Good morning, ladies and gentlemen. Welcome to Auren Energia's Conference Call to Discuss Results Regarding Q3 of 2024. This conference is being recorded, and the replay can be accessed on the company's RI website, ri.aurenenergia.com.br. The presentation is also available for download. We would like to inform all participants that after the presentation, we will start the question and answer session.
Further instructions will then be provided at the start of the Q&A. Before proceeding, we would like to clarify that any forward-looking statements are based on the beliefs and assumptions of Auren's management and current information available to the company. These statements may involve risks and uncertainties as they relate to future events and, therefore, depend on circumstances that may or may not occur.
Investors, analysts, and journalists must understand that events related to the macroeconomic environment, industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Here with us at this conference are Mr. Fábio Zanfelice, Auren's CEO, and Mr. Mateus Ferreira, CFO and IRO. The investor relations team is also here with us. I would now like to turn the call over to Mr. Fábio Zanfelice, who will start the presentation. You may proceed, sir.
[Foreign language].
Good morning, ladies and gentlemen. It's an honor to have you here in the call to discuss the results of the Q3 of 2024. Let's go to the presentation so that we can have more time for the Q&A session. As to the highlights for the quarter.
[Foreign language].
The first highlight is the closing of Auren and AES Brasil business combination.
[Foreign language].
The schedule is according to what we announced. We are going to complete the transaction today. The company's management will meet, and everything is going smoothly. At the end of the day today, we are going to announce the completion of the combination.
[Foreign language].
We will talk about the conversion and how the shareholders are going to be done by the company. 24% chose options of shares of Auren, and the free float will increase by 11%. In terms of numbers, this will account for a raise of BRL 550 million. This is the final value of the conversion of the base that was announced as a material fact.
The integration process went very smoothly. All the plans were devised for day one, which is the first day of the new company. The approvals will be made tomorrow. There was a plan for the first 100 days of the company. There's another plan that is going to be applied in the first 365 days of the company. The plan is to continue the business.
A bove all, we aim to capture synergies and increase the operational efficiency of AES assets, as we announced during the moment when the transaction was executed. T his was one of the reasons why we made the purchase of the company. Another highlight is Jaíba Park, that started commercial operation at 100% of its capacity, adding 500 megawatts to the portfolio of the company.
In relation to the results, the EBITDA was very significant, an increase of 7% in relation to the same quarter of last year, reaching BRL 484 million. Driven especially by the performance of the company, the company took advantage of all the volatility of the market in the Q3. Jaíba came into operation, as we have announced, and this contributed to the EBITDA. T he dividends received from the minority stakes that we have also contributed to this result.
Our trading segment added nearly BRL 270 million.
In the Q3, we gained BRL 180.4 million. We also raised funds in the amount of BRL 2.5 billion associated with the third issuance of the debentures. At reasonable costs for us, we are very happy with the cost, which is the all-in cost of CDI +0.6% that is going to provide support to the company for our short-term obligations. We also have the disbursement in the amount of BRL 5.4 billion that is associated with acquisition finance associated with the transaction with AES.
We have already announced the conditions of this transaction that took place in May when we made the transaction. Okay, let's move on to the market segment. As to the energy market, as always, we bring the main information about the energy information. I nformation about the natural affluent energy. Through the year of 2024, we had important information.
In 2022, we had the affluent energy close to the average. In 2024, we felt a very significant recession, 30% below the medium-term average. This is very different from the 95% that we observed in the previous quarter. The deviation reaches nearly 13.5 average GW, lower than we observed in the Q3 of 2023. This, of course, had an impact on the storage level.
In December 2022 to September 2023, we added 15 percentage points in the storage level in the interconnected system, which was not observed in September 2023, when we recorded a reduction of 11%. We have this lower affluent natural energy and then the storage level, as we show in the next page.
When we talk about the evolution of the market from January to September up to August, what we can see on the slide. We see the estimated number for September. The consumption of electrical energy increased in the first next eight months of the year, there was an increase, which was focused on the residential class, showing the effect of higher temperatures in the Q3 of 2024, 1.5 degrees above the historical level, and that contributed to the consumption levels.
Together with the affluent natural energy, which was below average, shows the decrease in the level of the reservoirs, as we commented in the previous slide. Now, discussing the trading performance, we show the balance or energy balance of our activity of trading and generation. We have another record for this quarter.
We reached the trading record for this year, accounts for twice as much as the physical guarantee. Now, with the addition of AES-generated energy, we are going to meet 100% of our demand with our own assets. The contracting level reached 95%. 95% of our portfolio is already contracted for the period between 2024 and 2026. We took advantage of the price increase in the long term to reduce our exposure for the period of 2025 to 2028.
We reached the price of 160 per megawatt-hour. This is a higher price in relation to the future expectation by the market. In fact, we took advantage of this price volatility scenario, we were able to do good businesses. On the average, in up to 2023, our contracting level is 62%, high-level contracting for the long-term period.
In the following page, we are going to discuss the operational performance. For this quarter, our assets, above all, Porto Primavera, which is our main asset, we had a lower operation in relation to the same period of last year as a result of the lower availability of the resources. The GSF reached 79%, and generation was at 93% in relation to the physical guarantee, as we show all quarters.
Porto Primavera is an asset that generates higher than the average of the complexes in Brazil, with an availability of nearly 93%. In the next slide, we are going to discuss the wind assets. In spite of the curtailments that happened in the Q3, this was a hot topic in the generation area, we reached generation higher than the P90. We reached 607. Generation is very consistent across all our assets.
On the following slide, we discuss the availability from the managerial point of view. The assets have high performance. Generators are generating higher than expected, and there was a negative impact. It was 1.6% below in the wind generation and the restriction generation that stood at 5.7%, and this is associated with the curtailment.
Considering the average of the interconnected system, we see that the assets operated at a regime much lower than the national average. On the next slide, we show the completion of the operation of Jaíba 5, and this is a project referred to as Sol do Jaíba, 626 MWp, representing 500 megawatt AC. We completed the operation in September, according to the schedule, and below the cost that was estimated in our budget, and we will talk about the financial performance.
I turn the call over to Mateus so that he can continue the presentation. Good morning, everyone. On page 16, we will discuss the financial performance of the company. The net revenue grew 26% when compared to the same quarter of last year. I t was driven by 37% of traded energy. As to EBITDA, as mentioned by Fábio, we reported a growth of nearly 7%, reaching BRL 484 million for the quarter, driven by the good results in the trading activities and also the beginning of the solar parks that, in the beginning of the year, were not operating.
D ue to the higher dividends that we managed to have this quarter. On the following quarter, in relation to the PMSO, the PMSO for the quarter had a nominal growth of 7.9%. W e'd like to focus your attention to three activities.
One was the beginning of the activities of the solar activities, the share acquisition, and non-recurring expenses related to the integration of AES. If we were to exclude the three variables, we would have reported a drop of the PMSO in nominal terms. On the following page, we will discuss the management of our indebtedness. As Fabio mentioned, we had two issuances that have not impacted the Q3 because they were carried out in October.
T hose were events that are already included in our financials. Two of them are mentioned here, the issuance of the debt that had been contracted in May in the amount of BRL 5.4 billion . The average term for the debt, without the impact of those issuances of debentures, is 7.3 years. So maturity is in the long term.
We ended with a cash of BRL 5.4 billion above what is required for the operation of the company. We are getting ready to the closing of the transaction with the AES. Net debt over EBITDA and the debt 1.6, the total indebtedness BRL 8.3 billion. Most of it is indexed to the IPCA and TJLP. On the following page, we talk about free cash flow.
The cash conversion was 84%, which is a very high percentage. Cash flow ended at BRL 409 million, and the free cash flow at BRL 283 million. With this, I turn the call back to Fábio for him to finish the presentation. Thank you, Mateus. Okay, talking about the business combination with AES.
In the past four or five months, since the execution of transaction, we have been working hard in order to have a multifunctional team together with those companies in order to establish a robust plan, and it's going to be executed after the approval by the management, and we are going to start tomorrow with a plan and with the main objective of capturing synergies, as we have committed ourselves to when we design this transaction and go beyond that.
This is and this will always be the spirit of the company, so the integration strategy had a focus, this synergy, and the plans are already completed, and more than 350 people were directly involved in the plans, so we involved all in those activities, and we created clean teams to handle competition issues or sensitive terms, and we also included marketing and greenfield projects.
Both teams maintained the operation going and made the proper alignment of the two companies, and in fact, in addition to the methodology required by this topic, we also counted on specialized consulting firms in order to define a new philosophy for the operation and maintenance for the new company.
Considering all the operating challenges that we have, especially considering the solar and wind assets of the company, as we had committed ourselves to, we also had consulting firms in order to help us improve the organizational structure t hat the structure could help us capture synergies, this was a process that was very successful. We were very happy how the teams cooperated, and we have a plan. We have a project which is very well detailed, and as of tomorrow, we are going to apply the plan, and then we have the 365 plan.
Let's move on to the final remarks. This is very important for us. We are very happy to write this message. This is the last earnings result of our Auren as it is now. As of tomorrow, it will no longer have 3.6 GW of installed capacity and will now have 8.8 GW of installed capacity. It will become the third largest company in the field in Brazil.
This is our commitment and these are our efforts in the capturing of synergy and transforming this new company into an excellent and a benchmarking company in Brazil. I would like to thank our employees who have helped us come this far, and we are going to go beyond. It was only possible because we had highly engaged teams. This is an eight-year construction that counted on the effort of many people, many people who devoted themselves to this project.
I would like to thank and welcome shareholders who opted for converting their shares to our shares, and we would like to thank you for your decision, and we would like to welcome all the new employees who are going to be part of the company as of tomorrow. AES companies.
We are going to have a single team as of tomorrow, and we are going to count on the experience and competence of AES team who are going to help us reach the objective so that our team can become a benchmark in the electrical sector. Okay, now we are going to open the Q&A session. Thank you. We are now going to start the Q&A session. If you want to ask any question, please press the raise hand button. If your question is answered, you can leave the queue by clicking on the lower hand.
Our first question comes from Guilherme Lima with Santander. You may proceed, sir.
[Foreign language] .
Good morning, everyone. Thank you for the possibility of asking questions. I would like to talk about curtailment. You made a comment about the 5% of impact in the wind assets and 14% in the solar assets. With the change in the methodology of ONS, do you think the operation will be normalized, or do you expect any transmission line to come in so that the operation can be normalized and the curtailment be reduced?
Would you request any reimbursement as a result of this curtailment, especially how they were impacted AES assets? And in the medium term, how do you see the reliability and the energy sector due to lack of load, and how would this come about in the medium term? Thank you, Guilherme, for the question.
I think that the important question for the quarter, everybody is concerned about this. We thought that this was the main topic for the quarter. As to AES, of course, we cannot discuss AES figures yet, so we are not going to go into details about AES assets. Y ou can read AES release, and they mentioned that Cajuína was the asset that was mostly impacted with a curtailment at 53%.
W hen ONS decided to increase the cluster, it dropped to 4.4%. T his is very important news, and that changed only when the rule of ONS was applied. In October, we had the information that the transmission lines are going to come into operation, and Pacatuba was one of the biggest problems, and that was the cause of the curtailment that happened in Rio Grande do Norte and Ceará.
Let me talk a little bit about what happened. Again, we cannot provide details about AES yet, but the curtailment was caused by some conditions, basically. The hydrological condition, as we mentioned, the hydrological recession was significant, and that led to higher thermal dispatch. T he generation of the plants in the north was very high, and this is why we had the thermal electrical dispatch. So this was the perfect storm for the curtailment to be higher.
T his was very clear because our assets were not so impacted in the period. T hat shows that this doesn't seem to be a recurring event for the future. In the past, we had some impacts on curtailment as a result of the demand, especially on the weekends. I think the reliability aspect was more important in this period as a result of the event that we had just commented.
You said, "Are you going to request some reimbursement for what happened?" We are still evaluating this. It would be fair to have a reimbursement of part of this amount because there was a delay in the transmission. The generators did not have any control over such restrictions, as far as we can understand, this should be fair.
We should reevaluate this, and in fact, we would have to look at the curtailment from this viewpoint, but we understand that we should be entitled to reimbursement for the future. I believe what happened on September 17, when ONS reviewed the cluster, this is a sign that there is room for improving the curtailment, and that will help us make the curtailment not to be so impactful in isolated areas. It should be more well distributed so that it can be minimized when we think about operating rules.
We still do not have an answer, so this is a point to be discussed in the future months, and the curtailment is going to drop now because this phase is about to be over, so we are likely to have a curtailment impact at lower levels, and the discussion will take place up to June next year, and this is when the strong winds start, and all the sectors are considering this topic.
There are possibilities of reducing the curtailment, and this is a very good example that that was a non-recurring topic for the quarter, and I don't believe that the way we saw it, we are not going to see in a recurring way in the future, so this is how the company sees this topic of curtailment. Fábio, thank you very much, so now, Felipe Andrade with Itaú BBA. Good morning, Fábio, Mateus.
Thank you very much for taking my question. I would like to ask two questions. T here was a very relevant MTM for this quarter. And when we analyze the balance sheet, we see there's a trading activity in up to 2025. I would like to know if there's realized values concentrated in the short term, really. T he second question is related to the volatility that we observed in the prices in the quarter.
I would like to see how ONS sees this price change, this volatility, and what are the risks involved. And can we expect strong performance in the trading segment in the next quarter? Thank you for the question. Most of the result will be realized in the short term this quarter. W e mentioned in the presentation, we have already locked some positions for the future, so we saw some windows of opportunity.
Those who follow what we do, we always say that we didn't believe in that price in the long term in the range of BRL 100. W e made some positions when it was at BRL 100, and now we trade it for the future at BRL 160. You have also seen what we have been doing in relation to the future prices of energy since the first Auren Day
As we reinforced in the last Auren Day, we understand there is a surplus offer in the system. But that doesn't mean that the price will be low, not necessarily, because there was a change in the system along the time. The positive side is that we expanded based on renewable energy, so and using the natural resources in Brazil, and that makes a lot of sense.
There are intermittent aspects, and that changes the way we go about pricing, and that is reflected in the price. Another important factor is the following. Two years ago, we changed the way we do the pricing in Brazil. Now we do the pricing on an hourly basis, not weekly basis. Every time we define the parameters of optimization, we increase the number of restrictions.
When restrictions are increased, we are going to have higher costs than we had compared to the previous situation. It doesn't mean that the system is more complex. What we say is that it's more accurate. We present the sector in a better way. With the correct price, we are going to optimize the expansion and operation in the electrical sector. This is a recurring topic.
As I said, we have already mentioned this topic in the past, and this has materialized now, both when we in relation to the higher prices, even considering that the storage level is high. And this is the new way the system is operating. And in the future, we are going to see lower prices since there is a surplus offer when the hydrology is good. We are going to have this reflected in the price.
W e are going to see volatility also in other situations whenever we have a hydrological recession, as we saw. This is the dynamics. As I said, we do not believe that the price is going to be lower forever. We always believe that there are dynamics related to the expansion, and there will be a proper alignment. I n the meantime, the hydrology will play its role, bringing more volatility to the sector.
This is something that has changed a long time. The way we add value is to have a trader which invests in market intelligence so that we can take advantage of these windows of opportunity and bring this to the advantage of the company, as we have done. Thank you very much, Fabio. Still talking about this topic. Do you see any systemic risk when we see this change in price? Do you think that any company will face difficulties?
[Foreign language] ?
Nothing has changed for us.
[Foreign language] ?
I have not detected any problem. Whenever there is high volatility in the market, you may have some risks, you may have some stressful situations, but there is a trend of low prices again. Hydrology is going towards the convergence of the average. We've been operating in the sector for a long time.
Usually, it doesn't rain in October, but we have seen this happening. We have an expectation of higher affluents, and the prices are likely to reach settled prices, as we saw in the last quarter, especially in September. This also reduces the probability of any systemic risk. Okay, perfect. Thank you. Next question comes from João Soares with Citi.
[Foreign language] .
Good morning. Good morning, everyone. Good morning, Fábio, Mateus.
[Foreign language] .
I would like to take the opportunity and use Felipe's question to discuss further about the trading activities. You have an average price of 160 above what we see in the market today. The contracting level is very high, and in 2027, 2028, it is a bit lower. Was it due to lack of demand, or is it a strategy of the company? I know you're looking at liquidity.
Is this a strategy of the company or lack of demand? Because you might wait for new opportunities in the future for the trading of the energy. This is my first question. T he second question is that we've seen an important improvement in the availability of AES assets. O fficially, we do not have any information, but we believe that you have done something in relation to that.
B ecause you mentioned beforehand that availability may increase, but it may not reach the availability levels that we see at our end. T hose 93% is the ceiling point for improvement, or do you expect this improvement? W hat have you done in engineering terms so that you reach this improvement so fast? Thank you very much for the question.
As for trading segments, yes, there is liquidity at play, and because the long term did not respond so well as we expected, and this is the reason why we just unwound a portion of the position, so we have liquidity, but we understand that we will face moments like the one we had now, and we are going to be able to capture better value in relation to the positions.
In relation to AES assets, this is what I can say, so according to our agreement, when we were doing the negotiation, and we did everything that was within our limits in order to help the company, so at some sensitive topics, new businesses, and other things, we could not do much, but as to the operation, we improved, we provided our help, and we purchased equipment in order to improve the performance, so we worked together.
It was a joint effort. T here's room for improvement compared to what you see now. As we mentioned, some assets are not feasible from the economical viewpoint, considering the way they were devised at first.
[Foreign language] .
We have been addressing some actions in our P100 plan, and we are going to continue the efforts as of tomorrow. Okay, thank you. Our next question comes from Marcelo Sá, Itaú BBA.
[Foreign language] .
Hello, thank you very much for the call. I have two questions. One is in relation to the integration. Of course, we're talking about two private companies. I imagine there are some redundancies when you have a merger such as this.
First question, I would like to understand if the redundancies have already been mapped out, if the measures have been taken, have the decisions been made, or are you going to go about this in the future months?
Are you going to do any sort of dismissal program, and considering everything that we can see, the volatility, the curtailment, the source that we imagine that would be the cheapest was the solar, but we see that the solar dimension has some challenges in relation to curtailment. When you think about wind and solar energy, considering all the risks that we can see for the future, which one makes more sense to develop thinking about the future?
[Foreign language] ?
That would be the cheapest source of energy, and how do you see the marginal expansion cost considering the risks that I mentioned?
Thank you for the question, Marcelo. In relation to the plans, we have already mapped out everything. This was done during the transition process. All the synergies that could be captured have already been captured. I'm not going to go into the detail because we need to wait for the conclusion of the transaction. As soon as the plans are being implemented, you are going to be notified. We have designed everything. We hired specialized consulting firms.
For you to have an idea, we have mapped out the AES assets per WTG. I t's not by parts, it's by WTG. This was something that was done previously, and we are going to look at individual aspects, and we will also include all the synergies that we have captured in relation to the possibility of expansion. You said it well. The market would compare solar and wind according to the LCOE.
According to the literature, we see that these are not comparable. This is something that we mentioned in the past. That would even include the Jaíba project. We said we would go for this direction if we had a natural hedge. Now we can see that it's something very important, essential to have in the electrical sector. We understand the LCOE of solar had to have the curtailments and our hedge be implemented.
Wind was a little bit out of the market because the CapEx was not reduced after the pandemic. That shows that in spite of the curtailments, it's more resilient than the solar dimension. It's a moment when we are going to think about the pricing of the assets, and this is going to be very relevant to the country. Oh, it was mute for a moment. I'm sorry.
[Foreign language] .
[Foreign language] .
Okay, you may proceed. Some technical issues having solved.
[Foreign language] .
Auren's conference will return in a second. We had some technical issues, please wait.
[Foreign language] .
Can you hear us? Yes, you may proceed.
[Foreign language] .
Let me try to go back to the marginal cost of expansion.
[Foreign language] .
Ok.
[Foreign language] .
Going back to what I was saying.
[Foreign language] .
Solar and wind energy have to be priced differently. For the solar, we have to have a hedge or curtailment, and according to the time.
And wind, especially after the pandemic.
[Foreign language] .
That expansion is more expensive than the solar. I t is not so impacted by the curtailment. A nother one is the power factor of wind, which is much more variable. We have different capacities that change the competitiveness of each wind project.
If there's a wind project that is with a power factor of 60%, we can make this project be viable according to the current prices of the market. T his is not what we see in those solar projects. I f it's not easy to have a project that runs at 60%. Marcelo, those individual characteristics of each project will make a difference, and the hedges are going to be included in the price.
[Foreign language] .
Back to one of the questions that I was answering, tend to increase the expansion marginal cost, and if the long term has to converge into the expansion marginal price, the trend is to have higher prices in the long term in Brazil. Let me add something that I asked, because you are very knowledgeable about the trading segment, and maybe you can give more light into this.
Have been approached by players who only have solar assets. For example, there's a player that sold flat to a consumer. Are you giving this sort of hedge, and how much would that be if you would have to do that, considering the risk you have for the future? As Eletrobras usually says, they say they prefer not to direct this product to anyone. H ow do you see this?
[Foreign language] .
Marcelo, we haven't been approached directly, but we see that companies have already recognized that this is a very important topic, and protection is required. It's not so much related to the average value, but the difficulty that we have in defining the price, so we have a flexible product that would make sense, such as solar source, hydro, wind, and solar.
It makes sense, but this is a hedge which is not easily calculated. For example, when you are at the bottom price, you reach a flat level. If you go to the ceiling, you also have a flat price, and we see that we have a lot of variation during the day. It's very difficult to calculate this hedge, and maybe the premium may be too expensive, and there won't be any market for that today, even though it's necessary.
After having said that, we don't do the negotiation of the natural hedge that we have in the portfolio. We always say that we consume at the optimum portfolio, and part of the acquisition of AES is related to this. We did not include that in the acquisition price, but we are going to maintain the flexibility that we have in the portfolio in order to meet the customer's demand, or even to provide support to an expansion of the company when we need to have a hedge of an asset, and we have to calculate this.
[Foreign language]
the natural hedge that will allow me to continue expanding. And this is the philosophy that we have adopted in the company. Okay, thank you. Our next question comes from Daniel Travitzky with Safra. Hello.
[Foreign language] .
Good afternoon. Almost.
Thank you very much for the opportunity of asking a question. I have a question in relation to the integration of assets. You mentioned that you have a 100-day plan, a 365 plan. I understand you cannot give us a lot of detail, but I would like to understand what's the finish line, where you want to get when this plan is completed or when it's over, what to expect in the next year of integration. I f you could talk about capital allocation.
You have just completed this acquisition of AES. But looking into the future, what are the opportunities such as capacity auctions, transmission auctions? So I would like to understand how you see those opportunities for the future after the acquisition you made. Daniel, just to have an idea of what our plans are.
We have synergies that can be quickly captured and some synergies that will take longer, but not too far in the future. There are some synergies that need an equation of the systems, but that's not only applicable to us. In any transactions, when you merge companies, it takes longer to have an equation of the systems, especially SAP, that takes a while.
We mentioned a 100-day plan because there are procedures that we have to go about in order to make an alignment with the system. There is the ERP also, and this is the invoicing system of the trading company. It will take months, but maybe not one month, we are going to capture all the synergies we can do in the short term, and there are some synergies that would require a change in the corporate reorganization level.
There are some that are associated with restrictions. We are not so much talking about the difficulty of applying synergies. As I said, I cannot provide a lot of details. We have to wait for the completion of the transaction. A s soon as the transaction is completed, you can get all the details. In relation to the investments, the M&A team continues looking for opportunities. What we can do now is a very good, very well-done incorporation of AES.
[Foreign language] .
The integration is on the right track and very well advanced. The focus of the company is to deliver what we promised when we signed the agreement.
[Foreign language].
Sideways, we have the capacity auction that we are observing. This will not require too much effort from the company. It requires effort from Joca and Daniel's teams, and we continue looking at that.
As to transmission, we like the asset. Of course, we have to see if the opportunity would make sense to us. Especially considering the size of the company now. W e keep on looking at the opportunities. So we are going to do what we are going to deliver on our promises first. Okay, thank you. Thank you, Fábio.
[Foreign language] .
The Q&A session has come to an end. We would like to turn the call back to Mr. Fábio for his final remarks. Thank you very much for your availability to talk to us. As I said, this is a historical earnings result event for the company.
Next call, we are going to be very enthusiastic because we are going to double the size, and we have to change the format of the presentation because we increased the number of assets, the number of topics, and Mateus is already working on a different format so that we can disclose the results. This was a very important quarter. We are very happy with the results of the company, especially driven by the performance of the trader.
A s of tomorrow, once the transaction is completed, we are going to be at your service to discuss more about the company's details and present a plan considering what we are allowed to disclose because some actions have their own strategy to be implemented. But we will be willing to discuss details about the company.
I would like to thank Auren's employees, AES's employees, and I'm confident that we have built a case. We have built a plan.
[Foreign language] .
During the months that we got to know this new company, we saw things that were surprising and much better than we expected, and we had the chance to meet fantastic people on the other side. I would like to thank Auren's team, AES's team, who are helping us to transform this dream into reality. Thank you very much. Auren's conference has come to an end. We would like to thank you for attending this conference and have a good day.