Central Puerto S.A.

Good morning and welcome to the Central Porto conference call following the results announcement for the quarter ended on March 31st, 2020. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the investor support section on the company's corporate website. at www.centralpoorthrow.com. A replay of today's call may be accessed by accessing the webcast in the investor support section of the Central Poor Throw corporate website. Before we proceed, please note that certain statements made by the company during this conference call are forward-looking statements, and we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. Central Poor Throw assumes no obligation to update forward-looking statements except as required under applicable security laws. In addition, all financial figures were prepared in accordance with IFRS and stated in Argentinian pesos, unless otherwise noted. For the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded in order to simplify the discussion. On the call today from Central Puerto is Jorge Robert, Chief Executive Officer of Fernando Bonet, Chief Operating Officer, Milagros Grande, Financial Manager, and Tomas Daglian, Investor Relations Officer. And now, I'll turn the call over to Jorge Rabea. Mr. Rabea, you may begin.

Thank you, and good morning. I would like to begin today's call analyzing the developments of the first quarter. After that, I will comment on the advances of our expansion projects and analyze the operating figures of the quarter. Finally, Fernando will analyze the financial results and comment on the recent news on the company. As you know, the COVID-19 crisis has affected almost all the world, including Argentina. As a consequence, the federal and local government have issued mitigation measures in order to slow down the spread of the virus. Among them, on March 20, In 2020, the federal government released a stay-at-home order for quarantine, as you can see on page 3. However, the electricity generation activity was considered an essential service and thus exempt from the restrictions. In order to protect our essential workers, we have implemented strict health and safety protocols for them, while the rest of our personnel is doing home office. Quarantine did not have significant consequences during the first quarter, but it is expected to have a deeper impact during the second quarter. For example, as a consequence of the effects of the quarantine on the economic activity, electricity energy demand decreased 11.5% during April and 10% during the first three weeks of May compared to the same period of 2019, according to data from KEMESA. However, it's worth noting that the decrease has a less than proportional impact in the income of the generation companies. In the case of renewable energy units, they are unaffected since they have this much priority. and they do not lose energy generation. In the case of thermal units, they have a high proportion of their income associated to fixed power remuneration, which is not related to the energy generation of the units. Additionally, when demand decreases, the units that stop generating electricity first tend to be the older, inefficient ones. These units receive a lower remuneration under the Energy of Access Framework as compared to the new efficient ones that have a higher remuneration through contracts, also known as Power Purchase Agreement, or PPAs. As a consequence of the decrease of economic activity due to pandemic, on April 8, 2020, the Secretary of Energy instructed CAMESA to postpone until further notice the application of price update mechanism established by Resolution 31 for the energy above the units, that is, the spot sales. However, it's worth noting that during the first quarter 2020, around 50% of our EBITDA came from units that have contracts and not from the spot sales units. Furthermore, for the full 2020 year, We expect that 70% of our business will come from units that have their contracts set in U.S. dollars due to the new capacity coming online during this year. Finally, the COVID-19 crisis had an impact on our projects under construction, La Genoveva 1 and Terminal 6, as you can see on page 4. Initially, the construction of private sector energy infrastructure was not included as an exemption to the quarantine, but was included on April 7, 2020. Consequently, after taking all necessary precautions and implementing corresponding protocols to protect the personnel and the community where the projects are developed, The construction of La Genoveva 1 wind farm and Terminal 6 San Lorenzo thermal plant was resumed on April 9 and April 27 respectively. Additionally, in the case of La Genoveva 1 on February 21, 2020, Vestas, the supplier of the wind turbine of La Genoveva 1 wind project, notified the company that the COVID-19 outbreak affected its manufacturing activities worldwide, causing delays on the supply chain for the delivery of certain Chinese origin manufacturing components required for the completion of the wind turbines. This communication Vesta did not specify the impact that this situation may have on the agreed schedule. Furthermore, logistic restriction imposed by the federal and local governments may also slow down the construction. In the case of the Terminal 6 project, the construction was restarted after one month with one third of the personnel that was working prior to the quarantine due to the health and safety protocols agreed with the health authorities. Additionally, the project may also be affected by travel restrictions for international specialists that participate in the construction. Due to this restriction, the CODs of La Genoveva 1 and Terminal 6 San Lorenzo are expected to be delayed and depend on the evolution of the situation in the region. In both, projects are located and the measures implemented by the government. On the other hand, As you can see on page five, during the first quarter of 2020, we reached the commercial operation date for Los Olivos wind farm, adding 23 megawatts and increasing, increased the installed capacity of the wind farms Manque and La Castellana II, which now have 57 and 15 megawatts, respectively. Projects together with La Genoveva II wind farm have already signed long-term contracts with prices set in US dollars directly with private customers for 100% of their capacity. Finally, I would like to give you an update on the recent development for the second quarter. In April 2020, the Siemens-branded combined cycle of Lujan de Cuyo plant became unavailable due to significant failure in its main transformer. The normal lead time for a complete replacement of the equipment is around 12 months. However, the company is evaluating alternatives to return the unit service sooner, although This may reduce the energy generation from this unit during the time the equipment remains unavailable. The company has a comprehensive operational risk and loss of profit insurance that covers the breakdown cost and the consequential lost profits. Going now to our key performance indicators of the quarter, as you can see on page 6, Energy generation during the first quarter was 3.9 terawatt hours of electricity, 10% higher than the same period of 2018. As a reference, energy demand during the period increased 4.2% and domestic energy generation increased 7.4%. Increase in energy generation was first due to a 88% increase from renewable sources, mainly due to the positive impact of La Castellana II, La Genoveva II Manque, and Los Olivos wind farms. Second, hydro generation from Piedra del Agua increased 10% due to higher available water flows. Generations from our thermal units increased 5% mainly due to the positive impact of the purchase of the Brigadier Lopez plant and the new Lujan de Cuyo cogeneration unit, and to a lesser extent to an increase in energy generation on some of the steam turbines of the port complex due to higher temperatures during the summer. Regarding our thermal units, as you can see on the graphic on the right in the same page, we continue to show an excellent track in terms of availability, reaching 93%, three percentage points higher than the same quarter of 2019. This figure is 10 percentage points above the average availability of thermal units for the total market, showing Central Puerto's competitive advantage. And now I will turn the call over to Fernando, who will comment on the financial highlights.

Thank you, Jorge. Before starting, it's worth noting that the financial statement for the quarter ended on March 31, 2018, includes the effect of the inflation adjustment. Accordingly, the financial figures that I will mention, including the data from previous periods and the growth comparison, had been stated in terms of Argentine pesos of the end of the reporting period. I will first refer to the results of the first quarter 2020 as compared to the first quarter of 2019. As you can see on page 7, our revenues were 8 billion pesos in the quarter, a 13% decrease compared to 9.3 billion during the first quarter of 2019. This decrease was driven by the discontinuation of fuel purchase operations that we did during 2019 due to new regulations that centralized in CAMESA the fuel purchase for all generators. This effect represents a 3.5 billion variation, as you can see on page seven. Excluding this effect, revenues for the first quarter of 2020 will have increased approximately 40%. This increase was mainly driven by an increase in sales under contracts which amount to 3.4 billion during the first quarter of 2020, as compared to 768 million in the first quarter of 2019, mainly due to the revenues related to the Aguirre-López power plant, which was acquired in June 2019. The new Luján de Cuyo cogeneration unit, which starts operation in October, 2019, and the wind farms La Castellana II, La Genova II, Manque and Olivos, which started operation on June, September, December 2019, and February 2020, respectively. A 10% increase in energy generation, as Jorge mentioned before, and a 3% increase in the availability of thermal units and their energy-advanced framework. This increase was partially offset by A decrease in price for units under an AGEA-BASEL regulatory framework established by Resolution 31, enforced since February 1st, 2020. Going to page eight, we can see the changes in our EBITDA, which reflects the increase in our gross profit, which in the quarter rise 22% as compared to the same period of 2019. This was due to the variation in revenues mentioned before and was partially improved by a 39% decrease in our cost of sales that totaled 3.3 billion compared to 5.4 billion pesos in the same period of 2019. The decrease in the cost of sale was primarily driven by an 81% decrease in the purchase of fuel and related concepts due to the discontinuation of this operation in the quarter according to the new regulations. This was partially offset by a 29 increase in non-fuel-related cost of production, mainly due to an increase in our installed capacity following the acquisition of Brigadier López Power Plant and the COD of the new thermal and renewable energy projects. Gross profits marched in total 59% during the first quarter of 2020, as compared to 41% in the first quarter of 2019. This change was mainly a consequence of an operation of purchase of self-supply fuel, which was enforced during the first quarter of 2019, but not during the first quarter of 2020. Finally, other operating results net decreased 1.9 billion in the quarter, mainly due to an impairment in a property plant and equipment, which amounted to 774 million pesos in the quarter, due evaluation at fair value of two Siemens branded gas turbines stored in the suppliers facilities, which were evaluated using the fair value less cost of sales approach and a 2.4 billion gain during the first quarter 2020 from the foreign exchange difference and operating assets mainly due to a funny trade receivable. compared to 3.9 billion during the first quarter of 2019, mainly due to an 8% depreciation of the Argentine pesos during the first quarter of 2020, compared to the 15% depreciation during the same period in the previous year, and a lower average balance of the trade receivables maintained during the quarter. As a consequence of this variation, the adjusted EBITDA was around 7.6 billion in the first quarter of 2020, 7% lower than 8.2 billion in the same period of 2019. However, adjusted EBITDA excluding the foreign exchange difference and interest on monetary receivables and the impairment on property planning equipment was 5.8 billion in the first quarter of 2020, 53% higher than 3.8 billion during the same period of 2019, showing the solar result of the new plants. Going to page 9, the consolidated net income was 1 billion pesos compared to 1.8 billion in the same period of 2019. In addition to the factors mentioned before, the net income was mainly affected by higher financial expenses, which increased $2.2 billion due to the loans obtained for the thermal and renewable energy expansion projects and the acquisition of Brigadier López power plants, and a lower financial income due to lower interest rates during the quarter and a lower foreign exchange difference over U.S. dollars denominated financial assets, which exclude FONI and other trade receivables. These effects were partially compensated by affordable net monetary position during the first quarter of 2020, resulting in a gain in real terms while the situation was the opposite during the first quarter of 2019. Going to page 10, you can see the cash flow for the first quarter of 2020. Net cash provided by operating activities was 3.5 billion This includes 1.5 billion in collections from FRONI and CBO installments, which is not contained in EBITDA. The cash flow from operations was partially offset by 1.2 billion capex invested in the expansion projects and 1.5 billion used to service in-depth. Thank you, and now you are invited to ask any questions to our team.

We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. And at this time, we'll pause momentarily to assemble the roster. And our first question today comes from Ezequiel Fernandez. Please go ahead.

Good morning. Yes, this is Ezequiel Fernandez from Balance Capital. Thanks for the materials. I have three initial questions. I would like to go one by one, if you don't mind. First, on the Lujan de Cuyo stoppage, can you please tell us a bit more about what happened and if the transformer failure led to damages in other areas? more critical or correct equipment? Also, what is the capex that you expect to spend to fix this, and what are the processes and timeframes involved in collecting from the insurance company?

Okay, let me go and address this question. And first, thank you for your question. What happened is that transformer took a fire The root cause analysis has not been performed yet, so we don't know exactly what happened with the unit. That will be analyzed and assessed by the specialist to determine what exactly was the origin of that failure. It will take 12 months if we have to go so far as to purchase a completely new transformer. Our first evaluation is that the unit has been severely damaged. In fact, what happened is the complete destruction of the central column of the transformer. That means that the transformer should be completely rewound anew. It will take 12 months if you have to replace it for a new one, but we are analyzing with some of the firms involved in the repair of the transformer, the possibility of repairing it instead of completely discarding it and going to purchase a new one. The total capex involved in this operation, if we have to go for a new transformer, will be $3.5 million, more or less. And if we have the opportunity to repair instead, could be around $1 million, something like this. Each month of out-of-service of the unit means $3.5 million, more or less. We had a period for the insurance purposes. We had a period of time with net cover. It's a month, three years. And in the case of the cost of rotation, it would be half a million dollars. So we are working today in order to basically move one spare transformer that we had in Central Puerto, which is initially supposed to function as a spare part for the common site that we had in Central Puerto here located in Buenos Aires. So it's not exactly the same transformer. But we are analyzing the possibility of modifying something, somehow, I mean, the equipment in the Lujan de Cruz power plant in order to connect this spare transformer and operate with that one. In that case, of course, the time involved in the out-of-service period would be reduced.

Okay, great, and just to be clear, do you expect the full 300 megawatts to be out of service, or is it only a partial power?

No, it's a complete out of service, because what happened is the unit which has been damaged is the transformer corresponding to the gas turbine, so it's the main transformer of the unit. That means that the complete unit is out of service, the common cycle.

Okay. That's very clear. Great. And my second question is related to San Lorenzo and La Genoveva. If you could tell us what was the work advance, ideally in percentage of completion, that you had until the moment?

Well, I will answer regarding San Lorenzo. Perhaps Fernando could add something regarding the renewable one. In the case of San Lorenzo, the percentage of, as usual, has happened with all the constructions involved in terms of infrastructure. Due to the quarantine, the work there was stopped when the quarantine was set by the government. The work has been resumed at the end of April, as we mentioned earlier. when we describe the current situation. But of course, it's advancing subject to a new and quite strict protocol in terms of safety. This means that the works is going ahead at a very slow pace compared with the rhythm we have before the quarantine. What we expect, perhaps, is very difficult to forecast the exact timetable for the project today, given the situation. The situation is changing every day. But we expect at least a delay of more than three months, perhaps the first quarter next year as a time of completion of the project, given how fast we are advancing today.

Okay, perfect.

Fernando, can you... I'm sorry, I didn't know if it was clear if you have another question regarding San Lorenzo specifically.

No, no, no. That's perfect. Thank you very much. If we can move to La Genoveva.

Okay. Okay. Thank you for the question. In the case of La Genoveva, it's a simpler, of course, project than Terminal 6, which is a bigger one. But as Jorge mentioned, we started the construction in late April. So right now we are in the phase of mounting the generators. We are mounting not at the same pace that we did before the quarantine because, as you know, the measures that the government and the provincial government and the local governments are taking are very, very strict. especially in the region of Santa Fe and Bahia Blanca region. In Bahia Blanca region, in another green farm that are under construction, they appear three cases of coronavirus. So the authorities are very, very strict right now there, but instead of allowing the construction, are getting more strict in terms of having the people in their towns. So it's not easy, but we are still working on the construction. We are mounting the generators. We have been mounting, I think, between three or four of the total 21 that we have in this greenhouse. So we expect that if we can continue doing that without any case of coronavirus or without any restrictions for the local authorities. We are suffering now. We can finish around the third quarter this year with the total power plant. At the end of the total power plant. Okay.

Perfect. Thank you very much. And my third question is related to on the financial side. How are your conversations with banks going regarding revolving some of your loans and specifically the larger syndicated loan of around $180 million?

In terms of short-term debt, we are not facing any problem. We have all our lines with banks available. In fact, we don't have a lot of debt in the short-term. In the case of the big one loan that you have mentioned, the one for the acquisition of the Adel Lopez, the first amortization of the capital are set for December this year, so we have a We are talking with them. Of course, we need to wait because, as Jorge mentioned, right now we are not suffering a strong problem with the quarantine because our incomes are coming normally. Of course, we received some reduction for the production, but as you know, our income is mainly driven by the availability of our units. We are analyzing opportunities to renegotiate that loan, but it's not urgent for us to advance right now. Of course, we are talking with the banks, but we are not in a position that we need to renegotiate that because we don't have the cash to pay. We are talking with them, but we are analyzing the future of our income and our flow, and right now it's not urgent.

That's very clear. Thank you.

And our next question comes from Frank McGann with Bank of America. Please go ahead.

Yes, thank you very much. You mentioned the potential for weaker demand in the release related to COVID-19 in the market in Argentina, and I was just wondering what effects – this could potentially have on your business in terms of, you know, overall dispatch and such and, you know, basically just how you're seeing the next couple of quarters in terms of effects coming from COVID-19.

Frank, thank you for your question. I have a different situation if you compare Argentina with other more industrialized countries. In Argentina specifically, the demand has decreased 11.5%. So it's not such a huge reduction in terms of demand. Perhaps the most important effect because of the coronavirus was mostly related with collection and that kind of thing, not so much with demand. So we don't see, I mean, perhaps somehow we do affect what you said because of that, but we don't see a dramatic reduction in terms of production. Our combine cycle in Porto for sure would be in this patch. Probably our spin term is out of this patch because of this impact. But perhaps there are other factors, the fact that our transformer in Mendoza is out of service, that kind of things are more important in terms of projecting our results for this year than the coronavirus. Perhaps the most important thing regarding this situation is the projects under construction and collection. The government has to intervene in the marketing in order to get more money increase subsidies a few times the subsidies they were sending to keep all the collection change active and maintain all the system operating. So it's more related with collection than with demand or generation. And in fact, all the renewable projects have priority dispatch, so they are not going to be affected. Our combine site is quite efficient in dispatch. Our regeneration industry is operating, and perhaps there will be a reduction with the older turbines. In terms of remuneration, as was mentioned in our statement, it's not so much effective because more part of the remuneration is based on capacity, not so much on production. So we don't see... And it's addressed, in fact, in terms of production or remuneration, but more related with collection, perhaps, and a higher subsidy needed from the government in order to keep collection operating and active.

Okay, thank you. And have you seen an increase in the time it takes for you to get compensated by CAMESA?

Not so much. In fact, the last month they had reduced the time. I mean, at the beginning of the quarantine, it was an impact, it was a delay, but now the government is sort of going back on track. So not so much affected because of this. The prior wasn't before that. I mean, I guess the delay in collection was mostly related with the change in government in December than... because of the quarantine. During the quarantine, it was maintaining the same pace of payment that we had before.

Okay, thank you very much.

You're welcome. And our next question comes from Antoniella Rabuano with Santander. Please go ahead.

Hi, thank you for the presentation and for taking my question. I would like to make two questions, if I may. The first one is regarding the FONIVMM program and specifically on the thermal plants Belgrano and San Martin. I was wondering if you could give us some update on the transfers of the assets to the trust where you have a material interest. And when do you expect to start registering this equity income in your financial statement? And also, if you have any remaining payments for the FONIMEM from Belgrano and San Martín for the remaining of the year, or these payments have already been sold, the receivable payments I'm referring to.

Okay, Fernando, can you answer this question? Yes, yes, no problem. In terms of ratios, we are going to collect the full balance of the ratios from San Martín and Belgrano power plants. So this is completely set on time. And in terms of the transfer of the assets, we are going to fill all the procedures that the agreement requires in terms of the government need to help the operating companies that was established in the agreement, the regional agreement. So we performed the shareholders meeting for the two companies in order to give the opportunity to the government to enter. We did it in the terms that the government asked In terms of participation, as you know, we have some discussions about that. We think that the participation of the government needs to be reduced in terms of how much they contribute to the construction of the power plant. But in order to not lose the opportunity to receive the power plants in the operating companies, we agree to allow them to enter in the proportion that they want, reserving our rights to reclaim the difference in further movements or further actions. So we did that. We complied with the obligation, and the government and the , which is the ones that have the power plants in the trustee, are analyzing all the and requiring some additional information, and I think we are they are doing all the analysis in order to transfer the assets to the company. We don't know when this is going to happen, but we think that needs to be, I don't know, in the next month. So whenever it happens, we're going to recognize the income in our balance sheet.

Right. And could you, just to follow up, could you give us some measure of the magnitude of this income from Belgrano and San Martin?

Well, we need to perform evaluation there. It's difficult because we need to finish this issue with the participation. And after that, we need to... perform evaluation to for sure to incorporate this asset in our balance sheet and i don't know right now i don't have the evaluation performed yet but you can do it thinking that these power plants receive the same remuneration as the combined cycle and right now in the resolution 31 so more or less this will be the income that this power plant will receive from now on.

Sure, great. And my other question is regarding the PPI, the contract capacity. If you see any risk of changes in prices maybe translated to pesos in the case of sharp depreciation of the local currency?

You see, I mean, regarding the PTAs?

Yes.

Oh, no, we don't see any risk. I mean, a month ago or something like this, it was in the press, some rumors regarding this, but we don't see a clear risk to have a specification related to the PTAs.

Okay. Well, thank you. That's very clear.

And our next question is a follow-up from Ezequiel Fernandez with Balance Capital. Please go ahead.

Yes, hi again. Sorry, and two very quick follow-ups. The first one is, are you having access to the official FX markets? for debt repayment and imports without issues. And if you could tell us please about what was the size of the Central Vuelta de Obligado receivable outstanding at the end of March, 2020.

Okay. The first one, we are not facing any problem to access to the fixed market to pay imports or to pay debt. That's the thing that we are doing in the case of the renewable projects and in the case of importation for Terminal 6 and the renewable projects, we are not facing any kind of problem, any kind of lack or good question regarding to the central bank, so we are doing Normally, of course, we need to respect the times and the norms and regulations, but not more than that. In terms of the amount of the CBO receivables outstanding in March, the number is $440 million, which is the normal that is expected in the collections During the last year and this year, we collect the normal amounts and the ruler amounts, so this is the amount that needs to be outstanding at that time.

Thank you. That was very clear. That's all from my side.

Okay. And our next question comes from Roberta Aldenam with Morgan Stanley. Please go ahead.

roberto alderon your line is open i'm sorry i wasn't mute uh hi guys thanks for taking my my question uh can you give me any color on how what percentage of the respect the overall demand uh will be on the second quarter on the following quarters these years and how do you see the liquidity of the company in the in the by the end of the year do you expect any to have any extra, to ask for any extra debt or something like that. Thank you.

I'm sorry, the first part of your question.

Sorry, I couldn't understand the part.

So I think he asked about how the demand was going to evolve in the second quarter and the third quarter. I think that was your question. Is that correct? Yeah. Yeah, well, more or less what I mentioned, I mean, the first quarter was unaffected. In fact, the quarantine was set by the government at the end of March, March 20th, to be more precise. And before that, we had an increase of almost 18% in terms of demand until that date, and after that, we had a reduction. In the second quarter, what we expect is more or less an 11% decrease of the demand compared with the same month last year. So this is the whole impact we expect and what we are seeing today. The government now is kind of relaxing the quarantine, so what we expect for the coming month, unless we have a back in terms of quarantine because of the increase of cases of the virus, of the disease, unless we have that kind of situation, what we expect is an increase in demand and going back to normality, to say so. So the worst case would be 10%. Okay. I don't remember the second part of the question. I think you made those two questions.

Yeah. How would you see the liquidity of the company in the remaining of the year? Do you expect to have any more CapEx needs that will require to have the company to enter into new debtors or anything like that?

Okay, okay. Right now we have sufficient liquidity to make the capex that will remain for the project Terminal 6 and the renewables one, the Genovella one, sorry. And for that, we are not thinking to acquire some additional debt, long-term debt, for sure right now it's not the correct moment. We are thinking in some liability management. We see some opportunities in the local markets, not for the big amounts, but we are seeing some opportunities in local markets, perhaps dollar link emissions that can give us some opportunities to acquire some additional debt at a lower interest rate, which is perhaps something that we can do in terms of liability management, but we are not thinking to, we don't need to do for sure in terms of to close the capex that we are doing right now. We have the liquidity, as Jorge mentioned, the impact for the coronavirus in our cash flow is not so relevant right now. The V8s in Camisa are more or less stable. So we have some income and flow to cover all the CAPEX that we still are performing for Terminal 6 and Genova 1. And in case of Genova 1, we have the loan from the AFC reminding us. A big portion of this loan is reminding us where cash and we can apply. Of course, we're going to apply to the CAPEX. So we are not thinking in a huge additional debt. We can do some, as I mentioned, some liability management, taking advantage of regarding these local funds available, especially for projects. But this is, I think, is going to slow the rest of the year for port. We're not planning to do it yet. international emission or an important emission of debt in the next month. We're going to see, as I mentioned, we're going to see in December for the payment of the syndicate loan, which are more or less $36 million. We can do some liability management there, but not for CapEx.

Okay. Thank you very much.

You're welcome. And this concludes our question and answer session. I'd like to turn the conference back over to Mr. Robert for any closing remarks.

Okay, thank you to everyone for your interest in supporting. We encourage you to call us at any time for any information you may need. Thank you and have a good day.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.