Earnings call transcript: Empresas Copec Q3 2024 sees 27% EBITDA growth

Empresas Copec (BCS:COPEC) reported a robust financial performance for the third quarter of 2024, highlighted by a 27% year-on-year increase in EBITDA to $760 million. The company also recorded a net income of $404 million, reflecting strong operational execution across its divisions. Despite a challenging market environment, particularly in the pulp sector, Empresas Copec’s strategic investments and expansion initiatives have positioned it well for future growth.

Key Takeaways

• Empresas Copec’s Q3 2024 EBITDA rose by 27% year-over-year.
• The company completed a significant asset sale in Brazil, contributing $967 million in cash inflow.
• New projects include a $4.6 billion pulp mill in Brazil and expansions in logistics and energy.
• Pulp market weakness affected prices, but recovery is expected in Q4 2024.

Company Performance

Empresas Copec’s strong performance in Q3 2024 was driven by substantial gains in its forestry and pulp divisions. The forestry division reported a 27% increase in EBITDA, while the pulp division’s EBITDA surged by 135%. These gains were achieved despite a weakened pulp market, with hardwood prices declining. The company maintained its competitive edge through strategic investments and expansion in key areas such as logistics and energy solutions.

Financial Highlights

• Revenue: No specific revenue figures provided for Q3 2024.
• EBITDA: $760 million, a 27% increase from the previous year.
• Net Income: $404 million for the quarter.
• Net Debt to EBITDA ratio: 2.5%, within the desired range.
• Total (EPA:TTEF) Financial Debt: $2.2 billion.

Outlook & Guidance

Looking ahead, Empresas Copec anticipates a potential recovery in the pulp market in the fourth quarter of 2024, with expected volume increases in short fiber. The Sucuriu project, a new $4.6 billion pulp mill in Brazil, is set to begin production by the end of 2027. Additionally, the company’s innovative energy solutions, spearheaded by Avastimle Tech, aim to contribute 20% of EBITDA by 2028.

Executive Commentary

Rodrigo Rodobro, CFO of Empresas Copec, emphasized the company’s strong financial performance, stating, "We recorded EBITDA of $760 million, which is up 27% year on year." He also highlighted the company’s focus on innovation and renewables, noting, "Energy Solutions related to innovation and renewables should represent 20% of Avastimle EBITDA by 2028."

Q&A

During the earnings call, analysts inquired about the impact of the forestry asset sale in Brazil and the company’s expectations for pulp prices and volumes. The management confirmed that land preparation for the Sucuriu project is underway, reflecting the company’s commitment to long-term growth.

Risks and Challenges

• Pulp Market Volatility: Continued price fluctuations could impact profitability.
• Market Saturation: Increasing supply from new facilities may pressure margins.
• Economic Conditions: Cautious markets in China and Europe may affect demand.
• Project Execution: Delays or cost overruns in large projects like the Sucuriu mill could pose risks.
• Regulatory Changes: Potential changes in environmental regulations could impact operations.

Empresas Copec remains optimistic about its future prospects, supported by strategic investments and a focus on sustainable energy solutions. However, the company must navigate market challenges and economic uncertainties to maintain its growth trajectory.

Full transcript - Empresas Copec (COPEC) Q3 2024:

Conference Moderator: Good morning, everyone, and welcome to Imprisascopec Third Quarter 24 Results Conference Call. Today’s presentation and the 3rd Q earnings release are available on the company’s Investor Relations website at investors. Impresascopec. Cl. Before we begin, I would like to remind you that this presentation may include market outlooks and forward looking statements, which are based on the beliefs and assumptions of Imprisys Copac Management and on information currently available to the company.

They involve risks, uncertainties and assumptions because they relate to future events and therefore depends on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Empresas Copac and could cause results to differ materially from those expressed in such forward looking statements. This presentation contains certain performance measures that have been adjusted with respect to IFRS definitions, such as APDA. In this opportunity, questions will be received in written form. If you have a question, please write it down on the Q and A section.

Please be aware that your company name should be visible for a question to be taken. I will now turn the conference over to Mr. Rodrigo Rodobro, Chief Financial Officer of Vimprisa Skopec. Please go ahead, sir.

Rodrigo Rodobro, Chief Financial Officer, Empresas Copec: Okay. Hello, everyone. Thank you very much. Thanks, everyone, for joining in to this webcast where we will be taking a look at the results of the Q3 2024 for Impreza’s Copec. I will do the first part of the presentation by myself.

And when we come to the Q and A section, I will be joined by Mr. Christian Palacios, Director of Finance and Investor Relations at Empresasco Pec and also by Mr. Gianfico Toffelo, CFO at AaltoCorp. Let me remind you that you can post your questions through the chat that is available on the webcast platform as from now if you wish to do so. So having said on that, let me begin by the most important highlights for the quarter.

We recorded an EBITDA of $760,000,000 which is in line with the previous quarter and way above last year. And this has to do with improved performances in forestry and energy. In the case of forestry, we have higher volumes. We also have prices which are substantially higher than last year and also lower unit selling costs in pulp together with increased volumes in panels. Q on Q, we had essentially volumes growth in the pulp segment.

In the case of the energy sector, we recorded an improved performance at Copec where we have higher volumes and also favorable industrial margin. Also good results coming from our studio where we have higher volumes across the board for all countries. In the case of the Q on Q comparison, we had an unfavorable inventory regulation effect for Quebec. In what relates to the main projects and other developments that we have announced during the quarter, we announced the approval of the Sucuriu project by Arauco. This was communicated as an essential fact at the parent company level and at the Arauca level as well.

And we did a special webcast on that quite a lot of detail about the project already. Together with that, Arauca announced the closure the closing of the sale of forestry assets in Brazil. And we also have another project just announced by our LPG company in Colombia, Colgas, which announced the beginning of construction of an import facility in Colombia. In terms of ESG, we issued the 1st green bond at the pepper company level. Avastivule launched a subsidiary, which is going to be devoted for sustainable energy solutions.

And Copec continues to make progress in electromobility by announcing a new electro terminal for buses in Valparaiso. The main figures for the quarter are shown on screen. As I said before, we recorded EBITDA of $750,000,000 $760,000,000 which is up 27% year on year. Our debt to EBITDA is considerably down with respect to the last figures that we had published, 2.5%. That’s what we have reached at the end of the quarter, 2.5%.

EBITDA, pulp, is up by 135% year on year, which brings it up to $339,000,000 In the case of Wood Products, it’s pretty much in line with the last quarter and standing at 124 dollars Copec and AUSTINIA are both up with respect to last year. In the case of AUSTINIA Necrocera, we are up with a very good performance. And in the case of MINA Juste, we are showing an EBITDA of $175,000,000 which is up both year on year and Q on Q. That’s the historical evolution of EBITDA net income that we are showing on screen. Once again, we came up to $760,000,000 of EBITDA.

This is up 27% with respect to last year. Dollars 404,000,000 of net income, which is also quite significantly up with respect to both the initial proceeding quarter and the quarter last year and which is influenced by a nonrecurring effect that we had in the non operating results. In terms of our balance sheet, you can see there that our total financial debt is down to $2,200,000,000 and we have a very well balanced schedule of maturities going forward. Net debt to EBITDA continues its downward trajectory, closing the quarter at 2.5%, which is at the exact midpoint of the desired range that we have established in our financial policy. The one of the drivers of this quite significant drop in the net debt to EBITDA is the fact that EBITDA is gradually has been going up, but also the fact that we got a significant cash inflow from the operation of sale of forestry assets of Arauco in Brazil.

And you can see down there that the debt distribution of debt by company is in line with the relative magnitude of each company and also with the relative risks of each company. In terms of returns and EBITDA margins, we are considerably up with respect to last year and pretty much in line with respect to last quarter. Let us move and deep dive into the Forestry division. What we are seeing here is Aramco (TADAWUL:2222) recording an EBITDA of $463,000,000 4.63 dollars This is up with respect to the preceding quarter and also significantly up with respect to last year and has to do essentially with improved margins in pulp, which in turn stem from higher volumes, lower costs across all fibers and also improved prices with respect to last year. Net income is also influenced by nonrecurring effect related to the sale of assets in Brazil, which amounts to approximately $170,000,000 A few words about the pulp market.

During this quarter, you can see that EBITDA for pulp is up to $339,000,000 which is in line with the last quarter, but considerably up with respect to last year. And this had to do with increased volumes, also prices which increased a lot with respect to and decreased a little bit with respect to the last quarter. But also and to a great extent has to do with costs that come down. Remember that last year, we were still facing the initial stages of the MAPA ramp up with very volatile costs that were also at a very high level. And this year, we are seeing costs that are more stable and at lower levels at MAPA.

So that has is a significant part of the explanation for the improved EBITDA in pulp. Few words on the market for the Q3 2024. We saw a market that was weaker. During the Q3, a decrease in demand together with an increase of supply and therefore inventories in general trending up, as you can see in the graph down to the bottom right corner. In China, the market was stable and relatively cautious.

Paper producers are facing lower margins. So in general, we saw prices trending downwards, especially in the case of hardwood. Hardwood had a downward trend during the whole of the quarter and has shown some stability during the last few weeks. In the case of softwood, however, we saw a slight decrease at the beginning of the quarter, but we then saw prices stabilizing at quite healthy levels for Safran (EPA:SAF). In Europe, we had seen a very strong market during several quarters that was not so anymore for the last quarter, for the Q3 of 2024.

The market was definitely weaker than what we were seeing. And we saw several maintenance stoppages and also hardwood prices trending down. And finally, the solid pulp showed continued to show a healthy situation with a balanced supply and demand. In terms of the outlook for the Q4, We could see some recovery in China. We have seen some degree of resistance at the levels where the prices are right now.

And together with that, we just saw the announcement of several economic measures announced by the Chinese government, which aim to boost the recovery of the Chinese economy. So this might eventually have some effect on the pulp markets. Europe might continue to show trends like the ones we saw in the Q3. So we continue to see some cautiousness, mainly in printing and writing segments. And on the other hand, we could see supply continuing to increase because we are seeing the ramping up of 2 new facilities that are entering the market.

Given all that, we are showing there on the upper right hand corner the evolution of prices in China. So you see this very abrupt decrease in prices for hardwoods, reaching levels of $5.50 to $5.60 per tonne where they are standing right now. And as I said before, we are seeing some resistance in that range. On the case of softwood, as we said before, we saw also a significant drop at the beginning of the quarter. But then we have seen stability in prices with levels stabilizing at this very healthy still very healthy levels around $7.70

Q&A Facilitator: per tonne.

Rodrigo Rodobro, Chief Financial Officer, Empresas Copec: Moving on to the Wood Products. We recorded an EBITDA of $124,000,000 $124,000,000 pretty much in line with the Q2 2024. These figures are in line with the mid cycle performance for the panel division. We have always said that this is a division that should generate somewhere around $500,000,000 to $600,000,000 in a mid cycle scenario. We have seen prices trending down a bit, but however, we have seen panels volumes and not only panel volumes, but volumes basically across the board for panels, for plywood and to an extent also for some timber recovering quite healthy.

So all in all, a steady stable situation for the Woodson Panel division. If we do the breakdown by geographical area here, North America represents more than half of our total sales. In general, we are seeing stability. In MDS, we have seen some new mills ramping up. So there might be an degree of effect from the new supply.

However, in the medium term, we could see a positive trend here. In the case of particle boards, the market has continued to show strength. We have seen price increases in fully operating mills and capacity exiting the market. And so all in all, stability and a fairly good perspective. In the case of remanufactured products, also a healthy market with a balanced supply and demand and some opportunities for price increases.

And in the case of plywood, also a positive outlook that we could see for the rest of the year. The second most important geographical area for our Woodson Animal division is South and Central America, where we have seen a different behavior for the different markets. In the case of Brazil, quite a stable market in terms of both volumes and prices. Chile still with some uncertainty related to a potential recovery of construction, which hasn’t happened yet. So key sectors such as retail and construction haven’t done very well over the last few months.

Argentina, we are seeing it with a slight pressure on costs, but with a slight recovery in volumes and margins. In the case of the rest of the world, Asia, Oceania and Europe and the Middle East that represents a lower percentage of our sales. And probably one thing to note here is some weakness that we are seeing in Asia because of demand weakness and increased supply. Let us move on to the Energy division now. Kopec recorded an EBITDA of CLP 211 billion, CLP 211,000,000 compared with CLP190,000,000 for the Q3 of ’twenty three.

So significantly up with respect to last year, but slightly down with respect to the Q3 to the Q2 of 2024. The increase with respect to last year comes from an improved industrial margin together with a healthy performance of volumes, both in the gas station and the industrial channel in Chile. All of that offset to some extent by an unfavorable inventory regulation effect and by lower volumes at Dermpella. You can see the evolution of our volumes there with a healthy growth of 3.8% in the case of gas stations and 2.4% in the case of the industrial channel in Chile. Herpel recorded an EBITDA of CHF153 1,000,000,000 sorry CHF448 1,000,000,000 for a net income of CHF153 1,000,000,000.

And the EBITDA is slightly down and the net income as well with respect to the Q3 of 2023. This decreased operating income has to do with lower volumes in some of the geographies and overall a lower total volume for Turpel, which has been hit to a great extent by some countries where we have specific factors affecting the volume such as Panama, which is a large country for the Perpeta and where we had the closure of 1 significant mining client. In the case of Dominican Republic and Peru, however, we see an interesting developments of the industrial and airport markets there. Together with that, we had an unfavorable inventory regulation effect. We had some increase also in distribution costs.

All of that offset to some extent by the sustained strong performance that we have seen in the Lubricants division at DERPEL. Our steel reported quite a strong quarter with an EBITDA of CHF 60,000,000,000 compared to CHF 48,000,000,000 in the Q3 of 2023. Dollars So quite a significant improvement there that has to do with a very attractive volume growth across all geographies. As a matter of fact, we can see volumes growing in Chile, Peru, Colombia and Ecuador at rates which range from 5% to 8%. So quite healthy growth of volumes in general in AmaSteam, together with margins that also increased to some extent.

You can see the behavior of all geographies there. As I said before, with improved volumes across the board, in general, having to do with successful commercial strategies, many of which have a very important component. Commercial strategies offering integral energy solutions to traditional customers. And together with that, some specific factors that have affected volumes during this last quarter, such as the behavior of the poultry sector in Peru, which is quite a significant customer for Solgas there and also some opportunities for other for the substitution of other type of fuels in the different countries. So all in all, a very good performance of our Stigler in this quarter.

And then moving on to the other investments, just a couple of things to highlight here. Sonoco, as usual, very stable. Ichiban recording a loss in this particular quarter having to do with some weaker conditions, essentially in the forest and the fishing sector. Metrogas with strong results compared to a quarter last year where we recorded a very significant effect of foreign exchange differences on the provision that we had the judicial provision that Metrogas had recorded in dollars. And finally, Coupe Sandina recording an EBITDA that is higher than last quarter, an EBITDA of $175,000,000 compared to $166,000,000 last quarter, which has to do with increased prices, so better prices and also the reception of some insurance compensations that Minajusta during this quarter having to do with business interruption during some months last year.

So a better performance of EBIT a better EBITDA of Vistra in spite of the fact that we as we have said before, we are producing a segment of the mine that has a lower grade and therefore production is lower and cash costs are higher than last year. In spite of that, we have recorded a better EBITDA than last year. And that is basically what we had prepared in terms of numbers and review of results. And in terms of the highlights of the quarter, as we have discussed in detail during the quarter, we have Arouco has approved the construction of the Superiu project, the largest investment in the history of the company. We held a specific conference call on this, so you have a lot of information about this project.

But just to remind you, this is a new pulp mill that we will be constructing through Araujo in the state of Mato Grosso do Sur in Brazil. It is a 3,500,000 tonne pulp mill, which implies total construction CapEx of $4,600,000,000 This has been contracted out to Valmed, a Scandinavian vendor, which has experience in the pulp industry and in a contract of the format of the EPC format. So Valmed is going ahead with an EPC for the construction of the mill in Brazil. This is a state that has excellent conditions for the growth of plantations. We have been acquiring lands and forming and acquiring plantations for the last more than 10 years in Brazil.

Excellent conditions for the growth of trees and also excellent conditions in terms of logistical connectivity for reaching the coast of Brazil and from there the final destination markets. The financing of the project considers an equity injection of $1,200,000,000 from the parent company, Empresas Quebec, into Aramco, so an equity injection at the Aramco level coming from the parent company and Plesascopec, which will be financed via the existing cash, which nowadays amounts to more than $600,000,000 at the parent company level, together with dividends to be received from the other non Aroucho subsidiaries. So basically, Copec, Arcelora and Miej Husse will be providing dividends to the parent company, which are going to then be injected into Aroucho. And together with that, a temporary reduction of the dividend to be paid by Persasco Pet to its shareholders with a reduction of the policy of the dividend policy during 3 years from our traditional 40% to the legal minimum material, which is 30%. That should provide for the financing of the SubbuLi project and for the injection of up to $1,200,000,000 that we have committed from the parent company into Arauco.

Another important operation that was closed during the quarter was the sale of forest in Brazil that Arauca had announced by the end of last year. It hadn’t materialized yet and it was finally closed during the Q3 of 2024. This is a sale of forest in Brazil, which brought about a cash inflow a net cash inflow of $967,000,000 which was essentially devoted to paying down debt at the Arauco level. And that is part of the explanation for the drop in net debt to EBITDA that we have seen today this quarter at both the AUCO level and the consolidated level. And together with that, this is an operation that has, as we mentioned during the presentation, has given way to a nonrecurring effect of $170,000,000 in the net income for this quarter.

On another scale, but also very important, Blue Express is a company that we acquired a couple of years ago through CopEx or a subsidiary company CopEx. It is a very good complement for the existing assets of Copec. It’s a last mile logistics company, which complements very well with the logistics related to the gas station network for Copec. Rollech plus has grown at 2 digit rates since Copay took hold of the company, so much so that we are now giving way to the expansion of its distribution center through this investment of $35,000,000 So Blue XP (NASDAQ:XP) is doing very well with very good projections and therefore this expansion has been announced. Also on another scale, but also quite significant, Colgas, which is our liquid gas division in Colombia, a subsidiary of Avastible, has announced the construction of its new liquefied gas import infrastructure in Colombia with an investment of up to $60,000,000 in different stages, which will allow Colgas to have better access to the importing markets for liquid gas and therefore have more efficient and more robust supply of liquid gas.

In terms of ESG, also several important news here. Empresas Copec has carried out 1st green bond issuance at the parent company level for a total amount of US4 $1,000,000 which is the inflation adjusted currency in Chile. This is the equivalent of USD163 1,000,000. So a green bond placed by a pre tax profit parent company into the Chilean local market with very good conditions, as a matter of fact, with the lowest corporate spread that the market has seen during this year. Avastimle launched a subsidiary called Avastimle Tech, which will be devoted for sustainable energy solutions.

This is a format a commercial format of energy solution that Avastimile has been pushing during the last few years and that will be formalized and also boosted with this new subsidiary company that aims to operate not only in Chile, but also in the other geographies where Avastivre has operation and also aims to represent 20% of Avastiv EBITDA by 2028. So Energy Solutions related to innovation and renewables should represent 20% of Avastiv EBITDA by 2028. And finally, Quebec continues to make progress in its positioning in electromobility. It has announced a new terminal for buses. Quebec has turned itself into the most important player for the supply of electricity for buses, city buses in Chile and in the countries where it operates and continues to do so by this new announcement of this electric terminal carried out by Valtix, which will supply and accommodate up to 44 buses in the city of Valparaiso near Santiago in Chile.

And last but not least, this is probably the final call for our Investor Day, which is a few days away. This is going to take place next week on two sessions in November 19 November 20. We’re going to have sea level presentations in Santiago taking place next Tuesday during the morning of next Tuesday. Some very interesting presentations, which will be carried forward by the most important executives of our company and our subsidiary companies. And that will be followed on Wednesday by a trip to the south of Chile, where we will be visiting at our cost Line 3, MAPA, the MAPA project, which is, of course, already up and running and also our biotechnology center at Bioforests.

So a very interesting visit to the south of Chile. All investors more than welcome and still on time to join into this Investor Day, and we will be waiting for you. Having said all that, we will open it up for the Q and A section. As I said at the beginning of the presentation, I will be joined by Christian Palacios and Gianfranco Trofranco. So please feel free to finish posing your questions through the chat at the platform.

Christian and Gianfranco, please come in. Thank you.

Conference Moderator: Thank you. We will now start the Q and A.

Q&A Facilitator: Okay. Hello, everyone. Thank you for attending this webcast. I’m going to start with a couple of questions in Forestry. The first comes from Enrique Marquez at Goldman Sachs.

Gianfranco, could you give a little bit of color on the potential impacts in the cost side for good barrels after the forestry sale, especially as wood price are continuously increasing in Brazil.

Gianfranco Toffelo, CFO, AaltoCorp: Okay. When we decided to sell the forest in Paranao, we assumed that we were going to cure higher cost of wood for the part that was vertically integrated with our forest. In our panel mills in Brazil, we have 4 mills. At that time, we had about 70% of the wood coming from 3rd parties. Only 30% was particularly integrated.

So assume a higher cost. Up to now, we haven’t seen any depressions in cost from our own wood. So we are being able to supply with 3rd parties without any problems. And we have to be seeing on the years coming if that much significant increase in cost continues. But we were prepared and we assumed that in the evaluation.

So we are prepared to deal with that and the mills are having good margins and good EBITDA in Mexican are competitive with the current structure of supply of food.

Q&A Facilitator: Another one from Enrique. Do you have any update view on pulp prices for 4Q? How are negotiations in the long term pulp we’re going?

Gianfranco Toffelo, CFO, AaltoCorp: Well, I don’t have information about the pulp week negotiation. Of course, it’s happening right now at this moment. What I can mention is that, you know that short fiber prices, you believe, just went down significantly from the numbers we saw in July, August, and now it’s starting at about 5.50, 5.40. We think that, that should be like the bottom of the cycle because if you take into account the marginal cost of producers that have increased at least $100 since the last cycle. And that time, the price went down to $450, something like that.

So we think that, that should be more or less the equilibrium for the bottom of the cycle. We have seen the paper producers should have better margins, paper producers, especially in China with this current price, and they should start increasing demand and increasing a little bit the inventories. So we think the demand will be there. We have to watch what happens with the supply. There was some information about some competitors curtailed a little bit the production just to balance a little bit the supply and demand.

So we need to follow a little bit how the new supply comes to the market, but I think that we are already in the bottom of prices for short fiber. Long fiber is currently at good price, dollars 7.70 more or less and has a big differential, about $2.20 a ton. And there’s no new supply. There’s only reductions of supply in non fiber. So that differential should continue for some time.

So we need to watch out supply, I would say, for the coming month. In short, Fagua, I would expect the buyers returning to the market in terms of volume as the prices shouldn’t go further down.

Q&A Facilitator: Okay. So we have Matheus Moreira, Bradesco. Always in the pulp. How do you see pulp volumes evolving in the coming quarters? And you have the sense that most of the buyers have returned to the market following the steep price correction?

Gianfranco Toffelo, CFO, AaltoCorp: Yes. It’s too early to tell, but I think that we should see more buyers willing to increase their volumes because to eventually the low inventories they have over there. In our case, volumes should be increasing. I mean, we have had very good production, so in line 3 in the last month. So I think we should increase our volume of production, and we can also reduce a little bit the inventories that we have.

So I think the volumes should be catching up in short fibers. It’s very important that negotiations are happening in the London public. So we don’t expect to have more information next week. But I would say that our expectation of this is that volumes should improve.

Q&A Facilitator: Thank you, Gianfranco. Rudak Dominik is asking about he can provide an update on the forestry assets progress for Solven.

Gianfranco Toffelo, CFO, AaltoCorp: Okay. As we have mentioned before, for a 3,500,000 tonne mill, we need approximately 400,000 hectares of plantations, continuous basis for harvesting and replanting. We had from the past 40,000 hectares that are currently is owned by us that we bought many years ago. And we have been planting and leasing and doing some joint ventures in the recent years. So we have been able to secure around 220,000, 230,000 hectares of land currently.

In terms of planting, we are still been planting that and we have a little bit more than 100,000 hectares. The rhythm would be more or less between 50,000 to 60,000 hectares a year on planting. And most probably, we will have to buy a little bit from third parties at the beginning of the ramp up of the mill because for a 3 month track. But we are in a good track. Our partition has been very good and with a good rhythm, and we expect to have a sufficiently secured price to the mill once we start producing at the end of 2027.

Q&A Facilitator: Very clear, Jack. And I have two more questions from Clemente Swede, but they were already answered. It was about market pulp dynamics. So I’m going to wait another 10 seconds to see if we have another question. And there are no more questions for today.

Conference Moderator: Okay. This does concludes the question and answer session. At this time, I would like to turn the floor back to Mr. Rodrigo Rodobro for any closing remarks. Please go ahead, sir.

Rodrigo Rodobro, Chief Financial Officer, Empresas Copec: Thank you very much. So our final invitation for the event taking place next week, all investors are more than welcome to our Investor Day taking place on Tuesday And also an invitation to join us once again by the end of February or beginning of March to take a look at the results for the Q4 2024. Thank you very much for joining us today, and have a good afternoon. Bye bye.

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