Q4 2022 Enel Americas SA Earnings Call
Good day, and thank you for standing by walking through the fourth quarter 2022 <unk> America.
America is results conference call.
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Please be advised that today's conference is being recorded. This presentation contains statements that could constitute forward looking statements. These statements appear any number of places in this presentation and include statements regarding the intent belief or current expectations of N America's and its management.
With respect to among other things and America's business plans and no medical cost reduction plans trends affecting N O America's financial condition or results of operations, including mortgage trends and the electricity sector in Chile or elsewhere supervision and regulation of the electricity.
Sector, and Chile or elsewhere.
And the future effect of any changes in the laws and regulations applicable to N a Medicare or subsidiaries such forward looking statements reflect only our current expectations are not guaranteed a future performance and involve risks and uncertainties.
Actual results may differ materially from those in the forward looking statements as a result of various factors. These factors include a decline in the equity capital markets and increase in the market rates of interest in the United States or elsewhere adverse decisions by government regulate regulated.
<unk> and Chile or elsewhere, and other factor described and <unk> America's annual report.
<unk> are cautious to not not to place undue reliance on those forward looking statements.
Which they only as of their dates and America Medicare's does not undertake no obligation to release perfectly. The result of any revisions to these forward looking statements, except as required by law and I'd like to hand, the conference over to speaker today, and I filed a alpha head of Investor relate.
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Let me remind you that'd be present pace you will follow these might have been a brilliant ripping through the company's website.
Following the presentation.
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Please remember it up with yours can be made only through the telephone lines.
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Thank you good morning availability.
During the fourth quarter.
Sort of action.
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In the fourth quarter over 20 <unk>.
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On a yearly basis, we were able to reach the back.
Even on our strategic plan in 2021, Larry.
For a million years older and.
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All except for where.
We had a solid leading series of 35 per se.
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I gotta be lifting again with a significant reduction you too negative impact scamming through asset sales and <unk>.
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They should.
During that Dwayne Keith with people, we have the 545 megawatts of new renewable capacity and we couldn't.
<unk> 2.5 G go with a capacity under construction.
Our renewables get back with you know <unk> 71 per se.
Our thoughts are capacity.
73 per cent of our production.
Let me get very light and we work for Ya.
Along the top five per se best that yes, D <unk> globally by S. M T.
We were included in eighth 2023, <unk> one more yeah.
Finally in terms of corporate simplification using a 2022 <unk> concluded the sale of a helpful.
And the <unk>.
And we are now the seal of our data motor generate should not sit in Argentina.
Well, yeah, not a fee so the fee is process of endless Sarah.
In addition to the <unk>.
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Let's move to the phone or you can fly to see the may know mackerel indicate there.
It's showing on the left side of the table beauty <unk> currencies in Argentina, and Colombia evaluated again.
What the amount of that force flick the wireless the wide Gulf studies got better when breathy July for me I appreciate it.
In terms of inflation.
We can see <unk> inflation rate increase in most of the currency.
If you can if you can live in new line with the situation that we saw across the award.
2023.
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Ended up he likes Panama, we saw a reduction compare.
Ear.
Regarding electricity. These <unk> during the the last one we saw in the Boston could easily in Argentina, Weiler indirectly in Colombia and Peru.
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Instead of the election, we continue levels of around 100% in all the county.
Leaving E I S collection problems that we at during the the Sunday night.
<unk> regarding the <unk>, we have a significant reduction no 16.1 Thursday.
Compare to threaten people anyway.
One of the on the following the saliva.
These tasks hours correct <unk> action.
How do we have now.
On our latest the strategic planning please enter the November 2022.
<unk> aims at establishing an integrated <unk> across the value chain.
<unk>, who said of our customers in their education journey.
Forward before we really but I mean for the refugees actions over the next three years.
We will continue racing, forcing the development over in Europe intimidation supported by a strong pipeline.
At the.
The implementation of the <unk> more than that.
<unk> L T financial position.
The reader out of the any bladder India had your transition process that we are going to continue boost the digitisation and mobile edition of Iowa City.
Through significant investments.
We will boost castaneda Sim city city, but I'm old B M D.
Anything that ended the vacation through an integrated offered in new services and products to our customers while promoting the the liberalization all the energy market.
Finally, we are going to concentrate our efforts on the boundaries, we live at a more a line <unk>.
<unk> of energy transition and our identification and be careful musician.
Did he mind, you will see that the hour will be.
Results at a fully aligned with the hour that I could do.
Let's begin by analyzing our investments all the <unk> number six.
During the fourth quarter, you see our our capex increased by 20% compared to the same theory or the last bit ear.
Ricci 1000 401 million dollar.
Is it mainly explain by higher investment in England addiction being at the beach and so do you.
You.
Two developments over the newer both projects and investments in this <unk>.
From the top dollar amount the 56 per se or invest in the middle feed while in terms of business, 54% when people do that any more boats and 37 cents. Please.
<unk> topics reach the 902 56 million dollar.
Mainly we won't do that.
New mobile business with 77 Thursday.
E E have any basis.
Catholics amounted to 3.6 billion dollar, which is 20 per cent more than Glenn deep lengthy wow.
Right now on my life.
Okay anything <unk> customer service.
[noise] and the relation dizziness during the fourth quarter of 22002.
162 megawatts of new renewable capacity.
Reaching 16, Geegaw lots of installed capacity from Wiech, 71% is renewable.
If we could do that.
<unk> the recent that he sold the better my generation at 50 in Argentina.
What our thoughts are capacity east 88 per se.
Let me remind you <unk>, we already became 100 per cent and I knew about generation company.
The the sea all <unk>.
An expert of action in the fourth quarter reached 12.9 date of artwork.
And in Greece.
7% compared to the same period last year, mainly explained by a higher generation in Brazil and Betty.
From our total production of 2022 73 per cent if emissions city.
And if you've got little compared to the 67% of 2021.
Energy sales increased by 90 per cent during the sportster, reaching 20.8 <unk> <unk> <unk>.
On a yearly basis energy C. In Billy's device lengthy two per cent.
Right number 84.
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On the <unk> of America.
Nation.
Yeah, I remember that in 62 megawatts of new yoga capacity added during the fourth quarter, we reach the five.
45 megawatts of new capacity and the thoughts or 5.2 gigabyte capacity counting Rome annually Power America.
Put on these 70 cents per se or even a field in terms of technology 2.7 G go outside the wind capacity and 1.7, Geegaw, what soda and finally 0.8 alright.
We are currently working that an additional 2.5 gigawatts of capacity under construction, mainly located in Brazil and Colombia.
1.2, G, though what we project and the 1.4 G <unk> a solar project.
Using the <unk> 23 around 1.3 G <unk> will begin operation.
1.2 G M.
<unk> 2024.
Capex it in.
The American viewing is worth it was clear.
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Mainly located in Biloxi.
The full dear tactic to reach the 1.2 billion Lola.
Regarding our pack plan, we are considering six b, one geegaw worth of new capacity.
Saddam decent amount.
53, gigawatt, Natalie stage and when the five G <unk>, adding me to stage.
In addition to these we have around one gigabyte, the Vice city energy started pizza.
And we are also considering that too.
2.5, Giga Watt project under construction already mentioned.
This is <unk>.
You can easily come.
We used to compare it to the 22.1 Giga Watt, we announced we incorporated and we didn't talk about America.
And Dwayne of America, reflecting the importance Bruce capacity of these conditions.
Let's continue with deleted operational high rise On-glide November 9th.
[noise] electricity distributed.
That's the 1.3 instead of a Star War.
In the fourth or fifth it's usually pretty standard greenfield, 2% compared to the same period of the last year.
Blame them by higher sales in the four counties race, where we already.
But I gotta being the number of customers without considering the customers coming from anywhere yes.
Part of our city maker.
By the end over the ear.
We had an increase of around 420000.
In the last 12 months.
Reaching 23.3 million customer I'm, all all our distribution company.
It is wonderful high lie.
Number was more as magneto it more than doubled compared to last year, reaching more than three I'm good at that.
In terms of quality indicator <unk>.
<unk> prove that as an average explained by a bad setup in Florida might be in Colombia.
In the case of society and by graffiti Colombian Port Tennessee.
Finally in terms of energy losses.
Improved in Argentina, and go to remain flipping Columbia <unk> greed in.
Explained by solid quality.
Cause right number then we will see Emily Sir and <unk> <unk>.
In a business, where they're very solid rule in all our businesses, especially.
Charging station distributed generation and maintain antenna.
Six.
They got the retail business the number of customers increased by 11%.
More than 5000.
Yeah, and if you saw the man to $24 for a thyroid employing people and people.
Means that Glen fee per cent increase compared to 2021.
On the following slide we will discuss our ongoing the car before it seemed verification.
During the 2022 weeks.
We conclude that the sale process of.
Central Fort Saint August and and.
And then go yes indiscernible.
Along with this we recently announced the see all our federal generation acid in Argentina, Anita and dark suit.
These pills are already committed and we already have received the payment for a close them here and there.
We received the payment for the books.
In the next two months.
D C.
Saying that very important step forward.
<unk> moving.
The name of your transition.
Where we are aiming to be fully renewables generation company and to boost the redfin vacation in the cities, where we operate.
As I mentioned after and disposed of all Argentinian aspects, our generation Netflix we'd be 88th birthday.
During the 2022, we also concluded the listing and Deregistration of regular Merrick aspect of the U S market.
420, 23, we have a working on the sale process that we announced the hours.
Could I teach explain which are available in the remaining <unk>.
Tina how long with the N C. R. I am breastfeeding reach <unk> recently announced already begun the.
Process.
At the same time.
Looking for investment spot, they're asleep lament that you actually more than <unk>.
Or a new mobile diminish in the throat.
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Or a C D C fire lighted up for the second time the companies leave their cheaper.
In the <unk> in the east or the by climate change inside.
Unity.
For the mood in renewable energy development, and you seem really noticed that admission.
Nation.
This time of the company and brood East racing from day to a.
Minors.
We were like organized once again for integrating the three categories of a boundary sustainability index.
And may have your market he said.
Madison fell over the Pacific Carolina.
Chile, after adding of being the highest score of 87 over hundred.
C V S.
<unk> participated.
Also we were competing and the sustainability, yeah, the book and 930, comparing their sustainability Pet Florida man.
At least the company they the on a demanding and competitive evaluation.
The company has to be part of the selection scene 2019.
See I would distinguish for the first time in the fall.
Type person S M T.
P. A global yes D scored technically ranking among the most sustainable companies, India electricity in the city or why.
And finally, we got.
Delighted to receive that he songster or the first b singer and you might arrive.
Yeah.
By the Chilean Catholicate University Law School.
At L America, we obtained the highest score along beep that call me back.
21.5 points out of a maximum of 24.
This results in line with the evolution in D C. They're sure our a woman can meet demand would just transition.
Now how radio will come in on the financial results over the period ended up coming yet right.
Thank you Molly true.
Designed to foreign foie could reach at 1000 $400 million, 19% higher than the same theater of last year.
That's a result is mainly explain that biodistribution business in Brazil and Argentina.
In the case of Brazil would have higher revenues due to the setup adjustments that we'd have duty.
While the occasional pregnancy and then we have the next hour dramatic effects related to the waiver of some deaths that we had we come in.
Currency exchange had a negative impact of minus $198 million in the squad.
Plain advisory valuations in Argentina, and Colombia.
If we isolate the effects and the extraordinary impact and I was just you know just mentioned it the dog would have increase it by 17.1%.
Opex increase it by 11.7% due to higher inflation in the region.
Net financial result, Goof advice 43.3.
Three per cent due to higher financial rather than it was mainly explaining by the actualization of sector assets and liabilities being Brazilian distribution company partially.
Partially offset by higher financial expenses group.
Many of them in the book was Richard 50 $959 million.
Reflecting the negative impact of the experiments in connection with the first and.
No way that's M. Argentinian third my wife says.
If we exclude these effects alone with the positive one off and distribution business in Argentina net income would have Richard $253 million, an increase of more than 100 per cent compared to Fort Watson afterwards do what.
First from it but Asians in the spirit reached 1060 $2 million why not beds increased by 70%.
<unk> $6.9 billion.
We will in our lives and that their cash flow and that later in this presentation on it's like 15, we'll see if you die evolution breakdown.
Starting from.
Nothing from 1170 $7 million I'll pick this up.
Four classes.
2021, we see that all business all our business lines have falls into the results except for two or more generations, mainly driven by the sale of and the four values.
With your business have a significant growth, mainly driven by credit for adjustments in Brazil, and and not really generic effect in Argentina.
Renewables business grew by $49 million why a weekday and.
Screwed by 47.
And for a million dollars respectively.
Currency devaluation book, either eat but had a negative effect of $280 million Ricci.
Richie finer we'd be that 1000 $400 million 90 per cent higher than the same theaters of last year.
On a country basis, we see that the main contribute them for consolidated EBITDA was Brazil with 61%.
Y a columbia represented 20 per cent goodwill, 11% Central America, 4% and I was in Vietnam 14 per cent do too.
Dimension one off effects.
In terms of business lines grew.
Greed represents 59% of our design and renewable generation between 9%.
Thermal generation birthday, and my legs contribute with three per cent seven per cent in two per cent, respectively, let's see it'd be back breakdown on a cumulative basis on July 16th.
Starting from 4000 $102 million off EBITDA of two empty and do what we see that S. On the previous lives all our businesses had bosses people foundation of results duty.
Except for thermal generation, which decreases by $77 million.
<unk> $330 million, mainly explained it by Brazil and boom.
Greece ruled by $647 million explained by better results either for countries why we pay you and and the legs grew by $157 million.
And $44 million respectively.
Currency devaluation, plus I bet, he but have a negative effect of $290 million Richey.
A final a desire of 4820 $5 million 18 per cent higher than the same Theodore fly for Ya and fully alignment with the guidance that we gave on our strategic plan back in 2021 or.
When a country basis, we see that the maintenance there'll be with her for consolidated EBITDA was Brazil with 49%.
Columbia represented 29%, 13% in primary 4% and 5%.
In terms of business line.
<unk> represents 49% of all of it I did that and renewable generation 34%.
Sandwich generation repair U N.
Legs contributed with a certain percentage of presenting two per cent respectively.
Now see generation business on July 17th.
It'd be dying generation business degrees. This guy, 14% go to fourth quarter of doing things into them, reaching 470.
$5 million.
This result is my next payment by the lower result, galoma due to effects devaluation M lower sales sales price.
In in Brazil, due to the sale of and unfortunately.
These sports bar shall we offset by group.
Renewables and hired a designing boo and Central America.
On the right side chart, you can see that Columbia was the mainland.
But like with that.
With 35% followed by Brazil, and we started three and 19% respectively.
Central America in Argentina, Richard eight per cent and five per cent, respectively, Let's see greets business in the next life.
It'd be a dime grief.
Mmm business increase it by 50 per cent compared to the fourth quarter of last year.
$966 million.
Numbers include basically, Oregon that affect all for that and the impact of both ears off the actualization of distribution confessions I freak dwell.
If we exclude these effects if you're dying breed business would have increased by 25 extent screeching [noise].
$698 million.
This better result is Mayo you explain it by Brazil.
Due to the tariff adjustments that we add duty to mp3 be too.
And lower energy purchase cost and in the lower extent due due to the higher status.
This was partially offset by a lower at the dining Columbia explain and buy currency devaluation.
On the community fused.
Which is 2000 $801 million I figured that.
An increase of 26% compared to 2021.
Ooh represents six to three per cent of the mountain, followed by Colombia, and Peru with twenty-three.
And 9% respectively.
On slide 19 will focus on the cash flow of water.
Stuck it from a navy dollar 4850 $5 million, we see that networking careful amounted to 400, and Felix $5 million, a significant improvement combatted philosophy, it mainly explain it by improvements.
The C V as in Brazil, do do bad hydrology.
That's b do reputed amounted to <unk>.
508, and eight $583 million.
While.
Net financial expensive Mount 296 hundred $22 million higher than last year, mainly due to the consolidation of and it rebounded Americas and higher interest rates.
With these funds from a bit agents amounted to 3196.
Two 822.
After investments of 3500 and $569 million.
Including 1860 $1 million of Grove graphics would get to a free cash flow of mine was $373 million.
Significant improvement compared to last year.
Let me know when the lines the back across company in the following July .
Graff deaths amounted to $8 billion.
An increase of 9% compared to December 20th anyone does increase mainly.
Mainly explain it by increasing in Brazil, and Americans holding and Absurda.
Partially offset by the deconsolidation of and they'll go yes that's.
And that that's Richard $6.9 billion, which will see this freakish fruit of mine was $373 million.
Deep within speed for $693 million financial receivables and extraordinary operation of 130.
$6 million and expecting packs of minus $68 million.
Terms of currency and country, we see that resume remains F F. The riot the largest country Bueter Wow, that's at the holding level represents 10% of the total finally regarding the cost of that we can see an increase for disputes going from 6.1%.
9.8%, mainly explained it by a higher interest rates in Brazil win.
Partially offset by a lower cost of that's.
America's Holy.
And it's like really one will see our financial position.
Our liquidity amounts to $2.4 billion from reach 49% corresponds to cash and cash equivalents and 61 per cent I committed graduate lines.
Average my two retail for it that is 3.5 years four glade listening to three would have matures four $1.8 billion and most of all of that Matsuzaka 2025.
This solid saw the liquidity position that allows us to support our little strategy.
The next life Mullet, you will conclude this presentation with some goofy remarks.
The police to proceed.
During the fourth quarter of 2022, we so slowly operation on the the thugs across all our business at least.
Despite the challenges Jamie macroeconomic to that conflict.
We had it slowly.
S S for generations area and the five G R executing a significant amount of traffic sucks.
There we meet state building.
We are the only.
And the thing with the new 550 coming from renewable sources.
Line and dealt with that attitude.
<unk> will continue oops.
Nation and celebration of our billing.
Finally, we are moving.
On our.
Secret education.
C C. So that amount of outfits.
But I haven't seen that either.
<unk> also.
And focusing more effort in county Motor Company, Louisiana.
Fishing.
Okay.
<unk>.
Very clean up sort of condition would help us the the go to the theater for the essential thing was equipped with a C D ROM and telephone lines.
This took place.
As a reminder to ask a question. Please press star one one on your telephone and wait for your name to be announced.
To withdraw your question. Please press star one one again.
Once again, that's star one one.
At least on by with some part of the Kunai roster.
And I have a cat.
Good morning for you.
And our first question comes from a line of <unk> from J P. Morgan Your line is open.
Thank you I'm sorry for the dancing per line just open for me. Thank you <unk> for your presentation I have two questions. The first one is about.
In Columbia.
There are some developments in the Congress Ah potential proposal for changing our practices. The country. So I want that you know you are in each one attitudes of Superbowls and what's gonna be the potential effects four and all Americans. It's penny from from these changes and the second crash will be on the <unk>.
Chairs in Africa restructuring your strategy.
So we are seeing that the company is advancing reached the asset sales announced Indiana last year, but my question would be has the cough and decided how the <unk> because as I understand the Tigers to finish third of Europe's Pleasant 23 <unk>.
Zero and reached or don't have clarity on how the company plans to rip averaged and have a more optimized capital structure. Thank you.
You're welcome, let's say a weird reply to the the first one and I would leave the outrage reply to the second one.
Eh.
It's it's three.
Ah in the Congress.
<unk> Ah and that we are Analysing Ah Ah.
Different of it all of the Big City.
It is not yet.
So.
You know.
The stage of.
Receiving government and we would see affecting what will be the final.
Evolution employees.
For the time being it's not.
Knock the complicated just to make a valuation of being famous.
We.
Just because of the fact that already left ear.
A few Ah Ah remember, we operate in different Ah Ah make any politician of the 30th in a generation sector.
The fact that from E. P. P E b.
D C.
No major in fact, but we did.
Nevada degree so that that is in the for the for the for the customer.
We see that these near the city and the line, though Ah.
Especially for the the the last Ah need that capital.
Over the <unk> topic sentences like electricity, we still don't really believe that this process will boy.
We have no doubt is a process.
Will be no stop the leader was finalized.
And once they were going to see the final the fine on the structure of Olympic today, we will communicate what kind of impact on the on the on the air.
And then how many cats, we'd be happy.
I figure that.
Yeah, the gathering of the second question.
Hi.
Regarding the kept on structure.
Yes, we are of course.
All the plan the 300 bouchey complete it will be I'll just finish to be completed.
By the end of this year Ah, yes, who reduce the level of debt by by the end of this year.
And by at this moment, our focus is to seems to get the cost is on a higher so hour out the best alternative is to.
Reduce our our debts and up for I mean, the second step Ah probably will be capturing more or doing it in terms of focus our oh, what a stupid C distribution in a more orben areas right and that's why we are.
Leaving the rural areas throughout that's where I will have to.
The assets of I'll, probably odds and we are working.
In the process of and et cetera, and be concentrated in our in our in our current distribution companies Rio and some follow mainly with them.
The the more I mean, there's a conversation and all this process in the news I mean, our focus is to capture.
Capture opportunity choosing renewables to grow into renewables and in the in the grease in our in our current terrorists of course our plan.
I mean for the time being the best alternative that we have to date is to reduce deaths and concentrate to our efforts in investments.
These are these operations that that we have today.
Especially considering that we are in in times, that's what have higher very high interest rates and of course the cost of capital. So that's the the main the best alternative for us.
Thank you I really can't.
Can I can I have a follow up quickly.
Yeah, Yeah, that's for sure.
Thank you so much so yeah, because the company plans to concentrate in here.
What kind of <unk>.
[noise] expire before 2032 drinks published 35000 and.
30, do you have any views are any speaking, Oklahoma dependant on board with about what happened.
I took the concessions if if the base case for the call things of course I should just.
There must be a dramatic expansion of what is the the currency are here.
Well, we have we are working of course on the process. We are out in my life and we are following dapper as you know for the time being we had a V C.
In a negotiating the new parish Ah Kim you have to download ready.
It's for and then the real we are finalizing neighboring photos, Sarah and he was booed Nathan.
Later on a cellphone so sort of thing.
Our focus is on that it is I think they finish and that got me in the confession of course, we are following the process, but we got a man.
Then the principal that will be used for these concession renewal and and the lighting the checking up on these people species not just the case of Ah Ah fell fallen or their their domain.
Based on the entire distribution fix anything, but a field and of course, we are Ah working that.
Yeah, that'd be a victim company with that man just to understand and to be fine.
<unk> for the benefit of the benefit M customers.
Okay. Thank you.
Every day.
Thank you one moment.
To the following questions. Thank.
Thank you one moment for next question.
Our next question comes from nine O Francisco Pus from Santander. Your line is open.
Hi, guys first of all things <unk> my questions are the following the first one into regarding the agreement announced with foreigners castaneda since <unk>.
We're just published that some details must be fulfilled for the agreement to materialize.
What would that.
Can be just be the other is the estimated deadlines for them whatever they say turn off this home with him.
In language that is the process of sale of assets such as in Argentina, Bedew ordering a setup.
<unk> dump reverently announced as in there such good plan.
<unk> you <unk> on the <unk>.
Plan could change.
But that would be my only two questions.
Yeah, I think that.
Of course, you can imagine and when we do find the plan.
Are you ready for the possibility of this these nations sooner.
You don't see any major changes in the plan what really amounts in Orlando.
Like I think that the.
But of course, I will let a red and Ah integrate.
He finished.
I got into the first question that I said before we already monthly their lives in the finalize the statement of Ah Ah a musical theater.
That means the disease already done.
Ah, but I gotta being a a dark suit that he said it April 1st that a few sub.
He passed away and we will wait a D a.
Finding an exit over this but Ah right Professor if you sell in the next couple of months.
Perfect. Thanks for that answer.
The the weapons cabinet physical.
This call.
And as a reminder to ask a question that star one one.
Once again, that's star 114 questions one moment for next question.
Our next question will come from the line seven nine Gonzales from D. T. G. At 12 your line is open.
Oh, Hi, Molly showed earlier or.
I have three questions. The first one is how do you see the generations checked many in Brazil.
See if there's a renewable overcapacity.
Are you concerned at all about.
About perhaps the medium to longer term outlook for energy prices in Brazil.
What are your thoughts on this and.
My second question is a follow up on the capital allocation issue.
Analyzed perhaps buying out your partner in Colombia.
I know, that's just not part of the strategic plan, but it is this something you might consider it.
<unk>, perhaps over the next strategic plan.
And my third question.
Is about Central America, because your strategy to focus on countries with more advanced.
And the energy transition.
Electrification of the of the of the economy.
[noise] abuse.
Does it fit Central America.
And this strategy at all.
Mmm.
Okay, I will start with the last one.
I'm sure you recall when.
When we.
Need the chance that the the creation of aimed and pulled over there.
We include it in there.
The creation of at Columbia, That's where the Big challenge today Sir.
Ah Santa Elena E R y.
Eh.
A few more.
We are shadow better I felt the same throughout.
Interconnection Lang occasionally participates within the.
Macaco elected so that you'll.
You're not in the yard.
Cheryl.
<unk> the connection interconnection lying there in things that are made of cash and the rationale for example, you have selling our energy of what they might just to make an example, we are sending energy.
What they might have to wait for the oil and Salvador and to find out about.
<unk> complaint C D.
Definitely seen 10, so if you're allergic that we meet them.
And it became kind of thing and then there is the.
There was the consideration will that now that that I P. G O.
Just the morning.
It seems many many years.
Looks like we are having found him important steps forward that'd be the project that means that a connection between Panama and Colombia the.
These are closed we are open NAFTA and interesting might get sick considering that as well.
The president situation or what they buy sports team to Mexico.
For this spirituality means repudiation of more insecure they said that Ah.
And this was the reason why we decided just to pull together.
The poodle, yeah, we'd central Central America.
If you see on the other side.
Eh, Panama and looked at a local.
Energy and Ah Ah.
Vacation.
And transport right now is one of the keep it object all of the three down pretty severe.
That means Panama, Costa Rica, and and what they might not.
Simply we sign.
He said.
Eh corn trucks.
50, 842 of our either or power.
Price ink of studies of course, this might be a very.
More a month.
Combine those together and the possibility to to be between two big market that is colonial India, and South America and Mexico.
Make a local saint from strategic points over here.
So I think it is.
We fly to two of your question, but the Central America and the bypass the backpack over the the shed.
You know there is a shared.
Ah it's combined.
And the little.
A little boy and he had a bull attack they can see that I swear. This this.
Sure and the company refugees participation.
So I.
I didn't see any possibility in the short term to to sell the distinction that the women documentaries seller sure participation in Colombia.
For the time being we either.
One that we are.
The conflict that was P P.
The back there I think we are going in his Daddy and Who's the corporation altogether.
[noise] as well.
We're doing this together with the Ah cause he had to go with that.
And as a consequence or anything so.
Ah the public transportation and the C P and all projects related to the <unk>.
<unk> C D. We are promoting all over Latin America.
I've been getting that issue that I've seen.
And the concept of awards capacity I think many things that are going on and but I feel that we need to take him to a counter.
Be forced to make a judgment on the overcapacity ended up festival.
And you know we will William breakthrough 2000 for it for the flu bad Alization all the cat's stomach connected to any humor high voltage cause this would be an open up over over the free market, which we are yeah.
Yep constantly literally.
The second and then the process.
C y activity prior reputation.
With the the the with the.
Eh.
Open up with the market before the.
No Commerce Charlotte capital murder, the technician commercial customer and then he was like 28, though with the financial we strongly believe us. So we said indeed.
The.
In the in the presentation, we strongly believe that somebody push for.
A free market the opening in the next 31st considered second consideration right now with the X that are looking at a Ah Ah Ah Ah Ah.
Yeah, I've seen all the price at the bottom of the the the price.
Ah Ah Ah.
We know where that we had the ear two years ago Ah aesthetic.
I was waiting for the poor feeding so we we think that peace will change.
And that will come back to it.
And none of them are situation.
Nick but other than a one and a public citizen I think.
Need for a new capacity into the into the nineties and then I think maybe so neither of a factor right now he's not.
Daddy.
C a.
In the analysis on on on but I feel that if they.
He needs to get a different generation in but.
Somebody just thinking about 40 gigabyte.
Coming in the next year.
And this of course, when we make it a pressure best we need full fix accurate.
Actually in the form of intimidation by that well and distribution you can manage it.
But he said he said I think we need the 40 laughter.
These these evolution of the market.
So substantially eh, how we react to the beach.
The impact the week.
Reacted.
Decorated imagine.
Imagine if we are focusing not worth cometra apogee and solicitation.
Looking at the possibility just to assert this go national aspiration directly through our power plan or buying a P. P. I from third party.
Preview scene, though of course I would I would.
Might get the expectation east.
Consider that this will contribute to a degree so I wouldn't.
So.
We are doing we add up the routine now not Josh thrown into Seinfeld generation, but from the side of commercial strategy why because of course that wherever.
Our task is to increase that the Harper valley before the country.
We are falling casually Ah the Ah the better musician knocks it tends to be following the distributed generation dynamic and of course, we know we're together that this.
Conditions in the winter situation that change the situation rapidly in there.
Confidence in the in the field.
We had a very.
I'm actually a technician in the last two.
Three years ago.
How are the actual or the same thing is going for integrated marketing separately. So it means that you all received on.
Next Genesis.
Got it thank you.
Yeah, well, thank you very much.
Yeah, because I don't know I don't know if we have more questions from your telephone line.
[noise], Okay. If not then we moved to the to the one who excuse me but.
The first one comes from is called Shagong for much more from it with any of the following one.
At least in an Australian renewables controlling effects when all day, what eight those around the world.
Developing these technologies.
Ah that's pretty good that as you enroll.
And then.
Leader Ah.
[laughter] and when you're over a generation.
We were among the first company.
Entering in developing the technology.
D V for their cause to me.
Need more Ah.
For.
We've got a behind the economy into the direction of renewal and that's it.
The Ah as we said during a representation that Ah why we ask you seem to have fewer sheep, but sure cheap fuel.
Believe that this will allow eh.
Better.
These people they sounded discipling there aphelion. This evening from the financial point of view, but I won't be there.
Just really cool.
Integrated math, Virginia, as I mentioned before.
Eh.
Dealing with the the the press so stewardship is Josh.
To sad.
Fifth and having it bite back over the P. P. A is related to this accurate why because our focus he is integrated strategy Margaret.
But at least it hit's gildner sheep over me or what.
Just Ah too focused on Indiana, we sell our Castro C.
Defeo inaction of our customers for a new editor vacation or finding out of the us so.
<unk> the focus of our hours are the cats and company.
Selling it Ah.
Coming from renewable.
Sources.
Have a decaf quantization together with.
Ah of course D. At the end of educational finding out of the US and of course to do that we need a very stable village, so Ah and I Gotta think of that crap that deal with any more but you can.
That'd be cool.
We were.
Among the first.
The benefit distracted everyone. The beauty of it is Ah and and now we will focus, especially on the desert is marching literally.
Jack.
Pretty cool it.
Deep you actually for a family member.
Will not improve it'd be a renewable acidly.
County.
We are still developing Ah Ah as we said before we have the the.
<unk> Ah pipeline, so we will.
Just to see the the these these.
Ah pipeline.
Looking for a partner English, we will can allow a faster the good old.
I'll be kind of cool musician or the beneficiary and consumption.
What do you think about the final question I'm kind of thrown in Bonita.
Frank already opened it up.
We finished in relation to the information from the government episodes ecosystem and she'll call me, but I forgot to call me back.
Yeah.
Mmm.
I I saw this news that I got to begin with.
Matson navigation, all the Argentinean Guy.
As you know there is a the condensation of a chuckle and.
By the end of August 2023 P.
D C is expiring the conversation.
Eh, then we follow our medical profession that are in the area.
Right now just to represent what do you think of a situation where there the situation is that Oh, we've got a nation I'll company.
Books that are in the area and they're saying that.
The outgoing in the process of trying to Ah Ah Ah Ah Ah drinking and got rid of the ninth due to the change that we internet forums.
During during our D C around the concessions or.
Now what size as we usually do.
But of course seemed to be Ah city, meaning city of energy.
The secretary of energy.
Eh Eh solution that can so easily in the email we win situation.
Ah the Ah the the the concession the concession even a napkin.
And of course, we will even though we are.
[noise] anonymously B S people from the commentary that's what we usually do we have to be him all of the story. We will continue to give our contribution for the vector et cetera. He said that the solution for the average M. C N N D Argentinean film.
D C. The fact that so a lot of us work eight and the guy being in the conversation of lethal.
And Charlotte took all better.
The combined.
More or less.
The same I did a fabulous but.
As you know as well.
That is April the beauty of it.
Finish in level, one year more up to almost 2024 over the compensation and Meanwhile, looking.
Looking for a possible solution.
Or the the same confession and really cool.
We are indeed election yet.
That would be the election for the new government.
Ah and of course, I think whatever the seizure.
It's quite complicated.
For the city, so I think or maybe the most of the day. So horrible a solution is Jack.
Launch or one you have more.
I fell overboard arabians, the condensation expiring guy because I'm 23 of us.
Thank you all detail.
It seems up there.
Yeah. So we concluded the results confidence.
But first of all let me remind you that the that's the relations team <unk>.
Shall I won't let us know call anytime.
Thanks for your attention I'll have a nice evening.
This concludes today's conference call. Thank you for participating you may now disconnect everyone have a great day.
The conference will begin shortly.
<unk> you can dial 911.
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