Good morning, ladies and gentlemen. Welcome to Auren's conference to discuss results regarding the second quarter of 2023. This conference is being recorded, and the replay can be accessed on the company's IR website at ir.aurenenergia.com.br. The presentation is also available for download. We would like to inform all participants that after the presentation, we will start a 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 CEO, and Mr. Mário Bertoncini, CFO and IRO. The investor relations teams 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.
Thank you. Good morning, ladies and gentlemen. It's an honor to have you here with us to discuss the results of Auren. Let's go straight to our agenda, please, on page three. We will start with the highlights of the company, and then we'll talk about the market, the conditions of the energy market. We'll then discuss the operating performance, and then the financial performance. As our tradition, we are going to discuss our social and environmental performance. Lastly, the closing remarks related to this quarter. Moving on to page four, these are the highlights for this quarter. As for the operational aspects, increase of 24% in hydro generation in this quarter as a result of the better scenario when generation was 0.6% higher than P90 in this quarter.
We would like to focus your attention to the projects of Ventos do Piauí II and III, that reached 12 and 9.3% above the P90, respectively. As for the financial aspect, our adjusted EBITDA reached BRL 436 million this quarter, with the adjusted EBITDA of 30%. Disregarding the receiving of the dividends of dividends, we had an increase of 18% when compared to the previous period, a cash conversion ratio of 78%, and these are important highlights for the last quarter. One of them was the progress in the actuarial risk management, with approval of PREVIC, with a change in indexers of the liability. Now we have the matched assets and liabilities. Another important is the completion of the securitization of HPP Três Irmãos.
This operation was disclosed some weeks ago at the cost of sale + 1.94%, with the receiving of BRL 4.2 billion. As for growth and innovation, we would like to highlight the solar projects, which have progressed quite a lot in terms of construction. Sol de Jaíba, we signed another tranche of BRL 200 million with BNB, in the amount of BRL 500 million, and has already been contracted by the bank. As well as Sol de Jaíba and Sol do Piauí, whose progress is as planned. Lastly, in the last quarter, our trading company reached the top position as a leader in the energy commercialization in 2023. This is a hallmark for the company, according to CCEE, from January to June. Auren has been the largest trading company of energy in Brazil.
We are now going to discuss the energy market. The highlight, as always, on the affluent natural energy in the last quarter. In spite of the fact that the metro afflict energy was below the long-term average, 88.7% below, we continue recovering and maintaining the reservoirs at a very high level, as we can see the graph on the right. In March 2011, in the beginning of the water crisis, in March 2022, we reached a 75% of storage, and we reached now 87%. It's the highest level of storage since the year 2000. There has been some recession in the flow rate of the reservoirs, but we have maintained quite a substantial level in the interconnected system in Brazil. The following page, we will talk about the operating performance.
Since the hydrological aspect has been very favorable, we had an increase in relation to the same quarter of last year, 24%. It's also aligned with a high effortless that we have seen, especially in the Paraná River Basin. Our generations to that 98% when compared to the physical guarantee, and also in terms of GSF, we reached 94%. We improved or we performed 4% higher than the sector. The availability also reached a 96.4% in relation to ANEEL's reference, which is 92.3%.
In relation to the wind assets performance, as we mentioned, the consolidated performance of asset generation was, as we can see in the graph, where we make a comparison between the generation of 2022 and also the curves of reference of the certification of P90, P50. The generation was higher than that of 2022. April was the exception when we see the resources of wind generation was much below the value of the long-term average. It has already been recovered, as we have seen in mid-May, and June also recorded generation higher than P90. In April, the performance was below the expectation. It was above P90, which is related to the physical reference.
If we consider the half of the year generation, it has an average of 373 MW, which is 5% above P90. On the following slide, we show the numbers, the figures that we have been managing. The company has the number of performance of WTG, and we can see the project parameters of the wind assets. Both the WTG and the internal network, whose performance was higher than expected. In this quarter, we had an impact on the basic network that affected the performance of our assets. This is something that happened as a one-off event, which is related to a substation of the basic network. This was a problem that has already been solved, so there is no expectation to have an event such as this in the next quarter.
Now, talking about the trading company. We reached a 3.6 GW traded in 2023, more than 800 customers. With all those numbers, we reached the position of leader in energy trading in 2023, as we have been reporting since the mid-period of last year. Since, we are talking about the, the, with, so the, the trading to avoid risks, we maintained the level of contracting, which is very high for the next years. In the long term, the company has a level of contracting of 60%. We continue increasing the level of sales of the energy of the trading company, but we have not been exposing ourselves to the surplus of this period. I'm going to turn the call to Mário to talk about the financial performance.
Thank you, Fabio.
On page 13, we can see the highlights in terms of EBITDA, and the net revenue in the second quarter of 2023 grew 7% in relation to the same period of last year, with an energy at 24% higher than the same period. This performance was driven by a higher movement and results of the trading company, as we have reported, in addition to the operations of the Ventos do Piau í II and III, as mentioned by Fabio, that adds additional volumes to our portfolio. In the graphs below, we can see the EBITDA evolution, and the EBITDA in the adjusted segment was BRL 436 million in this second quarter of 2023, and moving the sideways as compared to the same period of last year.
We would like to focus your attention to the fact that there was an adjustment of dividends. As we all know, Auren holds minority shares in consultations of production, hydroelectric, hydroelectric segment. The EBITDA, we make the adjustments, the dividends that were actually received in the cash regime. Whenever we disavow those dividends, we come to an EBITDA of which is higher than the previous quarter. This better result, which is 18% of Auren itself, is driven by the best wind power generation, with, as with the entry of Piau í II and III, and better results from the trading company that drive this higher EBITDA.
As for the dividends and shares, there was a decrease in the second quarter, specifically, a decrease of BRL 64 million in relation to the same quarter of last year. That does not mean that dividends and shares are lower than that of last year. On the opposite, we expect an increase of the shares and dividends when compared to last year. What happened was a reallocation of those dividends along different quarters of the year, and there has been a better performance in this front as well. We ended the quarter with a net profit of BRL 137 million as a result of factors. The first one was the operating performance, as we mentioned before. The second, considering that the securitization of Três Irmãos happened at the end of the quarter.
We were favored by financial income coming from those receivables, and those receivables were adjusted according to the Selic, as we mentioned, and we were favored in the revenue. In the second quarter, we have been maintaining a performance of the litigation liabilities. We have important reversals in the provision of those litigation liabilities as a result of negotiations, especially of important lawsuits in our portfolio there, and was reverted as a gain to our company. On page 14, we show the highlights of the capital structure, and as a result of the securitization that came into the cash as BRL 4.3 billion in June, we ended the quarter with a cash position and availability of BRL 6.3 billion, and therefore, a leverage of 0.3x net debt over EBITDA.
On the graph to the right, on page 14, we have the amortization schedule, with the cash of BRL 6.3 billion, we have already amortized, amortized BRL 500 million in debt. This amount has already been amortized, and therefore, this amount that are going to become mature, in, as we can see in the graph, has already been reduced to BRL 178 million. There's a residual amortization for this year, and the profile is very proper, with an average term of nearly seven years. As to free cash flow, we ended the quarter with the cash conversion ratio, which was very high, of 78%. As from the adjusted EBITDA, we show the cash outflow, and we can see as CapEx and the debt service, and we ended at BRL 340 million.
Considering the CapEx that was involved and the capital securitization, less the dividend of BRL 1.5, dividends that have already been paid, we come to BRL 2.9 billion. Basically, we have a very solid cash position, so we continue maintaining, or well prepared for the future growth by means of greenfield, as we have done, or any other actions in addition to providing the dividends as our expectations are. I'll turn the call back to Fabio.
Thank you, Mário. Now, moving on to the end of our presentation, I would like to discuss our social performance, showing that education is one of the most important pillars of our company, with actions that can improve and create opportunities for people in the communities where we operate. I would like to talk about the investment in the course in renewable energy.
These are projects in partnership with our bank and the government of Pernambuco, and we have already graduated nearly 90 professionals, and we have also 270 professionals who are in training process. This was part of a report of an important television program, and you can see the QR code at the bottom of the page, and we were very happy that the media recognized our initiative. In the same line, we continue providing qualification to other professionals that work with us, and today we have a highlight of those who are involved in the solar panel reassembly, which now is being done by women, 100% women in Sol do Piau í . We're very happy with the performance of those professionals that have contributed to the expansion of the company.
In the same line, we would like to say that 6% of the local labor have involved in the Sol do Piau í and Sol de Jaíba project. We count on the local labor, so it's, very, it's an honor for us to be helping those communities and all those people who will... and our partners for a long time in the future, yet. In the following page, for the closing remarks, we would like to focus your attention to the leading position that we reached as the largest commercialization company in the country. We would also like to mention the progress in actuarial risk management with the approval of Vivest. Another important point, which is the final aspect related to Três Irmãos, and also the negotiation that was completed last year.
This has been very successful in terms of chapter, with the securitization of the receivables. This will allow the company to continue paying the proper dividends to the shareholders and providing support to the growth strategy. Lastly, a topic which demanded a lot of dedication from the company, was the progress in the actuarial risk. There was a mismatch in the pension plan with the indexers in the assets and liabilities. We made a lot of progress. We have the proper approval, official approval. The accounts are fully aligned. I would like to thank everyone for having attended this presentation. We are now going to open the Q&A session.
Thank you. We are now going to start the Q&A session for investors and analysts. If you wish to ask a question, please press the Raise Hand button. If your question is answered, you can leave the queue by clicking Lower Hand. We'd like to remind you that if you use the Q&A, your questions will be answered by the IR team. Our first question comes from Rafael Nagano with Credit Suisse. Your line is open, sir.
Good morning. Thank you very much for the presentation. I have a question on my side in relation to capital allocation. Last quarter, the transmission action was held. In your mind, which is the segment that has been more interesting to you, and how does this influence the payment of dividend? Is there any possibility of additional payment in addition to what you have mentioned, that it could be paid this year, considering the securitization of Três Irmãos that provided a good leverage to the company? Thank you.
Thank you for the question, Rafael. Our growth strategy continues in the same line as we have disclosed in the past. The transmission auction was an opportunity that we saw in the beginning of this year. We expected that the competition was different from the previous years, considering the size of this action and the requirement of CapEx. However, what we observed is that the competition continues to be very high. As we mentioned, our target is to maintain the return to the shareholders, all the shareholders, and we did not reach this objective in this auction. We continue observing all the movements in the, in the sector, not only transmission segment, but we continue looking at the generation, renewable energies. Mário's team has been working hard, exploring new opportunities and whatever is happening to the market and other opportunities that may come up.
We have an M&A team, very devoted to building the growth of the company based on opportunities of growth or inorganic growth. Aligned to that, we continue with our strategy of organic growth. We have installed Piauí, we have an allocation of people focused on greenfields. We continue working on the same line, and we continue studying the good projects for the future, even though It may not be very favorable at this moment. We understand that the situation is going to be different in the future. We have a lot of time. We have already decided what will be the balance for the next three years, and we are in a very comfortable position and can evaluate all the possibilities.
The leverage is very low, but we continue with the plan of paying dividends of to, to the other period of BRL 1.5 billion. We announce this intention, and we continue in the same line. We also have other obligations that will have to involve those resources.... One is the investment in the greenfield projects underway already. They will demand BRL 450 million up to the end of the year, in addition to the BRL 1.5 billion in dividends, that is part of our intention. At the end of the year, the leverage tends to be different from what we presented in this quarter. In summary, in relation to the growth, we continue in the same line. In relation to the future dividends, we still haven't discussed with the board in relation to the change in the dividend policy.
It continues to be the way it was published last year. We continue with the same policy up to the end of this year. At the end of the year, we are going to discuss the strategic planning and the structure of the company. We will have a vision that will be applied in 2024. At the moment, it has to be the same strategy that has been decided so far.
Okay, wonderful. Thank you.
Our next question comes from Marcelo Sá with Itaú BBA. You may proceed, sir. Your line is open.
Hello, everyone. Thank you very much for the call. I have some questions. First, I would like to understand how you see the capacity auction.
We used to believe that at the end of the day, it would involve two products, one of which is the hydro product and the other is the natural gas, adding, WTGs that are already there. I had a meeting, and I, I learned that you're considering new alternatives and also the possibility of having solar with batteries and other ideas that came up. Could you make some comments about this? A, a, a public hearing would also be held to discuss this, and how do you see this opportunity? The second question in relation to the negotiations with the pension funds, will this have any cost to be recognized or not? Thank you.
Okay, Marcelo Sá, thank you for the question. I would like to invite Priscilla to answer the question with me, and then also Mário will be involved.
Thank you, Marcelo Sá, for the question.
In relation to the capacity auction, in fact, we had some guidelines from the ministry since last year and also from our team to have an auction with more competition. This would include new technologies, of course, in addition to the possibility of having the renewal of the thermal electrical part, using the natural gas, which is already there. I think the government has an intention to have a more competitive auction, and to that purpose, we are very engaged. We have the expectation of including the hydropower plants in order to make the viable all the investments which are already provisioned. We may also have the opportunity, as you mentioned, to include the new opportunities. It's important to have a competitive auction that would bring in more competitive investment and cheaper to the consumer.
This is our expectations, and, and we expect the auctions to be held in the beginning of this quarter.
Will the products be separate? For example, the government would define what the technical requirement that would be available from this time to that time or at some, at some days, something very specific, and then you would make the adjustment, the technological adjustments, or would there be separate products involved?
In fact, Marcelo, I think it will depend a lot on the technical proposal. Some of the studies are still underway, and if we have a metrics that we can see in the same basis, there would be no need to separate in terms of products. That will depend on the guidelines that will be established according to the studies carried out by the ministry.
I believe that if the methodologies were all calculated, we could have a very even competition, but it's still too early to know what would be more adequate. It will depend on the guidelines and the directions that will be provided.
Okay, thank you.
As to the second question, Marcelo, this is Mário speaking. When we changed the indexer of Vivest, of the pension fund, and when we changed the indexer and it started to be valid as of June the 1st, in an isolated way, we tested for this purpose, if there would be any material impact on the actuarial deficit at the moment. This was studied specifically for that, and we came to the conclusion that there was not a material change at that, at that time. But when we consider...
As you know, at the end of every year, when we consider the results of December, we disclose all the calculations of the actuarial liabilities using different criteria of CPC 33 . This is also what we're going to do at the end of the year. Considering the present moment, with the end of the long curve of interest and the better performance in the stock market, the trend is that we should have a good evolution of our actuarial asset. I'm going to be very careful when I say that, because we still have six months to go. There is a trend that, will be an actuarial liability, which is better than the one presented so far.
We are going to wait, because it depends on macro factors that do not depend on us, but we are going to disclose the results at the end of the year. The performance has been very favorable to Auren so far.
Okay, thank you, Mário.
Our next question comes from Antônio Junqueira with Citi. Your line is open, sir.
Thank you. Good morning, everyone. My question is a complement to the previous question. Even considering the CapEx of the two products and all the dividends, we can see that the leverage is sub-optimum, so Auren generates in a situation when the assets are very negative. My question is related to the future. Does the company think about having a dividend with a target leverage, considering that your assets have a long maturity?
Maybe you're going to go after the times, the EBITDA, and based on it, I'm going to be more aggressive in terms of dividends. When we make the calculations, we understand that the company could pay a dividend as large as that of previous year, and that wouldn't be a problem. Could you provide more information about the time of the events? Are the events going to be made close to the end of the year? When does the company consider making this decision? Thank you.
Thank you for the question. The trend is that the decision is going to be made closer to the end of the year, as planned. In relation to your question, I'm going to say what I have already said to some of you. The company was born one year ago. It requires a process.
It needs to test the market for a period. Any changes in relation to the policy, which does not take into consideration of the growth, leads to a concern, because we, when we consolidated Auren, we wanted to have a policy of dividends, maybe defining a target. If we did so, we would have, maybe have, an opportunity, because we could cause a frustration in the market if we needed to make some changes. When we define the policy, it tends to be understood as simpler, so that we can evaluate the opportunities and test the market. Obviously, we are going to do what's better for the company.
After a period when we tested all the opportunities and we did not reach the objective of inorganic growth by means of assets or acquisitions, that can offer a return aligned with the expectations of the shareholders, and we are, we are then going to decide what's gonna be done. If we didn't-- we're not successful in growing the company inorganically, all this discussion will occur then. We need to have to be given a period for the tests, to have a discussion based on experience and then make a decision. All this process is already being discussed internally. We have been done all the analysis considering where we are competitive and where we are not.
The company is going to consider the actions based on the experiences we had along the time, and what would be the best way of using the resources, striking a balance between the dividends and the growth, considering the opportunities. This is part of the discussion of the strategy of the company, and this is something that we're going to discuss in the next cycle of planning. This is how we have been looking at the situation and what we have been considered. We are going to look into the future, considering how we are going to use the resources that we have been generating.
Okay, perfect. Only to complete my question, theoretically, in 2024, the company is going to think of what is going to be done. The math will be done, and so I understand that it's not in 2023 that we're going to have this idea.
No, I don't believe we are going to have a conclusion in 2023, because I believe that we have to 2023 to make decisions. In 2022, we had an M&As, and now we- they have opposite reaction. It's just natural that we should have one or two years in order to use the market experience in order to make decisions. It's not likely that we make any changes in the dividend policy in 2023. This is a discussion that is going to be made in the following year.
Another question, I'm sorry, I'm taking so, so long. We understand that, that wind, the resources did not perform so well this quarter.
Of course, we heard that El Niño will impact to their performance and everything else, I am sure that you have been observing all this. Is there any climate event that will frustrate your expectation? What have we learned? We learned that when the El Niño is present, the performance is good, This is not what happened.
Specifically in our occasion, Junqueira, April was a month that affected negatively the quarter. We have wind resource that led to the worst performance in the region where we operate. You also understand that Brazil is big enough to have different profiles depending on the region, or the region where we are operated, the profile is different from those assets that are operating in the coast. You may have differences, as we saw last year in...
We performed well in some periods, different from other areas. The location of the farms is very important. In terms of El Niño and La Niña, we have expectation that El Niño will bring less rain to the Northeastern region, and as a consequence, we would have wind resources, which should perform better. This is something that cannot be asserted for sure. This cannot be our basic scenario. We have a base scenario according to the average of historical performance. Our frustration related to April, is that we do not have any correlation between El Niño and La Niña. Much so that in May, it started recovering, and in June, it performed higher than P90. If the performance was according to the left, to the average, the numbers would be positive.
Okay, thank you.
Our next question comes from Mr. Guilherme Lima with Santander Bank. Your line is open, sir.
I have two quick questions on my side. First, I would like you to comment on the adjustment of maintenance agreements of the wind farms, the FC&As. If you could mention the dynamics that caused all those adjustments, and if we can expect growth higher than inflation for the years to come. In the capacity auction, do you have any updated in the CapEx in order to be part of this auction?
Guilherme, in relation to the scope that we have in the wind farms, this includes an EBITDA and also involves higher expenses related to the maintenance agreement. We had renegotiation of an agreement that ended in August last year. We have a new price for the agreement, but this was not the biggest problem.
We see that with increasing VDP II and III. There are also some agreements with GE in Ventos do Araripe. I think we should provide this information without disclosing the value of the agreement. What was the real increase? The most important one was the increase of VDP II and III, and Ventos do Piauí related agreement. We are going to publish what would be the growth of those agreements. All those agreements are bilateral. We cannot provide details, but in the consolidated terms, I think we can provide this information to you. In relation to any capacity reserve, we had a relevance reference of BRL 500 million-BRL 600 million.
This is a reference that we have in relation to the grant agreement that demanded that the company would present within 24 months after the execution of the agreement, if it was feasible to install the machines. This was the numbers that we had for 2020. It was part of a project that we present to ANEEL, but these values have not been indexed yet. We have been preparing to the possibility of the government to demand an agreement of reserve. We are getting prepared to this, we are negotiating with those equipment in order to make adjustments to the CapEx of those four machines.
Okay, thank you.
Our next question comes from Daniel Travitzky with Safra. Your line is open, Daniel.
Hello, everyone. Good morning. I have two questions on my side in relation to the trading strategy of the company.
This would be my first question. When we compare the energy balance quarter-on-quarter, I would like to understand how you are organizing the trading strategy. Considering the price scenario, that would be my first question. The second question is related to the modernization of the sector. We recently saw that the government made some movements in towards increasing a program of energy transfer. How have you been interpreting all those movements, and how this would be conversing with the modernization of the sector? In the past, we have PL 414 that did not make any progress. I would like to understand which would be the next steps of the government in relation to modernization, if this PL 141 would be applicable or if directions have changed. I would like to understand how you see this.
I'm going to turn this, the call to Raul to talk about the commercialization strategy.
Hello, Daniel. Thank you for the question. It's very simple. In fact, as you know, we have a very high contracting level in the past quarters, but we have also been selling in the free market. We continue capturing margins in the free market as well. The highlight is the year of 2025, whose contracting level was very high, and we started purchasing product in order to sell to the final client. As you know, the levels are flat, but there are fluctuations along the weeks and along the months. We saw a very important window for purchase so that we can continue growing, also in the retail market. In relation to the modernization of the sector, we can talk about the evolution of the...
In the electric sector, we see those changes with a lot of optimism in relation to what was being discussed in the 414. There are some topics which are center to this discussion. One is the low voltage market opening, and this is done based on the sustainability of the sector. We also consider whether or not subsidies are available so that there can be no imbalance between the players. Otherwise, there can be lack of efficiency. We believe in the efficiency of the free market. However, this has to be done very carefully. This opening for the low voltage leads to another topic, which we believe that needs to be solved, which is related to the distributed generation. This is a discussion that has been, has to be done in the low voltage market.
There has to be a balance between the free market with the subsidies that are provided to this segment of distributed generation. We have nothing against the segment, but I think competition is always welcome. Another central point in the PL 414, which is a point that we have been discussing a lot, is the co- considered energy availability. We consider from the perspective of flexibility, and this is something that has to be considered in the sector. Everybody knows that the intermittence of the renewable energy is fundamental to the energy, we also have some challenges related to this that have to be approached.
The hydropower plants have been providing the service, which is not compensated in the area because the energy sector has changed a lot since the MRE has been established, and this is something that has also to be discussed. Considering the energy sector, ecological sector, there are other points that have to be considered, but also required a lot of effort. Green hydrogen, competitiveness in the country, all this has to be addressed. The country, as an exporter of energy, which is clean and renewable to the world, all those complex topics demand an elaborated decision by the government, but we still not have the visibility or an opinion to understand how this is going to play out.
As for the PL 414, we would like the free market to be addressed and also the topic of flexibility that needs to be applied to the compensation. In this discussion, the capacity reserve option comes into play, and that would also address the topic of flexibility, the need for flexibility in the future in the sector.
Excellent. Thank you, Fabio.
Our next question comes from Felipe Andrade with Itaú BBA. Felipe, your line is open.
Hello, everyone. Thank you for taking my question. I would like to have an update. We heard from other players who have hydro assets and its relation to expanding the scope in the export scenario, especially when we consider that those reservoir levels are very high.
I would like to understand if you're taking part in this discussion in order to decrease the scope and also involving future investments. Do you have any directions in this sense?
Thank you for the question. Yes, we have been discussing, especially based on the reasons you mentioned. The level of reservoirs are very high, so there's a high likelihood that we are going to use these resources that cannot be wasted. In a positive and a very cautious way, the government is also looking at the scenario in a conservative manner, because the if the rainy period is not so good, there can be a competition between the imports and the need for future energy. The discussions are based on this. We are not going to waste the resources away, but we are not going to ignore that the resources can be necessary in the future.
We made a lot of headway, as you have seen. It's a big progress to export this energy to neighboring countries, as we saw this year. The big discussion that we see this year is that not only when we have all this, but also to anticipate the movement. We have been discussing with the government about this topic, but it's still incipient, and we are still deciding with some spheres of the government, which are discussing how this is going to be done in order to we can mitigate the risks in the future, and so that we can use it, this resource, in a very profitable way. All the discussions are doing well, but we still have to establish a methodology in order to execute this process.
Okay, thank you.
The Q&A session has come to an end.
I would like to turn the floor back to Mr. Fabio for his final remarks.
Thank you very much for the time you devoted to attend this disclosure of results. We are very happy with some of the targets we reached, the securitization, the maintenance plan of CESP. We count on you to take part in our next earnings results call, and have a good day, everyone.
Auren's conference has come to an end. We would like to thank everybody's attention and have a good day.