the collateralized operations more transparent. Let's go to slide nine, where we presented the group's financial highlights. In 2022, we continue with our usual capital discipline, increasingly seeking to optimize CapEx and increase cost and supply synergies.
The increase in gross debt is mainly explained by the contracting of loans used for the acquisition of Vale's shares that compose the Collar structure, as well as mark-to-market adjustment of the derivatives in the transaction. Cash generation to equity was higher in this quarter than in the fourth quarter 2021 due to the loans taken out for the acquisition of the shares in Vale, the operating cash generation of Rumo and Compass, and the divestment of the port loading terminal T-16 and T-19 at Rumo. A consequence of all that has been said, despite the increase in gross debt, leverage decreased compared to the third quarter 2022 due to the lower net debt and higher EBITDA of the last twelve months, remaining at adequate levels for the group. Before closing, I want to go over our ESG agenda.
Please, let's turn to slide number 10. In 2022, we fully complied with the Strategy and Sustainability Committee's agenda and started a common construction for the group on the ESG team with the aim of revising our materiality and sustainability strategy, resulting in our 2030 ESG vision. Regarding the year's performance, Cosan maintaining its participation in the B3 Carbon Efficient Index and in the B3 Corporate Sustainability Index. We also advanced in other important indexes, such as the Dow Jones and the MSCI ESG score. In addition to maintaining a A- grade and leadership position in the CDP and being again selected to be part of the Teva Women in Leadership Index as a result of its commitment to creating actions that promote an increasingly diverse and inclusive environment at the holding company.
In terms of business, Raízen, Compass, Rumo and Moove received the Gold Seal in the GHG Protocol in the 2020 year cycle that refers to 2021 GHG inventories and emissions. Here I conclude my presentation. Now Luiz Henrique will make his final remarks. After, we can move on to the Q&A session. Thank you.
Good morning, everyone. Sorry about the technical glitch. Thanks for joining us. I'll be brief because we want to take as many questions as possible. I'd just like to highlight a couple of points about the companies that didn't have their calls yet. Compass had a great year. They increased their EBITDA by 28%. We have expanded our network. We have added new assets through the integration with our new partner. We had a great dividend payout without affecting the company's solid leveraging at 1.26. Yet another year where Compass has done a great job in terms of natural gas in Brazil, expanded naturally through our acquired portfolio, divesting from assets that are not part of our core strategy, and offering technology, human and technical resources. Everyone likes what they see.
Whenever we acquire assets, we don't always know what we're gonna find, but I just wanted to say to you that we're extremely happy with the assets that we have acquired, with the people and our partners in each of the states. Things are looking up for Compass. It's been a great year, and it's turned our footprint in one single state into a multiple state footprint. Another important solid consolidation at all geographies, especially because we went into the U.S. with Moove. Just like I said about Compass, we now have PetroChoice and Tirreno. Great results. We're implementing our management model and our ability to grow the business profitably, significantly, and by offering quality to our clients. 41% increase in its EBITDA at Moove, increased sales and fantastic results.
Lastly, it's very important to talk about our land portfolio, which has been consolidated across five main areas where Brazil has a comparative and competitive advantage: Mining, Carbon Credit, Renewable Power, Oil and Gas, and Food through logistics and Rumo. We're very happy with the progress we've made. Now, the challenge for 2023 is to make sure that we are executing on all fronts and delivering profits, good results, and financial discipline that can come from the quality of our very complete portfolio. Now we're open to questions.
We will now begin the Q&A session. To ask questions, please click on the Raise- Hand icon at the bottom of the screen to join the queue. Upon being announced, a request to activate your microphone will appear on the screen, and then you must unmute yourself and ask your question. We kindly request that each participant ask a maximum of two questions. If you are listening to the call in English, please ask your questions in writing by clicking on the Q&A button. Our first question is from-
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Hello. Sorry. We will now start our Q&A session. Click on the Q&A button to join the queue. Upon being announced, a request to activate your microphone will appear on the screen, and then you must unmute yourself to ask questions. We kindly request that each participant ask a maximum of two questions. If you are listening to the call in English, please ask your questions in writing by clicking on the Q&A button. Our first question is from Guilherme Palhares, Sell-Side Analyst from Bank of America. Go ahead, Guilherme.
Good morning, Luis. Hi, Ricardo. Thanks for taking my questions. I'll be brief, as usual. First, about land management. You've had a great BRL 1.3 billion appraisal, but it struck me that the company has already sold some land, about BRL 500 million. We saw that in the financial statement.
Could you talk about your land management portfolio and that sale after the acquisition of Janus, Tellus and Radar? What's in your asset sale pipeline looking forward? The second question, Luis talked about executing on the divestment pipeline. I'd like to hear about which assets you might want to bring to market. Do you still have any in the company, and what kind of schedule do you have in mind? We know that there are some preferences. If you could update us on that regard, that would be great. Thank you.
Thanks, Guilherme. First question, you've answered it yourself. It's about portfolio management. We look at all the land that we have in our portfolio, their maturity, their valuation. Often, there are opportunities through neighbors or people leasing our land, so we need to manage all that.
We don't really have a goal or a target in terms of selling our land. We have been trying to make the right decision at the right time by looking at our portfolio. We are looking at irrigation because that brings a great deal to value to the land and increases crop yields in some very specific regions in Brazil. That could become a future portfolio in terms of selling price compared to what we have now. We acquired a farm that had a great price, and there was an opportunity. A partner buyer wanted to buy it, so we sold it, and that's very natural in that portfolio. It will continue to happen. I mean, no pressure because the profits coming in from rent, the quality of the 2023 crops so far for all crops are looking great. Soybean, sugarcane, cotton, corn, and so on.
For Compass, as you know, when we announced the deal, we agreed to sell many distribution companies. Those have been sold, we still have five of them with the original Gaspetro position or the liquid position of the proportionate execution in the states where they took place. That is ongoing, obviously awaiting decisions by partners. As we have said from the start, we have signed an SPA with a company to sell those assets if prior conditions are met.
Great, Luis. Thank you. Just a follow-up question about Compass, please. Could you talk about Compass's guidance? They just released it on the 28th. You could give us some color on the CapEx. You could talk about the TRSP for the month, that would be great. Thank you.
TRSP for 23 is less than was invested. It's a very small fraction. The TRSP is basically complete. There are some final CapEx points, but most of it has been done. Let's not forget that it's a major year for Comgás in regulatory terms. There are many commitments that have been taken on for the five-year plan. As usual, we will keep to our regulatory plan, which was agreed on with São Paulo State. There's some of that CapEx, which has to do with the complement of Comgás' regulatory cycle in its fifth year.
That's great. Thank you. Have a good day.
Next question is from Bruno Montanari, Sell-Side Analyst from Morgan Stanley. Go ahead, Bruno.
Good morning, Luis Henrique, Lewin. Thank you for taking my questions. Could you talk about Vale's structure?
Originally, I think you had expected to have a significant classification, you would have booked that as equity income and thereby decreased the volatility of financials. The way I see it looks a bit more difficult to understand the movements because of the mark-to-market. Looking forward, will this still be a significant influence on the accounting? In terms of quality, how are talks with Vale progressing as well as other shareholders since the acquisition has been announced? What will be Cosan's next strategy steps to make a contribution to improving the company's processes? To a more macro view and perhaps more specifically about Raízen. Luis Henrique, could you talk about the fuel tax fluctuations and tax on oil exports? How do you see that on net terms for the industry? Thank you.
Thanks, Bruno. I'll take your second question about Vale, and I'll answer the question about taxes, and then Lewin can talk about accounting. Well, actually, we are working within the company's governance principles and working with other shareholders to find opportunities to help Vale perform as well as it can be and achieve the best results possible. At the end of April, we'll have the company's general meeting. We will be electing a new board. This is an ongoing process. We have the appointment and governance committee. They will be appointing the members. Obviously, we're making sure that we are represented according to our stake. Nothing's changed. We're still very excited about the asset, its quality, the quality of the people, and the opportunity presented by the carbon energy transition. Considering Vale, its ore portfolio, and the base metals portfolio quality.
There are challenges to be overcome, obviously, like in any other company. Generally speaking, we're just waiting for the time when we can participate more actively through joint governance. We will be in the board, obviously, to make sure that the company can, together with other shareholders, post the results that it has been seeking. With regards to taxes, yesterday was an important day for the industry, but also for the country. In my opinion, there's a clear gesture of fiscal responsibility concerning taxes. This administration has chosen to gradually go back to taxation, but obviously keeping the difference in taxes between fossil fuels and renewable fuels. It seems an important step by this administration, which focused strongly on the environment, and that will help Brazil become the green power of this century. Ethanol is also a major element.
If you heard to Minister Haddad and Minister Silveira, they clearly mentioned how necessary and how urgent it is for Brazil to make the most of this opportunity, and summoning the industry to step up when it comes to ethanol. Obviously, we'll need the right regulatory framework, RenovaBio, and consumers. It's a very positive nod to the market. The way they did it, I would even say that it has an unexpected effect, which is to reduce tax evasion on ethanol, which is a product that has always suffered because of the low tax rate anyway. I think it's positive. We'll see what will happen with the new degrees, but we can see tax responsibility, environmental responsibility, and this administration's willingness to send those resources to the best places.
In terms of accounting, looking as an individual, whenever you look at export taxation, I do understand why this administration has done that to try and strike a balance, but I think we need to think about that to make sure that there is investment in oil and gas. Brazil, again, has a competitive advantage, and that should not be harmed. Going back to taxation is always a challenge to any administration for whatever reason. The way I see it, the government is trying to find a balance on all fronts. We just need to make sure that we're not sending the wrong signal to the market when it comes to major investments. Oil and gas in Brazil is a huge opportunity. There's an opportunity to growth.
The pre-salt is highly productive. There's an opportunity to provide more gas, so that gas can become an even more important element to the Brazilian power grid. Taking it to our own distribution and third-party distribution, this market can develop as fast as it can.
Hi, Bruno. About Vale's accounting, it's important to say that. I mean, it goes without saying, but it's a very complex operation. All the stakeholders are learning how this operation will move forward. Investors, funders, auditors, everyone is learning, everybody is discussing this operation right now. Having said that, let me tell you a little bit about how this accounting took place over time.
In September 2022, when we were buying Vale's shares, when we disclosed our financial statements for the IDR, we had the choice to book that, to book Vale's shares as a variation in our assets or to put that as our net equity. We wanted to avoid any major fluctuations. We decided to book that as net equity. In the third and fourth quarter, I mean, we concluded Vale's deal, and you're all familiar with the share structure, the derivatives, we have the Collar and the Synthetic. At the end of the third quarter, when we were talking to auditors, we came to the conclusion that part of those derivatives couldn't go into the OCI, which is in our equity. They had to be booked as results. If we were to leave the share fluctuation as net equity and derivatives as results, there would be a mismatch, right?
It wouldn't have been transparent to investors or to anyone reading the financial statement. Part of that would have been earnings and part of that would have been net equity. We thought that the fairest thing to do in terms of transparency was to break down September and to put everything under earnings. Your question was, will there be any quarterly changes?
Yes, there will be. We will be transparent. We'll see any derivative changes and also in our direct stake in the equity itself. There was also another change when we restated from September to December. Our shares went from short-term to long-term, from non-current to current. Obviously, that's an accounting term. We don't intend to sell those assets in the next 12 months. This is a long-term investment, so it moved from current to non-current. Let's see if I've answered your question.
It's very complex. I think I still have a few questions as you advance with the derivatives. Are you gonna still book this as an investment and not real estate?
Yes. This is gonna depend on a number of variables, always. This is an operation with lots of protections so that we can advance properly. I know it's not simple, but it is important that we look at this. You know, we didn't exercise our forwards yet. We have discipline. We're disciplined when it comes to capital and options, and we will only do this when we believe that it's necessary, when it makes sense to do so. It's still an operation below 5%, despite cash hitting 5%.
That way, we'll be able to responsibly manage the portfolio and work with the variability and the fluctuations that we expect, especially because of the cost of capital here in Brazil right now. Again, I don't have a yes or no answer for you. It's not black and white. When the time is right, we will obviously disclose everything that needs to be disclosed. If we do it, when and why and what this implies. Since we're doing a release, regulatory is focused on this. There is a part of it that's focused on this. It'll be very clear what we're doing and when we do it. Thank you very much.
We call on the next participant. If you'd like to ask a question, please click on the Raise Hand icon on the bottom of your screen. Moving forward, Marcelo Gumiero, Sell-Side Analyst, Credit Suisse. Go ahead.
Thank you very much. Thank you, Luis Henrique. Thank you, Ricardo. Thank you for the opportunity to ask my question.
I actually have a few questions about Vale. Timeline expectations, I know this 1.6% is still tied up in capital. It depends on a lot of different factors, I understand that. My question is really, Compass, as you see it, what are the next steps for integrating Commit? Are you looking to move to reassessments of distributors or expand the network or improve operating efficiency? I just wanna know where you are seeing the value and earnings in the near future with Compass. Thank you very much.
Thank you, Marcelo. When we look at Commit, the company is integrated, operating. Assets fully managed, fully integrated with its own governance. Commit is really doing great well and getting a return on what we expected. With the opportunity to work with a number of distributors, we have different models with different distributors.
We're gonna work within the contracts, we're gonna work within possible opportunities to expand, to renew. The real question is, together with the partners, implement the best practices that come from Comgás and from other partners so that we can expand the network, improve customer satisfaction, reduce costs, generate more efficiency, understand all of the opportunities before us so that we truly, as a company, can maximize profits, satisfy our clients, and meet the needs of the, of society together with the government.
Thank you so much.
Just a quick follow-up for Compass. We saw that you've been looking at the portfolio. You always look at the portfolio. Have you had an opportunity to assess a stake in privatization of SCGás? I just want to know if you're taking a look at that or the concession agreements.
Standard answer, I'm gonna repeat it. All the assets that's in our five mine pillars that we mentioned before, competitively and comparatively, we always analyze it, we always consider it. Yes, we're looking at the asset, we'll take the right decision at the right moment. Our focus currently is on executing the portfolio under our management. There are plenty of opportunities. As I mentioned, we really liked what we received right off the bat. We love our partner relationships. I'm quite pleased, there are some excellent upsides with this deal. Thank you very much.
Thank you very much. Have a good day.
Following. Gabriel Barra, Sell-Side Analyst, Citi. Your audio is. You can now ask your question. Thank you very much.
Thank you so much. Just two quick points. Almost a follow-up on the previous question.
I know there's a standard answer, Luis Henrique. I just wanted to understand Compass' long-term outlook. There was a first IPO attempt, and one of the main points was acquisition of Gaspetro. Have you understood that? Have you closed the cycle for gas here in Brazil, looking at the new gas market here in Brazil and new opportunities? Fast-forwarding, you really delivered specifically with the acquisition of Gaspetro. That was a real highlight. What can we expect moving forward for Compass? Where's the focus gonna be? Where do you see true value? Is it consolidation, M&A, acquisitions, perhaps divestments, or improving efficiency, replicating Comgás in the past moving forward? That was point one. One of the main value points is the sale of gas for the free buyer. This is actually a kind of an ongoing question I have.
With this, especially when we look at the regulations, government regulations. The real question is, when we look at gasification, how do you expect to tie this into the operation? How do you stay progress for these free sales? I think there's a lot of opportunity there moving forward. I'd just like you to comment on both of those points if you could. Thank you.
Thank you, Gabriel. Yes. You really already included a number of answers in your questions. Compass has had a number of elements in the IPO, and we've been working together with the IP and Cosan team. I think with sales and excellent gas competitiveness, which will make it a freer market. There needs to be a benefit to this.
There needs to be a benefit to this shift. There's gonna be more flexibility, supply, price, and other indicators as well. Not all gas is the same, as we've heard before. When we look at flexibility and pricing, indexing, take-or-pay, all of this will give us great opportunities. Secondly, privatization. There may be other opportunities to participate there. Third is efficiency. As you mentioned, our expansion, our operating model for cross-selling, upselling and new applications applies for all distributors. We've seen that Comgás is quite successful despite all of the difficult situations that Brazil has experienced, but we've still been able to deliver for industrial, private, et cetera, and cogeneration. This is a portfolio that we're building, that we're expanding through our number operators. Really nothing has changed. You talked about commercialization sales. It's hard.
It's not a simple answer. 60% of our clients are Free Market. The question is why? Why is this the case? There's no alternative. There are taxes. There's a lot of regulation regarding transport and so on and so forth. It's a question of time. Again, we're going to be expanding our distribution network and expand demand. Pre-salt. Pre-salt is very robust for gas. This has been increasing efficiency for petroleum. As soon as there's demand and we've resolved some of these regulatory problems and some of these tax issues and even infrastructure issues, the Free Market is going to be ready, and we are ready. As Compass, we're gonna be ready to respond to that need. TSP, starting second half of the year, is gonna be clear. It's gonna be very clear and very important for this operation.
Well, thank you. That was very clear, Luis. Thank you so much.
To ask questions, please click on the Raise- Your- Hand icon on the bottom of your screen.
The question and answer session now concluded. I'd like to hand it over to Luis Henrique, CEO, for his final considerations.
Thank you for this opportunity, for the chance to talk a little bit more about our business. It's quite simple. We built a very strong, promising portfolio on a number of different fronts, consolidation and growth, especially with Rumo, Compass, Moove, Raízen, and Cosan Investimentos. This is the year of execution. 2023, we'll be exiting. We've got great plans with Raízen. We've got plans that'll be ready on time, as promised. It looks like we'll be having a wonderful year in terms of yield and productivity. We expect excellent results. We're quite happy with the Emílio and how things are turning out, how things are working out in terms of territories. Taxes. Tax changes have been wonderful for Raízen. Sugar was 20% up. An increase in 20% production in sugar this year. That's wonderful.
This just makes it clear for us that this is great. In terms of Rumo, we started expansion to Lucas do Rio Verde. Every year, Rumo needs to deliver, beat its records to deliver on soy and ethanol and refined products and corn, et cetera, et cetera. Everyone is extremely excited and well-prepared to do this. Moove is doing well, especially in the U.S., delivering in more consolidated, mature markets. It always looks for a great balance between profitability and opportunities. It's really delivering a number of great results for our partners and looking for opportunities in the geographies where it operates throughout the Americas and Europe. When we look at Compass, and we talked quite extensively about that, so I don't need to repeat myself. With Vale, we're making great progress.
Of course, we've talked to the we always talk to the board and to investors so that there is a quality in all of the decisions we make. Look, in terms of lands, we look for great opportunities for a selective purchases, preservation, decarbonization, and excellent discipline in terms of payments, distribution, and dividends balanced out with excellent use of an investment of our capital. We're being quite disciplined in that regard. As I mentioned in other calls, we're very disciplined. We've looked at great opportunities, selective opportunities for the companies, not just Rumo, but we're looking at other companies. We're looking at assets that are excellent quality assets, but that'll bring operating value, financial value to the companies. Will strengthen our capital structure and allow us to meet our commitments. We're very well-positioned. We're being very careful.
Looking abroad, we know there's challenges as every year. Some of the challenges are different depending on where we're operating, but we're very focused on execution and continually supporting our pipeline for growth and talent. This is the challenge we're facing right now. Commit, PetroChoice. We're looking for quality talent to help our companies grow and be ready for this energy transition and decarbonization. Thank you so much, and thank you for being on this call.
Cosan's fourth quarter 2022 earnings video conference is now concluded. For further questions, please contact IR department. Thank you so much to our participants. Have a wonderful day.