Good day, thank you for standing by. Welcome to the Prosegur Cash nine months 2022 results presentation. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Miguel Bandrés, Head of IR. Please go ahead.
Thank you all for connecting today. On behalf of Prosegur Cash's team, I'd like to welcome you to our 2022 Q3 results presentation that will be made by Javier Hergueta, our CFO, and myself, the company's IRO. The meeting will last around 25 minutes, and in it, we want to review with you the main events that have taken place in the quarter by region, the main financials, and as well the drivers behind our performance in the period. We will hold an open Q&A session in the last part where we'll address all the questions you may have. If we don't get to address all points in this session, we'll answer those remaining on an individual basis.
I again want to thank you all for attending, and remember that this presentation has been prerecorded and that the webcast can be found on our corporate web page at www.prosegurcash.com. To start, I'd like to share, as we normally do, some relevant news that have appeared in the media during the quarter regarding the world of cash that I'm sure will give some background to our environment. These news cover quite a few different angles, from regulatory changes in the U.S. to protect cash, to the effect inflation is having in cash-related behavior in markets such as the U.K. or amongst the young generations, or the importance of having an alternative and independent payment system to the digital one.
In the first piece of news that we can read on the upper left-hand part of the page, published by Cash Matters, we see that Miami has approved legislation making it compulsory for retail businesses to accept cash. This is our very important news since it adds itself to a large list of administrations passing laws in the same direction, such as Michigan, Massachusetts, New York or Pennsylvania, that underline the strong existing movement towards protecting cash. The characteristics that make cash a unique payment system, its resilience, its immediacy, its privacy, or its inclusivity, among others, make it a very important element to be defended by legislators across the world. This legislation adds as well to the protective regulatory wave we are seeing in multiple other countries such as the U.K., Spain or France.
The second news that we can read in CBS regards to cash stuffing, which consists in separating cash in different envelopes, labeling them for specific needs to be able to manage your budget in a more effective manner. This trend, which is not new, is now becoming viral among younger generations that are looking at creative ways to protect their budgets in inflationary times. This news shows clearly how cash is very relevant and transversal, regardless of users' age. In the third chosen news, we read in El Confidencial, a Spanish online newspaper, on Brett Scott, an expert in payment systems. The specialist underlines the importance of maintaining independent and alternative payment systems, underscoring how relevant it is to realize that the cash system and the digital money systems are independent and complementary in terms of their dynamics and their problems.
He signals that it's very important to have the option of having both of them always available. Being a problem when you lock yourself into one and getting rid of the alternative one, as has been the case with those promoting only digital cash. In the last news coming from CNBC and citing Laura Suter , Head of Finance at AJ Bell, we can read that cash withdrawals and the use of cash in the U.K., a market where cash has been on a retreat for quite some time, is increasing in a very large manner as Brits use cash to manage their expenditure in a roaring inflation environment. Just as an example, Britain's Post Office that offers world banking services handle a record of over GBP 800 million in personal cash withdrawals this past month of July. Now, I'll proceed to review today's agenda.
First, we'll share the highlights of the quarter. After, we'll review our performance by region. We'll review the main financials for the first nine months results. Lastly, we'll review the key takeaways before opening the Q&A session. For the first part, I'll give the floor to Javier, who will share our view on this period's key highlights.
Thank you, Miguel. As said, we can observe a continuous strong performance of the business, as well as our relentless commitment to our Perform & Transform strategy that continues to deliver. The high points worthwhile underlining being, in the first place, the fact that the first nine months of 2022 to date are posting an impressively robust growth. Our business continues to show very strong growth that led to turnover reaching EUR 1,470 million, signaling its health.
If we look at sales growth figure on these first nine months, it's up by 31% and important to underline that organic growth accounts for 26.8%. I would like to as well stress the performance of this third quarter standalone, where we see that overall sales have grown by 37.1%, and what is most important, that our organic growth in the quarter has risen by 34.4%, this being the highest quarter growth ever. Secondly, I want to share with you the growth of our transformation initiatives, something we are particularly proud of. New product sales have grown by 51.5% in these first nine months, representing 24.7% of total sales. That is a 330 basis points larger share on overall revenue than a year ago.
If to these figures we exclude divestments, then the growth has reached 62.7% and share of total sales have increased by 450 basis points. not only the numbers, the quality of our product offering and the type of solutions being offered have both increased. Next, when we look at profitability, we see that EBITA margins have climbed these nine months by 38.2%, reaching 13.7% of sales. The performance of the isolated third quarter increases by 48%, and in relative terms, account for 14% of sales. This is the highest margin in our industry and reflects our relentless effort to have the most efficient operations. We will continue to strive in this direction as we think it's absolutely paramount for our future.
To put it into perspective, this profitability performance implies an improvement of 250 basis points over last year's nine months on a comparable term, and of 110 basis points if we consider the quarter standalone. Cash flow, as we can see, continues to be a top priority for us, and in these first nine months, we've delivered EUR 108 million, 54 of them generated in this last third quarter. This brings our leverage ratio to 2.1x , which is very well within our comfort zone, even when considering our latest acquisitions. This financial health, critical for us, has been confirmed once again by third parties. In this case, S&P ratified our triple B stable rating and stable outlook.
Lastly, in our continuous commitments to ESG, we are glad to share that we've recently published a new code of ethics that carefully takes into account new ESG requirements as well as the impact of new technologies in our environment. In this slide five, I would like to share as well as the continued strong local growth, the fact that we are being able to translate our growth into profitability by continuing to leverage margins. Firstly, I think it's very important to consider the environment in which we are conducting business. Inflation continues to be strong across all our geographies, which has a very positive impact on the amount of money that is moved, as we saw earlier in the news. As well, we see a sustained recovery in cash volumes as consumers keep on returning to it, which translate into activity growth.
This inflationary environment not only accelerates the speed at which cash moves, but as said, makes consumers more crunch on using it. We of course keep on being very vigilant and continue monitoring the evolution of all macro indicators in our markets, as well as the evolution of the major geopolitical events that are taking place in different regions of the world. As of now, these are not having a negative impact on us, and we think that as inflationary pressures stay present, the macro continues to support our business into coming quarters. When we see the performance of our local growth, these first nine months of 2022 post an impressive 31.6% growth, the highest recorded, as we said earlier on. By region, this growth has been very strong as well.
Latin America grew by 36.6% as compared to last year, Europe by 22.4%, and Asia-Pacific by a strong as well, 20.8%. As said, all geographies have contributed very positively quarter-on-quarter to this growth. When we look at margins, you can see that EBITA in the period has reached EUR 195 million. That represents 13.7% of sales. This is an increase over last year of 61.4%, as well as a relative improvement of 250 basis points on comparable terms if we exclude the capital gains we captured last year. These figures show that in this inflationary environment, we've been able to not only make our operations more efficient, but as well to translate prices in an effective manner.
Combining both drivers, we have been able to enhance our margins. Lastly, I want to highlight sales in Q3 of EUR 534 million, which are the highest quarterly sales we've experienced in our history. I want to turn now to page six and share with you the results of our transformation strategy. As I earlier noted, we are particularly proud of the numbers we are achieving in this front. Sales in new products having increased by 51.5% in these first nine months of 2022 as compared to last year, reaching EUR 350 million. Not only that, despite the overall strong growth of our core business we mentioned, the acceleration of our transformation initiatives allow them to sum 24.7% of total sales in these first nine months.
If we are to exclude divestments, then the increase in sales has been of 62.7%. Going back to penetration, this has increased by 330 basis points or 450 basis points if we exclude the mentioned divestments. Once again, it's very important to note the balanced improvement of all regions towards this increase. If we consider this third quarter alone, sales reached EUR 143 million, an improvement of 73.1% over the same quarter one year ago, and of 28.3% when compared to the second quarter in this year, that was already the highest till now. The quality of this transformation sales continues to improve quarter by quarter as customers keep on supporting our new businesses.
Along that line, we are very happy to announce that we have a new line to add to our growth initiatives that we are very sure will be very relevant to our future, this being the foreign exchange business, as we will see in the following page. As said, with the acquisition of the ChangeGroup, we are strengthening our new product transformation strategy. By welcoming ChangeGroup into the Prosegur Cash family, we are entering into what will be a very fruitful relationship in a market that poses enormous growth opportunities into the future. If I am to underline the key elements of this transaction, first, ChangeGroup is the third global pure player in the foreign exchange industry, where there is ample space for both organic and inorganic growth. We think this acquisition, with its seasoned management, is the perfect platform from which to grow this promising market.
Second, the fact that after COVID, this industry has been recovering at extremely fast rates, showing that it's a preferred option for travelers around the world. Another relevant factor is that this business has a very strong case for future digitalization that opens tremendous opportunities, enabling us to enhance its revenue base. Being located in over 35 cities, it is a company with a major presence in Europe, which balances our geographical presence. In terms of sales on a run rate basis and looking into 2023, we are talking about a EUR 100 million sales platform. Regarding the transaction itself, we can share that the valuation agreed involves an enterprise value well below 1x sales. With this, I will pass over to Miguel Bandrés, who will comment on our regional analysis.
Thank you, Javier. I'll start with Latin America. That accounts for 68% of our sales. In the region, we see that we've had a very strong first nine months of the year with 35% overall increase in revenue and with sales totaling EUR 957 million. Sales in the quarter reached EUR 355 million. This growth is based on a solid 31.9% organic growth, to which we add the 4.7% inorganic growth of acquisitions we did in new products in the last twelve months. The evolution of foreign exchange has had a minimal 1.6% negative impact, consequence of the performance of the different currencies in the region during the period.
If we look at transformation, we can see that new products have grown by 59.4%, and they now reach 27.3% of total sales. This represents an increase of 410 basis points over sales when compared to one year ago. This figure underlines that in an environment with a very important organic growth, new products have increased at an even higher rate, showing the health of these initiatives. Turning now to Europe, an area representing 25% of total sales, we can see that these have grown by 22.4% in the first nine months, reaching EUR 360 million at the end of September. That growth reached 29.4%, which exclude the investments made in the region at the beginning of last year.
If we consider the quarter alone, sales reached EUR 142 million. It's important to underline the good performance of organic growth that continues to exceed double-digit and reach 16.1%. I would like to underline that this organic growth is backed on the recovery of consumption in our markets, the positive impact inflation has on cash, and to the increased embracing of cash by consumers as a means of payment. Important to note as well is the 6.3% contribution to sales of acquisitions made in the year in our core business to strengthen our position in the German market, as well as the entry into the foreign exchange business we shared earlier in the presentation.
If we read into new products performance, our sales have totaled EUR 67 million in these first nine months of the year, up by 27.9% versus a year ago. Now, if we exclude investments, that 27.9% growth turns to 83.1% and reach 18.7% of sales. This results in our reported penetration climbing by 80 basis points, while comparable penetration would increase by a very significant 550 basis points. If anything, this shows our strong commitment to the transformation portion of our strategy. Lastly, I turn to the Asia Pacific region that represents 7% of our total sales.
If we look at the evolution of the sales figure in the region, it has reached EUR 101 million in these first nine months, which represents a 26.1% overall increase versus one year ago. Sales in the standalone quarter reached EUR 37 million. That as well marks its historic record. I want to highlight the very good 20.6% organic growth in the region, which for the first time exceeds the 20% per year. New product transformation in the region has behaved very positively as well. It's gained three hundred basis points of share on overall sales of 20.8%, reaching EUR 21 million and representing a 47.9% increase versus one year ago. This continues to underline the positive reception that our initiatives have on customers across all regions. With this, I'll pass over to Javier so he can share our key financials.
Thank you, Miguel. I would like to start by reviewing our profit and loss statement. If we look at the sales figure for these first nine months of the year, they have grown up to EUR 1,417 million, which represents a 31% increase over the same period one year ago. It is indeed a robust growth, the strongest growth in comparable terms in the company's history. Looking at the chart on the right-hand side of the page, we can see the breakdown of that 31% growth. It is particularly noteworthy to mention that organic growth accounted for 26.8%, showing the health of our underlying business that is thriving in an environment that is positive for the evolution of our industry.
Inorganic growth adds an extra 4.8% of growth despite the divestments that took place at the beginning of last year, and finally, FX has an almost flat impact in the period, showing a negative 0.6%. In summary, we see a healthy and record sales growth. Moving down to profitability, we see a reported improvement of 38.2% of the EBITDA for the period reaching EUR 195 million and accounting for 13.7% of sales. If we now look at the chart on the lower right-hand side of the table, we see the evolution of the underlying EBITDA margin.
In comparable terms, profitability has raised from EUR 121 million a year ago to EUR 195 million this year, which means an improvement in absolute terms of 61% and as well an improvement on relative profitability of 250 basis points. Once again, this improvement reflects how our efficient structure resulting from all the cost initiatives we have performed along these last two years is effectively absorbing new volume, resulting in better profitability, both in absolute and relative terms. Below EBITDA, we can observe that amortization of intangibles reached EUR 17 million in the period and takes our EBIT margin to EUR 178 million in absolute terms, which represents a 41.2% increase over last year and a 12.5% of sales.
At the financial results line, we see a negative impact of EUR 32 million, which is slightly lesser than the EUR 34 million we experienced in 2021. Altogether, this takes our profit before taxes to EUR 145 million, a 58.8% increase over 2021 and to 10.2% of sales in relative terms. Finally, taxes for the first nine months of this year total EUR 67 million and places the tax rate at 46.4% versus last year's 56.5%. Bottom line, net consolidated profit after taxes reaches EUR 78 million, a 95.6% improvement over last year's EUR 40 million. In relative terms, net profitability over sales amounted to 5.5%, which is an improvement of 180 basis points versus the one we reported one year ago.
If we turn to the next page, we can review the evolution of our cash flow statement. Starting from an EBITDA for the period of EUR 275 million, we reach a free cash flow figure for the first nine months of this year of EUR 108 million, an improvement over the EUR 102 million we generated one year ago. This is taking into account that in 2021, we benefited from a positive EUR 20 million cash flow impact from divestments and, as well, considering the phenomenal growth of the company we have financed in 2022. If we consider the third quarter on a standalone basis, cash generated in these three months was EUR 54 million. That is a very important improvement over last year's third quarter of EUR 37 million.
Provisions and other items accounted for a positive EUR 10 million versus last year's EUR 6 million outflow. Income tax rose to EUR 71 million, fundamentally due to the absence of payments in advanced recoveries that took place last year, as well as a gradual normalization of our tax rate. CapEx expenditure reached EUR 49 million, a EUR 7 million increase over last year, fundamentally derived from capital expenditure directly linked to customers, this being mostly casualties. We invested EUR 57 million in the period in working capital to finance the company's growth with a constant and tight control of our DSOs and reaching the above-mentioned EUR 108 million free cash flow figure. This free cash flow implies a conversion over EBITDA of 82%, an improvement over last year's already remarkable 80%.
Interest payments in the period totaled EUR 4 million, a relevant decrease from last year's EUR 12 million, while M&A payments increased to EUR 31 million in the period, deriving from the acquisitions that have taken place in the last quarters and whose payment obligations were due in these first nine months. Dividends and treasury stock for the period amount to EUR 34 million, and others totaled EUR 32 million, resulting total net cash flow for the period after investing in the company's growth in CapEx for the business, in M&A to continue transforming and repositioning ourselves for the future, and in shareholder remuneration amounted to EUR 7 million as compared to the -EUR 9 million one year ago.
Now, looking at the chart on the right-hand side of the page, we see that we continue to maintain a very attractive free cash flow yield of 10%, taking into account these last 12 months, which makes the stock an extremely compelling investment proposition. Turning now to page 15, I would like to share with you the evolution of our total net debt, its main components being net financial position, deferred payments, IFRS 16 debt, and treasury stock. The total net debt at the end of September reached EUR 756 million. That is EUR 39 million higher than three months ago. This increase is fundamentally driven by an organic growth investment.
It is worth mentioning that this increase in debt has been absorbed by an even better performing business with a strong focus on cash generation that enables us to maintain a 2.1x leverage well below our internal 2.5x threshold and is at the lowest level since March 2020. In terms of our main debt maturities, we continue to see no significant changes and no important maturities are expected until 2026. I would as well like to underline that most of our debt portfolio is mainly at fixed rates and euro denominated. With this, we finish our financial review and would like to conclude with our final remarks before opening the floor to the Q&A. These nine months into 2022 clearly show a steady progress across all business.
We are 100% loyal to our performance transformation strategy, and this is proving to be very beneficial. We can see that quarter after quarter, we are delivering results with a company that is tightly managed with a strong focus on transforming itself into the future and assuring we generate cash flow in the most effective manner, always having our shareholders in mind to maximize the value we generate for them. Summarizing, sales in EUR terms continue to improve with high growth rates in an inflationary environment, which will remain into the midterm, as well as benefiting from a carefully designed and executed commercial strategy. Transformation continues to be one of our main priorities. New products already account for 24.7% of sales and have increased by 62.7% in comparable terms versus last year.
We continue to build a business that is better positioned for today and most importantly, best prepared for the future. In this front, the acquisition of ChangeGroup is a very important landmark in opening ourselves into a promising new industry that will for sure fuel our transformation. We never lose sight of profitability. All our actions have EBITDA in mind, and we continue to see significant increases in our relative margins, having improved it by 250 basis points from one year ago. It is well worth underlining our absolute commitment to generating cash flow, and in these first nine months, we've reached a free cash flow of EUR 108 million. Half of those, EUR 54 million, generated in the third quarter alone, while we've been financing a strong growth and being able to maintain our leverage at 2.1x .
This financial discipline has enabled us to ratify our credit rating by S&P, showing the appreciation of outer agencies to our financial management. Last but not least, our continuous commitment to our ESG strategy. In this front, we have recently released our new code of ethics that pays a very special attention and prepares well our company with regards to the new and changing environment related to ESG standards and technology-driven behaviors. As well, I would like to share that 100% of the energy we consume in Spain is green. An example of this strategy is the optimization of our flagship branch in Madrid through photovoltaic panels and improved lighting systems in order to reduce consumption. This initiative will serve as a pilot experience to replicate similar energy efficiency initiatives in other countries and underscores our commitment to sustainability.
As you can see, we are committed to manage our company in the most sustainable of fashions, and we are sure this is needed to be able to succeed in the future. Thank you all for your attention, and we can open now the Q&A session.
Thank you. As a reminder, to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A queue. Thank you. We'll now take our first question. Please stand by. First question is from the line of Enrique Yáguez from Bestinver Securities. Please go ahead.
Good morning, Javier and Miguel, and thank you for the presentation. I have four questions. The first one is if you could provide a specific timeframe for closing the merger with Armaguard in Australia. Any news on that? Secondly, regarding the acquisition of ChangeGroup, what contribution do you expect in profitability, accretive or in line with the group? Third, regarding the EUR 29 million quarter-over-quarter increase in the net debt associated with IFRS 16, what is the vision behind that? Because until now it has been pretty smooth. Finally, if you could provide an outlook for Q4 in terms of revenues. Do you foresee the strong acceleration of previous quarters to continue? Or on the contrary, due to macro conditions, do you expect a meaningful deceleration? Thank you very much.
Good morning, Enrique. We'll try to address the different questions one by one. On the first one, on the timeframe on Australia, the process is progressing. We are expecting a resolution from the antitrust authorities for Q1 2023. We are immersed in that process. We are collaborating with the authorities, with ACCC along the process, and we are confident that we have a solid case on that one. We'll keep helping them during the process, and we need to wait some months till there's a final ruling on it. With regards to the second question about the ChangeGroup contribution, I would say that the margins of ChangeGroup are in line or slightly above our group margins as of today.
We'll start to see the contribution in more depth in Q4, 'cause Q3 has been only partially consolidated. You should be expecting that to be quite in line or slightly above. Third question is on IFRS 16 debt. Most of the variation that you've seen in the quarter is related to the Change Group acquisition. As you may think, this is a business which is very much reliant on rental of retail spaces and therefore has some IFRS 16 component in it. Another smaller portion of that has to do with the FX evolution of the existing IFRS 16 debt.
In terms of the outlook, I would say that, for Q4 and full year 2022 as a whole, I mean, we would be expecting to beat the consensus, the market consensus, despite that has been already upgraded. Even with the upgrade included, we think that we will be beating the figures and therefore we'll be probably on the capital markets, the targets that we announced for 2023, and we will be probably meeting that one year in advance.
Thank you very much.
Thank you. We'll now take our next question. Please stand by. This is from the line of Francisco Ruiz Martín from Exane BNP Paribas. Please go ahead.
Well, I have some two or three questions. The first one is regarding the ChangeGroup. I mean, following the question of Enrique, if you could give us what is exactly the contribution or the add-on contribution of this business. Because you had a previous business on exchange as well, no? So you commented like around EUR 100 million run rate. But what is exactly the contribution and how much of the increase in debt comes from the initial payments on this? The second question is, if you are concerned or you have seen some negative evolution for next year on this recession that we are starting to live mainly in Europe.
You know, are you concerned that probably will be a reduction of the growth seen in this year? Or do you have any leading indicator on that? Last but not least, I mean, a follow-up on the net debt. What do you expect the net debt to do evolving in Q4? Because if you have already included ChangeGroup, can we see a significant reduction if free cash flow continues to be the same line as Q3? Thank you.
Good morning, Paco. With regards to the first question on ChangeGroup, I mean, in terms of quantitative contribution, you could be expecting on the top line, as we mentioned in the presentation, around EUR 100 million sales coming from this acquisition. In terms of EBITDA, as we mentioned, on the questions before, margin should be in line or slightly above. You can put our margins on those EUR 100 million sales. In terms of debt that you were also asking, most of the debt variation comes from the transaction. That is the case, especially because of the structure of it, which is pretty much based on an earn-out structure.
We have structured this transaction very much based on a long-term earn-out agreement with the vendors which can last up to seven years. That allows us to be fully aligned and with the existing management and keep them totally incentive on a business which we are not experts in on this very first moment, but gives us total comfort that we are partnering with the best management in the industry. We think that this is a very positive transaction for us. I mean, ahead of the numbers that we just mentioned, basically because we are capturing a wave of growth, significant growth in the industry as it is recovering very strongly post-COVID.
From another point of view, I mean, we are entering into probably the most resilient piece of the cash business in the industry. At the same time, it is bringing us an enormous opportunity for digitalization in that industry, and it also helps us balancing our geographic footprint as it is mainly focused in Europe itself, U.K., Nordics, some Central Europe and a bit less in Australia. As we said, we are very confident that we are partnering with the best management team in the industry. All in all, we are very, very happy about the transaction, and we think that it will be very successful for all parties involved. In relation to the second question about the recession.
We are not really seeing right now any signals of that recession in our activity and in the markets where we are. For 2023, we expect the growth trend that we are experiencing now to keep going. Of course, the comparable base, I mean, will be more demanding because we are performing very strongly in 2022. In percentage terms we'll see what it translates into. We definitely see so far that the same strong performance in the business keeps going ahead. I would say that on a long-term basis, I mean, what we see is that remaining inflation going forward will probably be much higher than what it was pre-COVID, because coming back to pre-COVID levels will probably be too hard to afford. I mean, for the economies where we operate and for the governments themselves.
Despite it might be lowering, based on the interest rates increases that we are seeing, we feel that the normalized level of inflation going forward will be higher than the pre-COVID one. In terms of net debt for Q4, you should expect some decrease of it. I mean, not very dramatic because it's just one quarter ahead of us. I mean, of course we will expect to keep generating cash flow. The change should be gradual and not be very high just for one quarter. I mean, it's something that should be happening quarter and quarter, and Q4 should be the starting of that process itself.
Just one clarification. We should expect EUR 100 million additional contribution from ChangeGroup? Because, as if I understood well, this EUR 100 million is together with your existing business.
With our existing business, it will be higher than the EUR 100 million, but our existing business is still an incipient phase. I mean, altogether it will be a bit more than the EUR 100 million, but the bulk of it comes from this EUR 100 million from ChangeGroup.
Okay. Thank you.
Thank you. We'll now take our next question. Please stand by. This is from the line of Enrique Parrondo from JB Capital. Please go ahead.
Hi. Good morning, and thank you for taking my questions. Just one from my side. I was wondering what part of the close to 40% organic growth in LatAm's third quarter is volume driven and what part is price driven? Just on this, I was wondering if you could comment whether pre-pandemic volumes have been recovered in the region or we're still a bit below. Thank you.
Good morning, Enrique. In relation to the first question about the LATAM performance in Q3, you've probably realized that the organic growth in Q3 in LATAM is an all-time high and it's an absolute record. The mix of it, which I understand is your question, is a bit more skewed towards volume than pricing. It's quite balanced, but it's more volume than price. In relation to the pre-pandemic volumes, we have several countries in all geographies which are now exceeding the pre-COVID levels in terms of business performance. Not only Latin America, but also in Europe and Asia, we have examples of countries, several of them in all regions that are in that situation right now.
Thank you.
Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. Once again, that's star one one, if there are any further questions. We have a question coming through. Please stand by. The question seems to have been withdrawn. As a final reminder, if there are any further questions, please press star one one on your telephone. Speakers, there are no further questions coming through, so I'll hand the conference back to you.
Great. Okay. Thank you all for taking part today in the conference call. Should you have any further queries, please, do not hesitate to contact our Investor Relations team. We'll remain available for you. In any case, hope to speak back again to all of you in our fourth. Goodbye.
Thank you. This does conclude the conference for today. Thank you for participating, and you may now disconnect.