Good afternoon, welcome to the second quarter 2023 earnings conference call, Unipar. Today with us are Maurício Russomanno , CEO, Marco Rabello, CFO and IRO, and our IR team. We would like to inform that this event is being recorded and that all participants will be listening only during the company's presentation. The presentation can be accessed on the MZiQ platform and on the company's website at ri.unipar.com. The slide selection will be controlled by you, and the audio of this event will be available on the company's website after it's completed. After the presentation, we will hold a question-and-answer session. Questions can now be posted via webcast and will be answered during the session or by the IR team after the conference is concluded.
Before proceeding, we would like to clarify that any forward-looking statements made during this conference call regarding Unipar's business project, financial operation, projection, and goals constitute beliefs and assumptions of the company's management, as well as information currently available to Unipar. Forward-looking statements are no guarantee of performance as they involve risks, uncertainties, and assumptions, because they refer to future events that depend on circumstances that may or may not occur. Investors and analysts should understand that general economic conditions, industry conditions, and other operating factors could affect Unipar's future results and could lead to results that differ materially from those expressed in such forward-looking statements. I would now like to give the floor to Maurício Russomanno , who will start the presentation. You may proceed, sir.
Thank you. Good afternoon, everyone. Welcome to our conference call. Today, we'll discuss the operating and financial results of the second quarter of 2023. As usual, I will start by presenting an overview of the market scenario and the company's performance. Then our CFO, Marco Rabello, will provide details of our financial results. It's important to start this conference call with some considerations about the economic scenario and the situation under which we operate. The petrochemical industry is experiencing what we expected, an downward cycle in the commodity prices and international markets, which affect all companies operating in the segment across the globe. In addition, I would like to point out that we have been facing a great facing factor with the continuation of the Russia-Ukraine war, which impacts production chains, causes inflation to accelerate, globally affecting inputs and the demand for profit.
As a consequence, the economic austerity measures taken globally and in Brazil, such as interest rate hikes, to contain the effects of this instability, ends up worsening the impact on several sectors, among them civil construction, steel, mining. Since the chemical industry depends on those sectors. As a result of this adverse scenario and low demand in global markets, international industries are directing products to Brazil at even lower prices. This is because these international players are favored by a significant structural advantage in the cost framework, with lower energy costs, better taxes, and more efficient logistics. For example, the price of natural gas in the United States is on average, around $2.5 per million BTU. While in Brazil, the average cost is $12.
In other words, it's necessary to consider the so-called Brazil cost when we think about the competitiveness of a sector that has suffered from a significant increase in imports in recent years. I would also like to remind you that last week, the Brazilian Chemical Industry Association, ABIQUIM, released a report that indicates an additional reduction of 4.6% in the national demand for chemical products for industrial use in volume in the first half of the year. The ABIQUIM calculated the average price of imported products with a drop of 28.2% from January to in the annual comparison, with an impact on national prices, which recorded a deflation of 9% in the same period.
Despite a one-off fall in recent months, the share of imports has remained at very high levels, such as the current 48.5% that has persisted since the beginning of the year. To have an idea of this growth, just observe that in the period 2009 to 2010, the share of imported products stood at 29%. In view of these numbers, it's clear that the national chemical industry is facing a challenge in the competitive area. In this terms, it's almost impossible to compete with an imported product which has the structural advantages, as previously mentioned. This scenario, combined with adverse context of interest rates, drop in commodity prices, and the impact of the production chain as a whole, and reflecting in the sector's figures in Brazil, as we have mentioned in the past two quarters.
It's important to point out, however, that even under pressure by external factors, Unipar continues to do its part. We achieved solid results and kept the financial and operational equation at healthy levels. We recorded the third best semester in Unipar's history when we look at our EBITDA. In addition to proceeding with our investment plan, holding a long-term vision and its execution with discipline and method. In first half of 2023, we recorded BRL 170 million in capital. This number is significantly higher than the figures posted in the first half of 2022, when we allocated BRL 75 million. We are a capital-intensive company, and like all the low and high prices, which are part of the company's multi-year plan, we will have more investments this year, 2023, than in 2022.
All the investments already made have been translated into operational improvements, productivity gains, and increased production capacity. It was already expected that this would be a year of lower results, especially compared to 2022, which was a year of historic records. Given the adverse scenario, we understand that our results are very positive, and we remain firm in our mission to double in size with our strategy based on five pillars: sustainable growth, operational excellence, competitiveness, human culture, and sustainability. This is the support for our deliveries in the future. On the next slide, we will bring information about our continuous evolution in this direction and the transparency in the data we provide every quarter. I begin by highlighting the operational performance of our plant.
The investments made in recent years and the ongoing maintenance, improvement, and modernization work have brought us to a comfortable level with solid and positive results. In the second quarter of 2023, Unipar's consolidated capacity utilization rate stood at 82%, a reduction of 2 percentage points, a level very close to the previous quarter when we reached 84%. It is important to point out that Unipar's index is considerably higher than the industry average of 67%, according to ABIQUIM data. The highlight for the quarter, too, it's important to mention the operational Cubatão unit, with 90% capacity utilization, in addition to increase in PVC production volume in Bahía Blanca by 14%, both in the comparison with the results obtained in the first quarter of this year.
Within our pillar of sustainable growth, expansion plan for our Santo André Plant , which celebrated 75 years of operation on July the 25th, and entered its final phase in line with our widely communicated schedule and confirmed our execution discipline. I believe the project, which received a total investment of BRL 100 million, started its ramp-up with connection of the electrolyzer furnace that has been delivered in April, as reported in the first quarter of 2023. We reaffirm the startup design for the second half of the year. The new structures will be responsible for increasing capacity by 50% of hydrochloric acid in the unit. This is a highly demanded input in the manufacture of chemical products used in the treatment of water and sewage, which, for the maintenance of the main rules of the sanitation framework, continues to be highly relevant in the industry.
I would like to point out that in the expansion, the electrolysis equipment with new technology consumes 18% less energy than the equipment of the previous generation. Furthermore, the new furnace we chose produces steam, and as a result, we do not need to use the input, reducing our emissions by around 2,000 tons of CO2 per year and 6% of consumption of cooling water compared to the conventional furnaces, which do not produce steam. It's also important to highlight the construction of the new Unipar plant, which will be installed in the petrochemical complex, complex of Camaçari in Bahía, which is on schedule, and its operation are scheduled to start in 2024.
Designed from a modular technology, which allows faster capacity expansion, the new factory reinforces Unipar's positioning in the Northeast, the most depressed region, and where the greatest development in sanitation is expected in the next 10 years. When in operation, the unit will have a total capacity of 20,000 tons of chlorine and 22,000 tons of caustic soda, produced according to the safest, most modern, and efficient criteria available, ensuring the smart use of energy and other inputs. In Argentina, we are reaping the benefits of improvements at our Bahía Blanca with investment. Making recent years, we made the plant more efficient and modern, expanding the chlorine capacity. With this, we will offer hydrochloric for the first time in Argentinian market, whose industry has a high demand for this product.
The operation should start in the fourth quarter of this year with a capacity to produce 50,000 tons a year, which can be expanded up to 90,000 tons per year in the future. Unipar is already studying logistic options to meet demand in different regions of our PP until we define further geographic expansion initiatives. The offer of hydrochloric acid is still low in Argentina, and this input is essential for the development of lithium mining, which continues to expand. With this new offer, Unipar is strategically positioned to capture such an opportunity. Advances at the Bahía Blanca unit also allowed us to expand the production capacity of anhydrous caustic soda, rising from the current 18,000 tons a year to 31,000 tons by the end of 2023. At the best purpose, we have already started to prospect new customers for this product.
On slide seven, I would like to take the opportunity to update the information on the progress of Unipar renewable energy self-production initiatives on all of our strategic priorities. As we have disclosed, there are structuring projects with high impact, both from an economic and sustainability point of view. We reached 36% of self-production of renewable energy and the consumption of our plants in Brazil, and also started the production of green hydrogen, resulting from the advances of our self-production partnership. In April 2023, the largest self joint venture with Atlas Renewable Energy or photovoltaic energy generation in Minas Gerais, obtained permission for definite and through entry into commercial operation through an official order by ANEEL, and with the execution of an additional PV to supply renewable energy to our self-production Cubatão.
The Tucano Wind Complex, in a partnership with AES Brazil in Bahía, has 18 August 25 wind turbines in operation and supply renewable energy through self-production to Cubatão Plant as well. Cajuína Wind Complex, partnership with AES Brazil for the generation of renewable energy in Rio Grande do Norte, will start operating at the phase later this month in August. We are building a future in which Unipar will have access to energy, price predictability, cost reduction to charge redemption, carbon footprint reduction, green hydrogen production, and new green products. By 2025, 100% of all energy that will supply our plants in Brazil will come from renewable energy, 80% of which will come from self-production and 20% from long-term contracts.
Together, the three projects will have an installed capacity of 485 megawatts of energy, electricity, which 190 average megawatts will be consumed by Unipar's plants. On slide eight, we discuss sustainability. Along with our results release, today, we present to society and to the market the second Unipar sustainability report with data from 2022. The document follows the rules of Global Reporting Initiative, GRI, and uses the materiality matrix as a basis for deciding the subject addressed in the report. The material, which brings together 121 indicators, is a great X-ray of our data and sustainable impact project. This work involves the entire company across the board, involving employees from 50 different areas, in addition to specialist external consultants.
In addition to our report, which describes our evolution in sustainability, another important step in July is our first participation in the Unipar, with three units in the Index of Climate Resilience of the Carbon Disclosure Project, the CDP. This is one of the main global references on the climate issues, and we took an important step towards the transparency of our information on the topic. Our evolution, visible in our daily life, was recognized in the 2023 ESG awards, won the ESG commitment category. Finally, I want to point out that we also continue to direct attention to the social aspect. As I have already announced, this year we are supporting 43 projects with around BRL 60 million, with the objective of impacting approximately 900,000 people.
Our focus, defining our sustainability guideline, is on human development, with investments in projects related to sanitation, education, culture, sport, or social action. I always highlight some projects here, and this time I want to draw your attention to two specific projects that strongly represent the direction we have taken. First is the Warm Clothing campaign, which involved Unipar in 2023, in addition to the members of the consultant community councils, the CCC, which collected more than 600 pieces of non-perish- perishable clothing and shoes. To complement the donations, we coordinated blankets as a stimulus for such a mobilization. The donations were directed to different institutions in Brazil and Argentina.
Another relevant project, which took place in May, was the Social Action Day, a partnership at Unipar, whose objective was to inform and provide population with services, health, citizenship, leisure, culture, and matters related to health, safety, and environment. The two events brought together around 1,000 people who took advantage of an expensive free progress with medical, dental, legal, well-being, and psychological assistance, vaccination center, and also environmental and social awareness activities. The telling image is a lady being served. She has no teeth and laughs with a smile, gaining dignity and self-esteem. I turn the floor to Rabello, our CFO, who will provide details of our financial results, and will talk more about the scenario we are in.
Thank you, Maurício. Good afternoon, everyone. It's an honor to be with you, and discuss the results with again. I will now go through the financial highlights for the second quarter of 2023, as well as the year-to-date results in the first half of 2023. Moving on to slide 11. We recorded net revenue of BRL 1.3 billion in the second quarter of 2023, a 16% reduction when compared to the first quarter of this year. This is due to the reduction in international prices, both for caustic soda and PVC, and the drop in PVC sales volume in this period. The same effect can be observed when comparing the second quarter of 2023 with the second quarter of the previous year, 2022.
Regarding the distribution of revenue by type of product, we observed a slight increase in the share of chlorine and derivatives in relation to other products, also due to the drop in international prices of caustic soda and PVC. Since chlorine and derivatives have a local price dynamic and are reportedly free. Moving on to slide 12. Net revenue for the year was BRL 2.9 billion, 15% lower than that of the second quarter of 2022, mainly due to the drop in international prices. Regarding the distribution of revenue by product, we have the same dynamic as the comparison by quarter, increase in the share of chlorine and derivatives.
On slide 13, we down a consolidated COGS, which was BRL 827 million in the second quarter of 2023, a 13% decrease when compared to the first quarter of 2022. This was driven by the drop in PVC production and sales, resulting in lower consumption of raw materials, price reduction of some inputs, such as ethylene and natural gas. Now, on to slide 14. At first six months of this year, costs accumulated BRL 1.8 billion, a 13% reduction when compared to the second quarter of 2022, with a distribution between variable, fixed and depreciation at the same level as those of the previous half of the year.
On slide 15, we see that the EBITDA in the quarter was BRL 370 million, a 24% decrease when compared to the first quarter of 2023, for the reason previously explained, international prices and real volumes. We would like to reinforce that our operation in Argentina, characterized as a hyperinflationary economy, is recurrently subject to the application of IAS 29 rule. In the second quarter of this year, the application of this rule and the exchange variation of the peso generated a negative effect of BRL 38 million on the EBITDA, compared to BRL 35 million in the first half of the year, with no cash effect for both cases.
The effect of this has mainly results from the combination of inflation and deflation on income accounts, with a counterpart in the financial results, and the difference between the conversion of the results into real at the closing exchange rate of the reported period and the conversion at the average rate of the accrued period. On the same slide, we see a net income of BRL 180 million in the second quarter of 2023, a 26% decrease when compared to the first quarter of this year. On slide 16, let's move on to that slide. We indicate that the accumulated EBITDA and net income in the first half of 2023. The EBITDA margin in the first half of the year was 30%, with BRL 186 million generated.
Once again, we make reference to the effect of the application of the IAS 29 and the exchange variation of the peso. This is non-cash effect in the semester, and it stood at BRL 73 million. Net income was BRL 439 million, 27 higher than that of the second half of the last year, which had a negative non-cash impact from the remittance of funds from Argentina to Brazil, resulting in a relevant financial expense in that period. Moving on now to information related to debt on the slide 17. The net debt is negative at BRL 33 million, and there's no concentration of maturities in any specific year. We have no major update in gross debt when compared to December 2022, and we maintain a robust cash position of BRL 1.3 billion. This demonstrates the company's commitment to financial health and potential strategic moves.
In addition to the evolutionary comparisons with the previous quarter and previous semester, carried out in the call, the comparisons of results of the first half of the year in comparison to the same period of last year, are also contained in the earnings release and in the audited financial information. Such as the results previously disclosed. Cash generation is on slide 18, where we present the cash flow for the semester, shows that the operation generation stood at BRL 922 million, more than enough to meet the commitments related to the payment of income tax, social contribution, amortization of financing, and CapEx. We ended the period with a robust cash position of BRL 1.3 billion, as I mentioned previously. Moving on to slide 19. This I'd like to highlight the positive variation of unit shares in the last three months, with appreciation of 16%.
We would also like to highlight an important milestone for Unipar, which was reaching more than 100,000 shareholders in our current base. A relevant growth when compared to the approximately 30,000 shareholders that we had at the end of 2021, and 60,000 shareholders at the end of 2022. This demonstrates that we are complying with what we proposed in our planning, with transparency and a relationship of trust with the financial market, which is reflected in the attractiveness and interest of our shares that are traded on B3. Finally, I would like to mention the non-binding proposal we made for the acquisition of shares belonging to Novonor in the company Braskem. The proposal was presented on June 10th. Those details were disclosed in a material fact on the same day. The proposal expired on July 3rd.
Now, extending the expiration date, the company continues to discuss with the stakeholders directly involved in the operation. Any new proposals should only occur after the due diligence or material development negotiations with the shareholders of other transactions. Any update will be duly disclosed to the market in accordance with current laws. Continues to apply the same transparency and due diligence with which it has been acting throughout the process. We are now going to open the Q&A session.
Thank you, Marco. Just a moment, while we collect the webcast, collect questions. We receive some questions related to Braskem. The first one is from Maxine. I would like to know about the offer.
I understand there are some limitations related to a process like this, but I would like to understand the information you can disclose and how the proposal and the assets are different from the other players. I'll be asking if the company is interested in continuing with the offer. Thank you.
Thank you very much for the interest in the topic related to Braskem. As I said, we cannot disclose all the information, but, answering all the questions, yes, Braskem continues in process. As we mentioned during the speech, we continue interacting with the stakeholders, and we'll continue striving for success, and the operation is a long process. We have been negotiating for more than five years, and we continue looking for a format that would meet everybody's expectations.
Answering the address question first. One of the drivers is that we are prepared to be part of this process in terms of leverage and financial structure. This is an advantage, advantage that we have. In relation to the other players, is that we are operators in the sector. We have deep knowledge in petrochemical automation, and we operate in different segments and different plants. Some plants that are currently owned by Braskem, we are an operator focused on industrial performance, and we really believe that a company such as Braskem, that was structured from acquisitions and mergers from different plants along its history.
This company is the case, Politeno, Oxiteno, and many other companies that were part of the company, and with all this information in the petrochemicals, and we are sure that we are going to bring a lot of direction, focus on development, so that we can make the path of all Braskem's efforts. This is where our advantage lies. In addition to all, we are a Brazilian company, and it means a lot of time, not only to the sector, but to the company and to the country as a whole.
Thank you, Marco. In addition to those question from Maxine, if this negotiation is not successful, what are the plans for the company? Are you on the lookout for other M&As for organic growth?
Maurício, playing about our sustainable projects or our greenfield projects, as they are all aligned with the important plans we established, and we continue on this direction. In addition to that, we continue observing opportunities in the market with other M&As, and the company continues with the purpose.... They represent Maurício Russomanno, which are all aligned with our strategy. We are on the lookout for assets that would complement our portfolio, so that we can double our size within 10 years.
Another question from Linda Vitale. Could you provide an estimate on cost reduction for the future with this, ramp up for energy production?
Thank you once again for the question. Energy generation projects that have been developed, that developed in the past few years will be in the ramp up moment. Obviously, only 2024 we be able to have the full effect of the benefits of self-production. These are benefits to the company as a whole, and also to the EBITDA. We do not usually disclose the cost involved at this time. Those who continue with us in terms of investment will start observing those effects in a more clear way when we will be able to provide the details on our results, but for the time being, we are not able to disclose them.
We have two questions related to prices of probably caustic soda and PVC. Carlos Alberto asked about the reversal, about the reversal of price in the international market, and if the prices are still very advantageous for at the time. The other question is about the visibility of PVC expected for the end of this year and also for 2024.
Thank you, Bruno and Carlos, for your questions. As you can see, in the results of the 2Q, even the with the prices adjusted for PVC and caustic soda, we still had a profitable term with positive income. In spite of the levels lower than those of last year. At this point of pricing, we are still able to operate at a profitable level. Our EBITDA from the 2Q was 20%, so obviously we had to resort to other dimensions in order to offset the drop in the market prices. Variable prices, increment in fixed costs.
We needed to look at different products in the market portfolio and have different pricing decisions in other markets, in addition to our team and operation, that contributed in a significant manner in this regard. As a company, we have the policy of not providing guidance, but what I can speak to you is that we have to be on the lookout on the PVC market.
The civil construction market is very relevant, so we have to observe what's going to happen in the civil construction market across the world, and how the macroeconomic conditions and interest levels will play out. This will provide the guidance of our guideline of what's going to happen in terms of PVC prices. As to caustic soda, this is more scattered, but there are some industries which are very relevant, such as steel, mining, the industry of pulp and paper. These are areas whose consumptions are very high of aluminum, I mean.
Thank you, Maurício. We received a question related to drop in interest rates and civil construction, I believe you have already answered this question. There's another question. I am Ricky Dao from XYZ. What led to the remittance of funds from Argentina, and what was the amount that was allocated in the country?
Andrea, thank you very much for the question. Maybe it was not very clear during my speech. We did not bring resources from Argentina in 2023. I referred to an operation that was made in the third quarter of 2022. We made some comments about this during the speech, to talk about the net income, comparing the periods. We explained why the net income was lower than the current period. We did not bring the resources in this direction in 2023.
Thank you, Marco. We received some questions related to dividends, distribution of dividends. Does Unipar have any plans to distribute quarterly events, and what the forecast, since the distribution happened in August and November last year?
I can see there's a repetition of this question. It's just natural at this period of the year. I think that first of all, when we look at the situation of Unipar, Unipar continues with its commitment to pay dividends. It is also complying with the execution of CapEx. When we consider the main pillars and when we consider the simplicity of our sector and of the company, and considering that this is the year when we expected lower results. If we pay all the dividends, we will be different from what has been in mind.
We are going to wait for the end of the year in order to have more clarity and more trust in the results of the company, and also verify the cash generation in order to define the dividend distributions, and also related to the volume of dividends that will be distributed and to talk about the end of interest on equity and the payment of dividends and any possibility of taxation. The taxation of dividend discussion was not in the media in the previous month, and we have observed that we started to invest in a more intensive way at the possibility of taxing the dividend. We are going to continue the update, and if taxations are implied, nothing will change. We are going to continue distributing dividends according to the profit that the company will make.
Also, we are going to look at the cash generation to make the decisions on dividend distribution. We are going to continue using the same previous practice with the idea of paying 25% of the results of the company. This is according to our policy.
Another very small, ask the question, he said: Congratulations on the results, and what about energy generation? Considering there's a new plant being established, are you considering new partnerships with AES or other electrical companies?
Thank you. For the company, as I mentioned in the beginning of the presentation, we are working now to make the plant operational. The first one is to run, so we have 18 of the 25 WTGs. The solar complex started operating two months ago, and we are receiving proceeds from that, and, the other complex will be operational at the end of the year. We would have 80% and the 20% we buy in terms of energy, but it's free market.
We are going to run with the goal of having renewable energy of up to 2025. Capacity another expansion, we will, we will to decide whether we are going to have another complex or if we're going to use what we have. We are still evaluating all the options, so if we are in a very favorable moment for those long-term contracts, we are on the lookout on the market, and we are going to provide updates briefly.
Thank you, and we are going to check any other questions. Our question comes from Vinicius. Could you tell us more about the green hydrogen plans? If the production process of the chlorine, which is electrolysis. Green hydrogen is a sub product, byproduct. Unipar has been producing hydrogen for a long time. What happens to the hydrogen today?
There are two destinations. One is to burn instead of natural gas, and it's used in the operation itself because it's a cheaper input than the gas, and we are favored to have a ton of cost. This is why we, we use hydrogen that we produce in Cubatão Plant related to our own operation. The other destination that is produced in, we do not use it in the operation, but we sell the hydrogen, different clients to the market. With this transformation of renewable energy to green energy and our inputs are inorganic, water, and salt. Our hydrogen will be green.
We are already producing it. The point is, how will the market behave in terms of pricing policies and demands of green hydrogen? We continue using green hydrogen in our operations, and in the second half of the year, we are going to launch. We are still certifying all of it, but we will have green products that will be accounted for in terms of carbon to our clients as it's completely. At the moment, we may decide to sell the green hydrogen to the market if it is economically feasible and adequate, and if the industry and other sectors would be interested in using this specific hydrogen.
Another question by Luciano Santino. Good afternoon. Congratulations on the results in relation to share buyback. Is there a market value quotation of the share to start the repurchase profit? Could you tell us what's the method used?
Oh, thank you, Luciano. You can further question. In the second quarter of this year, we renew the program of share buyback, and the calculation is made on 10% of all the negotiations of our shares in the past few months. We have a term of 18 months, has to be complied with in this program, and this is a variation that we consider that from time to time, when we decide how we can best use the liquidity of the company and what we believe that is likely to happen in the future. There is no, there's no fixed range.
This is a calculation that has been made every period, and it will also depend on the liquidity and the cash of the company, and then we define what would be the volume of the share buyback. We do not have a definite range at the moment.
We conclude now the Q&A session. I would like to turn it all back to our officer for his final remarks.
Thank you, Raquel. Before wrapping up, I would like to thank our employees, who once again, build very far every day, and in the past few years, despite all the adversity, have been taking all the challenges, improving the operations, improving the management, and leading to not only excellent results, but also results which are so consistent.
At a moment when the market is not so heated and the prices are lower, we feel that we are much better prepared than we were at the time of the COVID pandemic. The company is much better prepared, thanks to all the partners and all the employees who work with us every day to do their best. As a group, we're going to continue moving forward into this journey despite of the market, which is different from what we found in the past few years. We are going to continue making investments, more investments or long-term investments, that will prepare the company to the future. We are going to continue with our-- with implementing our holistic strategy based on the 5 pillars.
For that purpose, we count on the support from our board and also from everyone's support, so that we can continue to implement more programs and goals. We would like to thank all our suppliers, clients, partners, who have been ever closer to us and have been working in a more cooperative way, which is so important for all of us, especially now with the new concept that was launched last year of sustainability, where we want to cause a major impact. Working together, everyone is an ecosystem, and this effect will be even greater. We have seen benefits of our network in the former ecosystem, has been bringing excellent results with the positive social impact, positive environmental impact, favoring all society and all the community as a whole.
I would like to reinforce that we would like to maintain dialogue, very open, very transparent, and ever closer to the financial market, analysis, and everyone who are with us along our journey. We will continue delivering consistent results to have a better company. Thank you very much, and we are available should you have any other questions.