Q1 2020 Earnings Call
Good morning, and welcome to the Central Ortho Conference call. Following the results announcement for the quarter ended on March 31st 2020.
All participants will be in listen only mode.
You need assistance, please think they'll conference specialist.
Turkey, followed by zero.
After todays presentation, there will be an opportunity to ask questions.
Please note this event is being recorded.
Did you do know I'd be a copy of the press release, please refer to the Investor support section on the company's corporate website at Www Dot central Ortho Dot com a replay of today's call may be accessed by accessing the webcast me investor support section of the central part, though corporate website.
Before we proceed please know that certain statements made by the company. During this conference call are forward looking statements and we refer you to the forward looking statement section of our earnings release in recent filings with the FCC.
Central part, though assumes no obligation to update forward looking statements, except as required under applicable.
Security laws. In addition, all financial figures were prepared in accordance with <unk> foreign and state if they didnt Argentinian pesos, otherwise unless otherwise noted.
The discussion better please.
Let the webcast presentation available on the company's website.
Please be aware that some of the numbers mentioned during the call maybe rounded in order to simplify the discussion.
On the call today from Central work, though it's the Jorge where she.
Chief Executive Officer pretty no wonder about it Chief operating officer.
Good day.
So manager and Thomas Doug Young Investor Relations Officer, and now I'll turn the call every to Jorge where there Mr. Rob here you may begin.
Thank you and good morning.
Not to begin today score analyze seem to the minimum rents first walk though.
Or not I will comment on that baucus about expansion projects and realize that break Caesars.
I had in Florida, we I don't like and I somehow and comment on the recent news on the company.
No to compete 19 [laughter] almost all the walk QD Nationsky now.
Oh wants to federal and local government issued mediation measures.
I have to slow down to spread the buyers.
Dan on March 20.
Oh, sorry.
Got my money, Lisa staying at home order or Cronkite as you can see on page three.
What work to see deterioration you must consider an essential cyrusone DSIC Sam.
I don't think shows you noted to protect our central walk US we have implemented street has safety protocols for them why the rest of our personalities doing home office.
Time did not have significant aktiv consequences during the first quarter.
It is expected to have a deep learning back during the second quarter.
One example, [laughter] consequences [laughter] on time on economic TBD, any <unk> energy demand decreased 11.5%.
Hey, Brian and 10% during the first pretty weak so may come parts of the same here to tighten and they according to data from Canada itself.
However.
No no deal. That's that's the piece has less come propulsion having back.
He got.
After generation companies indicates suffering you wasn't enter your needs. They are an effect it seems they have.
[laughter] priority.
They do not lose energy generation.
Okay. So Tom are you on these they had a high proportion off their income associated to fix how where and our nation, we choose not to date to do the energy generation dealings.
Tony when demand increases the unique desktop generating electricity first tends to be the all docking station swaps.
This unique received I love them or the nation under 10 or Yeah, Boston framework.
Back to the U.S. fish and once they have a higher in relation to context, so no less power purchase agreement or <unk>.
Consequently off did increase some economic TV do you do found Danny.
Hey, 2020, they securitized energies talk to commit to postpone into farther no de duplication of price update mechanism established by the solution could be one for Dennis you have I see you any studies spot say.
However, it's worth noting that during the first quarter 2020 around 50% I wouldn't it be that came from you and that's how contact and not from the spot save you money.
Part of them are quoted for 2020 year wed expect and 70% of our business will come from you need that's happening context, setting U.S. dollar us due to the new capacity coming online during this year.
Finally, the complete 19, hi had an impact on our projects under construction like you know they don't want and told me now seeks asked you can see on page four.
And he said lead the construction of private sector energy infrastructure, what's not included.
It's an extension to the on time, but what's included on April 7020, Consequently, after taking all necessary precautions and implementing corresponding protocols to protect the personnel and the community what the projects are depend upon the construction that's not going away what one would fall.
And tell me that seek Sonora answer time up nine wassmer soon.
Hey, benign April 27, respectively.
Additionally, in the case stuff like in over one on February 21, Centstwenty best asked to supply off the wintergreen, Okay, well one project notified the company that the Cobiz Nike outbreak.
Its manufacturing tbds worldwide, causing delays on the supply chain for another liberty off certain Chinese arching manufacturing components required for the completion of the wind turbines miscommunication best of the not specify the impact that piece equation may.
I have owned agreed scheduled [noise] part of them, our logistic restrictions imposed by the federal and local governments may also slowed down the construction in the case, often time Yardsticks project construction boss restart that after one month with it once you're done the personnel that west Ward.
Hi, or high or to the current time due to the health and safety product costs I agree with the has already.
Additionally, the project May also be affected by travel restrictions for international specialist the Pepsi paid in the construction.
You do these resection does she would eat okay, well why antamina six and a rents are expected to be between eight and depend on the pollution after situation in the region.
In both projects are located.
And the measures implemented by the government.
On the other half as you can see on page five into first quarter <unk> 20, we've reached a commercial operation date for less money both win.
Adding 23 megawatts and increasing Greece day installed kept passed over the wind farms Monkey unaccustomed, Janet too, which now have 57 and 15 megawatts perspective.
These projects together with no no way about two wind farm had a ready sign long term contracts, we with prices said and U.S. dollar directly we have a customers for a hand the percent of their capacity.
Finally, I would like to give you an update on the rest in development for the second part there.
In April 2020 seem in branded combined cycle of 200 crucial path became antibody levels due to significant failure in its main transformer.
Then the normal lead time for a complete reporting repatriation Oh, they often replacement of equipment around 12 month Hawaiian Electric company evaluating alternatives tour to Tom do you any service sooner.
Although this may reduce the energy generation from DCT during the time equipment remains in a viable the company has a comprehensive operational risk and lots of profit insurance covers the break down costs and the consequence, a lost profits going out.
The or key performance indicators of the quarter ask you can see on page six.
Energy generation during the first quarter was 3.9 terawatt hours of increasing 10% higher than the same p. After 2018 as a reference energy demand during the period increased 4.2% on domestic energy generation increased 7.4.
<unk> percent.
<unk> energy and energy generation, what first you do a 88% increase from renewable sources, mainly due to the positive impact off last agenda to lock in November two monkey and thus the leave us Windfarms second hydro generation from where they love yet increase.
Send you to hire a buyer what froze.
Finally duration from our termite units increased 5%, mainly due to the cost would be impact of the purchase of the but he got the lipids plan and then you have the Hoosier cogeneration, you need and to a lesser extent twin increase in energy generation on some of the steam turbine.
Oh, the parts of complex due to higher temperatures during the summer regarding our total units as you can see on their graphic and right in the same page. We continued to show an excellent track in terms of availability, reaching 93% three percentage points.
Hi, guys on the same quarter off the token Nike.
Either 10 percentage point above damage availability termite units for the total market showing central part us competitive advantage and now I would turn decode over to Fernando who will comment on the financial highlights.
Thank you Okay before studies what are the knowing that the financial statement for the court that ended on March 31, 2018 include the effect of inflation adjustment accordingly, the financial figures, but that will mention including the data from previous periods and the growth comparison.
Bina stated in terms of person thing pesos of then they're reporting period.
Third refer to the result of the first quarter 2020, that's compared to first quarter of 2019.
As you can see on page seven our revenues were 8 billion pesos in the quarter, a 13% decrease compared to 9.3 billion. During the first quarter of 2019. This decrease was driven by the discontinuation of fuel for Chase operation. That's what do you mean, the dosing the team you junior.
Relations that sensor life income into the fuel for chase portable generators.
These effect represents a 3.5 billion variation that you can see on page seven excluding this effect revenues for the first quarter 2020 will have increased approximately 40%.
This increase was mainly driven by.
An increase in sales under contracts, which amounted to 3.4 billion. During the first quarter 22, and that's compared to seven kind of around 68 million in the first quarter of 2019, mainly due to the revenues related to the Olympics power plant, which was acquired in June 2019, then you kind of.
Google Cogeneration unit, we just started operation the silver.
2019, and the wind farms legacy Shannon to economic to banking Olivos, we just don't operation.
On June September December 2019 on February 22, any respectively.
At 10% increased energy generation as Kirk I mentioned before.
In a 3% increase in the availability of thermal unit and they're not give us a framework you.
This increase was partially offset by [noise].
I think we've seen price for units out there and I care about that or whether it framework established but with solutions that he won enforced since February 1st 22 and.
Going to page eight we can see the chasing that whatever that which reflects the increase in our gross profit, which in the quarter right, 22% as compare to the same period of 2019. This was due to the evaluation revenues mentioned before I was partially improved by your 39 first.
Then degrees in our cost of sales totaled 3.3 billion compared to 5.4 billion pesos in the same period 2019, decreasing the cost of sale was primarily driven by an 81% degrees in the purchase of fuel related costs that you to their these continuation.
The separation in the quarter according to a new regulations.
This was partially offset by.
29 increased in non fuel related cost of production, mainly due to an increase in our installed capacity following the completion.
Well Opus power plant and this year the of the new terminal renewable energy projects.
Gross profit margin totaled 59% during the first quarter 22, and that's compared to 41 in the first quarter two.
2019. This change was mainly a consequence of an operational were from chase upset supply fuel, which was in force during the first quarter 2019, but not during the first quarter of 2000 swing.
Finally, our operating result, net decreased 1.9 billion in the quarter, mainly due to an impairment in a property plant and equipment, which amounted.
Two semi foundry and 74 million pesos in the quarter do evaluation of at fair value of to see Misbranded customer buys store in the supplies. So based facilities, which were valuated aside using the fair value less cost of sales approach.
And at 2.4 billion gain during the first quarter 2020 from the foreign exchange de France and operating assets.
Mainly due to its funny trade receivable compared to 3.9 billion. During the first quarter of 2019, mainly due to an 8% depreciation of medicine. They paid so during the first part that was 22 any compared to the 15% depreciation during the same period.
In the previous year.
And I know where ever us violence of the trade receivables maintained during the quarter.
As a consequence of this variation to adjusted EBITDA was around 7.6 billion in the first quarter of 20, 27% lower than.
8.2 billion in the same period of 2019.
[noise], however, adjusted EBITDA, excluding the foreign exchange different I mean, first on 23 receivables and impairment on property plant and equipment was.
5.8 billion in the first quarter 2025.
53% higher than 2.8 began doing the same period of 2019, showing this as a result of the new plans.
Moving to page nine the consolidated net income was 1 billion pesos compared to 1.8 billion in the same Peter to 2019. In addition to the factors mentioned before then it income was mainly affected by higher financial expenses, which increased 2.2 billion.
Due to the loss of thing for the terminal renewal energy expansion projects and the decision of reality Olympus problems and a lower financial income due to lower interest rates during the quarter I lower foreign exchange de France over a U.S. dollar denominated financial assets, which exclude funny another trade resi.
[music].
These effects were partially compensated by affordable net monetary position during the first quarter of 22, and resulting in again realtimes well if inflation was the opposite.
During the first quarter of 2019.
Going to pay Stan you can see the cash flow for the first quarter of 22 and.
Net cash provided by operating activities was 3.5 billion.
These include 1.5 billion in collection from Friday, and Civeo installments, which is not containing every day.
Cash flow for an outbreak operations was partially offset by 1.2 billion Capex invested in the expansion project at 1.5 billion use the service servicing debt.
Thank you and I know you invite to ask any questions to our team.
Well, we will now begin to question and answer session. You ask a question press Star one.
Using a speakerphone please pick up your handset.
Keith.
Withdraw your question. Please press Star then to.
At this time, we'll pause momentarily.
Sure.
And our first question today comes from the fuel Fernandez. Please go ahead.
Good morning, Yes. This is if the gill from London thrown balance capital. Thanks for the material. They have the initial question.
I'd like to go one by one buying.
Oh first on the will conduct a stoppage can you. Please tell us a bit more about what happened and the former failure led to damages in other [noise].
More critical or couric equipment.
So what is the capex.
To spend to fix this and whatever the process at this time frames in both collecting from the insurance company.
Okay, Let me let me though.
His question and close.
Difficult question.
What happened is that turns called <unk> that it did up by Oh.
No. It would cost analysis has not lose the point yet. So we don't know study what happened with a yet that will be and alike and so by the speculating as to determine what exactly was the only thing that.
No.
Great well models.
We have to go supply to add purchased a completely new department I will first devaluation.
I believe that needs to be Vonage is what's happening that compete as production up.
Sent on column of the component that that's the whole it should be complete the reason why.
Let me take 12 miles.
To update you called out for the new one, but yes, I liken walking.
This time up that can come back into the pace of some form of the possibility of because it.
Completely.
Got it and goes the country among a lot.
To put a cap it involved in the integration equally happy go for a near term pull mobility and half million dollars more long.
Oh, yes, we have a dedicated to it could still could be around $80 million something maybe.
Each month.
Oh, the started with a unit need at two and half million dollar more or less.
We have that.
Yeah.
Well it put it well.
Purposes, we had a.
Ah, Yes time, if it's not the color how is the mom.
Yes.
And in that case stuff that cost the full page some would be happening in dollar.
So we are working today Oh.
They should be with.
No one.
The problem and that we've had it does what they did you.
Initially suppose to.
I mentioned that spare parts for the common inside the you haven't done what the dealer Peyton side. So it's not exactly the same compartment, but we have yeah analyzing the possibility of multi find something somehow and equipment in the kind of Google co pay no to operate cannot be yeah. It's.
But the former.
But I love that one.
The pace of course is it time involved in.
[music].
Okay. So the p. it wouldn't be able to abuse.
Okay.
Great and just to be clear.
Thank you for 300 megawatts.
Out of service.
Only a partial.
No it sounds great outcomes, because what happened.
They they knew when it would have been done much.
Wal Mart of course on EBIT gas turbine. So it's the monk a former appealing it but it does it completely out of.
The common cycle okay.
That's very clear great on my second question is related to.
If you could tell us what was the work advance ideally in percentage of completion.
Hot until the moment.
Well.
Until.
And so perhaps it for another could add something without the new level one.
Piece of Standalone, 7% that too.
Oh, that's huge well it's happened with all the construction.
Boy in tons of Institute the good news.
Due to the quite kind a well the work that was stopped at the when the content.
This pullback by.
By the government.
The work has been received at the end of April.
I mentioned, we'll need it's called the consideration.
But of course, if that bond.
Subject to a new quite stick protocols.
Yes.
Yes that the walk you go in coal.
They slow pace compared with a little.
The poor decline.
Well this back perhaps that that's very difficult to me too poor call. It sorry.
10, k. the from the place today, given this equation litigation changing every every day.
But we expect that believe me made though more than three month, perhaps that plus quad the next year.
Hi completion the cards.
You then David how.
While advancing today.
Okay perfect for another can do.
So I didn't know what's key Oh, you have no question regarding Pallotta specifically.
No no no.
Perfect. Thank you very much.
Okay.
Okay. Thank you for the question indicators.
It's it seems there.
Well actually done you kind of metrics, which is a bigger ones, but and.
That's great financial we just started yet started the construction in late April So right now we are in face of long being the razors yeah.
Loading and nobody's, saying they said it before the Quintina because that's you know there.
Sure.
The provincial government done there.
Local governments have taken out of anybody a strict especially into place.
The regional.
Okay, and they Atlanta region.
You know there.
Thanks, Sean the your three Casey so score in our lives. So they'll tell you said it very very strict right now there, but if the instead of.
Now with the construction are getting more strict them so probably the people.
In the down so so it's it's not easy, but we're still working under construction, we are managing to the generators. We felt mode. We have been loan team.
I think.
Between three or four Oh, they have they totaled 21 that we felt the.
In India.
So with that.
We can continue to be in that.
Right.
They check the local authorities, we found that we are something.
We can.
He says on the third.
Our.
This year.
Okay.
It's a ballpark.
Hi, Dan.
Okay.
Perfect. Thank you very much and my third question is related to on the financial side.
How are your conversations with.
By going regarding.
Some of your loans and specifically the larger syndicated loan up around one on.
[noise] okay.
In terms of a shutdown that facing any program.
Well I will like I said they level insights they don't have the.
In the short term.
In the case so the.
Well.
Loan that Lashonda, one PC show together Wapas that first.
No. They say show so because we got sick or December this year. So.
No that's done yet, but give the Dan.
We are now of course, when it too so.
So worried because.
Helane show right now we are not suffering.
Oh yeah.
Well known as we did they Dino.
Our come in.
We of course, we receive somebody that show for the production, but that's you know I want to income, it's mainly driven by that is merely a really good for you. So.
Yes lighting.
So we need to pay that loan that'd be ocean for that.
Well done right now it's Dave.
But yeah, yeah yeah.
No fish and that we need all change when you get paid that because we don't question.
So.
So good then that.
In the future operating cash.
Hello.
And right now.
Yeah.
That's right there. Thank you.
Our next question comes from Frank Mcgann with Bank of America.
Go ahead.
Yes. Thank you very much they're just you mentioned the potential for weaker demand I'm in the release related to covert 19 in the in the market in Argentina and I was just wondering what you what effects. This could potentially have on your business in terms of you know overall does.
Batch and such and so you know what you just basically just how you're seeing the next couple of quarters in terms of effects coming from covert 19.
Hi, Thank you for your question.
Yes.
Having said this is due consideration if you compare I can do not with all the more.
And just for like conclude in Argentina, specifically, the demand decreased 11.5% so not.
Yes, that's a huge.
Actually comes up demand, perhaps the most important.
Perfect because of the Corona light well, mostly related with collection and that kind of picking up so much which would not.
So we don't see me, perhaps somehow would be effect when you start because we got equation, but we don't see Oh.
[laughter] dramatic reduction in terms of production our combined cycle portal for sure would be in this batch our call yellow symptom is out of this that's because of the.
We can Pat.
But that's the other part those.
The fact that our former amended aside the Saudis that's kind of things are more important intended so we get an hour or how could this year round the corner lives, perhaps the most important thing without inducing a situation. He was a projects under construction and collection we don't.
To be happy either being in the market in order to get my money increased up to the two pounds. Good subsea they was sending the demise note to keep older collection change hockey.
And then thing older.
It's been operating so it's more related to you.
Election done with the demand or origination and in fact, the older renewable project had I always does is that so that wasn't going to be affected our comments type is quite efficient indicates that our collaboration indefinitely, so breaking and perhaps.
Yeah, I would adoption with all the more the on the coding intensity regulation as mentioned in our statement.
It's not so much affected the gross loss.
No part of the elimination based on capacity not Sumatran production. So we don't see if I'd be lucky back in time to put that shouldnt urbanization, but more related to get the coach and perhaps on a higher absolutely needed from the governing the Kid collection.
Operating.
Okay. Thank you and it have you seen a and increase the time it takes for you to get compensated by Cammisa.
And not so much you talked the last most days have good news there the time I mean, I do but do you have to question Tom Watson, Pat Watson delay, but now the going are you sort of going back to on track. So not so much I put the because of the kind of what we called that.
I guess the.
Good day in collection was lost because related with the change in Garland independent Dan.
Because the client.
It will look like what might have maintained its been paid.
And then you probably four.
Okay. Thank you very much.
You're welcome.
Your next question comes from Anthony.
Rebel with Santander. Please go ahead.
Hi, Thank you for the presentation for taking my question.
I'd like to make two questions. If I may the first one is regarding.
And even then program on a statistically.
Yeah demo plant.
No.
I was wondering if you can give us an update on the [noise].
On the transfer itself the assets to address what do you have.
[noise] MACI that interest.
And when do you expect to.
She's doing these.
Equity income in your financial statement and also as you have any remaining.
Payments.
And then from.
No I'm something for the remaining.
Yes.
So.
On the same and have already installed devastating.
Yes.
Referring to.
Okay and number two.
Good.
Yeah.
Yes, yes, yes building in terms of receivables.
People like the pool Paula bills.
Some of generally going up.
Well done so this is completely said.
Hi.
And in terms of the transfer of reaction.
We are.
Oh.
[noise] easier.
The agreement requires in terms of the government Nick will give you a break important.
That was.
That was establishing the in the agreement.
Our agreement so we perform.
Hey.
Then the shareholders meeting for the 2.0 no that for you.
Thank you to the government where.
They did it in the terms that the government.
It sounds like participation.
No we.
Yes, so that we seemed a bit participation if they go and then it could be reduced income so.
Much they they contribute to the construction of the power gotten back in order to not lose get that change with the power plants in the breaking companies we agree to.
Allows them to entering that proportion like big ones, Richard you know where rights to reclaim the difference in third there.
But what sort of their actions.
So we did that and we comply with the nature and the government and these synergies they are ones that Scott there.
The power plants in the Duffy.
Our late stage.
Sage.
Additional information and I think we are.
They are doing.
Oh, the analyses in order to do French fair there.
Assets, so that bump.
We don't know one friend, but nothing that seemed.
To be.
The next month.
So we're not going anywhere except that we got.
So whenever he continues on a recognized income you know that as you.
Right and could you just to sort of what did you give us.
Michelle.
Steve <unk> income from from.
I'm not saying.
Yeah.
Well, we need to bird from evaluation, there is difficult because it took to finish the.
You should read between the participation.
And ER and I've said that we need and sue.
Pro forma evaluation.
Sure to incorporate these 15 our balance sheet.
Hi, I dunno right now.
You don't have that valuation that's shown yet.
But you can do thinking that this bold plans they seem to sell them away from the combined cycle right now yeah solution as one.
So let these will be.
The income that these forward brand new to receive for an hour.
Yes.
Sure right and my other question.
<unk> contract capacity, if you see any.
Changes in crises Navy translated to two vessels in the case.
Sharp depreciation over there.
Okay.
Do you.
Let's see I mean without taking the today.
Yes.
Oh, no we don't see anything.
Mark I'd go or something like 80, Bluffton depressed and we're almost there that indeed, but new billing.
We don't see I can be a week.
Good how that fits with the case shown below that we could be delayed.
Yeah.
Okay well.
Well thank you.
Hello.
No no question that they power from the here with though capital.
Right.
Yeah, Hi, again, sorry, and two very quick follow ups.
So when it's are you having access to the official FX market.
For debt repayment and imports are without issues and if you could tell us fleets about well well, what's the size of the but I would.
Uhhuh.
Outstanding at the end.
2020.
Okay. The first one yeah our.
Facing any program to access to the fix markets.
They import towards what they did that.
Yes.
Okay.
In the face of their renewal brochure rigs and.
They took importation floor at their seeks.
Bush is we are not facing and any kind of.
Problem.
I am I correct.
The question into something so we are doing normally of course, we need to rest of the times and.
And the norms regulations.
No more than that.
In terms of.
The amount of of the.
Civeo receivables outstanding.
At March.
The number east, Florida trended down $14 million.
We achieved the normal that expense.
In the collections.
During the Yaki and easier we collect the normal amounts and the ruler amount so.
The amount that.
Yeah.
We need to be outstanding but Doug.
Thank you know were very clear.
So from my side.
Okay and then next question comes from a Roberta I'll then with Morgan Stanley. Please go ahead.
Robert are all did on your line is open.
Oh, sorry, I wasn't yet [noise].
Hi, guys. Thanks for taking my my question.
Can you give me any color on how what percentage of the disparity overall demand.
We'll be younger system water on the following quarters. These juniors.
How do you see them when you do you have the company in day.
By the MLP, you lose your stake and who have.
And next drop.
For the next what that looks something like that thank you.
Oh, that's part of your question.
I forget I couldn't understand parts.
So we could crazy.
Yes got loved it how they demand going involved in the second quarter and the third quarter I think that's what's your question.
Correct, yes.
Yeah, well I'm just.
A lot more or less what I mentioned in the Pfos.
What's the rough unaffected, but they did.
It is one thing wall.
I would say they love them and at the end of March March it tended to do more precise.
And before that we have an increase of almost 18% in terms of demand until that day. Then after that we'll have an induction in the second part of it.
What we expect this more or less up 11%.
After demand compared with the same demand.
Then my last year. So this is there.
We expect.
Let me see today.
The government now is kind of relaxing the crime case, so what do you expect for the coming Mylan and like we have that.
Back in terms of crime plan to periscope increased cases.
The virus.
Yeah, I love to have that Tennessee patients as expected.
An increase in demand and going back to know my this is up so that the worst case would be 10% or 11.
Okay.
Uh huh.
Though remember the second part of your question.
Hi, how are we getting your bank jumps to quit.
Yeah.
I would just to then when you do you have the company in the.
I mean multiyear you expect to have anymore topics, maybe better we're required to have some.
The company to enter into new debt source or.
And then you would like that.
Okay. Okay.
Right now we are happy.
It's sufficient liquidity to make the capex that we will remain.
Perfect and.
Certainly helps seeks and.
Under a new old ones.
Yeah. There's you know at about one three and that for that we're not thinking.
Yeah quite some additional that long term that's for sure right now.
Because moment, we are thinking some liability management seats have opportunities in the local markets not for the big amounts, but we are seeing some opportunities in local markets.
They have done a link and he shows that can give us some opportunities to acquire.
At the child that.
No where interest rates, which is.
Perhaps some thing that we kinda do in terms of liability management, but we are not thinking she too we don't need to do for sure in terms of to close that.
Got picks up we are doing right now we have the liquidity assets for convention the impacting that somebody who have seen that would catch movies nuts, so relevant right now.
They think I, Miss our more or less stable. So we shops some income.
Hello too.
Cover all day Capex that we we still are full neutral Fortunately that seeks and and you know one so and in case, what's gonna well, one which have the long from Dave see remind you know big portion of these loans remind you know where.
Cash and.
We can apply of course, we went up like two to the topics. So we are not thinking there in a huge additional debt.
He can do sounds like I mentioned that liability management.
Again, an advantage of regarding that.
Look outside so they levels, especially for project, but do you see section he's got a slow the rest of the airport. It supports an Uh huh.
We're not planning to.
Anyway.
International initial middle or an important and initial most of that the next month.
We're gonna see as I mentioned, we're gonna be in December for the same enough today of the syndicate, though we check or more or less.
$6 million when if we can do sunlight empty miles debt management, there, but not for a cup.
Great. Thank you very much.
So what.
This concludes our question and answer session I'd like to turn the conference back over to Mr. Robert for closing remarks.
Hey, thanks.
Juan Pablo interested in type work, because if you could call last at any time for any inclination do amazing things.
Thank you and had a good day.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
[noise].