Morning, and welcome to our results conference call. I am Karen Guzman, IRO at GEB. This conference is being recorded. The information you will see today is uploaded in the investor section at GEB's webpage. In the right corner of your screens, you can ask questions at any time in the Q&A section, or you can raise your hand and we will allow your questions live in due order. When do so, please state your full name and the company you represent. Now, let's welcome Jorge Tabares, our CFO, who will lead the call today. Good morning, Jorge.
Morning, Karen. Can you hear me?
Yes.
Okay. Thank you. Thank you for your interest. I'm having a technical problem I'm trying to fix here as I speak. Let's start. This year, and being the final quarter of the year, we will give you a strategic overview of the operating activities that we conducted that we think are worth sharing with you. We'll go through the results and, of course, importantly, in my mind, we give you the opportunity to ask questions in this manner. The key message here is we had the best adjusted EBITDA in the company history with COP 5.2 billion, and very solid performance. In terms of our margins, ROE stands at 10.4% during the quarter. You can see the growth that we have delivered over the last few years on a consistent basis.
In the net income of 2023, being one of the key messages here, we are showing slight decrease. As we'll explain, this is mainly due to non-recurrent write-offs at Enel level in the Windpeshi project, but also some negative impact from the ISA write-off of a substation in Peru. I just want to confirm that you still can hear me.
Yes, we can.
Okay, great. Thank you. We are proposing a dividend of COP 251, using the exchange rate at the end of the year. That is a 13% dividend yield. Solid in light of slightly reduced interest rates and an expectation of a reduced interest rates during 2023. Moderate reductions, basically flat, both the ROE and ROA level. In terms of the composition of the adjusted EBITDA, this is a 12 months view. We see how energy transmission, which is where we have been investing, and one of the key strategies, is growing 44% year-over-year. Generation has this 26% reduction, mainly again, because of the write-off and because of the El Niño impact that we had at the Enel operation. Relatively flat at distribution, and gas transportation being the second contributor. We saw 3% increase. That is 6.8% growth in EBITDA as a whole.
Somebody can try to follow me a little bit. If we normalize by non-recurrent impact on the EBITDA, that growth will have been 15%. If we look only at the EBITDA of the control companies, in which we did not have a significant one-time impact, that growth is 14%, which is a solid EBITDA growth and demonstrates the good health and performance of the operations in the control portfolio. Can I see the next one? I am going to stop here for another second because fighting technology here. In terms of the environment of the four countries in which we are operating, the headline in Colombia is El Niño phenomenon ended up being a mild El Niño, shorter than expected. You see in the top left, the orange line are the spot prices, and the spot prices were high in September, October, and a little bit of November.
They are high, on a relatively moderate high level, and have been since then. The level of the reservoirs in Colombia are low. That is expected, because the expectation is that during the first quarter, you have the reduction in the reservoir levels because that water was accumulated for that. The government awarded an auction in which it awarded 4.4 GW, 90% of them solar. This is energy for 2027, 2028. The message there, I think, is not being too much spoken about, and it is the country needed more energy than this, about twice this energy. For some reason, the auction was conducted on a lower number, not using what it was typically used in terms of the UPME scenarios of energy demand in Colombia.
We do have a shortfall for 2027, 2028, despite a lot of projects and a lot of investors willing to invest in solar projects across the country, notably nothing in Guajira. Nobody offer any project in Guajira. Some thermal plants were not awarded, like Celsia had a 200-megawatt plant for which they have the gas, and now they were not awarded. During the quarter, we had a 15% variation of the US dollar COP, a very significant one, and one that has impact in many of the following numbers that we show here. Over the year, the Colombian peso appreciation was 21%.
Overall, that's a negative for us, because some of our revenues are US dollars in the transmission business and because when we convert to our operational currency, pesos, some of the international investments, it has a negative impact, and we'll see some of it in a minute. Finally, the PPI moderated significantly to the extent that it has been negative for a couple of months now. But it's basically under control and not yet to normal. I think it was too high for a couple of years now. It was low for a year and still has space to come to the mean, to regress to that mean. In Peru, a lot of thermal generation in the year due to the El Niño season. So you see more than 20% annual growth, basically throughout the year up to September.
Then it normalized and even reduced the growth or had negative growth during one month at the end of the year. Healthy growth in natural gas vehicles, which drives Cálidda sales, and sales for the long run, not just sales for this year. Actually, both. Both in Peru, Brazil and Guatemala, the inflation is moderated. So from the macro perspective, at least, the inflation is under control, which is a very positive development. The interest rate have not followed through in sync, but we do expect that they will go. The most active has been the Peruvian central bank, has taken a few steps to reduce the interest rates in the country. Reflecting what we have maintained a few times in the past, there is a very material auction in the Brazilian transmission business here in a few weeks.
Just confirms what we have said about the huge investment needs that the sector in Brazil, and in fact, in the other countries in which we operate has. Next. My computer frozen. You passed too many. Go to page six. My computer is frozen, so I'm looking at the cell phone here. Some operational highlights for us. There was the La Loma project, is the 187-megawatt project that was inaugurated by Enel. Well, we energized also the line, the 100 kV line in 4Q. This is a more updated number. So as of March, the southern part of the Colectora line, the Cuestecitas-La Loma, is now almost 40% complete. Again, this is not last year, we wanted to show the most up-to-date as we get a lot of inquiries about Colectora.
We won with ISA on a 50%/50% basis now, the Yapay project, more than 1,000 km on a investment base. The one that the government announces, around $800 million. We are building almost 2,000 km of lines in Colombia in transmission. We concluded the merger with Elecnorte, which will simplify the structure of our transmission business in Colombia, and in fact, will make it to follow how the business is doing in distribution. Significant investment of $20 million in Electrodunas. That's positive for us also. Enel Colombia had a 2% growth in customers. That's on a almost $4 million base. Again, a significant positive development. On the generation, Enel was awarded 25% of the total projects awarded in the auction, six solar parks in different parts of the country. I mentioned La Loma also already. We did have a negative impact for El Niño.
I'll stop there. Overall, which we are asked a lot, the impact from El Niño last year was -$70 million , and that's a combination of the negative impact in Enel, negative impact of the hydro generation in Panama, and also Electrodunas, because of the fishing season, one of the fishing seasons in Peru not being a positive one because of the warm of the waters. The two positives, more gas delivered by the thermal plants, as I mentioned in Lima, and TGI also transported more gas, especially during the fourth Q. We were not able to compensate altogether for the negative impact. A $70 million overall negative impact, which we see non-recurrent. The year has started solid, and we have now two full months in the account, so that is not going to repeat itself, for sure.
In distribution, in Cálidda, we grew by 222,000 clients. That's a very meaningful number. Invoiced 5.5% more volume also in Cálidda. Contugas was able to grow by 20% their volumes also. That's on the overall highlights of the business year as we finish the year and start this one. Next one. Apologies for the camera, but I'm fighting here really bad, my technology. In terms of financial performance, we're showing the quarterly numbers, and we're showing also the annual numbers. There is a lot of volatility on the quarterly numbers. Some of it because of the base, some of it because the 2022 numbers had one-off situations, and some because the 2023 quarter, also one-off situation. Impacts. I'm gonna explain those here in advance, and then when I go to the few pages, that explanation is gonna serve for that.
As I mentioned, a very solid EBITDA, COP 5.2 billion, 6.8% growth. The base of 2022 had some one-off that is worth reminding to explain some meaningful variations that we had during the quarter. We had a COP 20 million positive on Contugas in the fourth quarter of 2022, COP 20 million because of a reversion of an impairment of a concession in Contugas, and also the reversal of some revenue because of the arbitration that we lost with a gas client. Cálidda did a transaction with IDB Invest in which it had a non-recurrent income that same quarter, about $10 million. In the consolidated numbers of Enel Colombia, there was a distribution of dividends, non-recurrent for COP 314,000 million.
The negative on the one-offs of fourth quarter of 2023, the most meaningful one was a COP 284 billion impairment that we incorporate in our accounts due to the wind project in Enel generation, in Enel X. The company is trying to sell the project. The project can be assumed by another operator and be finalized. The corporate role has said publicly that they are interested, we are engaged with them in that negotiation. Based on the numbers that we have seen The company decided to do an impairment because they are not going to be able to recoup all the investments. There was also a problem in a substation called Yanango in Peru, the ISA-operated business, they had to write off that asset, our share of that is COP 34 billion.
Those are two important negative numbers that affect our results in the quarter and also create some volatility. We are also, we are also adjusting our calculation of a consolidated EBITDA. We have discussed internally for a while, we are now including the operating taxes. In the past, we used to eliminate the operational taxes as a tax. We think that is more closely characterized as an operational expense. Now we are including that as opposed to eliminating that. That has a slightly negative impact, we will continue, that will normalize here in the next few quarters. The volatility of the Colombian peso in the quarter was also significant with that 15% appreciation of the currency that I just mentioned. There was a TGI devaluation of the hedging also created some impact at TGI during the quarter.
We did have, of course, high interest rates during the year that had a negative impact on the net income due to the financial expenses. With that, I will move to the pages. In terms of the financial performance, in terms of operational income, one of the most important figures of the results is a 24.4% growth in the 12-month performance, transmission had a part on it, gas transportation also had a positive impact. When you look at the quarterly numbers, the growth is 12%, most of that is supported by the growth in transmission and in gas distribution also. When we look at the operational costs that are about 80% of the total expense cost and expenses, that is the most significant one.
A more moderate growth, we had, when we look at the yearly number, a 13.3% growth, that compares positively with the 16% growth of the 12-month period. When you look at the quarter, 6.6% growth, COP 70,000 million, the one with a controlled environment in gas transportation and energy transmission, which has this impact of more assets came into operation, that means more operational costs associated with assets that are now operational in the energy transmission business. If we go to the bottom left chart, year-over-year, we had an 8% increase, the quarter has these very meaningful changes of 33% increase. You see some of the numbers of some of the segments are quite significant, most of that was explained by my one-off explanation at the beginning.
I'll skip that, and we can come back to that if there is any question. Operational income, on a yearly basis, it goes down by 9% year-over-year. Sorry. It's 24.4% growth year-over-year in the operational income, and when you look at the net income, here's where we see this 9%. As you can see, the financial expenses have a very significant impact of COP 354 being the main one. There is some additional effect also in the taxes side. We do have some positive on the financial revenue, in part is associated with higher interest rates also. We ended out the year with a very solid cash position, and we had that for the last few weeks of the quarter, that is reflected there. The next one. Here you see from the equity method, basically had a flat quarter.
Only COP 8,000 million were accounted through the equity method. You see here the impact that I was just mentioning. Enel had a huge impact, moving from COP +260 to COP -154 . It's not just the Windpeshi, but also we have in Costa Rica, there was a receivable that was booked associated with a dispute with the Costa Rican government. Although Enel has not gave up on that claim, there was a judgment that came against the company. Because of that, there was a write-off of that account that's associated with the Chucas project. What I mentioned already on CTM, and we see positive here on Geras, which is where we accounted for part of the acquisition of the Quantum assets back in November 2022. You'll see some significant movements in some of the accounts, you see Promigas almost doubling, contributing positively.
Argo accounts, it's a combination of items, one of them, and perhaps the one with the biggest impact is the lower inflation, which then has an impact on lower revenues on Argo. Moving to the CapEx picture. We deliver a solid year in our CapEx program, $455 million. About 55% of that was the transmission business, and Cálidda with $125, were the two most significant ones. We are expecting to have a relatively flat CapEx profile for this year, with the same composition, basically, of Colombia Transmission and Cálidda being the most important ones, that have allocations for CapEx during the year. When we add up the next five years, the most up-to-date number is $1.3 billion is our profile. You can see that it goes down from 2025 and onwards. We always look for projects to fill that out.
What you can conclude from this also is that our financing capabilities is solid, and we are pursuing some acquisitions as we have this capability. We had just a small acquisition last year, which is the Transnova, $34 million in Guatemala, an operational transmission business that we levered significantly from the operational capabilities that we have there in Guatemala. The next one. Adjusted EBITDA. This is the annual number I mentioned a few times now, and I repeat also that 15% normalized increase in our EBITDA. During the quarter, we had this impact on the energy transmission business.
That COP 67 is what I mentioned about the new way of accounting for the EBITDA in reference to the operational taxes. The EBITDA by control companies, TGI has 53% of the total, Cálidda with 23%, the most significant ones. When we look at the bottom right, by segment here, we repeat again the one-off on the energy transmission, which is where this new accounting methodology has had the bigger impact. That's where the Colombian taxes are, the operational taxes are. Next.
Let me help you with this one, Jorge. In terms of our financial performance, in terms of indebtedness, what we have been seeing in the last quarter is that we have an increase in our overall indebtedness, mainly due to our major CapEx for the last year, which was, first, the issuance of our first sustainability bond for $400 million. Second, TGI acquired a club deal loan in order to pay our intercompany loan for $370 million. However, if you can see on the right corner of the screen, we have managed to keep a really healthy indicator in terms of net debt EBITDA of 3.1 x net debt EBITDA. We also have a strong cash position, mainly due to the payment of TGI's intercompany loan at GEB level. GEB level accounted for 48% of our indebtedness on a consolidated level.
Also we are working right now on prioritizing 2024 maturities as well. Mainly the $345 million owned by Contugas, that has the guarantee from TGI and GEB as well. Out of our total investment, around 65% is in US dollars, mainly international bonds and some syndicated loans. We have a fixed interest rate of 35% of the total indebtedness, followed by IBR, SOFR, and CPI in terms of indicators. Next, please. Here we would like to join our sustainability director who will present the sustainability results for you guys. Eduardo?
Well, I can start then.
Thank you.
Jorge joins, he will pick it up.
We had the results from Dow Jones Sustainability Index. Very happy with the outcome. We are number five in the global gas and utilities benchmark. In the Americas, we are the number one in the social dimension. That is very relevant for us because that's the key strategy for us. We recognize that to develop the projects and as much projects as we are in Colombia, the most important thing is having a very strong relation with the communities and being recognized by all what we have been doing on a very strict benchmark that Dow Jones provides. It is something that we're very proud of, but also most importantly, directly related with the execution of the strategy, as this enables our progress of the projects.
The other big progress, moving to the climate strategy is that, we sit down in a very detailed analysis of emissions by every business and found the key emission sources. For us, at the group level, the two highest contributors to emissions are gas in TGI, the gas used for the operation of the compressors, and also leaks that we have, now measuring it most properly. What we identified is, okay, what are different mechanism to reduce that? That's what is called an emission reduction path or abatement path. We identify technology, in many cases, adds value. It's not a cost. It adds value to the business, because we identified technologies that enable that. We provided that tool to the businesses that are now in the process of defining what is the emission reduction path that each one of the business is going to have a solid development there.
We are progressing in the design in the new social and shared prosperity initiatives. We're designing a social impact bond that could have a very significant impact to many people in the Bogotá area. Here we provide a summary of other positive outcomes of the year developments. Go to the next one. That's the message that we wanted to convey. Again, it was a positive year. We had this one-off negative impact, especially from Enel, and the cash flow generation continues to be strong. El Niño had a moderate impact, but negative impact nonetheless. We are very active moving to a next level our sustainability strategy and are making solid progress on that. With that, Karen, we can take questions, I think.
Thank you, Jorge. If you have any questions, you can type them in the chat or the Q&A that you find in the corner of your screen, and you can also raise your hand and we will allow your intervention live. So far, no questions yet, but we will give a couple minutes.
Eduardo, in the meantime, I don't know if you want to add something. I just started in order not to make people wait, but if you have any additional comments, welcome.
Well, not really. Thank you very much, Jorge, for taking the torch. I just wanted to highlight that during the last years, we have made incredible improvements in our Dow Jones Sustainability Index. We went to become the highest points in Latin America and in America, in fact. At the CDP also, the Climate Disclosure Program. It's also very well advanced, and we have strengthened our capacities in all our companies. We are also very proud of the progresses we have made during the last three or four years in sustainability. We have a lot to show. It is in social investments, in governance, in climate strategies also. Jorge presented it very well, and I have nothing to add but to say that we're very proud of what we have achieved in the last two, three years, I'd say.
Thank you, Eduardo. We have a question. Let me unmute you, Andres. You can unmute yourself and you're in. Can you hear me?
Yes.
Hi, Andres.
Hi. Thank you for taking my questions. Three short questions. The first one is related to Enel Colombia. Besides the one from Windpeshi, how would you summarize the results that were obtained by this company? And maybe mentioning the effect of El Niño, if possible. That's the first question. The second one is related to the recent acquisitions that you've achieved in Brazil during the last couple of years. Are you expecting some sort of increasing dividend flow from these companies during this year or the next? Please explain. Your dividend distribution proposal. I was wondering, how do you justify the extraordinary dividend that was proposed, taking into account that net income decreased? Is this explained by an excess cash of some sort, or what happened there? Thank you very much.
Thank you, Andres. Let me see. In terms of Enel, we had announced to the market, and it was very well communicated at the time, the inability of the company to move forward with the Windpeshi project. Of course, that's a very relevant setback that we had on Enel last year. It was just the difficulty of actually getting to the site and being able to construct the project. Which led to the doubt of, okay, now if we are operating, let's say we can conclude the project that is going to cost us much more than we expected because cost caused by the basically road blockades. We cannot operate the project. We cannot have access to the place, and no authority has been willing to help us in enabling our right to mobilization and to work. Because of that, the project was suspended.
Fortunately, I personally believe that there is a good chance that Ecopetrol takes the project and move it forward. That overall is a very negative, clearly. The message at the time, internally at Enel Colombia was, we will replace this capacity, this generation with other solar plants in other parts of Colombia. That has been done very successfully. Initially was El Paso 87. Now it was La Loma with 180, I'm confusing, but 187. Those two projects are fully operational, and we have about 800 megawatts that are very advanced and are expecting to be online this year. On top of that is the very positive outcome of the awarded projects for 2027, 2028. Overall, that paints a very solid picture at the Enel level. The other key performance metric in Enel, at the distribution level, is the losses.
The losses at the end of the year were at 7.50, 7.5. That's a world-class number. Performance there was very solid. In the backdrop of a lot of social activity, a lot of commentary by some leaders against the sector, and effectively high tariffs because it was an El Niño year. Colombia has a very prolific hydro energy generation matrix, but when there is an El Niño, of course, you suffer, and you need to pay high prices. On the backdrop of all of that, I highlight that the key metric, perhaps, which are energy losses, stood at 7.5. If you compare that with numbers on the operations in the north of Colombia, you will see how good one is this business and how the culture of payment by the clients is reflected very positively also.
Unfortunately, El Niño had a very significant impact in Panama. The issue in Panama is, since we have a smaller generation portfolio, you have less flexibility, and if there is one plant that cannot generate, what happened is that they needed to acquire energy at a higher cost, causing a negative impact on the P&L. On the Chucas write-off, which was about, at the gross Enel level, about $ 700 million, we expected that. We didn't assign any value to that claim, to that receivable, when we did the merge with the Enel assets in Central America. We never expected that was going to happen, and now the company has still, as I said, the right and is pursuing legal actions to continue that claim. For us, it's a non-cash situation. That's from the Enel perspective. The second point here is the extraordinary dividend.
I think a combination. We think, given our consideration capacity, very good performance of the share price last year, that maintaining dividend is a good signal to the markets. Once in a while, last time we did it was about 10 years ago, we look at the different lines in our equity, and if there are reserves that are associated with projects that have already been finalized, we thought it was a good moment to actually distribute that to our shareholders. That's the reason. The previous administration had requested us to analyze the situation, and they included in the budget that they left approved by the local council, a distribution associated with that account. Emphasize that this is not a dividend that was paid or proposed because of the new administration of the city.
This was something that was agreed with the previous administration and is included in the budget. Yes, saying that we have extra cash is too much because we do have acquisitions that we're pursuing, and we have use for the cash. We do have value additive options to deploy capital. Given the low leverage we have at 3.1 x net debt to EBITDA, we thought it was prudent to add this extraordinary dividend to the total dividend payout to our shareholders. There were two or three questions, I don't know.
Yeah, those.
Yes, there's a third and final question related to Brazil, if you're expecting increasing the-
Oh, yeah.
Yeah. Thank you.
Definitely. Our Argo accounts have a significant cash position accumulated, and our initial plan with our partner Redeia was to have about $100 million dividend next year, 2025. We are evaluating if it is possible. The company has the cash, and it may be possible to advance it to this year, but the current base plan is to have that money next year. To an extent, the group has been saving in Brazil, and now is going to start receiving money from them.
Jorge, can you hear me?
Yes. Can you hear me?
Yes.
Yeah, to an extent, we have been saving in Brazil, and we will start receiving cash from there soon.
Thank you, Jorge. We also have a question from Sebastian from Ashmore. Let me unmute you, Sebastian, and then you can unmute yourself. You can unmute yourself now, Sebastian. There you go.
Perfect. Can you hear me?
Yes.
Yeah. Hi, good morning, everyone. Thanks, Jorge, for the presentation. I have some questions today. The first one related to the management team at GEB. We saw recently the appointment or the new board of directors at Enel Colombia, including you, Jorge, and including Juan Ricardo as well. Can you comment on the chances or the likelihood that management at GEB won't be unchanged, given that potential statement on the board of Enel Colombia and the new administration in Bogotá? Second question will be on the CapEx plan. You made significant revisions to the 2024 and 2025 CapEx plan, around COP 100 million compared to the plan that you had in the third quarter. If you could elaborate a little bit on the capital allocation and why, or the rationale behind these higher or new investments.
I would add to that a third question, considering that the increase in CapEx was primarily on the transmission lines or the transmission business. If you could also elaborate on the rationale, considering that there has been major delays on the transmission business lines, particularly in Colombia. We see in the report the schedule for this time in the fourth quarter compared to third quarter, and it is also showing material differences, and delays have been already happening before. If you can comment on that and the outlook forward for the potential delays.
Right, Sebastian. Let me take that, and perhaps one of my colleagues can take the CapEx one. On the board of directors of Enel, that is basically a message of continuation.
Yeah.
The two members from the GEB management will remain there, and even the two independent board members remain there. Enel decided to change a few of the members of the management team of Enel Colombia, and some of them were appointed to the board. I would say that the new CEO of Enel Colombia, Francesco, had been in Colombia in the past for many years, know the distribution business fairly well, and overall, the Enel company well. There is a lot of continuity despite a change in CEO. Luciano, which did a great job, stayed at the job for about 15 months only. Francesco knows the company for a much longer period. The other key management team members that they brought from Brazil have very solid track record and experience in the business.
We are quite confident that they can continue the execution of the strategy, and there are no changes on the strategy. That does not reflect anything associated with changes in GEB management. All we can say is that the new board of directors that are proposed to the general assembly on Tuesday have very solid backgrounds. Five members were changed by the initiative of the major, which is a constructive number if we compare to the last time, in which nine members were changed. It is a significant improvement to have continuity in three board members. Most importantly, the career and expertise and background of the people that are proposed to the assembly is very solid. No politicians included in the list, and people with very long track records, knowledge of the industry.
There is some diversification in terms of industry expertise or background, but we see that as a positive overall. There are five members by initiative of the major, then one member, which was a change in Corficolombiana's member. Gustavo, who is the new member, has been in the board for many years in the past and know GEB very well. He sits on the board of Cálidda, which is our third most important asset. A lot of continuity there also, and I think we're going to come strong out of that. On the CapEx, I'll give you the first part of the answer, then one of my colleagues could expand. We're not removing any projects.
The projects that we have and that we are committed to deliver, we continue delivering those, and there may be some adjustments, as you said, in timing and some other adjustments in the CapEx. The CapEx change, when you consider the five-year, about 10%. It's not very big, but that does not incorporate any change of strategy or any elimination of assets. We're still pursuing the same asset. The only new asset that we have secure is when the UPME awarded us in Huila a project last year, but it's not a very big project. Recently, our proposal was the best proposal, but the UPME decided not to award one project in the Casanare area. That they decided not to award because of the expenses, what our request for return was or for annual payments.
The delays are not abnormal, and I would say, unfortunately, very common in the transmission business, any project business. To the extent that we can demonstrate that those are force majeure situations, and we're very diligent in handling the situations and documenting, we're not monetarily penalized by the delays. The problem starts becoming that the infrastructure is not available, and the country needs the infrastructure. It does not have a financial impact unless we cannot demonstrate that is a force majeure event, which in the vast majority of cases for us, as for ISA, we demonstrate, and they demonstrate that that's the case, and we get extra time by the governmental entity. We're running out of time, but I don't know if somebody wants to add numbers on what I just said.
Just quickly, Jorge here. Regarding the transmission figures, CapEx for 2024, what we see is the impact of the Colectora project, for which we got the licenses required to proceed with construction at the end of last year. Those numbers for 2024 show the CapEx required to execute the Colectora project, basically.
Thank you, Alejandro.
We just finalized a procurement process for Colectora, we got much better terms of what we were expecting. We did it faster than we were expecting, that's a positive development that may be incorporated there.
Thank you, Jorge. Sebastian, do you have any other question?
Thank you. Not for now.
Thank you very much. I don't see any more questions pending. We would like to thank you all for joining us today. Please remember that we are at your disposal to answer any other questions. Hopefully, you have a nice Friday. Thank you very much.
Thank you