Hi, everyone. Welcome to another results call. It's a great pleasure to be talking to you today. If you're watching live, thanks for your interest. Thanks for dedicating your time to listen to the presentation. I look forward to answering several questions. If you're watching it on YouTube, thank you as well for your interest. Please make sure you click on that like button. Please share the video. That's how you tell YouTube you've liked the content. That's how you can help YouTube to show this content to other people like you who might be interested in what Verde AgriTech is doing. We are certainly very excited about everything going on, extraordinarily excited about the years to come. As we begin, I would like to remind you that our presentation contains forward-looking statements. We have a set of disclaimers here.
I strongly recommend you to read in detail. The first part of the presentation, I'm gonna be talking a little bit about the market, what's going on. Felipe is gonna address the financials. He's gonna be looking at the numbers, some of the results. At the end, I'm gonna come back to talk to you and to answer any questions. I'm sure a lot of you have already been buying our Super Greensand product available on Amazon. There's a 5% discount coupon if you're watching this video. Please share with other people who might equally be interested in testing. I guess there aren't many natural resource companies you can go and test the product yourself and see the benefits on your own home.
The market overview for potash for fertilizers is very different to what it was last year when we had record prices, when we had potential constraints. We are seeing the opposite this year. We are seeing a lot of supply, a lot of Russian potash, Belarusian potash hitting the market, and we are seeing a pressure downward in terms of price. If you're a farmer in Brazil and you're looking at prices for fertilizers, essentially every week you've been checking the price for the last few months, you had a lower price. From a psychological point of view, as a farmer, you start asking yourself whether you should buy now or if you should carry on waiting with the expectation that the trend continues and price continue going down. What we're also seeing is illustrated in the next slide.
As a farmer, we are seeing prices for soybeans collapsing, not just from what it was last year, but the same way as price for fertilizer is coming down, you're seeing the price of what you sell getting discounted every day. Again, as a farmer, you carry on trying to hang on to your grains if you have working capital to support that. Unfortunately, so far, the longer a farmer has waited, the lower the price became. We're not showing on the slide, but unfortunately, the graph for corn is also very negative. Prices for corn in Brazil have been deteriorating, have been coming down, very fast. In a situation like that, I like to remember a very interesting conversation I had with a very successful Brazilian farmer, a couple of years ago.
He told me, when you look at farm, when you look at farming, when you look at. You need to think long term. As a farmer, you should never just be looking at the results of one agricultural cycle. You should be looking at it over several years. When you look at that over several years, as a farmer, you should most certainly expect to have some years where you're gonna have a loss. The loss might be caused by adverse climate. The loss might be caused by a collapse in the price of grains. The loss might be caused by crop diseases, pests. As a farmer, you should always be looking in the long term. You should always be looking at the activity over several years.
It is over several years that when you compensate the years you have the loss, the years you have the big profit, overall, you're gonna be making money. This came from a very successful farmer in Brazil. I think in a time like that, this is what we've been trying to remind our customers. That's all we've been talking to them, and that's how we've also been talking to some of our investors about how cyclical agriculture is and how we need to be looking over several years. Next slide, Felipe. I will stop here then, and I will allow Felipe to carry on with the financial aspects. At the end of the presentation, I look forward to answering your questions.
Thank you. Thank you, Cristiano. Thank you everyone for joining the conference. First chart that we have here to explain a bit about our economic scenario, current economic scenario in Brazil. We have in the first graph Brazilian real against U.S. dollars. We can see that up to March the Brazilian real got evaluated against the same period of last year. The Brazilian real was also even stronger in the last couple of weeks being below five Reais per dollar, which is has not happened for the last maybe one year. Now it seems to be more stable at around five Reais per U.S. dollars.
Market expectations for the year end is to have the Brazilian real at 5.2 Brazilian Reais per dollar. It seems that it will not have a lot of fluctuation on this exchange rate, which is good for our business and good for cost control, for potash price that arrives in Brazil. It's better for everyone as more stable it gets. In the next chart, a bit on the Selic rate with the central bank annual rate that generates normally the loans and the banks use to charge companies like Verde and other ones are the ones that we have. Currently we are at 13.75% per year.
What we can see here is that the expectation that we have is that to have a big decrease on this rate from year end at 12.650, going to 2024 at 10 and arriving less than 9 in 2 or 3 years. What is important to mention here is like, considering the current rate, Selic rate, our expenses on interest are between CAD 4 million and CAD 4.5 million. Also just to have a sensitives and an idea, each 1%, which means from 13.75% to, for example, 12.75% on Selic rate, we would expect a reduction maybe on CAD 300 thousand interest expenses in 1 year.
The third one on the economic scenario is related to inflation as well. We saw in the past few years, not only in Brazil but all over the world, the increase in the inflation. We saw in Brazil between 12%-13% in one year, inflation rate. Now it has decreased significantly. It seems that the cycle on high interest rates might be getting close to the end since the inflation seems to be controlled. The expectation now is to close this year at between 5.5%-5.8%. From 2024 onwards, maybe even lower on around 4% per year. Beginning our Q1 2023 highlights. The first in the left side concerned cash.
We decreased the cash from investment activities by 44% to CAD 1.9 million against CAD 3.4 million last year. This is basically explained by the lower level of investments we are doing, which was already expected. Cash and other receivables held by the company were in March 31, 2023, CAD 34.3 million, compared to CAD 22 million last year and then CAD 4.8 million in Q1 2021. It demonstrates also the big level of increase if you compare 2021 against 2023. The third one, the total loans for CapEx and working capital at the end of the quarter was CAD 45.4 million. We have more details on this later in this presentation.
On profitability, sales by volume were 108,000 tons in Q1 2023 compared to 112,000 tons, which is like 2%-3% decrease. It's quite similar year-on-year. Revenue also had the same trend. The total revenue was $11.1 million in Q1 2023 against $11.3 million in Q1 last year. The gross margin, saying that, we had a 1% decrease from 75, 7.7 - 7.6. I will show also later on that if excludes freight on this, the reduction would be a bit higher. I'll explain also why, but the client should know that that's basically driven by the DCL price reduction.
The EBITDA before no cash events in Q1 2023 was $2 million compared to $3.7 million last year and less than $1 million in 2021. Remember here that also it's disclosure that the EBITDA excludes also non-cash events such, for example, depreciation on costs. Net loss in Q1 2023 was $0.1 million, compared to $3 million profitability last year and $1 million loss in 2021. The total non-current assets of the company were $68.3 million compared to $30 million in 2022, it's an increase of over $38 million. It shows and demonstrates where we are located, the most of the profits and loans that we've made during 2022.
On operation side, there is no change in capacity production for 2022. From 2022 - 2023, the year end, we remain at 3 million tons per year of capacity in both factors together. On financial statements, we have here from revenue up to net profit. We can see a few numbers that I've said before related to revenue, product cost and gross margin. Important also to highlight here sales and marketing expenses, which we had an increase. Product freight expenses is quite significant as well, and we do have a chart to explain a bit more on this.
Also EBITDA, well, in the end of the day, what is important also here is the interest expenses, which increased a lot, and this is driven by the influence that we've made. We achieved $1 million in the trimester related on interest expenses. In the end of the day, it's good to highlight the EBITDA of $2 million, + EBITDA of $2 million, and also after interest and taxes, a net loss of $100K in Q1. On operational summary, we have here per ton, the volume and then revenue production and margin. We can see that the revenue per ton, if you look in the first table, it has increased from 101 -1 03, and the cost is pretty flat.
The key point of the chart is to demonstrate that once we exclude the freight impact of the scenario, we can see that we have a decrease actually on the total revenue per ton, from $75 - $67 per ton. This was basically driven by the potash price increase, which we had to reduce and follow the trend with our sales. In the end of the day, we had a gross margin reduction from 68% - 63%. In the cost side, we were pretty close to what we had last year. Remember that we have now much bigger capacity with both factories, which brings to us also additional fixed costs.
It's quite important for the coming periods that we increase volume to dilute this cost, and we can start to verify and demonstrate the cost reduction that we have, once we produce at plant two. The costs for product there, to produce at plant two is like, at least 20%, 25% lower than producing plant one. This could be, will be demonstrated and realized once the volumes increase in Q2, Q3, and Q4. On logistics side, you can see in the left side a chart that shows the FOB, CIF, and total sales. You can see that Q1, we saw down 70% in CIF compared to 60% only last year.
This has made, of course, our expenses to increase from CAD 3 million - CAD 3.9 million. Not only this impacted our results, but what had a relevant impact is that the weight average distance of product delivered increased by 12% in Q1 compared to the same period. This means that the cost to deliver per ton has also increased. Once we consider only the CIF expenses or freight expenses to deliver the product, it increased from CAD 44 - CAD 53 per ton. This is the impact we had in Q1. It was around CAD 600,000 impact in our net earning in the end of the day.
This year, the diesel price in Brazil starts to decrease. We had from January up to now, around 33% reduction in the price of the fuel and diesel sold by the public company, Petrobras. It does not mean that this impact goes 100% for the end of the chain until very big cost, for example, until the 3PL cost. Of course, this is a trend, and we do expect with the new policy that we currently have with the government that the price might be even lower in the near future. This of course, will help us to be more competitive since to delivery our product.
As you know, we do need to have 6 x larger efforts than to deliver the same amount in K₂O, from KCl to the marketplace. On this chart now you can see a bit on annual sales from 2018 up to 2023, and projections for the new PFS and stage of the company. You can see from 2020 to 2021, a growth of over 60%, and then the next year, 57% up to 2022. Now in this year, we do expect between 27%-91% growth, as we demonstrated in the last presentation of our guidance from 800,000 tons to 1.2 million tons in 2023. A bit on SG&A.
We can see here the key points that we've already explained in our press release last week or a few days ago. We can see that we had a significant increase on the side of the product delivery freight, as I explained before, and also sales and marketing expenses. Sales and marketing expenses are basically driven by the, we have since January of the company, field sales working around 13 people working in the field, traveling with car being rented and other kind of expenses on traveling that impact our costs. In the side of general administrative expenses, we had a significant increase as well.
This is also basically driven by a relocation that we had of a few employees, which were not exactly costs, but they were considered as such in Q1 2022, and then we have reclassified them in April last year. This will impact us on a year-on-year basis. It's important to remind that we have additional rental expenses in Porto de Depósito too. We have some equipment and some other administrative structures that are rented, and of course it will impact our total expenses. Once we increase volumes, that expectation we have, this cost per ton, expense per ton will be also diluted since most of it is are fixed costs. On sales channels, you can see here that the three types of sales that we currently have.
We do have direct sales which are made by our employees. Sales agents. Sales agents are sales representatives that work for us and other among our other companies and work throughout commissions. Also distributors that they have a discount, the price they purchase and then the end of the day, the price in the farm gate should be the same from the distributor or from sales agents or from direct sales. What you can see here is a big reduction in distributors, which was compensated in Q1 by direct sales made by our own team.
On loans, this chart on the right side, you can see a graph that shows the current level of loans that we currently have, and also the expectation of loans amortization in the coming quarters up to 2026. We can see, for example, that in 2023, we do expect to have an amortization of CAD 20.5 million. At the end of the day to reduce the total loans in the end of this year to around CAD 32.6 million. What it's detailing the left side of this chart is that we have on hand CAD 34.3 million plus receivables. With the receivables, that will support us to pay for 2023 amounts agreed with the banks.
Also it's important to highlight also Q1 + Q2, we had an additional loan made with Banco do Brasil in this quarter of CAD 7.7 million, with one year grace period and additional four years to pay. This will help us also as a cash flow in the longer term. Yeah. Current, this average current loan rate are close to 16.25% per annum. We do expect to have this steady rate reduction in the coming months, what will help us a lot to decrease the level of interest expenses of the company.
To adjust for the new scenario, new potash price and new current scenario, let's say in the end of the day, we've implemented a few months ago in February, but with a big start on April, a contingency plan, which is the key idea is to identify opportunities for cost savings and expense savings in the entire company. From the operator up to the director, from the small purchase up to the end of the chain. We've already identified CAD 1 of savings or cost avoidance that will help us a lot in the coming periods to achieve our results and to deliver a higher optimization to different people.
It includes, factors of the company that we are trying to be more efficient and.
More cost effective. This will have, like, CAD 700,000
On here we have, for example, we orders mining excavator and trucks that we've renegotiated the fares with our suppliers or even reduction or even a type of vehicles that could be more cost effective. This will deliver to us also $400,000 of savings in 12 months. Also we are working in a third-party contract renegotiation, which involves several contracts, which expect to reduce at least $6K on 12 months. We are not, we're still working on new ideas and new projects and new and new opportunities to reduce and to be more effective cost. We expect to bring some more initiatives in the coming presentation next quarter.
Hopefully this will be something that will make a difference in the end of the day for the company and for our profitability. These are the key points that I would like to highlight in our presentation. I will pass back to Cristiano so he can start the Q&A section. Thank you.
Thank you, Felipe. Thank you everyone for sending several questions. I will start answering the questions. The first question is about our pre-feasibility study. There's a section in the pre-feasibility study where it talks about ways farmers can reduce the amount of potassium which is needed. For example, they can apply organic residues. They can look at lower yields. That sort of technique, management technique, it would eliminate the use of potassium above a certain amount and in certain regions, resulting in an overall reduction of potassium needed. Certainly to completely eliminate the demand for potassium, you wouldn't be able to do that with that sort of technique. The next question is about groundwater and about the problems we caused to several farmers last year who had their orders canceled.
It's asking if we're doing anything to compensate them and to keep them as customers this year. Yes, we're trying. In some cases it has worked. In other of the cases there was a significant level of disappointment with Verde for failing to deliver product. In those cases we weren't able to resell to those customers. The next question, it talks about the increase in percentage that we saw happening last year, the increase in area with the same customer where our product was applied, an increase in that percentage. The question is how we can expand on that. Yes, this is something we've been doing.
If you follow us on YouTube, you can see especially the channel in Brazil, you can see the number of testimonials we've been posting over the last months. I believe there are over 100 testimonials there, from small to very large growers, including consultants, including tests that were undertaken with the product. There's a lot of data there. The other question here is about Plant 3 and how we would expect to fund Plant 3. Most certainly it's not something for now, it's something for the near future. It's something for when we can truly afford to build it without creating any potential negative impact in our financials, without compromising our capability to repay our loans. That's the thinking behind Plant 3.
The next question we have here is about returning capital to shareholders as dividends or buybacks. Given what we're seeing in terms of potash prices, given what we're seeing in terms of farmers' appetite at the moment, it's not something for this year. Hopefully for next year we shall carry on monitoring that. The other question here is about discussions with the government, so I can only presume it is about the rail. It's very important for us to get that license, that permit to build the rail connection because it will be required as we go beyond 23 million tons. With every infrastructure project, it takes a long time. The conversations are going well, and we hope in the next few months, it will succeed.
The next question about us being part of a national project regarding the regeneration of the Amazon. If approached, we'll be more than happy to collaborate, but we haven't heard anything in that way. Yeah, if asked for our help, we could certainly be looking to collaborate. The next question is, can farmers skip this year in terms of application? Yes. Farmers, they can skip application of fertilizers if they have an adequate level of nutrients in their soil and if they're not targeting significant yields. We saw that happening to a certain extent last year when a number of farmers decided to either cut down or completely not apply it.
For this year, given the price for corn, the price for soybeans, we are already seeing it when there is, you know, the reports from consultancy companies, they already showed the deterioration of margins from farmers. It's obviously not a very encouraging moment. The other question here is about the partnership with Lavoro, and it's very slow, but expected. Lavoro as well as AgroGalaxy, very large companies with thousands of sales people, and it takes time to be able to introduce a new product in their product range. We have now a field team with 12 people who have been working alongside Lavoro, alongside AgroGalaxy, as well as our other distributors and agents, promoting the product and educating them on how to sell our product.
Another question here, and then those are two questions here together. It's talking about enhanced rock weathering. You saw the press release we put out this morning. There's a paragraph in that press release where we talk about enhanced rock weathering, and I would like to spend the next five minutes talking about this. Everyone's trying to find ways to capture carbon from the atmosphere. Doesn't matter if you believe or not in global warming. The fact is there's plenty of capital looking to fund ways to extract carbon from the atmosphere. Only cutting down emissions isn't enough to address climate change. Over the years, there was a significant amount of carbon released to the atmosphere, and we will need, in addition to cutting emissions, we will need to figure out ways to capture that carbon.
Historically, people have looked at planting trees and other nature-based solutions as a way for you to capture carbon. For a number of years, that seemed to be the best strategy, that seemed to work, until some people started measuring it, and they saw that a lot of those projects were dealing with wildfires. There were lightning and whole farms would catch fire. The whole nature-based carbon capture was and has been questioned whether it is really the best way for you to approach capturing carbon from the atmosphere. Currently, any carbon credits originated from nature-based solutions coming, for example, from reforestation isn't worth much in markets. Scientists started looking at what could work. Originally, they looked at injecting carbon inside the soil and underneath certain geological structures that would be capable of storing that carbon.
Billions of dollars were spent developing those types of projects, testing the science. You have some very large projects in construction where you're literally injecting carbon inside the, you know, inside those different geological structures. There has been a lot of questioning whether this really works, the impact, the scalability. Scientists kept looking at other ways. Currently, the two technologies that have been attracting a lot of interest from large companies such as Microsoft, such as Frontier Carbon, which is a pool of companies including Alphabet and Stripe and Boston Consulting, a lot of big JP Morgan, looking to buy carbon credits from that type of technology.
The two main technologies people are looking at is direct air capture, where you have this big facility where you are literally sucking carbon from the atmosphere and crystallizing that carbon in a stable compound. Some criticism to that technology is that it's expensive to build those facilities and it's expensive, the carbon credit from it. You have a number of projects being developed looking at doing exactly that. The other technology which has been attracting a lot of interest is called enhanced rock weathering. Very briefly on the science of enhanced rock weathering. You have carbon in the atmosphere. When it rains, carbon is dissolved in water. That carbon in solution gets in contact with rocks, permeate rocks, and certain types of rock have the capacity to precipitate carbon as bicarbonates.
Those rocks via weathering, a natural process, they will release to the environment some nutrients such as calcium, magnesium, potassium. In the process of releasing those nutrients, you will need carbon to balance the equation, and then you end up with bicarbonate precipitated. Plenty of better descriptions of this process on the internet if you Google for it. Once it's precipitated as bicarbonate, it will leach to aquifers, it'll leach rivers, will be in the ocean. Throughout that process, that bicarbonate will react with other elements, such as calcium, such as magnesium, and will form some stable compounds. They will be there in a stable way, locking carbon for hundreds, if not thousands of years. You can lock carbon for a very long term, scientists have become more and more excited about this technology called enhanced rock weathering.
Enhanced rock weathering is essentially because you pulverize the rock. By pulverizing the rock, you can accelerate the weathering mechanism. I think the biggest investment in that space came from Microsoft, who bought a bunch of carbon credits from a startup company operating in Scotland. And before Microsoft did this investment, there was a lot of media interest by Microsoft doing it. Frontier Carbon, which is the initiative backed by Stripe and other big companies, had already been backing that sort of initiatives for some time. The interesting thing when you look at those other companies and when you look at this technology and how this carbon credit is being generated, is that farmers are being fully funded to deploy pulverized rock.
They're not having to spend any money. Everything is being funded by Microsoft and the others. The sort of rock, which was used, what was chosen by the earlier scientists to explore enhanced rock weathering was the most available rock in the world, perhaps after sand, you know, which is basalt. Basalt is very common rock and has the capacity to capture carbon. It has been used. The certain basalt have very small amounts of potassium, half 1%, but are rich in calcium and magnesium, which help to make that carbon captured. From an agricultural perspective, basalt has limited benefits. It doesn't provide any primary macronutrients such as nitrogen, phosphate or potash.
For that reason is why, you know, essentially farmers really, if you want to spread that basalt in my land, you may as well do it all by yourself and I have no interest in buying it. When you look at what we are doing as Verde AgriTech, there is the possibility one can think about carbon credits. Fully funding the application of our rock, one can look at the possibility of valuing those carbon credits, so farmers no longer need to be buying it and all the compensation from the company comes from carbon credits. That's one way to look at it.
The other way to look at it is that carbon credits issued by Verde AgriTech would provide a way for the company to drastically reduce the sales price of its products, compensating for that reduction with carbon credits, making it significantly more attractive for farmers to switch from conventional potash deleterious to the environment, to switch from that to our product. That is the avenue. When you think about carbon credits, there's a very important criteria called additionality. We believe we fully comply with additionality for the reasons we've mentioned. From a barrier perspective and even from a financial perspective, you know, this is something very important. It's big. It's big.
We're currently looking at how much carbon our rock can capture, and we hope to very soon be able to announce that. We have engaged the world's biggest expert in this area, a pioneer in the field of enhanced rock weathering. A gentleman called David Manning, Dr. David Manning from Newcastle University. We're excited about the progress of this work. Earlier on, I was talking to someone very knowledgeable in the fertilizer industry, and it was a very interesting conversation. He was looking at all of that and he was essentially saying that it wouldn't be too aggressive to think about the conventional potassium chloride industry, the conventional KCl industry, being destroyed as collateral damage in the fight against climate change. The conventional potash industry being destroyed as collateral damage in the fight against climate change.
If Microsoft and other companies are willing to pick up the tab, to pick up the bill for spreading rocks that can capture carbon, You can see where he's coming from. He was talking about, you know, conventional industry conventional potash industry executives looking at a big wave on the beach and discussing, you know, potash prices and discussing how those potash prices are impacting the sector, how potash prices are coming down and worried about that big wave.
They aren't seeing yet the gigantic, colossal tsunami wave, which is a few meters behind that big wave, covered by that big wave, and they can't see that colossal, gigantic tsunami wave, which is called enhanced rock weathering, which in his view could completely destroy the conventional potash industry as collateral damage in the fight against climate change. It's something which still is in its early days, but it's something which is developing extraordinarily fast. I would suggest everyone tries to keep track of it and follow it. There's articles coming out daily on the topic.
It's something that with our 3.2 billion tons of mineral resources, which could potentially be able to capture carbon and provide potassium as well as a added benefit, it's something that can be very meaningful in the fight against climate change. Next question, it's about ISO certifications. We've earned ISO 9001, ISO 14001. Do we plan to get any other certification? The answer is yes, we are working on the ISO certification to do with carbon emissions. We've actually retained the consultancy company. The kickoff meeting was this week. This is specific ISO for that purpose, which we're working on. Next question about plant reconstruction.
I've addressed that. Next question here was also about carbon capture and how you get paid on it. Essentially you get paid by selling carbon credits, and you have the voluntary carbon credit market. You also have the direct arrangements between companies like Microsoft, as I just mentioned, or Frontier that are looking to offset their own carbon emissions. Few weeks ago, I attended a very interesting presentation about artificial intelligence, and there was someone there from Microsoft talking. The carbon emission from running artificial intelligence is crazy. Everyone is getting excited about artificial intelligence, but the sort of computer power you need behind it and the amount of carbon generated from it is gigantic. Yeah.
Also on the top of carbon capture, there was a very good article, a couple of days ago by The Economist talking about the industry. Very interesting how they approach it, their view on the carbon industry, but they're talking about it being a trillion-dollars industry. A trillion-dollars industry. When you see the numbers and you see the arguments and you see the trillion dollars industry there, it helps you to understand why the analyst I mentioned talks about the conventional potash industry being collateral damage in the fight against climate change. To put the $1 trillion in perspective, the whole potash market, the global potash market, is currently worth about $150 billion.
That's what the whole potash market's currently worth, about $150 billion versus $1 trillion plus from carbon capture. Question about diesel prices. Yes, diesel prices have started coming down. The directors of Petrobras, Brazilian, state-owned, partially state-controlled company, they've decided to change how diesel is priced. Instead of pricing it according to the variations of the market, they will soften the change, the variation. They've already reduced diesel prices in Brazil as a consequence. Another question about approvals of the royal permit. I've addressed that before. Someone's saying that the screen's too close to my face, so I apologize. Apologize for that. What % of our sales last year went to eucalyptus? I don't know right now, but we can share that in perhaps our new newsletter.
Eucalyptus is a big market. Our product is phenomenal for eucalyptus. Eucalyptus in Brazil is used by the pulp and paper industry as well as by the steel industry and essentially we allow farmers to make just one application instead of making three applications. Another question about carbon removal. A final question here for Felipe, which is in the interim financial statements for T one 2023. In the cash flow statement on page four, it shows mid-table cash flow for acquisition of mineral property assets, CAD 1.4 versus CAD 200,000. What were these acquisitions? I think the problem here, Felipe, I can start answering that, we should change that. Whenever you talk about the mineral property asset, usually people think of...
That's the correct way to think about it, concessions, mining permits, mining concessions, not the Portuguese literal translation of it, which would be a property with minerals in it. We should improve that disclosure. If it is a capital location on land, it should be broken down as such. If it is something going towards titles, mineral titles, it should be disclosed as such. We will look into it. Do you wanna add anything else here?
Yeah. No. Can open and split this, no problem. This basically was, we had investments, when we have the central cost of the, we call the Cerrado Verde project. It's the biggest project as well. All the investments made in this account goes to this role. We can split this. It'll be easier to understand. I agree.
Yeah. Okay. That concludes the questions we've received today. If you are watching it on YouTube, thank you very much. If you're watching it live, thank you a lot for your time this afternoon. Thank you a lot for sharing, sending your questions. We hope to very soon be able to talk more about carbon credits and what one should be looking for is really how much carbon we can capture with our rock and what would be the next steps. Thank you again, and I look forward to talking to you and seeing you all again very soon. Bye-bye.