Q4 2019 Earnings Call
Good day, ladies and gentlemen, and welcome to email Chile. That's why 2019 results conference call. My name is Cindy and I will be or operator today.
This time, all participants are in English and only mode. Later, we will conduct a question and answer session and instructions will follow at that time, if anyone should require assistance. During the conference. Please press Star then see around on your Touchtone phone as a reminder, this conference is being recorded.
During this conference call. We may make statements that constitute forward looking statements within the meaning of private Securities Litigation Reform Act of 1995, such forward looking statements reflect only our current expectation.
Not guarantees of future performance and involve risks and uncertainties.
Actual results may differ materially from does anticipated in the forward looking statements as a result of various factors. These factors are described and now Chili's press release reporting its F. Why 2019 results.
Presentation accompanying this conference call and in L. Chili's annual report on form 20-F.
Including under risk factors, you may access our F. Why 2019 results press release and presentation on our website www dot and now dot <unk> yeah.
And our 20-F.
On the Fccs website, www dot ASCII Si dot Gov readers are cautioned not to place undue reliance on those forward looking statements, which speak only as up their dates and now Chile undertakes no obligation to update these forward looking statements.
What you disclose any development as a result of which these forward looking statements become an accurate except as required by law.
I would now like to turn the presentation over to Miss is Isabella claim as head of Investor Relations. Other now Chile. Please proceed.
Good morning, ladies and gentlemen, and welcome to 32019, Bergen station I am sorry, I like what I mean kind of Investor Relations that Britain say shouldn't be hosted by followed by Lucky Our CEO Andrew.
Got it Oh, yes, so although we walk you through them.
Sure enough or strategy and our penetration for sport.
Exactly where that say your financial results.
Oh and you any section they won't be open to Joe's connected our our yard can you continue to be available to provide you with any detailed information you may need we respect their degrees, including his presentation.
Thank you all for your presence and let me now hand over to follow.
Thanks.
Good morning engine.
Let's start by mission.
Yes.
I wanted to grow more addition plan east regions right [laughter] on December 31st and if you're asking on she'd be disconnected entering it liberation and he's done a bucket our plan.
Nice Dan initially scheduled for May 20 to 20.
She began in the company's formal request to Detroit.
Like in our commitment wars and increasingly clean energy industries.
I don't want comp plan had started to roll that went on to that you make even I'd like to collect pretty sensitive or their children.
And then for power and that blends in <unk>.
Let's take beach, that's a reagan.
Yeah began the construction on the largest solar power plant jeter accomplished so.
At 382 megawatt so she left but we're glad to.
And just thinking well, our Joe Feldman Brent So people are you.
You don't use here yeah.
600 megawatts in construction.
Great Great [laughter], we'll give you more information on expenses.
We continue to consolidate our industry people she shops in English.
And then she sees every.
We developed the first electrode, including 1000, Twanda charging boring and call. It 5000 kilometers from how do you got to boost audience in the next five years.
Oh importantly, all our operation.
Well, we publicly tuning <unk>, our investment we increased our efficiency and liking studies fish.
Despite the there's going to be sure in order for your.
By wander into the fourth that's why I mean, youre not going up.
Or.
Last 18% right like yours.
Well the by but the performance in both generation and distribution business and that could be a onetime effect and international.
He just going through the board to detect divorce. If you didn't play out 60% in for bring thinking based on earnings are just biting embodiment. That's associated with the one thing that's related to that kind of condition.
Uh huh.
Yes, the GE is a fully embedded in our strategy into operation.
Well you can change would be to contribute.
Bought on way, Yes did you talk.
On slide two limited affirm our forthcoming man when do they go and <unk> inch.
As you might recall on June four we signed an agreement with remains within energy.
That's fine people she doesn't compare to gallon growth.
Closure on our core fire alarm glass.
Well coming out well and the book coming up.
After our equates children lumpy should make it goes on Telefonica in December.
Great. Thank you.
We successfully connect and then you get a depression this plan.
During our call me most important usage.
The first time.
40, thus, we have more <unk> with our employees.
We didn't decide a little point within our <unk>.
Providing them all the necessary framing yet okay did not a piece.
We didn't do this context in more ways I that we got continuously evaluating market conditions for what they show what was your 001 remaining horsepower.
Now moving to pick up on used as shown on slide three.
The company that she is one of the front runner in locked them exams owned companies or sometime.
No 1.4, G. Kum, Oh Gee of course supply will be most likely.
[music].
No guarantee mission on energy you spend my baby and stuff.
I strongly believe that certainly blunted guidelines are important and forced her becomes a commission goes.
And at this point the immuno newborns capacity at the National holiday, but should we support.
By the mission life improvement worldwide Goodbye.
We expect does one.
<unk> capacity payment mechanism.
400 times, you Shouldnt warranty more sustainable generation lottery.
Right technology to sustain the flexibility.
They are bringing there should be so you got it and the full not acquiring.
Our pipeline, that's our mind you manage.
And that is gone.
Moving drinking names, we signed a tree agreements with mining companies.
Right up seven terawatt hour or renewable energy.
Wrapping up from 20 to 20 and 20.1 Wyndham.
In addition, <unk> more than eight countries more to calling for warranted wintergreen.
Now on slide four.
Oh Gosh, Oh Gosh, you said can change opening up you'll be missed opportunities that will be captured by analytics.
And then he he's our.
For some good education.
Coffee, we energy transmission and accounting and capturing new boot use this opportunity in this context.
Frankly, as a part of our Florida to promote that Mike.
Yeah.
We have signed an agreement we sold 1002 under charter just pointed.
Well money.
Yes.
Turning to 5000 kilometers.
From supports the good news seeking high import Oh.
Moving to anything we should be I suppose like five [laughter].
[laughter].
Our customer base increased by 47000 clients during these periods.
Reaching 1.97 meters don't fly has with its telephone.
Energy <unk>, all that selling point blank that about though.
On that if he gets all the great.
We have people seem to be creeping up audits for say the in place.
Replacing approximately 100 kilometers okay.
I wondered on patients.
And execute would be more than 52 kilometers of all David station and reinforcement.
Oh interruption indexes <unk> mm drinking game show and degrees Oh, 6% with respect to lastly on justice.
I mean, we are important for center.
We are focused installation at all with pinnacle in Kentucky.
Leashing <unk>.
<unk> thousand one on that they need for you when he was installed.
And then I mean, they show no different technologies for morning, putting our agrees.
Our goal East we follow up additional nine 940 units within the next three years.
On efficiency and that you do a lot of operation we got to remain.
Branch.
Focusing on driving adoption detecting more precisely and nobody's, saying hi, good Dan do you bundle.
I was thinking energy losses decreased from five point.
2%.
<unk> five <unk>, 99%.
Dick on People's improvement on the energy costs, he's he's related development all.
Even more.
Most of that indicates potential losses in this specific zone or supply interruption.
Thanks to these more than we ever and use our losses and maximize our fuel efficiency.
Good morning, and productive walks and these plays.
Lined up Marci X., I mean, keep an eye on our progress toward view.
Let's see I mean, he is a key driver for creating long term vision for our shareholders offense they call. It there's.
Our strategy in forget the grades.
Our commitments Oh, you end up being sustainable development goals.
Like one nice thing that we've seen that did you see dream of social protest Inc. success.
Well, our already the growth in Providence, Oh, Oh, yes, where the company will grades.
We carry out more than Twanda 30 project <unk> on engaging.
The last three on the local communities and making them apart all the energy transition.
Seems plenti 15.
We first let me touch and to get Jeez, [laughter] Rip off more than 650000 people on that that the specs or the sustainable progress.
Our business strategy contributes directly to achieve yes, jeez number nine and number 11 related viewed hosting sustainable and she didn't industries.
Infrastructure in Cds from BG validation of our green and be stalling charging borrowings to enable the go Oh, let's move.
And then she does pick up where physicians.
A strong investments thing or bone.
Our commitment to climate action and the journey towards the interim Nishan company.
Drink 19, 66% well thought out any agenda that you're going to show was emission free.
[noise] like number seven continuing on our engine programs.
Let me summarize our friends and he may not cheap.
The inclusion of the company in free can take responded don't drones and I mean, even for the second consecutive years and that's because I'm not your book for the first time or even broader class action.
Like our strong commitment toward sustainable isn't it.
Oh.
Right, we had improved Alberta, which are CVN 80 right.
I have you should already be continued embark on imagine marketing because once you for good and Portugal Imagine Latin America.
Oh.
Demonstrate our greig they knew before they should own discourse developing and maintaining your 40 sustainable business model.
Leaving the energy drinks the show in promoting response important business practices.
And I looked at it kind of my and micro framework played important role and this was done I believe the or at least so let me Brian you view on.
Slide number.
Nine.
Sounds good marketing Brendan I, just like increased when compared to bring you feel good.
Excellent in Chile, she actually to be able to Fourtwenty 19.
Well for the National Energy Commission recently, I'm, giving you the month rejection you can see the inevitable I'm sure you lead demand increases of foreign deep into 1920 to 59, usually over <unk> point, 18%.
Yeah, I mean, you if we might get.
Considering left the army wish.
In drinking banking, we haven't seen no wouldn't be grisham's ground to.
If the market the when compared to 27 humans. When do you think ficos. According to our estimate we capture the last a stake diligence the stake Oh the degree to clients. We estimate that he will remain 1.4 set about our up Brooks.
That's good we agreed to the Queen rock.
Let me remind you that the government of sports and decided to postpone it that it will take rate the energy auction.
But even that Braintree, putting.
One thing B C or D for January 1st the Twentys, Lymphoseeks and devoting all 5.6 that on though.
Embracing team the King County had they try to New York God knowledge.
Globally. She they face an important items increased over 3.2, Terawatt hour, which 0.8, but I went out on that and she.
When compared to bring you can see this amazing I sort of south of report I couldn't be shouldn't into fourth quarter 90.
It's worth mentioning that and it she they either the generation.
Was it like that I went on but can you go to change our eyes unless you are located in different basins with some of them with the rest of life.
Now, let's move a political or three possibly.
None, but then.
[noise] different measures have been announced it and some already producing as a means to me social demanding shortly bye bye.
Uh huh.
Regarding distribution business.
And that's yeah. The government approved the so called they quoted there were some new concept where integrity.
First award.
The discount rate for the targets they finish.
Okay, Great and everybody 40 here in spite of English.
6% floor and 8%, Okay, we'll apply.
Boy get control they use our after tax.
[noise] second element refer people, they find and your distinguishing thoughts.
The so called the 80, but we're not going together then im sure.
The new process establish that already that's called we'd be better been talking assessment.
<unk> for companies to try to it I just finished I was feeling today Barnett all the expenses.
Then of course interviews.
Saumen, while on them so that the restaurant company that Hughes fine sorry.
Ben third affect each Eastgroup Korea.
Last but not at least they don't indicate that buying generally breaks. It went away. If there were some companies should only perform these disputes related.
Yeah.
We expect.
To provide a practical implement their show in the coming weeks.
Moving go I'll walk.
I don't have laid out and get it means that publicly committed dispatch and that off on the little within the next weeks the Congress.
The discussion process would probably last month and then you distinguish on framework is expected to be defined by the next year.
There are three potential stopping sounded discussion.
Good old trade there.
As expected that the new rule, we create new weighing that shouldn't be I'll provide by the government booking rate.
Adding fab world, because you're showing to do and the market.
Bucks is working.
Well, there's a new and you should have a defined nash abolish <unk> without not great uncertainty in dimmock.
The collection called some new elements back that I line, this quarter and that kind of company.
Page on which they collect <unk> sorry, we don't yet then Conor and Maria companies situation in order to bet. The effect you hadn't needs and the new role Oh distinguishing company, Indiana, and you can see ship and electricity shown scheme.
And that.
The market Tom can you guys ish.
Content on distribution, let's go to slide number 11.
Based on the elements, we haven't Jeff command, which wedding produced by the so called <unk> that I think what I thought you know the process. They find nicks they go to recycle the topics.
We should we be applied between November Clinton drain and November linking plentiful.
Got sufficient adult men, we did tighten methodology will be used they find new topic for the next cycle as being published by that's all it ended up they walk there has been taking place at five point, 15%. Therefore before [laughter] Yep stocks, we look like.
The process wins portal, even stages hasn't been fighting this light and the ones. They find a best shown on this document is completed.
Therefore, we selected by so based on Bobbi Coco budgeting process that will develop the assessment they find a new you within five months.
Based on these events, we believe that they find a degree <unk> most probably be published by the second Duff on brings 21, we do that's why you effect at November.
Well generation, let me give you enough Dave on the energy a musician make money on like for them.
Yeah energy price of international Mick I mean was approved at the beginning on November I mean, thats. The first increases on due in the neglected got much studies.
I think when they turn positive recently bought Michelle second bashing, all very solution confirming that once the.
The cat Oh 1003 under them $50 million reach final study will be to revive so that companies, we not the Kuwait and Ukraine.
Oh so.
Based on the social Bobby.
All accounts receivable shot to be recovered and between generally like 25 and December point when he said.
And then she led.
20 banking accounts receivables related to the energy musician make I mean, we thought <unk> one on the first 3 million to U.S. dollar.
Let's now even need you on the company shows that 14 stocking with Oh, one Kathy.
Our topic capex amount that.
<unk> for I'm. Good you want you didn't give dollar language he was here.
Definitely topics.
55 million you addressed 15 cents higher than December 20 team.
The main investments are located bill connection to the new customers.
I said Madden Capex range, one and the then $14 million.
We didn't know.
<unk> increased mainly due to what he said that working that forecasters Houston real improvement and put the operation all four new substation required in order to comply with the region lowered the Spanish offset by the one thing to say regarding the non scheduled maintenance Oh, sorry, if I got power plant in Green.
[laughter] on growth.
I would rather than Gothic reached 486 million EBIT dollars, mainly allocated to the new logos.
Which recorded 155 meet components.
Doing threatening almost 90% of our investment.
I located to contribute to achieve.
Good that and then she the upcoming.
Let's go to slide 15 minutes.
In drinking M P.
60%, 65% of power capacity is baseball renewable sources.
The net production increased by 5%.
In 2.21, Terawatt hour driven by one dollar Oh I got that about production.
Hi, good spot oil and coal fired plants in the fourth Washington linking them team.
And that these Batu <unk> Oh excuse me she plans, maybe some seasonal due to a high availability Oh gosh from Argentina.
<unk> 0.8, Terawatt hour, Oh, I already know production, mainly coming from a GP was offset by the lower itll be spot show our friends.
Our physical energy sales decreased by 8.9 data about the tower compared to 28.
Just wondering if it's.
Minus 2.9, <unk> dollar Oh, lower consumption of distinguishing companies mainly associated to the migration of customers live free market and entering both new <unk> from <unk> from the December 2040 notion.
So the big let's not Kid.
Partially offset by two Terawatt hour <unk>, hi, freed Mckinsey.
Part of last thought they need to capture new clients and the watch that recently integrated lifting up.
Well you know.
Energy bars show that 35 distorted side.
Considering that we have to use our or just on the countries.
I will now and over 20% for you go through the details of our financial somebody for dispute.
Thank you Paolo [noise].
Good morning, everyone. Let me put me you the financial highlights what do you have to doesn't mean you.
On slide 16.
Revenue.
Increased it seems like the saints ought to put on the 46 million dollar primarily due to the statutory income early bimini nonbank, let me be.
How are you able to distribute the you know what an excellent visa and additionally, the Boston baby, but to the problem. That's one of these you'll see them through and they're like.
I would agree that was up by.
Beyond that at $31 million or a different things a bit less the results.
We'll see but that's it that's what about you know what would be but if there was the major then you get it looks like.
But before I, let him or not and fees grew by around two on that.
Net income you, 18% below what they do it Doesnt mean, he goes maybe due to the nonrecurring effect that really into the Dick I believe they shouldn't be any June 2018 weed out what does that affect the meeting that we wouldn't be hi, yet I think type of thing.
Our next day in the field decree fixing Needham dollar in a week ago, we either.
Finally, I will admit that they'd be diary show reduced from 2.49 <unk> sorry.
I would give you a remote they definitely like no I don't like 17 limits choice you did try that behind I want to me that group.
It's NT <unk> you know what Invicta they filed on the same though our luck walk the rate does that mean or would that be even by the heightened although he can engage them on.
It's a good things, it's likely scenario was right.
Let me know give you more then on that in 2018, we booked and one off for the TV, but so many children's and Bozeman really picked that up a couple of late.
Yeah, we did Easter low and I told me that it's been color I'd argue that mother.
Well, David I see say about this.
No what David because the mountain affecting our fish shouldn't be that but the great thing that it when it does not fit.
I think we're not putting flexibility with the agency that's true [noise] by the current distinguish them all that in the nine or impact on EBITDA.
The adoption of the somebody they didn't make any.
And that they put can be found no no like he buffet.
But in that for you.
Weighting it he which was anticipated in the third quarter 2009.
No I don't like 18, now let me show you that private behind I want to 40 and 50, though.
How about 2019 <unk> could be by 18, but a thing or [noise], one that 31 million dollar instead, it's helpful.
The agreement over there clearly determination of and make them be bought city affected by it.
Okay, you shouldn't bring Bozeman booked in 2018.
No what are your old Navy, mainly the goals they wins over the last quarter. It's also hey, Consequently, higher then maladies phage, resulting in negative impact all 58 million dollar.
No what they is getting Trinity shouldn't be sensor or 43 million dollar, but equally as anybody that more than enough said that might be paying big fish at all it won't be them all though.
Hi, good.
Good to I want to pick up when he vishal stuff did you, resulting in better to me. Thanks, the incorporation of pedigree, Alberta that kind of low what about it will diminish wrinkles.
Oh, the contribution Oh problem and I'd be good boosted by the public transportation.
Finally, they'd be tied to these people shouldn't was near flat.
Later on.
He was writing name gain there we have it I'm not even if that's something that's about what situation business, including 10 and.
John and anything power.
The main driver that explain the generation, maybe not I'm, mainly associated with the past one month of the demand and they throw it to me is I would just mentioning and they both give effect I don't know about it they kind of what do they show that they tend to be became fixation.
Is that it's out there would be fadiman, oh, what they should exceed them out of think reached 47 [noise].
Same thing without any.
Right, but anything you didn't increase though to fully bad things stage, when comparing 2018 figures showing the rates, even so about a month.
Please.
Let's move to light weighting to explain the most they oh facing right now it's about one important thing and and I mean.
As of December 2018, they'd be though Vanity single sealant and are they grew by 3% or nine even though.
Mainly due to be feet deep <unk>.
Due to the additional went on to it you are they stick on basi <unk>.
The topic that's efficiencies them.
So it didn't put them back through and then you probably likely going to that's going to we didn't do you should know.
Oh, maybe than Paula.
How about Nick Nick what Beeson Incivek overnight any improvement, though they supported on my thinking heading into the movie associate degree targeting but anything that well.
Hi, just boom and no better.
We'll see.
Right now where does that sound bite, how yet and maybe what it means and its Boston you.
That was and then he and the Nordic currencies.
Thank you doing them.
Now I'd like to anyone let's go through the main right about what Nick well if any.
Depreciation and amortization reach 337 million dollar increase dog three $1 million, mainly relating to the corporation or anything power.
The impairment increased fundraising medium or long, maybe two day, one time in FICC, though that I think book I mean, one I would like.
Basically the go to when they they should agreement signed in June.
[noise] financial results and other among you know the arm did [noise].
Wedding bands, so blend that 15 million dollar.
An increase of 57 Needham done, but maybe you could I ask financial expense related to that you called it you manage either.
Yeah, Hey pick up this that'd be they show me I mean, you've been doing anything in its young he's at around 50 mean <unk> P C.
Uh huh.
And they both ways.
And it getting a wet feed it there.
Income tax decreased by you went on that putting one given color amelie is that its health of the Lubbock, Texas fancy relating to the coal power plant impediment boom in the second quarter.
And importantly TV.
The simplification all but then you name it some corporate tax true partially offset.
Mike I get back six.
Because all the P.A. [noise] determination.
And they didn't.
I know what does it make income decreased by 61%.
Maybe the calls they went so that's how you see copayment feeding them and then and then assume treat it seems they did it does anything.
The closing of all nimble the boy if any.
Nothing but what do you can it you can read 121 million dollar.
If you will blend that line that they additional [noise]. That's out there income grew by three type of thing.
Let me now go through or what they don't sounds like we need to be pretty cool.
How about gross sales decreased by 99 million dollar basis generally first doesn't mean you amounting.
Freefall and 59, beating them going back in December 2018.
But I really due to energy that in any of the Cana interest and amortization.
In the December 2018, I wasn't exactly be that ratio reached 2.29 show when getting booming basis does anything you could.
They pretty cold spell out of there is almost in line with 2018, reaching 5.2 Baskin Robbins <unk> in 2018.
David if there is less than seven yeah.
Oh I'm index.
Although the same that doesn't mean you compare to right. Jamie that then Steve that's the by I guess at age 16, rosy decreased $60 million, mainly due to dispose that from Oh I want fish.
Finally.
When I went back somewhat position.
Yeah if.
Like before.
We have been <unk>, David is about island plans and $30 million food in the next 40, yes.
Well, so I would like if I like that upgrade them. We recently received from Beach, maybe then they show neighborhood to eight Dobson with the both pulp.
No we didn't go up the part of course.
[noise] before starting the kinase issue I would like to mention some rather than on the <unk>.
And then she got confused size, the new opportunities and new business is the G.M. market and to cope with recent changes they go through three more.
There are important elements to be addressed the doing 20 brings you to boost you at best better growth environment than their rights I know, who guarantees easton with them 10 centimeters.
Our girls South you even by long term that pantry she would like.
It's sustainable and was Usthirty five portfolio.
And investment in the digitalization and easily Cdis alone.
Or are these leads to an improvement in diffuse into our operation interventional services to our client.
Our strategy on Decarbonisation allows us to minimize commodities and hydrologic already.
And what she that more and because the more long term cash flow.
What do you know I would like reinforce.
That we we continue to work along the path of sustainability and seems like tournament.
And the closure of thought about Guy. He got example on these approach.
The either in good stable is fro sustainable margins and value to our shareholders.
Thank you for your intention and now that's opened it you any section I will hand over to sum it up.
Thank you for education I didn't know if that's the culture then up the reader for takes 20 section operator. Please proceed.
Ladies and gentlemen, if you have a question at this time. Please press the Star then the number one on key on your Touchtone telephone.
If you like your question has been answered or you wish to remove yourself from the Q. Please press the pound key.
Your first question comes from Javier Suarez from Medio Blanca a banco.
Hi, good morning on I'll take in Florida for taking my questions like how Oh, sorry, [laughter] defense want to eat some de Ya denominated that the company has delivered about its was the decay down studied whiskey then either business done presentation by Yeah, Italy December so a deep deep would be done.
1.5 billion euros, he's no what's out there that the Guy downside was one point 66 figure euros and also be adjusted net income. It was Cedar 0.8 today. He says he to blind below sea to play 7 billion How'd you saw that you can help us to understand the be sensible d. So.
Numbers below our guidance can defend that.
One effect could be fortyx, but apart from politics. If you did it is there any other factor.
That has been affecting that did not but it's not that you have be providing we thought to close on a 19 well try to look. This question is on the topics a the topics has amounted to BRL $500 million.
<unk> the business done you were talking about the number north of 600 million like you said I feel of topics you can help us understand if they just there has been not a delay on Capex Dixon investors would you guys for in December [noise].
That's the first question.
The second question any Sunday and net working capital effect.
During 2019 sowing the number that interest like number 22.
We see a beat the dead people Lucien and the team that I wanted to clarification on he's done on that if all the numbers that you have the U.S. So when you can help us understand what these embed that themselves a working capital impact you didn't add that evolution of the company.
Then that hit a final question you some the.
India or be a b [noise].
Neil it's probably be make any sense for candidates and so basically they see that I was.
I'd like to hop on a clarification I need what Keith It net working capital negative effect that you got to Specked in 40 years to sell sound plenty to do one I couldn't be too as a consequence abuse Neale Anderson.
Many thanks.
Okay. Thank you for a year.
I believe you or I'm, sorry got in Capex, and then I leave.
The remaining Grayson tools have regarding topics a week or so.
Lane that wouldn't be the plan a.
Presentation, we are committed to the battle.
[music].
We invested 2.5 the video no use though and that we the strong person they are willing to the ER I mean.
We are at <unk>.
Mmm centered approach it already ongoing.
And what we're doing ease of doing two investments for the year to go or not at all but one being doing the U.S. dollar nor did well, but limited the mountain dew, meaning more some plants under construction doing this be doing that can be finalized.
And Chris you use a neat and couple of this war and the 7.7, probably on the R&D Frac and we.
Expect finalized by the end the year.
Yeah, we have quite a lot on project I'm going in so we will keep you update on the evolution during the next the confidence color.
Regarding eat a number.
Okay, [laughter] <unk> Gulf then the guidance.
I think [noise].
The most.
In Boston finances, and completing the there is out there and not that they've been providing the except I'm not could they send them.
Oh, so they they effects that we have the impact of the cried in them. So the mandated demand that they even though they mm eyes at all littlewood boom.
It's being babies debt or the end of life, Yeah, we see both ways and these exits and at the myself but to be.
Paul Wifi, so they say they are Ethan Allen the ones in medium dollar.
Normally.
Be 50 feet deep I think in crises.
But what goes then they and Nick looking topic, I don't yet but [noise].
I mean.
I expect them they worsening over the next one thing I mean can become does anything to.
The facts money.
Yeah.
And right.
And that can easily make it but somebody vision.
And then that war at around 140 meters no no [noise].
In our net working capital.
Both so rapidly 80 million dollar regarding.
The fact that during 2018 new.
Because all but a very cheap, but I'd be dinner and got them at a BDC, we decide who.
Stopped using I'll, let alone the comp stat for Watson's and then they got them.
And ER and Cindy Collins about the there it could be and we basically and eat a decent amount that can be used to.
In the future. So in other words, we anticipated the payment then that wouldn't be used the thing that blowing here.
And then find anywhere in the and the baby and talked about he said that we if we bookings that doesn't mean, you know bbten nothing they indeed, the mean that you bought and violence is that we had the in 2018 net twinkle networking Kathy.
And I read that for what becomes then the.
Right makes annies and Oh easy answer so it was more like 144 million though.
Your next question comes from L. ERICO Bartoli from Mainfirst.
Yes, hi, good morning, and the fiscal taking my questions. The first one is a regarding the guidance for this year into these are saying you present in November yeah, the dog get to $1.8 billion, a if we adjust the 2018 afford the impact though the determination to.
Yeah I'll start this on a one point city. So there are duties that also de on a into these implied in the guidance first of all a I was wondering if you into Guy does include any basi what was it the one offs and secondly, if you can Ah elaborate oh no. What's your aspects of the drives us to be.
For the September we could easy send a if the data get these still achievable also considering that the recent evolution of a of the thought its the other question suddenly did supposed to vote for 2020. If you can elaborate on the outlook that you expect to for the power generation machines to you highlighted.
ER yellow hydrocodone showing a in the into full quota. So if your spec diesel to continue also these assets you see a and if you can also the ability to own or did they eat bumped that just back on the distribution business from the Debbie Jones of or the duty to an I'd love it.
In the and maybe it's it'd be too early to see bought the possibly but on that you see this dod the setting or did the de 40 or distribution business. Thank you.
Oh, Okay and couponing question.
We are.
You are the answer regarding distribution and the yeah, and then I leave the comments on do you see it doesn't guys I said to set.
I'm going on to the garden being that the and driver for the plane Brent you.
We have the embedded in that one numbers.
Rejection food they can already see that easy line, we the average over the last stadium.
We must then Mike can proxies and is taking it from Texas would pull interviewed a number [laughter] there should be taking into account not only on the should we think it's not.
As a matter of policy and we have taken hold any yes.
And use it is it one of the main violent that that should through the good [noise].
Saying I want to South Korea that we had we got it when we do it.
I'd say, if that's the commodity grade <unk> first.
The first month the weekend.
The production that's it is more or less you line, let it be dialogue additional something you get about biological mine ore production, but you know that these as it is a and let's say because you've got that.
He said he is with him in the fourth on that.
He came as a kid in the second out or they are not easy something that.
We continue with the month of also who using our Uh huh.
[laughter] technical elements afford it is in a foreign cats, and we think that count, but anytime any kind of lucian they've gotten distribution.
Do you find food was the question D that they can you frame the but he or she can you frame what he's already embedded in our members so even need but asking you to Randy This is David D.
Wow, if you shown on the target for the new order growth and framework is easy to say it seeks it needs that we are talking to our I know he sees that our numbers our plan and staying at these these approach. So we don't see any and he bucket on the numbers would be solution for.
He's asking about do definition.
And ER.
Yeah No. These either got anything they can you show when do you need. So are we are we do not affect any any sort of pricing number number or according to the evolution of.
Oh, the frame or remote primack on the only solution.
Should bring had been guy who may have something [laughter], what I mean, possibly come from the Guy downsize. The only point is that 2018 2020 [noise].
Guidance.
And I don't know ready mix in the mm for Sina I wrote it would be that these they don't get nothing yet.
And of course.
It means that we have that <unk> and cheaper so see somebody energy [laughter] on that and Oh, we assume where that an exchange rate.
And.
Where HM.
Yes, we didnt turn where I live in and around the middle at this time and I'm glad that basis and all that.
So I don't vehicles, so it is more or less effect or somebody got being filmed effect.
And then I can find that you're going to have any one off.
Oh, Wow possible upside right now.
[noise], okay, they give it a much.
You're right.
[noise] again, ladies and gentlemen at this time if you have a question. Please press Star then the number one on your Touchtone keypad.
Your next question comes from Rodrigo Mora from men NEDA.
Hi, Good morning, everyone. Thank you for the presentation and I have a question related to the fourth quarter results.
And I would like to understand it.
How is the in a deeper chase.
Good day to level was almost doubled done this there quarter 2018.
And when we take I never right in their deep Bryce.
Okay.
We got to see that these are very surprised or most was the doubling down on the tariff quote of resource.
And.
I don't Hey understand how it was it possible.
When they sports Bryce.
To lend electricity system.
It does put price during the fourth quarter.
It was lower.
Right in.
And then third quarter.
Oh 2018.
This puts Brady was 36.
Do as though that but maybe not whether our compared with 48.
<unk> per megawatt hour do it in to three quarter 2018.
[music].
Hey, I think one this point it was.
Okay.
<unk>.
I told we sold a very it.
Hi, throw a huge hey.
Cost a on the back in the beat that all day today churn.
<unk> business.
Uh huh.
Another question is related to date.
The low performance of they do a tear Midas is units everybody doing EM.
When the project was announced in the company expected that these projects generate approximately 330 do you got one dollar.
And do it in.
2018.
We so that they project.
Yeah, Hi generated only almost 200, she got what our I didn't know if you the company it.
Hi, there going to take I chose to improve day performance over the brilliant because it's either in the huge amounts and the higher Capex is that the company. It's been in these brilliant.
Okay. That's all thank you very much.
Thank you know needle for your question regarding that the first on volume and price in the first quarter.
The fact that said it was.
Large amounts of ER volumes.
Hi, good behind from a beyond or did you did the.
<unk> not yet or do you do want you to the fact that.
These be viewed as I mentioned before he was impacted by either generation.
And then when agrees that no big box you can go and no warning letter generation.
The public.
[laughter] I'm pretty easily.
In an age we eat own Uh huh.
I said and easier we get we spent a lot of equal.
I didn't even gossip.
And that a pie in the spot market for these these wanted to do this hot did you do they did is actually even though and I do a generation was so you would that be.
<unk>, let's say either the D and say not mirth the volumes for the up the growing, especially Emma Denmark drops into my core we saw a large amount.
Actually if you look at dilution on all the items you know action I don't either the first nine months, what not to leave their phones. If you use one large the metallurgy bucked the trend role not eat and not portion or the news was approximately one dinner and one did all the production.
Muskingum forthcoming board.
I missed the different kinds of generation mix.
This is reasonably gotten importance.
Cotton prices.
I'd also like account that so our efforts right [laughter] use and know that the often so he's a basketball or a different cost that we have and there are some.
Special or let's say.
Mount <unk>, Oh body that that would be man up to four delinquencies. We then mission all when they put people see along with each of these doesn't mean bucked the regard.
You asked you average price on either for for the generation they've gotten in Japan.
We yeah, we are.
I think seeing good let's say the pad and can you talk I suppose Atlanta and Weve faced with the the first in sickle you'll need to fully it would put four months by he and I mean, it's easier and who is.
Moving through the construction all the there's a unique and he improvements Oh.
Q1.
We are we see we expect whereas a year and that the three units we literally.
Both the and a real but [laughter] performance.
Okay. Thank you.
Your next question.
Comes from L. Rico Bartoli from Mainfirst.
Hi, sorry, I take the the chance for a quick follow up we discuss about so the impact on that I go into the city changes in the distribution business I was wondering what is your view on the possible evolved from a they like I wish I understand it's not being a propose yeah. It's about a what do you think it would be the impact.
On your integrated machines, so from the bonding all the commercial activities from us on the distribution.
[laughter].
I think that's it.
Yes.
They they might even be organization other business I think that could be oakland opportunity because the D.
A lot there should be.
Uh Huh, let's say indirectly I wait.
From one side that the way, we did Dan the parties I wouldn't be feet. So when I referenced moderate.
I think that that should be closer Judy and he had one then that we do we did all all of a b well. Thanks.
New potential plays like the Fraser.
We do not affect that Andy if they can impact on our list bonds that we expect it went about they play here that.
I have the financial stability.
Because we have experienced another market in other countries, where like the opening about them hockey we didn't production over the new figure said he's a huge amount of when you play that that create studied it didnt goes all the lack of Sasha.
Oh the players so good play here, we can I just I believe the I'm glad karma and that we already do we like to roll up a in D. These indistinct so are we.
We had we don't see these kind of pulled them than that and then he did you have been told you. The fact that often opening when the market into something that's it.
Isn't that discussion I think that's a gradual helping get all the market.
Do you think.
With that three out who north and whether that yeah open and transparent because it gives you can give you need to spot.
Given that much.
Ladies and gentlemen, I can if he would like to ask a question. Please press Star then the number one key on your Touchtone telephone. If your question has been answered are you wish to remove yourself from the Keith Please press the pound.
Okay.
[noise] you have a follow up question from Rodriquez Mora from Anita.
And.
Sorry, I forgot and my question related to they project that's going to is it when do you speak it that the project it will start to.
We're going to tell a bit agent.
Ah, Yes, the project or he said.
Oh, yes, or no regarding a D or let's say you know the project.
<unk> cost structure falls, but are there thank god and the only the and the odds on public.
You bet.
We are having gone now in order to finalize the D a connection.
Okay.
And then be our underwritten or as you all of a D to C back to kind of peak that easily and driving that water in the TD International machine.
What.
We are we at a rate at the same mentioning you can be a a family. We have invested 130 means young and we got we are going at the same then in New York ER and we are.
For the shuffling, managing one day or E.
And then to contribute.
At the moment, we don't have any new or for a customer gotten good that line that we keep you updated.
Doing these yet.
I think during this year.
No I, we keep you.
We like you'd love to date to the Guy you want to show the project, Louisiana Monica.
Not to add any lift you regarding D.A.D. is few days [laughter], okay at home.
I think one but these are affected by seasonality, that's where do we limit.
[music].
Okay.
Okay I think.
[noise] again, if he would like to ask a question. Please press Star then one on your Touchtone telephone.
Your next question comes from Javier Suarez from Mediobanca.
I think again, Florida for taking my questions are too.
Do you sound a once in a now it's like somebody 17. They sat column goal there that's impacting negatively de does it in fourth quarter by minus 16 million.
D'alessi, you kind of as opposed to understand well TISA behind these numbers.
Then if you can remind us when you build up do you are not based on your <unk> beat This plan Guy that's what 2019, which is the exchange. They said that you utilize in their numbers. They are the candidate. Since then I had the tend to Chilean peso by U.S. So that's what was the numbers how do you use when you build up there the based upon the groups.
Thats on the second of December many thanks.
Okay, well what call center blend I'm, assuming you know that's basically the mountains and all these people they financially using about what they though the but these are not counting.
Yeah, if any.
And for what I'm, saying that and exchange rate.
And this is being used for I like guide and I'd say falls, though [noise].
It sounds like it too.
Based on that a dollar in.
In.
In December but.
But just an actual anybody's, though [laughter].
Okay. Many thanks.
I'm showing there are no further questions at this time I would like to now turn the conference back to Mr. Isabella Clements.
Okay, Well act, we do not have any more questions I conclude their results conference call. Let me remind you that investor relations team will be available for days out study may have many things for things.
[laughter].
Ladies and gentlemen. This does concludes today's conference call. Thank you for your participation and have a wonderful day you may all disconnect.
[music].