Earnings call transcript: Sacyr Q4 2024 sees strong cash flow growth

Sacyr SA reported a robust performance in its Q4 2024 earnings call, highlighting significant improvements in operating cash flow and a strategic expansion in project awards. According to InvestingPro data, the company’s stock price saw a modest increase of 0.63% to €3.47, with a notable 14.62% return over the past year. Despite stable revenue, Sacyr’s operating cash flow surged by 53%, showcasing effective cash management and operational efficiency. The company maintains impressive gross profit margins of 68.95% and has consistently raised its dividend for four consecutive years.

Key Takeaways

• Operating cash flow increased by 53% to €164 billion.
• Sacyr secured five new projects valued at €6 billion.
• Net profit rose by 7.2%, with a significant reduction in recourse net debt.
• The company’s backlog exceeded €10 billion, with 71% from concessions.

Company Performance

Sacyr demonstrated solid financial performance in Q4 2024, maintaining stable revenues while achieving a notable increase in operating cash flow. The company reduced its recourse net debt by 32%, enhancing its financial flexibility. With a market capitalization of €2.75 billion and an attractive free cash flow yield, InvestingPro analysis suggests the stock is currently undervalued. Sacyr’s strategic focus on concessions, which accounted for over 90% of EBITDA, underscores its commitment to sustainable growth and risk mitigation. Discover more insights with InvestingPro’s comprehensive analysis of over 1,400 stocks.

Financial Highlights

• Operating cash flow: €164 billion, up 53% from 2023.
• Net profit: Increased by 7.2%.
• Recourse net debt: Reduced by 32% to €146 million.
• EBITDA/Net debt ratio: 0.4x.

Outlook & Guidance

Looking ahead, Sacyr aims to commit €4.5-5.5 billion in equity to concessional assets by 2033, with a projected dividend capacity of €1.6 billion. The company targets 3-4 contract awards annually, focusing on transportation, health, and water infrastructure sectors. Analysts maintain a strong buy consensus with a potential upside of 25%, according to InvestingPro data. The platform offers six additional exclusive ProTips about Sacyr’s financial health and growth prospects.

Executive Commentary

Manuel Manrique, Chairman and CEO, expressed confidence in Sacyr’s growth trajectory, stating, "We are confident that these growth drivers will lead us to become the number one company in the world in transportation, health, and water infrastructure development by 2033." CFO Carlos Mihangos highlighted the company’s strong cash flow performance, noting, "We were able to increase operating cash flows by 53% with an EBITDA to cash flow conversion of 96%."

Risks and Challenges

• Market saturation in key sectors could impact growth.
• Macroeconomic pressures may affect project financing.
• Exchange rate fluctuations pose a risk to international operations.
• Potential delays in project execution could affect timelines.

Sacyr’s Q4 2024 earnings reflect a strategic balance between financial stability and growth initiatives. The company’s focus on concessions and diversified project portfolio positions it well for future success, despite potential market challenges.

Full transcript - Sacyr SA (SCYR) Q4 2024:

Manuel Manrique, Chairman and CEO, SACIR: Good morning. I’m Manuel Manrique, Chairman and CEO of SACIR. Joining me today, as usual, is Carlos Mihangos, the company’s CFO. Thank you very much, dear analysts, media outlet representatives and investors for attending SACEIR’s financial results presentation for fiscal year twenty twenty four. At SACEIR, we are making steady progress in attaining the goals and commitments that we disclosed in May 2024 on our Investors Day and subsequently in June during the annual general meeting.

In the first year of this strategic plan twenty twenty four, twenty twenty seven development, we have made significant progress. And economic and financial results reported in 2024 are good proof of that. We rely on the best infrastructure project development platform. We also have a vertically integrated business model. We have a highly committed professional team, and we also rely on sustainable management.

We are confident that these growth drivers will lead us to become the number one company in the world in transportation, health and water infrastructure development by 02/1933. Our goal by 02/1933 is to reach an equity committee to concessional assets that will range between 4.5 and 5,500,000,000.0, going all the way up to 1,600,000,000.0. And to this end, Variances continues to make steady progress and will encompass most of our brownfield concessions. And we will also allow for the joining of a financial partner. All the resources obtained will enable us to access better opportunities in order to continue developing new projects.

In fiscal twenty twenty four, our recourse net debt target taking into account distributions from concessions and all the projects awarded enable us to reach better results compared to the plan. So our operating cash flow and equity committed enable us to make steady progress towards the target that we have set ourselves and all this resulting from successful tenders. All these projects enable us to increase future dividend payout by €1,000,000,000 coming from our concessions. So all the way up from €16,000,000,000 that we presented in May up to €17,000,000,000 that is to say 6.5 times the market capitalization of our company. I believe that this information plays witness to the capacity we have to generate cash flows in the future and therefore to keep on investing with well established profitability while creating value for our shareholders.

We have been reinforcing this message since the Investor Day. Our operating cash flow is the factor that best represents how our growth has been evolving. And this is also the best evidence of our business model. In 2024, operating cash flow at Zasir went up by 53% from EUR148 million recorded in 2023 all the way up to EUR164 billion this year. And the cash flow EBITDA conversion ratio stands at 96%.

So if you take a look at the graph showing how financial assets work, those concessions with low or no demand risk or guaranteed revenue show that we are about to reach that point where EBITDA and cash flow curves intersect. Remember that this is like a Gauss curve when talking about financial assets, whereas cash flows is an upward curve over time. Over 90% of our EBITDA comes from concessions with demand risk mitigation mechanisms in place, which are accounted for as financial assets. Therefore, EBITDA goes down while cash flows go up gradually. In 2024, we were awarded five new projects in the concessional sector.

All in all, they account for virtually €6,000,000,000. Some examples include the City of Health in Turin in Italy through SIS, also the airports of Atacama Nantofagasta in Chile, Route Sixty Eight in Valparaiso in Chile, also the Highway Ring in Lima, Peru, among others. All these five awards will enable us to enhance our goal of being awarded between three to four contracts per year as we disclosed during the Investor Day. And the success of our concessions has ramped up our backlog to a record high surpassing €10,000,000,000 out of which 71% corresponds to our concession and projects. Sociedadawa’s portfolio has also recorded a significant figure of nearly €5,000,000,000 after several contracts awarded during fiscal twenty twenty four.

This division is about to enter a new growth phase. We are becoming increasingly more present in some large project tenders and in other countries, and we hope that all these projects will start bearing fruit shortly. The most important growth opportunities for SACID are now being tapped into in markets such as The United States, Canada, Australia, Italy and Chile. As a result, we will also be able to deliver on our revenue target, whereby one third of our revenue will come from English speaking countries, one third from Europe, and one third from Latin American countries, respectively. But that’s not all.

At SASIR, we, the leader, and we commissioned all of our projects. Last year, we commissioned the Pamplona Coguta Highway in Colombia, the Central Right Way in Uruguay, and the 821 Highway in Italy. All these projects mean that we will be investing €2,500,000,000 in aggregate, and this is already generating to to point €141 per share paid out in 2024. So that’s the amount that was paid out in 2024. In January 2025, we paid out an interim dividend by way of a scrip dividend, accounting for one new share per every 40 shares.

If deemed convenient by the board, we will be submitting our proposal to the AGM in order to pay out dividend in cash in order to supplement the scrip dividend that has already been paid out. All these clear account steps towards an increased shareholder remuneration and also a contribution to fulfilling our strategic plan. Another commitment that we have fulfilled is related to the separation of top executive functions. As you very well know, because we announced this in January, the board of directors of the company will submit a proposal to this year’s AGM in order to appoint Mr. Pedro Siwenza as executive director to be subsequently appointed as CEO.

Pedro Siwenza, who is currently the managing director for the concessions division and with vast expertise at CECI across business areas, will be responsible for managing and developing these lines of business. Fiscal year twenty twenty four also enabled us to continue ratifying and galvanizing our positioning on sustainability indexes and rankings as a benchmark company, both in Europe and globally. This slide shows that we were able to notch up our ratings, thanks to our commitment to the environment and society involving all the resources working at SACEUR. Finally, when taking a look at the key financials of our P and L account, let me underscore the low demand risk profile of our concessional assets. Since they are considered financial assets and since we are coming to the end of the completion of some key projects.

Our revenue is now stable and EBITDA slightly lower. However, with an operating cash flow that keeps on growing in an outstanding manner. Profit net profit also went up by 7.2 once we write off the activities of VSM facilities in 2023. So as a result, today we are presenting very satisfactory results that show the delivery of our commitments in fiscal twenty twenty four while making steady progress in attaining our strategic goals, which we will certainly achieve. Next (LON:NXT), Mr.

Carlos Mihangos will give you more color on Saksi’s financial results for each of our lines of business. Thank you very much, mister chairman. Let us now analyze the company’s financial and economic performance. First of all, we are strongly committed to reducing recourse net debt. As you can see, we were able to reduce this debt by 123,000,000.

Now we stand at 146,000,000. Therefore, the ratio achieved between EBITDA plus concessional distribution is now point four times, which is clearly lower to, the one that we had undertaken under our strategic plan. As for the key operational and financial developments from an asset’s perspective, we can point out our I-ten USANA Highway project last year. The committed equity was $520,000,000. We are contributing 30%, and that is the equity contributed for the seven year period.

We also closed the financing of this project through a specific formula that applies in The United States through private activity bonds totaling 1.3 hundred and 33,000,000,000, accounting for four tranches extending between thirty to forty years. They were classified as triple b a a three by Moody’s. Next, we also completed three four work contracts in January, May, and November respectively, which shows that the company is strongly committed in this regard. We also increased capital amounting to $222,000,000 with five times, cover order books. That was the demand.

As a result, we were able to create a high quality order book with long term investors in the infrastructure sector. Some of twenty twenty four mustows include our Investor Day, which was celebrated in 2024 last year. And all the information concerning this Investor Day is available on our website. The valuation of concessional assets totaled €3,551,000,000 last year based upon three key pillars: growth in concessions. At the time, we had 1,000,000,000 of equity already committed.

Right now, that accounts for €1,600,000,000 We were also committed to achieving financial discipline in order to obtain a good investment rate rating during the plan and also new shareholder remuneration allocated at least €225,000,000 in cash for our shareholders. As for divestment processes, we are now working actively in order to rotate mature assets in Colombia. We are now receiving binding offers. And as for Vorriente’s configuration, we have already engaged in several meetings with investors and some stakeholders are already submitting some of their reports. We are going to include the updated models in our accounts, and this call will be closed once divestments are completed.

Regarding the group’s consolidated net debt evolution, More than 600 corresponds to projects. We were able to cut this by 123, thanks to the recourse net debt. I would like to highlight funds from operations, 1,940,000,000, as for 667,000,000. This is 59,000,000 less compared to last year due to the fact that cash flows from those assets are already now paying all the project related debts. Net investment continues to be a significant figure, 836.

Capital increase, minus $2.20. And then we have dividends, leasing, and others that account for $494,000,000. All in all, we recorded 6,891,000,000.000 in terms of net debt. There was a 32% reduction in this, recourse net debt. I would like to highlight the distribution of concessions over the past quarter.

This is a seasonal development and also working capital over that period amounting to 38,000,000. Net investment was 69,000,000, out of which 14 are corresponds to equity committed to concessions and 10 corresponds to financing flow, forex and other. Therefore, we were able to report the amount that you can see on the screen. If we now take into account the capital or the equity committed going forward by 02/1933 and taking into account, four concessions awarded last year, You can observe that in 2025, we are going to have more committed equity, $3.85. We believe that we’re going to receive 200 by 2026.

This is going to change and it’s going to be half the number of distributions covered by investments. You can see how we still have a lot of financial leeway in order to keep on growing and being awarded new projects, and no doubt we will do so. In the course of the next three years, between 2026 and onwards, we are going to receive EUR $660,000,000. Therefore, we are going to have EUR 170,000,000 in positive cash flows. And if we now talk about 02/1933, more than 1,200,000,000.0 will be our capacity to receive dividends from our concessions and capital contributions.

Now where are we now operating? In which countries and in which projects are we engaged? As the chairman pointed out before, from east to west, we are working in Australia, particularly in the water sector. We were shortlisted for several key projects, which are now been under a tender process. This includes water treatment plants among other projects.

We are working actively in this country, and we hope that these projects will start bearing fruit this year. In Italy, we attended for the Novara Hospital in December as well as the Highway 22, and we are also working on two sections in, of the highway in Italy for the A 22 Highway, and we believe that a new tender is going to be launched shortly in Canada. We are now working on two hospitals. As for the Windsor Hospital, we are now, submitting some final offers. We have also been shortlisted for the cause for the works of the Ontario Science Museum.

In The United States, we observe that there is a huge avalanche of projects. Here, we’re talking about special highways with dedicated lanes. We have already been awarded the I 285 is express lanes. We are going to be presenting another proposal for the second tranche. Between December and January, we were sure listed for the Tennessee project, and we also hope that we will be shortlisted for the 295 West Express Lanes in addition to another project in Virginia.

Other universities have opted for the same model that we are now developing successfully in Idaho. Regarding Chile, we are now tendering for the Route 5 project. This is an a public interest project. There are also other projects ongoing such as the Coquimbo water treatment plants, another project in Antofagasta (LON:ANTO), and many other desalination plants that will be put to tender throughout the year as well as waste water plants. If we now take a look at revenue broken down by business areas, in the case of concession, revenue went down by nine percent, out of which operating revenue coming from concessions went up by 5%, whereas construction revenue went down by 38%.

Therefore, Evitas lead by 2% with margin standing at 65%. You should take into account that operating revenue includes financial assets that produce fewer financial income and therefore less EBITDA as a result of the commissioning of assets that peak their EBITDA upon opening. And also due to the fact that other projects have a lower finance income over time. Other projects, however, have a positive impact. And then financial assets have an effect when they generate EBITDA such as the Buenaventura Highway.

As for construction projects, which are accounted for as part of the investments that are ongoing, that went down by 40% because we completed projects concerning some of our key contracts such as the Pamplona Cucuta Hatway or Farrocaril Central in Uruguay. However, other projects such as the Belidre Hospital and the Chilean projects, Imaje del Desierto, are making a contribution to this result. We have already been shortlisted for the I295 Express Lane project and the I24 Southeast choice lanes. As for the key financials, $229,000,000 were received from concessional distributions, and we have invested nearly 1.7. 80 five percent of this equity has already been allocated to operational assets.

Therefore, the risk of this kind of activity is low. Equity committed in 2024 was 175,000,000. And as I said before, we were awarded five new concessions. If we now take a look at the breakdown by country and we factor in Italy, due to some administrative reasons, we have to account for these figures in the construction division in complying with Italian standards. Well, out of 60 assets, the four key assets are Italy, Colombia, Chile and Spain.

In all, they account for 80% of the company’s EBITDA and activity. Here, we continue delivering solid and recurring revenue. If we now take a look at the infrastructure and engineering division, revenue remained steady, almost flat. EBITDA went down by 26%, whereas the backlog went up by 41% mainly due to all the awards last year and due to the construction contracts that are associated to such new concessions. On the Eritto side, let me specifically give you some more color to account for this reduction.

Italy has to be accounted for in the division, books, particularly the Pedimentana asset. This is a financial asset that in 2023, December ’20 ’3, it was commissioned, but the impact was not transferred over to 2024. When you complete the construction phase of a financial asset, all the accumulated inflation has to be written off the P and L account. And also, there were some grants that had to be adjusted when commissioning the project. Therefore, we have $220,000,000 less coming from Pedo Montana.

But if we write off this accounting effect, we can say that this division generated 112,000,000 of EBITDA, accounting for a 13% increase year on year with a 4.8% margin, almost 5%, which is the target under our strategic plan. 71% of the backlog corresponds to the Circular Concessiones. And from the standpoint of the milestones of the year, we have already completed nine projects in The United States, and we were awarded another project, in Q4 twenty twenty four. Here, you can see the key awards in Italy. In 2024, we were awarded the El Mare Highway, the Chiropine Hospital, the Catania Project in The UK, the Belindre Hospital, which is currently under construction.

Also, 300,000,000 in Spain, including the Monte Hospital, also the maintenance of the Dublin rail infrastructure. This accounts also for 76,000,000. We are also working on the I 10 Highway, and there are also other awards such as the Rink Highway project in Lima. And finally, the projects in Chile and the Alameda Melipija project accounting for nearly €300,000,000 Now let us move to the water division. Revenue accounted for 245, up 8%, and EBITDA of 51, up 3%, with a margin of nearly 20.6%.

Many projects were awarded in fiscal twenty twenty four that will make a significant contribution throughout 2020 to boost the company’s revenue and EBITDA. Let me highlight the Aguilar’s desalination plant, which is going to be the largest Espen de Torrevieja desalination plant in Alicante as well and the Cuervo De La Mansora desalination plant in Aimeria. There are also other assets in Australia and Chile, which are also performing very well contributing to the growth of this division with a total equity of 121,000,000 being committed and a total backlog standing at 4,826,000,000.000. As a conclusion, we can say that the concessional success is a pillar in order to deliver on our goals. We were able to increase operating cash flows by 53% with an EBITDA to cash flow conversion of 96%.

With a ratio of our recourse net debt of 0.4 times, we were able to grow by being awarded five new projects with short term, a million time new projects. We were able to separate the executive functions of the chairman and the CEO. And as for Colombia, we are now divesting in the country and we are receiving some binding offers for the rotation of assets in the country. Thank you very much for your presentation, Carlos. We are now ready to answer the questions from the investors.

We are going to start with a Q and A session. We are going to start with the questions coming through the telephone line. And afterwards, we will move on to the questions coming in through the webcast line. You can ask your question by pressing star five on your telephone keypad. The first question is by Joel Safara from Santander (BME:SAN).

Please, Joao, go ahead. Good morning. Thank you for taking my question. I have three questions. The first question is the following.

It’s concerned with the dividend payout. How should we interpret those 225,000,000 that you’re going to be allocating to dividend in the coming years? You are going to be paying dividend this year. This is going to be the first payment. What should we expect going forward?

Should this be 14¢ in 2024? Is that what we should expect? Could you give us more color, therefore, with regard to your dividend approach? The second question is concerned with the Pedo Montana project. I would like to know whether any progress has been made in the negotiations with the Veneto stakeholders, whether any advancement can be reported.

And then I have one final question concerning some news published in Expansio newspaper yesterday concerning some delays in some extraordinary collections in Uruguay. Apparently, you might file a case before that the international arbitration court in order to sort out this situation. Could you please give us more color on the matter? And finally, as far as I understand, the investment, had already been made by the construction company, and therefore, this had already been recognized in your debt. But however, once the payment is received, that net, or that debt figure should be reduced.

Okay. We are going to answer Joao in just a minute. Good morning, Joao. Well, as for your question concerning the dividend, this is going to be set by the board of directors to be subsequently proposed to the annual general meeting. However, let me refer you to what we disclosed during the investor day.

We fulfilled all of our commitments undertaken at the time. We said that in 2025, we’re going to make the first payment of dividend in cash, and we are going to fulfill that promise. And we said that total dividend in 2025 and in 2026 and 2027 will continue to grow according to our strategic plan. Therefore, this is going to be the smallest payment, so to speak, because it corresponds to half a fiscal year. This is going to be the smallest dividend payout.

That’s what we announced at the time. That is what we are going to do. As for the Pedro Montana Veneto project, we are constantly engaged in conversations with government officials. But, striking a balance is difficult. It takes time.

We said that it’s going to take us about six months on average, but we have to wait and see. Regarding Uruguay, after the contract was amended twice in September 2024, the contract was formalized, but then there were some caveats by the Ministry of Finance of the country. Therefore, we had to engage in further renegotiations, and the contract had to be amended once again. And that contract had been signed by the Minister of Public Works for your information. Now there will be a change of national government in the country, and there are some discrepancies with the minister of finance, and that’s why there has been a delay in the payment.

And in fact, we have filed a case before the arbitration court. However, both ministers have recognized this debt, and they said that this situation is going to be sorted out as soon as they look into it over the next weekend. And as a matter of fact, this expense has already been accounted for in the construction division’s statements. Therefore, as soon as we get the payment, that debt is going to be written off. Thank you very much.

The next question is by Fernando La Fuente from Allantra. Please go ahead. Fernando, you are unmuted. Please go ahead with your question. Unfortunately, we cannot hear you, Fernando.

So now we are going to start with the questions coming in through the webcast live. The first question is from Bank of America, Mr. Christensen. The question is based on additional investments, for SINI twenty twenty five and recent awards, Do you believe that the rotation of assets in Colombia will enable you to keep your leveraging ratio below the net recourse debt? That’s question number one.

Number two, can you give us, the timeline concerning the situation of the divestment in Colombia while we wait for the Biden office? And with operating cash flow close to the target set in twenty twenty four investor day, should we expect a more moderate growth going forward? Or could the targets announced at the time be ramped up? We’ll get back to you in a minute. Okay.

Let me answer Giulia’s question. Well, the additional investments accounted for $460,000,000 related to the projects already awarded to CECIL and that take us to an investment of EUR $385,000,000 during 2025. One of the drivers in order to reduce debt is concerned with the completion of the projects in Colombia. If you take a look at Slide 19 of the presentation, 2026 and 2027 give us a lot of room in order to recover and reduce debt with dividends received. And next, there is another driver that is concerned with the refinancing of projects now that interest rates are going down.

Therefore, we have different alternatives to keep that ratio below the one time ratio. With regard to the divestment in Colombia, We are now receiving binding offers. So as this phase is completed, we will keep you posted. As with operating cash flows, which was near the target we searched ourselves, we are also involved in the leveraging process in the investment process. So once that process comes to an end, we will analyze the situation further.

Perhaps we might increase our targets if suitable. Miguel Gonzales from JB. You asked the following question, but I believe that it has just been answered. Cash flow performed very well, closing at 1.3. Could she give us an outlook for next year?

And do you think that by 2027, the targets might be changed? The chairman has already answered that. You also spoke about the A22 project, including budget of €9,000,000,000 which seems to be quite a big project for the SIS party. Are you considering the possibility of bringing in another partner to the consortium? We’ll answer in a minute.

Thank you. As for the a ’22 project, the submittal timeline has been deferred until the March. We are going to be submitting a proposal jointly with SIS. For the time being, we do not envisage bringing on board another partner. Philip Blater asks from Caixa Bank about the rebalancing of the Pedi Montana project and the Carreno Vollantes process.

He also asks about our working capital estimation for 2025 and whether the company has any visibility about the payment of cash of dividend to be paid in cash, but that is going to be submitted to a program by the AGM. So the question is concerned with working capital for 2025 and the performance of the Voorientes project. Regarding Voorientes, financial advisers have advised us to look for the right time window. Apparently, there is another ongoing operation right now. And therefore, we should wait for a better timing.

We normally conduct due diligence procedures. We are almost ready. We are coming to the completion stage. Many fund stakeholders have expressed their interest, and we are also waiting for the completion of the divestment processes in Colombia and Chile respectively. Regarding the performance of working capital in 2025, it’s going to be affected by seasonality, by the business seasonality.

Q1 is normally the worst, the Q4 being normally the best. We believe that the figures will eventually be normalized and therefore impact will be low this year, if any. The next question is by Alantra, Alvaro Lense and Fernando, ask whether the 300,000,000 target on account of equity committed to concessions for 2024, ’20 ’20 ’7, ’1 hundred and ’40 million has already been committed because we will, for sure, taking into account the achievements in 2024 and the current pipeline. The second question is how do you feel about the divestment transaction in Colombia? Can you give us more color on the matter?

And the third question is concerned with organic cash flow generation. I believe that that question has already been answered. Regarding the amount of 300,000,000, if we achieve that amount, we are going to extend it further. The same as with operating cash flow, if we deliver those targets ahead of the completion of our strategic plan, we will therefore enhance our targets. We will set ourselves more ambitious targets.

Regarding Colombia, we are, of course, interested in this process. We are getting a multitude of questions every day. Field visits were quite successful. All stakeholders have shown great interest in the different assets. We are therefore very optimistic.

Having said that, we are now waiting. I believe that in March, we will get an out count for each of the binding offers. The next question is by Alvaro Navarro. I believe, Alvaro, that some questions have already been addressed. I’d like to clarify that concessions in 2025 will have a net balance of €180 in dividends minus capital contributions.

Carlos already mentioned that. Are we going to finance this through asset rotation where Carlos already spoke about the refinancing of our assets? And with regard to the Vorante’s project, the question has already been answered. If we find another transaction like Vorante’s, do you think that this could account for some issues with the I two zero eight due to an increase in payments? You know that equity has to be contributed at a later point in time.

Now projects in The United States are normally subject to long permitting processes, our processes. Usually, the timeline is quite prolonged or late lengthy. So the offers will not be submitted until next year. So we have plenty of time ahead. On the other hand, our offers in The United States are not subject to the Evorrientes transaction.

Actually, this transaction will give us enough financial in order to undertake such projects. And the maturity terms and capital contributions will take place over time and in a gradual manner. There are no further questions. Now let me give the floor back to the chairman. If there are no further questions, thank you very much for your attendance and interest, and we look forward to meeting you again for the reporting of Q1 twenty twenty five financial results.

Have a nice day.

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