also more effective ways to reduce delinquency. But the tool is already working. But these upgrades that it allows will happen in the next three, four, five months. Thank you. Right now, we don't have any new questions. I understand that the system identifies whether these are analysts. Dr. Bragan, can we open the floor to journalists? Yes. So let's wait a little. Let's see if we receive questions in order to clarify points. So we will wait a little. Argue one point involving logistics. The only way to receive questions is through the Q&A, or do we have other ways to receive questions from analysts internally? Only through the Q&A. Questions only through the Q&A. I didn't see Carolyn's question. Carolyn is an analyst. She has difficulty to, to ask her question. So, she is an analyst. She has contact with the company. She sent it through WhatsApp, and I read the question. Okay, we have more questions. Dr. Bragan and Dr. Oswaldo. The question is from Julianna Sigarebia. How are the, how are the recent changes having an impact on the company? How is the issue of costs? How are the costs? Very well. This question is for Dr. Oswaldo. Okay, Mr. Chairman. Well, in the macroeconomic system, we had an increase in interest rates. This will have an impact on our costs with, because of the loans we have and our debt. Now, concerning the other issue, it's a great concern of the company, this variation with higher inflation. This has put pressure on many of our costs, operational costs, costs for materials. Cost of electricity was, had a direct impact, not only by inflation, but also the, the draft, the scarcity of water in the reservoir. We are looking at this very careful. That's why I mentioned this point. But the costs are under control and within the goals that we have projected. Pressure exists. We are working now for this pressure not to have a great effect. Okay, I believe we have another question. I believe it was already answered. Carolyn Carbagnone. She asked whether Subest intends to participate in sanitation auctions. This was answered. Maybe we can have more comments. Well, myself and Oswaldo, we answered, we're alert. We're looking at the possibilities. We may participate as, if it does not, uh, affect our contracts, current contracts. Now with the new regulations, we have an important challenge. Mario mentioned this possibility of new businesses, but also, there are serious issues, because we have goals with our current contracts. That's why we're focused on reaching the goals in our contracts. But as Oswaldo mentioned, we are alert. We're looking at the opportunities. If we can have important financial results enabling an acceleration of the universalization in Sao Paolo, we will consider the opportunities. Mario. It seems that I said that we would deliver the new Pioneros River at the end of 2023. No, I did not say that. If someone understood 2023, they understand that wrongly. 2022, next year, clean Pioneros River from our viewpoint. Okay. Dr. Bragan, next question. Marcelo Gonsalves will ask the questions about revenue. He will, he asks for details and clarifications concerning the required revenue. Is it $17. Is it 17.5 billion for 2021? And based on prices of… Is this based on prices of February 2021? Is this net revenue? In the two cases, the answer is yes. Okay. Waiting for more questions. Reminding you that those who are listening through the translation in English are invited to ask questions. You may a- ask questions in English too, so please feel free to ask questions in English. Sabeste is innovating, Mario Sabeste is innova- In the past, we used two of our periods to have the report in Portuguese and then in English. Now, with the Zoom technology, today we are doing at the same time the call and also the virtual, virtual meeting in English and in Portuguese. So we are more efficient now. Yes, and this cut the cost of our conference calls. Well, let's see if we receive more questions. Yes, we have another question. Mariana Morise, could you detail the strategy, how the company is financed, new loans, potential buyback? Okay. Oswaldo, please. This would be better answered by you because you are responsible directly, so please. Well, let me answer. Mariano… Mariana, thank you. I will answer it the following way. The company has an intense process of refinancing and loans. We have tried to diversify the sources of loans, apart from the new ventures. And with incentives, we have sought multilaterals from the private market. We had an operation at the end of the year, almost a billion reais would be to invest, in, in reais, not in foreign currency. Actually, this is the trend. The company, guided by the board and the council, is trying to reduce as possible the exchange rate exposure. So our strategy is to diversify and anticipate the, the loans. Now, concerning potential buybacks, we will see this when opportunities arise, but certainly the company does manage its debt and it can, in the future, maybe pay off the loans that are very expensive in relation to what the market is offering. The debts we have, almost all of them CDI, allow us to pay off the loans in advance, but always after a period, after the issuance. I believe that in general terms, this is it, reminding you that the company has access to public multilaterals. Recently, we received approval from ConfiX to… for the next step for financing of $200 million. It- It'll be in the end with JICA, the public bank that does in- international development from Japan, and this is also in our pipeline. So we have many loans from the public bid and World Bank. These may later be converted to reais so we have a robust situation to guarantee the liquidity of the company, and also guarantee the CapEx of the company to reach the goals and deliver the clean inaudible river of the date that Dr. Braga mentioned. Thank you. Mario, it seems that Juliana Rocha asked the question, and Juliana Rocha. Juliana Rocha, journalist from REDD at 11:46. I did not receive this question. I will read, I will read the question. I apologize. Journalist from REDD Intelligence. Her question details about my initial comments. inaudible does not wait to h- have rationing? What is the scenario for 2022? What levels do you expect to have when the d- during the droughts? Well, Juliana, during these years, we may… we had three actions, three movements. One, to increase the infrastructure, uh, second, reduce losses of water, and also to bring… uh, and also to have conscious consumption from consumers. We were successful in these three, that is why today we can say that we have no forecast for rationing of water. We are in November, we're expecting more rainfall this month of November, and also during December and January, which are the rainy months. There is a difference in climate forecast between the institutes, research institutes, some saying La Nina, others do not foresee La Nina. La Nina means that