Good morning, ladies and gentlemen, and welcome to the presentation of Enagas results for the first half of twenty twenty one. The results were released this morning before the opening bell. And as usual, they are available on our website at www.enagas. Es. Mr.
Antonio Chardin, Chairman of Enagas, will host this presentation, which is expected to last about half an hour. And afterwards, there will be a Q and A session during which we will do our best to answer any questions as thoroughly as possible. Thank you very much for your attention. And now I hand the floor to Mr. Antonio Jarvej.
Good morning, ladies and gentlemen, and thank you for attending this results presentation. I'm joined on this online conference call by the Chief Executive Officer, Marcelino Reja the Chief Financial Officer, Borca Garcia Alarcon the Board Deputy Secretary, Diego Trillo the Investor Relations team, Antonio Velasquez Gastelo and Cesar Garcia Del Rio and the Communications and Institutional Relations Director, Felisa Martin Anatolio Bonafil, the Director of Management Control and Business Analysis. I'm going to share with you the company's key milestones since the last results presentation on release of April. 1st of all, on the 27th May, we held our General Shareholders' Meeting, which was conducted remotely for that reasons and in prioritizing people's health and safety. We have 136 more online shareholders Last year, the 2 most important proxy advisers, ISS And lastly, we issued a recommendation to vote in favor of all the proposals on the agenda, which were subsequently approved by a very large majority of nearly 100%.
They include the company's management and the annual accounts for 2020, which were timely approved with 90% positive votes. For the 2nd consecutive year, the Enagas General Shareholders Meeting has been certified as a sustainable event Reisail Einor, Spanish Standardization and Certification Agency. Secondly, on July 8 and after This resolution was adopted at the GSM. Enagas paid out a complementary cost dividend of 1.008 euros per share, in line with the commitment to distribute a gross dividend of €1.8 per share charged to 2020 profit. This deal is therefore 5% more than in 2019.
Shareholder remuneration is therefore a priority for Enagas. And thirdly, during this quarter, we have significantly intensified our commitment to decarbonization by promoting specific renewable gas projects that I will describe later on. The results for the first half of the year were highly Positive because we are able to cushion in part the impact of the regulatory reform that, as you know, became effective in 2021 which has led to a significant reduction in the company's regulated revenues. Although we should also say that this provides us with as stable regulatory framework until 2026. There has been a significant improvement with regards to the second Q1 of 2021 due to a higher contribution of our affiliates to net income after tax, which already stands at 40.4 percent and mostly because we continue enhancing our efficiency.
Receipt. We delivered a net income after tax of €213,100,000 during the first half of the year. Let me now point out to the fact that we reported solid cash Regeneration. We have reduced our net debt significantly. We also increased our liquidity up to 3 point €24,000,000,000 And we also improved our debt financial cost, which went down to 1.8%.
After the dividend payments planned for the second half of the year, 1 in July, which has already been made and the one to be made in December. Our debt level at year end will be fully in line with the budget. In short, the company's performance in the first half of the year and specifically during the Q2 was very positive. Reis. This is indeed good news to reach the halfway point of the year with such results when reported.
You should be broadly mind that these figures Enagas and Maricano results in the 1st 6 months that will not be delivered in the second half of the year. Research. For this reason, we prefer to take a prudent approach and convey the message that we are on track to meet all the targets reset by year end. During the first half of the year, Enagas' gas infrastructure as a whole were available 100%. With regards to the degree of use of our infrastructures, the figures that currently serve as an indicator is that of gas demand.
So far this year, this reflects a very positive and upward trend supported chiefly by conventional demand, which includes households and the industry sector and which accounts for Somehow the economic recovery in the country representing around 80 3 percent of total demand in Spain. This conventional demand has climbed by almost 10% so far this year compared to the same period in 2020. And in particular, industrial demand has increased by 9%. Now talking about total demand for natural gas exchange during the 1st 6 months of the year. Coupled with gas used for electricity generation, total demand was in excess of the previous 6 month period by 6.3%.
So this positive trend evidences the potential role that gas infrastructure have played in ensuring supply during COVID-nineteen and during the greatest cold front that hit Spain in recent years, and specifically the role that such manufacturers have and will continue to have in achieving the European decarbonization goals. These infrastructures are constantly evolving in terms of technology, efficiency and safety. And by way of example, among others recently, the Barcelona reclassification plant, the largest on the peninsula and the second one in Europe, once again was given the better than standard weighting during the audit conducted on maintenance management and emergency Management Procedures. I would like to stress, as you well know, Enagas is an infrastructure company and a network operator. That is our core business, now the purchase or sale of gas.
Therefore, the volatility of international commodities markets not affecting us directly. With regards to our international affiliates or industries, this reforms very well in the first half of the year. And let me mention some highlights. As for transadriatic pipeline. There are 3 important milestones to be noted.
First of all, it has been 100% operational and its actual level of utilization as of July is already around 85% of a capacity. Secondly, as of July 1, it has already carried 3,000,000,000 cubic meters, that is 3 BCM to be delivered in Europe. And after reaching the so called financial completion day on the 31st March, In June, a true outlook started out, reducing Enagas' stake in the company. Therefore, our 16% Re stake in PAP represents an investment of €190,200,000 with an expected Restate return in excess of 11%. In the United States, the Tallgrass Energy business also performed very well in the first half of this fiscal year ahead of budget.
And this was mainly due to the recovery of the U. S. Energy Market and its Very Good Growth Prospects. This had positive impact on the results of producers, including some of Tallgrass's main customers. Currently told Agassiz moving forward and developing decarbonization projects in the North American market.
And in this Regard. Let me give you a specific example. Last week, Tallgrass announced that the Research. National Energy Technology Laboratory of the U. S.
Department of Energy has awarded the company federal funding as a part of the effort to advance next generation clean hydrogen technologies. You have more detailed information in this Respect in the presentation that is available to you. The rest of our international affiliates also reported very good results. For example, GNL Quintero, which in the context of strong gas demand in Chile is operating at very high production levels. In Europe, our affiliate DESFA is one of the promoters of the White Dragon project to develop Green Hydrogen Production Value Chain in Greece.
So in summary, and as you can see in the presentation, the size of all of our affiliates are very positive And even somewhat ahead of expectations, all of them, on the other hand, are actively contributing where there is a structure to the decarbonization process in various parts of the world. Just like every quarter, I'm going to provide you with an update on Gasaducto Sur Peruano. The arbitration proceeding is advancing as per the established procedural calendar, which is quite positive. Tomorrow, the new President of Peru will be inaugurated. Mr.
Pedro Castillo at Enagas will follow the formation of this new administration very closely and will convey, as usual, our willingness to reach an amicable agreement with the Peruvian state. In this respect, in recent weeks, the team of Peru's new President has Restressed, the different ForEx, their confidence in maintaining and attracting international investments. Enagas, in developing its present and future activities, has ESG criteria in place of the general framework and as an energy company holds a clear commitment in this area, our active contribution to the decarbonization process. Internally, we have been able to reduce since 2014 Our carbon footprint by 63%. Therefore, we will be able to achieve our goal of becoming a Carbon Neutral Company by 2,040 or Even Sooner.
This has visioned us among the world's leading Riskfulness in Climate Action and keeps us at the top of Sustainability Indices and Rankings. And to name by a few words, Let me mention the following. We have been included in the CDP Climate Change List. We are one of the companies that have set out its climate commitments in the European Climate Pact Initiative, which is part of the European Grain Deal. Recently.
The Financial Times included us in their list of European Climate Leaders. In addition, we have voluntarily joined a methane emissions reduction initiative led by the United Nations Environment Program in collaboration with the European Commission. We have also received very positive feedback on the first report we submitted to them and on our reduction plan. And we are working so that in the short term, we can be awarded the highest weighting Receipts, possible that is the gold standard. In addition to all of our internal actions to become an increasingly sustainable company.
As an infrastructure company, our main goal is to tribute to the global decarbonization process. And to be said, we continue working to develop renewable gases. These are technologies will be essential to supplement electrification and therefore achieve the final for the ultimate European decarbonization objectives. And let me give you some concrete and relevant projects examples over the past 3 months. We are promoting several of the so called hydrogen valleys or hubs with other partners.
These are large state initiatives that bring together various green hydrogen projects and evolve a large number of shareholders such as governments, large and small companies, producers and consumers among others. And in this respect, We are promoting, for instance, the Hydrogen Valley of Catalonia with Rovira Ibergilo University and Rejsol. This is a micro project that we presented on the 14th May in Tarragona together with more than 100 institutional and business stakeholders involved. We are also promoting with other partners the hydrogen valley in the community of Madrid with EDF, Madrilenha Redegas and Q Energy. We are also promoting the creation of the green hydrogen hub in the Canary Islands together with DISA Company and the largest green hydrogen project in the Valencian community in partnership with Abertrola and BP.
We have also partnered up with Navantia to promote 3 major projects to deploy the potential of green hydrogen across different regions in Spain and therefore contribute to decarbonizing the manufacturing and Transport Sector. We have also submitted together with various partners an energy transition project for the city of Malaysia and another one to generate green hydrogen in the Bay of Asad Syros. So these are all hydrogen related projects. As for biomethane, Together with Faxa, we executed an investment agreement with Travan Technology. This is a startup from Vyavoli to develop a Technology that will produce biomethane from biogas from waste water or organic waste.
This is therefore circular economy project. We are also promoting renewable gases by encouraging investments in this kind of clean technologies, for example, through the Energy Transition Fund, Sclima, which we developed together with Alantra, which this quarter completed its first close Reassen of more than €18,000,000 on account of investment. In addition and in closing, we Research. We are aware of the need to conduct green hydrogen analysis. Therefore, We have joined the new Department of Hydrogen Studies at the Commission of Quantiscale University as a sponsorship company in order to promote this energy Actors also in the field of research.
And finally, this is a social and environmental commitment initiative Jointly, together with the regional government of Estrambadura and other large companies, we have joined Motor Verde, the largest promoted by the Rexol Foundation and Silvestri. So these are just a few examples of the 55 Hydrogen and Biomethane Projects that we currently promote in throughout Spain to with more than 60 Partners, which could represent an aggregate investment of €6,300,000,000 Many of these projects We're already presented during the first half of the year to the different expressions of interest opened by the Spanish government. At this moment, we remain very attentive to the calls for proposals that are expected to be launched in the coming months by the Spanish administration. If you could allow me, I'm going to have some water. Research.
Thank you. And before closing, I would like to stress that the results for this first half of the year are in line with the attainment of our targets in 2021. This is a year that which in which the regulatory form has become effective as you well very well know, but which provides us with a Restape, a regulatory framework and visibility of our regulated revenues until 2026. Let me remind you about our targets for 2021. We maintain Restain.
Our estimate of €380,000,000 of net profit by the end of the year, solid cash generation, which will enable us to reduce our net debt and continue providing an optimal balance sheet structure. We continue intensifying our control plan and overhead savings, writing of all that is not essential to the business continuity and to current and future activity. We also maintain our solid commitment to employment just as much as we maintain our strong commitment to our shareholders and their renovation. Cash flows generated enable us to guarantee our dividend policy for 2021. And as you know, this will be set at €1.70 per share, which accounts for a 1% increase compared to 2020.
Results. I will now finish up with 3 conclusions. 1st, on the 27 May, we held the company's General Shareholders Meeting, approving all the items on the agenda by a very large majority, in many cases, close to 100%. Today, we have presented the company's good results for the first half of the year, thanks mainly to the good performance of our affiliates and our efficiency driven efforts. And as we have been announcing, we are working very intensely on decarbonization, Hydrogen and Biomethane Projects.
Today, we have briefly summarized the main progress made in specific projects over the quarter. Research. Let me once again underscore, as I do in every presentation, although we hold our full commitment to decarbonization and we are using all of our know how Research. And we're making all possible efforts to promote solid transformative projects that may contribute to a just transition to make Research. Our country's manufacturing sector more competitive and sustainable and ultimately to generate employment.
Thank you For your attention, if you have any questions, please do not hesitate to raise them. As usual, we will try to answer them as fully as we can. Now we are going to start with the Q and A session. Research. Research.
First, we are going to ask questions from the Spanish room. The first question is by Javier Suarez from Mediobanca. Please go ahead.
Good morning, everyone, and thank you very much for the presentation. I have a couple of questions. 1st, with regards to the guidance results. The question is whether it's fair to say that the Company feels comfortable with the guidance of EUR 380,000,000 net profit for this year. And also, if you could tell us And details us
those €20,000,000 one off that we had
in the first half of the year, what are they due to? And the second question for the next few years. And I would like to ask how do you see Enagas strategy in the context of the EU decision to give these assets also an important role in decarbonization. And Another question is in the American market. The U.
S. Market, it seems that they're also seeing Looking into the development of renewable gas from a different perspective with this new administration, I thought it was very interesting what It was said by Toll Glass regarding federal investments. I would like to know how you see the future of renewable gases also in the U. S. Market?
Thank you very much, Javier, for your question. We will discuss this for just a few seconds, and we'll get back to you straight away. Research. Thank you very much, Javier Suarez, for your questions. Let me just go quickly over this.
First, the one offs mainly are the most well, the most important ones have to do with the coal front. There was €10,000,000 revenue in the case of Tallgrass that obviously may not be the case in the 2nd semester. And then there are EUR 7,000,000 from recapture GSP. And really, we think that we have really fulfilled the budget for the first half of the year. We believe that we'll meet the budget for the second half and if we have upsides managed, so that we may have some upsides that will not be repeated but will not disappear either.
So we are very optimistic with the compliance of our goals. But with the huge volatility that we have in the market, we prefer to be cautious. You know as well, I mean, that Enagas is not known for making huge announcements out of place. And about the second topic, obviously, it's very important for the advancement and the promptness of the European Union's Commission in the decarbonization Strategy. And there, we believe what we don't just believe, we see that the EU believes so.
There's been a latest report by the European regulator that states and focusing on what we do, they say that The infrastructures, the high pressure infrastructures that we currently have in the whole gas infrastructure in Europe are very well prepared Research and Development Solutions, which is something of a necessity. We want to reach the ambitious goals that they've set. And there, the hydrogen, both fuel hydrogen, but also blended hydrogen and biogas will be a very important part within that EU believes could work. And Enagas response specifically believes we can play a role. That is very important in order to help Research.
To make sure that we can create market, that we can help the recertification Resources for Green Hydrogen, etcetera. So Javier, I don't have a lot of time to answer to you, but I think we are really in agreement with the proposals by the EU. And we honestly believe that over the next few years, because this will not be immediate, over the next 3 to 5 years, We will be able to develop this really well. And finally, yes, it's true in the U. S.
With the change of administration with Mr. Biden. There's been an important change on how the federal government sees this issue of Pickup onization. And I'm going to give the floor, in fact, to the CEO, Marcelino Rejasso, that he can go and talk about Tallgrass. Marcelino?
Research. Thank you very much, gentlemen. In the U. S, the bet on hydrogen is very Research. Important not just in green hydrogen, but also blue hydrogen.
They have very important and cheap Research. And in total, we are convinced that there will be many opportunities for growth in that field. Just like in Europe, the use of the current gas infrastructures Research. It will be very important in order to transport hydrogen with Green Oblou. And I think in Tolgas, we can also help with this.
So I'm sure there will be many opportunities. Research. In fact, Torgas has already a small project in order to ensure that we are able to TSO for the U. S. Thank you very much.
Thank you, Javier Suarez. Thank you, Chairman Marcelino. We are ready for the Reis. The next question comes from Alberto Carlos from Goldman Sachs. Please ask your question.
Reis. I have two questions. First, I know it's quite early, but Do you have an idea of EBITDA contribution up to 2026 or an idea of investments that are being managed by Enagas that will come from the recovery fund. Just to get an idea of all those projects, what could be the net contribution for the company from those next generation plants. Secondly, when you give guidance of Tallgrass for 2021 commodities were lower.
After the cold front, I would like I have an update on that guidance and whether you if you are not increasing it, why are you not increasing it? Because in the environment of commodities and when looking at demand, it's been greater than expected. And I don't know if you could give an updated guidance on Tallgrass also for 2022. Is it possible that EBITDA for in 2022 will be greater than 2021 despite what's happening on the coal front and demand? Or do we think this will be just normalized due to climate change?
Thank you very much. Thank you, Alberto. Thank you so much, Alberto and Tofi, for your two questions. About the first question, the EBITDA range for 2026, initially, it was before the cold front. After the cold front, we have gone and actually on what I remember.
It's gone from EUR 740,000,000, I think. So there's an update of the revenues by Toklas. Despite that, we haven't So far hasn't foreseen any changes for the rest of the year. So we're working with that improvement. In the case of 2022, it seems that it's going to be an EBITDA improvement versus 2021, but we still do not have specific We will calculate them together with Tallgrass during the second half of the year.
But in general terms, The guidances and the information that we received from Tallgrass It's actually better than what we would have expected at the end of last year. Thank you very much. Alberto? Research. Thank you, gentlemen.
We are ready now for the next question. So the next question comes from Lillian Starke from Morgan Stanley. Please ask your question. Research. Hi, good morning.
Thank you very much for giving us your time. Just two specific questions about Tallgrass. Regarding additional contracts that you signed with Connexpress, I would like to know if this is more for about producers that are increasing their capacity or whether these are City or whether these are producers that are looking for certification in some of these countries? And the second question that I have is when you talk about opportunities for growth Research. For this business, what type of projects are you looking into, especially to know whether they are Thank you very much, Ms.
Stark. And I'll give the floor to Marcelino O'Reha Desjeu so he can answer both questions about Tallgrass. Martellino, go ahead. Thank you very much, the Chairman. Well, in fact, with regards to ConExpoix, the growth of Research.
The activity of the increase of flow is mainly due to the JV with the Dutra that we announced in the past that will guarantee greater becoming therefore a critical infrastructure That will allow us to have the tall gas to have more products in tall gas. With regards to the gas flow that's also growing. We're having contracts in flow east to west and also direct flow, Growing also in flow demand, and in some cases, the growth will be due to the creation of some carbon gas project, so changes from the current infrastructure to new customers. And we believe that in the future, there will be a greater consumption Research. And that's why we are very much committed to this company.
Thank you very much. The next question comes from Jose Luis from Barclays. Please go ahead. Research. Good morning.
Thank you for answering those questions. I don't have one. Basically, You are in this presentation, you are doing a decarbonization commitment for the long term, not just in the Spanish market but also in other markets. I would like to know what happens with your portfolio rotation or asset value asset rotation strategy. These long term commitments will mean that the asset rotation in the future will decrease.
Thank you very much, Jose Javier. Good morning. Let us discuss this for just a few seconds, and we'll get back to you.
Research.
Thank you, Jose Luis, for your question. Our commitment with decarbonization, which I think is very clear, I think the speed will depend, obviously, on what's decided by the authorities in the different countries and The EU, for instance, regarding the pace and the specificities of the different projects. Having said that, This does not have to have an impact on a process that is a sensible process on rotation. I think there are 2 We have decarbonization plans that we will adapt to the rules results applied by the EU and the different countries' authorities. The example of Tallgrass is very clear.
A year, 1.5 years ago, we were not talking about that, but now we can talk about this, Protorgas. And simultaneously, There's a thought also about the potential asset payer rotation. But depending on how the markets evolve, how our improvement expectations, performance, etcetera. So I would say that there are 2 parallel processes, and one doesn't have to put Reis. The
Research.
The next question comes from Ignacio Dominik from JB Capital. Please go ahead. Research. I would like to go back to the impact of the $20,000,000 one off on the Investec Companies and also to ask about the impact of the results of Tallgrass due to the cold front and whether those EUR 10,000,000 and the remaining €10,000,000 had an impact on the 2nd semester. Also, the recurring contribution of €190,000,000 for the end of the year by the investor companies.
And the second question is whether there's any news on the role that Energas can play on the value chain of green hydrogen. And about a EUR 5,900,000,000 investment, both of that will be for Enagas. Thank you very much, Ignacio. Please close the lines for just a second. I will get back to you.
Research. Thank you. Thank you very much for your question. I have the first question. I'm going to ask the CFO, Borja Dasiadarco, to answer please.
Borja, go ahead. Thank you, Chairman. Good morning, Ignacio. Yes, Impact. The cold front of Tallgrass was an effect of the Q1.
The other effects have to do with the Q2 and for the whole of the guidance of the results of invested companies. Thank you very much. About the next topic, the role that Enagas may play or that we're trying for it to play in this I'm not interested by them or more of a priority and maybe the projects are not considered a priority or they are left for a second stage. So right now, it's impossible for us, impossible for anyone to give an idea on this because we do not have information. But Research.
For all projects, we follow certain rules. 1st, we're never on our own. We always work with partners. This set of partners, well, we try that for the partners to represent the whole value chain From producers to consumers, we could say. And so it's not easy to say depending on the project.
We don't know what Research. But on this general about this general figure, we cannot make any forecast because no one, absolutely no one in Spain or in Europe has any specific idea about what will be the project for the 1st 3 year period There is no calendar about this. We know that Spain has already received the approval by the EU. We expect, therefore, that Probably in September or in October, the Spanish government will start will give the green light and talk about the project's criteria and the final presentation to the authorities, and we are ready for that. No, sorry for anything about me coming from Europe.
And well, maybe soon, in a few months, we'll all be able to have a Clear vision of what are the priority projects. We are how we are working on them and how we will they will be developed. Currently, this is active work in progress. And we are, in fact, improving some of the projects that were already presented. And there will be changes, obviously, with the arrival of new partners, etcetera.
Today, what I can say is that in this whole process, while we're working and happy In the process, I will inform you a report. Reis. Thank you very much, Chairman. We are now ready for the next question, ladies and
gentlemen, and welcome to
the questions from the Spanish. Ryn, so now we'll move to the questions from the English. Ryn?
Reis. Thank you. Our first question comes from Reis. Harry Wybert from Bank of America. Please go ahead.
Hi, good morning everyone. My questions have already been Research. I think in the interest of time, no further questions from me this morning. Thank you.
Our next question then comes from James Brand from Deutsche Bank. Please go ahead, James.
Hi, good morning. Thanks for Research. Actually, still have 3 questions. So, Aziz, for listening here. But, so three questions.
The first is on GSP and the political situation in Peru, which you mentioned in the presentation. I was just wondering whether you expected that situation to delay the arbitration process at all or potentially even threaten the government's willingness to abide by any arbitration decision that is that comes next year. That's the first question. Second question on asset disposals. There was a question related to the green side of this.
I just wanted to check on the timing. Should we be expecting asset rotations to come this year? Or is it something That's more likely to come next year. And then the final question is on hydrogen. You'd obviously talked a lot about the individual Research Projects that have been bid into this kind of stimulus schemes.
I was wondering whether you're any more Developed in terms of your thinking on hydrogen investments that might need to be spent on the kind of network or in storage, whether We should be having in mind a particular date where you might be able to give us a more comprehensive view on what you might have to invest in hydrogen
Research. Thank you very much, Jaisband. As for Peru, I already mentioned that we are waiting for the inauguration of the President-elect, Mr. Pedro Castillo. So we will try to contact Administration Representatives in due to the formal and express our willingness to reach agreement with regards to the arbitration procedure.
At this point in time, it's very difficult to provide any exact data in this respect, but we are taking an active approach to it. Of course, this is normal in any arbitration proceeding. So we will see with the new administration what they have to say about their Energy Policy Approach, among other matters. We're also analyzing as rotation related issues. This will depend on how the markets perform.
This is work in progress. And this year as well as next year, we will Research. We are working along these lines, and we will keep you posted in due time and form. And going back to some hydrogen related figures, let me underscore what I said before. There are 2 phases here.
The European Commission as well as the European regulator, AASR, issued a number of papers over the past weeks conveying that for the purposes of the decarbonization process, EU. Infrastructure will be critical.
The infrastructure will be in
place in Europe because they are ready to carry green hydrogen. They can carry a pure green hydrogen. They can also do so with blended with natural gas. So right now, there are different papers that point to the fact Research. That by 2,040 and into account the huge volume of green hydrogen that is expected Reisby Used in Europe.
Current estimates by the task force, the European hydrogen bond. They say that a percent of such volume might be carried through The existing infrastructure after, of course, making some inventory investments due to balance Research and Development Corresponds to New Infrastructure or New Storage Facilities that might be necessary. Therefore, today, at this point, it's not possible to provide any more accurate information in this respect. But in the next 2 years, And considering the case set by the European Commission and the decisions made Research. With regards to the next generation fund, we will have a clearer picture About this, all existing infrastructure to a large extent We'll be ready for use in the next 20, 25 years in order to carry green hydrogen and a small portion perhaps will require some new investments that have not been made.
Speaking about transportation, of course, but then we have green hydrogen production. That's a different issue that needs to that we will have to use renewable energies and make some additional investments. So this is the more or less the context that companies in this sector are living in. In the next two and a half years, I believe that we will have more specific information coming from state and European authorities as schedules that they foresee. Thank you very much.
Thank you, Mr. Chairman. We move on to next question if there's any.
We have no further questions registered.
Well, if there are no further questions, thank you very much once again for joining this conference call. Thank you very much for your interest. And even Though we are now closing the conference call, remember that the Investor Relations team will remain at your disposal to provide you any with more information in detail that you may require. So thank you very much for joining us today. Thank you.