Good morning, everyone, and thank you for waiting. Welcome to Humalogistica Conference Call to discuss short and long term guidances. Today with us, we have Mr. Ricardo Levin, CFO and IRO and Mr. Gustavo Rosa, Investor Relations Executive Manager.
Would like to inform you that during the company's presentation, all participants will only be able to listen to the call. We will then begin the Q and A session when further instructions will be given. We also would like to inform that the conference call will be presented in English by the company's management, and there will be a simultaneous translation to Portuguese. This event is also being broadcast simultaneously on the Internet via webcast. Before proceeding, we would like to mention that forward looking statements are based on the beliefs and assumptions of Humu's management and on information currently available to the company.
They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that conditions related to macroeconomic conditions, industry conditions and other factors could also cause results to differ materially from those expressed in such forward looking statements. I will now turn the conference over to Mr. Ricardo Levin. Please go ahead.
Good morning, everyone, and welcome to the conference call to disclose Rumi's guidance. In this presentation, in addition to announcing the short and long term guidances, we hope to highlight the main assumptions, potential market expectation of our main transported volumes, competitiveness, efficiency and investments that support the figures disclosed. As previously announced in the material fact, we will present the guidances for 2021 2025. For the first time, the guidance now incorporates the central network, which is starting to operate this year. I would like to point out that the figures are in nominal terms except where otherwise stated.
These forecasts do not include the Lucas de Bruveira extension, eventual M and A projects and new concessions or renewals. In the next slide, we have the growth analysis based on these figures. By looking at guidance figures, we can see that the volume expected for 2021 considers growth of approximately 18%. For 2025, we expect volumes to range between RK 99,000,000,000 and RK 109,000,000,000, which implies an average annual growth of 11% between 2020 2025. As for EBITDA, we forecast growth of 19% for 2021 and average annual growth of 16% from 2021 through 2025.
Lastly, in CapEx for 2021, we expect an investment level between BRL3.3 billion and BRL3.9 billion, while the annual average between 2021 2025 should stand between BRL3.3 billion and BRL3.7 billion per year. On the next slide, we will look at the main market forecast that support these numbers. The grain market will continue to present a strong opportunity for growth. In Mato Grosso, we expect average growth of 5% per year in exports by 2025. We also expect a recovery in market share, reaching close to 50%.
Note that the market will continue to grow even after 2025, which may bring us additional growth opportunities for the future. Another important growth driver will be the markets of Goyada and Topancis, which are now served by the central network. In 2020, exports from these three states was 16,800,000 tons. For 2025, we expect Ruma's market share to be close to 60%, reflecting the greater competitiveness of our solution in the region. On the next slide, we will talk about the potential market for fertilizers.
In Mato Grosso, we achieved 40% of the fertilizer market share. This market will continue to expand following the grain growth trajectory. By 2025, we project a market share level close to 60% over a market that will be 37% larger. In the boyars and token fees markets, after implementation of the fertilizer terminal in Rio Village expected for 2022, we forecast for 2025 a market share of 60% of a potential market of approximately 3,100,000 tons. On the next slide, we will talk about other cargo that also have significant growth potential.
In the sugar market, we will expand our operation area with the start up of the central network, accessing Goyas and Minas Gerais. We already have a client making a major investment in the Ituran region, which should allow us to supply additional sugar volumes starting in 2022. Furthermore, although it's not a priority, in the state of Sao Paulo, we have volumes that are currently transported by Humu on trucks, which may gradually migrate to rail with the increased capacity. The pulp market has also been changing considerably. The recent concession for 2 poly terminals in Santos has attracted great interest from major producers in expanding their plants.
These additional projects are an opportunity for Humu, which due to its network and greater efficiency, has good conditions to capture additional relevant volume. The container segment will continue to grow strongly. The synchro network brings important opportunities that add to other projects for their implementation and to market growth. The next slide is about competitiveness. Early today, we mentioned that we expect a recovery in our market share in Martin Grosso.
To understand how we will get there, it's necessary to understand the behavior of some variables that interfere in the competitiveness of Jumu in relation to other transport modes. In 2020, fuel prices plunged. The decrease allowed truck transportation, which has a much higher exposure to diesel than the railway to reduce its price more than railway. That put pressure on both our market share and our tariff negotiation. For 2021, fuel prices have already returned to the previous level, bringing a more favorable outlook for railroad transport.
Another important factor is the supply and demand ratio to freight. In 2020, with the paving of the ER 163 highway, logistics supply during Mato Grosso, while demand transportation, especially for corn did not. As such, freight prices dropped even more. In 2021, demand was strong early in the harvest since there was a delay in the soybean harvest. This explains the road freight hike that happened in February, bringing the spread really to Tuba versus Cogonopoulos to the same level as in 2019.
While there is no guarantee that this scenario will persist, conditions are at least more favorable than in 2020. Finally, in 2020, the BRL 153 was already paid, but without those. The government expects to conclude the binding for the end of the first half of the year, which means that as early as 2022, the cost of truck freight to the northern ports may be relevant impacted. The next slide is about efficiency. Over the next 5 years, we will continue to see cost efficiency and operating leverage, which may not only increase profitability, but also ensure greater ensure greater competitiveness for Qumu in the market.
These consumption will continue to fall as a result of the investments we are making in infrastructure and technology. Some relevant projects such as the migration to 120 railcars per crane, the North operation and central network, investment in railway duplication among others should generate increased efficiency and unit cost reduction. Lastly, as the cargo mix grows more in grains than in sugar, once again, cost per RTT should also drop. The next slide is about CapEx. CapEx guidance by 2025 includes some important initiatives.
The forecast now consider all of the investments in Central Network, which will show strong expansion over the next few years. They also include investment in urban concrete, which reduced the concession fee values during the early concession with your process and which will begin to be reimbursed more significantly in 2024. Finally, the early review of the Polista network also brought capacity expansion commitments that aim to double the network capacity. In the sense, some investments such as duplication licensing result in a larger capacity than necessary to meet the volume plan. But because they are mandatory investments, they will need to be maintained, generating capacity for the years after 2025.
Note that of the BRL 16,500,000,000 to BRL 18,500,000,000 in investments, we expect our recurring CapEx level already including the central network in the range of BRL6.2 billion to BRL6.6 billion. As such, excluding Unifin conflict, we would have an expansion CapEx of BRL8.9 billion to BRL10.3 billion with very high implicit marginal return levels. The next slide is about the port of Santos. As previously mentioned, in 2021 and over the next few years, we will have a strong growth in cargo handling to the port of Santos. Therefore, a significant portion of our investments will seek to increase capacity and efficiency in Santos.
Several projects are underway, some with capacity gains should be recorded already in 2021 and other projects will begin in the next few years. This concludes my presentation. We are now available for the Q and A session.
Ladies and gentlemen, we'll start now the Q and A session. Our first question comes from Lucas Barbosa, Santander. Please, Lucas, go ahead.
Good morning, everyone. Thank you for the presentation. You shared a lot of input important information and thanks for taking my questions. I have two questions from my side. First one, in the 2025 EBITDA, can you give us some color of how much EBITDA do you expect for the central network specifically?
Then I'll go to my second question.
Thank you very much for participating. Can you listen?
Yes, I can hear you.
Yes. Sorry. No, Marianna will assign me that you cannot lead them. But let's start again. So Lucas, first, thank you for participating of the call.
Congratulations for the research that you did. I like it a lot. It was a very good idea. Let me tell you a bit about
the EBITDA in our
central network in 2025, okay? In this, we are not opening or splitting what is central and northern network, but I think that you can easily reach to this number, okay? So let me give you how you guys can reach to this number. 1st, regarding volumes, it's very clear in the presentation. You have a potential market and you have the market share that we can reach in 2025, okay?
Talking about prices, I know you guys had like some expectations for 2,004 central network prices yields, but the expectations in terms of the GPKs, okay, or Pekaus in the quarter, it will be quite similar to what you have in the Northern network, Okay. The only difference here, Lucas, is basically that the discount is a bit different. It's a bit different than Northern. So in Northern, you have something around like from Santos to Rundonopoulos, something around 1700 kilometers. You have an average that is something around 1200 kilometers in the central network, okay?
Regarding when you got to margins in central network, okay, you can guess here that the margins will be quite similar to have in the Northern network, yes? And this is a very important point here because the central network will share most of the operations and maintenance structures with Polyta network. So there will be a significant efficiency that we'll get here. It's what I always say to you that we will get additional cost dilution, okay? So considering this and this scale that we get, you can consider the margins something similar to the order network and I get here between like 50% 60% of EBITDA margins, okay?
So this is how we calculate the EBITDA for the next few years for Central Network.
Perfect, Lavin. Thanks very much. It was very clear. And then my second point is on yields. I wanted to hear if you can share with us what the company is assuming in terms of yields for 2021.
Maybe the assumption is yields growing in nominal terms but slightly below inflation. And if you can also share what's the expectation in terms of yields from 2022 until 2025? Thank you very much.
Yes. Good to speed the question into, okay. Let's start with 2021, okay? What happened for soybean? Okay.
So soybean, we already sold a huge amount of volume, okay. So in under take or pay contracts, okay. And we have a good visibility both in volumes and in prices, okay? Prices are very a bit higher, not single, but a bit higher than previous year, okay? Previous year is 2020.
And here is the point, it's not the average of 2020, that is unchanged. It's very similar to soybean in 2020, okay? It's a bit higher. Remembering that the use change according to fuel prices, okay? So when I say that it's slightly higher than 2020, this is ex fuel prices.
Remember that fuel prices are going up when compared to 2020 due to the pandemic that we had and prices went down in 2020, okay? So fuel is a pass through and we need to consider that. For the second half of the year, although we already have a relevant volume sold, there is still an amount that was not sold mainly because of the uncertainty caused by the postponement of the soybean crop, okay? Right now, what you can see is that truck prices are higher in the marketing, okay, in the market, sorry, what reflects based on demand for freight. We don't know if this actually we cannot guarantee that this will continue to happen this peak.
And after the peak of demand, prices truck prices will go down. But what we have now, it's a good sign for the market, okay? And what's the sign for the market? Is that if they depend on trucks, prices are not predictable, while in the for railway, we have a much more predictable price, we have much reliable services, railway is environmentally much more efficient. So we are very positive for the second half of the year for the corn price.
Although still there is an uncertainty that does not allow me to tell you again precisely about yields in the second half of the year. Regarding 2022 or to 2025, Lucas, this is a bit more difficult to tell you because and this is the reason that we included the slide, the chart on competitiveness. So and why we added that? Because price depend on external factors that are not our hands. So depends on the demand, the supply demand, maybe for trucks, depend on the price of fuels, okay, depend on the privatization of BR163, okay?
And this is the reason that we provide to you two numbers of EBITDA and volumes and things like this, okay? We provide you our range on that. What I can tell you is there is one point that's in our hand that are the costs, the competitiveness of the company based on cost. And this I can tell you, you saw once you are talking about this, that we are working very hard both on variable costs, mainly when we talk about reduction of unitary consumption of fuel and we are being very disciplined in fixed cost. And this will help us to have a scale gain.
So what I can tell you in the sense that yields are difficult to foresee, but the company will keep with high margins, okay? And when I say like, I always tell some size that this is a company focused on margins unnecessarily on prices. And our margins, we foresee that they at least need to keep us in there. They are now having the opportunity to increase. Okay?
Perfect. That's very clear, Lavin. Thank you very much. Have a good day.
Thank you for participating, Lukas.
Our next question comes from Victor Mizusaki with Bradesco BBI. Please, Victor, go ahead. Mr. Witter, you can go ahead.
Hello, Ravi? Yes, I can hear you, Ravi.
Okay. So in your presentation, you basically mentioned that OpEx for RTK will likely drop like 30% until 2025. So, Kennen, we assume that a lot of the kind of operational efficiencies will likely be transferred to price. And then we'll talk about and that basically explains why you assume that Hummel will gain market share in the data of Mato Grosso. And my second question is
Can I answer the first one here? Okay. Your voice is not that loud. So my understanding is that you're talking about OpEx and basically the gain of market share until 2025, is that right? Exactly.
Exactly. Well, what I can tell you is that this is exactly what I answered for Luca, Victor. Cost reduction is in our hands, okay? So we have several investments improving improvement of assets. We have investments in technology.
So all of these will make us more will allow cost unitary cost reduction in the company, okay? And this is the kind of competition that we can work that depend on that makes us more competitive related to when we compare this to the market. Remember that the company, Humu, is more competitive than other models in 90 percent of Mato Grosso, for example, okay? In the state of Boreas, we are in the heart of the crop, okay, in the heart of production of grains. Just to have an idea, the average radios in Goias to feed the radio is 150 kilometers, while to feed all the models is more than 400 kilometers, okay?
So we are more competitive both in Goya state and in Mato Grosso. And this cost reduction that we have allow us to be more competitive. And I can assure this that this is one of the leverage that we have that will allow us to gain market share.
Okay. Thank you. And my second question in the presentation, I think that was in the first slide, when you comment about CapEx. You say that basically this guidance does not include any M and A transaction. But can we say that Humo is now thinking about the mini transactions?
And if he has, what could make sense?
I haven't discussed this before, including this sentence. I'm not saying nothing different here, okay? It's like I'm not hitting anything. But for example, I'm not hiding anything here. But the point here is, I'll give an example why we included these samples here is when we talk about DP World, for example, this is a conversation that we are having right now with a potential partner that we already disclosed to the market, okay?
As we don't know the conditions of the partnership, we didn't include this in the next 5 years. But once we have the partnership done, we'll come back to the market and explain the details and you can add easily to this guidance. But only for this reason that we include that there is nothing that we are discussing that can change the route of the company, okay?
Okay. Thank you.
Thank you, Peter.
Our next question comes from Josh Milberg with Morgan Stanley. Please, Josh, you can go ahead.
Great. Thank you. Good morning, Lavine. Good morning, everyone. Thanks for the call.
I had a follow-up on the point that you had made, Lavine, about the central network having similar profitability as the North operation. Just wanted to ask if you could give a little bit more granularity on that point. I got the message about the synergies and the cost dilution, but we had imagined that having a more diversified cargo and shorter distances to the port could be a negative have a negative implications for your profitability. So it would be great if you could just sort of touch on those points and their relative importance. And maybe a little bit more on how you're seeing the outlook for unit costs in that operation?
Hi, Josh. This is Gustavo. I'm taking this question. You're right. Of course, when we to compare central network with northern network, there might be a gap of distance once northern network has longer distances.
Also a higher scale right now, but we believe in the future, we're going to be bridging this as the central network is going to be growing a lot. Maybe the only thing that you are missing is the very fact that central does not depend as much on trucks as Hondanopoulis depends today. Because today, Hondanopoulis could be 500 kilometers away from Sohi is who look at the Rovere regions. And therefore, our competitiveness there is affected by the price of trucks, which is very high. In Central, we are very close to the market.
Therefore, we become much more competitive and then we could try to we can be more profitable because of that and also more competitive in the market. So that's probably the major reason why central network can approach North in terms of profitability. Another thing is because also central network share most of the facilities and the infrastructure with Male Paolista. So when you think about marginal costs and sometimes marginal investments, central network will benefit from having low additional costs based on sharing those structures with Male Paulista. So it brings more efficiency and it brings more efficiency even to Malepolista because Malepolista will become also more efficient, sharing the costs and sharing the infrastructure with Malepolista with Malepolista.
And Marder, if I can just reinforce one point that I talked in the answer for Victor. You said the distance between Sohryizo and Rodanopis. And I'd like to reinforce, like the average distance between the farms or the farms and our Hill Village, for example, our future Hill Village terminal is something around 150 kilometers, okay? If you take other railways from Rioverde, the average distance is like 400 kilometers, just reinforcing this point. So that make our cost much higher much better actually for central network.
Just reinforcing give you give additional data, Josh, but good question.
Okay. That's great, Lavin and Gustavo. Really appreciate The second thing I wanted to touch on and ask you guys about was, we saw that you gave some disclosure on what portion of the guided CapEx would be maintenance. And I just wanted to ask you to kind of dig in a little bit on your thinking there? And also how your perspective on the maintenance level, the recurring level of investment needed to sustain the operations has evolved in the last couple of years.
We were looking back on your 2019 guidance. And based on that, what was implied was something like a 13% to 15% maintenance level as a percentage of revenues. And I just wanted to get a little bit of added input there. Thanks very much.
Thanks, Josh. Regarding recurring CapEx, first of all, we don't think that net revenue try to measure recurring CapEx as a percentage of net revenue. It is good here because we are adding several other operations like central network and we are expanding our capacity in the current operations. So we don't like the concept of measuring recurring CapEx as a percentage of net revenues. That being said, what implies the guidance is basically that we're going to have CapEx not growing much, only based on inflation probably in the next upcoming years.
And once we're going to have some additional levels of recurring CapEx for central network, that means that we're going to have to improve the efficiency brought by technology, brought by other investments that we already made in the past. So with those efficiencies, we're going to be able to make the recurring CapEx pretty much stable in real terms over the next 5 years. So that's the plan, but of course, it embeds the challenging of offsetting additional CapEx coming from central network. So we're going to have to deliver some important efficiencies in the remaining of the network to achieve this guidance.
Okay. Thank you very much for those detailed answers.
Thanks. Thank you, Josh.
Our next question comes from Andre Acin with Itau. Please, Andre.
Hi, guys. Thank you for taking my questions. I basically have two questions. The first one is if we could discuss a little bit about the port of Santos. You've been doing some interesting moves in terms of more verticalization, right, or being more integrated, both at DP World and also at Karamuru.
So if you could discuss a little bit about this effort, it has been a big concern among investors if Santos wouldn't eventually become a bottleneck for you guys. So how far are you willing to take this integration? And what are your plans in that regard? My second question would be in regards to the new concessions, right? The government has a big expectation that FICO will be eventually auctioned off later this year.
So how do you see the FICO concession in regards to your numbers, right? I would imagine it's more of a defensive play, not an offensive play. But how do you see that trickling through?
How do you see competition for the
upcoming concession? I'd love to have your thoughts on these two points. Thank you.
Andrea, good questions. Thank you again for participating on our call. Port of Santos, I always say that we have been working hard in the last 6 years for Santos. Only now investors themselves, I'd ask more about this, but we have done huge investments in some sports basically to improve capacity and efficiency, okay? And we will continue to do that.
So there are I always split these investments that we're doing in how you say, it's transformational non transformational investments, okay? So when we say non transformation, is that small investments, okay? It's not like little cap is a huge amount of money that we do to improve efficiency of the train side the front of sport. So here, and you see in the next chart in the last chart that we showed in the presentation, that we will be doing several investments as like the 3rd line of Paqueta. Remember that the 3rd line in the entrance of the port is a place where you have bottlenecks.
So the 3rd line will help us with maneuvers, with trains going in and going out, transport. In the right margin of the port that there is the margin that has more traffic of trains and volumes, okay? We have the expansion of Maculco, you have Punta da Paya that are investments that some of them are made by us, some of them by terminal owners, the trading companies, for example. So these are the investments that we do that allow us always increasing efficiency of the pork and avoiding bottlenecks, okay? And we are what we call I call here transformation, okay?
But basically, when you talk about T39, we will be building the capacity of T39, increasing capacity and efficiency with a better terminal in the right margin. There is this discussion in the left margin with the keyword that can result in a brand new port with 8,000,000 tons of capacity and capacity for greens and 3,000,000 for fertilizers. These will be ready in 2,004 to 2,005 if the partnership happens. There are investments that we are doing at Teague to increase the capacity of fertilizer. So this is one thing like that we are always looking at, okay, and we are always working to avoid any kind of bottleneck, okay.
So we are always concerned with this and we are doing a good job to improve efficiency and capacity in both the right and the left side of sales support. So we don't see it becoming a bottleneck either in the short term nor in the long run, okay? Regarding the new concessions, basically what we have in the market today, you asked about FICO, but we have we see 2 new concessions that are FIO with FICO, yes? COE is the one that the market is discussing. It's something that at least for the next decades, we will not have any competition with our business.
Regarding FICO, that's expected to connect the central network with East Mato Grosso in the first stage. This, in our opinion, it happens, will happen after 2025, okay? So this is not included in our forecast here. If you talk about a second stage of vehicle, this is very, very long run. It's a much more complex project that will take a decade or even more than that.
Our next question comes from Rogerio Araujo with UBS BB. Please, Rogerio, go ahead.
Thank you. Hi, Levin. Hi, Gustavo. Hi, everyone. Thanks for the call.
Hi, Rogerio.
Yes, so first one is on the CapEx. Can you break down the EUR 9,000,000,000 to EUR 10,000,000,000 expansion CapEx? And also you haven't included Lucas de Huberta extension or the renewal of Maria Sul into our guidance. Can you also talk about the next steps for both projects, where they are? So I think that the project of private investments is advancing in the Senate.
And if you believe that this is going to work for Lucas de Rioverde? And what we should expect in upcoming months in terms of news flow on those projects? Thank you. That's my personal.
Yes. Rogerio, thank you very much. Good questions. Regarding CapEx, we are not providing like a detailed breakdown on what we have there. However, I can tell you here that you have like several different investments here.
So you see that by the shortness we provided that we include in this BRL8.9 billion to BRL10.3 billion. We include, for example, Mana Singtel. So there is a lot of growing stock that we invest to allow to reach to the 60% of market share that we foresee in 2025. There are like the network, finishing the Rioverde terminal and other improvements. There is the expansion of Paulista.
So we have obligations related to the review that some of them will increase the capacity in the short term, some others will increase capacity after 2025. They are also included here. For example, what I answered to the first one that our investments in sales pork, for example, okay. So all of these are included in expansion of CapEx. Another example, okay, here, but the sidings for the BRL 120 per train are included here.
So there's a bunch of investments that are included here. All of these are increasing capacity of the company, okay? Your second question is about Bicco de Reverde and the South network. Work. Regarding Luca de Rovere, probably you have been following that Mato Grosso state has approved an amendment to the local constitution, what we call in Portuguese PECI, PEC, that allows the state to authorize regulatory projects within the state, okay?
Not all the state, but within the state, okay? That project only shows the importance of the project to Mato Grosso, to the Mato Grosso agricultural community. And this is an important step for us, okay? If we take into consideration the federal government side of this, we think that we may also have an agreement with INTP to amend our current agreement that would allow us to make these tensions. So we have some optionality here regarding Lucas do Coverde, and we are like looking very close how to expand how to start our expansion to the north of Mato Grosso.
Remembering that we have plans also to build additional terminals. We have already bought a piece of land in Motun. I talked about this in several calls. But and we can start the extension by building these terminals that will help us a lot in the commercial side of our business. Regarding the south network, we are starting right now to talk to stakeholders and to the government.
And these are the first very first steps on the future renew of this. But I don't have much to say this. We are in the very early steps for a potential renew.
Okay. Sounds good. And my last question is on the maintenance CapEx. It's a follow-up. So you said that you are considering kind of inflation for the current level and but the volume has been expanding.
You also mentioned that you have to deliver incremental efficiency to achieve that guidance. So can we can you go through which are those incremental efficiencies that you can work to offset that increase in maintenance CapEx due to the expansion of volume? Thank you. Sure, Rogerio. I'm answering this one.
Over the past few years, we implemented several investments in our network, trying to reduce also the level of maintenance and recurring CapEx. So we believe that some of those efficiencies will be visible in the upcoming years. So we are expanding the life of some raw materials. So for instance, some years ago, we adopted a system to lubricate the tracks, avoiding the tracks or extending the life of the tracks. So this is something that does not yield results in the short term, but in the long run, we're going to start to see some raw materials having longer lives in the cycle of maintenance.
We are also investing a lot, try to implement predictive maintenance. So we are using a lot of artificial intelligence to help us to identify which factors in our railway we have to improve in order to avoid accidents, in order to avoid any speed constraints. So in other words, we are trying to improve the we are trying to make investments more in a more efficient way. So in that way, we can avoid to spend unnecessary money in things that don't really matter and try to focus on the things that matters at all. So technology will play a big role here.
Maintenance techniques will also help. And of course, we have all the carryover from all the investments that we did in the previous years. So we truly believe that with that, we're going to be able to achieve the level of recurring CapEx that we are committing here. Okay. So the rationale is we should have a reduction in the 1st years with a gradual expansion, averaging somewhere like 2020 level with inflation in those years.
Is that right? Can we expect to actually no? No. Indeed, what's going to happen is because we are starting central network right now, so there is an additional CapEx right now. And as the time goes by, we're going to capture more efficiencies neutralizing any pressure over recurring CapEx.
So I believe that recurring CapEx will be more steady over time. But right now, what we're going to have is the entrance of central network and a few efficiencies that will help to offset pressure. Over time, of course, volumes bring additional pressure and then efficiencies will be needed to offset any eventual pressures coming from additional volumes. Very clear, Gustav. Thanks so much.
Thank you, Rogerio.
Thank you, Rogerio.
That concludes our question and answer session. I would now like to turn the floor over to Mr. Ricardo Levin for his final considerations. Please, Mr. Ricardo, you may proceed.
Jumo, In March 1, it was Humu's birthday. We became in March 1, 6 years old company. And what I can tell you is that seeing what we built in the last 6 years make us extremely confident that we will be able to reach the guidance we are now providing to you. This company, I can you, that changed completely the derivative scenario in the country in the last 6 years. So I would like to and I would like to tell you also a bit more just to reinforce what Beto said in the result call that in 2020, we took several steps that really prepared us for what we are going to face in the next 5 years.
So we made the central network operational. We renewed Paulista network. We prepared the concession fees, we worked hard in some work to make all necessary improvements to receive additional volume. So these are small examples of what we have done in 2020 to support this growth. So I'd like to take advantage of this moment to thank our shareholders, our investors for their support that they always gave us.
I need to thank the sell side that are here in the call that always have been always calling and support us. But mainly I would like to thank to our employees that have made the success of this company in the last 6 years. And I'm sure that we'll continue to make the success of this company in the next 5 years. So thank you very much. Have a good day.
The Humu's conference call is over.