Q4 2024 Loma Negra Compañía Industrial Argentina Sociedad Anónima Earnings Call
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Speaker Change: After today's presentation, there will be an opportunity to ask questions. Also, Mr. Sergio Faifman will be responding in Spanish immediately following an English translation.
To a draw your question, please press star then two.
Please note, this event is being recorded.
Speaker Change: I would now like to turn the conference over to Mr. Diego Jalon, head of IR. Please, Diego, go ahead.
Speaker Change: Thank you. Good morning and welcome to Loma Negra's earnings conference call. By now everyone should have access to our earnings press release and the presentation for today's call. Both of which were distributed yesterday after Market Clothes.
Speaker Change: Draining me on the call this morning will be Sergio Faifman, our CEO and Vice President of the Board of Directors and our CFO , Marcos Gradin. Both of them will be available for the Q&A session.
Speaker Change: Before we proceed, I would like to make the following safe harbor statements.
Speaker Change: Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our Ernest Release and recent filing with the SEC.
Speaker Change: This conference call will also include discussion on non-GAAP financial measures. The full reconciliation of the corresponding financial measures is included in the Ernest Press release. Now I would like to turn the call over to Sergio.
Speaker Change: Thank you, Diego. Hello, everyone, and thank you for showing us this morning.
Speaker Change: I would like to start my presentation as the discussing the highlights of the quarter. Then, Marcos, we take you for a marker review, until next year's result. Following that, we share some final remarks before opening the call to your question.
started with slide 2.
Speaker Change: Real Policies to Presence Loma Negra, Force on Final Quarter of the Year [inaudible]
Speaker Change: 2024 was a year of challenging that stress our capitality and once again with demonstrated what we can achieve. I mean a downtown in the construction industry that reduce the man for our products.
Speaker Change: While facing moments of uncertainty, we refer in me, our resilience, adaptability and commitment to continue improvement, to solidifying our leadership in Argentina's cement market.
Speaker Change: In terms of our four-quarter performance, we take great trade in delivering strong results despite a difficult environment.
Speaker Change: One of the key highlights of the quarter was the significant expansion of our ABDA by over 600 basis points, even with lower volumes.
Speaker Change: We immense the challenging year as an opportunity to hide efficiency, a style through to the one of our core principles, constantly pushing over the same to improve.
The end of the day.
Speaker Change: All volumes continue their gradual recovery, Narwin, the year-over-year gap, the decline in the space for the corridor impacted our top line.
Speaker Change: Despite this, we delivered an assatment of $50 million, at 2.4% in peso towns.
Speaker Change: Over the BDI margin, reaching 29% assurgency improvement from 22.8% in the same quarter of 2023.
Speaker Change: In a part-on basis, EBDI was $39 remaining near the flat ear over ear, but increasing 10% sequentially.
Speaker Change: For the full year, 2024, we achieve an EVDA of $198 million, with a margin of 25.9% improving by 211 basic points.
Speaker Change: In the financial side of this quarter and throughout the year, we strengthen our balance sheet.
Speaker Change: During the quarter, NEPDED declined by an additional 20 million, reaching 157 million and lowering our NEPDED ratio to below 1x.
Speaker Change: Please turn to slide three for a review of our ESG highlights for the year.
Speaker Change: We take great satisfaction in releasing a new edition of the Loma Negra Sustainability Report.
Speaker Change: Amy, to share our journey and dedication to sustainably developing with all stakeholders.
Speaker Change: This report is a link with our 23 goals and the work of enter-company guides by senior management commitment, commitment to sustain the development.
Speaker Change: It has been prepared based on the non-financial information, its closer standard of the global reporting initiative, CHR and the sustainability accounting standard boards.
Speaker Change: So, the second year we have audited 13 share eye in the culture by an external consulting
Speaker Change: Environmental sustainability is one of the main pillars of which our growth and value creation are basis.
Speaker Change: That is why we work every day on the continuous improvement of our operations by optimizing the use of energy and water, preserving our quality and the ability and implementing action remained as reduce our carbon footprint.
Speaker Change: Regarding this matter, our total greenhouse gas emission in density, scope 1 and 2, stood at 500 and 6.96 kg of CO2 partone of 70 materials.
reflecting a 3% year-over-year decrease. Thank you for your time.
Speaker Change: On mission, partone of the cement equivalent, the reduction was 1.16%
Please provide to an absolute admission, reducing of…
970,000 tons of CO2 equivalent compared to 2023.
Speaker Change: allowing with our 2030 sustainability commitment, you will also achieve 31% reduction in water extraction, while our solid-coice value-resension dried reaches 84%.
Speaker Change: On the social side, we are convinced that through a strategic partnership we can transform clarity to ensure a more inclusive future.
Speaker Change: You maintain the implementation of our program in different territory of the country, benefiting almost 90,000 people directly and 57,000 people indirectly.
Guide, Power Principle, we are all Loma.
with the Second Diversity and Inclusion Week. Thank you for your time.
Speaker Change: Regarding the governance side, we have a new code of ethical and conduct where we incorporate a chapter of commitment to sustainability with clear goal to reduce our environment impact and promote sustainability development in our whole operation.
Speaker Change: We continue trying our people on the company Integrative Program, where we cover 100% of our employee, reinforcing the commitment to ethical and transparency.
Speaker Change: We also held the Compliance Week for self-time, which was an opportunity to reinforce and message and share content related to ethical and integrity use and to trust ethical line, ethical behavior and see the security.
Speaker Change: We are committed to the principle waging our action, inclusive of our purpose of transforming our main people's life by promoting sustainable growth.
Speaker Change: This report reflects such spots. I invite you to read each to know the most of Dunshin's assault of our company.
Speaker Change: I will now hand of the call to Marcos Gradin, who will walk you for our marker review and financial results. Please Marcos, go ahead.
Marcos Gradin: Thank you, Sergio. Good morning, everyone. Please turn to Slide 5.
Similarly, January 2025, so nearly 9% growth in dispatches.
Marcos Gradin: Marking the first year of a year in Greece since March 2023, I am breaking a streak of over a year of negative results, as shown in the bottom right chart. Although rainy weather is expected to impact February , we anticipate this positive trend to continue.
Bach 7 Dispatches continue to show greater resignance. Thank you for watching.
Marcos Gradin: Declining less than the industry average, while Barcelona remained the most affected mood of this patch. A large private construction project on public works represents its primary market, park cement and at the year with low activity levels.
Marcos Gradin: But it's expected to regain momentum in 2025. While 2024 was a challenge idea for the industry with volumes declining 24%. We believe the most difficult period is now behind us. The Center Bank's Marcus Expectation Report also suggests an improved economic outlook, projecting positive growth in the fourth quarter of 2024, and a 4.6% expansion in 2025.
Marcos Gradin: Just combined with the expected impact of great availability and renewed interest in large scale projects.
Marcos Gradin: We likely arrive a recovery in 70s budgets throughout 2025. The consolidation of economic policies is expected to support the industry's reactivation and the groundwork for a long new cycle of sustainable growth. Turning to a slide six for our review of our top line performance by segment.
Marcos Gradin: The fourth quarter-top line declined 19.5% primarily due to a weaker performance in the 7th segment.
Marcos Gradin: followed by declines across the other business segments. The cement may serve as cement and line segment so a 19.9% drop with volume contracting 14.1% year-of-year.
coupled with self-deprecation.
Marcos Gradin: and in bulk seven cells for the very mixed concrete sector supported by increased infrastructure activity and renewable energy projects in Buenos Aires province which helps support concrete operations. Similarly, the aggregate segment recorded are 34.
Marcos Gradin: Decline of 3.2% in the quarter. Higur transports the volumes of up 3.1% help offset soft surprising. The increasing grain transport help compensate for the declining construction materials.
Marcos Gradin: On the electricity side, despite kind of cost from a shift to a more expensive generating sources.
Speaker Change: This is a little.
Speaker Change: The company secured short term contracts will renew on energies for the user.
To partially offset the impacts.
Speaker Change: Utilizing surplus generation.
Speaker Change: Margins also expanded in our railroad segment supported by Costco and personal cargo volumes.
Speaker Change: Though they remain in negative territory on the other hand concrete and aggregates so margin constructions more affected by market conditions.
Speaker Change: Finally, SG&A expenses fell three 9%, primarily due to lower turnover tax on freight cost.
Speaker Change: Driven by lower volumes as well as reduce insurance and service expenses.
Speaker Change: As a percentage of sales SG&A stood at 12% up 195 basis points from 10%, mainly due to the declining revenue.
Speaker Change: For fiscal year 2024, gross profit declined 18%.
Speaker Change: Gross margin expanded 166 basis points to 26, 7%.
Speaker Change: Please turn to slide nine our consolidated adjusted EBITDA for the quarter stood at 50 million U S dollars, while the peso it reached 50.
Speaker Change: 6 billion up two 4%.
Speaker Change: This increase was primarily driven by a stronger performance in the SME segment, which boosted the consolidated EBITDA margin to 29%.
Expanded 623 basis points year over year.
Speaker Change: The cement segments adjusted EBITDA margin search to put at three 7% up 815 basis points clear.
Speaker Change: Driven by tight cost management and improved energy inputs.
Speaker Change: Meanwhile, the concrete segments always suggested EBITDA margin contracted.
Speaker Change: By 760 basis points turning negative.
Speaker Change: Minus six 4% compared to one 5%.
Speaker Change: In the fourth quarter of 2% with Jeffrey.
Cost control efforts were not enough to offset revenue declines.
Speaker Change: In the aggregates segment adjusted EBITDA margin dropped to minus eight 9% down from 14, 2% in the fourth quarter of two foster 'twenty pretty well.
Speaker Change: What size of hydro volumes help narrow the year over year gap are.
Speaker Change: A highly competitive market and an unfavorable product mix weighed on profitability.
Speaker Change: The legal segment, so an adjusted EBITDA margin improvement of 372 basis points.
Speaker Change: Minus seven 4% compared to minus four 2%.
Speaker Change: Fourth quarter 2023.
Speaker Change: Moreover growth in transported volumes, primarily from increased grain shipments supported performance.
Speaker Change: However, the hydro shelf grades and they've got to do impact the Denver its price.
Speaker Change: They generate lower revenue per kilometer.
Effective cost controls helped mitigate this effect improvement overall performance.
Speaker Change: For fiscal year, two closer 24, adjusted EBITDA totaled 198 million U S dollars or was it at the 1 billion pesos.
Speaker Change: 17%.
Speaker Change: But we have a margin expansion of 211 basis points to 25, 1%.
Speaker Change: Moving onto the bottom line on slide 11, this quarter net profit attributable to owners of the company totaled $22 4 billion pesos compared to a net loss of 43 billion pesos.
Speaker Change: In the fourth quarter of last year.
Speaker Change: Longer operational performance, despite lower volumes by further supported by an improved financial results.
Speaker Change: On the financial side. The main reason of the erosion was the impact of the devaluation in December 2020 fleet that affected the base of comparison with.
Speaker Change: We posted a net financial gain.
Speaker Change: <unk> 9 billion pesos for the quarter compared to a financial cost of 81 point pretty billion bushels in the same period last year.
Speaker Change: Due to the lower impact of exchange rate differences.
Speaker Change: Additionally, lower net financial expenses, driven by declining interest rates and a reduced our position.
Speaker Change: FEMSA financial recovery. However, this impacts effects were partially offset by a lower gain on net monetary position slipped and a weaker impact.
Speaker Change: Of inflation adjustments.
Speaker Change: For the full year 2024, and a decline attributable to the owner.
Speaker Change: 150 fully paid.
Speaker Change: 8 billion pesos up from $22 4 billion pesos.
Speaker Change: In fiscal year 2020.
Speaker Change: Moving onto the balance sheet as you can see on slide 12.
Speaker Change: We ended the quarter with a net debt of 162 billion pesos, reducing our net debt to EBITDA ratio to 289 times down from one four times at the end of 2020 pretty.
Speaker Change: Cash flow from operating activities reached $47 8 billion pesos compared to 57 billion pesos.
Speaker Change: Fourth quarter 2000 free.
Speaker Change: The amount is due to a less impact from working capital we.
Speaker Change: We invested $21 2 billion pesos in capital expenditures this quarter with approximately 40% allocated to the 25 kilo robust projects and the remaining primarily toward maintaining capex.
Speaker Change: During the quarter the company used to $1 2 billion peso supernational activity, mainly for the repayment of borrowings and interest payments.
Speaker Change: In dollar terms net debt stood at $157 million, we foundation of almost a year, reflecting a $20 million sequential reduction.
Speaker Change: I mean at the depth account for 91% of our total debt with the remainder in pesos.
Speaker Change: The company's debt maturity profile remains well balanced with no bond maturities until the fourth quarter of 2025.
Sergio Faifman: Now for final remarks, I'll hand, the call back to Sergio Thank you.
Sergio Faifman: Thank you Marcos now to finalize the presentation I. Please ask you to time July 14th.
Speaker Change: We are very proud of that it's hard to achieve it in 2020 for absolutely.
Speaker Change: As we mentioned before this was a particularly challenging year for the construction sector Ashish in key economic body of the impacted debate cement consumption.
Speaker Change: This effect was faulty intensity by the suspension of mainly public work as they wait wait establishment of the new framework.
Speaker Change: 2024, as a transition year for the Heedlessly on that it's a more stable economy and vitamins now has a solid foundation for the future growth.
And if you could put us in opportunity.
Speaker Change: Opportunity to change our approach drive improvement.
Speaker Change: To be the most efficiency company, we can be.
Speaker Change: What's right by our strong corporate principe.
Speaker Change: Looking ahead 2025, each policing public row D. C. It is set to deliver a boomlet dishes to grow.
Speaker Change: Forecast for that shouldn't they economic and metallic is his passion support to lay down rules put connect each and initial operation project could further boost cement consumption.
Speaker Change: Suddenly consumption per capita he historical low in 2024.
Speaker Change: Yeah, I'll, let us remaining among the lower compared it to stimulate the economy.
Speaker Change: Yes.
Speaker Change: She didn't kick out and room for the globe.
Speaker Change: Quite a substantial housing got to bleach.
Speaker Change: In the sense ear.
Speaker Change: <unk> got the investment in capacity position us to play and maybe what role they develop.
Speaker Change: But.
Speaker Change: Yeah right.
Speaker Change: I would like to thank all our employees for their commitment and effort throughout the year.
Speaker Change: So long.
Speaker Change: My gratitude to all our stakeholders.
Speaker Change: Staying close and supporting each other especially in challenging times.
Speaker Change: The fight us.
Speaker Change: This is end of our prepared remark you have now.
Speaker Change: We're ready to take questions operator, please open the call for questions.
Speaker Change: Thank you we will now conduct a question and answer session. If you would like to ask a question. Please press Star then one on your telephone keypad.
Speaker Change: A confirmation tone will indicate that your line is in the question Hugh.
Speaker Change: You May press Star then two if you would like to remove your line.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys once again star one on your telephone keypad.
Speaker Change: We would also like to ask that you. Please limit your questions to one question and one follow up. Please if you have additional questions you may re queue for those questions and they will be addressed.
Speaker Change: Also please note that Mr. Sergio Fishman will be responding in Spanish immediately following an English translation. Please.
Speaker Change: Please hold momentarily, while we assemble roster.
Speaker Change: Yeah.
Speaker Change: The first question is from Alexandra <unk> with Morgan Stanley. Please go ahead.
Speaker Change: Okay.
Speaker Change: Hi, Good morning, Loma Negra team. Thank you for taking my question.
Speaker Change: I would like to talk about pricing and how you were thinking about it for 2025 still on one side, we have demand trough hang in and starting to look a little bit better but also as we look at inflation. It looks like it's it eat appears to be slowing down. So how how should you think or how should we think of strategies for pricing into the <unk>.
Speaker Change: 25, and if you can also talk about competitive dynamics do you think that is still supportive of pricing action into 'twenty 25. Thank you.
Speaker Change: And one of them that are coming out.
Speaker Change: Uh huh.
Speaker Change: But I think maybe single carrier market, Let me, let me address your upside assuming that Oh. This is the most value.
Speaker Change: 25, we believe that the pricing dynamic is going to be seen Europe. The ones. We saw in the last couple of years exactly I mean nice facility, that's going to lead you on anything other than that I went on into wireless.
Speaker Change: It didn't.
Speaker Change: Maybe with the deceleration of inflation, we're going to have more space between price increments.
Speaker Change: Oh, My God bless you and not to ask them about it.
Speaker Change: They don't mental delinquency senior.
Speaker Change: Senior to the end of the year stuff that you have in the past with low inflation.
Speaker Change: That won't be in the scenario.
Speaker Change: You have to find them.
Speaker Change: But we are foreseen in the scenario, where the prices go along with inflation, but as we've been indicating for human myself with video to I know you've already got feels like this along with supposing that inflation is going to be above the devaluation of the peso persuade them into someone else's scenario. She she loves it.
Speaker Change: And that pace of lithium Youtube videos and in Brazil.
Speaker Change: Please proceed you have superiority because ultimately if we have an event of a major installation.
Speaker Change: <unk> done the price adjustment would be above inflation.
Speaker Change: No I thought that was very clear thank you very much.
Speaker Change: Everyone.
Speaker Change: The next question is from Marcelo for along with its how BBA. Please go ahead.
Speaker Change: Hi morning, Thanks for taking my question here.
Speaker Change: The question just a follow up also for four or five you guys could be even a little bit more color related to mine.
Speaker Change: Volumes in the industry declined by 4%.
Speaker Change: Last year or so.
Speaker Change: I'd like to hear from you guys expect from one of this year.
Speaker Change: My question here.
Speaker Change: Related to capital allocation so.
Speaker Change: Hmm.
Speaker Change: Once you know maybe five would be a better year compared to three three to four in terms of one one.
Speaker Change: One is you guys cheese room for dividend distributions.
Speaker Change: So I'll just repeat it.
Speaker Change: My questions. Thank you.
Speaker Change: Hi, Thank you for the question.
Speaker Change: <unk> branded idea about when you think about that even though you've got a few mentally dolby.
Speaker Change: You got it all.
Speaker Change: For 2025 are you expecting an.
Speaker Change: An increase of two digits and.
Speaker Change: On a year.
Speaker Change: But you've got them in the column on Monday night, illuminate a putting a message and they enter into blood draw should I figured affinion door handle those basically if we maintain the volumes that we had.
Speaker Change: And the last part of 'twenty 'twenty four.
Speaker Change: Hum.
Speaker Change: We lost some distribution expansion.
Speaker Change: I meant that the movie and nobody else does but you also get.
Speaker Change: Got it.
Speaker Change: Additionally, we are seeing some private project, let me spell it.
Speaker Change: In the last couple of months it can be like.
Speaker Change: Ralph or without poorly.
Speaker Change: When he bought it below UTI little when it came up when you all look at MBNA study.
Speaker Change: Some public works.
The municipal provincial level.
Speaker Change: Maybe combined with the private sector would be could be starting in the next few months equal to the epic satellite.
Speaker Change: No nothing.
Speaker Change: Can you repeat the second part of your question because we didn't get it right.
Speaker Change: Yes sure.
Speaker Change: Second part of the pressures related to dividends for 2020.
Speaker Change: Could it be should we would expect dividends from Argentina.
Speaker Change: With your question.
Speaker Change: It was bought a dividend or nothing.
Speaker Change: It's about dividend sorry, we didn't get it.
Speaker Change: Yes, you did.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Well go where you end up with a fellow.
Speaker Change: He must have anytime the one you're on your line.
Speaker Change: When I look at your own.
Anita: Since you Anita.
Anita: If you look a few years back and we're still analyzing the best way to allocate our capital.
Anita: When you integrate them most of them, but how will you end up getting it out.
Speaker Change: Macquarie capital allocation part of Centurylink.
Speaker Change: In 2022 or 2023, we pay dividends because we consider that the.
Speaker Change: The best way to return value to shareholders. Initially don't really went equilateral Fukunaga importantly, we'll do many internet.
Speaker Change: Hey, Daniel.
Speaker Change: More towards you know no one has had any power he handles during 2024 with.
Speaker Change: The drop in volume, especially in the first semester on the.
Speaker Change: Start with television and that the board decided.
Speaker Change: Not to move forward on paying dividends.
Speaker Change: There will be underlying assuming lets just go get considered under 11 by younger more and that's when he took on the.
Speaker Change: The lumpy you know normal phone seller and this ended up with water.
Speaker Change: And Additionally, there was this process with our controlling shareholders. So we decided not to not to move forward in 2024 check on it.
Speaker Change: You must be agile, you'll guide you or not.
Speaker Change: Do you give me a call.
Speaker Change: But if you're adding a ton more Saturday Campbell energy victory.
Speaker Change: Capital allocation.
Speaker Change: Great.
Speaker Change: More clear scenario in terms of volume.
Speaker Change: Volume for 2025.
Speaker Change: We are analyzing.
Speaker Change: <unk> was awarded the best.
Speaker Change: The device ways to go downhill.
Speaker Change: Locations for 2025.
Speaker Change: Okay. Thank you so much guys.
Speaker Change: Hello.
Speaker Change: The next question is from Daniel Rojas with Bank of America. Please go ahead.
When does he asked my question is regarding your cost structure for 225 I was just curious.
Speaker Change: See any points of pressure and if you compare it to 224 do you see any shortage of opportunity to increase margins further work should be should you be concerned and it's.
Speaker Change: For the next few years. Thank you.
Speaker Change: Good morning, Thank you for your question.
Speaker Change: She never I guess time will handle country in Asia.
Speaker Change: Daniel.
Daniel: Sure. It's important the leukemia go vertical caster at <unk> electric.
Yes, we are.
Speaker Change: <unk>, we saw it done by the end of <unk>.
Speaker Change: Of 2024 and continues in visa and do so this year, we have seen some improvement in terms of energy inputs.
If you need a locomotive fleet the most annual tumult around the floor and then <unk> control the Gulf Coast.
Speaker Change: And we are working very hard in terms of efficiency and cost management.
Okay.
Speaker Change: There will be more there'll be more quarter. So certainly you can look at that maybe take on no men or women.
Speaker Change: Well they didn't and.
Speaker Change: We believe that the machines that we.
Speaker Change: So in the fourth quarter.
Speaker Change: Our sustainable and Furthermore, if we start seeing some improvement in volumes.
Speaker Change: We are going to see some improvements in margin.
Speaker Change: Got it on somewhat of a handle <unk> got about eight E. Practical means that even if unit volume on this capital is adequate.
Speaker Change: You'd have to consider that we are working almost 50% of our capacity and with no major capex.
Speaker Change: We can absorb the hit your goal.
Speaker Change: Yeah.
Speaker Change: Thank you and then along those lines.
Speaker Change: For 2025 could you guide us on on Capex and since you are looking at 50% capacity and you can ramp up quickly.
Speaker Change: Do you have any large maintenance or should we expect a nice bump in cash flow as a consequence. Thank you.
Speaker Change: Yeah.
Speaker Change: Hey, Betsy I'm, interpreting any more capex and a.
Speaker Change: Any meaningful basically for this year, we have only maintaining its capex EBIT under embarrass him, but I'm also having to shingle kilo Garen Guardian Cooley, you'll get a more shade under Gordon.
Speaker Change: But if you're on it by that but it's a blessing.
Speaker Change: We're also finalizing the project of the shift to 25 kilograms back that's going to start.
Speaker Change: Start dispatching them.
Speaker Change: July when that economy now both sorry single keto pilot towards the end of <unk>.
Speaker Change: Is he going to bucket them into Monday again once finalized.
Speaker Change: Russia, we are not expecting any further.
Speaker Change: Uh huh.
Speaker Change: Just the main thing is capex.
Speaker Change: Could you give us a ballpark number are administered with just how much and maintenance, which was just to give us an idea.
Speaker Change: And the talent and Retold, a halo children, but if he'd been machine because attendant.
Speaker Change: Between all the all the business between $55 $60 million approximately.
Speaker Change: Thank you. Thank you very much.
Speaker Change: Sure.
Speaker Change: The next question is from Estevan, Alright, though with balance. Please go ahead.
Speaker Change: Esteban Your line is open on our end, perhaps its muted on yours.
Speaker Change: Hi, Good morning, Sorry was met and my question is also on Capex.
Speaker Change: What is the remaining capex to complete the 25 kilo back project.
Speaker Change: Thanks.
Duffy: Hi, Thank you for your question Duffy.
Speaker Change: My name is do the numbers shown the capex, but I always have assembled.
Duffy: I mean do you understand that others.
The remaining Capex for the 35 people on spec project is approximately $22 million.
Thank you.
Duffy: Youre welcome.
Diego Jalon: And this concludes our question and answer session I would like to turn the conference back over to Diego, how long for any closing remarks.
Diego Jalon: Thank you very much for joining us this morning.
Diego Jalon: Really appreciate your interest.
Diego Jalon: Company and we expect to meet you again, you never know.
Diego Jalon: Thank you very much.
Diego Jalon: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Diego Jalon: Yeah.
Diego Jalon: [music].
Diego Jalon: Yeah.