Multiplan Empen Unsp/Adr

Good evening, good morning, ladies and gentlemen. Welcome to Journey School regarding the third quarter of 2024 of Multiplan. We have here with us today the executive directors of the company. We inform all the participants that the presentation of the results is available on the website ri.multiplan.com.br. Now, before we continue, we would like to clarify that any statements that are done during this earnings call regarding the business perspectives of the company projection and economic goals are based on premises and beliefs of the board of directors of Multiplan, based on information that is currently available for the company. Any forward-looking statements are not guarantees of performance. They involve risks and uncertainties. These are regarding the forward-looking statements and therefore depend on circumstances that may or may not occur. Investors should understand that economic general conditions, industry conditions, and any other operational factors might affect the results of the company and might lead to the results that are materially different from those stated in the forward-looking statements. Now I'd like to give the floor to Mr. Eduardo Perez, CEO. He will start the presentation, please. Mr. Eduardo, the floor is yours. Good morning, everyone. Well, let's start with the operation of purchasing of the participation of Ontario by Multiplan. Approved with a vast majority of 99.9% of the votes. It's one of the biggest repurchases of the company and one of the biggest ones in the shopping mall center. We are going to continue to seek these opportunities so we can generate value for everyone. Now, we're coming close to a very important point, the launch of two big expansions. Our new target of growth, DiamondMall, and Parc Shopping Barigüe, both. With almost 100% of the allocated spaces for November 6th, the city of Belo Horizonte will receive a differentiated space by the innovative architecture, food, and international brands that are new in Belo Horizonte. We're going to open the doors to the world. Now in November, we're going to have Curitiba with JLA containing thousands of JLAs, containing health, big brands. They're going to open the doors for the city. We have the expansion of Maceo. that has over 50% of its allocated area. We're going to start in November of this year, the launch in November of 2025. I'm going to be shopping. The expansion and refurbishing works are advancing. Expansion is 60% of its area located, and we're going to have the launch in the first quarter of 26. We're going to do on October, of this year, the 30th, the expansion of Parkshop in Brasília. Now, with all the approved licenses, we're going to start with in January of 25. With an intense development of the Park Shopping Brasilia's area, the primary area, we have the expectation of having, in the next five years, over 30,000 people living very close to this enterprise. We're going to have, next year, the launch of the expansions also of São Caetano and Jundiaí. In this order, we also invested heavily in the revamping of Baha'i Shopping, Patsavasi, Diamond Mall and others, trying to find better environments and more welcoming environments for our clients. We're going to launch the second phase of Golden Lake. in Porto Alegre. That's gonna be on October 31st with 40% of the units already sold. We're gonna have two towers with 126 apartments. Our digital strategy is evolving in a constant way through the Multi app and also the intensification of the use of artificial intelligence. Multi was used 26 million times over the last 12 months. an increase of over 60%, adding functionality and becoming ever more representative in the day-to-day of our clients. Now, the access to the free flow, as is well known, it surpassed over a million single users and over 1,200,000 vehicles registered, showing the great adherence to the system. Now we got to the end of the very significant year for us, We are 50 years in history and I am certain that we're going to have a great fourth quarter with Black Friday, Christmas and many events. The company is in a great time. We have the expansions and the refurbishings. Our results, operational results and financial results are growing quarter on quarter. And this reflects this moment. Thank you to our analysts, our employees, investors for your trust and attention dedicated to the company. Thank you very much. Thank you. Now we're going to start the Q&A session for investors and analysts. Should you have any questions, please click on the Q&A button and write down your name. The questions will be answered as we receive them. First question, Pedro Lobato, Bradesco Bank. You can open your microphone. Good morning, everyone. Thank you for the opportunity. I have two questions. First, regarding the sales. It was very solid, growing 9% year on year. So I wanted to understand on how you see the evolution of that sale in the quarter and all throughout these months. And also, what do you think about October? Second question is about that effect of Green Park. Well, the tax is a bit higher, the threshold, than what we had in the previous quarters. You even commented that there was that impact of the interest over capital. And so I wanted to get a bit more color on that issue. And what can we expect the interest over capital effect? Is it going to linger over the next quarters? When should that effect come up in the books? Pedro, good morning. This is Armando. Thank you for your questions. In regards to the first one, we had a first quarter. Well, we had this quarter, sorry, that is very balanced. In September, we Empen Unsp-Adr with 8.6% in sales in the first month? Well, if you had asked me that question in a quarter of 2023, how the sale is going to be for 2024? Well, the numbers are very strong. So we're very happy to see this. And now your question about the fourth quarter specifically. And remember that we have expansions, new areas, new stores opening in the month of November. The best quarter, we're going to have more activity, commercially speaking, if we look at the records. So we're very excited about that. So correct me if I'm wrong. So we had a curve in regards to September is very balanced. regards to the asset deferred asset that we had that was due to the negotiation of the shares that are listed publicly so what we did a typically was to get an x date at the end of the negotiation so we have the planning the schedule that is expected so at the end of that The actions that are being negotiated, those shares, sorry, that are negotiated are not taking part on the distribution of the interest over capital. And that's why we couldn't take the co-credit on the tax on the on-quarter. Therefore, we leave it for the fourth quarter when the shares are, if I'm not wrong, they're marked for December 21st. Do you have any questions, Pedro? No, thank you. Have a nice weekend. Next question is Elvis Credencio, BTG Pactual. The floor is yours. Good morning, Eduardo Armando. On our side, first question is the growth in rents. They're strong. The occupancy cost is dropping. So do you think that with that positive report, do you think that we can pass on that to the tenants and still have the growth? that you are presenting. So that's the first point. And the second point would be in the recycling of the assets. You sold the one in Shunjiayi, So looking at your portfolio, we have assets with invoicing profiles that are very similar. It might differ tax-wise, but are you focusing on those assets as well? So I wanted to understand if it makes sense to think about new movements of recycling the assets from now on. Thank you. Elvis, thank you for the question. Well, pressure by rent, you need the Brazilian economy to help so we can have growth and real gains in rent. Of course, with the negative numbers are prejudicial, it wasn't a reality because we saw inflation everywhere. And the IGP rate was performing below what we expected. It came with a threshold that was more reasonable than now. and we will replenish the loss that we had all throughout this negative period, but growth in and on itself, you need to find new spaces because I realized once again, there is more search on the part of the tenants for space on the previous quarter and this one, regardless of the expansions that we are already embarking in. Second one was about selling the assets. Well, I just gave an interview and I just discussed this issue. I can open and sell any other participation. Maybe. It depends on price. It depends if we're going to work with an asset that we have a very difficult participation, very tight margins participation. Well, no. If we have an opportunity, we're going to explore it. Kiefer Kennedy, Citibank. The floor is yours. Hello, everyone. Thank you for taking my question. Congratulations on the results. I wanted to explore more on the issue of capex of the reworks that you already showed us in the presentation, but you'll understand more. We saw in this quarter the capex you open, even that it should be close to 90% in the lines that include other items, such as IT, digital. That line is running in the threshold of high teens of NOI over the last months. We've seen New York performing better. We have, if we look at the results per asset, but the question is, can you somehow quantify how much the outperformance of New York is due to the rework and looking to the future? How do you see this KPEX cycle? How many assets are still going to be reworked? Can we look at that investment expenditure on the first quarter? It's going to be proxy on the line of Capex. Anything that will give us more color will help. Kiefer, this is Eduardo. So you asked me if we are going to continue to spend the value that we have employed with the reworks for the next few years. I believe that that will happen in about a year and a half in the future. Now we have to recover everything that we stopped doing during the pandemic. The pandemic was very painful for the shopping mall sector. So we have a mandate to rework a lot of the things that were left behind. So I believe that another year, year and a half, That's going to reach a threshold that was the pre-pandemic, the normalization threshold. So I realized exactly how much we can capture due to the movement that is done in New York. It's very difficult because everything is mixed up. But I can assure you, you have situations where either you do the work or you lose the enterprise. This company lives of the people that go to their malls. So this experience has to be very good. This has to be the best experience possible. And the best thing is infinite. We can improve every day. I have somewhat of a difficulty to calculate. The thing that comes from that specific something, extrapolate something that's specific from the New York investment. Well, we would be at a very bad situation. We don't want that to happen. So just to complete Eduardo, Kiefer, it's in the reports. So the result of New York over the last month is extraordinary. 24.4% of growth of rent and 32.4 in the growth of sales. So in the quarter, it was 2.4. about 1% and the sales above 8%. So you see how quick the New York shopping mall is growing. It's very difficult for you to, you know, get this case and then you get the result of senior cases such as New York, and then you compare it to Deaga Shopping. In the last case, you see the evidence of what is the positive impact of these rework. Well, we can see that the reworks that are happening in Baja shopping and what don't be, they have a result. So you have a differentiated experience in those models. So a lot of what we are experiencing and the results of growth comes from there. So briefly, we're going to have the launch of the diamond mall of body. We, as I told you, Daniel Gasparetti Your microphone is open. Thank you for the opportunity to take part in this call. Two questions. Let me start by Eduardo. If you can help us understand more on the part of the priorities of the company. So we want to understand how do you see this looking up ahead? So new assets. Where do you see that there's going to be an opportunity of growth in the operational? Is it going to be in the margins? And the second one for Armando, and the leverage and deleveraging strategy. You commented that there could be more sales, but how do you think that this deleveraging will take place in the end of 25? Well, thank you for the question. I see great opportunities here for the company. There are many that I cannot disclose, unfortunately, because we are still negotiating a few things. So you will know as soon as things are done. I see a long path, but a long lasting path. So we can get you new records on what we are doing. It had record on the growth of sales, of foot traffic. So improving the assets will be another driver that is very strong of the company. To grow and expand also until we can see that the growth is sustainable. So for now, that's our mindset. That's the will of the company, so to speak, and our mantra, which is always to deliver the best experience for our clients. I still see great opportunities. within our portfolio and its surroundings so we can grow, therefore finding better results for the company and thereby adding more activities for the existing malls. Regarding your second question about deleveraging and your mention about efficiency, the company has showed quarter on quarter a series of efficiencies with very high margins, Let's not confuse the margin of EBITDA decreasing as if it was a negative point, but this is a growth in the real estate activity. The growth of the part of the real estate, the gross real estate and the books of the company. So the expenses of the company is eight and a half percent of the net Expenses properties 6.8 the impact of that of anyway 93% 93.2. These are new thresholds new records that are very high and that we are seeking as Eduardo has said ways of keeping this. working. Deleverage, as we said on the proposal for GE, well, the company is deleveraging naturally. If you think about that 1.41 deleveraging and then you add the deleveraging that represents the repurchasing of 2 million reais, you would have 2.7, 2.68. You have a threshold that is very comfortable. The generation of cash flow of the company starts naturally to the leverage and the selling of assets. For example, Junjai makes. Well, it goes, but we go back to the response of Eduardo. We can be ready for new opportunities and if they make sense of the price. It's not a need. So this is just a demonstration of the capacity of the company of deleveraging itself quickly and be ready to continue to grow on this very positive note that we have on the shopping malls and the importance of the shopping mall in the retail sector of Brazil. But the expectation is that we are going to deleverage naturally all throughout time. Another point, when you get a sale, this possible sale of Yunjia Yi, You have two effects. You have an effect on the cache and then another one in the bit dump, recognizing the results. So this is a double effect for the leveraging, okay? Thank you. Can I just do a follow up? You mentioned something very interesting, that the company is getting to a record after a record. And when we look at the financial and operational results, I've never seen the company so healthy. But I wanted to understand, do you think that there is a space for you to improve the NOI margin, the EBITDA margin, the operation of the mall? Do you foresee this or? This is, as Eduardo has said, this depends on the environment of the growth on sales. Well, Daniel, I believe that there is always space for improvement. That's the philosophy of our company. We want to be the best, the best at everything. So there is a space for growth. There is a space for delivering. I remember a few years back, When we had a board meeting and then we did the presentation, the partner said, well, maybe you got to the limit of what you can bring to the company. And he was wrong. So we are rowing in the right direction and we're delivering a better experience. And I want to be more profitable. Thank you, Eduardo. Thank you, Armando. Have a nice weekend. So we have the question from Lauren from XP. Good morning. Thank you for the opportunity. Well, first issue, more along the lines of gaining margins on the points that have brought our attention positively is that the delinquency is negative. And that has to do with the rents that are, you know, you're reviewing the older rents. So can you open up on the profile of these rents that you've recovered, so to speak? And is there any asset that has brought your attention? What is the expectation, looking down the line? And the second point is about real estate. I believe, well, This is on the idea of the sales performance of the AKI in this pre-launch. I think that Eduardo commented at the beginning And I wasn't there at the beginning, but a bit of an expectation for the delivery of the first phase of the Golden Lake. I think that there is a revenue hired that should be reconciled and that timing is very important so you can recognize it effectively. So if you can give us a panorama, that would be nice. Okay, first question, delinquency. You've mentioned the driver. Well, the big driver for the recovery of rent is the good environment that you find at a mall, a performance that is good. Well, you know, you have the tenants, they don't want to lose their store. When you have good income in an environment that is low inflation, cost of occupancy that is lower, everything is positive. So this is the big driver. But when you look up ahead, and this is what we've done since the beginning of last year, the opportunity of recovering older rents. So if you look at the effect of that recovery in the aging, You see that there is a reduction also on the long term, showing how healthy this environment has become, how positive, and the comment that Eduardo had on the previous comment, looking up ahead, we are living a positive moment. this is not a snapshot this is a movie so in regards to the real estate well we have 40 of the units that were sold at lake erie in this first phase and the second phase sorry and on the first phase the We publish even a few of the data of what was accounted, recognized, reconciled of the sales of Lake Victoria first phase and how much we have sold. So if you have the VGV sold and you decrease it, you remove it from the accounted, you have a balance of 115 million reais. That 150 million reais should be reconciled at the end of the works. I cannot give you with precision when we're going to have that happen. Well, it's probably not going to happen in the fourth quarter as we imagined due to events that we don't have any control. You know, the weather, the flood in the second quarter that made us delay the delivery of materials and difficulty with And that might delay things as well. Continue to delay. As soon as we have surety of when the works are going to be done, we're going to let you know. and it's more of a difficult planning, but we cannot give you more color and more precision. The number that I give you are just for the units that are sold. Imagining that all of them are gonna be structured and I'm not getting any annual sale. It has a positive impact on the recognition of the real estate. Okay, thank you. Next question, Marcelo Matta, JP Morgan. The floor is yours. Good morning, everyone. Thank you for the opportunity. Two questions in a theme that is related. If you can comment on Junjai, the collective effect for EBITDA, maybe you can think or comment on orders of magnitude And also another thing that might, you know, turn the fourth quarter strong, you have fuel land, land that you, some land that you can sell. So what are the effects of maybe selling the, some of these real estate and then Shunzhai for the fourth quarter? What is the total effect of that? Mota. Good morning. Thank you for your question. Now about Jundiai. It's still difficult. So as long as, as soon as we have that contract liquidated, the EBITDA, we have the records of the case, the performance, You can do some projections. We don't give a guidance, but you can give a few projections of results and just getting the numbers that are informed and the numbers that are in our balance sheet. As for the selling of the land, there is some real estate that was launched So you overcoming the preceding conditions for liquidation. If you fulfill those, we're working with our expectation is that on the fourth quarter, we can have a few reconciliations, but we don't have a complete control of the process. It depends on an approval of a process. and they're all being worked out. We're working diligently to overcome the preceding conditions and reconciling these results as soon as we can. On the real estate that was already published. Thank you. And the fourth quarter, hopefully we can reconcile it. That's the expectation. Next question is from Santander. The floor is yours. Good morning, Eduardo. Good morning, Armando. Congratulations on the result. I have two questions. First, in regards, you commented, Armando, on the I know you don't give a guidance, but what can you help us in the expectation of the company for this line on the next year? So that would be the first question and the second question for Eduardo. It really called my attention besides the highlighting of the performance of the assets in Rio Grande do Sul, it called my attention the health of the assets of Belo Horizonte. First of all, the level of occupancy in the acceleration for the Diamond Mall. And maybe, do you think that there is an impact on the reworks of the 6,000 square meters that you changed the mix and it became a restaurant? And then you have Belo Horizonte that had a change. for the plan of the city plan, but an increase on the, well, I know that Savasi was taking on that. So does that make sense that we see more expansions in this city? You're launching the diamond, but I wanted to understand if you think that there is a space for the next assets to be expanded. Those would be the questions. Thank you. Hi, Fanny. Eduardo here. Thank you for your question. Really, Belo Horizonte is a city that always gave us a lot of happiness. It's the first shopping mall. The company was built there in 1979, BH Shopping. And to my surprise, BH Shopping, there is this opportunities that are very good. So we can expand the size of the mall and we can bring other activities. We're studying. We are maybe doing an office tower that is going to bring more synergy to its surroundings. And then you have Patio Salvazzi. And it's the same moment that Patio Salvazzi is going through. It's being completely reworked. We have the possibility of growing and expanding the shopping mall with other activities. It's a very special moment for Belo Horizonte. There is that possibility that we can almost double the area of GLA that we have in that city. So it's an operation that the mayor's office approved. We have the potential of buying and we can continue to grow. It's a challenge because there are shopping malls that are in Belo Horizonte, in a land that is very much built, but there's still space for a bit more growth. We're studying that. And in Pachasavasi, we're doing the same. The same thing will happen. In fact, it's very gratifying to see the return of our investments. And recently, and in the near future, we will be able to experience the expansion of Diamond, which is directed for a more sophisticated area for the food and beverages. It's going to complement the city with brands that are still not there. And the first question about the bad debt. You see that the guidance, the environment that we foresee with today's eyes, we think that it's a very reasonable favorable, the shopping mall is doing very well. And we are expanding that new energy And Eduardo explained this as a whole. So it creates a more favorable environment. And this favorable environment is the one that has helped us to have a great recovery. And therefore, it helps with the curve of bad debt. So I'm showing all the consequences. But besides that, Armando and Fanny, when you look at this, you have Well, I reworked the shopping mall Pacha Savasi. It's almost ready. There is just one floor to rework, but it doesn't have vacancy, very low vacancy, because people don't want to leave. Why would want to want to leave someplace that is progressing, so there is a natural movement of the tenant of trying to get their accounts worked out with the company, so this is a positive effect for the rework for the shopping malls that we're investing. Thank you. Now, just one point here still, Eduardo. Savasi's third floor is a potential for the expansion that is very easy to be done, right? There is that external part of the shopping mall. Well, last year, well, next year, we are going to do the complement of this area. And when I say that there is more opportunities is that we are studying the land close to the shopping mall to take activities that are still not there. with an office space with 15,000 square meters is a great area for that. We saw very exciting values that are surprising for Belo Horizonte. I see values close to Belga Shopping that are higher than Sao Paulo. So we're looking at this opportunity as well. Thank you, and the last question. Along the lines of the New York, do you think that this growth that we saw in diamond malon cells, is it just a part that is impacting here? Yes. We reworked the formal, we took food and beverages, we had a change in the mix, very strong, and it's going to become very, labor intensive from the sixth onwards, because that's when we deliver the expansion. So on the 18th of November, it's going to be great moments for the company because Diamond Mall, we're going to launch those expansions. And this experience has to be there for you to see. Well, you see the movement, you see the positive mood of the tenants working. This creates a very positive environment, and this is a reflection. And to compliment Fanny, I remember that Armando is mentioning this. Well, you're going through works in Barigui that changed, that updated the shopping mall. It's the third floor, so on the roof of the shopping mall. And it's 15,000 GLA per 50,000 of build area. And the shopping mall is still performing as As if nothing had happened there. So it's very surprising. Certainly. Thank you. Have a nice afternoon. Next question. Your microphone is open. Please continue. Good morning. Thank you for answering my question. Two questions. Well, first, I wanted to know more about the schedule of the revamp, the reworks. Well, we see that these improvements had an impact in several models. We saw that there is a drop in rent year on year, and was very expressive. Now, in the third quarter, we saw an increase that is very expressive for the shopping malls, an increase of rent year on year. Now, I want you to understand, when you think about the schedule of rework, well, should we think that, you know, the worst is past us on the second quarter and that we should only see improvements from now on, or should we think Well, I'm going to work in the next quarter or the next one. And We should see another drop year on year. So can you give us some, another, well, another notion on those impacts would be great. So the second question is about sales. Well, we see, if I see the records here on the third quarter, the increase in sales on the same store, you are almost at record growth year on year. So I want you to understand, what do you think about these sales? What is happening? Well, it's two years, so the long-hanging fruits have gone by, but you know, what is a driver for these strong sales? Do you see that the portfolio is taking market share and the target audience has a better financial health than the rest? Do you see better health, financial health within the markets that you're working? So the type of mix, if you can give us some color, what is that driver for these sales that are still very strong? So Jor-El, I can only believe that the driver for the sales to actually happen at the threshold that they're taking place is that we managed to execute our strategy in a positive way. Our mindset was always to have the best shopping malls and delivering the best service. We managed to do this and I believe that we are going to continue to be surprised with growing sales. The future will tell We have macroeconomics that influence more. The part that we can control, which is to make the life of our consumers that go to the mall, it's going to be an easier life. We're going to increase and improve. You asked a question about if the worst is past us on the reworks. Well, I would like to say yes. The more acute part has gone by. We're going to continue to rework it, but it's pinpoint and less structure than what we've done from until now. So I don't believe that there is going to be any big impact in the rents as we had in the first quarter of this year. So we're going to continue to rework, but these are complementary to everything that we started to do this year and finishing next year and maybe a few things left for 2026. So just to jump around, well, there is the multiple choice testing, if you remember. So you described a series of facts that really generate higher sales. But I'd like to give you that this management of the mix that Eduardo said, searching the best operations, all of that part of events that we do at the malls, All of this is the sum of the parts. There isn't an event that, well, you know, there is a GDP. No, it's the placement, it's the target audience, the training of the mix of the stores. We've worked strongly and all those effects together I could translate everything in one word, management. Management, the rhythm of management that we have of these events. And on the reworks, still with Eduardo's answer, Remember that we have an environment of zero inflation being passed on. So now we have an environment that you're going to pass on that inflation. So you're going to see less of that effect than my expectation. Thank you. Next question, Aline Caldeira, Bank of America. Your microphone is on, you may continue. Good morning, Armando Eduardo. Thank you very much for this opportunity. I wanted to go back on the issue of CAPEX, but before I wanted to talk about expansion. It was discussed in a call that you're delivering at the expansion of the Diamond Ball and Barigui, Can you tell us more on what you expect with the launch of these expansions? A bit of what you've done on the mix that you added, and what do you expect that can increase the revenue of the assets? That would be interesting. And then, now that you delivered two of the three expansions that you had active, in fact, how is the pipeline looking up ahead in terms of expansion, capex of expansion? Hello Aline, thank you very much for the question. Expansions is the line that we chose to grow. Now we had several cycles as the one that we are facing now of consolidation of portfolio. You've discussed specifically Diamond Mall and Barigue. more for the food and beverages and international brands. So we are trying to complement our portfolio in Belo Horizonte. that didn't have those activities? Well, I believe that it is going to be very strong in the full market, but very deeply with the assets of Diamond Mall. We're going to see a visitation that is much higher, certainly. And this is taking place because we are reworking the malls. This will intensify with the expansion on the 6th. Kuritiba Barigui is a relaunch of the shopping mall. 95 spaces. We have 22 clinics. Uh, entertainment, a lot of entertainment, a medical center, a lot of, uh, food and beverages that restaurants that change, uh, and have a positive effect on the shopping mall as a whole. It's difficult, uh, to say how much is going to grow because this is futurology, but we are very close to the events and then we can tell you with precision the impact of each. I am certain that both are going to be very important for the city that they're inserted and the shopping malls where they're going to take part. That's for sure. Thank you. Now, in terms of pipeline of the expansions from now on, what do you think? So you're doing Model B shopping and at the same time you're doing a Capex that is relevant of rework that is very important. How do you think about this balance between the expansion and rework looking up ahead? Well, we have two under constructions besides the one that we're going to deliver now, Massaió and Morumbi. The next one that we're going to expand is Park Shopping in Brasília that we have an intensification and growth of the real estate along the shopping mall that is very strong. As I told you in the beginning, the perspective over the next 10 years is another 30, 40,000 people occupying those spaces of several enterprises So January of next year, we start to build Park Shopping Brasília. And then we imagine that we're going to launch Jundiaí and São Caetano next year. Thank you, Eduardo. Once again, congratulations on those results. Next question. by text Rich Young now in regards to the disinvestment on the minor participation of shopping would be an impact in the fourth quarter gains and investments and tax gains. This is from Rich Young. Yes, we're going to have an impact on the sale, on the line of revenue, as well as the investment one, and cost and taxes, and consequently because of this. So as soon as the operation is liquidated, the expectation is that we're going to liquidate it on the fourth quarter of this year. Thank you for the question. Thank you for all the questions and your interest. We're going to close the session of Q&A. And those of you that still have questions, get in touch with the International Investor Relations Department. Now, I would like to give the floor to Mr. Eduardo Perez. He may close the session. Thank you very much to everyone for your time and for this space. It might seem trivial what we do, but it's not. the deliverables of the company so we can reach those results is total. Everybody is working tooth and nails. And I see myself also, I also work on the weekends. I see everyone working with an accelerated pace and we should keep the speed. Thank you very much to everyone that takes part on the day to day of the company. This is a daily... We work diligently daily. We are very optimistic. We have the best part of the year. We are going to have Christmas and the closing of the year, the investments, so we can have this positive momentum. We've done the investments already and everything is ready for things to take place. We're going to have an exceptional end of the year. Very excited for it. Thank you very much. Have a nice day.