Good morning. We welcome you to the Altri full year 2022 results conference call. During the presentation, all participants will be on a listen only mode. There will be an opportunity to ask questions after the presentation. If you wish to ask a question during the Q&A session, you may do so by pressing the star key followed by five on your telephone keypad. If you are experiencing any difficulty listening to the conference at any time, please make sure you have your headset full plugged in. Alternatively, please try calling from a different device. I will now hand the conference over to Mr. Rui Cesário, Altri's head of IR. Please go ahead, sir.
Good morning. Thank you for attending to today's conference call of Altri's 2022 results. My name is Rui Cesário, and I'm the investor relations at Altri. We have with us Mr. José Pina, the group CEO, and Mr. Miguel Silva, the group's CFO. Mr. José Pina and Mr. Miguel Silva will give you a brief description of 2022 results. The floor will be open for Q&A. I'll hand over to Mr. José Pina.
Good morning, everyone. Thank you, Rui. Thank you for attending today's conference call on Altri's 2022 results. We're pleased to hold this call with investors and analysts, and hopefully we can give you a picture of 2022 for Altri and discuss the outlook and challenges ahead of the current year. If you turn to slide number two, we show what we believe to be the main highlights for 2022. It was a record year, both in revenues and EBIT, EBITDA, with Altri surpassing EUR 1 billion mark in revenues, reaching EUR 1,066 million, 34% above 2021. An EBITDA of EUR 301 million, a 32% increase comparing to 2021. The net debt level decreased by 5% in 2022, despite a higher level of investment, higher working capital needs and additional dividends.
It was a generous year in dividends for shareholders. We have distributed a cash dividend of roughly EUR 49 million that added to the cash outflow from Greenvolt's withholding tax to a total of EUR 79 million. Additionally, we have distributed 52.5 million shares of Greenvolt, which was equivalent at the time to EUR 1.74 per share of Altri. Altogether, in 2022, we have distributed around EUR 400 million to our shareholders. On the development of Project Gamma in Spain, we continue to work actively in all fronts to be able to reach a decision during the current year. If you move to slide number three, we're seeing a trend towards a normalization of the level of inventories at the European ports during the Q4 of the year, after reaching a five-year low during Q3 of 2022.
Inventory levels should continue to trend higher given the destocking effect that we have been seeing in the European market in the last few months. In slide four, we highlight the evolution of hardwood pulp prices in Europe. Average prices have increased 27% in 2022 versus 2021. Looking at the Q4 2022, average prices have increased by 21% year-on-year and 1% higher quarter-on-quarter. PIX hardwood pulp prices have been stable at $1,380 per ton since July, but in EUR terms there was a decrease since November. Looking at slide five, we present the production and sales volume in the Q4 . The level of production was in line with the previous quarter, while sales volume was slightly below.
This was a consequence of some softness in demand in December and also our decision to build inventory ahead of Celbi's downtime scheduled for February, March of 2023. Looking at slide number six, we show our annual production numbers, which were up 2% year-over-year and posting a new record number at 1,143,000 tons. Sales volume decreased in 2022, especially due to the reasons already mentioned in the previous slide. In slide number seven is our sales breakdown for region and end-use segments. Markets of proximity are and will continue to be our strategy. You should expect the current regional breakdown to remain similar for the future, with more than 90% of volumes sold in European and near Middle East regions.
Sales to Asia continues to be fully attributable to our dissolving wood pulp products. On the end-use, tissue and printing and writing remain our main segments, with a slight increase for both in 2022. I would now pass the word to Miguel Silva, the group CFO, that will comment on the main financial highlights for the past year.
Thank you, José. In slide eight, we comment on revenues and EBITDA achieved in the quarter. Altri reached revenues of EUR 260 million in the Q4 of 2022, an increase of 25% versus the Q4 of 2021, and a decrease of 8% comparing to the Q3 of 2022. EBITDA reached EUR 78 million in the Q4 , 75% more than last year's Q4 and 16% lower than the previous quarter.
In slide nine, we present our EBITDA margin that reached 30% in the quarter, an improvement of 6.1 percentage point compared to last year's Q4 , despite a small decrease versus the previous quarter. For the full year, we have been able to maintain our EBITDA margin nearly at the same level as 2021, despite being a year with relevant cost inflation. Turning to slide 10, operating results increased by 86% versus the Q4 of 2021, and a lower level compared with the Q3 of 2022. Net profit grew 4% in the Q4 compared to last year's Q4 , mainly due to higher financials and a normalized effective tax rate.
In slide 11, we focus on the full year numbers, with revenues growing by 34% and surpassing the EUR 1 billion mark, while EBITDA increased by 32% to EUR 301 million. Still looking at the full year figures, EBIT increased 45% to EUR 237 million, while net profit reached EUR 153 million, a 23% growth year-on-year. As already mentioned, the accounting of FX hedges during 2022 was more than compensating at the operating level, and the more normalized tax rates were the main reasons for slower revolution in the net profits. In slide 13, we make some comments on the cost side. Overall, cost inflation started to stabilize during the Q4 .
The self-consumption electricity regime was now working at full during the Q4 , allowing us to sell to the grid the excess power produced at full prices. The natural gas price, after reaching a peak during the Q3 , continued to decrease most of the time during the Q4 . On the wood side, the two main factors contributing for the average price increase during 2022, either wood imports or Iberian suppliers passing cost increase seem to have stabilized. Chemical prices still increased during the Q4 , but now we are starting to see some price reductions going forward given its links to energy prices. In slide 14, we present the evolution of net debt during the Q4 .
Altri's free cash flow in the quarter was at a more normalized level of EUR 34 million, which meant ending the year with a net debt level of EUR 326 million. In slide 15, we show the same net debt sharp reach for the full year. Altri has reduced its net debt by 5% in 2022 and ended the year with a comfortable net debt to EBITDA ratio of 1.1 times. Most of the relevant cash items have increased in 2022, such as dividends, CapEx, financials, taxes, and working capital needs. The latter was mainly because of inventory build-up in the second half of the year, and a one-off confinement effect related with the energy supplier. I will now pass the word back to José Pina.
Thank you, Miguel. Turning to slide 16, we are pleased to say that Altri finishes 2022 with an ROC of 25%. It's the highest ROC level of the past five years and among the best ROC levels in the industry. If you turn to slide 17 on the sustainability front, Altri continues to improve its ESG ratings with 1 notch improvement to triple B according to the rating agency MSCI, and the rating agency CDP maintain its A minus rating in the climate change category, mentioning Altri as a reference in implementation of best practices. Going into slide 18, would like to share with you some milestones that Altri's achieved towards its 2030 ambitious goals. A reduction of greenhouse emissions, Scope 1 and 2, by 24% in 2022 versus 2020.
The goal is to achieve a reduction of 51% by 2030. The use of primary energy from renewable sources at our plants is now at 93% in 2022, with a goal of achieving 100% by 2030. The level of certified used wood was 70% in 2022, with a goal of reaching 80% by 2030 and coming from 57% in 2018. We have also reached seven biodiversity spots, in particular within our forests by the end of last year, with a goal of 15 by 2030 and coming from two in 2018. If you turn to slide 19, we wanted to share our views, some of our views going forward.
We have seen some softness in the European pulp market near the end of 2022 and early 2023, led by the more cyclical segments as print and writing and construction related decor papers. The tissue segment remains solid with continuing positive market trends. Market expectations points for price correction during 2023. Inventories are normalizing, in particular due to a de-stocking effect from the print and writing and decor segments. China reopening of the economy could be an upside risk for the industry, where we expect a more stable and positive outlook in Q2 and second half of the current year.
Cost inflation started to stabilize in the Q4 of 2022, as we've mentioned before, a significant deceleration and lower costs such as energy and chemicals should have a positive impact in 2023 starting this quarter. On Project Gamma, we continue our work on all fronts, environmental, engineering, economic, financing, as well as, the overall, European Union NextGenerationEU funds. As mentioned before, we expect to take a decision in the current year. Now I pass the call to Rui Cesário for, you know, opening of Q&A.
The floor is now open to Q&A.
Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by five on your telephone keypad. Our first question comes from Enrique Parrondo from JB Capital. Please go ahead.
Hi. Good morning. Thank you for taking my questions. I have two, if I may. The first one would be on recent trading. You shared a bit of an outlook for what you're seeing. Based on other comments from other peers, their outlook for the coming months is a bit more positive in the sense that they expect destocking to end by the end of the Q2 . I don't know if you could give us a little bit your view on how much this process could take.
Secondly, on the spin-off of your remainder 16.6% stake in Greenvolt, I recall that in the last quarter results presentation, you commented that you were finalizing the restructuring of the stake within the group. Could you comment whether this process has been concluded and maybe on the timing that we should expect for the spin-off? Thank you very much.
Thank you, Enrique. Let me give you a bit of an outlook, at least from our perspective. Considering where we are, and what we've mentioned before in terms of what is clearly a destocking process that started towards the end of last year, historically, that tends to take one to two quarters. We're clearly seeing that in the Q1 of this year. I think looking forward, as you mentioned, particularly getting into next quarter, I think you will start seeing that process is obviously stabilizing. We do expect a supposed outlook at least on the destocking front, towards the end, mid towards the end of next quarter.
If you just look at the stocks in wood pulp European ports that was just published yesterday for February, you've seen that was somewhat of an increase. I think the levels are still within the range of historic levels, perhaps slightly higher in February, and that's a clear, I think a clear evidence of that process. On your second question, regarding Greenvolt distribution, we have been going through that restructuring. The process is near conclusion, and we remain on track from what we gave previously as guidance. We haven't announced made any announce any communication to the market regarding our dividend proposals in kind or cash for this year, which we expect to do early April when we announce our proposals to Altri AG.
We are, as we said before, in terms of our guidance, we continue in the same direction.
Great. Thank you.
You're welcome, Enrique.
The next question comes from Jaime Escribano from Banco Santander. Mr. Escribano, please go ahead.
Hi. Good morning. Question on how the 2023 in terms of cash costs. Based on what you explained, what should we expect or what levels of cash costs compared to 2022, would you be comfortable for this year? Also, maybe you can also guide us in terms of volumes, how should we think about the total sales volumes for Altri in 2023? Thank you very much.
Thank you, Jaime. Good morning. On your first question regarding cash costs, we have been obviously actively working on the various components of our cost sectors. As we said, we saw a clear deceleration towards the second half and particularly the last quarter of 2022. Now going into 2023, that obviously it's turning into some early reductions. Effectively, we already anticipate a Q1 likely to be lower than the last quarter.
For the year, we would probably expect something closer to the double digits in terms of cash cost reduction, and that's year-on-year. In terms of volumes, as I've said, Q1 and likely Q2 , you'll probably continue to see some softness in terms of volumes, but our targets for the year will be in line with what we saw last year. Thank you, Jaime.
Okay. Thank you.
The next question come from Bruno Filipe Bessa from CaixaBank BPI. Mr. Filipe Bessa, please go ahead.
Hi. Good morning. Thank you for taking my questions. The, the first one on the, on the pulp price evolution. I'm just trying to understand what, what is the current situation of the industry in terms of cash costs, and how this compares, with the levels, for instance, seen in 2019, because I-I remember that in the past, one of the arguments, to believe that prices will not, come back to the lows that we saw in the past was the fact that cash costs were at, much higher levels. What we have been seeing is a gradual reduction, and we are seeing, particularly on the energy front, much lower prices, market prices than we were seeing last year.
If you could give us a bit of an idea on where the industry cash costs stand today, compared to 2019. Also linked to this question, if you could give us an idea of which pulp price level could start triggering capacity shutdowns in the industry in your view. This will be the first two questions related with the pulp price evolution. The last question, if I may, on the Gama project, if you could give us a bit of visibility on this project, after the recent decision on the continuation of the Pontevedra plant from.
How does this affect, if it affects, but how does this affect your view on the project and your expectations regarding the return on invested capital, particularly considering that now that Pontevedra should be, should continue operating with the potential startup of the Gamma project. We will most probably see high pressure in terms of demand for wood in Iberia. This will be my questions. Thank you very much.
Thank you, Bruno. Addressing your first question in terms of pulp prices, obviously the indexes have reflected, I think, what seems to be an undergoing correction, which effectively in Chinese markets we started to see already late last year. It was not totally reflected on European indexes. That's now not the case. You still have a little bit of a difference, net net between Europe and China. You would expect at least that correction somewhat to continue in the very near term. Ultimately, when you look at where prices historically have been, you tend to have a three to six month sort of course pricing adjustment.
The industry has thought in the past that once it starts reaching marginal cost of the higher cost producers, namely the higher cost producers you're talking about China or Asia in particular, that would be sort of the limiting factor because essentially they start shutting down their operations and basically buying bulk from the market, and that significantly changes the buying behavior. China, this is why we talk about a potential upside risk going forward. I think the other aspect, as you've mentioned, cost inflation was across the industry. Even the best or the more efficient global players have announced in recent investor calls significant increases in their cash costs
They've given guidance at relatively high levels, I think up to 40% increases versus prior years. I don't think that, given the cost factors we have, especially for producers in Europe versus Latin America, the biggest impact in Latin America has been on wood prices, which have essentially doubled in a relatively short period of time. We have not seen anything of the like in Europe, that's probably a bit of a catch-up. I would say looking forward, the marginal cost continues to be, in particular for Asian players and Chinese players, continues to be a little bit the reference.
Given that at this point, the difference between today and 2019 is you've had a significant inflation pressure coming from last year, that's gonna play a role in establishing a new benchmark going forward. Regarding your second question on the Gama project. First of all, when we started to consider the project, we did it without the possibility that Pontevedra would be closing, obviously, that we had to assume that. We have been working very focused on assessing the overall wood availability in the region. Again, that was independent of what would happen with the Pontevedra concession. We continue to look very positively on the development of forest assets in the region.
I think once we conclude that that's clearly going to be a key input into the decision, the final decision for the project. Thank you very much.
Thank you very much.
The next question comes from António Seladas from AS Independent Research. Mr. Seladas, please go ahead.
Good morning. Thank you for taking my questions. Most of them were already answered. I just have two. One is related with capital spending for 2023. Can you provide some guidance, some color, some figures? Second one is related with the carbon absorption in terms of forest. If you can elaborate a little bit on what do we expect in the future, how it will impact Altri, if it will impact Altri. Thank you very much.
Could you repeat the question?
Well, basically for it. Well, you know.
Yeah.
Basically, well, it's about the volunteer market of carbon credit and about the data in principle, absorbing carbon. How we can benefit from it if you are forest or if you are going to benefit from it. If you can provide some thoughts, what do you think about it and share with us, of course?
Very, very good. Thank you, António. Regarding your question, first question on capital expenditure for the year, it will be somewhat higher than last year as we are in the midst of a cycle regarding some of our investments. We are installing a new wastewater treatment in Celbi, which is going to help us significantly reduce over time the specific consumption of water in line with our also with our ESG targets as well as the possibility of recycling some of that wastewater back into the process. That is ongoing. We're concluding this year also the construction of a new biomass boiler in Caima, which will turn Caima completely fossil fuel-free. The first in Iberian Peninsula, one of the first in Europe.
Those investments are waiting on this year. I would expect at this point we're gonna be in the range of EUR 75 million because of those projects. Obviously, with the conclusion of those then I think we'll be that investment cycle at least will ease. We'll go back to normalized levels. On your carbon absorption, running forest in the carbon market, two elements to that. First of all, we look at the carbon repository in our forests as an asset. It's significant. The types of the species of the forests are primary uses eucalyptus, as you are aware. That's a fast growth species.
It absorbs anywhere between 4 to 7 times more carbon than most other forest species, in particular, related to soft wood. For us, that's clearly we have to look at it as an asset. We have identified potential areas, in particular areas of conservation within our forests, which are primary targets for that. In particular, looking at the options of how a carbon market is going to evolve. What I would say is it's a little bit early. There is a lot of uncertainty regarding how that carbon market is gonna be structured. We obviously, as you would imagine, following it very, very closely, and we'll disclose further information as it becomes clearer. That's something that we are very much focused on.
The other aspect that you didn't mention, but I'll complement, which is the biogenic carbon generation that we have from our plants. That's an area also of an opportunity where we are spending a significant amount of time focusing on how to value that asset, which we believe it's going to be relevant going forward. Thank you, António.
Sorry. On the last issue, can you explain a little bit better because I actually I didn't understand.
You have biogenic carbon emissions, and they're biogenic because they have a renewable green source. That carbon is a valuable asset if you were to produce some downstream products, in particular fuels, green fuels. That's an area that we're considering as well within our operations because of our energy consumption, for example, in the lime kiln or others, through methanol. That's something we'll have an opportunity of discussing more in the future, but we see it as a good potential opportunity as well.
Okay. Okay. Thank you very much.
You're welcome.
The next question comes from Luis de Toledo from ODDO BHF. Mr. De Toledo, your line is open.
Good morning. Can you hear me?
Yeah, Luis.
Yeah. Sorry. Sorry for that. Yeah, most of my questions have been addressed. Maybe, if you could refer to the dissolving pulp market, if you can give some outlook in the short term, and if the reopening of the China economy could help to raise prices? The other question would be regarding the effects, the hedging and the financial costs, if you expect most of the negative effects to have been recorded already in the Q4 , or we should expect some negative effects still in the next quarters? Thanks.
Thank you, Luis. I'm glad you asked the question about dissolving pulp because it is, I think currently within the pulp market, is a bright spot. We have seen that market evolve a little bit ahead of the kraft pulp. Effectively, we saw some pricing pressure in Q4, and continues to be related to the low level of activity at viscose producers in China. Post the removal of the, or the ending of the lockdowns, we actually saw significant resurgence in both demand and upwards pressure on pricing regarding dissolving wood pulp. Effectively, as we speak, there is an upwards trend on dissolving wood pulp prices. Our order books essentially are pretty full at this point. That's.
I think it's a bright spot. It's going to likely continue given where the industry was in the second half of last year. We believe that's a continuation, there will be a continuation of that trend. As China becomes more and more active economically, that's a good proxy in terms of potential implications for dissolving wood pulp. Regarding your second question on FX hedging, et cetera, perhaps I ask Miguel Silva to make a few comments on that.
Thank you, José. No, what happened in the Q4 is something a little bit technical to explain. Basically, at the end of every quarter, we make a reevaluation of our balances. That's what we did in December 2022. We have a lot of invoices in US dollars. What happened in the late November and December was a very quick strengthening of the euro. There was a devaluation of those invoices that led to an important and significant amount of FX losses. These are not real losses. They are just accounting losses.
This is something that doesn't happen very common, the, in such a short period of time, such, strengthening of the euro. It's something that it may happen again, but it's not very common to happen. That was the main effect for the worst financials in the Q4 . We don't expect any strange movement going forward.
Thank you very much.
Thank you.
The next question comes from Jack Harrison from Praxis Alpha Partners. Mr. Harrison, your line is opened.
Hi. Thanks very much for taking my questions. The first one is on your wood costs, because it sounds like your cash costs have moderated, you know, quarter-on-quarter. I'm curious because there's quite a big discrepancy between maybe some of the peers who are commenting that wood costs have been going higher. Wondering why that isn't the case for you. Is it maybe less imports than before? Or perhaps you could comment on that.
Yeah. Thanks. Thanks, Jack, for the question. obviously, wood costs, wood input is a significant component of our cash cost. any movements in that in that component end up having a significant impact. I mean, when we look at it year-over-year, obviously we saw an increase, which was essentially a combination of price and mix. as you may know, we have a significant, we operate significant volumes of wood forests. that had a very positive impact. Our forests currently are the lowest cost wood that we have. overall, in terms of the mix, last year we had somewhat a little bit higher imports than prior years.
We hope that to be actually shrinking this year. We see somewhat more availability from the Portuguese markets, and a combination of with Portugal and the open market in our own forests, we source, we would tend to source over half of our current needs, and that's actually increasing. And also on our own forests. Overall, we're looking at an increase another 10%-15% sustainable sourcing in next year. I think that's probably one of the key differences is in terms of the mix change, and also our ability to have access to our own wood sources that somewhat mitigated the impact of costs.
Just on a side note, when you look at peers, in particular in Latin America, they've seen, as I mentioned, a doubling pretty much of their wood costs. Part of that is because the rates of the significant projects that they have in Latin America somewhat ran ahead of the ability to actually manage their forests. Obviously that had the supply-demand balance work there towards making that wood a little bit more hard to get. I think that had an impact in terms of their overall costs.
Okay, thanks. That's, that's clear. I guess the follow on just from that one. Would you expect, on that basis, wood costs in Latin America to continue to increase given the ramp up of, you know, hardwood pulp prices there?
Actually, for us, we're forecasting a reduction in wood costs this year. Based on, as I said, the mix that we have, that we're currently running, as well as some of the input costs that led to that increase, such as some of the services and energy in particular, we'll see those potentially being mitigated. Overall, in terms of the mix changes that we've made, we would see the likelihood of a wood cost reduction and being much more stable compared to last year.
Okay. Makes sense 'cause you're importing less wood.
Right.
You've got more of your own. I guess my last question was on your discount or the discount to list price in Europe. Should we expect that discount to essentially reflect the discount or the difference between the China net price and the European list price over time?
I think over time, that tends to be, that tends to normalize. Historically, you've had at times, a shorter gap, and currently it's a, it's a wider gap, but it would tend to normalize to past historic levels. We will see that happening, I would imagine in the very near term.
Thanks very much.
You're welcome, Joe.
The next question comes from Enrique Parrondo, from JB Capital. Mr. Parrondo, now your line is opened.
Hi. Just one quick follow-up on the Gama project. I believe that we've seen some press reports speaking and mentioning CapEx range closer to EUR 800 million-EUR 850 million. I gather that's explained by some inflation that we've seen in the past year. Is this the range we should expect? Have you made any clear comment on this? Thank you very much.
Thank you, Enrique. We're continuing to work with that range. It's a little bit early to make a more definitive comment because we're currently in the process of receiving formal proposals from equipment suppliers, which we expect to happen towards mid-year. I think after that period, we'll be able to make a more informed comment, but we're currently working with that range.
Understand. Thank you.
You're welcome.
Ladies and gentlemen, please be reminded that in order to be able to ask a question, you must press the star key followed by five on your telephone keypad. The next question comes from Jaime Escribano, from Banco Santander. Mr. Escribano, please go ahead.
Hi. Just a follow-up question on the Gama project. Just to, just thinking out loud, trying to understand out of the different variables, which ones are more important. My question would be in terms of financing. If in the end you get significantly lower funds as initially expected, namely only EUR 10 million, EUR 20 million, how important this is for the go or no-go decision? Or asking in a different way, if you don't get financing, is the project profitable enough to go ahead? Similarly, to the wood availability. Imagine that you have wood availability, but you have to assume that you have to import part from Latin America. How important is in the decision-making again, for a go or no-go, the second variable?
Thank you very much.
Thank you, Jaime. Well, the two elements that you mentioned are obviously very important for the decision. Regarding the NextGen funds, we have always been working with the sensitivities around different components, in particular the amount of funding, the amount of the NextGen subsidies. These could be direct subsidies or it could be as commercially attractive loans at below-market rates. There is a lot of work happening on that front. I can't comment right now on the specifics regarding on what that amount will be because discussions are ongoing.
I have to say, based on where we're at today, we don't see a scenario where we would have, as you mentioned, the EUR 10 million-EUR 20 million subsidies. We've at least from the discussions we've had, we've seen significantly higher levels than that, given the relevance and the size of the project. I don't think that's necessarily a point. We are looking at that very closely. It's, as I said, it's an important component and we have very active discussions ongoing. We expect to see, based on the relevance of the project, dimension of the project, some significant support. Until those discussions have been finalized and formalized, obviously, we have no certainty at this point.
That, that is one element that is very much open. On the wood component, in the same way, we're running, as I've said it before, studies around wood availability in Galicia. As you know, in the past few years, there's been significant new plantations in Galicia. We have been assessing the overall availability, also based on the demand. In the last few years, there's been additional uses for other applications beyond pulp, just because of increased economic activity, as well as some exports from outside to outside the Iberian Peninsula. We're taking all of that into account. We will be running those sensitivities.
As you would expect, part of it would be asking the question, if at some point you would have to actually rely on imported wood, what would be the resulting economics of the project? That's all part of getting to a clear decision point from which we can assess the overall attractiveness of the project.
Okay. Thank you very much, Jose.
You, you're welcome, Jaime.
There are no further questions, so I will hand over the session to Mr. José Soares de Pina, Altri's CEO, for final remarks.
Hi, it's Rui Cesário. Just as a quick note on several questions that we have from written questions from the internet connection. It's related with the dividend announcement. It was already answered, but I'll just underline that on the dividend announcement, that will be made public in the early days of April in the AG proposal. Beginning of April, somewhere in the first two weeks of April, it will be announced. I'll hand over to Mr. José Pina for the final remarks.
Thank you, Rui. Again, thank you for attending. As we've stated, it's been a remarkable 2022. I would say even a historic 2022, given all of the levels of performance that we have put forward despite very, very significant headwinds on cost inflation. As we've shown, we've been able to actually manage to essentially maintain our profitability levels. That was an excellent outcome. Looking forward, we've talked about the outlook for this year. We remain positive given the position where we are and how we've been working in terms of continuing to ensure that we remain one of the most efficient pulp producers in Europe. Thank you very much for attending, and have a good day.