Earnings Call: Q4 2018

Feb 28, 2019

Good afternoon, everybody, and welcome to Ferrovia's conference call to discuss 2018 financial results. The result report and the presentation are available to you on our website. If you have any questions, you may ask them either through this webcast, sending an email to irferobial.com or at this conference call in the Q And A session. And with this, I will hand over to Mr. Rafael Delpino, Ferrogel Chairman, who will be. Thank you, Ricardo. Good afternoon, and you for attending the 2018 full year results presentation. I'm joined here by Enigo Meiras, our CEO Ernesto Lopez Mosto, our CFO and the CFOs of all of our businesses divisions. As you already know, we are moving ahead with the sale process of the services division following the strategic review we announced last October. From October to December, we have been working with advisors on a detailed vendor and commercial due diligence. We expect the selling memorandum to be sent in the coming weeks. And while our preference is for a single deal, the main criterion would be to optimize value. We will provide more information after closing the deal. The plan of the company looking forward is to focus on the development of the infrastructure business, mostly in high complexity concessions where we can add more value over the medium term. In construction, our strategy will be more related to our infrastructure projects concentrated in projects and markets that represent the main targets for Ferrovian. We also look to deploy capital at attractive levels, combining industrial growth with attractive shareholder remuneration. Looking to the 2018 highlights, we have closed another year of excellent growth in our infrastructure assets, We have a higher dividend distribution from all of our main assets, and we received a combined value of 1,000,000, including 1,000,000 from services. Thank you to strong operating performance and good inflation evolution. Traphics have increased across the board. We have higher than expected EBITDA growth in our main toll roads. 407 ETR had an increase of 9.7 percent, NTE, close to 30% LPGA over 28%. All above the guidance provided in 2017 since our Capital Market Day. Heathrow has also shown great performance this year with traffic exceeding 80,000,000 passengers for the first time in history. Last June, the UK Parliament approved the Heathrow expansion backing the creation of the best connected hub airport in the world. Services after announcing its sale is presented as a continued activity within the financial statements. And the 2017 figures have also been restated applying the same criteria to make them comparable. As a consequence of that, we have a noncash provision of EUR 774,000,000 in relation to Amy. And the book value of Ferrevia's participation in EMEA stands at 1,000,000. The services division, excluding the Birmingham contract, has performed on track with the business plan. And construction has performed in line with expectations with a tighter margin of 2.5 percent EBIT in the year with cost pressure across all regions. A quick review of the main data for the year with the robust 9% growth in terms of net income from continued activities that reaches $460,000,000. The net consolidated result after the fair value adjustment for Amy of $174,000,000 that we commented before Turns into an accounting loss of 1,000,000 for the period. And the next net cash position, ex infrastructure project stood at 1,000,000,000, including in that figure, 1,000,000 net cash from discontinued activities. If we look at the numbers, in proportional EBITDA or with, sorry, with proportional consolidation, which is probably the best way to look at it, from an economic point of view. It's just actually accounted for almost 90% of proportional EBITDA and proportional EBITDA is 1.3 1,000,000,000, close to 3 times the reported EBITDA figure of 484,000,000. So after this, brief review, let me turn over the call to Enigo Miras, our CEO, who will discuss the operating performance of the business units. Enigo? Okay. Thank you, Rafael. Good afternoon to everyone. Let's start by looking at the main national portfolio in FINCH, the 407 and the traffic in that asset growth by the year end in 2018 by 1.4%. By economic growth in Ontario, higher level disposable income. And despite the worst weather conditions in second half of twenty eighteen. Both revenues and EBITDA grew by almost 10% bolstered by the tariff increases. Dividends 407 up by almost 9% above the 5.8% expected in the base case model given at the 2017 Investor Day, so, Fintra. And in the first Quarter of 2019, dividend payment was already approved in the amount of 250,000,000 which is an increase versus last year over 10%. In the 2019 tariffs, beat the expectations won against with growth in line with last years. It applied from February 1st. I would like to show you an in the next slide from the latest customer satisfaction survey. This chart reflects that most of the customers perceive that they benefit from savings in terms of time, gas, and maintenance that offset most of the total cost. This is a good example of the high value for money per CV from 407 drivers. In the managed lines, We are an outstanding performance continue at our managed and our managed lines in Texas. In 2018, there was an excellent EBITDA growth for both assets, NPE by 30% and LPGA by 28% in local terms. Lagerstone quarterly performance in NPE positively impacted by the NT35 West Opening. In fourth quarter of 2018, EBITDA was a a 48% up and in transactions by almost 19%. EBITDA margin improvement at the NT was 84% versus 81% in 2017, and in the case of LBA 22% versus 79% last year. Strong traffic performance in both assets. So NPE by almost 11% on year on year on LPGA by almost 7%. On the back of the economic growth in the area, better connections in the network, NT35 West SH-one hundred 83100 and 30 connector open to the traffic in the second half of twenty eighteen. And higher capture rates than expected since more and more drivers realize of the value of the Express lanes. The NT 35 West full opening took place last July. 3 months ahead of a schedule, and it has so a strong traffic performance with a faster traffic recovery from pre cost action levels than the NT and LPG. NT35 West runs across a very important logistic area for lots companies like Amazon, FedEx or Walmart. With higher wave of heavy vehicles in this managed lane. This kind of vehicle space from three times to five times what a light vehicle pays. Since they're opening the 19th July, this budget is contributed with 27,000,000 US dollar to the EBITDA. On top of NT35 West, New connections have been open to traffic in the last part of 2018, bringing more traffic to the corridor. SH 183 connection between NT and LBA open to traffic in last quarter of 2018. And 130 connection at the south of N. D. 35 West and also connect us with downtown. All these new connections imply less construction works and better flow. These are both away with the future growth of the assets. Taking a global view of the tow haul division, it is important to highlight that more than 50% of the tow haul's EBITDA is coming now from the U. S. The division keeps rolling and solid financial results in like for like terms. With double digit growth in both revenues at 30 almost 14% and EBITDA by almost 14% as well. On the back, of higher contribution from managed loans in the U. S. And traffic growth in the majority of assets. The strong dividends further received during the year at €296,000,000 higher than in 2017, at the range of 277,000,000, mainly on almost 9% dividend increase in 407. In 2019, The NT will distribute his 1st dividend and LPGA in most probably in 2020. The sale of the Greek toll roads, Central Wizz And Eulalia roads was completed in the last half of twenty eighteen with capital gains reaching €84,000,000, in line with our asset rotation strategy once they become mature. Jumping to Heathrow, Hicular focus on passenger experience has delivered solid improvements alongside record passenger numbers. In 2018, 82% of passenger's rating experience at Hydro was described as grid or excellent experience versus 45% 11 years ago. Excellent year for Hydro adding near domestic and international routes. Traffic hitting new highs, while services standards have been maintained. In 2018, was yet another record year in terms of passenger traffic As Rafael mentioned before, at my 2.7 percent versus last year. And this year, at the airport, Richard, 25 26 consecutive months of record traffic growth and exceeded 18,000,000 passengers a year for the first time ever. Non haul traffic was the key drive of growth, increasing 3.1% with the main factor improving versus 2017. In terms of strong financial performance of the asset with EBITDA up by 4.5%, reflecting a strong retail growth by over 8% and retail cost control. With that's helped to reduce operating cost per passenger by almost 2%. Higher than expected periods because of operating performance and hydration have helped the dividend distribution once again in 2018. Total pay out to shareholders of 500,000,000 Estellers which is above the initial expectations of $455,000,000. Versus, $525,000,000 1000 in 2017, but included in this year, a 150,000,000 extra ordinary dividend. In terms of the what, the high reflection that I've seen is in the regulatory desert base, And this is also an an actual deleverage for our participation there. And definitely, it brings higher equity value to shareholders. Just for information purposes, this is the expected calendar we are working on related to the Fairang Way. In terms of regulation, in addition to the world underway on the H7 framework, we have reached an unconventional deal on iOS charges to apply PO to the start of H7. This has been signed with a number of our major airline partners. And that the deal, we offer a rebate to all airlines depending on actual passenger traffic volumes. Another benefit of the commercial deal it will be enabled all parties to concentrate on the longer term aim of securing a regulatory settlement for 87. Which will support affordable and financeable expansion of Heathrow. The deal remains subject to ratification by the regulator, the CIA For the avoidance of doubt, it is not intended to replace a standard regulatory process for 87, which will continue in line with the CAA timetable. As for the non regulatory UK repos, the AES is generated a growth year, almost 6 percent prior year to the improvement of commercial income almost 7% thanks to a successful June when retail and car park besides operating expenses efficiency, OpEx was down by 1.3%. The BBA evolution is acquisition in 2014 has grown, more than 43%. 4, $68,000,000 to 97,000,000 Establish in 2018. AGS paid out 70,000,000 Establish at 100 percent of the equity. That is 137,000,000 in 2017. Delayed and impacted by a 75,000,000 sterling Spider dividend following the refinancing that took place in 2017. Traffic has been weak in the 2nd part of the year, and we expect that to continue in 2019, due to the uncertainties related to the Brexit and a personal slowdown in GDP terms as those are linked to the UK people traveling outside the UK. Let's move to the construction. Revenues were up by 14% like for like terms with positive performance in all areas, regions, a threat for a slight drop in weather, minus 2.5% in comparable terms. Federal online revenues, year by almost 20% in like for like terms, primarily in the US, following the start of the worst at the Grand Parkway and the I 66 in Virginia and then at the Denver Airport. Internationally, I believe the presenter 84% with rapid growth of our main markets, all 132% on FMA Cap 20a. As mentioned at the beginning, the EBIT to sales is up 2.5% due to an increase of cost pressures, especially in Poland, where we expect it to remain under pressure, both in labor costs and materials at least for 2019. On services, Finally, the revision excluding bailing and contract keeps performing as expected. Although, the revision has been retroactive, discontinued activity, In this slide, we should have finished prior to retro certification in order to analyze 2 performance. Revenue integration by 4% direct to 2017, mainly impacted by the reduced activity in the UK and in Australia due to the ending of the contract with the government of solid immigration department. And this was this was partially accepted by the incorporation of rail and MOD contracts fromarelian in the UK. EBITDA stood at 1,000,000 EUR288 million less than in 2017 as a result of data from the billing and contract, excluding this, in fact, the services that they are stored are 1000000 in 2018, which implies a 5.5% EBITDA margin. And ending of the integration company in Australia in October 2017. Let's get booked at $9,400,000,000 is in line with 2017. Looking to the different geographies in the UK, EBITDA margin stood at 2.8% excluding BBVA impact versus 3.6% in 2017. In line with the guidance provided to the market to be between 2% to 3%. Spain, solar provisioning and growth. Revenues up by 2.7%, mainly driven by greater volumes in waste, friction, and industrial maintenance. And EBITDA increased by 2.5% which are solid EBITDA margins of exceeding 10%. And lastly, in Australia, debt expecting performance aligned with expectation with EBITDA margin of 3.6 percent in guidance of the company was between 2 years, between 3% to 4% and net revenue by almost 10% like for like terms. Well, with this review of this of the division on operational figures, I will hand the call over to Ernesto, our CFO, who will run through our financial results. What we started with this slide, regarding services of discontinued operations, we had a conference call yesterday, but I will try to some color on some of the questions that you mentioned and what we refer to today's call. Okay. So, I mean, the main impact on, for your financial accounts, are that the accounting for assets and liability is at the lower of the current amount and fair value less cost to sell. That has meant that we have to take a provision of 1,000,000 as a result of the impairment of our participation, exposure in Amy. And after giving effect to this provision, the book value of the Ferrier's participation stands at 1,000,000. A lot of you are basically asking questions about the EBITDA without premium reference. Was indigo just covered that. So you have seen that in 2018, and explaining them, there was a 71, 71 1,000,000 Euro EBITDA ex Birmingham. Okay. So that has been the reference for the enterprise value. And of course, then we have subtracted different liabilities, external liabilities, all of them. So instead of the year end net cash position, we have taken the average debt for the period, also some working capital adjustment. Another liabilities. We are not disclosing this or breaking it down, also for commercial reasons, as you can imagine. But there's no substraction and internal liability, right? So all our exposure bid equity of shareholder loans amounts now to 1,000,000. Okay. So there was some back and forth questions with Haralis and we prefer to take that off from now. Okay. Then, regarding the rest of the, of the slide, and we can see that both services and the profit that mainly provision are included in as discontinued operations. And we have just stated the 2017 figures. Also by comparison, you will see that the continued operations keep growing really along all the lines. Okay. So, very important also to bear in mind that the remainder of the services division has not been adjusted. And this is also part of the way the accounting rules work in case the fair value is higher than the current book value we cannot take a capital gain or a potential capital gain, right? So we have not been able to net that effect against the provision of the, a mistake. Okay. So if we move now to the P and L review for 20 and 'eighteen, while the operating part has been covered already, and I will look at the lines below EBITDA. So we have the permanent disposals that amounted to you, €22,000,000 mainly due to the capital gains from the sale of the stake in the Greek toll roads, Central Giza and Iranian worlds, for the sum of USD 84,000,000 before tax. And basically, the other big contributor below the line is the net financial result where you see there was an improvement this year vis a vis 2017. And it is basically to lower interest cost on some debt. I mean, but Spectrum doesn't have any longer a high yield and has a cheaper debt. And also, our inaugural bond at Ferrovia was also canceled and those debts were higher than the average. Of course, also the net cash position has been able to enjoy a higher interest rate environment and that has helped to reduce the overall financial costs of the company. Then in terms of the equity accounted affiliates, with the full 70TR contributed 1,000,000 and hit or 1,000,000. The excellent operational performance has followed through the different lines only in, in Heathrow, we don't have the benefit of last year's positive mark to market of the hedging instruments. Is positive, but minor, and that affects the growth, but all the lines are contributing healthy. The net income from continued operations, as I mentioned, has grown has grown by 8.6%. And the number for the discontinued activities operations including the MBA fair value provision of 1,000,000 plus the net profit from services of 1,000,000 loss. With all these impacts, the net income of the total group reached a negative for a loss of 1,000,000 versus the gain of 1,000,000 in 2017. Very important to, remind you all that the provision is a non cash provision, a different value 1. Okay. So, if we move into the cash flow generation next CFRA, we have the next slide where we can go first through the sources of our cash. And that's what's highlighted in the prior slides, we have more than 1,000,000 coming from projects, quite a substantial Chris, very good contribution from the 407 ETR. And I know Paul has mentioned before, and services also contributed from projects and concession debt that reached 1,000,000, mainly in Spain. In terms of EBITDA, we have 1,000,000. We are and also taking the adjustment of the non cash impact of the Birmingham provisions. So I can anticipate the question of what has been the car's alpha regarding the Birmingham provision. If you remember, it was 1,000,000. So the difference between 200 and 35 has been the cash outflow regarding that provision. Then we have the disposals that reached 1,000,000 and the rest of sources has been financing of 1,000,000. What has that that cash gone into? Well, the first one is holders in innovation, at 1,000,000,000. Then we have working capital consumption And I will break down that a little bit. We have, at any consumption of 128,000,000 euros and the main contributors are pretty similar in size. One of them is the reduction of payment days to suppliers. And that is in the round of the €40,000,000,000 for 0. And we also have the CapEx of the lifecycle at the Sheffield contract that is a similar amount. This is the main explanation of the working capital consumption at any, both items are not expected to repeat in 2019. And then the other part that is remarkable probably is the working capital consumption at budimax and also around 1,000,000,000. Okay. So comparison also, I mean, in 2017 was flattered by the collection of advanced payments from some big close and financial close of projects in the U. S. That has been none of that in the group this year. Okay. So after the working capital review, we go to investments of 1,000,000 and then others covering all the different items and we reach a net cash position ex infrastructure projects of 1.2 36,000,001,000,000 to 136,000,000. Okay. So very important, so when you look at the balance you will see that there's 1,000,000 in the held for sale ex infrastructure projects with services of course, that's cash that will be available eventually for shareholders. Okay. So after that review of the cash elements, I will hand it back to Rafael for the shareholder remuneration and concluding remarks. Okay. Thank you, Ernesto. What do you have already read in the release that the board has today proposed to skip dividend and share buyback similar to last year for the approval of the shareholders meeting. And, I would like to wrap up the call by taking the message to the shareholders that we are working to improve the company's performance through 4 main levers. 1, is the divestment of the services division. The second one will be mitigating risks in contracting by concentrating on a fewer number of geographies and adequate type of projects. So one, will be prioritizing a capital allocation to U. S. Infrastructure assets as opportunities arise. And lastly, we'll be, managing, properly our current infrastructure assets to maximize return to shareholders. And it must be noted that NTE will, distribute its 1st dividend in this year in 2019 and we expect LPGA to do the same in 2020. And with this, I would like to close the call. Thank you for your time today, and we'll open up the floor to any questions you may have. If you change your mind and wish to withdraw your question, please press star followed by 2. Whilst asking your question, please ensure that your line is not muted locally. And our first question today comes from Bruno Silva from Casia Bank. Bruno, your line is now open. Yes. Good afternoon. Thank you very much for taking my questions. The the first one starting inevitably with services sale. Just to clarify, two points. First, are you going to set a deadline for receiving offers? For this year. And and I assume that that's an account given that you have assumed there's a discontinuing activity, you should have a deadline this year, but are you setting a deadline for receiving offers. And relating with, with Birmingham and the impairment that you have done, as you accounted any amount, in this the amount for potential exit from the contract? 2nd, inferring from slide 26 on capital location priorities that are widely known. Can we infer also that ADP process is not a priority for for Rovial anytime soon. And thirdly, I I would appreciate if you could we provide a little bit more color on the outlook for the construction business next year in terms of previous guidance that you had given in terms of margins, and any other aspect that you find critical, to help us, in in setting our may. Thank you very much. Okay, thanks. Bruno, this is Ernesto. I will take the first ones regarding the divestment of services. Well, just about the deadline for 1st, just this will be naturally, but the talk starts ticking when we send documentation away. So it will be the regular process of information out and combining offers. And then after that, we will be selecting, but as we have said previously, we'll retain flexibility in general around the process. And you're right, everything is expected to close this year. No further comments on timing, right, in the 12 months. Okay. Then you were talking about an amount set aside for the exit of the, of the Birmingham contract. When I discuss the enterprise value from EBITDA and then I talk about my abilities, I'm not breaking that down. We don't disclose that. That disclosed if it's included or not for commercial reasons. Okay. So we won't give any information on those liabilities on if it's included or not any exit amount. And then the next question will add in ADP in here, we'll take it. Hi, Bruno. Good evening. Good afternoon. Let me know where you are. I think in terms of ADP, we have to recognize that we are following the process, but as you know, it's a very heavy state And I think that, still, we are waiting to see how they process both because there is no documentation already taken by the French government to proceed on why we are in another setting of majority stake or normal United States. Regarding the cost action outlook, I think there are must have mentioned something related to our Buescope 20 19 that you will see the the margins at the a place for this year, 2018, but in terms of 2020, we'll likely be more positive because we think that you can see a slightly recovery in margins and programming for our operations in Parliament and in the U. S. Okay. Thank you very much. Our next question comes from Vittorio Carelli from Santander. Victoria. Please go ahead. Hi. Good evening. Three question. I will do these questions 1 by 1. So the first one relates to Heathrow. And there was the there was the public there was pub the regulator published a walk, right, of a 2.8 right. It doesn't make any sense for for Hydro to invest in the 3rd run rate at this, with this work, taking into account that the capital is much higher. So can you, can you refuse to go further in the federal investment? Okay. So you were asking to answer you 1 by 1, right? Well, first one, this walk refers to a a near end to a traffic control. So it has some resendors, but then not really the same as the audio studies that have appeared by PwC and we're able to have said that, I mean, takes down the reference, but, doesn't make there's that analysis, okay? And, basically, for an expansion things have to be worked out. So it's, too early. And our expectations, of course, is that we set duty for, for WTI and WTI and that is attractive to invest. So that's the only comment we have. 2nd question. You said, the chairman said that you are looking for a single deal, for maximize price, for the service unit. What does it mean that you want to sell the wool perimeter to a sole buyer? Because if this if this is the case, is this the right way to maximize price? Okay. Basically, we have received a wide number of inquiries or expressions of interest that has been let's say, more emphasis in the, in the home, but all options remain open and maximizing value will depend on the different offers. Right? So and it's not the time to second guess. Okay. 3rd question. Can you repeat, please, the nature of this no cash impact from building down provision of 155, which is between the sources. Apologies. Now, the only thing I mentioned when I was calling this slide is that the provision has been, uh,236,000,000. That's what we're talking in February Okay. And that, provision still has 155 outstanding. So the difference has been basically using up the provision and cash out. Our next question is from Olivia Peters of Macquarie. Olivia, your line is now open. First question is to do with the managed lanes. Obviously, you're saying the NTE is going to pay its 1st dividend in this year and the LVJ in 2020. We're from trouble. We are not getting anything that you could basically speak closer to a microphone. Hi. Sorry. Can you hear me now? Okay, great. Sorry about that. So, obviously, the NTE and the LPGA are going to pay dividends this year and next year for the first time, And with that, my understanding is that, you will refinance the debt at those assets. My question is really, given you're going to be losing the cash flow that comes from services, can you re leverage those assets to accelerate dividend up streaming to replace some of the services cash flow? That's my first question. Thanks. Amapakos working on all that he will give the answer? Hello, Amelia. This is Pago. Well, the balance at Midal, we are going to refinance now NTE, most likely in the year as well. The idea is not to be due, another thing is because, according to the contract, we will we should share the refinancing gain with with the rental. Okay. And so when would you like when when do you foresee a scenario where all of your dividend is covered by infrastructure cash flow in that case? How long will it take to get there? Well, just because, I mean, what happened next year, there is a matter of how you in the financial expenses are coming down. So anything we say working for more coverage, but then a gross basis should be next year. Okay. All right. Because the dividends of the LPGA and E and T, again, payer initially special dividends because the cash has been tied up. It's not really an underlying. Is that correct? Well, with respect to underlying, every year after that, as Karko mentioned, I mean, we are not looking to reguil. So basically, the growth of operations should be providing an a very good floor. Our next question comes from Martin Watchow from Bank of America Merrill Lynch. Please go ahead, Martin. Yes. Good evening. Couple of questions here. I just wanted to come back to construction, you mentioned that you're looking to reduce risks and you want to concentrate on areas where you have synergies with infrastructure assets. So are you suggesting perhaps that you could be looking to exit, some countries or some businesses in the construction division. Could you provide a little bit more color on what is your thinking, in terms of your let's say, strategy for construction. And question number 2, regarding Heathrow expansion, I mean, Heathrow has indicated that that they could consider, a capital increase, to fund the 3rd runway construction. I mean, could you confirm you would be interested to to fully subscribe to the capital increase to keep your stake at 25%. Okay. Regarding the first question, and you may also speak in terms of cost reduction. What we are saying is that today, among 5 countries in the U. S. Canada, Spain, Poland, UK. And if you were in Australia, we more than 90% of our revenue in the construction division. But for the last year or 4 years, we were testing different markets. An example of that is the Middle East, And after that testing, we decided to be more focused in the core markets that I mentioned to you before. And this is the main driver of the study of that as a note to open the opportunity to expand the construction activity to near your office. Good morning. This is Heathrow, and basically to run the Heathrow keeps providing dividends. And of course, there will come a time when you have expansion and our plan is to basically invest there. So that's our base plan. If it changes, we'll let you know. Okay. Thank you very much. Our next question is from Stephanie Das from RBC. Please go ahead, Stephanie. Hi, and thanks for answering my questions. Maybe rephrasing Martin's questions like differently, but what's the strategic rationale to, for instance, remain invested in building X, if your clients to focus on construction where there is overlap with concession? Secondly, what are your plans with the cash you will be reading from your services disposal of? I may be linked to that, if you could give us your views on, for the FNC Lavalast Day Disposal247, would you be interested in, buying or adding to your 47 stake, or maybe if there is a good buyer ready to pay an expensive note, but would you be ready to sell some of your stake in that process. That great. I will try to we're doing the questions and we'll take them. I guess that the first one was if we were entertaining divesting and to the next please confirm if that's the case. The other one was use of cash coming from the services divestment capital allocation there? Yes. Yes. Okay. And the third the third one was number and was about SNC Lavalan potential divestment of the 407 and if you were interested, I mean, I missed that a little bit and was quite long. If you could repeat that one, please. Yes. So would you be interested in adding to your fourseven stake? If they are selling at a, I think you had the right assumption if the buyer they find, it's not paying as much as you think it is worse. And therefore, you'd be ready to step in and buy more. Or if the buyer is actually paying expensive multiple, would you be looking at maybe even sending yourself a small stake? To that buyer. Okay, Stephanie. So before we said that our belief of what quite wide. So normally, things happen in between, but we will have to analyze at the time. Regarding the proceeds from the, let's say, in divestment from services. It was covered by Rafael in the first line. I mean, we're looking to invest in infrastructure, for shareholder remuneration, the normal balance, but too early to tell any breakdown on how that would be done. I'm good afternoon. Good evening. I can say that at this moment in time, we are not considering any strategic review of our stake. In Poland. At this time, we do not have any further questions from the phone. Okay. We have some questions that's going through Internet. I mean, one of them is if we could provide a big value on the home services division, well, it's in, in our accounts. And I will save you some time, just by saying the ballpark number of the combination of all these things is slightly close to 1,000,000,000. That includes everything. Spain, 18 International Division And Natural Spectrum. Okay. Then we have a question regarding the M and Heathrow even in 2019 and what this was covered, but the Heathrow conference call, and they retain flexibility given, I mean, flexibility given the uncertainty that Heathrow tends to do better, but we have to wait them and see how the information the UPA proceed. Okay. So, I think this is from questions from internet because one was about capital allocation on the proceeds from the sale of the service division. So having covered all that, I hand it back to Rafael. Okay. Well, all I have to say, thank you very much, and, goodbye. Thanks for you're spending some time with us. Ladies and gentlemen, this concludes today's call. Thank you all for dialing in. You may now disconnect your lines.