Good morning. Welcome to the conference call of Fras-le. I would like to make some announcements. After the end will be available in our website. We have simultaneous. Please click on the button Interpretation. At the end of the presentation, there will be a Q&A session where questions may be made in two ways: by audio, please use the icon Raise Hand, or in writing through the button Q&A. Apart from this, we would like to clarify that everything contained in this presentation concerning projections and potential of growth of the company are based on forecasts and were based on the current management's expectations in relation to the future of the company. These expectations are highly dependent on changes in the market, general economic performance of the country and the sector, and international markets. Thus, they may suffer changes.
We'd like to thank you for being with us in this conference call. My name is Mônica. I am from Investor Relations of Fras-le. We have with us today Chairman CEO Sérgio L. Carvalho, Director Superintendent Anderson Pontalti, and Business IR and M&A Director Hemerson Fernando de Souza. As an invited director, Esteban Angeletti, Director of Investor Relations. We wish you a good conference. Now I would like to pass the floor to Sérgio, who will begin the presentation.
Thank you, Mônica. Good morning. Thank you for joining us in this meeting for the earnings of the last quarter, Q4 2022, and full year 2022. Talking about the highlights, the markets, especially the domestic market, where we had a growth in the number of vehicles in garages much greater than 2021, 20%.
In this segment, this is important, we were able to grow at an even higher rate than the increase of flow in the garages. We grew more than the market. This is very important for us. We are in new markets, new businesses, both in the domestic market and export market. In the case of the export market, especially the U.S., where we have a booming market, we won important businesses with Meritor and Aqua, which is very important for us. You should remember the migration from brake lining to disc brakes. We won a business from WABCO. For disc brakes, this is very important for us, and this opened the doors in Europe for our company and including Asia. We have very good portfolios in many segments like discs, suspension components, and many other components. We have a concern in relation to sensitivity to price.
Not in general, this is not for all our lines, not for all our segments, but especially in Brazil, the light line and some specific lines where we notice a great sensitivity to price during 2022. In terms of markets, we had an important progress in India, where we had already reported in the past that we are now qualified. We began to supply to Tata Motors, the largest truck manufacturer, and we also made progress with other manufacturers. Volvo Isuzu are also buying from us. Many new businesses coming in the future. In terms of results, our record net revenue, BRL 3.1 billion in 2022, 18.4% growth in comparison with 2021. This becomes even more relevant if we remember that 2021, we had many anomalies.
We had many supply problems which made people also have more inventory. Inventory was better for clients than the interest rates offered from banks. This increased in an artificial way, the inventories. We grew 18.4% when compared to 2021. In the last quarter, in Q4, BRL 746 million, 9% higher than in Q4 2021. Gross margin 29.3%, representing our great effort in sales, our internal people from operations, cost control, productivity, and also the purchasing area for raw materials to have such a good gross margin as this one. 29.3%. Our EBITDA consolidated a bit, 11.3%, adjusted 14.3%. Certainly, later on, Hemerson will give us details showing what helped us to make these non-recurring adjustments.
We ended the year with an EBITDA, an Adjusted EBITDA of 15.6% in the year with a gross amount of BRL 476 million. Getting close to BRL 500 million in EBITDA for Fras-le. Looking at our operations, the conflict in the Ukraine continues to make us concerned because it is bringing a deacceleration of activities in Europe, also devaluation of currencies. We have to check these points in our accounting, the recoverability of assets, and this brings new issues because of the war. Economic instability in Argentina, we're also concerned. The macroeconomic scenario is very challenging. The restrictions in Argentina for imports are getting more and more strict. As we said in previous calls, we have a great expertise in Argentina to allow us to do the best and overcome the situation.
We are concerned with the situation in Argentina, especially we had a recovery in volumes in the first semester, 2022. We had a lockdown in China, in the second semester we had a better situation and also stabilization of our new plant in Extrema. You remember that we produce shock absorbers in Extrema. We used to have the plant in São Paulo, we transferred this operation to a new plant to Extrema in the state of Minas Gerais, a much more modern plant. We have already overcome the initial phase, the start-up, hiring, labor, new processes, now we already have a normal situation in the plant in Extrema for shock absorbers. We also had an increase in capacity in 2022 in our operations in Caxias do Sul in the south friction material with 6x2 shifts.
Thus, we increased our production capacity in a substantial way without adding more fixed assets. This is something very important, the increase in capacity in the plant in Caxias do Sul in the south of the country. Talking about our guidance, you can see on the screen what we informed net revenue, consolidated net revenue. We got to BRL 3.1 billion, surpassing the guidance we had given our revenue. In the market, $228 million, surpassing our guidance, which was $210 million. Our EBITDA margin without adjustments, we got to 14.8% and investments to BRL 106 million, closer to 90 as we had informed in the guide. These investments are organic investments. They don't include investments linked to M&A, and we did not have any M&A transactions during this year.
This year, we are delaying the announcement of our guidance. We have delayed the guidance this year. We are working on it with Randon. We want to absorb important impacts, political impacts, and market impacts in the international arena, we can give you a more detailed guidance. We will have a small delay to inform our guidance for 2023, but this guidance is being prepared. Hemerson, just to confirm, Anderson was not able to join us?
Yes, he is in a flight.
Continuing with our highlights. Many good things happened during 2022. As you know, we had our strategy to increase our revenue outside Brazil. We had an ambition. In the past, we had international revenues that represented 55% of Fras-le. With the last acquisitions, especially Nakata shock absorbers, this dropped to 40% the revenue in dollars.
We want to have a greater revenue outside Brazil. The acquisition of Juratek, as you know, is very important and brings us a lot of synergy. In a market in England, in the U.K., especially for Lightline, the fleet in this country, in the U.K., is almost as large as the fleet in Brazil. We trust strongly that this purchase will help us to become a powerhouse in aftermarket. We look at this transaction as a small Nakata, a company that has a very good reputation in the U.K.. We purchased this FastPass so we can develop our strategic plan, add more products to Juratek , and also obtain synergies to grow in a very large market, the U.K., that has a giant potential for us. We also had the follow-on of Fras-le.
We were able to capitalize the company with BRL 630 million. This at a very critical time, because a few days before, we had an increase in interest rates. This has a negative impact on international markets. Even with this, we were able to continue with the follow-on. Thus we will be able to guarantee things. The transaction of Juratek was the first step in our strategy. We made an important investment in renewable energies. There are more details that can be seen in our website. We began in China in June 2022, adding 1,300 solar panels in our technology center. This project will be inaugurated this year, a very important project. We launched also Smart Composites a year and a half ago.
We have more than 200,000 components supplied. We announced in the Fenatran Expo a contract with a large truck manufacturer, Iveco. We have already begun to supply parts to Iveco in January with a new production line dedicated to the Iveco project. Great possibilities to expand to Iveco Argentina and in the future to Europe, Iveco Europe. We have many possibilities, many projects with other truck manufacturers being developed, and the future is very promising for the supply of parts from Smart Composites integrated logistics project. Some of you had the opportunity to visit during Fras-le Day, but we closed the year with our distribution center in Extrema, distributing apart from Nakata, also all Fras-le products, Fremax, Controil, from this distribution center. With the exception of the South, the distribution to Midwest is now being done from our warehouse in Extrema.
We won awards for aftermarket, Top of Mind Brand with good results for Nakata, Fras-le. We had a recognition for many brands in 2022, we won the Sindirepa Award. We're very proud of these awards. Continuing with our highlights, we have the inauguration of our operation center in Argentina. In the past, we had done some consolidation of warehouses, but the offices remained separate. Today we have an operation center that is very modern in Valinhos. It was inaugurated in October, centralizing all our operations with allowing us to have more synergies in Argentina, the structure is now ready for us to grow much more in Argentina. Our reverse logistics center for Fremax is a pillar of sustainability, very important. We collect used disc brakes from the market, we bring back to our operations, thus we help the environment and the safe operation.
We collect disc brakes from 1,600 garages, used disc brakes, and this material is then transformed into new products. We send them to the foundry, and they are transformed into new products. We also have a product that allows us to search that helps the search of parts. For example, to identify part numbers in Brazil is very difficult. Sometimes there are three brake systems for the same vehicle. When you try to see the right component and parts, the parts you have to buy, many times you buy the wrong parts because. It's very difficult to send back because you did not know the right component. Now we have this new functionality to help the search of the right parts for garages truck owners. It's a pioneer project that is having a great success in the market. Our Auto Experts software.
Here we had Fras-le Day. For safety, security, this is a value of our company. We're working with all our employees, showing that our concern with them is a great concern, a genuine of safety. Here too, we won many awards, export award in Rio Grande do Sul. Just to conclude this part before passing the floor to Anderson, you can see a summary of our main indicators where we continue this journey, consolidating our strategic vision. In other words, we developed a vision of the future strategic plan to get to our vision in the future, and we have had a very consistent execution. The results that Hemerson will detail are here to show. Record revenue. Here, 87% in aftermarket, 38% export market. Today, we have also exports representing less than 50%. We have brands that are desired, one-stop shop.
Also recurrent aftermarket products, growing fleet, and we're here growing in OEMs, in aftermarket, and continuing with a lot of success. Hemerson now will continue the presentation.
Thank you, Sérgio. We mentioned Anderson Pontalti, our Superintendent, is traveling, and he is working on the conclusion of the purchase of Juratek, as Sérgio mentioned. We have very few things to do, and soon we will announce the conclusion of the purchase of Juratek. He will not be here. Well, Sérgio covered very well in the previous slide, the profile of Fras-le. We have always said the value of our business model that we have in Fras-le, especially in the last five years, with offering more and more solutions, including services and becoming an one-stop shop for our clients.
It's very difficult to operate auto parts in aftermarket in Latin America without having the brands that Fras-le has on the shelves. This positions us maybe as the most important aftermarket parts company in Latin America. Obviously, this can be seen in our performance. In our conference calls and one-to-one meetings, although it's not a formal guidance, I always say that we have great possibilities, we have diversification, and we can have double-digit growth. Double digits between 10%-15% growth in an organic way, in a sustainable way. This excludes any M&A in 2022 shows this. We grew almost 20%. We had a revenue of BRL 3 billion in revenue. 90% is from aftermarket. In the quarter, Q4, we also had a growth when we evaluate the growth in Q4 2021 and 2022.
We have some seasonality in comparison with Q1 and Q4. A robust growth in relation to 2021. Going on to the next slide, we show this. Looking at the markets, domestic markets, where we concentrate aftermarket, we grew 18.3%, international markets, 18.6%. We are a company that is even more focused on parts for light vehicles, 60-65%. In the annual closing, 62% light line and 38% heavy vehicles. We can see the transformation that we made in the company in the last five years. Today, friction, brake pads, friction materials represent 49% of our revenue. If we look at 2018, they represented 92% of our revenue. We transformed the company. It went through a transformation.
It is more diversified in products, and this can be seen in the sales. It's important to highlight this balance between domestic market and export market. Sérgio mentioned we had 55% of our products dedicated to exports, and with the acquisition of Nakata and Fremax, this dropped. With the acquisition of Juratek, as it is concluded, we will gain two, three additional points in exports, thus going back to have 60% of our revenue in dollars, in foreign currency. Another important point, even though we had difficulties in some markets like Argentina, we had a good performance in exports. The data from the quarter, the drop from one quarter to another, does. We had difficulties in exports to Argentina, but on an annual basis, when we compare seasonality, we had a growth. A small drop in relation Q4 2021, 0.4%.
It's not relevant, nothing relevant. A great success in terms of strategy with the exposure that we have to the export market. In the next chart, the synergies of Nakata. In fact, we concluded the integration of Nakata, the purchase with logistics in the same building, the new distribution center, and therefore, we have everything working well. In 2021, we accounted for BRL 17 million in synergies. In 2022, we have this year, BRL 74 million expected this year due to the expansion of revenue and margins due to the synergies in Nakata. Not only in Brazil, but in export markets too. Purchases and supplies are important. We won many synergies in purchasing with the acquisition of Nakata and also the footprint. Everything concluded during 2022, the integration of Nakata.
Of course, there are some other things like synergies in taxes, which depend on any integration. We don't have a date or the decision has not been taken, but we want to be as efficient as we can, as we did in other acquisitions. Also the introduction of new lines in Nakata, in other markets. Especially in Juratek, we're evaluating the possibility of selling Nakata products in Juratek in the U.K.. Here we show the adjustments we made in Q4. I remind you, our EBITDA Q4 always suffers due to some non-recurring items, especially the combination of the business. Every year in December, we have to calculate tax credits. We always have this at the end of the year. This year, this represented BRL 16.2 million in December.
We also had a reversal of gains due to a decision linked to PIS/Cofins taxes in Jurid, BRL 5.6 million. Some impairments of assets Sérgio mentioned in Europe, the drop in volume, conflict in Ukraine and Russia, and even inflation in Europe. Another BRL 700,000 and other expenses that are not here that we adjusted BRL 1.5 million in M&A expenses in December with the acquisition of Juratek, which shows us that we have an Adjusted EBITDA of BRL 465 million EBITDA in the year. 15.6% or 15%, as you can see here. On the next chart, we show our financial performance. The company, due to the follow-on last year, we have very few debts, almost zero. A good cash position as we use this cash, this should change.
Cost of debt, there was an impact due to higher interest rates. We're paying higher interest rates. Our balance in terms of debt, most of it is in local currency, 20% from exports. We invested last year BRL 106 million, and this helps us to do the maintenance of assets. No, we didn't have high investments in acquisitions, as Sérgio mentioned, only investments for maintenance. On the next chart, we show our cash flow. Free cash flow. When we look, it's not so favorable because it includes acquisitions that we made. We have relevant payments due to purchases, M&A. We have a good return on capital invested. We will show this later on, especially in 2022. Investments BRL 106. Also payments, higher interest rates, and we paid dividends. We can see here also working capital.
We exclude these resources, net BRL 600 million, still we have a positive cash situation in 2022. On the next chart, we show the performance of net profit and the drop in working capital, use of resources BRL 44 million less. The profit is in line with 2021, as I mentioned, affected by additional costs due to higher interest rates. On the next chart, we show our ROE and ROIC. The drop in ROE, especially due to our availability in cash as this should adjust itself. On the other hand, we show our ROIC, return on invested capital close to 14%. If we evaluate the history, we will see that this was an important point for us. On the next chart, we show capital markets. Our shares suffered similar to other assets in Brazil.
We can see here the auto parts market. Fras-le is a consumption company. We're in the automotive sector. We sell 90% of what we do for aftermarket parts, so this makes us resilient. We just reported the revenue of January as we do every month. In January, we showed how resilient this market is, aftermarket parts. We understand that we suffered a little, but we are recovering in January. The most important thing I'd like to highlight, since we built a better situation with the market, we increased our liquidity from BRL 200,000 a day to more than BRL 5 million per day.
Especially in the last year, we had peaks close to BRL 10 million per day. We have made an effort to maintain this in an efficient way, even if we have our controlling group with two-thirds of the shares. The company has great potential to improve its market cap using the strategy we have, also due to the appreciation in value of our shares and the liquidity that has increased. Sérgio will talk about our perspectives for 2023. We will have our Q&A session.
Thank you, Hemerson. Our vision of the future is very positive. That's the best way to summarize how we see the future. Hemerson mentioned revenue in January. We began the year very well.
We believe that this process of internationalization of our business with a new acquisition in the U.K. will allow us to work more in mature markets to have more and more growth, but growth linked to a resilient revenue. We have more stability now in supply with normalization of logistics and price of raw materials, and this will allow us to operate in a more normal way. Also, the positioning of the brand and portfolio, all this management, has allowed us to make progress in all the possible fronts. We see here, we mentioned for 2023, a continuity in sensitivity to price. In 2023, we will continue with sensitivity to price, especially in the light line. In some segments, we will have more sensitivity to price when we compare with 2021.
A continuity of the sensitivity to price that we detected for in 2022 also. In a summary, we have a very positive vision of the future. We know we will have a positive year ahead of us. Now I'd like to pass the floor to Mônica to beginning our Q&A session.
Thank you, Sérgio. Now we will begin the Q&A session. We already have a question from Pedro Fontana. Okay, Pedro, you can ask your question.
Good morning, Mônica. Good morning, Sérgio. Congratulations for the results. Two questions. The first, the prices for 2023. How do you see the cost of raw materials? Do you still have to increase prices? Do you believe you can increase margin in 2023 also? The second question, M&A. I'd like to understand, is this the market situation? Would you make new acquisitions?
Can we expect more acquisitions in 2023?
Sérgio, I would like to begin talking about prices. Pedro, thank you for the questions. Good morning. Thank you for joining us in our conference call. Since last year, we have been seeing pressure from clients, especially in exports and the light line, asking for discounts in exports with a recovering and a balance in logistics. We see a more adequate offer of Chinese products in some markets, more competitive. The cost of the container dropped from $6,000 to less than $2,000 per container today. Cost of containers has dropped by a third, by two-thirds. Chinese products are more available. We're not giving discounts in all the cases. We have made some co-concessions in markets where we are less competitive, important clients, where we have a long-term relationship. This doesn't affect our margin.
It, it hasn't reduced the margin. Why? On the other hand, we have noticed also some deflation, drop in prices in raw materials, and especially in metals, lower price in raw materials and also chemicals. We had some reductions in purchase price. We're not seeing inflation. For us, the price scenario for 2023, we don't see anything that will hurt margins, and also we don't see also possibilities of increasing margins. We're conscious that our discipline in exploring synergies, efficiency, exploring productivity to improve margins. We are sure that this route, which doesn't happen overnight, we are doing this for years, brings us important results and will bring us important results in 2023. Some exceptions. Fremax continues selling more than they can deliver, we are choosing the most profitable markets for Fremax, robust clients.
We also sell in the domestic market in a growing way, gaining market share and thus competing with local companies and some markets where we can increase prices on an annual basis, like Meritor in the U.S.. They will have some price increases this year. We try to balance the drops in costs with some discounts for some clients. Sérgio will talk about the M&A strategy, the pipeline, and how we see the market.
Thank you, Pedro, for the question. We are now concluding this transaction, Juratek. When we conclude this purchase, we have a plan for integration of the new company, Juratek, during 100 days, and some of these synergies have already been mapped. We believe we want to conclude this purchase. It will be a good initiative for our company, for our growth.
It's important to have a good integration. Our priority right now is to conclude the purchase of Juratek. We have a robust pipeline in terms of potential acquisitions. We have many cases being discussed, many projects in the pipeline. What I can tell you, there are many good things happening, yes. We are working on these cases. Sometimes we have to step back, then we have more progress in M&A. We have total control over these processes. We're analyzing many cases. There are many steps in this process, but we can tell you many good things in the pipeline in terms of an M&A, and we will continue in this journey. We will capitalize ourselves then to continue. In the following months, we want to finish the integration of Juratek with Fras-le.
Okay, thank you.
Thank you, Pedro.
Our next question comes from Luiz Otavio Campos. Luiz, you can ask the question.
Good morning. Thank you. Here, I would like to explore in a better way sensitivity to price. You made clear that there are some segments that are more affected, others less. These that are not suffering, I'd like to understand, what are the ones that are not sensitive to price? You said that Chinese products are putting pressure on some products. How subject are you to additional fragility in 2023? Is there a trend for markets to have more sensitivity to price like in Brazil or do you see stability in 2023?
Luiz, Hemerson, thank you for the question. In fact, what we see, this pressure for cheaper products in some markets, we saw this during the year of 2022, especially when we had higher fuel prices.
You always have pressure for the whole chain, automotive chain. We had many opportunities to check this. In times of crisis, consumers substitute products in maintenance, and they also have a trend to use better products. Why? Because it will take longer for them to buy a new car, so they choose better products, better quality products. In times of crisis, we increased our revenue. Now, going back to your question, the light line always has more competition, but in this specific case, we suffer also in heavy lines. For example, lining for semi-trailers. We have noticed since June last year, greater pressure. We have more difficulty because margins are tighter in terms of competitiveness, even for linings for heavy trucks. In the rest, there is nothing that. We made good progress.
We were able to raise prices in suspension items, disc brakes, actuators. We always look at the market. We have margins. Higher margins where we have space and more competitive in others. This always happens. In a structural way, we don't see any fragility that could bring us difficulties in terms of margin this year. Of course, there are spot problems. In exports, we make some concessions. For example, in payment terms or in one container, this is natural. In Brazil, where we have 60% of sales and most of them aftermarket, we're not suffering with a great amount of products from competitors. In friction, imports of Chinese products are stable. We have local competitors that are in suspension and steering. They all buy imported products. This sometimes hurts or helps all the participants in the market.
We see clearly a stability, and this is the beauty also of the aftermarket. We have to balance things and use our brands and our reputation. Nothing that could concern us more than the current situation.
Thank you. Our next question came in writing, Luiza Mussi, Santander Bank.
We see a significant drop in the international market in the quarter. Could you give us more color about Argentina and other markets, and what will happen from now on?
Thank you, Luiza, for the question. Q3 was stronger, Q2 was stronger. It's not fair to compare directly the evolution of sales in the export market. We have a greater concentration in Q2 and Q3. In Q4, sales were stable, but the main point is Argentina. Since November, we have had giant difficulties to obtain authorization to import parts from Brazil to Argentina.
We had higher inventories than necessary in Argentina. It's interesting because in an economy with hyperinflation like in Argentina, the inventory, the products are safer in terms of protection of capital than money in the bank. Our clients buy more than we can supply, we had to really adjust sales. Thus, we had higher inventories. We're okay in this quarter and part of next quarter, and the continuity of the sales in Argentina. The fact is that right now it's almost impossible to get authorizations to export to Argentina. The country is now lacking automotive products. They are running out of parts, and this will have to be solved. Argentina is paying in 180 days payment terms, we're being very cautious, but this hasn't had an impact on Fras-le.
With the exception of small difficulties, things are going well. We have expanded our activity in Mexico and other markets that are new markets. We won new markets in heavy brake pads. This is important for Fras-le.
Mônica, we have three questions from Antonio Rizzo sent through the chat. Antonio, thank you for the questions, and I will answer these questions together with Sérgio. He asks us, "How can we see the increases in productivity?" Sérgio will answer. The other questions from Mr. Antonio Rizzo, he asks us to detail whether we will increase exports and after the acquisition of Nakata, if we will have an increase to OEMs. Sérgio, can you answer about productivity and higher, greater sales to OEMs? I will answer about exports.
Thank you, Antonio, for the questions.
Talking about productivity, Hemerson joked, this is a point that we discuss a lot internally. The speed with which we organize all our operations, we want to improve in all the lines. Not only productivity, all our operations. We have other initiatives. Everything we do, we want to increase productivity year after year, even in legal department, in all the departments. This is part of our effort. We have worked on modernization projects in our plants. We had the introduction of the shift 6x2. Now with the same assets, we're working 24/7 in our plants. This is very relevant for productivity. Optimization of our global footprint. In the future it may be cheaper to export from China or India. So we have this flexibility.
We have the same product with the same quality from many plants. Our people from operations say, "Right now, it makes more sense to export from China or from Brazil. This helps us. This is very relevant." We have invested in new technologies. Smart Composites, also products for railways. We changed the composition, not only thinking of the environment. We reduced production time, processing cycle. All these gains in productivity, there's no silver bullet, there's no single area for these results in productivity. It's a composition of product projects in all the areas of the company. We have this discipline, we have this mindset in all the units to increase productivity. Now, talking about our share. We mentioned in some events, we like OEMs. We want them to be part of our business model, sale to OEMs. We like components that suffer wear.
We like components that suffer wear. Hemerson mentions, if you have an accident with your car and the bumpers were damaged, you can continue driving the car for six months, a year until you fix it. The components that we sell, you cannot drive your car without them. You can delay maybe for a week or a month, but you have to substitute the products. For example, your brake lining, your steering, you'll have to fix it. These components for each one that you sell to an OEM, you sell many more times to aftermarket. If you look at this, brake pads, for example, for every brake pad you sell to OEM, you sell seven, eight times more in aftermarket. This naturally makes the product good for aftermarket. This is what we like.
Not that we don't like OEMs, we like OEMs, but we want to sell products that suffer wear. There are projects in some lights. Nakata, with the exception of one type of shock absorber, we don't sell to OEMs, and we have projects to sell to OEMs in the future. Fremax is working at full capacity. We're working on important projects to expand the capacity of Fremax. Emerson always says that if he had another Fremax, he would have sold everything to the U.S. We have expansion projects to OEMs, but first we have to expand the capacity so we can continue. For us, it's important to obey this business structure that brings revenue, but also is a resilient market. This is what we want. I hope I was able to explain to you.
Sérgio, a question from Mr. Antonio
Where do you hope to export to?
For example, Fremax, once we can increase the capacity, we focus a lot on North America. We have great opportunities in North America, and now with the acquisition of Juratek, we want to expand our products mix in the UK. Europe. Europe is 3%-4% of our revenue, there's a lot of space to grow in Europe and Asia, and also closer markets in Latin America, especially Mexico. These are destinations that we're looking at, and they can be combined with acquisitions.
Right now, we'd like to close the Q&A session. We tried to answer all the questions. If you have more questions, please get in touch with us through our investor relations department.
Thank you, Hemerson. The Q&A session is concluded.
I'd like to say that our team is available for clarifications, and I'd like to pass the floor to Sérgio for his final comments.
Thank you, Mônica. Thank you for joining us. As I said, we're very optimistic with the future and following our strategic plans with a good execution as shown in the last few years. If you need any clarification, as Mônica said, please get in touch with the investor relations department. I am available for any further clarification or any material you may need. Please get in touch with us, and we are available. We will do our best to clarify any points. Once again, thank you for joining us. Thank you for your support, and a good afternoon.