Good morning, everyone. Welcome to the first quarter 2022 earnings release of Boa Safra. We count on the presence of Marino Colpo, CEO of Boa Safra, and Felipe Marques, CFO and IRO of Boa Safra. We kindly remind you that participants will be listening to the presentation, and only by the end of it, we will start the Q&A session. For the Q&A session, we kindly ask you to submit your questions through the webcast platform. The selection of slides will be controlled by you. I would like now to invite Marino to conduct his presentation. Please, Marino, over to you. Many thanks, Alan. Good morning to all. In April, we opened a chapter. It is one-year anniversary, and we are quite positive about our results during this period of time.
Thanks to IPO, we marked a very strong increase on our processing capacity and storage capacity and also investments. I would like to highlight as positive points through this year, our work team. They were able to deliver three plants, Cabeceiras, Murici, and also Jaborandi units in this year, operating already, despite of the fact that the plant is still not completely done. We expect to deliver it 100% in a few months. Our team had a very important role in it, and we keep growing strongly. We have three works for the coming year. They have been announced. The Balsas, Maranhão, and our DC in Sorriso, and also a new plant in Primavera do Leste. We are increasing our capacity very strongly. Now, I would like to invite you to have a look at slide number 3.
I would like to talk about our main highlights. I would like to highlight our increase of almost 60% growth, as a matter of fact, on our orders to be performed. I'd like to expand on that in a couple of minutes. In fact, the main representative of our company is our orders. Now, talking about seasonality, you with Boa Safra know that we have our first and our second quarters. They are kind of slow and with a lot of expenditures and invoicing. Very much concentrated on the third and the fourth quarters. The most important information that we could at this point in time submit to you are the orders to be performed, and there is a growth in volume and also financially speaking, about 60%.
This is the main highlight that I would like to draw your attention to, and it is actually what shows our performance at Boa Safra. We expect to have during or along this year. Now, with regards to the orders to be performed and the contracts, materials with biotechnology represent a big growth in our backlog. In addition to volume, we are increasing more value. We're delivering more productivity to the farmers, and as a consequence, they are more profitable, and they adhere to the company. 90% of the backlog orders are with biotechnology. We have concluded the first stage of our works in Jaborandi. We're also beginning a bit of Vera do Oeste and also launching the first plant in Mato Grosso to add to Sorriso.
Expect to have that plant in the state along with this DC in the state. We're gonna improve our logistics in the main producer in Brazil, that state. We're gonna increase our market share there. The entry in the B3 Small Cap Index, Boa Safra is in B3 as a Fiagro. Fiagro is an alternative to the company. Launching Fiagro will help us in the working capital of the company. It is important to highlight that as we grow in sales and also selling more valued products, because in the end, seeds have received a very strong or have lived a very strong change in terms of technology, biotechnology and increase of sales.
The seeds are more relevant in the crop cost, so that it is more cost in seeds because seeds are more representative in the cost and therefore our clients and producers have a demand for purchasing, principally in years with increase of fertilizers cost and Fiagro is a very strong alternative to that situation. It is a positive and good for both the investors and the company. Because to the company, there is an access to capital at a lower cost, and then the company is able to perform sales in installments. Our working capital cost is a more positive in Fiagro. Also those that are investors as individuals, they have exemption in their income tax, so they have a very good values or good earnings.
We are very positive with Fiagro. Launching the Fiagro will help us leverage the growth of the company. I would like also to mention something that I would say it is a simple analysis of this quarter. We always suggest you to have an LTM approach per 12 months. Our activity is a yearly activity. Analyzing just a quarter, you can see that there is some sort of detachment from our operational information and from accounting. In accounting terms, we can also talk about that during the presentation. In accounting terms, you can see that the company has a loss. In fact, these are basically accounting terms. They do not represent the reality of the company and also of what we expect in the following quarters.
We're very positive about the orders to perform and also the backlog orders. The company will bring very positive figures, and we are very positive about that for the year 2022. Now, I invite you to have a look at slide number 4. Now let us talk about our numbers. You can see that in the last 12 months, we marked a very good growth in both invoicing and EBITDA and net income. I would like to highlight the following. It is difficult to compare a quarter against another. Despite of the fact that there was a very strong increase in sales in 2022, it does not represent our company invoicing as a whole, because it is more focused on commodities.
This is basically raw material or some sort of seeds that were left over from 2021. Also some traded raw materials. It is a very low margin. As a matter of fact, there is not much in terms of seeds traded in the first quarter. Seasonal business, our results always come in the third quarter. First quarter is high cost and also the invoicing of the company. Then the sales of seeds are in another quarter. Felipe will give you more details in a couple of minutes about that. The most part of the result is basically related to the variation of price of the commodity. That also can be analyzed as per our policies.
Also you can see the results that we expect to have along this year. Now, we also talk about our operational performance. With regards to our raw material, we have an increase of 23.3% compared to the same period last year. We're receiving more, the plants are processing more. We invested quite a good amount during our expansion with IPO, and now we have an increase of 22% in capacity in terms of volume if compared to the last year. Now, also our orders is BRL 142 million compared to BRL 447 million. This is a 58.8% increase. Now, I would like to invite you to have a look on slide 5.
It is important to highlight how a soybean production cycle is in Brazil. On the first quarter in 2021, we have the harvest. On the second quarter, the seeds are processed, they are stored. On the third quarter, we have the beginning of our results. This is when the harvest starts. As a matter of fact, with the crop starts, and then we have the seed, the logistics, and the start of the crop planting and the fourth quarter, the entire crop planting of the cycle. Now slide number 6, you can see that chart represents, in fact, what happens to the company throughout the year and on the four quarters. The first part, we begin the harvest and the seed processing.
We traditionally have high costs and expenditures and a high need for working capital. It is a time when we buy a lot of raw material, and we also have our stocks. We form stocks. There is low billing and low earnings. However, this is a period of high volume of sales, and in fact, our sales are done in the first and the second quarters, and invoicing in the third and the fourth quarter. Of course, there is a little sale in the third quarter, which is those seeds, but less than 10% of the volume of sales. Most sales are traditionally in the first and the second quarters.
This is why the most important figures that we have to show you are the backlog orders, which are very costly quarters to the company with very low results. They enhance the negative values. Now, let us move on to slide seven. Let us talk about our seed fields and volumes received. What is that? Or what does that mean? This is the volume of seeds that have been received or grains that have been received and that are being processed. Seeds that are being received at our plants during this year. There was a strong increase of 21% from received seeds. That compared to 2021, we had 266,000 tons, now 203,000 tons.
Our planted area that was 80,000 hectares went up to 105,000 hectares. We have 80% of our fields that have been harvested. 20% of the fields are still to be harvested. This is the volume of seeds that will move our earnings in the third quarter before buying that raw material. These are the seeds that are being processed. Now, slide number 8 gives you a very important information, in my opinion, one of the most important, if not the most important slide to us, principally during the first and the second quarters. Because here you can have a good entire visibility, a clear visibility of our results, our seed backlog, and the results that we projected to the company for our current year.
Let me give you some information about it. If you have a look at the first quarter, 2021, BRL 13 million was our total net revenue, basically commodities. On top you can see that there was a strong seed backlog figure, BRL 467 million orders. That was the backlog orders. We keep moving. In 2021, BRL 41 million total revenue, but there was an increase of BRL 79 million orders. This is seed backlog orders, and this represents basically seed sales. There's no other product, no other commodities. It was only soya seeds. BRL 79 million increase that then we had BRL 546 million as a backlog orders.
We had from the second to the third quarter, from these BRL 546 million, some sales and a little bit of what was sold between the second and the third quarter. BRL 586 million was our total net revenue. Of course there was mostly seeds, some commodity. There was a very strong quarter, which was the third quarter in 2021. We had 207 orders to be performed that were invoiced on the fourth quarter, plus some commodities, plus some orders, the last minute orders. Our seed backlog orders at the end of the fourth quarter were zero. Basically they were done.
We started working on 2022 crop, which would be invoiced in September. The first quarter, we had basically some sales on net revenue in commodities, some grains, and of course, because of the variation of our raw material prices, Felipe will explain on that. These figures are very positive to us because in our seed backlog, we already accumulated BRL 742 million in seeds. We expect to sell that between the third and the fourth quarters. We can see a very strong result and almost 60% increase if compared to the first quarter, 2021. Now, in slide number 9, I would like to invite our CFO, Felipe Marques, to give us some light on it. Welcome, Felipe.
Many thanks, Marino.
I'll continue my presentation with you talking about our main indicators during this quarter and also analyzing the last two months. As we spoke, how seasonal our results are because of the type of business, we managed to mitigate this effect during these two months. Our net revenue in 2022 is out of the usual. There were some logistical problems. Well, the traders to collect the soy, and that happened in the first quarter. Of course, we're talking about grains, and that operation has profitability that is almost bordering zero at the end of the day. That's why there was this result. This is basically grains and not seeds in this composition and a rough end of it.
When we have a look at the last twelve months, we can see here BRL 145. You can see here the trend of a very good result of the company above this amount. Now in slide 10, we can see costs of the company. You can see that is a result of our revenue base based on grains. There is this very strong component that it is close to the revenue. Of course, there is a little bit of positiveness because of the market and because of the variation of prices in December, as opposed to what we achieved in the first quarter. There is a very good important role of this BRL 10 million as a gross result.
Basically, this is the change of price anticipation to current value by contract, and that gives you this gross result of -BRL 10 million. When we analyze the results, the LTM over the last twelve months, you can still see that the highs remained of BRL 57 million and 37% with regards to the same period of the previous year. As per the EBITDA, we can see that it reflects the new format of the company owing to our increase in capability or capacity rather, and our goals with regards to admin expenditures and sale expenditures, and that is reflecting on the third and the fourth quarter.
There was this increase in admin costs and sale expenses, and you can see the results of that investment done in team structure, et cetera. When we have the seed sales that happened in the second quarter. When we analyze the EBITDA of the company, we can see the increase on administrative costs and after the IPO and also this structure because we are growing. This is all integrated. When we analyze the last twelve months, even with that increase in terms of structures, and that is also an increase of almost 33% compared to the same period in 2021. That is aligned with our trend of delivering constant and permanent results and profitability.
When we see the slide 12, which is the net income result, you can see there was a negative performance on the first and second quarters. The results varied a little because these are sales related to grains. These are costs that are very close to what we bought and also the change of prices in the market. Of course, this is linked to our company, to this kind of market. We reinforce our hedge policies and, well, we're sticking to them, and we are just capturing just part of that in the end because all our orders. Here we have the loss because of the purchase of the raw material, the hedge also that is being marked to market during this first quarter.
We still haven't purchased all the raw material and also from the sales performed. We can see that in the last 12 months, we still have a very strong consistency in our almost BRL 124,000 as a net income, 88% higher than the same period the previous year. Slide three, we still talk about the how seasonal this business is, how seasonality and our standards, as we mentioned before, there is the variation. It was in 2022 because of logistics in the market, there was a variation that happened at the first quarter instead of happening in the fourth quarter in 2021. With regards to CapEx, I invite you to have a look at slide 14. We are expanding our CapEx.
We are delivering our works and with a very good significant result comparing in 2022. We want to deliver these projects in time, and we are working hard with our engineering department, totally dedicated, so that these are delivered on time and according to our budget. This is the condition to be able to release resources, triggering, and these are important for us to complete those projects. These are the results and the resources from IPO and also the possibility of financing 50-80% of all entire CapEx of the company at long term. Slide 15, you can see some of some figures.
There is very expressive cash values even during a very low period of cash or a period of low cash because of the purchase of raw materials. We have our gross debt of less than BRL 20 million in net debt. We still have a negative net debt, EBITDA negative. We can see the performance of the company, and that allows us to give continuity to the entire need for a working capital and also CapEx that we have ahead of us. In addition to the alternative of Fiagro, as Marino mentioned, which is another source of resources, financial resources for part of our CapEx and also our working capital of the company.
ESG on slide 16, we are increasingly attentive to the ESG agenda, and this is just the beginning. We have the Small Cap Index and Brasil ON Index and the corporate governance trade and consumption items. This in our team IR and IPO. We've been working hard to be able to bring you all the information required. This is there is a lot of participation in our Bovespa and B3 with B3. Now, on the following slide, you can see here our balance sheet just as a reference for you so that we can expand on it and also the Annex II. Now I would like to pass it to Alan and of course it would be great to listen to your questions and clarify and this is just the beginning of our year.
Many thanks for your kind attention. The first question comes from Ricardo Monegaglia Neto.
Boa Safra basically buys seeds technology and applies technology on the seeds to obtain the best quality. The question is, isn't it interesting to invest in technology to be able to generate our own technology to improve the seed quality? And if that, with that, perhaps you would decrease the main risks to the company, market risk in the company. Why don't we invest in our own technology?
Well, Ricardo Monegaglia Neto, this is not our main focus today. What happens is that the Brazilian market counts on 7 large companies, great names, in biotechnology and Boa Safra had the opportunity to have align with good strategy, connections, and even the possibility of working in research.
We understand that it is important to the company to be neutral and to be able to work with all of them. We have seven biotechnology companies in our portfolio. We work with genetic material with Bayer, with Syngenta, Corteva, and BASF, and also TMG. There are many. We are a company that has a wide portfolio. We work with basically all biotech companies in the market, and we believe that this is the best way, the best way to go to the company. Even because the client, a producer there in the field, in the farm, they don't plant just one product or one with one name. Imagine that there is this a ranch, and they plant different material, three materials in there. For example, they have like sandy soils, so they're one material.
There's another one with irrigation, another product. Then there is another soil, like a clay soil, another product. They don't use just biogenetic material. It's a GDM product. Well, they even have that situation in certain cases. Most consumers want the best technology, the best genetic material to that specific scenario. Even if there is a preference for a biotechnology, for example, you also have Syngenta that does well on the sandy soil. You would go to that specific material if you have sandy soils and you have on the part of your land that it is different. The clients are basically multi-platform. They use different genetic material, and we do believe that this is the best strategy to us and Boa Safra. Many thanks. Now let us see the second question.
Vinicius asks, "How do you mitigate your costs to, in addition to what it is needed, so for the third and the fourth quarter, to be able to meet demand without having too much in excess or to falling short?" Let me try to understand what you said on your question. I understand. I think you were talking about the materials. It is actually a challenge to us to be able to produce material so that there is no excess or we don't fall short. There is actually shortage of materials. That is what we experienced in the last few years, actually. There's high demand. The product is in high demand.
Of course, some material, some specific product that sometimes is not in high demand in the market, there was no good performance the year before, or we did the whole entire marketing work and, but perhaps sometimes it happens that we disclose the information and we work on it, but that does not catch to the taste of the customer, the final buyer. We have sales force here in our company. We have a sales team that is very robust. Many people on the field. These people, they capture a lot of what farmers see and think and their opinions and of course the variations and also the feedback from the distributors and the technicians that work in the company.
We have a lot of what they see, and we try to compile all that from the perspective that we see in the market, and we try to combine that to the materials that we offer, varying demand and in the different regions and the quality and its technology is also count on that. We have a lot of information from the fields. Of course, there is some variation with regards to material. Sometimes we believe, oh, yeah, we could just have that demand, but then that demand is not exactly what happens in reality. On average, we are hitting the target, I would say.
Many thanks, Marino. The third question comes from Ricardo again.
What is our competitive differential that we have when we compare Boa Safra and the competition?
Well, our great major point is the quality of our product. The main aspect that we have as opposed to the competitors is our quality. Our seeds are known by a high quality. We can see high demand from producers. They acknowledge our brand name. We've been working well on our brand, and the mark is re-acknowledged as a good quality seed. This is the main point, quality. We always think, we always have the client in our mind. When we compare the competition to us, I think that we still have a good aspect organization. We invested a lot in management in the past. We invested a lot in processes, and we have everything mapped out.
The whole quality control is mapped out. We in the end have a good result. We have a very robust team. Many of our competitors do not have that robust team. I could say we have access to capital today. Not that our competitors do not have access to capital, but then we are the only company listed in this sector. We have access to capital. We have Fiagro, new ideas like Fiagro, and this is much more positive when we compare ourselves to the competitor. A volume. In our branch, in our field, scale is something that is very important. We have a greater, more modern plants with more efficient, and we improved our equipment. The equipment is more efficient, and we also have scale.
Those factors added to quality of the product produced because, of course, losing quality, no other factor would have so much relevance and would work. These are the very important aspects and that makes us more competitive.
Many thanks, Marino. Next question comes from Pedro Fonseca. "I have two questions," he says. He asks us to talk more about the backlog orders with regards to price and volume and then this is with regards to market share. The second question, could you explain please what was the driver to 90% biotechnology materials? And that was a little bit above or too compared to what we had indicated for previous quarters.
Well, our orders are very strong, so it's very important. We understand that clients are looking for Boa Safra when they go.
When they want to purchase material. If we compare to one year and the previous years, I don't think that there was much a very strong backlog order. It is similar to what we had in the past year. We're very happy with that. Now, with regards to price and the volume, what we do is we try to keep some information, which are more like strategic information that has to be passed on considering our competition. Now, with regards to market share, if you see our backlog order, it has increased. That is in line with what we expect. Last year, we had 130,000 bags last year, and this year we are reaching 170,000 bags.
This is basically selling everything we have. This is actually not really real because we always go a little bit behind or before that. That is a maximum capacity, 30% growth. The same thing happened in area. We expect to process 30% more. Also the backlog order, if it grows like that and the market share will also do that because of course, market share will grow a little bit less than that because the planted area in Brazil is still expanding or it's still growing. I understand, and I have information about it. Even with increasing the input prices, we're still growing in terms of area in Brazil. We're growing the area planted in Brazil.
Biotechnology, 90% when you asked about that, well, as a matter of fact, it is a little bit above what we thought it would happen. Now, just to give you some more details about it. In 2020, 68% of the volume was with biotechnology. In 2021, 80%. Almost 81 or 80.7, sales were with biotechnology. So far, 90% of our orders are backlog orders. They have some sort of biotechnology in it. That shows us that our client, our farmer wants to invest and he wants or they want the best product and they want product with the best delivery, best productivity. Of course, this is a more expensive product, but it has more value to the farmer, to the client. They are looking for us, Boa Safra.
Principally when they are looking for those more expensive product. Because once they buy that, those products, the products have biotechnology treatment, so their choice is for the best seeds. In the case of Boa Safra, they won't have any issue. Of course, we don't want to talk badly about our competition, our competitors, but of course, we know that our product is above the average.
The next question comes from Lucas. Could you kindly talk a little bit more about the possibilities of those backlog orders to be invoiced on the third quarter? Do you think that this is a real thing, so you think that they are just advancing the order? They want to know if our backlog order might change in the future. Felipe Marques speaking. Marino also spoke about it with regards to our orders.
Once again, if we analyze the past years, our orders are likely to grow and not to decrease, not to shrink. Even if we draw a parallel to what we had, 700 million in the revenue of seeds, in the first quarter, we are already above the results that we had in the entire year, 2021. That is a natural trend to grow, as Marino mentioned and highlighted, due to the increase in our capacity. We have conditions to meet that increase in demand. Also Marino mentioned how much these anticipations are so much present before December. Now when we analyze March, we understand that it is normalized and it is comparable to March 2021. Many thanks, Felipe. The next question.
Well, as a matter of fact, some investors asked questions about Fiagro. We just summarized them all on what the objectives of Fiagro are and what the impact would be. Would that be some sort of different physical structures with the DC? Let us just open now and talk about Fiagro and how it works. All right. I'm glad to hear there are many questions about Fiagro. Much energy was dedicated to that, and of course, much is being done to make it work. Fiagro is an alternative to us in Boa Safra. You saw in our balance sheet, it is a quite robust balance sheet. We do not need any other funding alternatives at a very short term. We can look forward in a medium or long run.
To meet this increase and this is the reason for our IPO. Fiagro is our strategy. Because of the increase in the production cost and also the seed as a more representative component of the cost, we believe that there is a need for to count on this credit, you know, and also the integrated production because of the cost of the crops. There must be some sort of credit for them to be able to get the best kind of seed and the best input. Fiagro is basically important in that aspect because we can consolidate to all our clients and our integrated producers.
Would they have to count on a vehicle that allows them to count on a good infrastructure for them to be able to produce and also for them to be able to buy the best quality seed possible without restrictions because of the credit that they don't have or even because of the situations in the market, they don't have access to quality, which is our major component as a company. There were other questions with regards to our end of the year results and that our working capital was greater. Now what we established this mechanism, Fiagro, as a possibility of to be part of the funding of the company. These are the receivables that could be allocated, for example, in Fiagro.
Also, perhaps our DCs and Fiagro, for example. Is the owner of our DC and BF. Also the land. Part of that land is being funded by Fiagro. This is a hybrid aspect in the sense that we could consider, for example, if there is, depending on the appetite for Fiagro, we could perhaps add on different lands and DCs and even the physical structure into that plan. It could be a funding vehicle that is hybrid and depending on how much the market is interested in this fund, we can also add more assets of different nature in this combo.
This is something that we are going to be sharing with you on a quarterly basis, how the thing is evolving and what kind of assets are being added to the fund and how the sales are being done and performed so that you can follow up. These are decisions that we're gonna be making on what assets and what moments aligned with the demand that we see in the market so that Fiagro can expand and give us greater possibilities.
Many thanks, Felipe. Now, another question from Richard. Is there any contract of exclusivity for those technology suppliers and how Boa Safra fends off different competitors?
Now, today, there is no monopoly. There's no exclusivity, formal or any kind of special access.
We actually try to work on a very wide base of biotechnology variables, a very wide possibility of biotechnology. The answer would be we are in an open market, we are competing, but then our asset is quality, volume, financial structure, the access to the customer, the access to the end of the line. I would highlight also the strength of our name. Boa Safra is becoming a widely known company in the agribusiness. Today, if you see, of course this is not a parameter, but if you see the digital media and we are always ahead, we are always along with the great multinational companies and also technology companies that are very strong and sturdy and known, and Boa Safra is becoming also widely known.
We know when the customer, when the producer decides on us, he wants a biotechnology with a name from a next or wide company, but they want with a Boa Safra stamp on it. Why? Because they understand that seed produced by Boa Safra assembles all quality characteristics that are expected, and I think this is the answer to your question.
Okay. Many thanks, Marino. The next question comes from Guilherme Nunes. He wants to know what the strategies of the company are for the company to continue growing and what is the maximum standpoint. What we want to expect and why did the company did not wants to do BTS operations on DCs?
Well, I would like to give you the answer. Well, see, I said like, so we understand that, when we...
As we mentioned in the case of Fiagro, with Fiagro and actually there are tracts of land that are also being allocated or being linked to Fiagro. With that, we increase our asset-like concept since our IPO. Now we understand that as those BTS operations and in general, we don't see that as a very efficient operation because it is high. The cost of capital is very high. This is why the alternative was to move to Fiagro. With Fiagro we can have a better structure and with more asset like so being more asset like than what we had since based on our IPO. That was our concept.
We are taking this concept to a different level depending on the evolution, the evolvement, the development that we have with Fiagro in the company.
Okay, many thanks, Felipe. Now the next question comes from Victor. With regards to seasonality of income or earnings because of the type of business, soybeans. Do you have any intention to trade other types of seeds or your focus is only on soybeans?
Well, as a matter of fact, our focus and our strategy is soybean seeds. Yes, despite of the fact that we have corn seeds and also beans. But they are not too relevant, not as yet in terms of earnings. But yes, we consider other products.
We understand that there's a lot of synergy with other seeds because we would have the same distribution channel, the same dealer, the same shops and the same customers in many cases, because many they plant soybeans and they plant corn and other crops. We do believe there are synergies. We have an eye on that, but that would be not for the short run. We can see that there is a lot of demand for soy seeds and the demand from our customers. They are always looking for our product, our brand name, and that is very strong. This is why we are linked or we are paying attention to that organic growth, that it is fast and we're investing and we are trying to grab a greater market share of this market.
Many thanks, Marino.
Next question comes from Vinicius Oliveira. He wants to know if there are risks from partners in the fields, like in the seed field. The moving away from this partnership. What are the benefits that those producers, the seed producers have to stick to the company and how do you look for other partners if you have to replace them or if there is any kind of safety buffer? How do you work with that? How do you integrate with the partners?
Well, a good relationship is always the base of good results. Our turnover of integrated producers is very low, so there is not much risk. Out of 200 integrated producers last year, we probably lost 1 or 2. Of course, we're increasing.
We had 170, we came up to 200. No, 198 as a matter of fact. We lost two of those that we had. Based on our experience during this time, we see that we do not lose them as a matter of fact. Much to the contrary, all those seed producers they want to increase the area, so the bonus is very good for those who want to come in to join in. It's about 10%. A little bit more, a little bit less, depending on how far they are, for example, from the plant. Then to producers, that 10% bonus, it increases it up to one third in their profitability that they have in the field.
Many producers when they think in their margins, they talk about 25%, for example. At a crop, at a field. They manage to get 10% and they get extra 10%, and this is very relevant for the integrated producer. It is not a major concern to us today. Of course it is a concern. Of course, we're always worried about it. It is nothing much that we really think that there should be kind of some sort of. Of course, there is always a very good availability. There are the producers who want to join efforts with us, join in.
Many thanks, Marino. Now, the last question comes from Eduardo. How do we see TSI with nutrition and biostimulant as a tool to increase financial results of our margins? Eduardo.
That is it. TSI and biostimulants and nutrients. Of course, that increases margin, increases earnings. This is the focus of our company. We want to grow with those. We know that last year we had almost 70% increase in TSI. We moved from 13% of our volume and 20% of our volumes with treated seeds. We also have quite daring objectives to increase our TSI and also the nutrition added to the product. If compared to the United States, almost 90% of our soy seeds are treated with that treatment. We do believe that this is a trend. We're making an effort to get to that point because as a matter of fact, it increases the margins, it increases the gains. It's almost like a product mix.
We sell something else, something extra, and that increases in terms of results or with the increase of the nutrition biostimulant package.
Many thanks, Marino. Guys, we received many questions, and that's why, as a matter of fact, we thank you all for the questions sent. We are here available to clarify any of the doubts that you might still have, and we're not able to clarify during this call. I would like to pass on to Marino for his final remarks. Marino, over to you.
Many thanks for your participation in this earnings release. I would like to thank especially the investors and our partners that stick to us and believe in our company and our objectives and our goals.
We are working hard to bring and deliver wonderful results to all of you. Many thanks. Many thanks to all. The first quarter 2022 earnings release conference call for Boa Safra Sementes is over. You may now disconnect. Thanks.