Q4 2022 Central Puerto SA Earnings Call
Speaker 1: Good morning and welcome to the Centra Puerto conference call following the results announcement for the fourth quarter ended on December 31 2022 and full year 2022. All participants will be in a listen-only mode should you need assistance please signal a conference specialist
Speaker 1: by pressing the star key followed by zero.
Speaker 1: After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the investor support section on the company's corporate website at www.centraabuerto.com.
Speaker 1: A replay of today's call may be accessed by accessing the webcast in the investor support section of the Centro Puerto corporate website.
Speaker 1: Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and are stated in Argentinian pesos, unless otherwise noted.
Speaker 1: It is worth noting that the financial statements for the fourth quarter ended on December 31, 2022 and full year 2022 include the effects of the inflation adjustment. Accordingly, the financial figures mentioned during the call, including the data from previous periods and the growth comparisons, have been stated in terms of Argentine vessels at the end of the report.
Speaker 1: looking statements except as required under applicable security laws.
Speaker 1: To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion.
Speaker 1: On the call today from Centro Huerta is Fernando Bonnet, Chief Executive Officer, Enrique Teranio, Chief Financial Officer and Federico Bozzori, Financial Controller. And now I will turn the call over to Federico Bozzori. Mr. Bozzori, you may begin.
Speaker 2: Thank you very much, good morning and welcome. We are joining you today with our management team from Buenos Aires, Argentina to report on the results of the fourth quarter of the 2022 and full year and then answer any questions you may have.
Speaker 2: I would like to begin today's call by analyzing the recent events, the industry in general, and finally the operative figures for 4th quarter and full year of 2022 and the most recent financial news and results. I would like to mention the following updates regarding Central Porto.
Speaker 2: On December 14th of 2022, the Secretariat of Energy issued the resolution number 826, which increases the tariff for capacity, power, energy and energy generation under the base energy scheme.
Speaker 2: The resolution increases retractively 20% from September 2022, an additional increase of 10% from December 2022, 25% increase from February 2023
Speaker 2: and 28% from August of 2023. On February 7, 2023, through Resolution 59 of 2023, the Secretariat of Energy authorizes generators that have combined cycle units to adhere to the agreement on availability of power and improvement of efficiency.
Speaker 2: with the aim of encouraging the necessary investment of major and minor maintenance of the machines.
Speaker 2: Through this agreement, the other generators undertake to achieve at least 85% availability of average month power in exchange for a new power and generation price.
Speaker 2: In the case of power an amount of $2,000 per MW month is established plus the sum in pesos corresponding to 85% and 65% of the power value established in resolution 826 of the 2022.
Speaker 2: for the periods of spring and autumn and summer and winter respectively.
Speaker 2: Additionally, the price for generated energy is set at $3.5 per MWh in the case of using gas and at $6.1 per MWh for alternative fuel.
Speaker 2: The adherence to the agreement by the company, together with the improvements downloaded by the resolution 800 and the 2026, represents a significant increase in the income of the thermal units, the effects of which will be fully verified in the 2023 period.
Speaker 2: On December 23, 1992, the Ordinary General Assembly of Central Puerto decided to distribute as a dividend the amount of 2.88 pesos per share.
Speaker 2: New investments and acquisitions. In line with our growth strategy focused on new opportunities in the energy sector and other business in which Argentina shows strong competitive advantages, we perform the following transactions.
Speaker 2: On December 27, 2022, Provenir, an affiliate controlled by Central Puerto, acquired 100% of the capital stock and votes of Forestar Argentina and Masisa Forestal.
Speaker 2: Both companies were acquired to Masisachile, consisting of approximately
Speaker 2: 72,000 hectares in the province of Enterrios and Corrientes of which approximately 43,000 hectares are planted with eucalyptus and pine.
Speaker 2: The transaction price was 69.4 millions.
Speaker 2: This is the largest transaction in the forestry sector in the last 30 years in Argentina. In this way, Central Porto becomes the main Argentine company in the forestry sector, a market in which foreign capital companies mostly operate.
Speaker 2: Central Porto has made a strategic decision to invest in those sectors in which the country has clear comparative advantages.
Speaker 2: Argentina has one of the highest growth rates, not only in the region but also worldwide.
Speaker 2: trees grow about 10 times faster than in the northern hemisphere.
Speaker 2: That is why the forestry sector provides one of the businesses with the greatest competitive advantages and higher growth potential in Argentina.
Speaker 2: being a source of future business opportunities linked to carbon craze and energy generation with biomass.
Speaker 2: On February 17, 2023, Rene acquired from Enel Argentina 75.68% of the capital voting and stock of Enel Hernanación Costanera. The transaction price amount...
Speaker 2: $48 million. By taking position of Centrale Costaneda, Centrale Puerto reinforces its growth in Argentina, consolidating as a market leader in the generation sector.
Speaker 2: The value of central costa ña represents a unique opportunity as a strategic asset. The growth potential of this acquisition is based on the operational and corporate synergies, experience management, and knowledge in technical and operational field.
Speaker 2: We believe that it is necessary to increase the power availability of the central costa native machines in order to strengthen and cover the demand at the national level.
Speaker 2: All of this means that the acquisition cost does not accurately reflect the enormous growth potential of Central Costa Nera. Pro-Ener celebrated a stock purchase agreement with TENEL Argentina and TENEL Americas in which Enel Americas agreed to sell to Pro-Ener its participation interest in Versoira Docs Suite representing
Speaker 2: 57.14% of Inversolodox should capital and vote in stocks.
Speaker 2: And then Argentina agreed to sell to Pro-Enner its participation interest in Central Dockswood.
Speaker 2: of 0.24% of central Dockshoot Capital and Voting Stocks
Speaker 2: indirectly representing 41.25% of the capital and voting stock.
Speaker 2: is subject to certain conditions not accomplished at the issue of this report. $54 million is the amount offered by Central Puerto to acquire the participation interest in Inverso signs.
Speaker 2: Now I would like to comment on the main metrics of the industry as you can see on page 5.
Speaker 2: In terms of in-store capacity, the system reached 42927 MW in the fourth quarter of the 2022 compared to 42988 MW in the fourth quarter of 2021, resulting in a 0.1% decrease.
Speaker 2: As of December of the 21 of the 2022 the install capacity is divided in 59% thermal, 25 hydro, 4% nuclear and 12% renewable.
Speaker 2: in the fourth quarter of the 2022 and the generation decreased 1% to 35,084 gigawatts hour compared to 35,534 gigawatts hour in the fourth quarter of the 2021
Speaker 2: mainly due to first a 10% decrease in thermal, second an 83% decrease in nuclear, which was partially offset by a 60% increase in hydro.
Speaker 2: and a 7% increase in renewal. The decrease in thermal generation was mainly due to lower dispatch related to increased hydro dispatch and lower availability of certain machines which caused an average system availability of 75% in the fourth quarter of 2022.
Speaker 2: compared to the 78% of the fourth quarter of the 2021.
Speaker 2: In the case of generation for nuclear sources the decrease was related to the shutdown for maintenance at the Atucha I and embalcing nuclear power plants. And a technical problem which the Atucha II turbines in contrast the increase in hydro generation is mainly related to the increase in the increase in the increase in the increase
Speaker 2: in the inflow of the Paraná River due to the opening of the gates of Brazilian dams on the Iguazu River.
Speaker 2: a tributary of the Panama River which softened the water inflow drop due to the drought that occurred in the region.
Speaker 2: Regarding the renewable energies, the increase in generation was related to the increase in installed capacity.
Speaker 2: In 2022, energy generation decreased 2 percent to 138,741 gigawatts hour compared to 141,797 gigawatts hour in 2021.
Speaker 2: mainly due to, first, a 9% increase in thermal, second, a 27% decrease in nuclear, which was partially offset by a 25% increase in hydro and an 11% increase in renewable.
Speaker 2: Energy demand increases 3% to 34564 GWh compared to 33478 GWh in the fourth quarter of 2021 in which residential demand grew 4%, commercial 2% and large industrial commercial demand at 3%.
Speaker 2: in the 2021 period in which residential energy demand grew 4%, commercial activity grew 5%, and large industrial commercial demand grew 2%.
Speaker 2: Going now to our key performance indicators for the quarter as you can see on page 8 Energy generation during the fourth quarter of the 2022 was 4687 Jwh 26% higher than the same period of 2021
Speaker 2: The increase was mainly caused by first, a 2% increase in energy generation from thermal units mainly from higher dispatch of Puerto steam turbines, TV7 and TV8. Second, 158% increase in energy generation from the hydro plant Pirar del Aguila due to higher water inflows.
Speaker 2: The reservoir levels started to recover in June of 2022 as the inflow from the Limay and Coachan-Couda rivers started to rise.
Speaker 2: Third, a 12% increase in energy generation from renewal units due to an increase in the wine resource and better availability of our wine turbines.
Speaker 2: During the fourth quarter of the 2022 availability for thermal units was 86% compared to 88 in the same period of the 2021.
Speaker 2: due to an extension in the program maintenance of Porto Turbine 9 and non-program maintenance of the DG27 at Lujan de Cuso site. As a reference, the market average availability for thermal units for the same period was 75% according to data from CAMISSA.
Speaker 2: Steam production decreased 4% totaling 345,173 tons produced during the 4 quarters of the 2022 compared to 360,411 tons during the 4 quarters of the 2021.
Speaker 2: due to the lower demand of our client terminal size. Finally, I will refer to the key performance indicators of the full year as started on page 9.
Speaker 2: In 2022, energy generation increased 21% to 17,484 Jwh compared to 14,392 Jwh for the same period in 2021. The increase in the energy generated by central port was due to first an increase of 23% to 17,9
Speaker 2: Third, 3% increase in the energy generation from renewable units due an increase in the wind resource and better availability. During 2072, machine availability for thermal units reached 84% compared to 89% in the same period of 2021.
Speaker 2: Due to first, an extraordinary maintenance in the HNDC generation, second, failure in the connection line of Porto Combined Cycle.
Speaker 2: 3. Extended Programmed Maintenance in TB9 steam turbine from PortoSight and certain small failures and availability in some steam turbines
Speaker 2: As a reference, the market availability for thermal units for the same period was 75% according to data from CAMESA. Steam production increased 62% totaling 1.96 billion tons produced during the 2022 compared to 1.21 billion tons during the 2021.
Speaker 2: This 22% decrease was mainly due to, first, a 48% decrease in sales under contracts which amounted to pesos 9.6 billion during the fourth quarter of the 2022 as compared to pesos 18.5 billion in the fourth quarter of the 2021.
Speaker 2: It was impacted by the ending of the Prigadere Lopez TGPPA contract in August of 2022.
Speaker 2: which amounted around 5.6 billion pesos. Second, an external maintenance in TG27 of Lujandecuco generation plant. And third, a negatively impacted by a higher infections adjustment over the pesos depreciation in the period.
Speaker 2: It is worth to mention that the impact related to the ending of the BLE TGA PPA contract will be recovered with the new PPA contract for the BLE steam turbine when we finish the closing of the combined cycle expected for the first quarter of 2025.
Speaker 2: The decrease in revenues was partially offset by a 40% increase in spot energy average sales
Speaker 2: which total pesos 10.5 billion in the fourth quarter of the 2022 as compared to 7.5 billion in the fourth quarter of the 2021 due to a reductive increase related with resolution 826.
Speaker 2: price adjustment and higher hydro generation.
Speaker 2: Second, a 6% increase in the steam sales with total pesos 0.8 billion in the fourth quarter of the 2022 compared to pesos 0.7 billion in the fourth quarter of the 2021. Going to page 11 we can see the changes in our adjusted the beta of pesos.
Speaker 2: 6.9 billion in the fourth quarter of 2022 compared to pesos 17.7 billion in the fourth quarter of 2021. This 61% decrease was driven by the following changes. First, the above mentioned dropped in revenues. Second, 16% increase in administrative and selling expenses to total pesos.
Speaker 2: 2.1 billion in the fourth quarter of the 2022 as compared to pesos 1.8 billion in the fourth quarter of the 2021.
Speaker 2: Third, a decrease in other operating results mainly due to 2.4 billion on one-time gain in the fourth quarter in 2021, created to a recover of a commercial grade.
Speaker 2: 4th, a 6.8 billion increase in foreign exchange difference and operating assets, mainly related to fund-injured receivables that generated pesos 8.8 billion gains during the fourth quarter of the 2022, compared to pesos 2.1 billion gains during the fourth quarter of 2021 due to a higher depreciation of the added peso during the quarter.
Speaker 2: 5th, 20% decrease in depreciation and amortization that totals pesos 4.4 billion during the fourth quarter of the 2022 as compared to pesos 5.5 billion during the fourth quarter of the 2021. Very upset by 1st.
Speaker 2: 6% decrease in the cost of sales that totaled pesos 12.6 billion compared to pesos 13.4 billion in the fourth quarter of the 2022.
Speaker 2: primarily driven by a 3% decrease in production cost, which totaled pesos 10.4 billion in the fourth quarter of the 2022 as compared to pesos 10.7 million in the fourth quarter of 2021.
Speaker 2: Second.
Speaker 2: 8.5 billion degrees due to an impairment on property, plant and equipment during the fourth quarter of 2022, related with San Lorenzo combined cycles and some renewal sites.
Speaker 2: driven by change in the global macroeconomic variables, increasing the discount rate and increase in the local inflation rate over the devaluation of the peso.
Speaker 2: As a result, adjusted EBITDA excluding effects difference and interest related to furniture receivables and impairment on property, plant and equipment was pesos 12.6 billion in the fourth quarter of the 2022 compared to pesos 21.6 billion in the fourth quarter of the 2021. We can see that consolidated net...
Speaker 2: First, lower the third income tax due to property plant and equipment impairment that amounted to pesos 1.4 billion gain in the fourth quarter of 2022 compared to pesos 4.7 billion loss in the fourth quarter of 2021 impacted by lower EBITDA and financial results.
Speaker 2: Second, $12.2 billion of fair value gains on forestry acquisitions and negatively impacted by first, an increase in net monetary position loss which amounted $8.3 billion during the fourth quarter of the
Speaker 2: with a pesos 0.2 billion gain during the fourth quarter of the 2022 compared to pesos 0.2 billion loss in the fourth quarter of the 2021. Second, an increase in financial expenses which amounted to pesos 13.5 billion during the fourth quarter of the 2022
Speaker 2: compared to pesos 5.2 billion in the fourth quarter of 2021, mainly due to an increase in foreign exchange difference due to a higher depreciation of the actual peso during the quarter.
Speaker 2: offset by an increase in financial income that amounted to pesos 8.4 billion in the fourth quarter of the 2022 compared to financial income pesos 2.5 billion in the fourth quarter of the 2021 mainly due to higher financial asset results in the fourth quarter of the 2022
Speaker 2: of pesos 7.8 billion. Third, higher effects difference and interest in phony receivables partially offset by negative impact of impairment on property, plant and equipment.
Speaker 2: Phone collections related to traderacy hours for we are other planant total: PO three point one billion in the fourth quarter of the twentythousand and Y 2, including veighty, compared to PO three point six billion of fourth quarter of the 20 and 20 one.
Speaker 2: The amounts are being collected on time and according to the signed contract.
Speaker 2: On page 14 we can see the key financial figures for the full year.
Speaker 2: Revenues decreased 9% to pesos $101.4 billion for the 2022 compared to pesos $111.2 billion in the 2021.
Speaker 2: The decline in revenues was mainly affected by the termination of the The declining revenues was mainly affected by the termination of the Diego Lopez TG PPA contract in August of 2022 and an external remandtenance in TG27 of Luján de Cúchoco generation plant offset by retroactive increases related with resolution
Speaker 2: 826
Speaker 2: and 238 price adjustment and higher hydro generation.
Speaker 2: Adjusted EBITDA, Extruding Permanent Phoning Effects Difference and Interest for 2022, reached pesos ?67.5 billion compared to pesos ?68.8 billion in 2021.
Speaker 2: mainly due to lower revenues and lower depreciation and amortization partially offset by insurance recovery, lower financial cost of operating activities, and lower production costs and decrease in administrative and selling expenses, mainly explained by decreases in compensation services.
Speaker 2: Finally, consolidated net income was pesos 19.1 billion in the 2022, net loss of pesos 1.3 billion in the 2021. Mainly due to fair value gains on foreign industry acquisitions, lower the fair income tax due to property plan and equipment impairment.
Speaker 2: Going to page 17, you can see our cash flow for fiscal year 2022.
Speaker 2: Net cash provided by operating activities was $55.6 billion during 2022. This cash flow arises from first pesos, $25.8 billion from the other operating results. Net obtained during 2022.
Speaker 2: Second, pesos $15.8 billion in collection of interest from clients, including the one from FONI. Third, pesos $3.4 billion in variations in other non-financial assets and inventories. Fourth, insurance recoveries of pesos $1.3 billion, and fifth, adjustments to reconciled profit.
Speaker 2: for the year before income tax with net cash flows of pesos 21.1 billion, which was partially offset by income tax expense paid of pesos 8.0 billion, second pesos 3.7 billion in variation in trade accounts payable, honor account payable.
Speaker 2: other non-financial liabilities, and employee benefits liabilities. Net cash in investing activities was pesos 31.3 billion in 2022. This amount was mainly due to pesos 17.9 billion from the investment in short-term financial assets.
Speaker 2: Second, pesos, $10.4 billion in portal acquisition. And third, pesos, $3.3 billion in investing in financial assets and capital, which was partially upset by pesos, $0.3 billion in dividends collected.
Speaker 2: Net cash used in financial activities was based on 16.3 billion in 2022. This amount was mainly the result of positive 3.6 billion of dividends paid. Second, 6.3 billion in debt services and mortgage sensations of existing loans mainly related to expansion projects.
Speaker 2: And third, pesos, $6.4 billion in interest in financial expenses, mainly related to those loans.
Speaker 1: Thank you and now we invite you to ask any questions to our team. We will now begin the question and answer session. To ask a question you may press star one on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.
Speaker 1: To withdraw your question, please press star then 2. At this time we will pause momentarily to assemble our roster. Thank you. Your first question is coming from Martín Arancet from Centro Perreto. Martín, the line is live.
Speaker 3: Hi, Martin. I'm here from balance capital. There was a very interesting – Well, first of all, thank you for materials, for taking my questions. I have five questions. Sorry for the extent. I would like to run them one by one if that's okay.
Speaker 3: First going to the new first line of business.
Speaker 3: I just wanted to confirm how much do you expect average VTA considered of course the activity that each year might have and do you sell the wood on the spot or contract terms? Probably if you can share with us.
Speaker 3: What index should we follow to better track pricing? Sorry, we are suffering some noise on the line. Can you repeat the question, please?
Speaker 3: About the first line of business, the new first line of business, first I want to confirm how much the spec as area should be paid, considering the volatility of course that each year might have.
Speaker 3: and also if you sell the wood on this port or contract terms and what index should we follow to better track pricing.
Speaker 2: I cannot hear very well. I tried to answer how I understand your question. I think you are asking for a projection of the EBTDA for 2023, you say?
Speaker 3: or the impact of the new regulation in the EBTDA? I was asking about an average expectation on the EBTDA, because I know that each year it could be very volatile.
Speaker 3: if you saw the wood on this spot or contact terms.
Speaker 2: In terms of the new regulation, we are receiving a new PPA for the combined cycles, which are at the spot market.
Speaker 2: So this new regulation allowed us to sign a PPA for the disc only the combined cycles not the steam turbines.
Speaker 2: This new regulation gives us $2,000 per megawatt of installed capacity per month in dollars and the rest will be collected.
Speaker 2: as a portion of the actual regulation, which is the resolution 826, the last one that we have.
Speaker 2: So, we will have a mix for the combined cycle, we will have a mix of dollars and pesos. So, it is difficult to predict the evolution of the DDD8 because we will be affected by the effects. But this, more or less to say, to give you a guidance about DDD8.
Speaker 4: how this impact in central Puerto will be like between 10 and 15 million dollars.
Speaker 4: for our combined cycle. So the one that we have in Buenos Aires and the one in Mendoza. These are the machines that receive these benefits. In terms of Centrale Costanera, the new acquisition, the impact will be always the same. Another $15 million. And of course, this is depending on the evolution of effects in this email.
Speaker 4: this patch of equipment, but considering the same availability that we saw during 2022, we will have these impacts regarding the new regulation. Apart from that, we expect that we can maintain the removal...
Speaker 4: around, depending as I mentioned, again the fakes, but around $40 million.
Speaker 4: So, just more or less you can construct the...
Speaker 4: So, just more or less you can construct the expectation of our video.
Speaker 5: Table Los.
Speaker 3: Okay, that's great. Can you hear me? I hear you correctly, but I don't know if you can hear me. Yeah, yeah, I can hear you, but the quality of sound is not very good.
Speaker 3: Okay, I will try to talk louder then. About the first line of business, I wanted to know if you sell the wood on this spot or if you have contracts.
Speaker 4: Are you saying in terms of Masisa acquisition? Yeah, certainly.
Speaker 4: We have both. We have contracts and we are set on the spot.
Speaker 3: And there is an index that we can follow to track that pattern.
Speaker 4: Yes, there is a price index in the entire webpage.
Speaker 3: Hello? Hello? Yeah. Oh, yeah, yeah. Yeah. Okay, great. Going to my second question then, that is from Carlos, San Miguel at Solar Park that you will be constructing in the coming months.
Speaker 3: Would this be part of eventually a larger facility? Do you have land, transmission rights, permits and an ancillary infrastructure to span beyond those ten minutes if you get more off-takers?
Speaker 4: In fact, we have land, but there are some constraints in the transmission line, so we can enlarge it.
Speaker 4: But, I think right now with the lines as it is, I think we can go for 5 MW more but not more than that with these line constraints that we are seeing there. We can go for 5 MW but not more than that until the end.
Speaker 4: the transmission lines get wider. We are entering there, in fact we are not entering in 500 kbs or 132 kbs, we are entering 33 kbs. So it's kind of at the level of distribution company.
Speaker 4: So there is not much more space there for Enlarge. Of course we have land for Enlarge, yes, but not space and grids.
Speaker 3: Okay, very clear, thanks. Then my second question, my next question is we recently heard about your interest in mining. Are you already in talks for potential acquisitions?
Speaker 3: And also, is it metallic mining that you are talking or leaking projects or maybe both?
Speaker 4: No, we are in the very first steps of knowing the markets and knowing the sector, knowing the players.
Speaker 4: We attend the mining convention in Toronto, so we start getting in touch with the players, but we don't have any prospect in mind yet.
Speaker 4: In terms of materials, we are putting focus on, as you mentioned, metals. lithium is something that we saw, but I think we are in this phase of evolution of the market in Argentina and for us it is not easy to compete with Chinese companies and the big players.
Speaker 3: so it is not easy to enter there right now. Okay great. We are in the area of Lopez and so if you already mentioned this I had some problems to connect.
Speaker 3: Do you have any more specifics to share with us like elective, updated, CAPEX or CoD for example?
Speaker 4: Yes, in fact we are starting the pre-analysis, or the analysis, not the pre-analysis, we are starting in agreement with the constructor, the possible constructor in an evaluation assessment which is the previous phase to start to enter in the construction in fact. I'm sure, it's not aint not working out and it's not the the logical explanation that is being called and I think. Does anyone have any questions about what
Speaker 4: We expect to have more or less three months, let's say, to discuss this analysis, pre-evaluation and all the information that they need to...
Speaker 4: process which is the engineering, detailed engineering, specific engineering, what we have on site and what we had to update.
Speaker 4: And then after that we are expecting between 20 and 24 months of construction. That are our expectations.
Speaker 4: In terms of capex, we don't have a fully updated capex yet after this evaluation that I talked about. I think in two or three months we will have a clear view of the capex amounts. We are not expecting to go farther than we have in the past.
Speaker 3: Forward.
Speaker 3: first style based business payment in the last quarter or there is something still to be paid in 2003.
Speaker 4: You talk about what kind of payment. Sorry, I didn't hear.
Speaker 3: The payment for the new forest-fall business to Macias, if you look in the entire payment in 2022, there is something left for 2024.
Speaker 4: you say payments related to capex, to development, I cannot hear you very well.
Speaker 3: when you bought the forest.
Speaker 4: the payment to buy the force. Yes, we pay in full. We already paid the full amount, so we are not expecting payments for this acquisition.
Speaker 3: Thank you very much for answering my questions. Despite the sound quality problems.
Speaker 3: Thank you very much for answering my questions despite the sound quality problems. Okay, thank you.
Speaker 1: Thank you very much. Just as a reminder, if you have any more questions, please press star 1 on your phone. Okay, this concludes our question and answer session. I would like to turn the conference back over to Mr Bonnet for any closing remarks.
Speaker 4: Thank you everyone for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.