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Edited Transcript of ISA.BG earnings conference call or presentation 13-May-20 2:30pm GMT

Q1 2020 Interconnection Electric SA ESP Earnings Call

Medellin Jun 26, 2020 (Thomson StreetEvents) -- Edited Transcript of Interconnection Electric SA ESP earnings conference call or presentation Wednesday, May 13, 2020 at 2:30:00pm GMT

TEXT version of Transcript


Corporate Participants


* Bernardo Vargas Gibsone

Interconexión Eléctrica S.A. E.S.P. - CEO

* Carolina Botero Londoño

Interconexión Eléctrica S.A. E.S.P. - CFO

* Cesár Augusto Ramírez Rojas

Interconexión Eléctrica S.A. E.S.P. - COO & Chief Energy Transmission Officer

* Gloria Cecilia Velasquez Trujillo

Interconexión Eléctrica S.A. E.S.P. - IR Officer




Gloria Cecilia Velasquez Trujillo, Interconexión Eléctrica S.A. E.S.P. - IR Officer [1]


Good morning, and welcome to the presentation about the results for the first quarter of 2020. I'm Gloria Velasquez. With us today is Bernardo Vargas Gibsone, ISA's CEO; Carolina Botero Londoño, Chief Financial Officer; and Cesár Ramírez Rojas, Chief Energy Transmission Officer, who will take us through the presentation and answer questions.

On this occasion, in addition to the financial results, the presentation will include a special portion regarding the impact of COVID-19 on ISA Group, which could mean that we'll take longer than usual. Subsequently, questions will be addressed through the Q&A window displayed on your screen. People connected to the English conference will be able to make their questions on the website. Those questions that cannot be answered due to lack of time will be published on the website in the investor section. Please refresh your screen to view the presentation updated in the webcast. We advise that before making any investment decision related to ISA, please consider the cautionary note regarding future disclosures at the end of this presentation.

Mr. President, please go ahead.


Bernardo Vargas Gibsone, Interconexión Eléctrica S.A. E.S.P. - CEO [2]


Thank you, Gloria. Good day. And welcome to all the attendants to this first quarter of 2020 results presentation. It's a real pleasure for me to be here with you today. This has to do with the results of 1Q '20.

Let's start with Slide 4 by reviewing the highlights for the period. Before starting with the usual topics, I'd like to take a moment to review how ISA is dealing with the health crisis we are now living due to the COVID-19 pandemic. As we have previously stated, ISA created early, at the beginning of March, a corporate crisis committee, and in addition activated similar committees at each affiliate in Colombia, Peru, Chile, Brazil and Bolivia, focused on various topics -- first of all, operations which will seek to guarantee service delivery, but also the occupational, legal, regulatory, financial -- it's a very dedicated work with suppliers, contractors and subcontractors. In addition, a great effort in communications within the organization and outside. This committee meets every day to meet and assess the risks, how to mitigate them or how to prevent them and find the best way to reduce potential impacts that we face with this crisis.

As for protection measures for our employees and to guarantee operating continuity, corresponding contingency plans were activated, which include not only the product cost to operate alternate control centers, but also the need to have alternatives for these control centers, and that every work equipment that guarantee the continuity of the business has the necessary maintenance to reinforce the disinfection of premises, and training on equipment with critical processes, among others. The operating staff is working in distributed and alternate groups to reduce risks, and there are other people capable of intervening, if necessary.

As I said, the operating staff is working in distributed and alternate groups to reduce risks as much as possible and to guarantee the continuity of business. In addition, we put into motion work-at-home alternatives for employees in Latin America who are not required to work on site. Today, around 78% of our employees, operators within the group, are working from home. At the financial level, we also created a liquidity and projections committee to understand the impact on cash levels. There were profits and losses of the 2 scenarios presented in order to understand the most important financial sensibilities and be better able to issue early warnings. And -- as I mentioned, and to take mitigation measures as appropriate.

We've also been working since mid-April on the reactivation of on-site works in the field under strict occupational health and safety measures, consulting the protocols that have been published by the energy ministry, so that we comply with national and international articles and that we protect the integrity, not only of the collaborators, but also that of contractors, subcontractors and the communities that are impacted by each of these works. So we are trying to work in the Brazil at the end of April. This has varied from one country to another, to one degree or another. In Colombia and Peru, it's a little bit less than Chile.

To return to the workplace under safe conditions, the company has implemented plans that include regular monitoring as well as reporting on the physical and emotional well-being of people's [schemes]; the application of cleaning and disinfection protocols at the workplace and at home; the creation of shift work schedules, turnover in groups and confinement of key employees within a specific place in order to maintain operations continuity; protocols for contact between employees and communities; and of course, the implementation of the communications and awareness-raising strategy toward the surrounding communities.

As of the date of this report, the construction in Colombia of Northwestern Interconnection-related lines to Ituango have been reactivated, and also the Cerromatoso Chinú-Copey and the second transformer in the Triple A Connection, TRANSELCA. And in Chile, we have also restarted the project the Nueva Pan de Azúcar - Polpaico transmission line reacted compensation, as well as infrastructure and maintenance plans have continued to ensure continuity of critical operations of businesses in all the countries in which we operate. We have also been connected to the community through humanitarian aid that are collaborating right now.

A week ago, we announced the delivery of COP 10 billion to contribute into the strengthening of the health sector in Colombia. We allocated COP 4 billion to support the Innova Por La Vida program, which aims to expand testing for the early detection of COVID-19, to flatten the infection curve of infections throughout different regions of the country. Some of these tests will be used to diagnose and follow-up the medical staff working on the healthcare front line. From our contribution of COP 10 billion, we will send COP 1 billion of these to Colombia [puede a] Colombia to help mitigate one of the main difficulties faced by the health staff in Colombia, particularly in isolated areas of the country, and this has to do with the availability of protection equipment for these workers through the delivery of medical kits. It includes all the protection equipment necessary. We will take care of those that take care of us.

Let's go to Slide 5. We want to continue with the highlights. I want to mention a project that ISA was awarded in Colombia for the design, construction, operation and maintenance of the La Loma-Sogamoso transmission line and related works. This project will reinforce the service in the northern part of the country and facilitate the connection of unconventional renewable energy sources. Once this project starts operations, we estimate that it will contribute $9.4 million annual as of the end of 2023.

Another important bit of news is the agreement that ISA Peru entered to acquire Orazul Energy Group S.A.C., the owner of ETENORTE and ETESELVA, which operate 6 transmission lines totaling 746 kilometers' road concessions held in perpetuity. The closing of this transaction is subject to the corresponding authorizations by the Peruvian regulating entities. This operation will generate approximately USD 13 million annually (sic -- USD 15 million -- see slide 5). Through these transactions, ISA further consolidates its strategy of growth with sustainable value.

Let's go to the next slide. As you can see on the graph in Slide 6, investments for the quarter totaled COP 987 billion, focused on the energy transmission business unit and distributed in the different countries where we operate Colombia, Chile, Peru and Brazil.

Next slide, please. In the first quarter as well, the general shareholders' meeting was held. I would like to highlight 2 relevant events. The first one is the approval of dividends for COP 747,683 million corresponding to 45% net income of the group during 2019. This is the highest distribution by the group. Through this decision, ISA continues to maximize the generation of value for its shareholders by distributing a growing dividend every year, reflecting the excellent operating performance and profitability of ISA.

In 2020, we will deliver a dividend of COP 675 per share, representing an annual growth rate for the last 5 years of approximately 20%, well above inflation in Colombia and also above the average compared to the same period. Dividends shall be paid in 2 equal installments on July 23, 2020 and December 15, 2020.

The second topic is that the Board of Directors has been reelected in its totality with its 9 members, 7 of which are independent members. This has allowed us to have continuity in all topics, which is an important aspect during these difficult times.

Let's go to Slide 8. Before turning the call over to Carolina for a detailed presentation of financial results, I would like to highlight the good results achieved by ISA in the first quarter of 2020. As you can see, this period includes significant growth when compared with the first quarter of the previous year. The revenue increase was mainly related to projects that have started operations, the inflationary adjustment in Brazil and the positive behavior of macroeconomic variables in Colombia, in addition to the solid management to streamline and make more efficient the AOM: administration, operation and maintenance. During the quarter, the ROE reached 13.1%, which shows the efficiency of the company and the focus on profitability for shareholders. And this is a strategy we've employed during the last years, at least 5 years, a profit -- a growth with profitability.

Now I turn the call over to Carolina to explain in detail these results.


Carolina Botero Londoño, Interconexión Eléctrica S.A. E.S.P. - CFO [3]


Thank you very much, Bernardo. Excellent introduction. Good morning, everyone. I am incredibly happy to be here with you again. I hope that you and your families are very well.

Let's go to Slide 10, please, to begin. Operating revenues totaled COP 2 trillion, representing 14% more than compared with the first quarter of 2019. Now excluding construction, we obtained the results of the green bars, as you can see on the slide, which are the operating revenues, growing 10.1% when compared with the same period last year. Which are the main relevant events that drive this increase in revenues? First of all, higher revenues from new projects in Colombia, Brazil, Peru and Chile. And second, higher revenues from broad consumer price index in Brazil and macroeconomic variables in Colombia.

Let's turn to Slide 11, please. AOM expenses, excluding construction activity, again the green bars you see on the slide, remain about the same compared with the first quarter 2019, which in contrast to the growth of 10.1% of operating revenues, it shows an efficient management of the cost controls, as our President already mentioned.

Let's go to Slide 12, please. Ladies and gentlemen, you have heard that we have excluded the construction effect from our main results. There are 2 main reasons that explain this. First, the construction activity in road concessions varies a lot each period. And second, the order of magnitude is small when compared with the operating activities, revenues and costs. Then when combining them, we may distort the real growth of the operation. For example, EBITDA for the first quarter of 2020 increased by 7.5%. But excluding construction, EBITDA grows 14.2%. This is what we mean. Now EBITDA margin for the quarter was 63.8%. Excluding construction, it was 74.2%.

Let's continue with Slide 13, please. Net income reached COP 379 billion, 7.2% more than compared with the same period in 2019. This variation was mainly due to higher revenues from the initiation of operations of new projects in Peru, Colombia and Chile; high revenues from macroeconomic variables in Brazil and Colombia; and a careful management of costs and expenses. Net income growth also includes higher financial expenses, obviously, from debt increase in order to support the group's growth, and also due to lower taxes in Colombia and Brazil. I also want to highlight the natural hedging strategy we have in ISA, whereby we aim to take the debt of each company in the same currency in which revenues are earned, thus reducing the volatility of results and, therefore, its impact on the consolidated net income which, as of March 2020, represents 0.1% of the net income, which again is evidence of its effectiveness. Net margin was 18.3% for the quarter.

Let's look at the balance sheet on Slide 14. The assets of ISA and its companies at the end of March reached COP 51.3 trillion, 5.2% more than at the end of 2019. The assets' growth includes COP 2.8 trillion from the higher exchange rate effect of financial statements of the companies in Peru and Chile. Compared with 2019, liabilities increased by 11.6%, including COP 2 trillion of greater debt in Peru and Chile due to the devaluation of the Colombian peso compared with the dollar and the Chilean peso. Let's remember that against the dollar, it was 24% and against the Chilean peso, 9%. Now equity decrease by 3.2% was mainly explained by the reduction in equity from CTEEP minority shareholders.

Let's move on to the next slide, please. In the graphic, we see the ROE evolution, which reached 13.1%. Once again, we want to highlight that the light blue bars show the behavior of the operating ROE, which as of March 2020 reached 11.7% observed in December 2019. This result is based on ISA's efficient operation.

Let's turn to Slide 16 to review the debt. At the end of March, the consolidated financial debt closed at COP 20.3 trillion, 12.5% more than in December 2019. As you can see in the graphic, the most relevant disbursement was in Peru by COP 223 billion to support our EP growth. The rest of the change in the variation was explained by the exchange rate effect that increased the balance by COP 2 trillion due to the aforementioned 24% devaluation of the Colombian peso against the U.S. dollar and 9% devaluation of the Colombian peso against the Chilean peso. On the lower portion of the graphic, the net-debt-EBITDA indicator was 3.01x for the quarter, a result that is below the limit agreed with the risk rating agencies. Interest hedging reached 6.14x, demonstrating the strength of ISA Group.

Let's see Slide 17. The investment plan we see on the screen from 2020 to 2024 reaches $4.3 billion (sic) [$4.3 million]. This investment plan consolidates all commitments already acquired in the group. And for example, we include the payment of the Cartagena Barranquilla Coastal Concession via La Loma-Sogamoso UPME project and they're both concessions of Peru's ETENORTE and ETESELVA, mentioned at the beginning of this presentation by the President, as well as the 3 plots we were awarded in December in ISA CTEEP and its reinforcements and improvements updated plan. We reiterate that as these are already acquired commitments, the long-term investment plan does not decrease. In fact, we expect it will grow annually as new investment projects take place.

All right. Now I will turn the presentation to Cesár Ramírez, who will discuss this new portion of the presentation focused on the potential impact of COVID-19 on ISA Group and the actions we have taken to address its effects. Cesár, go ahead.


Cesár Augusto Ramírez Rojas, Interconexión Eléctrica S.A. E.S.P. - COO & Chief Energy Transmission Officer [4]


Congratulations, Carolina. My regards to everyone. It's a great pleasure to be with you today in this conference, in this -- for results.

Let's go to Slide 19. The necessary measures to fight the crisis created by COVID-19 are impacting the electricity sector. In the case of ISA, in addition to the measures already mentioned, we should mention that ISA had to suspend the field activity execution of many transmission projects since March 16, not only in Colombia, but also in Peru, in Chile, Brazil -- not in Brazil because these activities were continued -- the construction of projects were continued in Brazil. In the case of operations, all activities were maintained, operations in real time. Some measures were taken, as mentioned, related to safety and to separate work equipment to avoid infections. In the case of maintenance, what we did was to prioritize which were the most critical areas. And according to the plans, we had a 25% of activities, in particular those that required field training or entry into premises where other equipment were up, particularly in operations. This was happening in all companies of the group.

In the next slide, #20, we should mentioned that at the end of April, with the easing of quarantine measures, the field activity execution in transmission projects has been gradually reactivated as Bernardo announced, for which strict protocols that assure the safety of all personnel in charge of such activities and the nearby inhabitants have been implemented. In order to define which projects needed to be prioritized, we looked at which had more impact on the system in terms of the future demand. Let's remember that these are projects of expansion that are coordinated with the growth in demand on the one hand and the installation of generation on the other.

Also, projects were prioritized by approved date commissioning as they approached and obviously, also those projects with environmental license status. Another important aspect is each one of the contractors' reassessment by contract was how we're going to put into action the contingency plan. And obviously, all that has to do with logistics. And this is also a contractual focus. It has to do with commercial and legal and seeking in every case that these companies maintain their capacity to retake the projects.

This retaking of projects forced us to comply with protocols, not only for our safety but communication and interaction with the communities where we are present and with the local authorities. And you can see on the slide, on the left side of the slide in your screen, you can see those that were mentioned in Colombia: SITU, and CECO, Ocaña and on the coast, Triple-A. In Chile, we initiated what we call Plex 8, and that was a reactivated compensation in Polpaico. And also in Chile, those in the Pan de Azúcar, and there were other pricing of Cardones in Pan de Azúcar. In Peru, we're also retaking some connections that were already mentioned: The PetroPerú and Quellaveco. These are the projects that were prioritized. And let's remember that in Brazil, there was no suspension of projects. They were continued. Obviously, the profitability has been impacted as everywhere else, but we did not stop.

Now we can go to the next slide, please, which is #21. We want to tell you here, a very important front like ISA and different -- in the different countries where we have presence, we have an interaction, very active. From an economic perspective, the electricity market structure in countries, you can see in the graphic is based on the flow of energy from generation to distribution, generation and ends the final user. And the marketer or the distributor is responsible to collect the revenues to cover service delivery costs for all agents in the chain. We have to highlight that due to this crisis that has affected the capacity of payment, the chain of payments that we can see in the graphic, we can see on the right, it corresponds and has to do with the transmission, and we need to highlight that all governments have taken legal and regulatory measures to alleviate the burden on users, particularly the most vulnerable users, while avoiding the disruption of the payment chain.

So they have, in some cases, simply deferred the payment of these accounts, and we have to guarantee the continuity of businesses and the sustainability of companies during this juncture. These were -- it was very, very important to continue with the business. We are trying to -- for the system not to bleed. The electrical sector is extremely important. So these measures have been managed with subsidies, and we may have credit lines so that the distributors or marketers can access to these credit lines, maintain liquidity and therefore, the payment chain is not disrupted. Because if this were to happen, the transmission revenues would be impacted. So the transmission and the generators are being asked to be -- to ease the conditions of the payments. It has been created a portion of the invoice to marketers so they can pay within perhaps the next 12 months, to spread those payments over 12 months.

The next slide tells us by country what measures have been taken. So when we compare these measures, we can see the measures I've mentioned on the users' portion as well as the company, so there can be sustainability. From the perspective of the user, the most common measures are geared towards guaranteeing the delivery of service, for the limitations to the disruption of service supply due to the need of isolation. So maybe they were disrupted, but they've been reconnected, and now they went back to the option of deferred payment or to provide subsidies to the most vulnerable.

As we can see, the countries target funds and create credit lines so these companies have access to these resources. And therefore, they can cope with the crisis and face liquidity problems. We have to say that ISA and all its companies constantly monitor regulation changes to identify risk signals and contribute together with the other companies in the industry, regulation proposals that mitigate risks for this activity, and contribute to overcoming the crisis currently faced by each country. Aware of the responsibility of the company as part of the electricity industry production chain, one of the pillars of the workings of society in this time of crisis and which will contribute to the opening of the economy after we overcome the situation created by COVID-19. This is what I wanted to mention on my end.

Let's return to Carolina, so she can continue with her presentation.


Carolina Botero Londoño, Interconexión Eléctrica S.A. E.S.P. - CFO [5]


Thank you, Cesár. Those last 2 slides are very good because it tells us how the collection and the payments system of the energy service and also what each government has done with regards to the energy transmission service in order to help to have a balance to offer a hand to vulnerable people so they can defer the further payment of their invoices, but also try and not to break the chain, the payment chain. Because this is the most important front that governments are observing and we, in the private sector, are trying to help them to monitor.

As you could see, Cesár concentrated in the energy line. Now I'm going to tell you what we've done at the level of group to mitigate the impact both in liquidity of the 3 business lines. The first thing we did as Bernardo mentioned was to see 2 scenarios that you can see on your screen. Scenario one presents that the strong impact of COVID on health and the economy will last until July of this year. So we -- this would be a slight effect on the collection of the companies. Governments mitigating measures generally work. Regulatory schemes are maintaining the group's businesses, and where we continue accessing the financial markets.

Now if we go to scenario number two, COVID's strong impact on health and on the economy go -- last throughout 2020 and part of 2020 (sic) [2021]. We can see that for some countries, there will be an effect on the collection for temporary breakdown of the systems' payment chain in some countries. Mitigating measures by governments show signs of not being enough, but regulatory schemes are maintained in the group's businesses as well as access to financial markets.

Let's go on to Slide 24, please. Once we characterize these scenarios, and we have the results of each of the companies in the group, these are the conclusions that we could reach regarding the impacts on P&G at the consolidated level. First, we have displacement of maintenance and project expenses. And we say displacement because this is going to happen sooner or later. However, we looked -- savings in AOM. Why? Because obviously, it's going to be less travel; less training; there are going to be fewer -- office expenses will be significantly lower. And this is a very relevant point because we, let's say, from the financial vice-presidency, we want to focus the funds we have so they cannot be used for something else.

In 2020, we see an increase in cost of debt in all countries. You can see there in the different markets. But this is offset by lower disbursements due to the CapEx displacement. But in 2021, we'll have greater financial expenses due to higher rates and execution in displaced CapEx 2020. With all these elements, the great conclusion and impact is that nonrepresentative effect on the fall in profit between 2% and 10%, depending on the scenario we look at by 2020, and that in 2021 these effects will be mostly recovered.

Let's go to Slide 25 to conclude the effect of COVID-19. Once we go through these scenarios and we see the impact and the causation, we remain calm with the results. Obviously, we will remain observing. And as Cesár said, we are updating new measures that governments are implementing and the impacts that we are observing in the companies. But we understood that we wanted to concentrate ourselves in looking with more attention, the cash. In this sense, we -- sensitivities were run by company. And we assume that there were different percentage of income reduction, maintaining the obligations of operation, maintenance and debt service.

What are the great conclusions? There are no cash shortage periods in either of the 2 scenarios for any month in 2020 and 2021. This, again, is valid for transport of energy and roads. In general and with today's assumptions, for the ISA Group projects move between 2 and 3 months. And 2020 investments move between 20% and 40% to 2021. Now after we run these sensibilities for the energy line of business, what we saw is that we could tolerate a 20% drop in income for 3 consecutive months without presenting liquidity shortages. We feared this could happen in April. Thank God, April is over. As far as roads, we could last for 1 year without income, 0 income with acceptable levels of cash, given the level of guarantees obtained from the financing schemes. Project finance without recourse to the shareholder.

In conclusion, the most important thing that we want you to take home about the impact of COVID on Grupo ISA: we have 3 lines of businesses; for their nature, the -- given their nature, they are some of the less impacted by COVID-19. Quickly, let's see why. Communications, we have had more Internet demand, which has been -- in the countries we operate, which was translated in higher revenues. And this happened in the month of March. Then roads, as a result of the way our Chilean concessions were structured and financed, which was project finance without going to shareholders for financing, the level of guarantees represented in cash excess is high due to the reserve accounts composition. Basically, it is designed to support the crisis such as this one.

On the other hand, let's remember that our revenues are guaranteed. As such, when faced with a traffic decline, what happens is that with the lower traffic, the term for paying back the concession is extended in order to offset the fall in revenues. On the IFRS side what we have is, with lower traffic, a lower decline in accounts receivable and thus higher financial results. As a result we are covered, both in cash and causation.

Finally, in terms of energy transmission, we have a highly regulated structure where we have predictable long-term revenues. And this puts us in a good position to face this crisis. The great conclusion is that the nature of our businesses and the efficient and judicious administration of them allows us to be in a privileged position for handling this crisis.

All right. This ends my presentation and the chapter on COVID-19. Let's use the few minutes we have left for the Q&A session. Gloria, please let us begin.


Questions and Answers


Gloria Cecilia Velasquez Trujillo, Interconexión Eléctrica S.A. E.S.P. - IR Officer [1]


Yes, Carolina. There are many questions. (Operator Instructions) The answers to the questions that we are not able to address today will be published in the investor section of the website.

The first question has to do with the massive storage bidding. Are there any details on that bidding? And does ISA intend to participate? And what can we expect will happen?


Unidentified Company Representative [2]


Very interesting question. This is a topic in which ISA has been preparing to participate. Unfortunately, the [ULME], which is responsible to have the public bidding has not published the terms of this bidding. We are interacting with them, but they have not given us any signal. Adding to this, we are facing the conditions we are living now. But this is something that is sort of a great interest to us, and we are ready to participate as soon as the terms are defined.


Gloria Cecilia Velasquez Trujillo, Interconexión Eléctrica S.A. E.S.P. - IR Officer [3]


We have another question related to the Costera transaction. How is the transaction going? When is it estimated that this transaction will close?


Unidentified Company Representative [4]


About this transaction, we have a timeline that -- it's been delayed due to this pandemic. We think that by the end of May, we'll be completing some of the transactions. This has not happened within the timeline that we expected. So we are moving the timeline, and now we're looking at the end of July for this to be completed.


Gloria Cecilia Velasquez Trujillo, Interconexión Eléctrica S.A. E.S.P. - IR Officer [5]


Next question. Have you revised lower for the investment plan for 2024 due to the current healthcare emergency? Can we expect adjustments in the future?


Unidentified Company Representative [6]


Our expectations are continuing with this 2020-2024 plan. Carolina mentioned that there are some displacements in 2021 as far as the CapEx. But we think that by 2022, we will not have to make any adjustments to our CapEx plan.


Gloria Cecilia Velasquez Trujillo, Interconexión Eléctrica S.A. E.S.P. - IR Officer [7]


Okay. Due to time constraints, those questions that we were not able to answer today will be published on the website. Dr. Vargas, would you like to make a closing statement?


Bernardo Vargas Gibsone, Interconexión Eléctrica S.A. E.S.P. - CEO [8]


Thank you, Gloria. No, I think it's been long. Everybody who is present now and people who are listening, I also want to say that what we already mentioned in the sectors where ISA operates are less impacted due to the nature of our businesses. And this can be seen in the share price, which went low. But now it's been -- it's rebounded. And now it reached 18, over 18. So we can tell that ISA is supported by investors, and it is a reaction that perfectly adjusts to a defensive action. So a final comment. And I want to end by thanking everyone for their participation and the team that is here in the meeting. Thank you all very much.


Operator [9]


We finished the conference today. Thank you for your participation. You may disconnect now. Thank you all. Happy day.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]