Vibra Energia SA Q2 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thiago Callegari L. Duarte - Banco BTG Pactual S.A., Research Division - Analyst : I would like to ask 2 questions. My first question would be piggybacking on Natal's explanation regarding the price trend reversal. I would like you to elaborate on what will be preponderant? In moments of price drops in the past or we would have a significant drop in inventory in other moments, we see the effect that would be the parachute effect. So the price transfer in your sell-in in a certain way is contained vis-a-vis the drop of price in the refinery or imports or wherever you're originating. My question is what is more important? Where is the pendulum going? Because there is still restriction of molecules in the market. Now I would say that there is a trend of a parachute effect, and it can be -- it could be greater because there is no abundance of molecules in the market. Could you elaborate and tell us how these opposite situations may take place, and this is after the half of the third quarter? Now my second question would be -- is a data from your presentation regarding the percentage of the origination of sale of import gas and diesel. This figure increased a lot during the past 2 quarters. It's a contrast because the import market during this quarter was tighter for -- in order to gain margin. In your release, you properly explained the supply dynamic. So I would like you to elaborate on this. Is this a circumstantial figure? We will see this in the future because I believe that the import dynamic now is lighter. If you could also elaborate on this matter, it would be important?

Question: Thiago Callegari L. Duarte - Banco BTG Pactual S.A., Research Division - Analyst : Okay. Just a follow-up regarding imports. The best way of asking this would be if the replenishment margin of the 20% of diesel and gas that were imported in the quarter, was it greater? Or was it lower than the average replenishment margin, BRL 124 cubic meter, which excludes hedge? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 16, 2022 / 1:00PM, VBBR3.SA - Q2 2022 Vibra Energia SA Earnings Call