Q1 2021 Pampa Energia SA Earnings Call
And per day of which 90 per cent he's got.
On the other side.
We represented 21 per cent of the segment's revenue in the water volume sold decreased.
By 39% year on year to free 2000 barrels per day explained by lower domestic demand as refined products haven't recovered to pre pandemic levels.
Although we soon exports in April.
As for our crude oil prices, they increased by 11% year over year.
Year on year, and 34% quarter on quarter, reaching more than $55 per barrel driven by the brands and bouncing back from the sharp fall at the beginning of the Lockdown.
Regarding gas we can see on slide seven Q1, 'twenty one reached an average of 241 million cubic feet per day of volume sold 7% lower year on year, but similar quarter on quarter explained by still weak, but recovering domestic demand and lower exports to Chile.
The fact that drilling and completion activity, we activated in Q1 after a full year also impacted the production.
Although the growth efforts are in place for the winter season, when price search and the shortage of gas happens.
Production was lower at our less efficient gas bearing blocks, but was partially offset by the steady growth at among Russo of luck with outstanding productivity wholly owned and operated by Us.
In Q1 'twenty one.
Among Russo bleach.
165 million cubic feet per day of gas production, 9% higher than Q1, 'twenty and contributing close to 70% of our overall that rank. The four largest gas crews you block new Cana that you see.
During the first quarter of 'twenty, one our average gas price.
Was $2 $8 per million Btu.
21% higher than.
Then last year.
32% higher than in Q4, mainly explained by the planned Goss where over 70% of our output is sold of $3 per million Btu.
So this GSA does not cover the spot market or the commodity additional gas tenders free prices improve but hadn't reached the planned dose levels.
We approach to the winter season.
Prices are expected to converge to planned cost levels.
As you can see right below the reported sales are more diversified than a year ago, but still mainly destined to come in so whether for planned goss or spot sales.
The schools are also powerful and gast and will soar during the winter.
The increase any share two one for of the last day of this year's production.
Also we put in place a campaign to appeal to gas b to b cells.
With positive results, increasing our market share.
The only segment shrinking with gas exports, which decreased by half year on year.
Let me briefly comment again on the importance of planned us.
Which sets a turnaround for our E. M. P business plugged as grants are for year GSA intended to reverse the declining trend on local gas production.
What's the for major already and the only for Houston really some tendering the largest point of production growth in the book you know they see winter is seasonally critical because on top of the industrial product consumption.
Retail and thermal power increases demand dramatically, meaning we saw then in a gas shortage and massive imports, which are pay with current currency and does not help to the Argentine macro.
Under the GSA, we are committed to increase our annual production by 15% and by 28% during the winter season channel.
Charging free dollars per million Btu off peak.
And for a half dollars per million Btu on peak season.
That makes a year weighted average of free $6 under this GSA there.
Therefore in Q1 'twenty one.
We reactivated our investment activity by drilling six tight gas wells at clear Logan and share our charter.
And completing two tight gas wells and non crucial our main production fields in that block we are preparing for the outlets search.
By building the second gas treatment plant, which will more than double day of accretion plus capacity to reach almost 300 million cubic feet per day.
Drilling activities in the mention blocks will increase during the following months to fulfill our commitments, especially for the winter.
It is worth.
Mentioning petrochemicals outstanding performance, despite the economic downturn context.
The EBITDA increase was mainly explained by the significant rice.
<unk>.
International revenue on prices and local spreads thanks for the growing demand and need to the industry recovery.
Exports, which are 40 per cent of our sales are growing for FBR.
Reforming product.
I'm truly competing with the pricing trends, we expect to achieve similar performance during Q2, but beyond we are not sure how commodity markets behave well.
We'll be hey.
And as they are highly volatile.
Finally, moving on to slide 10, our solid performance allows us to keep deleveraging our balance sheet, therefore improve our leverage ratio gracious granting us some degrees of freedom compared to other industry peers.
Amid this challenging environment.
This slide shows consolidated figures, including our affiliates or other.
The ownership, but let's only focus on the restricted group for covenant purposes.
Predictable is the parent company plus the items.
Since I don't know what the consolidated bump on the idea for US is the same as the restricted group.
As of the year and the restricted group cross debt recorded $1 $6 billion.
Similar to last December 91% denominated in U S dollars up from 88% in Q4.
Because we've been paying down short term okay. So that's the dollar debt, there's an average interest rate of $4 seven 4%.
While the peso debt at.
Wages of 39% interest.
Krish life decreased from $4 eight years to for six years.
For the cash amounted to $409 million.
Corporate some lower than last quarter for stock, mainly due to higher working capital that I put on gas.
[noise] coupons peso debt payments.
And share buybacks.
Partially offset by positive operating cash flow.
The restricted group's net debt is senior to the last quarter amounted to $1.2 billion.
The net leverage ratio improve for.
Two for two two point free times, driven by the higher LTM EBITDA.
In the next 12 months the company only faces $165 million with maturity of which 84% in local currency. After Q1, we.
We paid at maturity of $16 million of peso debt and made some share buyback.
We will keep reducing shortened peso debt unless we find another opportunities to capitalize on.
Either for M&A or further security buybacks.
Regarding our affiliates for Oregon amended its brt's amortization schedule easing the maturity profile for the next two years.
Finally, the last aprils annual shareholders' meeting approved to cancel and another $2 3 million Treasury ADR.
As of today, our spending capital announced for $55 7 million ADR.
Also keep in mind, though or board also approved a new program for up to $30 million last March.
With a price cap of $60 per $16 per ADR.
So this concludes our presentation now I will turn the word for Margaret that she will poll for questions. Thank you very much.
Thank you leader the floor is now open for questions. If you have a question. Please send us put all these platform, we will read and answer them in the order received.
So please make sure your name and company our articles lately slate to introduce you to the elegance. Please lower your hand. Once Youre question is sponsored should any participant need a fee for a furnace message or raise your hand, please hold while we poll for questions.
Our first question comes from Frank Mcgann from Bank of America. The first quote he has to say questions. The first one is what are your assets your expectations.
For the hydrocarbons law in term of timing of major provisions it will have.
How could it affect campus opportunity.
Yeah.
Joan.
Hi, Frank.
Regarding the.
Hydrocarbon law.
Many of them.
For.
Virtual server or many proposals circulating.
And formally through through the market.
Scene.
One that is very encouraging, but so far none have been formerly percentages in Congress. So.
Yeah.
We still don't have any clarity or guidance.
Yeah.
My personal opinion is that any improvement.
In the Lauder will encourage investments on growth next for us it's more than welcome.
Not only for the impact they will have on the industry, but especially because the growth in net exports will help to stabilize the Argentine economy.
Hmm.
I think that is the most important help for for the sector.
Stable economy.
No law will be the solution for the industry.
If we.
You will have other.
And a stable macroeconomic environment. The first thing than even for me interest is stable macroeconomic environment.
And then.
Yeah.
Damian current two investments and exports for third revision.
Welcome to book.
No problem.
As much as I can say.
Thank you for the second question is about what our debt Patel.
Potential projects that you could do with Gazprom with Pompe I'll be the operator in these projects.
Okay.
Yeah.
Okay.
It's too early to give you to give any internal goal to answer the Vito said what your.
I was asking.
Because we are primarily a stage excellent.
Excellent news regarding me.
But I can tell you so far is for.
Leaving international company loan growth from is willing to devote time to.
Analyze understanding business opportunities in Argentina.
So far that's what we are.
Working with debt we are sharing information we are helping them.
Just on the new opportunities that we see.
In the natural gas market the emotion Tina.
But we are very early stage.
The of the conversations.
So far already and the NDA has been fine so.
That is what I can tell you for a car.
Thank you Sal.
The last question from Frank was about do you see the potential any potential new projects to add new capacity I think he means the power generation business. When do you think the system will need new capacity.
Okay.
Alright for yoga.
It was a very.
So.
The timing will very much depend.
On the.
Growth prospect of the copper industry overall economy of Argentina.
Yeah.
So.
I don't have a timeframe.
In my mind growth.
It's not easy to predict the outlook for for the economy.
But as you know.
Power generation projects take a long time from the moment that you start thinking about it for the time the it.
In commercial operation to look like a commodity cycles at least three years.
So.
He's economy starts to for her more okay.
But I don't think it's crazy that next year at some point over the next year, we will start to think about it.
For new project being empowered penetration today, where we are.
The system is running with a good sales.
Safety Gershon.
Yeah.
But we.
Yeah.
That is because we are counting weed.
Old and inefficient.
Equipment.
It would be very good quarter system to be replaced.
By more efficient.
Renewals for Oracle buying cycles for go toe to replace older steam turbines are still running.
In the system.
But that would be very good news, obviously, the reimbursement environment has to be there. So.
The current use of.
Silver and on corporate debt.
No there isn't.
The good moment to be.
I mean, this kind of project.
Yeah.
Thank you Jules and our next question comes from Bruno Montanari. He has two questions. The first one is can you talk about how the new planned gas payment are taking place is the government paying on time and how much does the company has in receivables related to their subsidies.
Okay.
Yeah.
A gigabit.
And what has happened is debt.
No debt.
Sorry.
Gonna, Tennessee.
They basically.
For for ourselves the main.
Yeah.
The <unk>.
Our revenue circa I mean basically from from commercial debt.
Sure.
Uh huh.
Most important buyer so for the plan gas demand.
Huh.
Thank you Paolo I for.
That's the cash equal in the day.
Good.
Payment delay with those for the.
Power generation sector.
<unk>.
So we are collecting.
Our gas sales in the same way that we are collecting.
Our power generation sales so.
Although that is.
A little bit of delay converge toward was committed under the line gas rules that is something that we were expecting to happen that we never thought that I Miss I would've cover unexpired shall treatment for <unk> for.
For <unk> proliferation.
The amount of receivables growth subsidies.
It's a calculation.
200 already kind of a million bucks or so okay.
We we already a group.
In the Nevada sheets for 120 million pesos as a premier Canadian dollars.
But remember that is the off peak.
You mean, the peak will co op, we it's worth to know.
We already got the Spurs, the january's order of payment. So we either can use it for paying taxes pistol or collect the money.
Yeah.
Yeah.
So for sure there are a little bit of delay.
Net income.
For the subsidies, but I think that debt can be mostly attributed to that.
Is that for.
First implementation over all of the process.
But now that.
They have issued a purchase.
Order for payments, we think they will.
There will normalize the refrigeration Bruce.
Thank you Luiz regarding.
Regarding the second question.
And the second question Alberto non Montana Natty from Morgan Stanley. It was partially answer because he was about gazprom, but he had a he had it have you seen an increase in the appetite of foreign investors to invest in the oil and gas sector in Argentina.
Okay.
No not really bad gas bromine for them.
It's the first.
The company International company debt test approaches.
So kind of say that Bruce.
Growth for.
For any investor appetite.
Let me leave it there is interest interest from from growth from mother.
I cannot say that he said channel situation.
International investors.
Okay. Thank you with our.
Our next question comes from a cash.
<unk> got Nader from credit Suisse.
She has two questions. The first one is on the gas plan are there any expectation of additional procurement acquisition from government.
Maybe she refers to the third round of bias.
Sure.
There are still no official news about a about a surround.
For Quinn.
Winter supply.
Not to other golf.
But.
We think debt.
And we have been.
Discussing about this.
With the government debt.
It's a must that they should do.
Argentina for this winter is importing LNG.
At an average of.
I think it's something like $9 for them.
For <unk> <unk>.
Btu.
Yeah full price, including electrification.
And also we will.
Will you be importing liquid fuels like do you feel that.
Even.
More expensive so as we always said.
It makes a lot of sales too.
Pay the local industry.
Something.
Close to the import parity.
Of these fuels in order to save please.
Fiscal money and also to save international reserves, because the local industry, we collect although this enterprise.
For them.
Refining dollars.
We are paid in pesos.
So.
It makes all the sales to do a thorough.
And third the third auction off.
For.
Winter gas.
And to return for a possible obviously it will be for start in the winter of 2022.
But the sooner they do it the more time the industry has.
To.
We plan to see.
Their capacity to increase production and to have a successful auction. So we are encouraging the.
For the government to do a surround but we have.
No.
You know there is no official response so far.
Thank you for our next question comes from Alejandro net out there from J P. Morgan could you comment on the pace of Capex going for.
Yes.
Okay.
Tahira.
Hum.
Basically.
As we explained on.
On the call on the first quarter.
Yeah.
Capex will be mostly will be this year, mostly concentrated on the E&P business in order to be able to.
De lever our huge increase.
In production that we committed under the first round total day.
Planned gas auctions.
So in total for the year, we have something like you're hanging on.
$88 million or.
Of Capex for <unk>.
E&P business.
And that will be mostly deployed during the second line third quarter.
As <unk> commented we are investing in it.
In expanding our production capacity at the mine Russo.
For two more than double our production capacity.
For fishing capacity, you know among lucia with it with a new.
With the new plant.
And the bulk of those.
Capex will be spent during this cycle.
Third quarter Oh.
For the year empowers generation.
We.
We have the expansion of Baran bus.
So that is that's a subsidiary debt at AR.
Okay.
That it's returning to the investment that it's already financed.
So we are not expecting.
To need any deployment of cash from bond borrowing to tomorrow until underpowered for the region segment for Pampa suddenly mundane other capex of around $40 million to $50 million this year.
Okay.
Thank you fellow Ah I forgot the other question from Caroline on the second question of Corona got NATO and EDI sales are related to the question of Sangamo laterals from T. P. C G.
Our legacy power plan any update on discussion for a potential change in adjustment clauses for legacy generation, there are others talking about adding coming 29% uptake.
Sure.
There's been the.
We are expecting an increase.
And at any time.
And so coming in the next.
I don't like to say a few day for into the next few weeks.
Hum.
Catherine.
<unk> mentioned by government for diesel.
We're working on.
On this.
We've seen.
And the exchange of information between the secondary offering there she got Mesa.
Yeah.
This week.
That is a sign that the resolution is moving forward.
So we expect to have.
A recognition rule for the.
Less than the past inflation local last year for legacy capacity for around this 29%.
Contrary to what the resolution issue last year that said that this.
Remuneration, we're going to have.
A monthly update.
We are not expecting that to happen. So we expect to be recognized.
Partially for last year inflation.
Hum.
Not until <unk>.
In the end of the year to have a new <unk>.
Recognition for current inflation.
Thank you for style our next questions come from Konstantinos for Paillasse, combining it with a question of ethical and from balance. The first question is have all day E. M P business how secured debt.
You expect thus export under the new export regime in force what are your estimates on export volumes for 2021.
Is it public or do we.
Oh, well green.
We are awaiting approval for for.
Clinics for contract.
But it's an important.
For contract in terms of.
Of quantity.
<unk> book.
That goes from October until April.
For next year so during the.
Summer season.
We are very.
Much of bonds on the on the paperwork.
<unk>.
And with them before the end of the month, we should get approval for for that contract.
We are very optimistic debt.
Given the fact that we are increasing.
Yeah.
So aggressively over production during the winter that we wouldn't be granted for.
Export contract.
And I think there will be no problem for the country and its capacity to export after after the winter.
Because there will be.
Except for production vis vis the local consumption. So we are optimistic that it will be.
Respectively.
The question was related to that.
That worked for questions.
Okay.
Okay. Thank you Stella.
The second question off Constantino as combined way to SA Khanna from my last question is about the drilling and completion activity in the E&P business regarding drilling and completion activity expected in the following months in view of the plan gas commitment cause you gave an estimate of the number of wells and I think your allotted the unconventional.
Well for flow.
They're all unconventional wells.
Will you be drilling something like eight wells.
Yes.
Two months.
And the next for two months.
Completing wells for wind.
Was that some of them have already been drill some are being through currently.
Currently.
It will all be completed in this.
This month.
And our next month in order to grow our production to.
To comply with the.
With our commitments.
Non-GAAP.
In in the auctions of the of the line gas we were as aggressive.
Yes.
If we could ever have been.
So.
There could be weeks.
For the week of.
Of Lockdown that had been in noga and do during April.
That affected our.
Our plans and we are currently a little bit behind.
We're committed to production we are on.
Around 10% below what we committed for.
This month in the non Gov.
Akshay.
Totally explained by the three week.
In capacity to the work that we had.
During April.
We hope that.
In the next two weeks.
We will be able to do.
<unk>.
We have the scripts per formats as we expect within day, we will be.
Able to comply with our commitment our commitment under the cash.
Non-GAAP.
Yeah.
Just to add right now we have these Sis are 13 wells gas wells, Okay and for the for the year, we expect to a two per drill.
Drill like 30, but complete out of this 30 25, So 25 wells will be completed this year.
Only just talking about.
Thank you startle a leader Oh, if they came out at a third question is about any updates on the Enbrel evaluation.
Regarding Illinois deal.
We do.
We don't have much to.
To add on that day.
On that process.
Every day, we have submitted.
We in the procurement for <unk> for the North have submitted.
To the Embraer all the information the day.
The requested.
Hmm.
The last information submitted with several weeks ago.
So we are awaiting whether they have more.
Yeah.
For questions or they're working on the resolution, but we don't have any.
Any clarity on that.
Okay. Thank.
Thank you Gustavo.
Our final question is about.
If about do you foresee any difficulties in reaching committed volume any longer for it during the winter.
No as I say the.
Obviously, we are we are counting on the wells.
To perform as expected them.
Yes.
You never know until.
Yeah.
Until you put the they're willing production, but you for.
Everything goes.
If it <unk> perform as expected within that within the next.
Two three weeks, we will catch up.
And with our delay and we will be.
The growth you've seen what we committed for.
For this winter.
Thank you Pavel.
We will continue with Konstantinos <unk> second question is about what do you expect a 40 facilities with maturing our U S. C. P. P. As in 2021 are they passing to a legacy way Jamie.
Yes.
Well we have.
We have two facilities maturing this year. The first one is did you render would you said 30 megawatts a small very small plan for the megawatt.
Yeah.
Which.
Is.
Yeah.
Internal combustion engines.
And.
Okay.
For our solutions 31.
Are not able to to operate because they have a.
Variable costs.
That is well.
Bob.
Yeah.
Resolution for anyone base to that in technology.
But those equipments are needed.
Because of good location towards needed the distribution company.
Hi, Robyn.
It's an EBIT for the system for several reasons for at least I don't want to give me two technical so we are in conversations with.
Yeah.
With the interest parties in order to.
Comorbid bedroom ratio for that but we keep we cant keep this.
30 megawatts for I mean.
Once the PPA ends in July of this year.
The other.
The facility that is maturing is the.
Steam to providing Oklahoma allowed that.
In November of this.
This year that will fall under resolution 31.
But that is a combined cycle, Doug because if you do.
You'll see it because of the way that is remunerated under resolution 31.
Yeah.
Obviously, it will not have the kind of margin that we had.
For the PPA.
Yeah.
It will continue working under resolution 31.
Well konstantinos for important day.
I was thinking about that for one day. She has another question that I think.
I understood. It is that we have seen some program.
Excuse me the house in the past months.
On the Argentine Patty.
What is your position.
Which items are you.
Okay.
What is your position.
To secure thermal assets have elevated mostly in the U S. Linq PPA. Thank you.
Because you know in this quarter that the the market availability because of the very low it was 81%.
Total revenue.
<unk> 95 for some I guess that debt.
Question.
Yes.
Okay.
We tried to.
Nothing different from what we always do we.
We are proud of the of the outstanding availability.
That we have in our.
In all of our facilities.
Yeah.
We have that because of the excellent quality of our people.
The fact that we.
We do.
Everything that is required to liquid men and we spend as much of this ashish.
Necessary require and we are all the time.
And.
Doing our best to keep that availability.
Okay I'll try if possible.
So no nothing different than.
Our concern us.
We explain.
Yeah.
The previous conference call is debt.
Without an adjustment in risk solutions for the one.
There are some technologies that are not being remunerated well enough.
<unk>.
Okay.
So if there is no adjusted on that as many of you in resolution for everyone.
We will not be able to continue with this guy now.
The state of the augment the natural color of our equipment.
In the medium term it will it will be felt.
But.
I think that day is.
If I suspected visa and increasing the resolution 31 that we are ready to talk about happens.
In the next few weeks.
That is the fear that we'll do.
Not materially.
Thank you Gustavo our next question comes from rounded that it's very related to the question. We have answered our NFC. Other step plan EBITDA positive do you plan to shut down the plants east no inflation adjustment as provided.
Okay.
Uh huh.
I think I already covered that.
No we're not planning to shut down any plan.
Except for <unk>.
Thank you Linda.
Which because of its technology and the way it is revenue given the risk. So that's one.
Okay.
We will not be able to continue operations.
July or August and July.
Yeah.
These facilities as soon as we are now.
Not able to get a special treatment for the facility.
It's only 30 megawatts out of the.
<unk> got some of the 5000 megawatts that we operate so they're very small.
Smaller margin on units per hour for folio.
For simulation.
Thank you.
Thank you <unk>. Our next question comes from Liliana Young from HSBC.
The first line was about a hydrocarbon law, which was answer the second one is about what kind of incentives would you like to see so that you can ask for more gas.
Are they are more related to fostering gas infrastructure investments or making sure you're allowed to.
To export even when the domestic consumer has not enough gas or if it's about increasing domestic gas prices.
Yeah.
It's a.
It's not a question that it's easy to answer.
In our centers.
But.
I think that the.
In order to.
It for GARP gas to Chile, a little bit too.
To Brazil the conditions are there.
It's only a matter of price.
I think for what is more important is debt.
We again are we.
We regain the confidence of those markets.
Meaning debt.
We will be signing contracts.
<unk>.
Okay.
Should be able to.
For for them on those contracts in the past.
Yeah.
Argentina was not able to do so and that was paying.
Painful and costly.
Situation for for our neighbors so.
The most important thing is to regain the confidence of this market.
For that.
Yeah.
They will be.
With time be able to.
Okay eliminated.
To reduce the imports of LNG.
And replace that with supply from Argentina.
In the process of de Carbonization.
Chile is for them.
Okay.
It's planning to.
Include.
Argentine gas as part of the solution, which is something that they are not.
Foreseen at this moment so.
In the short term I think that the most important thing is studies.
To this.
Credibility from our.
For potential market.
In the long term it will be.
Huge infrastructure profit in order to be able to export LNG.
We need it.
And you.
Pipe for menu innovation.
To Uh huh.
Non-GAAP when insider for being able to.
Transport Morgan from innovation to talk to.
For a little early to know for Argentina, and also to view.
Our next door and LNG export facility.
Which.
Future investments and as I said before.
They require.
The financing cost.
Significantly lower debt with urgency and I see them.
Be safe.
So that is a.
Okay.
Question, then we can spend more time answering.
Yes.
In the future.
Thank you Pavel.
The next question comes from.
But in Oman Danae for Morgan Stanley.
He had one more question.
You mentioned M&A as a potential use of cash, which M&A opportunities does the company see in Argentina.
Okay.
We again with the there's nothing that is for them.
Yeah.
We are talking a few.
Potential M&A, but other very early stages.
All related to COVID-19.
Lee to the energy sector.
Mosley.
Power generation and petrochemical related.
Investment.
But.
Theres nothing.
<unk> Creek or.
Yes.
Mathematical controller for school.
Not much to tell you on that front.
Oh.
Okay.
We are close to an alert the flow.
And question Harold repeating.
So we will try to.
Reaching out to July and sorry again.
Can see where you can launch the debt.
Again, I don't know who's or Ravi.
Would you like to give some remarks that we didn't address today.
Now do you think we should tell everybody.
No no.
<unk>.
Okay.
No no.
Mhm.
That'd be the only.
I was expecting.
A question of other petrochemical segment of Pampa Verde so good.
This quarter so.
We are very happy.
Of that we would expect.
This growth.
Current second quarter to be a strong as the first one obviously we have.
But we don't know whether that will be whether they be the segment will be able to.
Continue with excellent for four months in the second half for them.
Of the year.
But we are very happy as to where that's happening so far just to give you some.
<unk>.
Nick's structural change that is happening in this segment is related to the development of in a wait till the developmental backup ARPA growth.
Yeah.
But Mike what ours is.
Is quite light.
And.
As the share of Av.
Light oil coming from more of a continuous to grow that results.
In more.
NAFTA Virgin naphtha coming out of the refinery and that is an important input to our.
Our segment that we used to import and now we are able to for fifth locally.
So that has helped the margin so.
For this business.
So the basic structure of positive J&J.
In this segment.
Killed by.
Hi International price isn't we price according to.
We price our boats according to import parity.
So it's a segment that has been doing very well in the bus.
And in the in this first half of the year, we will we hope we.
We expect.
Uh huh.
We expect it to decline slightly.
In the in the second half.
Any other comments.
Okay.
I think.
That covers.
Yeah.
So.
We are one hour.
We are talking for the hour. So thank you so much for joining us for pleasure, we are going to have a survey after this if.
If you have any questions. Please reach us out we are always little for you. We are also are reaching now all our investor community with an ESG Materiality survey, we would like you to completely if you want we can send you the link.
And.
I think that's all thank you so much again Maggie.
This concludes today's presentation. Thank you for joining you may disconnect at this time by.
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Every day.
Okay.