Good afternoon. Welcome, everyone, to the conference call for BrasilAgro's Q1 2019 Earnings. We have with us Mr. André Guillaumon, CEO; and Mr. Gustavo Lopez, Administrative Officer and Investor Relations Officer. We inform that the presentation is recorded. [Operator Instructions]. Next, we will begin the Q&A session exclusively for investors and analysts, when more information will be supplied. [Operator Instructions]. The audio is being presented simultaneously on the Internet at the address www.brasil-agro.com, where you can find also the slide -- PowerPoint presentation. Before we continue, we'd like to say that any forward-looking statements are based on the beliefs and assumptions of BrasilAgro's management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that conditions related to the macroeconomic scenario, industry and other factors could also cause results to differ materially from those expressed in such forward-looking statements, leading to results that will differ. Now, I would like to turn the conference over to Mr. André Guillaumon, Chief Executive Officer, who will begin the conference. Sir, you may proceed. André Guillaumon: Good afternoon. Once again, it's a great pleasure to be with you and to share the earnings of the company for Q1. We'd like to go over the numbers in detail with you. Although it's been a year with a lot of confusion due to political instability as we had, the company was able to capture important results. I would like to thank, once again, the participation of all, then we will be available to answer your questions, clarify points about our business, the perspectives we see in the future and the year that is beginning. You must be following -- the harvest has begun,…

Thank you to all for the participation. As André mentioned, for the company, we had a quarter where we had the objective to sell as much soybean as we could. We try to solve the issues, like transportation, in the best possible way. We wanted to sell all the inventory from previous years until January 31. We had some soybean from last year. And we made the sales to have a good cash generation of BRL7 million, BRL8 million. And we -- and this is due to all the points that we already mentioned. We had a drought in Argentina. And this gave us a great opportunity to capture this revenue. We continue to harvest sugarcane, another 900,060 tons, with BRL1,560 per acre. And here, we must include depreciation, with a final result of BRL600. As we had anticipated last year, when we announced the sale of the farm, we recorded a result due to the sale of the farm. So we had an EBITDA -- where we have an adjusted EBITDA. Here, the EBITDA, BRL136 million -- net profit, sorry, BRL136 million, we included sugarcane. There is part of the sugarcane that are to be harvested. We also have the grains. Excluding the results, we got to an adjusted EBITDA of BRL127 million, where we are beginning the year and we are very motivated, as we were last year. We leased land in Mato Grosso for the planting of cotton. And surely, this will help us in cash generation. In the next quarters, we will give you the results. On the next page, we have the demonstration of the results. Here, we can see gross profit, BRL143 million, gross profit. Here, you can see the sale of the farm production of sugarcane and sale of grains. This represents soybean…

[Operator Instructions]. Our first question comes from Márcio Montes, Banco do Brasil. Márcio Montes: André, I have three questions. First, a declaration from the recently elected President concerning the sale of land to China. Do you believe this will affect the value of the company's portfolio? The second one, the company is looking for new land. We have areas like Alagoas and Bahia, a savanna that can be consolidated and since you have expertise in the Northeast, you could develop this region that seems to new with a good potential. And third, soybean, the price is $9.30, the company -- please talk about the price, the report. André Guillaumon: Well, Márcio, good afternoon, André. Thank you for the 3 questions. These are questions we could spend all afternoon, but I will try to answer in a brief and transparent way. The first, the market for land, what we believe, 2 important comments to be made. We are seeing a new government, in spite of declarations of the newly-elected President, where to a more neoliberal government and pro-market government. So this is a good reason. This will bring capital to Brazil. And there is a concern of the purchase of land on the part of China. Now talking about our portfolio and trying to answer your concern in terms of more profitable sale of land. Historically, those who buy from us, the great buyers of land, the large transactions, happen between producers. So the regulation or deregulation would bring, yes, more legal security, yes. And I always say this. Also, it would bring a rush to buy land. So because it depends, the price of land, depends on the margin of those who plant. Now if you look at the sale of land, 99.5% are between producers, purchase and sale between…

[Operator Instructions]. If there are no more questions, I would like to pass the floor to Mr. André Guillaumon for his final comments. André Guillaumon: Well, once again, thank you for your participation. I say, once again, these robust results in Q1 motivates the management of the company to work even harder, with more important results during this year. We are not in a comfort zone. It raises the bar, we want to perform better. We will go after even more important results than we had last year. The quarter was very important [Technical Difficulty].

Ladies and gentlemen, please wait while we reconnect the line. André Guillaumon: Well, we apologize, we had a technical problem. As I was saying, it's robust results. It brings us more challenges in the future. We have a team that is very engaged. We had this important real estate result in Q1. The company continues to make efforts. We will continue to look for new plots of land. So you should expect that the company will continue looking for assets. And once again, the strengthening of operational results, with sugarcane, grains, thus balancing very well the generation of operational results with real estate results. We are happy with the strategy. We are very satisfied. We believe that we are on the right track. The market will recognize the great work that the company has been doing. Let's continue compensating our shareholders with dividends and generating recurring results. This is what we should continue to do in the next few months and close this year with even more important numbers than the numbers for 2017/'18. Once again, thank you very much on behalf of all our employees for the attention you dedicate to us. And we will soon be talking to you again, sharing impressive results with you. We hope that we will continue in a win-win situation. So we have -- we want products and actions that will generate benefits for all. Thank you.

Thank you. The conference call for earnings of BrasilAgro is concluded. We thank you all. We wish you a good afternoon.