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Good morning. My name is Candice and I will be your conference operator today. At this time, I would like to welcome everyone to the American Mobile Fall Quarter 2023 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press Start followed by 1 on your telephone keypad. If you would like to withdraw your question, please press start, followed by two. I would now like to turn this conference call over to Ms. Daniela Lewonka. Please go ahead.

Thank you. Good morning, everyone. Thank you for joining us today in our fourth quarter operating and financial review. We have on the line Mr. Daniel Cash, CEO, Mr. Carlos Garcia Moreno, CFO, and Mr. Oscar Bonjausque, COO.

Good morning, everyone. Welcome to America Mobile's fourth quarter of 2023 Financial and Operating Report. Carlos Garcia Moreno is going to make us the summary of the results. Carlos.

Thank you, Daniel. Good morning, everyone. Well, the fourth quarter of 2023 turned out to be an extremely volatile one, with interest rates surging in the first month of the quarter, that's October, to record highs not seen in over 16 years. This was in continuing with the trend that began early in the third quarter as inflation pressures brought about new increases in reference rates by the Fed. The yield on 10-year treasury notes, which had stood as low as 375 in mid-July, shot up to 5% in exactly three months. But then things turned. New inflation readings appeared to be softer, and the Fed put out the message that no new action on reference rates was expected for at least the remainder of the year. Huge rally in interest rates followed, with the 10-year treasury yield plummeting back to where it had been in mid-July. We added 3.9 million wireless subscribers in the fourth quarter, of which 2.7 million were postage clients. Brazil contributed with 1.8 million new contract clients, while 329,000 came from Austria, 124,000 from Argentina, and 109,000 from Mexico. The prepaid platform registered in additions of 1.3 million clients in the period, with Colombia gaining $456,000, Mexico $308,000, Argentina $278,000, and Central America roughly the same amount, $269,000. On the six-line segment, we obtained $386,000 growth and accesses. Mexico was the leader, adding $165,000 accesses followed by Brazil with 50,000 and Argentina with 51,000. Looking at the base, the post-paid base was the more dynamic one, increasing 7% year-on-year, followed by six proven accesses, which were up 4.1%. Prepaid subscriber base rose 1.2%, while paid TV accesses fell 1.8% year-on-year. At constant exchange rates, service revenue was up 3.7% in line with the pace where you said the prior quarter, whereas adjusted EBITDA re-accelerated to a 4.6% rhythm in the quarter. So we basically maintained the pace that we had on service revenue from the third quarter, and we managed to re-accelerate adjusted EBITDA to a 4.6% rhythm. Mobile service revenue expanded 4.2%, much in line with the prior quarter, And that's when the fixed-line platform rose 3.0%, continuing the accelerated trend of sales throughout the year. This was the fifth consecutive quarter with positive growth on both platforms and ensured that for the four years 2023, revenue increased on the two platforms, mobile and fixed. Mobile service revenue growth remained stable in Mexico at 4.5%, whereas in Brazil it slowed down from the prior quarter to 7.1%. In Central America, mobile service revenue rose accelerated to 10.7% that you can see in the chart. Revenue from corporate networks led the way on the Freelance platform, expanding 8.1% from the year-earlier quarter, followed closely by broadband revenue that posted a 6.6% increase. Pay-to-be revenue declined slightly, 1.1%. Its smallest decline in over a year. Corporate networks revenue, revenue growth was strongest in Eastern Europe. Again, you can see this on the chart. 30.2% in Eastern Europe, Colombia at 21.6%, Ecuador 19.5%, and Mexico and Peru with slightly more than 14% each. In Central America, it accelerated to 6.6%, having posted every quarter of the last year faster growth rates than the preceding one. Now, importantly, Argentina has gone through a period of high inflation the last several years. Since 2019, it has been subject to the accounting guidelines applicable to hyperinflationary countries, with all the accounting variables expressed in real terms at constant Argentine pesos. For consolidation purposes in our financial statements, with no other economy considered hyperinflationary within America, moreover. Those Argentine figures expressed in constant Argentine peso terms at the prevailing prices at the end of the year must be converted into Mexican pesos at the exchange rate observed at the end of the period, per IFRS rules. Given the magnitude of the Argentine peso depreciation, the application of the above-mentioned norm generates unusual effects. In particular, as you can see here in the slide as well, revenue actually decreases by 3.7 billion pesos when Argentina is included in our results, and EBITDA is also reduced by 1.4 billion pesos. We have a completely unusual and counterintuitive situation whereby the inclusion of Argentina does not lead to adding a small amount or a smaller amount than what we had before. It actually leads to a net decline in revenues and EBITDA. And then this is per the IFRS rules that we are subject to. Other than the above-mentioned unusual accounting effects, the inclusion of Argentina generates 8 billion pesos in foreign exchange losses, and overall results in an 8 billion pesos downward impact on net income to 16.8 billion pesos. So in the absence of Argentina, we would have posted 28 billion pesos in net income, 26 billion pesos in net income, and the inclusion of Argentina goes down. So that's basically what we've got. Cash flow-wise, our net debt increased by 21 billion pesos, and it's complemented our operating cash flow. And it helps us cover our capital expenditures in the amount of 156 billion pesos, shareholder distributions totaling 40 billion pesos, of which 14 billion were share buybacks, and 11.8 billion pesos in labor obligations. So that's the summary, and I would like to

Thank you, Carlos, and I think we can start now with the Q&A.

Thank you. At this time, I would like to remind everyone, in order to ask a question, please press star then number one on your telephone keypad. We will pause here momentarily to compile the Q&A roster. Our first question comes from the line of Vitor Tomita of Goldman Sachs. Your line is now open. Please go ahead.

Hello. Good morning, all, and thanks for taking our questions. Two questions from our side. The first one would be on the CapEx side. If you could give us an update on your plans for CapEx and if you plan to maintain that 2022-24 CapEx envelope, of $24 billion after some higher capex in 2023. And the second question from our side would be on Colombia. If you would have any comments on recently announced regulatory changes in Colombia and on how that might affect your strategy for that country. Thank you very much.

Well, the first question, if we look the last three years, 21, 22, and 23, we invest around $25 billion. So what we do with this $25 billion, we do a lot capacity in 4 and 4.5G. We do 5G in a lot of countries. Let's say in Brazil, we have more than 200 with 5G in Mexico, more than 120 cities. And all around, we are doing 5G where we have. We buy a spectrum in these last three years in some submarine cables that we need to have redundancy and to have more capacity for data. We do home passes, a lot more home passes all around Latin America. We change our copper, old copper. We do a lot fiber, and we do also fiber on green fields. And in the B2B, we increase our capacity, more data centers, and we're growing revenues, very good revenues growing in B2B. So we are I think we are in a very good shape right now with all the investments that we have been doing the last three years and the last five years because we have been investing this amount of money. So what we're seeing this year is that we have the capacity to reduce the capex for this year. And what we have last year of $8.6 billion of capex, we are going to reduce this year to do $7 billion on capex. That's what our budget gives us. We still want to be doing and growing in every country, in Latin America, in Europe, and developing steel fiber and growing also in 5G in some countries where we don't have And with all of that, the CAPEX that we have for this year is $7 billion, so a good reduction from last year. It's the CAPEX that we projected for 2024. In Colombia, we have some changes in the regulatory side. We don't like to have more. All the countries are taking out the regulatory measures. because what they want is investments. And in Colombia, we're having a little bit more regulatory obligations to do. But, well, Colombia, we're going to still invest. We're reviewing very deeply how they are going to hit us. But we are still maintaining our investments in Colombia and growing. We get the frequencies in 5G last year. We're going to put 5G in this year. And I think the competition is strong, a lot of promotions. things happening in the market, so we are still very strong in Colombia, and we're going to still invest what we need to invest there.

Very clear. Thank you very much. Thank you.

Our next question comes from the line of Walter Hysik of LightShed. Your lines are open. Please go ahead.

Thanks. The mobile ARPU growth has been pretty steady in Mexico. I'm curious if that can sustain going forward. Also, I see Brazil had some growth. And on Colombia, are there lessons learned there that things that you're doing in Mexico and Brazil to, I guess, either increase usage or otherwise get people on post pay, whatever the factors are that are driving that ARPU growth that can be implemented in Colombia?

Yeah. First, in Mexico. In Mexico, we're growing our ARPUs like 3.14%, more in prepaid than in postpaid. And it's related. We have increased prices in Mexico. Our customers are... sometimes upgrading our plans and that is what giving us all contract in new and higher plans with 5G. So 5G is helping us to increase the ARPU in Mexico. And well, that's what people is using more data. So that's what is happening. So 3.1% increase in ARPU, I think it's good because in Mexico we have the highest ARPUs there. In Colombia, what is happening the last two, three years is a lot of competition with all the new competitors are giving a lot of data in their plans. So what is happening is that with all this data, you need to do better plans also. And sometimes our customers are downgrading because they have less rent with more data on their actual plan. So what I think that already finished. I think it's been finished in the middle of last year. And I hope that this year we can increase in Colombia ARPUs. And in Brazil, we're doing very good in ARPUs, growing 7%, increasing our post-phase base, growing a lot machine to machine. Also doing good in corporate and well that's, we already consolidate all the subscribers of OI. I think it was very good the way we consolidate. We are gainers in number portability. So we're gaining market share in Brazil.

Thanks. And then for the CapEx, the H6, that you mentioned. A portion of that, I guess, is how you would describe purchase of intangible assets. I'm not sure if that's spectrum or software. So when you think about the H6, what's the general mix of spectrum or software versus true telco infrastructure or fiber? And then is the reduction from H6 to 7 really just the drop-off of just not having or intangible asset purchases, or is there, if you could just give a little bit more detail on the elements of what's in the 8.6 and the 7, thanks.

I don't have exactly the detail on that, but I think on the spectrum, we already get the spectrum. What we need, I think, the only thing that we have for this year is to renew the spectrum of Ecuador and maybe two or three other countries, the small countries on the spectrum, but Argentina, Mexico, Colombia, Brazil, we already get all the spectrum there. So the reduction that we're going to have this year is, in what I already said, is wireless infrastructure, fixed-line infrastructure, transport networks, IT infrastructure. IT is going to be more or less the same, but transport, because we already do. We have been putting, let's say, fiber to the nose, a photonic also. We already do all the photonics, which means all the new technologies for the backbone and transport. So all of that, we already do a big part of that. So allow us to reduce the capex on new sites, 5G sites, home passes, Greenfield and Brownfield, because we change a lot of our copper, that old copper that we have. In the viable, there's part in the capex that is viable, means the same depending on the sales that you have. And that will be more or less the same because we think that we still can grow this year as we grow last year. So even we have a better budget for broadband, fixed broadband for this year than for last year. And in the spectrum, as I said, the big thing that we have for this year is more on... on Ecuador to renew the spectrum on Ecuador. The 700 megahertz that we bought in Colombia and Argentina was in 2023. Mexico we already have before and Brazil already. The year we don't see any important spending on the spectrum besides Ecuador for this year. So all of that allow us to reduce the capex to $7 billion.

Okay, thank you. If I could get one more, and if not, you can just move on to the next caller. But Telecom Austria, is this really – an essential asset to keep in the portfolio. If you think about the longer term, if you have an opportunity perhaps to exit that market and remain focused in Latin America, just give me your refresh thoughts because obviously revenue is not growing there on the mobile side. So just curious your thoughts of the importance of Telecom Austria going forward.

Well, I think Telecom Austria came with all the Eastern Europe countries, and I think we're growing good in all these countries. These countries are more or less the same size as Austria. We're growing very good, and I think we can grow a little bit more on Austria. No, we want to stay with the company. We bought some shares, I think 8% more last quarter. We already have like 60%, if I remember exactly, 59-point-something percent. We used to have 51%. We're increasing and we feel very comfortable, very good cash flow company. Carlos?

I think it's important also, Walter, to mention that the country has been fully deregulated after having been subject to asymmetric regulation for about 30 years. And a little bit what Anil is mentioning, you know, they want to drive more investment into the sector. I think that... But there's a lot to be done still on the fixed line side on Fiverr. There's still a lot to go on Fiverr. But it's a very good market. B2B is excellent. We're providing a lot of services not only to Austria but also out of Austria into Eastern Europe and into Germany, for instance, which is very important and has been going surprisingly well. So I think that there's many very positive things that we can say about the overall investment in Europe and Austria. Thank you.

Okay, thank you. Thank you.

Thank you. Thank you. Our next question comes from Marcelo Santos of JP Morgan. Your line is now open. Please go ahead.

Hi, good morning. Thank you for taking the questions. I have two questions. The first question would be on Mexican broadband. Could you talk a bit more about the nature of the strong print in Mexican broadband ads? What is more on higher gross ads or lower churn? Is there a regional angle, some areas growing faster than others? So just wanted to understand a bit more this very good broadband ad in Mexico. And the second question is on CapEx. Very clear that the CapEx for this year should be $7 billion. Is this a good indication for the years to come? Do you think that is a sustainable level for the coming years, around 7 billion? Thank you.

Yeah. About the Mexico program, as we mentioned before, we've been pushing pretty hard the migration from copper to fiber. And now 81% of the customers are already connected with fiber, 81%. We really cover all the customer base with Fiverr to the home. Secondly, we've been launching in the market very, very unique packages with speeds, symmetrical speeds that bring value to our customers. And secondly, we did some packages that include streaming video platforms included in the broadband. Has been very well accepted in the market. And another part is that we changed all the processes of installation and repair to have a better customer experience in Mexico. This is why we got a very good NetApps, and we believe that we will still continue to getting good proportion of the NetApps this year.

And on the CapEx, it's too early to say something right now. I think we're going to do the $7 billion, I think, for next year. We don't see also big spendings on the spectrum also. And let's see with all these technologies, new technologies that we have been putting, all the digitalization, I think we're this year in very good shape. I don't know for next year, but what I can tell you is that we have the best network by far in Latin America, all around Latin America, and that gave us a good advantage right now. We do big investments, good investments. Thank you.

Thank you.

Thank you. Our next question comes from the line of Andrew Sellers of UBS. Your line is now open. Please go ahead.

Hi, everyone. Good morning. Thanks for taking my question. There are two on my side. The first one is about margins in Mexico. I know you had some one time in the last quarter, but do you see the margin expanding closer to what we had in 2022 fourth quarter and which factors could drive this potential expansion? We just want to know how the company is feeling about our current levels of margin in Mexico. And the second question is about Argentina. So, besides this regulation effect, what other factors are you guys monitoring in the country? I'm talking about broader terms here, such as impact for your customers, maybe higher deletion rates or lower frequency of the charges, if you say, and any kind of agency.

Okay, Andre, we cannot hear you.

Yes, we cannot hear your questions. Your line is not so good, Andre. I'm sorry. Yeah.

Yeah, the first question is about margin. Sorry about that. But the first question is about margin in Mexico. If you can make a question in Mexico, well, okay.

Well, the margin in Mexico is just the same as last year. I think we have a very good margin, over 40. And I can tell you that in Mexico, it's a lot of promotions, big competition. in mobile and in fixed. And what we're doing is we are really cutting costs, doing a lot of digitalization for the cost side and having good plans. And that's more or less what we're doing. I think we can sustain this margin for next year. We are growing in Mexico, something that it's being very good in 2023 against 2022 is our post-pace basis is starting to grow very good in 2023. So that allow us to have better customers, high ARPU customers. So that's something that is doing good in Mexico.

I think it's important to focus on the adjusted EBITDA metrics. If you correct for the sale of Telmex towers that took place in the last quarter of 2022, then the margin collected for this was 40.2%. It has increased for this year to 40.6%. So we've had an increase of margins in Mexico, and I think that we will continue to increase in this fashion.

And on Argentina, I don't know what's your question on Argentina.

Yes, I want to know in broader terms here about Argentina. Do you see some factors that we need to monitor, such as impacting customers, everything that's happening in the country, higher delinquency rates, lower frequency of recharges in prepaid? Do you see any of that, or it's too early here to tell?

Well, in Argentina, I think the operations are doing good. We are growing. We're allowing to increase some prices because of the inflation. And we have a very good growth in the fixed broadband. In the fixed broadband, we have been growing the last two years. Pay TV, we're growing in the mobile. So the operations in Argentina... are good and we're growing our RGU's in Argentina like 26%. We end the year with 3.2 million RGU's in Argentina, 4.4 more in wireless. So we are doing good, I hope, and that Argentina with all these changes goes to a better economy and we are still investing and doing what we need to do in Argentina. So we think that Argentina is very important for us and that in the next years maybe we can see a much better economy and we're going to be much stronger than what is today Argentina.

Super clear. Yeah.

No, as Daniel mentioned, that was clear.

Thanks for the question.

Andre, we cannot hear you. If you have another question, you can leave the question and we can maybe move forward with the next question.

Thank you. Our next question comes from the line of Plani Kanumari of HSBC. Your line is now open. Please go ahead.

Thank you for taking my questions. The first question is that in line with your CapEx guidance, we can expect an increase in cash flow. What would be the use of the cash flow? Are you looking at de-diverging or giving it back to the shareholders? So that's the first question. The second question is regarding Chile. How long do you think it will become before Chile can become also sustaining the operations by itself, and how much equity infusion would likely be needed in Chile going forward? Thank you.

Okay. So on the first question, As we have said up until now, we don't expect to reduce our leverage further. I think that we would want to remain in a band between 1.3 and 1.5 times net debt to EBITDA. So that's one of the objectives. We don't have anything on M&A. certainly in the plan. So essentially, this means that whatever safe household there is will be distributed back to shareholders.

And on Chile, I think all the synergies we have been working in the company, all the synergies have been doing very well, the operations improving. And management, we're reducing costs, we're putting a much better network, we're doing capacity. We're doing a lot of things in Chile and we're working for the long term and I think we can position the company together. It's a company over $1 billion, so it's big enough to compete and to be a competitive company in Chile.

It is a company that has many advantages, as has been pointed out. It has some challenges as well. It's a difficult operating environment, and there's plenty to do over the next two to three years. But as Daniel says, what we are focused on is the long term, and we expect that in the long term this will be a good investment.

Yes.

Thank you.

Our next question comes from the line of Fred Mendez of Bank of America. Your line is now open. Please go ahead.

Hello. Good morning, everyone, and thanks for the call. I have two questions as well. The first one is on Telcel, and it's mainly on ARPU. Do you think that the ARPUs, they are where they should be, pretty much? Or you think there is room for a more aggressive pricing strategy, especially on post-paid? I think Daniel mentioned that ARPUs have been increased mainly on prepaid. So I was just wondering if you see room for a more aggressive pricing strategy in 2024 for post-paid. And then the second one is on Brazil. and maybe the mobile market as well. We are seeing other players, for example, they give a guidance for next three years of real growth, supply and growth, especially to price increase. So my point is, do you think that that's the trend that at least you expect internally for Brazil for the next three years, like real growth on the mobile to price increase, or you think that eventually someone could try to gain market share and be more aggressive on price and make it a more, let's say, more challenging market? These are the expectations for Brazil for next years. Thank you.

Well, let's talk about the ARPUs in Mexico. What I can tell you, Fred, is that we have the best 5G network. And what we're seeing is that 5G subscribers are using more and are upgrading their plans. And it's the trend that we're seeing all around Latin America. And as people is moving more, to 5G, they are getting better plans. In the other side, we have a lot of competition and a lot of promotions. And, well, that's the other. But I think the ARPUs, in prepaid, we have been doing good. Our prepaid is growing around 4%, and postpaid is growing about 2%. So all over all, it's okay. I think we can sustain that. And with the network, the quality, people is choosing to move to Telcel. Number portability is doing also good. So all over all, we are doing good. But in the other side, we have big promotions from Altan and all the other competitors. So that's what you see in Mexico. And, well, let's see how it's going to be shaped for this year. And in Brazil, I don't understand what your question is, that if we are going to have real growth in phosphate, is what you're saying?

Yes, Daniel. Basically, I mean, one of the other players in Brazil, they already published a guidance, right, for the next three years of real growth, the expectation. And that's coming mainly through price increase. So my question to you guys is, if you expect that you're seeing the same angle as these other players in Brazil are seeing, or you believe that eventually the market could get more aggressive with someone trying to gain, let's say, more market share?

I think we want more market share, but we are not going to do crazy things. I think Brazil is... It's a market where you need to do intelligent things. And if there is a possibility to increase prices, we have been increasing prices in the last year. So I think if there's an opportunity and still the inflation allow us to increase prices, we are going to increase prices. But we're going to compete and we want to have a market share. So both, we want to increase prices because the inflation and the costs requires, but with the network, with the 5G, with the coverage, all the investments that we have been doing in the commercial side, I think we can still grow a little bit of market share.

Perfect.

In the big side also, we are leaders in ultra-broadband, leaders in IPTV. So that to do the convergence and to leaders in broadband to do all the combos that we're doing there also help us to grow. Perfect.

Very clear. Thank you. Thank you.

Thank you. The next question comes from the line of Carlos Lagareta from ITAU. Your line is now open. Please go ahead.

Thank you. Good morning, everybody. The first question is in Mexico on the wireless side. If you could talk about the possibility of reaching prices, if the environment allows you to do that, both on prepaid and prepaid. And the second question is, We don't hear you.

Can you repeat that question? Because also the line is not clear.

Sorry about that. I hope this is better. Yes. Just on wireless in Mexico, you could talk about if the environment allows you to perhaps increase prices during this year, both on prepaid or postpaid. And secondly, in Fortelmix, it looks like there's a number of developments going on, the two-year review of the regulatory asymmetric measures, perhaps changes in regulation schemes in Mexico. And obviously, you know, the recent statements by your chair. So if you can talk a little bit about what's going on there, because the actual results of DELMEC in the program that you've already covered were pretty good. So just, you know, what are your thoughts on DELMEC in general? That would also be helpful. Thank you.

Well, in terms of the regulation, we hope that things will be deregulated. In DELMEC, we have been We don't have, I think, no, we don't have pay TV. And if you check the market share that we have between pay TV broadband and fixed, I think we have around 30.6%. So I don't think they should regulate more a company like that. We expect that they deregulate some of the measures. It's what we expect. We only have 31% of the market in the peak size, so we don't think that will become. In Mexico, in the wireless sector, to increase prices, we don't know. We have a lot of customers with impostate with a contract. So, when they finish the contract, we can do something, but we cannot do anything until they finish their contract. We are putting in contract a lot of subscriber new, but we still don't think at this time, we don't think that we are going to increase prices. What we think is that we can give more to our customers to upgrade their plan right now. So it's what we are working on and give more for more. So it's the strategy that we are doing and what we are thinking for this year in Mexico.

Thank you, Daniel. And a follow-up, if I may, perhaps for Carlos. I mean, first of all, congratulations on the debt issue. And I'm just wondering if you could do further related to the issue down the road so you can help lower your cost of financing.

Thank you, Carlos. I think that, you know, we launched this program a few months ago, which is, This is basically to be sold to both local investors and international investors. I think it's got a lot of traction. We intend to become a very, very liquid program, probably the best alternative to a in Mexico. And yes, I think that we will continue the idea to bring the market two to three times a year, including the opening of the bonds. definitely be coming back to Mexico, to the Mexican or international market with better notes at least once more this year, if not two.

Thank you for that. Thank you.

Thank you. As a reminder, if you'd like to ask a question, please press start followed by one on your telephone keypad. Our final question comes from Alexandro Azar from . Your line is now open. Please go ahead.

Hi. Good morning. Thank you for taking my question. A quick one, and I just want to understand on your free cash flow, the working capital. During the last three years, you guys have taken close to $100 billion in working capital uses. I'm just wondering, What's happening on those accounts? Which account is the reason? And how should we see working capital for AMX in 2024, perhaps going forward? Thank you.

No, I mean, if you'd like to, we can review this separately. But I think generally, working capital basically breaks even. every year. It is very seasonal, so depending on what numbers you are looking at, you might be looking at increases in working capital because it does increase significantly in the first six or seven months of the year, and then it comes down So I think we have not had major increases or changes in working capital in the last three years.

To add something on what Carlos is saying, what we have been doing and maybe increased a little bit the working capital is that we're financing a lot of the handsets. So we are going and finance is a very good business. And what the... The customers, what they like is that they can buy a better handset or a 5G handset. So we are financing that, and that's increased a little. But it's a very good business. We finance them, and that will be good.

The other thing to note is if you start out with 2021, Then it's a bad year because we reduced significantly CapEx in 2020 because of the pandemic. And that means that we didn't really have accounts payable that we needed, you know, new accounts payable. So we had an issue because we did have to increase working capital in 2021 as opposed to 2020 on account of what I just said. All right.

Thank you. Thank you. Thank you. Thank you, Carlos and Daniel.

Thank you. Thank you.

Thank you. As there are no additional questions waiting at the time, I'd like to turn the conference call back over to Mr. Daniel Hash for closing remarks.

I just want to thank everyone for being in the call, and thank you, Oscar, Daniel, and Carlos. Thank you very much.

This concludes today's conference call. You may now disconnect your lines.