Vibra Energia SA Q4 2021 Earnings Call (Portuguese) 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 touch 3 points. Number one would be draws -- in your release, what draws my attention is when you talk about the margins of the quarter and even when you exclude the BRL 25 of cubic meter of gain of margin associated to stock, you place -- it has a good margin and above a recurrent margin from the business. I would like to know why. I do understand that when you exclude the stock issues, the quarter is in a different position than what we imagine in the future, thinking about supply, domestic supply with a discount. So I believe that margin opportunities for your business and when we consider the level of efficiency that you have achieved, I don't believe that they will be different from here on. I would like to know what is behind the decision of stating this in your release. Now Vem, a question regarding Vem. I would like to know the impact of Vem on convenience and result. When we see the other operating revenues, I believe that last year was highly above BRL 380 million. I believe that this is associated to convenience store. Is this the value that we should purge from your results? And what will happen? Could you please elaborate on this? And a last question for Wilson. It was positive to see the different pathways like biofuel, electric energy and gas. I would like to know about the Comerc deal. And here, you have generation and commercialization of energy. I would like to know what is the best way that Vibra will position in other energies, HVO, biodiesel and gas. You've always said how important it was to maintain an asset-light aspect. In the beginning, you never proposed buying a refinery or the deals that you carried out with Comerc in terms of ethanol. So you believe that as you have the short of the chain in B2B and in your station network, you believe that this is enough to capture value from these new energies? Or like -- or will you have to expose yourself in production? It could be in gas, it could be in biofuel. These would be the points.