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Good morning, my name is Kiki and I will be your conference operator today. At this time, I would like to welcome everyone to the America Mobile second quarter 2024 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 star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. Thank you. Now I will turn the call over to Ms. Daniela Laquana, Head of Investor Relations. Daniela, please. Good morning.

Thank you. Good morning, everyone. Thank you for joining us today to discuss our second quarter results. We have on the line Mr. Daniel Cash, our CEO, Mr. Carlos García Moreno, CFO, and Mr. Oscar Monjaoque, CEO.

Thank you, Daniela. Welcome, everyone, to America Mobile's second quarter of 2024 Financial and Operating Report. Carlos is going to make a summary of the results. Hi, Carlos.

Hello. Thank you, Daniela. Good morning, everyone. Well, the second quarter of the year got started with an important surge in long-dated U.S. Treasury yields. We talked in detail about advancing 50 basis points in April. on the back of unexpectedly strong employment figures. They remained volatile throughout the quarter, closing June at 4.4 percent, practically the midpoint of the branching which they traded throughout the period. The Mexican peso, which had withstood well the U.S. interest rate volatility, weakened sharply following the Mexican presidential election on June 2nd. After months of appreciating vis-a-vis not only the U.S. dollar, but also practically all the currencies in our region of operation, in Mexican peso was to depreciate against Tory. We added in the quarter 2.4 million subscribers, of which 1.8 million were posted, with Brazil contributing roughly half, Colombia currently 3,000, and Mexico 99,000. The numbers you see for Austria also include telemetry machine to machine. In our prepaid platform, we registered 599,000 net additions, with Colombia gaining 261,000 subscribers, followed by Argentina with 191,000. In the fixed-bank segment, we obtained 376,000 broadband accesses, including 148,000 in Mexico and approximately 63,000 each in Argentina and Brazil. Both lines and pay-to-be units registered losses in the period and were down 63,000 and 56,000 respectively. Our post-paid base increased 6% year-on-year, with prepaid expanding 1.6% and fixed broadband accesses 4.9%. They were the second most dynamic access line. Our second quarter revenue, 206 billion pesos, was up 1.5% from a year before, with service revenue expanding 3.5% and equipment revenue falling 9.8%. At constant exchange rates, service revenue increased 4.7% year-on-year, practically same as it had maintained the prior quarter, but with slightly faster mobile revenue growth and somewhat slower fixed-line revenue growth. And that helped to bring about a 6.9% increase in newbie The greater operating leverage stemming from positive revenue growth on both platforms have been the main driver of EBITDA growth, obviously, coupled with strong cost controls. Mobile service revenue accelerated to a 5.1% pace from 4.9% the preceding quarter on the back of stronger posted revenue growth, as prepaid revenue stayed on pace. On the fixed-line platform, Civil revenue growth decelerated to a 4.1% base from 5.1% in the prior quarter, basically on account of corporate networks revenue, which had seen a big jump then. Broadband revenue growth continued to improve, reaching 7.9%, up from 6.4% in the first quarter, and corporate networks revenue increased 7.2%. The prior quarter, it had seen a 13% jump, on account of some extraordinary contracts that have been obtained. It is important to note that fixed bond revenue consolidated has come to be nearly 25% higher than the combined pay-to-be and fixed-bonds revenue. EBITDA totaled 83.1 billion pesos in the quarter, which represented a 5.6% increase in Mexican peso terms. from the year-earlier quarter and 6.9% as constant exchange rates as seen before. The consolidated EBITDA margin reached 40.4% in the quarter. That was one and a half percentage points improvement from a year before, again, on great operating leverage and solid cost controls. Our operating profit came in at 46 billion pesos, having risen 12.9% from the year-earlier quarter But our comprehensive financing cost reached 40 billion pesos on account of foreign exchange losses, resulting mainly from the depreciation of the Mexican peso. And because of this, we ended up putting a net loss of 1 billion pesos in the quarter. I have to say that at the end of May, prior to removing the peso, the two-thirds of our net debt were Mexican peso-based. In cash flow terms, our net debt increased by 14.3 billion pesos, and together with 67 million pesos in operating cash flow, allowed us to cover capex totaling 56 billion pesos, share buybacks in the amount of 12.5 billion pesos, and labor obligations for a similar amount. That's in the six months to June. Now, our free cash flow, was $10 billion greater than that of the first half of 2023, partly because of lower capital expenditures, which were down $8 billion. Our share buybacks in the period were four times the ones we had a year before. We went from $3 billion in the first half of 2023 to $12.5 billion in share buybacks in the first half of 2024. Our leverage ratio came down to 1.38 times EBITDA from 1.5 times the entire course. That's the summary, and I will turn the floor back to Daniel for the Q&A. Thank you. Thank you, Carlos.

Please, we can start with the Q&A.

Thank you. At this time, I would like to remind everyone in order to ask a question, please press start, then the number one on your telephone keypad. We pause for a moment to compile the Q&A roster. Your first question comes from the line of Leonard Olmos from UBS Company. Leonard, your line is now open. Please go ahead.

Good morning. Thank you for taking our questions. So we have two. The first is, can you break down the effect losses in this quarter? I know there's unusual behavior, but considering what you just said, about two-thirds of net debt being in peso pays to How should we forecast this line, the FX losses, in correlation with the Mexican peso? That's the first question. The second one, completely unrelated. Across Latin, we're seeing prepaid decelerating, not only AMX, but its competitors as well. Do you expect prepaid revenue to return to growth at some point? Thank you.

Well, Marcos Carlos can start with this. Okay, on the FX side, as I said, two-thirds of the exposure, the net exposure, are in pesos. But the net exposure you get to after using derivatives, and the impact of derivatives is different from the resource, from the one that you get from the actual FX movements or FX gains or losses. on the underlying debt. So there are differences there. We can guide you through them. But it's not easy to predict how those movements can take place. Then there's a portion of our overall debt which has to do with intercompany transactions. And they basically wash. All done, we retain a certain exposure to react. And in this quarter, we had a depreciation of the peso, but also a decline. And that's what resulted in this. But that's basically, you have a little bit of noise in the results associated with the underlying deposition. That's been the case.

Well, on the second question, on the prepaid decelerating, I think the prepaid is is related and in each country is a little bit different. But what we can see in all the countries is that some prepaid customers are moving to postpaid. So they are getting, as we are moving to 5G and giving some more data, better handsets, so they are moving to being a post-paid customer. So that's one thing. The second, very important, is depending on the economy of the country. So it is a lot related on how the economies are doing and spending on the people on that. So that's more or less what you have been seeing all around Latin America. people moving to postpaid, from prepaid to postpaid. And depending on the economies also, we can see if they are going to spend more or not. Also, some promotions in some countries that we are seeing all around.

So that's more or less. And just to go back on the FX question, There is a very comprehensive information that is sent over to the Mexican Bolsa. It's available to all the analysts and investors. And you have all the details of the underlying debt positions and of the underlying derivatives positions.

Very good. Thank you very much, Daniel. Thank you.

Thank you. The next question comes from Leonard Olmos from UBS. Leonard, your line is now open. I'm sorry. Pardon my mistake. The next question comes from Walter Piercyk. Walter, your line is now open.

Thanks. I guess first question just in general on ARPU growth. I know I kind of ask this every quarter, but just always want to check in on it. Seems like it's sustaining. And again, I'm primarily interested, I guess, in Mexico, Brazil, and Colombia. When you look out over 24 and 25, do you see the trends of usage or perhaps maybe price alterations continuing to sustain that growth in the average revenue per user?

Well, we have been seeing that for the last two years, since we have been putting 5G and the customers are using more, doing more applications, they are moving to better plans, so that's more or less what they are. They are moving and increasing because two things. The customer is moving to a better plan, so they are a little bit more of the rent with more for more, more data, but you pay a little bit more and then I give you more. So that's one thing. And the second is you are staying in your plan, but you are consuming more. And you are consuming more because let's say in Mexico we have 10 million, more than 10 million customers in 5G. We have been developed these networks all around and people is using more data. that's more or less what we have been seeing. So more things that people is doing online, they are using more the phone, and that's what is happening, I hope, and I think that for 25 and 26 or 24 and 25, we're going to still see that trend.

Okay, thank you. Just so that you know, I think the average Quarterly growth in APU in Mexico is 3.3% per quarter. That's for the last five quarters. And in Brazil, it should be in the range of 6%.

I'm sorry. Say again that you think it should be in the range of 6% going forward?

No, it's what we have not seen for the last five quarters.

Oh, yeah, yeah, yeah. Of course. And then just on equipment revenue, alternatively, that didn't look as high. You report churn so we can see gross add. So it doesn't seem like it's gross additions that's impacting that. It must be just other equipment revenue upgrades or maybe whatever accessories and things that you sell in the stores. But just if you could give us a sense of what you're seeing in terms of phone purchases and do you think Do you anticipate that may change with the release of the new AI services on the iPhone and Samsung and other devices?

What you see, let's say equipment revenue, where you see that we have a decline, a big decline is in Mexico, 14%. And it's really because We are only reducing 5% in units. The rest is that people is buying, let's say, not cheaper phones. So the phones has been reducing prices and we used to have 5G phones at $300, $400. Today we have 5G phones at $200. So people is buying phones, cheaper phones with the same... The phone is a very good phone, good camera, a lot of good chips. So people are looking and reviewing a little bit in more detail which phone is buying. So we have 5% decrease in units, but 14% decrease in equipment revenue in Mexico. So that's more or less what the trend and what is happening right now. Dan, do you think that changes? A better phone and a cheaper phone.

Understood. But going forward, there's a lot of hype, interest in what Apple has recently announced. And obviously Samsung has also added some AI features. Do you think that trend that you saw this quarter will reverse and do something different at the end of this year and into 2025?

Well, I think AI is going to be very important. It's what Samsung is doing in their phones because they already have in some phones the AI application. Still with iPhone, it's only the announcement that they have. But I think that will be at the end of the day, I think, the AI application, in my view, is going to have all the phones again, not only the high-end phones, you know, the mid-end phones are going to have also this application. So that's the trend. Everything starts at the high end and moving to the mid and, let's say, low. So I think, yes, the trend at the beginning will, again, make people buy more The high-end, but as the applications moving to other phones, then people is going to choose the best phone at the best price, no?

Yep. Thank you.

Thank you. Thank you. The next question we've got is from Victor Tomita from Goldman Sachs. Victor, your line is now open. Please go ahead.

Hello, good morning, and thanks for taking my questions. I have two main questions from my side. The first one is if you could give an update on how you were thinking about your share buyback strategy for the second half of the year following what we understand was an acceleration in the second quarter. My second question would be on Chile. If you could give any additional color on the competitive environments there. Noticed you cited in the earnings release that client bases in mobile and fixed have been growing over the last 12 months. So wanted to understand better how you are thinking about the commercial approach and competition in there. Thank you.

Well, in Chile?

OK.

On the buy box. On the buy box, Victor, hello. I'd say, as mentioned repeatedly, typically we pace the buybacks so that they are more closely related with our cash flow. Our cash flow is very seasonal, with the first half of the year requiring a lot of working capital, which we get back in the second half of the year. That's why in the second half of the year when we make the payments of dividends. But that is also when you look back four years, we typically have a greater amount of share buybacks in the second half than in the first half. But yes, generally I'd say that the distributions will be matching closely the free cash that the company has to the extent the company does not divert cash M&A, which is not going to be the case, and to this extent, the company does not require any more capex, which is not going to be the case.

On Chile, I think everybody knows that Chile is a difficult market. It's a very competitive market. What happened, we start in 22 with Liberty, and we defined a plan, a three-year plan, on synergies, on reducing cost, integrations, better infrastructure. We closed one year ago a good deal with 5G, 4G, 3G, more coverage. We are doing a lot more redundance and Fiverr through all the country. We closed a capacity agreement with OMET also to move part of our subscribers to Fiverr. So we have... three-year plan, I think we are on target. We still need the end of 25, 26 to review that. But all over all, we are comfortable on that. We have put new management since the beginning. We integrate the management. So we are working hard, but it's not something that is from today for tomorrow. It's a good three-year, four-year plan that we have been doing. It's the same that we do in Brazil when we integrate the companies and in other countries. So we're comfortable. It's a very competitive market. and well, it's four players in mobile, maybe more players in big. But we are comfortable on what we're doing and we think in the future, Chile is going to be a very good country for us. We have the size right now because before doing the merge, We only have mobile revenues, not so high. So today we are more than a billion-dollar company. I think it's 1.2. So we can work on that. We have the size, and I think we're going to be successful in Chile.

Very clear. Thank you very much for the replies. Thank you.

Thank you. The next question comes from Fanny Kanemuri from HSBC. Fanny, your line is now open.

Thank you for taking my questions. My first question is regarding Mexico mobile revenues. It has decelerated from 5.8% in 1Q to 4% in 2Q. Is there any specific reason for this trend? And how do you expect this to trend going forward? My second question is regarding further extension on Chile. Do you have any plans to do any kind of M&A in Chile? You have stated in your capital market say that you don't have any major M&A plans, but with Chile consolidation, do you see further any plans of M&A in Chile? Thank you.

Well, first in Chile, Everybody knows that one is in Chapter 11, and there are plans. I don't know if there's going to be M&A or not. We are open to see alternatives, but we don't know exactly what we're going to do. As always, we're open, but we're working very strong in the synergies and all the implementations in new infrastructure, fiber, 5G, more capacity, more coverage, all around. So that's our focus, but we are open to see what the alternatives are with one. So that's first. Second, in Mexico, I think the trend is going, the revenue is declining. Not declining, reducing the growth. I don't know what's going to be the next. But in Mexico, we are doing very good in 5G. I think we are the only company who has a real 5G network with coverage, with capacity. In post-paste, a lot of our subscribers are renewed in a 5G plan that gives us good output there. So as Carlos is saying, it's 3.3% increase on output. We haven't increased any price in any of the segments that we have. So it's only moving to be a higher plan or people consuming more as we are seeing. So we have also, as in other countries, a lot of competition, promotions, and we don't know exactly what's going to be on competition and promotions for the future, but we are ready to compete and we have the strong basis, good distribution network, we have good customer care, people, a lot of centers, a lot of stores, and very good network and very good coverage and quality. So we are ready to compete. If there's still a lot of promotions, we can compete on that and the market will be more rational then we can also be more rational so we are ready uh to to to to to compete in the future in mexico we're prepared let's say to compete thank you very clear thank you the next question comes from luca branding from bank of america luca you're not lying it's now open please go ahead

Good morning, everyone. Thank you for taking my questions. I have two from my side here. The first one, in Colombia, we saw some developments from the main competitors in recent quarters, and I wanted to know if this is already reflecting in some way in the competitive environment, if you're already seeing some changes in it, and how do you expect this market to behave going forward? And then second, on Mexican for the fixed business, can you give us more color on how you're seeing competition?

you have not raised prices in telmax but is there room for price hikes in in the future in the coming quarters years so you could give some color on that as well thank you well in colombia what happened in colombia i think in colombia two years ago we have a new entrance that was one uh very aggressive uh very aggressive plans so everybody has to compete in the market so this competition reduces the growth and the ARPU that we have been having because people, if you give more data, then people sometimes prefer to reduce the plan and stay and have more data in contrary than increasing plan for more data. So it was a very aggressive entrance on one. but we compete on that but today is a little bit different one is having some problems and and we're still competing we increased 5g 5g is giving us in chile a very good customer we have been growing we grow more than a hundred thousand customers in post-paid in Chile this quarter, in post-paid. So we're starting to do better, and we're confident. We have a very good company, as I told, very good basis also in Chile, good distribution, a lot of stores, good networks. 5G. We have the biggest 5G network capacity. And that's what we have seen. So I think we can see more improvements. I hope we can still this trend of improvements in Colombia for the rest of the year. So that's what we're thinking to have. And Mexico, in the peaks, Oscar can talk a little bit. We are not planning to increase plant prices at this moment, so we're going to stay with these prices. And we're doing good. We are growing in the broadband and in the corporate, and we already do a lot of fiber through Mexico, so we have a good fiber network coverage and we're growing in Mexico.

Very clear. Thank you. Thank you.

Thank you. The next question comes from Carlos Legaret from Itaú. Carlos, your line is now open. Please go ahead.

Yes, thank you. Good morning. I have two questions on this side. The first one is a follow-up in Mexico, fixed broadband. I'm wondering if you can talk about the net additions that you're seeing. It's obviously a very good volume, but I'm wondering if it's mostly migration from your copper to your fiber product. or you're actually acquiring new customers as well. Perhaps Oscar can talk about that. And on the second question, just to follow up on Chile, just to make it clear, the information that you provide is very clear, obviously, at the leverage level. But I'm wondering if there's any kind of contribution that you need to make. Obviously, now you will control the company after this debt conversion. But I was under the impression that the equity injection was actually necessary for that company, and it was relatively sizable, also up to one. So I'm just wondering what are the plans in terms of equity or capex for the Chilean subsidiary now going forward? Thank you.

Well, Oscar can talk a little bit on Mexico, but just to clarify, the 150,000 that we have are new subscribers. So we have a lot of our subscribers moving from copper to fiber, but 150,000 are new subscribers in the network. So Oscar can talk.

You're totally right. Migration, it doesn't count as a net app. So all the net apps are new customers. The migration, we don't count as a net app. And we have been moving a lot of copper to fiber. Yeah, 84% of the customer base is already in fiber.

So people, it's okay. We have a good brand. And we have also very good quality and support. And I think what we're aiming and trying to do is to recuperate part of the market that we used to have. So we are working on that.

Another thing just to add is that we've been working the bundles of streaming video with the customers and has been very well received in the market. So we include the different add-ons like Netflix, HBO, has been working pretty well.

And on Chile, let me explain to you. Since the beginning, when we do the merge, we make a plan. And in that plan, we incorporate some cash in the company. So we need to put cash, to put equity in the company. Of course, the company needs equity. And in that plan, we think that's why we do the agreement with Liberty to put cash for CapEx and part of the debt that we put in the beginning also to be contributed as equity in Chile. That's what we decided to do since the beginning. And, well, Liberty has the right to catch up on this plan, let's say, on this plan. And, unfortunately, they don't catch up. They decide not to do it. And that's what we are. And we are comfortable with the equity, the way financially the company is going to end doing at the end of this year. I think financially the company is going to be good. And the operations, that is something that is very important, the operation, capex, investments, and new networks, I think are under the plan that we decided.

I think that going forward, Carlos, we don't expect any major cash injections into Chile. I think the cap is going to be almost fully funded by their own EBITDA. So it's going to be practically self-sufficient in the next year or the next. So the equity contributions have basically that have taken place. Over the next couple of years, we will be having a company that's fully subsidized.

I think what you could see is this agreement to capitalize the company. I think at the end of 2024, we're going to have the company fully capitalized and with all the investments in place to do and to have a very strong infrastructure, capacity, coverage, quality, company, and with a very good team in place.

Thank you. That's super clear in both issues. I appreciate it. Thank you.

Thank you. As a reminder, if you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press start here. The next questions come from Daniel Federal from Red Desco BBI. Daniel, your line is now open. Please go ahead.

Thank you. The first one is a follow up on Mexico broadband business. RGU net additions were good in the second quarter, but significantly lower versus the first quarter. So my question is, what has changed in the market from the first quarter to the second? Which level is like the sustainable level going forward? And the second question is related to Brazil. Brazil was a very strong region, especially in the mobile front. The company has been presenting like an acceleration in mobile services revenue growth. My question is, do you see room for further acceleration in the upcoming quarters? And I was wondering if maybe like growth in the second quarter could have been helped by any kind of mismatch in terms of the timing of price increases. I don't know if you are like increasing prices, Sorry, the first question was on the fixed broadband in Mexico, in Telmex.

But the second question, which country you are talking? We don't hear you very well.

Exactly. The first question is regarding Mexico argues that were good but lower than in the first quarter. What has changed from one quarter to the next? And the second quarter is related to Brazil because mobile service revenues growth has been accelerating. So I'm asking if do you see room for further acceleration and if second quarter could have been helped by any kind of mismatch in terms of the timing of price increases, like increasing prices

earlier this year than last year those are my are my questions yeah i'm going to start on brazil i think in brazil we have a very good quarter in terms of revenue in terms of mobile revenue also in terms of fixed revenue we have been increasing i think We increased the revenue in Brazil, so it's been a good increasing revenue in PIX. So we start to see like a couple of quarters increasing broadband and growing net ads and decreasing less in TV and PIX. So that's what we're seeing in Brazil. Also in mobile, we have good increases, but there's still a lot of competition. So Brazil is very big. So you can see in some states, some places, very strong promotions. In other ones, less promotions. But all over all in Brazil, it's not only price. I think we have been also controlling cost a lot. You see that EBITDA is growing. and more than the revenue. So all the synergies, investments, systems, digital life, everything that we have been doing is giving us good results in terms of cost. still in Brazil inflation is at 4%, 5%. So you have to increase in some, we have some costs to increase every year since that inflation. So we have been able to control that and we are growing also in market share in mobile and that is giving us this growth. So I think In mobile, the growth that we have been having would be great if we can sustain that and maintain that level of growth in Brazil. So for me, Brazil, and not only Brazil, I think operational all over all in all the countries we have been doing good in America mobile, Carlos has been showing, but we have been growing more than what we said and also reducing costs doing synergies and increasing our EBITDA mainly in all the markets. In Mexico, Oscar, it's difficult to explain why we have been having more than 300,000 net ads in the first quarter and then 150. In my view, we're going to still grow, and we are already with good fiber capacity and coverage, and we're going to still grow in the broadband in the next month. So we cannot say quarter by quarter exactly how much we're going to grow, but the trend is to grow in Mexico in the broadband market. Oscar?

I totally agree with what you say. On the second quarter, we have a decrease in the productivity and installation issues because the climate was really bad at that time. So we decreased the productivity and installation. Second, we saw in May and June a little bit of increase in churn in own collections. So we believe that that will be solved on the third quarter. Well, as Rodanil said, we see a good trend of adding net ads of the next quarter. Because we already have the fiber already deployed, we believe that we have a very unique product in the market that has been well received. So we will catch up the productivity installation on the next quarter.

And the way we see it, although the way I see things, is we don't want to see quarter by quarter. I think... Maybe year, if you see year 23 against year 24, I think 24 all over all the year is going to be much better than 2023. So maybe one quarter or the other one will be different, but all over all, the trend, the year is going to be good in Telmex.

Thank you, Clio.

Thank you. The next question comes from Alejandro Lavin from Santander. Alejandro, your line is now open. Please go ahead.

Thank you. Good morning, everyone. Thank you for taking my question. I have a couple of quick questions. First of all, on M&A, I mean, you mentioned that you're always, in general, open to opportunities. So I'm wondering what kind of geographies or assets would you be looking at? And number two, it's more of a longer term question. I mean, we hear a lot about, you know, artificial intelligence and all the possibilities that this might enable. So what are your thoughts on this mega trend and how do you think America can position to benefit from this mega trend?

Thank you. Hello, Alejandro. I mean, I think that what we have said is we don't expect any M&A to take place this year. That's what we said in our investor day. I think there was a recent question on whether the new environment in Chile would call for that. We only know that there's this issue with Chapter 11, which won't have been placed into. But it's not, as Daniel said, I think... We're always open to listening to things, but the expectation that we have had this year is that we wouldn't go into any M&A so far.

And the second question is on the trends. Can you repeat the second question, the megatrends on?

Yeah, sure. Yeah, so thinking about artificial intelligence, I mean, how does the management think about positioning to take advantage of this mega trend, I guess, this trend for the next 10 years or so? How can American Mobile participate in this trend?

I think it's very important. I think artificial intelligence is something that we have already, but it's going to take some time to implement in the company. We're working on that. The first thing that we do is we're digitalizing everything everything internally in the company, and we are working very hard on all the data, but there's going to be a lot of AI coming to be more efficient, to know more the customer, to reduce costs, to save energy, to do a lot of things. And we're working on that to take all these mega trend that will be more efficient and productive, the company. So there's a lot of things in AI that are coming to make us more efficient, more productive, and to know more our customers. And we're working on, and saving also costs in call centers, data centers, There's a lot of things that AI is coming, and American Mobile, of course, is working on that. But that's not something that you're going to see for tomorrow, but we are working on all these trends to put the company in a very good opportunity on saving costs and all of what I'm saying.

Okay, understood. Thanks a lot.

Thank you. Thank you very much.

Thank you. The next question comes from Juan Cruz from Morgan Stanley. Juan, your line is now open. Please go ahead.

Thank you, and good morning. And I apologize if this was already answered. I joined late, so my apologies. Going back to the Chilean JV, I just wanted to know, now that American Mobile is assuming collateral EPR, if there's going to be disclosure on the operations and financials of the JV going forward. That's number one. And number two, given that VTR had bonds outstanding, what are the plans with those bonds? What is the company going to do with those, if anything, as a result of the JV being consolidated? Thank you.

I think that when we consolidate the company, there's going to be the same information for Chile that we have for all the other countries. That's what we're going to do.

Yeah, but once we consolidate, the bonds will remain outstanding as they have been, and they will be serviced as any other day of America Mobile.

Okay, gotcha, but there's no plan to... either refinance those for the time being or do anything with them. No plans. OK. OK, thank you.

Thank you.

Thank you. We currently have no further questions, so I will hand back to Mr. Daniel Hutch for final remarks.

I just want to thank everyone for being in the call. and carlos oscar and daniela thank you very much bye-bye thank you all bye this concludes today's conference call you may now disconnect