Thank you, good afternoon to you all for attending this call where we will present the full year 22 results. Here with me, I have Mr. Carlos Mota Santos, the Chairman and CEO of the company, Mr. Manuel Mota, the Deputy CEO of the company, and Mr. José Carlos Nogueira, the CFO. As usual, the CEO of the company will start the presentation with some key highlights and the main achievements, and then I will present the results overview, and the final remarks will be presented by Mr. Carlos Mota Santos. At the end, we will have the usual Q&A session. Carlos, the floor is yours.
Thank you. Good afternoon to everyone. It's a pleasure to be in this call. We start from slide number four, in which we have the key highlights for the 2022 results. As a snapshot, I would like to highlight the strong performance that we achieved last year at a record turnover of a little above EUR 3.8 billion. A growth year-over-year of over 40%, followed by an increase of 31% at EBITDA levels. We reached EUR 541 million of EBITDA. It's the first time that we overpassed EUR 500 million of EBITDA. We had an increase year-over-year of almost 70% in our net result, achieving a total result of EUR 41 million.
I also would like to stress that 2022 was a year of sustainable growth because we accomplished this significant growth, historical growth, historical turnover, but also we had a very strong cash flow generation, and we were able to reduce significantly the net debt of almost EUR 190 million year-over-year, reaching a net debt over EBITDA of 1.7 times. As a remarkable milestone that we achieved, we had the biggest year in a commercial activity. We grew our backlog to a record level of EUR 12.6 billion. That is an increase of 66% when compared with 2021.
That will support a very positive trend for the next years in which we have a very sound and strong backlog, not only for the year of 2023 but also for 2024, 2025, and 2026. This give us a very important position for the future because we are going to be much more selective in our commercial activity to choose projects with even higher margins of profitability in order to accomplish what is our main goal. That is to have a sustainable growth with the increase of profitability. In that sense, I would like to move to slide number 6 to have a brief overview of the main achievements of the company in the first year of execution of the new strategic plan that we presented back in 2021.
As you can see here, we anticipated in 4 years the goal to achieve the EUR 3.8 billion of turnover. We had predicted to achieve this goal in 2026, but we already achieved in this year of 2022. Also, in terms of profitability, we increased a lot when compared with 2021. It's important for you to notice that the margin that we present, the 14%, is a margin that has a different mix between EC business and non-EC business when compared with recent years. Due to the fact that we achieved very high records of backlog, namely in the year 2020 and 2021, the year 2022 was the execution of a very important part of that backlog.
In that order, what we achieved was exactly the same margins in terms of EBITDA of the same business of engineering constructions with the historical margins in each and every market. Of course, the mix is different when compared with last year. We have a much higher contribution from the EC business when compared with the recent years. Also, in this slide, we can see that we are on the path to achieve what is our goal for 2026, to achieve in terms of net profits, to achieve a 2.8%, we are in that path because in 2021 we achieved 1.1%. That is a significant growth when compared with the previous years.
In terms of debt, we have established a goal to be under 2 times net debt over EBITDA in 2026. We already achieved this goal in 2022, also 4 years before the goal that we have established. The path that we want to cover now until 2026 is to be at the same levels of net debt over EBITDA below 2 times. Moving to slide number 7, still to have a overview over these roles in our strategic plan.
We can see that exactly like I was saying previously, we are on the right path to achieve net margin of 3%. In terms of our strength balance sheet, we already achieved a sustainable leverage of below two times in terms of net debt over EBITDA. In terms of the profitability and focus on cash generation, like I said previously, the 14% EBITDA that we present in 2022, it's a result of a different mix between EC and non-EC business when compared with the previous year. In terms of cash conversion, we presented a very sound result of a free cash flow of over, slightly above, EUR 600 million.
In terms of an integrated group with more contribution from long-term, long cycle business, we can see here that our target for 2026 in terms of contribution for EBITDA is to be 45% of Engineering Construction and 55% of non-Engineering Construction. Like I said, once again previously, in 2022, we have a stronger contribution from Engineering Construction with 57% of the EBITDA and only 43% of non-EC to the contribution of EBITDA. One other strategic pillars is to have a balanced footprints between our markets. We have established for 2026 to have at least one-third of our turnover between the three regions that compose Mota-Engil, Africa, Latin America, and Europe, and to have over EUR 200 million of turnover per core markets.
We achieved already in 4 of our core markets, so half of the core markets that we established, we already have turnover above EUR 200 million. Thank you, Carlos. Moving to slide 9, you can see here the breakdown of the P&L. As Mr. Carlos Mota Santos said, after achieving in June the best ever performance in the first half, in the second half of 2022, the company achieved by far a new record level in turnover in a semester, achieving full year EUR 3.8 billion. Also important to mention is in this slide that despite the higher interest rate context, the company was able to maintain roughly stable the net financial interest costs, even with the increase of CapEx during the year.
At the bottom line, important also to mention that all in all, the net profit reached EUR 41 million, the best net profit achieved since 2016. In slide 10, we can see here also the breakdown of the P&L, with a more detailed information regarding the different segments. Starting by the EC business, Engineering Construction, I would like to comment with you all the impressive growth of here in the construction. It 55% full year. The fact that the turnover only in the second semester was above the production in the full year of 2021. By regions, Europe showed a decrease reflecting the sale in January of the companies in UK and Ireland and the strategic reduction in Poland.
By other hand, the Portuguese market reflected a growth of 5% in turnover. Very important, considering the region, the increase of margins, achieving 10% in the second semester of the year. In Africa, it's important to highlight the strong growth of 44% in turnover and 30% in EBITDA, with a higher contribution from Industrial Engineering that represents 31% of the total turnover in the region. In Latin America, the company reached a historical record in turnover of EUR 1.5 billion, a very impressive increase of 145% year-on-year, and a very strong performance driven mainly by the operations in Mexico, the main market as you know, and also Peru.
For last, looking to the environmental business performance, Mota-Engil achieved 26% growth in turnover and 8% in EBITDA, with international activity growing 43% year-over-year. Here in slide 11, you can see a strong evolution of the backlog to a record level of EUR 12.6 billion. Here I would like to highlight the increase for a volume of more than a double in only two years of backlog. The focus in core markets, with an impressive growth in LatAm, with 51% in Africa, that historically is the region with higher margins. Also, the growth of backlog with projects of larger contract size, which is positive for the outlook in terms of the profitability and stability of the cash flow generation.
In slide 12, I will not elaborate on that as usual, but here we can see, for the first time, we have 6 ongoing contracts of above 500 million of dimension and 2 of them is with more than 1 billion and all of them located in what we called core markets. Moving to slide 13, you can see here the details about the CapEx. You can see here that the company made EUR 351 million with growth and long-term contract representing 61%, mainly channeled to Africa and mainly in mining contracts and also in railway project in Mexico, Tren Maya, and in EGF, the waste treatment company in Portugal. Moving to slide 14, we can see here the positive trend and the consolidation of the improvement in the working capital management.
Also is important to mention, the debt reduction and also the equity increase of EUR 63 million year-on-year, leading to a positive evolution of the equity ratio. Here in slide 15, we can see the main drivers for a significant improvement in the cash flow generation of 47% year-on-year. More impressive if you consider that even with a CapEx of EUR 350 million that is considered natural considering the beginning of several contracts of significant size. Even with this level of CapEx, we managed a net debt reduction of EUR 186 million with a solid operating cash flow of EUR 608 million. It's important to mention that it was not only an evolution in this year.
It's a positive trend that allow us to achieve a debt reduction of EUR 300 million in 2 years. Moving to slide 16, you can see here the detail of net debt and gross debt. Looking to the debt evolution, here you can see at your left that the company reduced EUR 304 million in only 2 years, as I mentioned to you, a reduction of 24%. With a very special mention to the fact that even with a significant growth of 47% in our turnover, with of course, financial needs to support increase of our activity, the company had been able to reduce debt in a significant figure. At your right, you can see that the debt gross also reduced in 2% year-on-year.
Important to inform that at the end of 2022, the company made a sale of EUR 90 million of Angolan sovereign bonds in regulated market and with a premium value to the nominal value that we have in our, in our cash and cash equivalents as we considered. With this transaction, we, as we always said that the bonds are liquid and should be considered cash and cash equivalent and without any discount as we saw in this case and with this transaction. For us is important to mention that for you. Moving to the slide 17 and look to the debt maturity, you can see that at December, the company has a liquidity position of EUR 1.2 billion.
A level almost equal to the cover of the financial needs of the next two years. Worth to highlight that from the debt with maturities with less than one year, EUR 453 million is already refinanced or to be refinanced shortly. That represents 65% of the non-revolving financial needs for the next 12 months. Important in this slide to mention the stable maturity of 2.3 years and the cost of debt of 5.4% despite the increase of interest rates worldwide.
Moving to slide 21 and looking to the brief overview and outlook, here in the each business unit and then starting by the European division, it's important to mention the capacity to sustain margins despite inflation context, proving the capacity of the company to assure a successful implementation of risk mitigation scheme in the commercial departments. Looking to the future, it's important to mention that with a very relevant amount to be invested in the next years with public investment, we are expecting new opportunities, and Mr. Carlos Mota Santos will further detail in this presentation with large projects regarding metro expansions, high-speed train tenders until the end of the year to be launched.
They're expecting until the end of this year that finally we can all of us know the location for the new international airport in the Lisbon perimeter. In Poland with the existing scenario in Europe, Mota-Engil is implementing a very selective criteria in project tendering due to a strong volatility in the region. With a backlog of EUR 907 million in Europe and with positive perspectives mainly in Portugal, the company expects to increase the activity in the region in the next years. Moving to slide 23. In Africa, important to mention the double-digit growth in the main markets in the region.
The focus on core markets with Angola, Mozambique and Nigeria representing 51% of the total turnover. Also important to comment that the risk mitigation scheme is very robust in Africa, considering that 98% of the contracts are denominated in hard currency or patched to hard currency and guaranteed by multilaterals in the case of the public clients. Also important to mention in the overview of the African division that the positive outlook is very present here with the very relevant backlog that we have in the region of EUR 6.4 billion, an increase of 39% year-on-year. Here, with the detailed information, the slide 24 of our Industrial Engineering segment, that is an important and main growth driver for the region.
Here you can see that these contracts are equal at this moment to EUR 1.7 billion. This segment achieved in 2022 an impressive growth of 54% year on year, and the margin above the average of the group with 27%. Moving to slide 26. In Latam, as we mentioned before, the region showed an impressive growth of 145% growth in year on year in turnover, EUR 1.5 billion, with Mexico representing EUR 1.2 billion with an impressive growth of 200%, and also with Peru achieving in a very positive growth of 85%.
With the growing execution pace of the first stretch in Tren Maya and the positive contribution from the energy business that increased 26%, in the full year of 2022, the company expects to maintain a very strong performance in the next years in Mexico, considering the backlog that we have in this market. As you can see here in the slide, we achieved all-time high value in our backlog in Latam with EUR 4.8 billion. Moving to the business of environment in the slide 28. We can see here that turnover was up 26% year on year to EUR 559 million with an EBITDA that was up 8% year on year to EUR 131 million, reflecting mainly a higher contribution from the international activity.
Here is important to mention that the international activity in the environmental business, in the first half of 2022, the company obtained the license to operate its first landfill in Brazil. At the moment, we are analyzing new opportunities to build and operate landfills in Africa. In the environmental businesses, also important to mention that the relevant transaction that will be made in 2023 in environment, as we can see in the slide 29. Here, Mr. Carlos Mota Santos will explain the rationale of the operation.
Thank you . We are in slide 29. We are announcing that we reached an agreement with our historical partner, Veolia, in order to have a win-win situation in which we are from now on having different business and ending up the partnership. Basically, what we'll have in the future, and this is a transaction that is expected to be concluded during this year, and we are waiting only for the non-opposition from the Portuguese Competition Authority, is that in the future, Mota-Engil will own 100% of the environmental business, in which we'll have 3 different segments. One is the urban waste, the collection, in which we'll operate mainly in Portugal.
The second one is the urban waste treatment that we operate through EGF in 11 different municipal concessions, and also the international activity in which we are currently present in 5 countries, Angola, Brazil, Mozambique, Oman, and also Ivory Coast. What this transaction will enhance and will accelerate what is our strategic plan execution on the environmental level. Basically, we'll be able to be the owners of our own fate in terms of the international activity. That will be the trigger for the future growth of this activity. This will allow us to follow the footprint of Mota-Engil in terms of international markets, leveraging our local capabilities and commercial knowledge of the markets in order to develop these environmental units.
We can expect for the years to come and following what was predicted in our strategic plan, that the environmental unit will have a path of growth in the years to come, basically based on the international activity.
Thank you, Carlos. Moving to the slide 31, very briefly, we can see the contribution from Mota-Engil Capital with a turnover of EUR 105 million of turnover, reflecting the completion of the sale of non-core assets in the perimeter. Considering the development of some real estate projects in an early stage here in Portugal, we expect to increase the contribution from this segment in the upcoming years. Regarding the concessions segment managed by Mota-Engil Capital, I invite Mr. Carlos Mota Santos to give some color about the relevant projects here in Portugal and related with concessions that will be managed by Mota-Engil Capital.
Thank you . Here in Portugal, as you can see in slide 32, we want to highlight two important concession projects. The first one is the Lisbon hospital, the Oriental Lisbon Hospital, that we've been already awarded last year in 2022. This contract, despite the fact that is not yet included in backlog, this is a PPP for the next 30 years that has a duration of the period of construction of 3 years and then 27 years of operation. We are in a pre-contractual phase. We expect to sign the revised contract during this year. Even this year, we are expected to initiate the construction of this infrastructure. Also highlight one other process concerning concessions here in Portugal. That is the high-speed train.
As been announced by the Portuguese government, it is expected to have four different tenders for concessions of high-speed train, being this a project in which the concession is an availability scheme with no operation of the infrastructure, only maintenance, and no risk of demand whatsoever. The total investment that is predicted for the time being is over EUR 9 billion, they are going to be majorly funded with the European funds. The first two tenders between Porto and Aveiro, and Aveiro and Coimbra, are expected to be launched in the fourth trimester of 2023. Mota-Engil has already formed one other Portuguese consortium of construction between Mota-Engil and 5 other Portuguese companies.
It is our expectation to have a very competitive consortium in order to be awarded in these very important projects. What is expected is that the tender will be launched in the end of this year, as I told you a little while before, and that the award will be held until the end of 2024.
Thank you, Carlos. Now we will move to the final remarks and outlook here in the slide 34 and 35. For the final remarks, please, Carlos.
The final remarks, we can say that 2022 was an historical year, not only because of the growth, but also because it was the most successful year in terms of new awards that allowed us to achieve the record level in our backlog. It was an impressive growth of over 40% in terms of turnover that did not affect the margins, the historical margins that we are used to. We are in a very positive trend in order to improve the net margins, like I said previously. Also very important is that we were able to focus on the execution, on this growth, controlling the debt with an improvement of the gearing and net debt reduction.
Also, it's very important to mention that we been able in last two years to reduce EUR 300 million. This is a thing that we can say that it has been a trend in the last years. Moving on to the slide number 35 as an outlook for 2023. We can say that based on the backlog that we have currently, we can expect a turnover growth of around 20%. Also that we will put the company for the first time with a turnover of over EUR 4 billion. We are going to maintain the margins, the EBITDA margins, but keeping the path of improving the net margins of the company.
As we've been doing in the recent years, our focus will be in cash flow generation and controlling the debt with the goal in mind that we need to maintain the net debt over EBITDA below 2 times during the period until 2026. Considering the goals of the strategic plan and surpassing some of the goals that we already established in 2 years, the company will probably update the goals for 20 to 2026. This is a thing that will still be to be analyzed during this year. Thank you, Carlos. We will move now to the Q&A session as usual. Thank you all for attending.
Thank you. Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by 5 on your telephone keypad. Our first question comes from the line of Miguel González from JB Capital. Please go ahead.
Yes, hi, good afternoon. Thank you for taking my question. I got three on my side. First of all, I would like to understand out of the EUR 190 million decrease in net debt, how much is explained by prepayments? Also, what level of prepayments do you have in the balance sheet? What you think it will be the level of prepayments in a normalized scenario. Secondly, on margins. We have seen a decline in EBITDA margin in LatAm. I guess this might come from the ramp-up of new projects, but higher visibility on this will be great. Would you expect margins next year in LatAm to be at similar levels? Finally, on outlook, you guided for a top line growth of 20% after a very strong year. Maybe you could share some breakdown of the sales growth you expect by geography. That's it. Thank you.
Okay. Thank you very much. This is José Carlos Nogueira. Regarding the first one, I can tell you that the variation regarding the down payments amounts EUR 483 million. It's true that it's particularly regarding our huge project that we have in Mexico, namely the Tren Maya one. During the second question is Carlos Mota Santos speaking about the EBITDA level. If I understood correctly the question you are asking if this 14% that represents a diminishing in terms of relative margin, what is the explanation? Like I said previously, based on the growth, the huge growth that we have in our backlog in engineering construction, we have a different mix between engineering construction and non-engineering construction during the year of 2022.
That explains the bigger contribution of engineering construction explains the reason why the EBITDA has lowered from 16% to 14%. It's important also to stress that the levels of profitability that we have in engineering construction are exactly the same as in the recent years. The same thing we can say about the market. The levels of EBITDA that we reach during the year of 2022 at engineering construction in Africa are exactly the same as the ones in the previous years, the same thing in Europe and the same thing in Latin America, and also the same thing in the non-engineering construction business that we maintain the historical levels of EBITDA. The explanation for that difference is the, a different mix, a different split between non-engineering and engineering when compared with the recent past.
Concerning the third question, that is the breakdown of the growth that we have as a guidance for 2023, we can say that the main contributors for that growth will be exactly the same markets that we have in 2022, basically Mexico in Latin America and basically Angola and Nigeria in Africa. Also, we can expect a higher contribution from Europe coming from Portugal.
The next question comes from the line of Filipe Leite from CaixaBank BPI. Please go ahead.
Hi. Hello, everyone. I have four questions, if I may. First one, regarding the recently announced investment in Duro Felguera, if you can elaborate on the rationale of such investment, if you will use the own resources of Mota-Engil Mexico to finance the investment or if you will do some kind of capital increase in Mota-Engil Mexico? Second question regarding LatAm and specifically Mexico, which reached, as you announced, an historical high level in terms of top line contribution, supported by the big work that's in Maya. My question is if you believe that this level of result is sustainable in Mexico for you after the execution of this works that you have in backlog?
I mean, do you see significant pipeline in the region that will enable the replacement of current high backlog amounts, or should we expect probably a gradual reduction of the levels coming from this market seen in the past? Third question. You mentioned the sale of Angolan debt at the premium to nominal value. Can you quantify the premium and if we can expect further sales in short-term of the remaining bonds still in balance sheet? Last one is a clarification regarding a previous question on the prepayment. If I understood the prepayment, the level of prepayment reached EUR 483 million, just to clarify, and if you can provide us the prepayment level of 2021. Thank you.
Okay. Thank you, Filipe. It's Carol speaking again. Regarding your first question of Duro Felguera, let me start by the rationale of this potential transaction. As it was announced by Duro Felguera, our partner in Mexico, Prodi, will do a loan to the company that will support the capital increase, and that loan is of EUR 50 million, and that will allow them to have a capital increase in the company and becoming shareholders with 31% stake in Duro Felguera. On the same time, Mota-Engil México will do a loan of EUR 40 million, and that loan, at the same time, will have a capital increase that is reserved to the current shareholders of the company.
If the totality of the capital increase is fulfilled, the totality of the loan of Mota-Engil México will be repaid to Mota-Engil México. If the part of the capital increase that will not fulfilled, Mota-Engil México will convert that at the same level of the stocks price, that is 0.7, that is what has been agreed into capital. At the same time, Mota-Engil México has an agreement with this partner, Prodi, that on the option of Mota-Engil México to sell that stake to Prodi. In the end, if it is an option of Mota-Engil México to become or not a shareholder of Duro Felguera. More important than that is the strategic agreement that we reach.
What is important for Mota-Engil México is to have the capabilities, the know-how, and the expertise of a company like Duro Felguera in order to fulfill what is the future pipeline that is expected in Mexico. That, I'm starting to answer to your second question. Mota-Engil México has been is having a very strong growth, not only in terms of turnover, but also in terms of backlog. As you all know, what is happening in North America is a phenomenon called nearshoring. What is happening in North America with the United States, the lead country in this process, is a re-industrialization of their economy. They want to decouple their industrial logistics and their dependence on Asia.
Therefore, what is happening and is expecting for the years to come is in the North American block that is composed by Canada, United States, and Mexico to have a very impressive investment industrial speaking. Only in Mexico, between the East-Eastern shore and the Western shore, in the last two years, 1 million square meters of industrial facilities are being installed every year. This phenomenon is a very important pipeline. For us, Mota-Engil, to be prepared for this type of projects, we need to have the capacity and have to know how that will be brought by Duro Felguera.
At the same time, in order to fulfill this industrial capability that is planned to happen in the two shores of Mexico, is necessary to double the energy capacity until 2035. It's expected to have a lot of projects of energy in which also Duro Felguera has a great expertise. At the same time, for Mota-Engil México, it's expected to have a significant investment in Mexico, not only in infrastructures in order to fulfill this growth of the nearshoring, but also in terms of logistics, namely in ports. We are expecting a very interesting pipeline for the years to come.
Answering your second question, we are very confident that after this backlog that we have, that we will be able to sustain the levels of backlog that we reach in Mexico. For that, we need to prepare now for the future to come because the projects will be slightly different from the ones that have happened until now. Going back again to the partnership with Duro Felguera, it's important to say that the partnership is not only for Mexico, but also it's for the other markets in which Mota-Engil is operating. We can expect for the future, if this transaction goes on, to have partnerships between Duro Felguera and Mota-Engil Angola in Angola, to have partnerships between Duro Felguera and Mota-Engil Nigeria in Nigeria, to have partnerships between Duro Felguera and Mota-Engil Portugal in Portugal.
As we all know, this is an important pipeline that is going to happen in Portugal. That is the energy transition. For us to be prepared for these types of projects, we need to have a strong partner with these types of capabilities or know-how.
This is José Carlos again, regarding the third question, related with the treasury bonds and the sale that we've done, by the end of 2022. It's important to say that we've done it through the regulator platform, Bolsa. The premium, it was a mix between hard currency linked to hard currency with different maturities bonds. We were able to collect a mixed premium of average 5%. Regarding the portfolio that we still have in our balance sheet, which is strategic because as you know, it is important for us to have a strong mechanism of exchange rate protection.
We will see how to manage, but in terms of strategy, I would say that we will keep it as soon as we need to have this kind of protection. We will use it as it is as well, a very strong collateral instrument in terms of raising debt with sustainable prices in these times that we are living now. Regarding the
Prepayments.
The prepayments. I can tell you that, by the end of 2021, we had the value, a volume of slightly EUR 330 million. Now, by the end of 2022, we have now like EUR 795 million of prepayments, again, mainly related with our main project in Mexico, Tren Maya.
The next question comes from the line of João Silva from Banco Santander. Please go ahead.
Yes. Hi. Good afternoon. A very quick question, as most of them were already answered. just in terms of the Mota-Engil Ambiente environment transaction, I mean, what are the flows involved there, just in terms of the investment you'd have to make or what's the net investment that would result out of this transaction? Thank you.
Hi, João. Thank you for the question. We for the time being, it's not possible to share much more information because I said previously, we are still waiting for the allowance from the Portuguese Competition Authority. Nevertheless, like it's described in the slide that is mentioning the transaction, basically, we are doing, we are buying the stake of Urbaser in SUMA and EGF and the international business, and Urbaser is buying our stake in our industrial companies. I can share with you that in the end of the day, it will be a cash flow operation.
The next question comes from the line of João Vermelho from JB Capital . Please go ahead.
Hello. good afternoon, everybody. as usual, it's always a pleasure to be on the call. first of all, congratulations for the results, which were extremely strong. My question is also about the prepayment. The reason I guess we are asking it is because it was a very meaningful contributor to the cash flow of the year. My point is going forward looking for 2023, since you expect CapEx at the same level, we probably have two options. Either, the order intake will remain more or less as strong as it was in 2022, and in that case, you will probably generate positive cash flow again, or the order intake will be lower. With the same level of CapEx, one should expect a lower free cash flow. If you can comment on that would be very useful. Thank you very much.
Thank you, João. This is José Carlos. As you know, in the past that we've been doing during the last years, we have now in our backlog, as you can see, we are recycling our backlog with more, more significant contracts in terms of value. It is expected that we can roll over this kind of operations, not only in terms of CapEx compensated as well with the down payments since the medium size of our contracts is being stabilized in a higher level.
On our side, there is no need to be worried about an expectation that we have now regarding the size and the confidence that we have now, like Carlos said, the pipeline that we have, we are studying now and are having in our tables to bring into the group as well. I think it will be the ongoing strategy as we've been reaching until now.
Ladies and gentlemen, as a reminder, to ask a question, please press star followed by 5 on your telephone keypad. There are no further questions at this time. Please continue. Thank you.
First of all, let me thank you again, your participation in this 2022 earnings release call. It is the first time that this new management team is announcing the results. On behalf of myself and my colleagues, Manuel Mota, José Carlos, from executive committee that were present here in this call, we would like to thank your participation and hope to see you soon. Thank you very much.