CSAN3.SA - Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to Cosan's Conference Call to discuss the results for the Third Quarter 2022. Simultaneous translation will be available during the Q&A session. To use the translation tool, please click on the interpretation icon at the bottom of the screen and select your language of choice, Portuguese or English. Participants listening in English can mute the original audio in Portuguese by clicking on mute original audio. our recorded website be can at all material being the available also is the IR company's cosan.com.br regarding conference and made will on find This release. earnings where you forward-looking projections as note beliefs Please company. and management to prospects contained presentation company's the [Operator on are available statements and based the Instructions] the financial that regarding operating team's well information goals in currently assumptions information this as are and and Cosan's business on

to guarantee performance. depend Mr. understand may future may They those the that and results Lewin, a company's with that differ uncertainties statements. we not conditions lead and future assumptions in as IRO. to Investors expressed would the Mr. risks, like have that and CEO; Ricardo or are relate and to... conditions, affect industry from events us and statements Guimarães, Today, Forward-looking should to of over economic here not forward-looking occur. may turn on other such now involve conference CFO general I may Henrique they operating materially therefore, and circumstances Luis results factors

Ricardo Lewin

of everyone I for participating Conference for Good the thank me have With in Earnings third Cosan's and afternoon Luis you Henrique, CEO. quarter XXXX. today Call our

the journey. growth quarter strong group’s results with to highlight that important scenario, third the on despite want our going numbers, Before to economic and I ended the highly we volatile steps took

in to volume mainly Sugar, Let's greater that and and affected In enough reflecting was on the and see atypical dynamics Raízen's the the of the pressures which In growth In own direct Meanwhile, price the result. of results. successive in bioenergy the Adjusted Marketing EBITDA sales share Services, than affected result and doubled, not neutralize same quarter. revenue fuel expenses business. the inventories, more period the period’s now highlights by can were go the you EBITDA prices. and the market, by volume Brazil, operation prices, fell on adversely year, sales X Adjusted On of and and in through affected CBIOS. which by main & the with the and financial the higher sales higher exchange of with volume costs inflationary operating In greater the Slide each operational in partially line Renewables, decline of were reflecting gains, rate. inflation efficiency America pressures was Latin the offset operation last and declines sales higher

conference want meet to last As product advance jointly you the with construction strategy. Shell, new this additional continued the the announcement demand. plants its to sales earnings call probably week, the contract Raízen followed with in five in I it to of highlight of

of driven grain Mato delivered North and operation due better the logistics quarter in third margin corn so, the turn XXXX, is EBITDA share period Let’s market Rumo. by shows market in the record in Rumo X, slide by share weaker consolidated quarter Santos. by Port we relation to expansion explained exports from The to discipline. higher lost setback a Even XXXX. usual demand of the marked in crop Grosso cost gained to tariff now volume Rumo the results strong and in volumes operational and in EBITDA transported a and growth volume, grains of which growth registered in in the performance. the our

between the Rumo an of reporting project in Rondonópolis after event the Looking Mato Extension the period, of Verde. announced involves execution the cities section the long to and which in November, therefore the the Campo term, Grosso beginning of

in yet performance another the the effects recovery business the of results, results. the and replicating despite segment. quarter our given resilience sales in and with Let’s on working Compass. announced. lower the These with We Commit, turn the to segment offset scheduled integration focus to the of maintenance and slide operational model divestments consistent remain a excellent commercial Commit’s consolidation number X, shutdowns, residential to highlights dedicated in the shows the already Sulgás volume delivered at which of industrial of segment, Compass conclude

than the double We in Let move results first period. with with and flow delivered strategy, pricing of strong at quarter slide cash We EBITDA, was on was which because full quarter, the of operating portfolio which growth to PetroChoice leveraged the of line X, the our the Moove, in supported Moove. and Tirreno. growth, and EBITDA more also profitable sourcing of it with quarter another consolidation in the reported was amount which sales deleveraging by the more and

remain Lastly, with integration PetroChoice, is planning. which the on line of the we in focused advancing

that financial Moving and our strong as Cosan slide of that’s metals, to the energy be ore which early losses. X reserves of and structure our which in which company Brazil is in competitive result industry was Vale. to comprising for and converted Cosan. the investment Investimentos direct the a an for minority structured, talk a the a which positioned of in and registering leasing for limiting with world’s quarter and October, our capital in from with quarter. properties, unique now in interests well The corresponds result our iron promising this of with into it slide the capital could Remember the asset, XXXX values. and is the X.X% the thesis a adjustment second consolidated quarter best advantage positions the currencies. acquisition optionality with is allocation we major the of the reaffirms and mainly Radar’s guarantees as key flexibility show Vale X.X% the The In operation Cosan in agricultural shareholders land protecting Vale. portfolio holds base decarbonisation results interest and appreciation exposure announced last comparative due mark-to-market transaction to irreplaceable decline to X the a composed on, asset an and properties global Vale aligned go the by Let slight Vale of of in of interest The about a transition portfolio of Radar exposure as that additional financial EESG of has second a strategy in diversification, versus to

as of Here, like the mention agricultural are structure’s I declined Corporate we increased that Tellus this quarter Radar, which, subsequent the quarter in would same managers. our was the like event last In expenses changes affected quarter, also the Janus, plans. long-term an by to since segment, year compensation the interests in in and third property

consolidated already by Compass, entire recent that, I and investments EXG is the want non-recurring transported plan and the at transactions the in comparison partially is by lower grew declined companies higher expansion by Biosev mainly adjusted our the in from Raízen, Vale, the independent these plants items As of reinforce portfolio. Raízen’s maintained. leveraged quarter which merger which higher impact the higher strategic CapEx explained debt a in most in portfolio the EBITDA Rumo, periods, on balance, being and increased Cosan’s offset greater the Rumo. result compared to of tariff. the was the with record decrease income for Meanwhile, and the average companies was period, the at the the quarter, which third volumes the due the the by to at by result, TRSP Adjusted neutralized in the at of net XXXX, EBITDA of supported construction result, reflecting by by to

for bridge the Let’s contracting loan slide due mainly shows highlights. in of gross a the go growth to in which The X, Vale. shares acquiring to group’s financial was debt the

Certificate Receivables Raízen’s last the carried new private year-over-year, IPO addition, XXXX and from Cosan In at shareholders the out generation quarter to due Raízen for the the of funding Agribusiness Cash the and was lower issue Bonds. in proceeds Compass year. prepaid a mainly

as Cosan due Raízen leverage acquisition mentioned result XXXX. everything Finally, and XXXX the third Corporate the Biosev to quarter items second before, the IPO versus a related at in quarter non-recurring of increased financial

in recent reflected I on from to corporate can driver today. and efforts also will and also decision-making. and Sustainability a our renewable concluding, I pioneering part our to develop development guide vision the to logistics, our transactions is reinforce of and is of be that commented Before DNA our want key future growth, the the in of to continue of efficient it sustainability sugarcane products seen

I in I Year generation to and respect of builds that team sustained participates on We the logistics, Thank this by value now continue magazine would our a made for offering like that seek were on by the step of participate presentation, dedication Best to clean transition, Company you you of corporate people a named conclude focus by efficient of governance in to each possible leading session. out and Q&A in our Brazil, solid which closing, business the our energy, we energy and and invite journey. was I secure September, point In structure.

Operator

Mr. Guimarães. Henrique We would now like to turn over to Luis it

Luis Henrique Guimarães

for afternoon, to this Good presentation. just Lewin results. you quarter highlight I points everyone. want a during us XXXX call to few raised discuss Thank the the joining on that third

operations that you. the in sharing saw avenues that still are we've company's been we You the growth pursuing of with

Argentina, international more and and Europe Moove in as our markets. in prospects, future improving South American our European So with results expansion of in part America increasing excellent mature promising and and position regions, such efficiency Brazil, both business

partly operations in in in of half of so that focus to very we year, operations of conclude on practices has a investment first which record with Paulo seasonality. we the we'll our where crop distribution transporting new concluding good terminals to happened geographical technology start As portfolio. the At And areas. regions investment, next for results improve to Commit and integrate, and continue work Compass, the when are Rumo, in operation Sao ready the full its the these of the on our expansion have transfer

do and in the our we of better achieve our expansion And Verde Our were maximum sale capacity were distributor, we towards Santos areas. terminal. and Rio many to Lucas able started figures concluded

margin on and so at bring We've and the the now so is the the due than growing turnaround we in capacity increases of and the Midwest. margins It's been company quarter the a our new gross challenging excellence can on and healthy recently which the good downtime you in sugarcane. of underlying, on focusing announced at marketing And with see cuts deal when prospects signs expanding but obviously, and have first we Raízen, and huge plants, and volume, look the a quarters. excellent price X to focus in and been also with in September more the had reduction, the services. full Argentina, to concluding focusing on which this implementation impact, in At announcing refinery. continued inventory previous productivity. second had We're especially plants, that So execution X

comparative nonrecurring in and parameters to and So that competitive should initial generation credit Brazil's had Radar, and the increasing advantages in and operation, speaking now we and Leveraging investment through credit an have the Compass Investimentos, go [ph] our Maranhão effect Rumo land our and and on group's through renewable Raizen back carbon that we Cosan . port through and our but mining food At Radar the through portfolio Raízen and had with investment seasonally Tellus, now leveraging Raízen thesis, energies Vale. - Raízen’s levels. and gas at reiterating and total and oil the normal investments in Vale Janus level,

fully So continue. through benefits and which new now position, Brazil’s portfolio should dedicated new this a we generate dynamic believe have global we to

very quarter. good a So

shareholders continue focus still well volatility speaking, on to there Brazil. continue execution, to as that We initiatives will as we generate looking will value be to believe these globally in and and forward,

challenges So be best ahead. of the to And session. lie attract cost, our now that continue will terms deal talent CapEx to able and we'll there start to be instability the will in Q&A with we allocation,

Luis Henrique Guimarães

Duarte Pactual. [Operator Instructions] comes Thiago from question from Our first BTG

We ask you your microphone, unmute Thiago. will your so now question can

proceed. may You

Thiago Duarte

the attention It's Hello, here haven't your in this that - tone year. in led couple your constructive about we with change mentioned, The everyone. Luis's what a what see I'd have about your lot bought year, the a tone an question to at letter. quarter, of actually, discussed the more the you. questions Vale. more much with yet? Hi, not the that first last about to year more I be groups much announced announced Luis. cancellation when Porto Luis Hi, report, Lewin. was last interest we of a now the about but element to joint you letter we is letter beginning of compare in cautious. to of the things especially and venture The you sound like in important pleasure for after you've next opening draw when some And of so

group bit you're I'd could second for you whole. initial and to of talk the you your the your is, the And portfolio, a question company's basis the a about that the Luis about more mature mindset when a understand a willingness like message, So transaction, little businesses. the the context with seeing And lot on the talked you the work announced permanent Vale need you to more portfolio. and mentioned as specifically

So should more make as mature little long representative consider the could not become more Considering be has about Would sense Rumo, you our involving a to in more what it used to IPO, something Compass' than Raízen, lot a it ago. about companies talk think we bit portfolio. likely? Moove too

hear about be interesting would too. it to So that, you. Thank

Luis Henrique Guimarães

your by Thank first you, question. I'll Well, Thiago. start

change So It's not well, change. the actually, it's main a progress.

but we one XXXX, they looking assets a at whole last of end be you from had the within for is many thing different to some asset. at If the important projects outside. And It's thing required the materialization. remember, year,

XXXX, had understand was. It to So at Gaspetro the it happen, their worked company prospect had what how conclude the the and end go of we into to the had to potential to deal. we

are XXXX, through. very Gaspetro November things two deal in The went Now different.

We are companies. the now in

Mitsui our starting in and June extremely acquisition, and Commit. partner, and positive, Our companies our progress with there's since and Sulgás huge May relationship then productive is with with been the

which able of now So we had to selling we know part than we much We a and We the sell rest. we obligation billion if have now R$X investment more then. portfolio, towards we're feel knew did. we moving sold were be didn't going the that to confident

what actually thing comes like. We had different know we to operation didn't our had beliefs, when but through. we was So the a going be thesis, our whole it it's

that's of extension, same deal had Lucas but We great one So there and And licenses point. applies concerning processes. were the a the to uncertainties Rumo.

week. Our Lucas last extension land movie started

is certainty has now happen, could Remember, we true. to we year. position no, is go a for coupled said setter going a again, the it that with price Rumo's to there So this recovery and and fantastic as ourselves become play

great now So we're hadn't were with But last contracted EXG and at it has with were prospects. We long-term agreements the X a having different conversations yet. in sold we Raizen plants IPO point about again, But year. Raizen than we hard it We didn't the were happen. to more didn't whether confident and now. are going to great currency XXX% was did, we lots the thought we of know we what Moove, find buyers. transaction Again, much know going prospects. we if And if we were. demand.

prospects So acquisition, we now it, very are and results coming the we positive the made through. did find

yet main So happen. but excellent had of in were portfolio, what project all terms is great progress? an the quality, We change we to they with see

than and which qualities, They Now materialized on in all a year quality more prospects have has with asset happened the by. great of much based the people things EXG, up terms thought. what we gone actually had speeded

obviously, renewables, our comparative see vision within areas five be take player relevant confident steps, in other a So especially very and strategy we where to these our great to that confident Brazil has having us feel made enough advantages. and

second same the Raizen forth. on that and As ethanol, has and Rumo companies The network. of should and think has so the at for Moove and question. own the so about portfolio Argentina, look that, each business and if south And is network, services portfolio, central way portfolio. our sugar Compass. marketing renewables you the has and Brazil network, the in its the north power you your Thiago

which definitely as them, when and or which warehouse you you public, recently are more specific going plans. to our sold in Compass, Rumo mentioned, happen divest from saw one as assets on to could businesses could Moove of So we each specific the

that We We that. haven't to changed you. announced

so is four join as can our goal have to a in like they the as Our portfolio portfolio to would which platforms to listed that the or portfolio manager shareholders a choose whole. holding join

it. that's So

do we And these keep we'll we see We are company, to on selectively. or always opportunity the to whole what should but the market. we want going part control to the able a will be look will of reposition want an on to if depend at platforms time. asset last support happened well of is this Everything a since are plans each promises and the platforms, here kept to that of all and we year, end we've of these year, investment structured. short the them lots And year. had extremely of which very It of last since

are Marcelo no call. there have So reiterated And we changes. Vale think as this during announced, the I also

guided will a to the allow us have be market. that not We financial structure by

We right will and that. find the our portfolio opportunity, follow will

IPO, divest answered such generate Moove. important two future believe sometimes element opportunities to of time it's believe question. market Compass it's where as and there's things, ability I've you I growth we their can that companies so an that value, create your acquire really we hope in time to an of good Sometimes to and

Thiago Duarte

so you much. Yes, definitely did. you Thank

Luis Henrique Guimarães

Our next question Stanley. comes from Bruno Montanari from Morgan

you question. now unmet can ask will We Go Bruno. that ahead, so your you

Bruno Montanari

Thanks answering my for questions.

about open bite success about as Comgás could distribution in your tell of And bilateral companies some very, is about companies you a taking which us the the attack hear for from very about you're company it dividends Cosan think the Vale. buybacks holding not, room now whether managers we partnership will this you've a shareholders, this talks should having require holding. portfolio, and see upstream in you the stake Because plan and market, or with more your Vale? gas of Compass, terms that I'd financial And bit in closer we in to about and maneuver how like are that stories? First, agreements, Vale, welcome. to change between like it these other about acquired such And the

how that market? be So open to you. Thank I'd leverage like might to able Compass hear

Luis Henrique Guimarães

Okay.

the are processes. our your about question Vale. usual with with Let's Well, governance transaction first following start we

Board, Chairman the members, about with were and learning of in the company. we touch So we're Board the

an should because As potential believe complementary an believe believe And we the future. said in a shareholder. we valuable looking investment from I for outside. answer, a previous my make very thing one are we is it's We asset at and that we huge has company the this

We have a more industrial operating and perspective.

that can better we in results. So and complement to lead will each other, success

We're having them. we're So And interactions. talking steps. all taking we're the usual the to

as It's being visited they the very came a and Mariana back them. professional what's major team there how treating priority. happy we And impact being, understand Brumadinho to Our and this to done. about very important are

can one word, that company in potential be if far this has as and future. can what in the huge obviously, the what for terms reiterated thesis been right our So the in summarize interaction irreplicable we governance, has asset now exposed with and see Board a unique it I very positive, as is we our of with

which to to expand mix, As like to went recession distribution again, we our commercial to resilience adapt to and to we see go each or ability we reality, they less and detail - have one has not of through exposed to question, the I'm one we at and be residential did of your more them, moments have its what less a own second the and pandemic gives company a about risk. but was into the Comgás going to each grow. base, And operating resilience potential had,

systems, agreements I'm want to I'm understood question, please to answer what to the regardless feasible not market answering better service can completely your sure bilateral it, that Petrobras. products they know-how, by had that and upstream you technology of if so it's interrupt progress players bring not and agreements, some So their We gas continue market. to the provide but beforehand see the to me. meant I'll applications even try companies by I to work transfer these processes,

through want their are see market Distribution So the with it sell and pass-through. issues, that's producers very don't clients encompass allow which or the is in distribution that companies at they Compass Commit is [ph] gas to swap Gas and in and great more their we rates provide It the to more but become when free companies clients up own Obviously, can because being allows profit. issues, sellers the down, better thing. different there to companies with tax a company. to free [ph] market competitive, go any or as competitive make make or and companies more prices their a positive gas distribution will be distribution solutions better that and the those why competitive companies more money by

distribution shareholder the a cycle. with improves it's as And volume, company's positive again We, competitive. because very Commit as have as potential because become that, market of lots take-or-pay free it of as a of Cosan, see things, to will other clients more distribution clients thing by more doing positive encourage results. companies obligations the and which we'll make So have this potential the will such and the it lots

So Gaspetro. happy see the to Commit. with very very we're about what's happening happy We're of acquisition

Mitsui, management Our a partnership with in place. we have

We have Commit's CEO.

and CEO the We each have of the of a processes, which team management new companies progressing. are that, below

we investment results bear will the So in believe future. great this really

your And last have not mandate question Well, most dividends. and do we but soon, to see least, what make Cosan's We'll buybacks we'll at we'll opportunities. the do but to buybacks opportunities of that the be are. Cosan, able the relevant about P&L. in see And

to keep XX% its In shareholders. pay dividends, will results we to of the practice company's usual terms out of our

to us the its at the most stake have allow to buyback And pay when regarding when And structure that a our the our XX% able Thiago, be have our said, set creates we derivatives turn of company the equity, to holding opportunities to in the Vale and operation the opportunities company sense we'll investments out as So up pay And results. to allow cash portfolio sense and we we of as and that change makes and company. value. bought change to makes will position it make into priority position that will look continue in obviously, portfolio the will dividends with wherever and it announced way we regularly. us to out

Bruno Montanari

That's great. Thank Luis. you,

Luis Henrique Guimarães

your from you Cardoso meet can from Suisse. ahead, go ask Credit Regis so is Please questions. that We'll question Regis. you next now Our

Regis Cardoso

There parameters. acquired there amount some paid Lewin. Good and everyone. specifically, afternoon, Hi, Luis the about additional information Vale's More was stake. was acquisitions and the

average So there premiums any purchase anything of terms adjustments? else the or following other same in infer Or have in should there can an anything shares? is along or about for you at paid the you can or premiums in was approximate but the remember it an the options Raizen the Because options disclose and of even And price I 'XX is option we stake us Compass? we gave 'XX. the stake, or lines, different mind

So is. clear the exactly it very wasn't what structure

So the that's in of my question And about the structure stake Vale. my second... your parameters of

Luis Henrique Guimarães

Regis. Okay,

first your me I nearly already. forgot Let answer the question because question first

So Vale's average acquisitions parameters, price.

So December, we're this disclosing this is now. from not

subsequent is event. this So a

time going we're we're we not going on the thing to may be disclose and options, want. and required or we're last being. the for to there because So we arbitration disclose to strides About on not Cosan not that that's and once that, do, the Vale,

really it? confidential. part repeat other question your will confidential, we is the understand you Could strike it keep we the of didn't and because So

Regis Cardoso

equity. other Raizen Can one rephrase just about thesis, And price? Compass? I that the the about me that that shares I X.XX will by the and just price says give the R$XX in the average was and the of and the divide average of in your stake it billion preferred Should average

Luis Henrique Guimarães

here. loan, use out sorry, we the that's answering thinking question, by amount and it number - took do this the XXX, well, loud bridge shares how we you it not you because your I'm really of Yes, out I'm when divide

actually. the So and the It's that equity we parity. different, not took

So can math, doing I not going do way. Yes, that to am the different. its it just you be that

completely There really are then to the the Compass some be Because the don't be premiums. going that at third Something few you in the it's again, close. I'm that. structure but question, Raizen. too and purchase can a will but - like was stake it? question different ask Can It sorry. that Was you please? from your will not repeat I spent were and parity it be work. of accurate, elements, very there other will

Regis Cardoso

Well, percent y you were dividends well, the preferred said, the are Yes. dividend, Monday, of the the of and period. see didn't stake you shares but on companies and those mention in numbers what XX, XX mean? x announcement, the the you in And after are we didn't the

to it per a release this me did like share for or well, So why minimum 'XX, have very preferred you wasn't data clear and whether dividend rise we 'XX?

Luis Henrique Guimarães

market understand in to the that first cash want we we the 'XX. because only have unwind we any 'XX payment, don't at the 'XX, end 'XX pressure or the of will It's because if be structure

So we announced that, we released that.

market there the would that So is no pressure. understand

Now number income varies. the each of net company. in the the proxy, It's

And forecast. isn't varies. concrete. that a this So It's

and do If you proxy, want to over repeat company's will as more a had information we disclose we a just know that we will and know proxy, be what we last also time as year, more the what are. forecast

Okay.

Regis Cardoso

Okay. Great, clear.

and Vales But it's what of I I've a implication meetings see in not recently question is is will very of company's plans. very clear is stake way the Vale affect in of and to had the follow-on the it Cosan's it the to a comment very for thing will frequent topic about lot made questions other it, the would this U.S. that I'm think just So a that you with the there on increase the you less have have I liquidity or that. be other Maybe capital a companies I sharing should around? way you good been will it the market. because be asked likely in the investment

Luis Henrique Guimarães

Regis. Oh, great. you, Thank that's

Okay.

Let's take back. step a

joining for the shares to do Radar Vale companies. not and investments including platforms, these I lose are our with Cosan the assumptions any want As in basic five first. of We said, control in

as opportunities platform investment of in companies. and have Each collapsed see dividend the so you remember, and so go to continue. at a high businesses all and performance The listed. plan companies the expansion and company's businesses. with international business the When on four company public on. will It growth you know so usual we was looking the forth two - support is in or as high to to and also be will distribution different idea it, different expansion we payout want the we holding, Moove’s Second, as and companies profitability EXG

we company at structures have that consider allow new and/or the portfolio to to the need businesses corporate and So look company. more in will or their new reduce more investments third-party or companies relevant liquidity

a not of companies plan. none That's So of need investment part the their follow-on.

is sold companies. As no than I stake potentially the being other listing said,

answer was that's because And your Cosan's question. were to ability commitment we to going investments. those to shareholder So last the our not realize - decrease the shareholding that

flow, 'XX, don't 'XX, we cash If you believe what Vale. company's huge would and Did your we Vale, at with by at we superior that returns if consider look in have it's Regis? very the investment question, have answer 'X, future doing the Cosan, did we all a in we'll deleveraging positive. And

Regis Cardoso

Thank Yes. great. you, that's you. Thank Luis. No, Great.

Luis Henrique Guimarães

Next UBS. is Luiz Carvalho question from from

unmute will question. you now proceed. please Luiz can ask your We so

Luiz Carvalho

taking Hi, aren't a for about already couple the of topics you buybacks capital Hi, questions about you've But of talked my questions, yet. Lewin. Luis. the companies Thank touched IPOs allocation, have you evening. on. that good I listed dividends, have and

looking affect months? first my XX debt R$XX rising rate this effect, seasonal will higher of billion to the interest How and close in of those to XX see we some So to next that's lines despite the question. the that So considering market.

one question mentioned of is and is this know that you've group's main second The we the just characteristics.

be And companies there Cosan we shareholder see decision-making that obviously is opportunity So player, agreement relevant the agreement for terms process. in relevant shareholders. or relevant by an an maybe position to a a in of way over might a become building with other at it, the having Vale the - control being

for different companies maybe are your have you on Vale? like other where something objective about Or thoughts a do we Looking think can similar? that? So at Rumo,

Luis Henrique Guimarães

Luiz. Vale was to start we top a the the about a it, asset company. we Thanks, fantastic stake at in realization we've second with decision since then profile. this start see profile company fantastic very financial at Well, question. that this because way and quality investor in made been I'll the It's your the people thinking a with buying it's looking mining a

company. in we terms same thought. So of the into on each we the the future thing And we then expect the looked page for We That churn. the when other. of we all realized complement that first this it, same thing were we was

So types our - same page for large works future. want really under company we're terms as we the again, important most vision agreement Vale, thing. company some a to the for as in That's sure all shareholders' of but make operation, of a the a for that

So of There's right We great different portfolio. important see and what terms going portfolio on, should now a cleaning in because we're in of have lies not the to streamlined the few is the considering happened we next ahead the convergence divestment shareholders try accidents, company to among we where be the especially what up recovery more differences agreement think of and years. of need moving in a terms over understanding to value. a what best portfolio, in the and businesses more deal past, considering the play create the terms

we to regulatory decarbonization. logistics also the understand also company our we'll we the that and an framework, energy group, And able to transition in a and a help know of contribution we and competence. understand about do hoping Brazil, are we terms with be make operations. So the lot We're industrial

see a shareholders. we assets lot of So complementarity terms of in and

the will next swiftly at for we not act very gets and specific something happens as specific projections will decrease or CapEx that business returns cost if will when the the above worse projects a be at flow regularly. and or of slowly. rates looking decrease for the was is you well But with a very the When at few cash the companies or look that Brazil, generated by act company Luiz, the ability the and years, to our feel we capital, that forecast But to comfortable. As situation debt, obviously, at we'll right usual. allocate in

that. we feel with So comfortable

we highly was We structure the we have by the new capital feel We know decision out that company to to inflow emphasized in, the pay right the at all we will a the different very This more and and Brazil, comfortable. into Given of made businesses Vale's different the through scenarios, portfolio when go looked divestments portfolio in. world now. the been we've can different companies we a market. that work with dividend be complemented investing this able for of selective and profitability and the dividends more

about results. paranoid So about improving can efficient companies as the as see And we're almost in and possible being you that.

deliver. Radar, position. So our need between make results it's have so we like time continue to balance at and instance, at we continue to of a in perform. And can We for right the the need to able to dividends great to terms and strengthen divestments to profitability that growth, time, same be

Luiz Carvalho

clear. is Thank you. This very

Luis Henrique Guimarães

it HoldCo how thinking received financing metrics the and to can session. over dividend I how they're the with Can that? give update consolidated would future. impacted leverage We've and to like question for about Ms. Amarin levels they turn how to potential the Q&A the to we're we're [ph] we about interpret now asking at them that, continue for in the in English, Camila planning a be the to OpCo an by And

Luis Henrique Guimarães

is that discussed leverage, it And that up. might But a Camilla. EBITDA. bit. deleverage. with We're the have And of deal a our let's let's leveraging, go if X in forma times EBITDA terms seasonal quarter of that to And forget you, a to This do not is Thank Well, we've concluding does, the leverage. policy forget little of a pro not be we roughly effect operations the and Raízen's consolidated considering that time zero. X Vale's is plan effect results. obviously,

cash, property We have that part deed. and is bridge part of R$X that loan debt. the of billion and in is That's

relation other part we're share Raizen's partners. secondly, have preferred in shares, to the the be There as make when go is you actually in we ordinary not. increase continue difference will to need to of the leverage times. net strategic we've partners dividends. encompasses comes up, invest it's go to when future, that only The our only preferred will their dividends Louis to shares, X go [ph] our continue projects. should they will consider which operating as go companies. our debt they And the for if also And been through dividends to So that level are When to companies the that to structure, in to net dividends. need for going We're And bit and asked we're a Cosan. of part investments that to positive it should debt. And not closer our

only difference. in team. session. the Q&A not be conclude our Questions writing, answered now that's which will answered We have been our So by by IR e-mail

Henrique will final Luis remarks. Mr. make Now his

Luis Henrique Guimarães

great business really. projects, we've platform able implementation. Brazil scenario, does very challenging a that to and Thank build Have you, in again, especially a it's you comparative global current a simple the have Once Lots of a have been everyone. evening, message know, advantage.

carbon credit projects. have We

We mentioned company's projects. also the

We have an agenda to to support provide Vale.

or into mostly because opportunities, every and had are excited these imagined. of or go time very few lots each have over projects company an a we expansion years, or an always or acquisition we're had So there last we the a than of results we new great better sometimes make operation,

XXXX at additional green see the projects available ore, a So a the take Brazil make this become thank working thank any Thank that's evening. department have Thank I that you, support call. credit, food quarter been conference for next questions. concrete and they is and because make concluded. to carbon team and powerhouse. great to just and have these Investor to to to your great to potential is thank can a tirelessly wanted you now Relations you opportunity third participants, call you oil, become This agenda, conference you to the iron sure for answer Cosan's Brazil's that's and The provider, to all

Cosan (CSAN) 15 Nov 222022 Q3 Earnings call transcript