Auna SA (AUNA) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Auna's first quarter 2024 earnings conference call. My name is Krista, and I will be your operator for today's call. (Operator Instructions). And please note that this call is being recorded.

下午好，歡迎參加 Auna 2024 年第一季財報電話會議。我叫克里斯塔，我將擔任您今天通話的接線生。（操作員說明）。請注意，此通話正在錄音。

Now I would like to turn the call over to Ana Maria Mora, Head of Investor Relations. Ma'am, please go ahead.

現在我想將電話轉給投資者關係主管安娜·瑪麗亞·莫拉 (Ana Maria Mora)。女士，請繼續。

Thank you, and hello, everyone. And welcome to Auna's conference call to discuss our Q1 2024 results. Please note that there is a webcast presentation to accompany the discussion during this call. If you need a copy of the presentation, please contact Auna's Investor Relations team.

謝謝大家，大家好。歡迎參加 Auna 的電話會議，討論我們 2024 年第一季的業績。請注意，本次電話會議期間有一個網路廣播演示伴隨討論。如果您需要簡報的副本，請聯絡 Auna 的投資者關係團隊。

Before we begin, I would like to remind all participants that our comments today will include forward-looking statements. In addition to reporting unaudited financial results, in accordance with International Financial Reporting Standards, we will discuss certain non-IFRS financial measures and operating metrics, including foreign exchange neutral calculations.

在開始之前，我想提醒所有參與者，我們今天的評論將包括前瞻性陳述。除了報告未經審計的財務績效外，我們還將根據國際財務報告準則討論某些非國際財務報告準則的財務指標和營運指標，包括外匯中性計算。

Investor should carefully read the definitions of these measures and metrics included in our earnings press release of today, to ensure that they understand them. Non IFRS financial measures and operating metrics should not be considered in isolation or as substitute for or superior to IFRS financial measures, and I provided a supplemental information only.

投資者應仔細閱讀我們今天的收益新聞稿中包含的這些措施和指標的定義，以確保他們理解它們。非國際財務報告準則的財務指標和營運指標不應被孤立地考慮，也不應被視為替代或優於國際財務報告準則的財務指標，我僅提供了補充資訊。

Before we begin our prepared remarks, please also note that certain statements made during the course of today's discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and which are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control. These include, but are not limited to expectations and assumptions related to the integration and performance of the businesses we acquire. For a description of these risks, please refer to our filings with the US Securities and Exchange Commission and our earnings press release.

在我們開始準備好的發言之前，還請注意，今天討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的期望和信念，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果可能存在重大差異，包括可能超出公司控制範圍的因素。這些包括但不限於與我們收購的業務的整合和績效相關的預期和假設。有關這些風險的描述，請參閱我們向美國證券交易委員會提交的文件以及我們的收益新聞稿。

Speaking on today's call is Suso Zamora, our Executive Chairman and President, who will discuss our consolidated and segment financial and operating results as well as provide updates on our various strategic growth initiatives.

我們的執行主席兼總裁蘇索·薩莫拉(Suso Zamora) 在今天的電話會議上發言，他將討論我們的合併和分部財務和運營業績，並提供有關我們各種戰略增長計劃的最新信息。

Gisele Remy, our Chief Financial Officer and Executive Vice President, will follow with a more detailed review of our net consolidated financial results. After that, Suso will provide a wrap-up of our first quarter performance as well as discuss our performance outlook. We'll then open the call for your questions. So sir, please go ahead.

我們的財務長兼執行副總裁 Gisele Remy 隨後將對我們的淨合併財務表現進行更詳細的審查。之後，Suso 將總結我們第一季的業績並討論我們的業績前景。然後我們將開始電話詢問您的問題。那麼先生，請繼續。

Good afternoon, everybody, and thank you very much to Annie. Welcome everyone to our earnings call. Our first as a public company and definitely an exciting moment in our journey.

大家下午好，非常感謝安妮。歡迎大家參加我們的財報電話會議。我們是第一家上市公司，這絕對是我們旅程中令人興奮的時刻。

Let's begin our presentation and please turn to slide 4.

讓我們開始演示，請翻到幻燈片 4。

So our regional, vertically, and horizontally integrated healthcare platform delivered strong top-line growth and we're reporting an adjusted net income basis of PEN22 million. So from top to bottom it's been a good quarter. These results reflect the growing scale advantages and increasing synergies of our original platform.

因此，我們的區域、垂直和水平整合的醫療保健平台實現了強勁的營收成長，我們報告的調整後淨利潤為 2,200 萬先令。因此，從上到下，這是一個不錯的季度。這些結果反映了我們原有平台不斷擴大的規模優勢和不斷增強的綜效。

Peru’s outperformance strengthens our conviction in Mexico, our larger markets where we are deploying the same business model and implementing Auna’s standards at Onco. The businesses we acquired in Monterrey, Mexico in the second half of 2022. Continued growth in Mexico indicate that our strategy is gaining traction in healthcare services for the launch of OncoMexico is proceeding according to our plan. Our aim is to scale Mexico with a high degree of predictability.

秘魯的優異表現增強了我們對墨西哥這個更大市場的信心，我們在墨西哥部署相同的業務模式並在 Onco 實施 Auna 標準。我們於 2022 年下半年在墨西哥蒙特雷收購的業務。墨西哥的持續成長表明我們的策略正在醫療保健服務領域獲得關注，OncoMexico 的推出正在按照我們的計劃進行。我們的目標是以高度可預測性擴大墨西哥規模。

Let's take a closer look at our first quarter performance, please turn to slide 6, operator. So starting with our consolidated results, focused and consistent execution of our growth strategy drove top line revenues across our geographic segments. Key performance drivers were a growing proportion of more profitable, high-complexity services. Of course, increased capacity utilization and improving our operational efficiencies

讓我們仔細看看我們第一季的業績，請翻到投影片 6，操作員。因此，從我們的綜合業績開始，我們的成長策略的集中和一致執行推動了我們各個地區的營收成長。關鍵績效驅動因素是利潤較高、複雜度較高的服務所佔比例不斷增加。當然，提高產能利用率並提高我們的營運效率

Our strong performance reflects a growing scale and returns from past investments in Peru and Colombia. And in addition, we made further progress deploying our business model in Mexico. The key highlight of the quarter was true for EBITDA margin surpassed our internal 20% EBITDA target. We expect to continue to replicate the business practices that we have in Peru that have produced growing scale and the benefits thereof in Mexico.

我們的強勁業績反映出過去在秘魯和哥倫比亞的投資規模和回報不斷增長。此外，我們在墨西哥部署業務模式方面取得了進一步進展。本季度的主要亮點是 EBITDA 利潤率超過了我們 20% 的 EBITDA 內部目標。我們希望繼續複製我們在秘魯的商業實踐，這些實踐已在墨西哥產生了不斷擴大的規模和效益。

Adjusted net income, which excludes extraordinary, non-recurring items, rose to PEN22 million. As operating results were more than covered financial expenses and taxes. Debt leverage a key metric for all of us at Auna fell further, and we expect, we'll continue to decline as we gain additional traction in the latter half of the year.

調整後淨利（不包括特殊非經常性項目）增至 2,200 萬先令。由於經營業績超過了財務費用和稅金。債務槓桿率是 Auna 所有人的關鍵指標，進一步下降，我們預計，隨著下半年我們獲得更多牽引力，債務槓桿率將繼續下降。

In health care services. Our organic and inorganic investments in Peru and Colombia are paying off. As we have further implemented the owner way, this obsession with our patient centric model of high medical resolution with great patient journey and standardization that scales with high predictability and delivers growing financial results.

在醫療保健服務方面。我們在秘魯和哥倫比亞的有機和無機投資正在取得回報。隨著我們進一步實施業主方式，這種對以患者為中心的高醫療分辨率模型的痴迷，以及出色的患者旅程和標準化，可以以高可預測性進行擴展，並帶來不斷增長的財務業績。

We have been ramping up capacity utilization in Mexico through a physician relationship and incentive model. And at the same time, we have been developing referral initiatives with insurance companies and brokers. The strong growth in top line and average revenue per patient reflects a greater mix of high-complexity services. Our focus on oncology, cardiology, and neurology and trauma shock.

我們一直在透過醫生關係和激勵模式來提高墨西哥的產能利用率。與此同時，我們一直在與保險公司和經紀人制定推薦計劃。營收和每位患者平均收入的強勁成長反映了高複雜性服務的更廣泛組合。我們的重點是腫瘤學、心臟病學、神經學和創傷休克。

At Oncosalud, we continue to attract new customers to our oncology and general healthcare plan memberships combined with higher average monthly revenue per customer. This drove revenues 15% higher. While inter-company price increases impacted Oncosalud's cost of revenue. Our very stable oncological MLR at 51.5%, also produced stable gross margins.

在 Oncosalud，我們繼續吸引新客戶加入我們的腫瘤學和一般醫療保健計劃會員資格，並提高每位客戶的平均每月收入。這使得收入成長了 15%。公司間價格上漲影響了 Oncosalud 的營收成本。我們的腫瘤 MLR 非常穩定，為 51.5%，也產生了穩定的毛利率。

If we flip to slide 7, Operator. Now let's move on to our four segments to review specific segment results. In order to be consistent with the FX neutral metrics provided on a consolidated basis, variances from Mexico and Colombia will be provided on a local currency basis, while the financial charge remain in our functional currency, the Peruvian sol.

如果我們翻到投影片 7，操作員。現在讓我們繼續討論四個細分市場，以回顧具體的細分市場結果。為了與綜合提供的外匯中性指標保持一致，墨西哥和哥倫比亞的差異將按當地貨幣提供，而財務費用仍以我們的功能貨幣秘魯索爾計算。

Please turn to slide 8 to discuss the results for healthcare segment in Mexico. So in Mexico, we continue to advance strategic initiatives and the implementation of AunaWay, a progress in the first quarter of 2024 is reflected in the 6% increase in healthcare services revenues versus fourth quarter 2023. Patients treated increased 4.7% with a range of services. Occupancy was stable at 41% -- due to a temporary decrease in operational volume related to an earlier Easter holiday that fell in the first quarter versus in the second quarter in 2023. And physicians also attending to medical congresses and strengthen many of them, which also occurred in the first quarter of this year versus in other quarters last year.

請參閱投影片 8 討論墨西哥醫療保健部門的結果。因此，在墨西哥，我們持續推動策略性舉措和 AunaWay 的實施，2024 年第一季的進展體現在醫療服務收入較 2023 年第四季成長 6%。透過一系列服務接受治療的患者數量增加了 4.7%。入住率穩定在 41%，這是由於與早期復活節假期相關的營運量暫時下降，導致 2023 年第一季的營運量較第二季有所下降。醫生們也參加了醫學大會並加強了其中的許多會議，與去年其他季度相比，這也發生在今年第一季。

Dentegra grew 38%, driven by growth in B2B plan. Well, Dentegra is a small percentage of our revenues serves as a platform for launching OncoMexico. In addition to its nationwide insurance license, Dentegra gives us an established an extensive insurance distribution that we can do and Dentegra will be rebranded to own a [solution] future.

在 B2B 計畫成長的推動下，Dentegra 成長了 38%。嗯，Dentegra 占我們收入的一小部分，作為啟動 OncoMexico 的平台。除了其全國性的保險牌照之外，Dentegra 還為我們提供了我們可以做的廣泛的保險分銷，Dentegra 將重新命名以擁有[解決方案]未來。

Mexico's Healthcare Services, adjusted EBITDA decreased versus the first quarter 2023 on higher SG&A as a product and investments in regional, commercial, and operation capabilities necessary to deliver growth in the medium to long term, along with local administrative capabilities that had not yet been implemented in the first quarter 2023 after the acquisition. However, a better measure, adjusted EBITDA grew 23% versus fourth quarter '23, and margins remain at a very healthy and stable level of 34%. And the highlight we're solidly building our Mexican capabilities and these replicate those in our business model that have years with proven results.

墨西哥醫療保健服務業的調整後EBITDA 較2023 年第一季有所下降，原因是作為產品的SG&A 較高，以及對實現中長期增長所需的區域、商業和運營能力的投資，以及尚未實施的當地管理能力收購後的2023年第一季。然而，更好的衡量標準是，調整後的 EBITDA 比 2023 年第四季度增長了 23%，並且利潤率保持在 34% 的非常健康和穩定的水平。最重要的是，我們正在紮實地建立我們在墨西哥的能力，這些能力複製了我們的商業模式中的能力，這些模式多年來已經取得了良好的成果。

During 2024, our organizational focus has been and will continue to be Mexico. And our progress in integrating Mexico to the owner waiting promising. We are gradually bringing the underway centers and top talent to Onco and gradually scaling this business in Monterrey, one of the Mexico secular growing healthcare markets benefiting, of course, from the near-shoring phenomenon.

2024 年，我們的組織重點一直是並將繼續是墨西哥。我們在將墨西哥融入業主方面取得的進展充滿希望。我們正在逐步將正在建造的中心和頂尖人才引入 Onco，並逐步擴大蒙特雷的業務規模，蒙特雷是墨西哥長期成長的醫療保健市場之一，當然受益於近岸現象。

Again, we remain sharply focused on the implementation of our proven capabilities and thus to shift revenue mix story towards standardized, most profitable, high-complexity services and on increasing occupancy by attracting and retaining top tier, high yield positions with incentives and other benefit that rewards productivity within the Auna network. Additionally, we are rolling out tailored packages and bundles for insurance and broker referrals. And these also attract out of pocket payors. We are on track for the launch of OncoMexico this year.

同樣，我們仍然高度專注於實施我們經過驗證的能力，從而將收入組合故事轉向標準化、最有利可圖、高複雜性的服務，並通過吸引和保留頂級、高收益職位以及激勵和其他好處來提高入住率。此外，我們還推出了針對保險和經紀人推薦的客製化套餐和捆綁包。這些也吸引了自付費用。我們預計在今年推出 OncoMexico。

Our other key initiatives during the quarter on the part of the implementation of SAP in our hospital information system for which we had a great all hands launch of these projects in Monterrey early in the year. We expect Mexico to perform well, definitely during the rest of the year, with a higher impact in the second half of the year as we start harvesting the benefits of our own AunaWay strategy.

本季我們的其他關鍵措施是在醫院資訊系統中實施 SAP，為此我們於年初在蒙特雷舉行了一場盛大的全體員工啟動儀式。我們預計墨西哥將在今年剩餘時間內表現良好，並在下半年產生更大的影響，因為我們開始收穫我們自己的 AunaWay 策略的好處。

Now please turn to slide 9 to discuss the Colombian Healthcare Network. Revenue in Colombia increased 15.3% year over year. This growth was primarily driven by a 22% increase in average revenue per patient due to a better service mix with a higher participation of oncology services and a decrease in certain ambulatory and in home hospitalization services grew in the second half of 2023.

現在請翻到投影片 9 來討論哥倫比亞醫療網。哥倫比亞的營收年增15.3%。這一增長主要是由於服務組合的改善、腫瘤服務參與度的提高以及某些門診服務的減少和 2023 年下半年家庭住院服務的增長，每位患者的平均收入增長了 22%。

The latter resulted in a 5% decrease in patients versus first quarter 2023. So growth has been facilitated by investments such as increasing the number of ICO, but ICU beds that are hospital inventory out on patient consultations increased 46% in Colombia. While the number of patients were treated decreased 5% as we reallocated resources away from low complexity areas such as ambulatory and in-home services. This is our strategy to direct high-complexity services to more expensive and specialized hospital units and service low complexity through digital channels at home deliveries and for large volume facilities that benefits from scale.

與 2023 年第一季相比，後者導致患者數量減少 5%。因此，增加 ICO 數量等投資促進了成長，但哥倫比亞醫院因患者諮詢而耗盡的 ICU 床位增加了 46%。雖然我們將資源從門診和家庭服務等低複雜性領域重新分配，但接受治療的患者數量減少了 5%。我們的策略是將高複雜性服務引導到更昂貴和專業的醫院單位，並透過數位管道提供低複雜性的服務，包括送貨上門和從規模中受益的大容量設施。

Occupancy levels grew significantly year over year to 79%. And this includes clinical suite in Medellin, a relatively new facility that is ramping up. Adjusted EBITDA for the segment increased a strong 16% on top line growth, well, margin was stable. Cost of service were up 19%, reflecting investments to support the delivery of high-complexity services. However, SG&A was also stable during the quarter.

入住率較去年同期大幅成長至 79%。這包括麥德林的臨床套件，這是一個正在擴建的相對較新的設施。該部門的調整後 EBITDA 在營收成長的帶動下強勁成長了 16%，利潤率穩定。服務成本上漲了 19%，反映出支持高複雜性服務交付的投資。然而，SG&A 在本季也保持穩定。

In Colombia, we continue to develop new competencies in high complexity areas like oncology and neurosurgery and orthopaedics and cardiology, such as our recent inauguration of the center of excellence for pulmonary oncology. We expect the SAP implementation to be completed this year for Barranquilla and Envigado. This was a complex endeavor, one in which we've learned a lot. Given the need to consolidate many operations with different and older legacy systems.

在哥倫比亞，我們繼續在腫瘤學、神經外科、骨科和心臟病學等高複雜領域發展新能力，例如我們最近成立的肺腫瘤學卓越中心。我們預計巴蘭基亞和恩維加多的 SAP 實施將於今年完成。這是一項複雜的工作，我們從中學到了很多。考慮到需要將許多操作與不同且較舊的遺留系統整合。

Now please turn to slide 10 to discuss our healthcare through segment. The results of health care services, improve our product of leveraging the expansion of the network, increasing the mix of high complexity and high ticket services, and monetizing our network referrals as a result of our proven strategy of deploying our urban healthcare ecosystems. These drove average revenue per patient as did adjustments to own that healthcare plan in order to align rates with the highest payer within our network.

現在請翻到投影片 10，透過片段討論我們的醫療保健。醫療保健服務的成果改善了我們利用網路擴展的產品，增加了高複雜性和高票價服務的組合，並透過我們部署城市醫療保健生態系統的行之有效的策略將我們的網路轉介貨幣化。這些推動了每位患者的平均收入，同時也調整了自己的醫療保健計劃，以便使費率與我們網路中最高付款人的價格保持一致。

We are also harvesting growth from other organic investments as well, such as cleaning [vertical] hospital. We've also expanded clinical Oncosalud keeper and increasing the emergency services capacity at [Umtenga] another revenue driver in Peru with a 2-percentage-point increase in occupancy. And again, this takes into consideration Chiclayo and Via Sur's expansions, which are new and our ramping up. This mainly resulted from the implementation of our model, which specialties and services are directed to the most appropriate housing facility, principally in terms of cost of treatment.

我們也從其他有機投資中獲得成長，例如清潔[垂直]醫院。我們也擴大了臨床 Oncosalud 飼養員，並提高了秘魯另一個收入驅動因素 [Umtenga] 的緊急服務能力，入住率增加了 2 個百分點。再次強調，這考慮到了 Chiclayo 和 Via Sur 的擴張，這些擴張是新的，也是我們正在加速的。這主要是由於我們實施了我們的模式，即專業和服務針對最合適的住房設施，主要是在治療成本方面。

This is our operational model by which we continue to scale certain facilities for certain treatments and thus gain the efficiencies of these of this particular operational scale. All of the revenue drivers I've covered drove operating leverage in the quarter with an adjusted EBITDA increase of 70%.

這是我們的營運模式，透過該模式，我們繼續擴大某些設施的規模以進行某些治療，從而獲得這種特定營運規模的效率。我所介紹的所有收入驅動因素都推動了本季的營運槓桿，調整後的 EBITDA 成長了 70%。

Now please turn to slide 11 to discuss Oncosalud's Peru segment. At Oncosalud, our healthcare plans business, we grew revenues 16%, reflecting the strength of this business and its ability to rapidly implement new growth initiatives. A key driver was increased third party revenue from Oncosalud's integrated hospitals, which included copayments, non-covered expenses, and medical grants from some international pharma labs.

現在請翻到投影片 11，討論 Oncosalud 的秘魯業務。在我們的醫療保健計劃業務 Oncosalud，我們的收入增長了 16%，反映了該業務的實力及其快速實施新增長計劃的能力。一個關鍵驅動因素是 Oncosalud 綜合醫院的第三方收入增加，其中包括自付費用、非承保費用以及一些國際製藥實驗室的醫療補助金。

Other drivers included a 4% increase in the number of oncology plants. Our oncological MLR remained stable at 51.5%. Top line growth drove the 24% increase in EBITDA with underlying operating leverage reflected in SG&A as a percentage of revenue, which fell 3-percentage-points to 29%. Lower customer acquisition, lower customer acquisition costs, and deliberately slower growth as a result of price increases for general health plans also contributed to EBITDA growth.

其他驅動因素包括腫瘤工廠數量增加 4%。我們的腫瘤 MLR 穩定在 51.5%。營收成長推動 EBITDA 成長 24%，而 SG&A 反映的基本營運槓桿佔營收的百分比下降了 3 個百分點，至 29%。較低的客戶獲取、較低的客戶獲取成本以及由於一般健康計劃價格上漲而故意放慢的增長也促進了 EBITDA 的增長。

And with that, I'll pass it on to Gisele. Gise, if you can please continue with the presentation.

有了這個，我會把它傳給吉賽兒。吉斯，如果可以的話請繼續示範。

Thank you, Suso. Good afternoon, everyone. I'll pick up the presentation now with slide 13 to talk more about consolidated revenues.

謝謝你，蘇索。大家下午好。我現在將繼續使用幻燈片 13 來詳細討論合併收入。

Let's take a step back and focus on the key growth drivers in the quarter. As you can see in the chart at the right of the slide, consolidated revenue grew a little bit over 20% or 11% on FX-neutral basis. As Suso pointed out earlier, the growth was across our business and all of our segments. Importantly, our consolidated gross margin in the quarter was 38.5%. We drove much of the topline revenue growth by leveraging prior investments that expanded our health care facilities in Peru and Colombia, coupled with a higher mix of high-complexity and oncology services.

讓我們退後一步，專注於本季的主要成長動力。正如您在投影片右側的圖表中看到的那樣，在匯率中立的基礎上，綜合收入成長略高於 20% 或 11%。正如蘇索早些時候指出的那樣，成長遍及我們的業務和所有部門。重要的是，我們本季的綜合毛利率為 38.5%。我們透過利用先前擴大秘魯和哥倫比亞醫療保健設施的投資，以及更高程度的高複雜性和腫瘤服務組合，推動了大部分營收成長。

Let's now turn to slide 14 to discuss cost of sales and services and SG&A expenses. Revenue growth drove a 26% increase in gross profit with a strong margin. I'd like to draw your attention to the points under the chart on the left. As we explained in our earnings release, there were a number of one-time accounting effects that make comparisons between the reporting periods of the first quarter of 2023 and the first quarter of 2024 difficult.

現在讓我們轉向幻燈片 14，討論銷售和服務成本以及 SG&A 費用。營收成長帶動毛利成長26%，利潤率強勁。我想提請您注意左側圖表下的點。正如我們在財報中所解釋的那樣，存在許多一次性會計影響，使得 2023 年第一季和 2024 年第一季的報告期間之間的比較變得困難。

First, our cost of sales and services included PEN11 million in headcount costs that were reclassified to SG&A beginning in the second quarter of 2023. Also, versus the first quarter of last year, depreciation decreased PEN11 million in the first quarter of this year due to the purchase price allocation method used at OCA. When excluding these accounting changes, our cost of sales and services increased 11% year on year on an FX neutral basis, which was consistent with the revenue growth in the quarter.

首先，我們的銷售和服務成本包括 1,100 萬先令的員工成本，這些成本從 2023 年第二季開始重新分類到 SG&A。此外，由於 OCA 使用的購買價格分配方法，今年第一季折舊比去年第一季減少了 1,100 萬先令。在排除這些會計變更後，在匯率中立的基礎上，我們的銷售和服務成本年增 11%，這與本季的收入成長一致。

Moving on to SG&A, as we note under the chart on the right, when excluding the reclassification of the PEN11 million less in headcount costs and impacts, which I just mentioned, SG&A increased 17% year on year on an FX neutral basis, reflecting the previously mentioned investments in regional, commercial, and operational capabilities necessary to deliver growth in the medium to long term. Along with local administrative capabilities implemented in Mexico after the acquisition.

轉向 SG&A，正如我們在右圖下所指出的，當排除我剛才提到的 1100 萬先令的重新分類後，在匯率中性的基礎上，SG&A 同比增長 17%，反映了前面提到了實現中長期成長所需的區域、商業和營運能力投資。以及收購後在墨西哥實施的當地管理能力。

Now, let's move on to slide 15, please. On this slide, we break down adjusted EBITDA by business segment. In total, EBITDA grew 14.3% year on year or 7% on an FX neutral basis. Although margin decreased on a year on year basis due to the growth investments, which I just mentioned, it expanded 1.5-percentage-points when compared to the fourth quarter of 2023.

現在，請讓我們繼續看投影片 15。在這張投影片上，我們按業務部門細分調整後的 EBITDA。EBITDA 總計年增 14.3%，在匯率中立的基礎上成長 7%。儘管由於我剛才提到的成長投資，利潤率同比有所下降，但與 2023 年第四季相比，利潤率成長了 1.5 個百分點。

In Peru, where our growth strategy is very advanced. Adjusted EBITDA increased 40% year on year, with the margin increasing 4-percentage-points to 20.4%.

在秘魯，我們的成長策略非常先進。調整後 EBITDA 年成長 40%，利潤率成長 4 個百分點，達到 20.4%。

Let's now move on to net income on the next slide, please. In the first quarter of 2024, we have introduced the concept of adjusted net income to give the market a clearer picture of our net income when adjusting exclusively for the non-cash and extraordinary expenses generated by the refinancing exercise that was carried out in the fourth quarter of last year. We expect these adjustments will provide further clarity on the impact the refinancing had on the fourth quarter 2023 net income as well as one remaining impact in this first quarter of 2024's net income.

現在讓我們轉到下一張投影片上的淨利潤。2024年第一季度，我們引入了調整後淨利潤的概念，以便市場更清楚地了解我們在專門調整第四季度再融資活動產生的非現金和非常費用時的淨利潤。我們預計這些調整將進一步明確再融資對 2023 年第四季淨利的影響以及對 2024 年第一季淨利潤的剩餘影響。

On this slide, we show you the variations in adjusted net income for the first quarter of 2024 versus the first quarter of 2023. As you can see, adjusted net income reached a gain of PEN22 million solid in the first quarter of this year, up from an adjusted net income of PEN1 million in the first quarter 2023 and an adjusted net loss of PEN6 million in the fourth quarter 2023.

在這張投影片上，我們向您展示了 2024 年第一季與 2023 年第一季調整後淨利的變動。如您所見，今年第一季調整後淨利實現了2,200 萬先令的穩定成長，高於2023 年第一季調整後淨利100 萬先令和2023 年第四季調整後淨虧損600 萬先令。

I'd like to draw your attention to the PEN30 million non-cash extraordinary financial cost adjustment being made to net income in this quarter, which corresponds to an extraordinary item related to the mark-to-market valuation of a legacy derivatives, which has now been extinguished in April related to the retired 2028 notes. You can find more information as to the adjusted net income in our earnings release. Similarly, the PEN38 million increase in finance costs versus the first quarter of 2023 is also primarily explained by the same extraordinary impact just described.

我想提請您注意對本季度淨利潤進行的 3000 萬先令的非現金非現金特別財務成本調整，該調整對應於與傳統衍生品按市值計價的估值相關的特別項目，該項目已與已退役的2028 年票據相關的票據現已於4 月註銷。您可以在我們的收益報告中找到有關調整後淨利潤的更多資訊。同樣，與 2023 年第一季相比，財務成本增加了 3800 萬先令，這也主要是由剛才描述的同樣的非凡影響造成的。

Now, let's move on to slide 17 to talk about cash flows for the quarter. Operating cash flow increased 2% year on year to PEN154 million. This was mainly due to the growth of our Peruvian operations as discussed. As you can see in the cash flow bridge, cash used during the quarter was mainly PEN45 million taxes, PEN31 million of CapEx, mainly maintenance CapEx, and PEN89 million in interest expenses related to our 2029 -- excuse me, to our 2028 term loan.

現在，讓我們繼續看第 17 張投影片，討論本季的現金流。經營現金流年增 2% 至 1.54 億先令。這主要是由於我們討論的秘魯業務的成長。正如您在現金流橋中看到的那樣，本季度使用的現金主要是4500 萬先令的稅費、3100 萬先令的資本支出，主要是維護資本支出，以及與我們的2029 年相關的利息支出（對不起，與我們的2028 年定期貸款有關的8900 萬先令） 。

During the quarter, we also reduced PEN13 million in debt. Moving to the right of the bridge, you can see that of the PEN1.3 billion in net proceeds from the IPO, PEN1.2 billion was used to acquire the non-controlling interest of Oncosalud and most of the remainder of the proceeds were used to pay costs related to the IPO, as well as a small reduction in debt in line with our deleveraging strategy.

本季度，我們也減少了 1,300 萬先令的債務。移至橋樑右側，您可以看到 IPO 的 13 億先令淨收益中，12 億先令用於收購 Oncosalud 的非控制權益，其餘收益大部分用於支付與IPO 相關的成本，並根據我們的去槓桿化策略小幅減少債務。

Now, I'd like to discuss our debt structure and leverage on slide 18. Since acquiring OCA and IMAT in 2022, we have been steadily deleveraging our balance sheet. As you can see in the chart on the bottom of the slide. Furthermore, we remain committed to reaching our target ratio of 3 times leverage.

現在，我想在投影片 18 上討論我們的債務結構和槓桿。自 2022 年收購 OCA 和 IMAT 以來，我們一直在穩步去槓桿化資產負債表。正如您在幻燈片底部的圖表中看到的那樣。此外，我們仍致力於達到 3 倍槓桿率的目標。

As you can see in the pie chart at the right of the slide, more than half of our debt is in direct local currency funding. The balance is in US dollar denominated debt, of which 90% is hedged to Peruvian Soles. We finished the quarter with a very strong cash position of $92 million, which equates to 8% of our revenues in the last 12 months. The other pie chart on this slide breaks down our debt structure, while the bar chart on the bottom right of the slide shows our amortization profile over the next years. Summing all of this up, we are maintaining a very healthy debt structure and maturity profile in order to support our growth strategy.

正如您在幻燈片右側的餅圖中看到的那樣，我們一半以上的債務是直接本幣融資。餘額為美元計價債務，其中 90% 與秘魯索爾進行對沖。本季結束時，我們的現金狀況非常強勁，達到 9,200 萬美元，相當於我們過去 12 個月收入的 8%。這張投影片上的另一個圓餅圖分解了我們的債務結構，而投影片右下角的長條圖顯示了我們未來幾年的攤提概況。總而言之，我們正在保持非常健康的債務結構和期限狀況，以支持我們的成長策略。

That concludes my review. I would like to pass it back over to Suso, who will wrap up our presentation.

我的評論到此結束。我想把它轉交給蘇索，他將結束我們的演講。

Thank you, Gise. So right now, I'd like to end today's presentation with final comments and of course, open to Q&A. No comments regarding our vision of the company. So quarter results, they clearly demonstrate our ability to disrupt, modernize, integrate, and concise healthcare in these are underpenetrated and underserved Spanish-speaking Latin American geographies.

謝謝你，吉斯。現在，我想以最後的評論來結束今天的演講，當然，也歡迎問答。沒有關於我們公司願景的評論。因此，季度業績清楚地表明了我們在這些滲透率低且服務不足的拉丁美洲西班牙語地區顛覆、現代化、整合和簡潔醫療保健的能力。

We have been succeeding with a healthcare platform that is more and more regional, vertically, and horizontally integrated and scale. Also, driving our success, our standardized best practices and protocols as well as the state of the art equipment. These distinct competitive advantages also bring higher predictability to our insurance business.

我們的醫療保健平台已經取得了成功，該平台越來越具有區域性、垂直性、水平性整合性和規模性。此外，我們的標準化最佳實踐和協議以及最先進的設備也推動了我們的成功。這些獨特的競爭優勢也為我們的保險業務帶來了更高的可預測性。

As a long-standing healthcare services and oncology plan provider who's grown in the market and accompanied millions of patients and their healthcare journeys. We are able to deliver a long term approach to patient helped by focusing on prevention, detection, and of course, treatment. At Peru's outperformance demonstrated this quarter, once our operations reach a certain level of capacity utilization, we start to generate significant returns, and we always harvest the benefits of diversification as one country, one site, one business performs over expectations, it increases our predictability.

作為一家長期的醫療保健服務和腫瘤計劃提供者，在市場中成長並陪伴數百萬患者及其醫療保健之旅。我們能夠透過專注於預防、檢測，當然還有治療，為患者提供長期的治療方案。秘魯本季的優異表現表明，一旦我們的業務達到一定的產能利用率水平，我們就開始產生可觀的回報，而且我們總是能收穫多元化的好處，因為一個國家、一個地點、一項業務的表現超出預期，這增加了我們的可預測性。

We remain very excited about Mexico given the promise of the AunaWay in that market. We continue to expect that it will deliver substantial growth and value creation, both in the near and long term. This year, we expect consolidated adjusted EBITDA to increase at least 20% with much of the growth in the second half.

鑑於 AunaWay 在墨西哥市場的前景，我們仍然對墨西哥感到非常興奮。我們仍然預期它將在短期和長期內帶來大幅成長和價值創造。今年，我們預計綜合調整後 EBITDA 將成長至少 20%，其中大部分成長將出現在下半年。

Please refer to our earnings press release for the assumptions behind this guidance. Reaching this goal is, of course, subject to risks and uncertainties inherent in our business and in the company where we operate. This is also further described in our filings, but we remain optimistic in our ability to achieve it.

請參閱我們的收益新聞稿，以了解本指引背後的假設。當然，實現這一目標會受到我們業務和我們經營所在公司固有的風險和不確定性的影響。我們的文件中也對此進行了進一步描述，但我們對實現這一目標的能力保持樂觀。

We believe that as more investors recognize the strength and merits of our business model strategy as well as the growth potential of our markets. This will eventually be reflected in Auna's share price. With that in mind, we intend to invest substantial time in meeting investors in the weeks and months ahead. To bring Auna to the attention of a wider audience. Thus, I've committed myself, committed Gisele, and the rest of the team to frequent roadshows that we can be close -- so that we can be close to shareholders and future investors.

我們相信，隨著越來越多的投資者認識到我們商業模式策略的優勢和優點以及我們市場的成長潛力。這最終將反映在Auna的股價上。考慮到這一點，我們打算在未來幾週和幾個月內投入大量時間與投資者會面。讓 Auna 引起更多觀眾的注意。因此，我承諾自己、吉賽兒和團隊其他成員經常進行路演，讓我們更能接近股東和未來的投資人。

For those of you who are current investors, thank you for your ongoing support of own and our mission. And as a final word, I'd like to thank the doctors, nurses, technicians, and many other colleagues for their hard work and dedication to our mission of transforming healthcare in Spanish-speaking Latin America. All of them are highly patient-centric. Steadfastly committed to the highest standards of care, quality, and safety.

對於目前的投資者，感謝您對我們自己和我們使命的持續支持。最後，我要感謝醫生、護士、技術人員和許多其他同事為我們改變拉丁美洲西班牙語地區醫療保健的使命所做的辛勤工作和奉獻。所有這些都高度以患者為中心。堅定地致力於最高的護理、品質和安全標準。

And with that, I conclude our presentation. We, of course, appreciate your attention, and we'd like to now open the session to call to any questions you may have. Operator, please proceed with the Q&A session.

我的演講到此結束。當然，我們感謝您的關注，我們現在想開始會議，回答您可能提出的任何問題。接線生，請繼續進行問答環節。

(Operator Instructions) Bruno Alves, BTG Pactual.

（操作員說明）Bruno Alves，BTG Pactual。

Samuel, BTG. Our first question is about the monthly performance throughout the first quarter in Mexico, local currency the adjusted EBITDA declined 10% year on year during the first quarter. In the presentation, in comments that some calendar effects jeopardize the year-on-year comparability in March. So just to understand if the EBITDA performance in January or February was better in year-on-year terms? That's the first question.

塞繆爾，BTG。我們的第一季度是關於墨西哥整個第一季的月度表現，以當地貨幣計算，第一季調整後的 EBITDA 年比下降了 10%。在簡報中，有人評論稱，一些日曆效應會危及三月份的同比可比性。那麼只是想了解 1 月或 2 月的 EBITDA 表現比是否更好？這是第一個問題。

And the second question is about the 2024 guidance. That's also related to the first topic, considering the 20% EBITDA growth outlook for this year, do you believe that this figure will be equally split among all the three geographies or Mexico should lag the others as happened in the first quarter. Thank you very much.

第二個問題是關於2024年的指導。這也與第一個主題相關，考慮到今年 20% 的 EBITDA 成長前景，您是否認為這個數字將在所有三個地區平均分配，或者墨西哥應該像第一季一樣落後於其他地區。非常感謝。

Gise, do you want to take the first one? I'll take the second one.

吉斯，你想拿第一個嗎？我要拿第二個。

Yes, of course. Just to answer the first part of the question to EBITDA growth on a year-on-year basis. As we mentioned in the call on impacting comparability was not only the seasonality effects, which were different this year versus the first quarter of last year, but also the incremental SG&A, which we already saw on our P&L in the fourth quarter of last year. That's why it's also important to note that for the OCA Monterrey operation, EBITDA increased 34% when compared to the fourth quarter of last year.

是的當然。只是回答關於 EBITDA 同比增長問題的第一部分。正如我們在電話會議中提到的，影響可比性的不僅是季節性影響（今年與去年第一季不同），還有增量SG&A，我們已經在去年第四季的損益表中看到了這一點。因此，值得注意的是，OCA 蒙特雷業務的 EBITDA 與去年第四季相比成長了 34%。

You mentioned the 10% decline in adjusted EBITDA, which was in reference to the first quarter of last year, which was before we hadn't made those investments in the regional and local capabilities in SG&A. As far as the month on month performance basically, obviously, while there were impacts comparing March to March because of Holy Week, there was also other impacts in the other months due to the Congress, as mentioned on. So I think from a revenue perspective, the quarter is pretty much spread out between the three months as far as performance and growth versus last year.

您提到調整後的 EBITDA 下降了 10%，這是參考去年第一季的情況，當時我們還沒有對 SG&A 的區域和本地能力進行投資。就環比表現而言，基本上很明顯，雖然由於聖週而對三月之間的情況產生了影響，但如上所述，由於國會，其他月份也產生了其他影響。因此，我認為從收入角度來看，與去年相比，本季的業績和成長幾乎分散在三個月之間。

With respect to the second question, I think that we feel very comfortable on the 20% guidance EBITDA growth. And I wouldn't want to represent -- how will it come out. But it will, it's not going to come out very different to what we are planning with respect to Mexico, Peru, and Colombia. It is a fact that, we are building the capabilities in Mexico that Peru's predictable results takes a little longer time know. So I always am want to take them one at least -- we've given ourselves some cushion that we will deliver the 20%, but there might be some differences not substantial some differences as to how the countries are producing the results.

關於第二個問題，我認為我們對 20% 的 EBITDA 成長指引感到非常滿意。我不想代表——結果會如何。但它會的，它的結果不會與我們針對墨西哥、秘魯和哥倫比亞的計劃有太大不同。事實上，我們正​​在墨西哥建立能力，秘魯的可預測結果需要更長的時間才能知道。所以我總是想至少接受他們的一個——我們給了自己一些緩衝，我們將實現 20%，但在各國如何產生結果方面可能存在一些差異，但不是實質性的差異。

I think Mexico is an amazing market made for Auna. And I don't want to hit it right quarter by quarter. I want to hit it right year by year and five year metric income, we will be, I think, the most significant player in oncology at least no. So I think that I'm I would leave it there somewhere.

我認為墨西哥對於 Auna 來說是一個令人驚嘆的市場。我不想一個季度一個季度地實現目標。我希望年復一年地實現目標，按照五年的指標收入，我認為我們將成為腫瘤學領域最重要的參與者，至少不會。所以我想我會把它留在某個地方。

And moving to complement and resources. (multiple speakers) we see that this question is coming up on the chat from several participants. Our guidance is on a consolidated basis. And we think given the synergies and the regional footprint that I wouldn't have, it is most appropriate and predictable for us to provide it always on a consolidated basis and not by region.

並動以補充和資源。 （多位發言者）我們看到幾個參與者在聊天中提出了這個問題。我們的指導是基於綜合的。我們認為，考慮到我所不具備的協同效應和區域足跡，我們始終在統一的基礎上而不是按區域提供它是最合適和可預測的。

Alejandro Zamacona, HSBC.

亞歷杭德羅·紮馬科納，匯豐銀行。

A couple of questions here. The first one is, can you comment on the status of this plan of recruiting doctors in Mexico. I mean, any color in terms of timing, challenges, strategy to be helpful?

這裡有幾個問題。第一個問題，您能否評價一下墨西哥這次招募醫生的計畫的進展？我的意思是，在時機、挑戰、策略方面有什麼顏色可以提供幫助嗎？

And then my second question is on the occupancy rates in Mexico. I mean during the quarter we saw a flat year over year growth. And what can we expect going forward? Thank you.

我的第二個問題是關於墨西哥的入住率。我的意思是，在本季度，我們看到同比增長持平。未來我們可以期待什麼？謝謝。

So I think we're on track to the doctors that will produce some high yield. But qualitatively our focus on high complexity also has a timing issue. So it's not about just filling up the hospital doctors that deliver any type of practice. But qualitatively, you need to make sure that what we're building is an institution that has the best standard in this high-complexity.

所以我認為我們正在尋找能夠產生高收益的醫生。但從品質上來說，我們對高複雜性的關注也存在著一個時間問題。因此，這不僅僅是填補提供任何類型實踐的醫院醫生的空缺。但從品質上來說，你需要確保我們正在建立的是一個在這種高度複雜性中具有最佳標準的機構。

So OncoMexico is a project that may -- that it has the two-pronged strategy. One is a market share strategy in terms of hospital services related to oncology. And the other one is the insurance business both require -- it is extinguished, number of physicians that align to the AunaWay. And I think the conversation we've had, I was in Monterrey, last Tuesday and before that only meeting with doctors and now here in Mexico City as well, really leading with some tangible doctors next week.

因此，OncoMexico 是一個可能具有雙管齊下策略的專案。一是腫瘤相關醫院服務的市佔策略。另一個是保險業務都需要——它已經消失了，與 AunaWay 保持一致的醫生數量。我認為我們已經進行過對話，上週二我在蒙特雷，在那之前只與醫生會面，現在也在墨西哥城，下週真正與一些有形的醫生會面。

I think that we are very well known in Peru and Colombia, I must admit. We are less known still in Mexico. Through our strategy to be a significant player in oncology and another high complexity diseases is one of that has many diversity of action including clinical trials, research relating ourselves to some of the other players in oncology, prevention, campaign. So these again will produce the traction that we've achieved in Peru and Colombia in the physician world.

我必須承認，我認為我們在秘魯和哥倫比亞非常有名。我們在墨西哥還不太出名。透過我們的策略，成為腫瘤學領域的重要參與者，另一種高度複雜的疾病是具有多種行動的其中之一，包括臨床試驗、與腫瘤學、預防、運動等其他參與者相關的研究。因此，這些將再次產生我們在秘魯和哥倫比亞在醫生界所取得的吸引力。

Our offering is distinct. Once is implemented it has had in Peru and Colombia delivers no predictability and the AunaWay, then there is some high medical resolution and high patient experience and great financial returns. But it needs to be built over time. So I would say that 2024 is a very important year as we invite and retain key doctors into our network. That's happening at the right pace, but we still have a substantial opportunity to complete what we want to achieve here.

我們的產品與眾不同。一旦在秘魯和哥倫比亞實施，AunaWay 就無法提供可預測性，但會帶來較高的醫療解析度、較高的患者體驗和巨大的財務回報。但它需要隨著時間的推移而建立。所以我想說，2024 年是非常重要的一年，因為我們邀請並留住了重要的醫生加入我們的人脈。這一切正在以正確的速度發生，但我們仍然有很大的機會來完成我們想要實現的目標。

Mauricio Cepeda, Morgan Stanley.

莫里西奧·塞佩達，摩根士丹利。

Two questions from our side. The first one about Colombia. I understand, I saw the release that you are now receiving direct payments from [address]. But if you could detail a little bit how he has been interfering with working capital? We saw the receivables going up a little bit. So if there is any relation there. What you were foreseeing terms of this financial relation now directly [fathers] but also if you could also talk about the patient flow after the intervention in the year DPS's and I understand that you are focusing on high complex oncology. If this administrative control of DPS is a big change somehow the way you get the patient flow. So my first question is about Colombia.

我們這邊有兩個問題。第一個是關於哥倫比亞的。我明白，我看到了您現在正在收到來自的直接付款的新聞稿[地址]。但您能否詳細說明一下他是如何干擾營運資金的？我們看到應收帳款略有上升。所以如果有任何關係的話。您現在直接預見到這種財務關係的條款[父親]，但您是否也可以談談 DPS 年干預後的患者流程，我知道您正在關注高度複雜的腫瘤學。如果 DPS 的管理控制在某種程度上是一個巨大的改變，那麼你獲得病人流量的方式就會改變。我的第一個問題是關於哥倫比亞的。

And the second question, a little bit about Mexico. So we saw that you were increasing patients, but not necessarily the ones that increase hospital occupancy if you somehow perceive a different ramp up there in terms of hospital occupancy or it somewhat has a competitive reaction there. As you know, we were trying to capture more volumes there. If there was any competitive reaction in the hospital business. Thank you.

第二個問題是關於墨西哥的一些情況。因此，我們看到患者數量增加，但不一定會增加醫院入住率，如果您以某種方式感知到醫院入住率有不同的增長，或者那裡有一定的競爭反應。如您所知，我們試圖在那裡捕獲更多的體積。醫院業務是否有任何競爭反應。謝謝。

So let's start with the last one and then I'll go into the Colombian. I think we are good at turning up hospitals. But in our promise of value-based care, we're actually measuring the number of days patients go back to their families. So [bed] is not the perfect metric for us. We still believe in Mexico, we can double up in the next five years without any investments guaranteed to reach our 80% standard in hospital utilization. I don't want to diminish that effort at all.

讓我們從最後一個開始，然後我將進入哥倫比亞。我認為我們擅長尋找醫院。但在我們對基於價值的照護的承諾中，我們實際上是在衡量患者返回家人身邊的天數。因此，[床] 對我們來說並不是完美的衡量標準。我們仍然相信，在墨西哥，我們可以在未來五年內實現翻倍，無需任何投資保證達到醫院利用率 80% 的標準。我根本不想減少這種努力。

No, but, I think that -- I don't think there's a delay, but I think the first quarter were had these dislocations and the dislocations that are the Holy Week meeting in which people don't do medical treatment. Another issue. But I think we're on track to grow occupancies.

不，但是，我認為——我不認為有延遲，但我認為第一季出現了這些混亂，而聖週會議上人們不接受醫療的混亂。另一個問題。但我認為我們的入住率有望增加。

I do think that in the future we'll trying to help the market understand how we see occupancy and how we see high complexity procedures as a better measure of our volume, as a better measure of our brand. Now we are measuring surgery rooms and utilization, ICU utilizations, chemotherapy infusion site utilization. That’s the core of our business, not the hospital stay.

我確實認為，未來我們將努力幫助市場了解我們如何看待入住率以及我們如何看待高複雜性程序，以更好地衡量我們的數量，更好地衡量我們的品牌。現在我們正在測量手術室和使用率、ICU 使用率、化療輸注部位使用率。這是我們業務的核心，而不是住院時間。

No, but I'm but still I do not want to diminish right now. We have a very clear strategy to fill up the hospital beds, notwithstanding what I just said, and that will be coming during the course of this year.

不，但我現在仍然不想減少。儘管我剛才說過，我們有一個非常明確的策略來填補醫院床位，這將在今年實現。

In Colombia, I believe that the fragility, vulnerability of these two payers know that were intervened by the regulator based on financial considerations and limits that they were not complying to will improve our working capital collections in the future. Not make them worse. I think there's right now -- there's a transition in which we transition in, which can be is and the insurance companies ourselves and other service providers are learning to work directly with the additives.

在哥倫比亞，我相信這兩個付款人的脆弱性和脆弱性是監管機構基於財務考慮和他們不遵守的限製而進行幹預的，這將改善我們未來的營運資金收集。不要讓他們變得更糟。我認為現在有一個過渡，我們正在過渡，保險公司本身和其他服務提供者正在學習直接與添加劑合作。

And that might improve a few months of them have a dislocation, but in general terms, I see the Colombians and sector with these interventions, hopefully in the company will be back on their own footing than we turned to an autonomous and operational standard, but I think that does not put us in any vulnerable position.

這可能會改善他們中的幾個月的混亂，但總的來說，我看到哥倫比亞人和部門透過這些幹預措施，希望公司能夠重新站穩腳跟，而不是我們轉向自主和營運標準，但我認為這並不會讓我們處於任何弱勢地位。

As you might remember, 84% to the hospital and 84% of the hospital services in Colombia are delivered by private institutions. And the government for the intervening authority does not want hospital to miss payments. Patients come to wait for services. So I think we're well protected there. I think there are issues that the additives and the payers have to resolve them and make a little more efficient. But I'm not worried. There was a lot of uncertainty before that about what was going to happen because the vulnerability of these companies was well known. This was one of the scenarios that was as expected.

您可能還記得，哥倫比亞 84% 的醫院和 84% 的醫院服務都是由私人機構提供的。政府乾預機構也不希望醫院拖欠付款。患者前來等待服務。所以我認為我們在那裡受到了很好的保護。我認為添加劑和付款人必須解決一些問題並提高效率。但我並不擔心。在此之前，對於將要發生的事情存在著許多不確定性，因為這些公司的脆弱性是眾所周知的。這是預料之中的場景之一。

I think it's not that bad for us. Will be, of course, monitoring the situation being very much in tune with what was necessary for our patients. I think that I'm because we are a high complexity and player in Colombia in particular, and most high complexity procedures for our diagnostics are delivered in what we call in package, I don't want to call them capitated not per capita, but impacted fashion to the payers, the B2B fashion in Colombia called PGPs and PAVs and their other modalities. And then the fact that those are -- have higher priority in the system, they normally get paid faster.

我認為這對我們來說並沒有那麼糟糕。當然，我們會根據患者的需要對情況進行監測。我認為這是因為我們是一個高複雜性的參與者，特別是在哥倫比亞，我們的診斷的大多數高複雜性程序都是以我們所說的打包方式提供的，我不想稱它們為人均而不是人均，但是哥倫比亞的 B2B 時尚（稱為 PGP 和 PAV 及其其他模式）對付款人產生了影響。事實上，這些人在系統中具有更高的優先級，他們通常會更快地獲得報酬。

So I think that we have and we will continue to a better working capital situation than others because of our high complexity. I'm offering and credibility there.

因此，我認為由於我們的高度複雜性，我們已經並將繼續比其他人擁有更好的營運資金狀況。我在那裡提供服務和信譽。

And perhaps Mauricio, from my end, Hi, Mauricio. How are you?

也許還有毛里西奧，從我的角度來看，嗨，毛里西奧。你好嗎？

Perhaps from my end, just to clarify our complement some of the points you mentioned. As far as cash conversion, you can observe in our earnings release that cash conversion has remained stable versus both the fourth quarter of last year as well as the first quarter of last year. As we stated in our initial clarifying note on the Colombia situation and also reinforced with on our earnings release payments since the administrative interventions have been consistent with what we had received in previous months. So collections have also been consistent. And this is reflected in the stable cash conversion cycle, and that is on the point of Colombia.

也許我的目的只是為了澄清我們對你提到的一些觀點的補充。就現金轉換而言，您可以在我們的收益報告中觀察到，與去年第四季和去年第一季相比，現金轉換保持穩定。正如我們在關於哥倫比亞情況的最初澄清說明中所述，並在我們的收益釋放付款中強調，因為行政幹預措施與我們前幾個月收到的一致。所以收藏也一直是一致的。這反映在穩定的現金轉換週期上，這就是哥倫比亞的重點。

And then just to complement the point on occupancy levels in Mexico. We continue to maintain a firm view of what we can accomplish in occupancy in Mexico in the medium to long term. And this is why we are working on the before-mentioned initiatives as far as you know, the doctor incentive model as well as all the other benefits that Suso mentioned and also focus on physician productivity as well as the bundles and packages, which we're working on with the different payers, right, the insurance companies and out of pocket, et cetera.

然後只是為了補充墨西哥的入住率水準。我們繼續對中長期在墨西哥的入住率能夠實現的目標保持堅定的看法。據您所知，這就是為什麼我們正在致力於上述舉措、醫生激勵模式以及 Suso 提到的所有其他好處，並且還關注醫生的生產力以及我們的捆綁包和套餐。對的，保險公司和自付費用等等。

We suggest looking at occupancy on an annual and multi-annual basis are tracking it every quarter will be difficult to maybe visualize some of these results, but we continue to see that we will be able to take the Mexican operations to the long-term levels that we see in Peru, for example, right, where facilities that are ramped up approach 80% occupancy is right in the next five years.

我們建議以年度和多年度為基礎，每季度追蹤入住率，可能很難想像其中的一些結果，但我們繼續看到，我們將能夠將墨西哥業務提升到長期水平例如，我們在秘魯看到，未來五年內設施的入住率將接近80%。

And finally, as far as the competitive environment, on part of your question on no specific disruptions as far as the competitive environment and as Suso mentioned ,d the physician relationship model is one that really does differentiate out.

最後，就競爭環境而言，關於競爭環境沒有具體中斷的問題，正如 Suso 所提到的，醫生關係模型確實是一種真正與眾不同的模型。

There are no more questions from the phone lines. So I will now turn the call over to Anna Maria Mora, who will proceed with the question from the webcast platform.

電話線路上不再有任何問題。現在我將把電話轉給安娜·瑪麗亞·莫拉，她將透過網路直播平台繼續提問。

Thank you, operator. Now we will proceed with a question from the webcast platform. And the first question is, what are your plans of expansion in Mexico and then taking advantage of near-shoring?

謝謝你，接線生。現在我們繼續回答網路直播平台的一個問題。第一個問題是，您在墨西哥的擴張計劃是什麼，然後利用近岸業務？

Thank you, Annie. So I don't feel I'm very comfortable. I'm not sure how much you can talk about this, of course. Right now, we're very much focused on delivering that huge entertainment today with 40% capacity utilization and then rolling out the OncoMexico and project the OncoMexico project that I described before and with which we have spoken about anything. We've represented well in the filing. It is one in which he starts up in Monterrey, I will continue in Mexico City. It is a project that we've devised has asset light, capital light.

謝謝你，安妮。所以我覺得我不太舒服。當然，我不確定你能談論多少。現在，我們非常專注於以 40% 的產能利用率提供巨大的娛樂，然後推出 OncoMexico 併計劃我之前描述過的 OncoMexico 項目，我們已經談論過該項目。我們在文件中表現得很好。他在蒙特雷開始，我將在墨西哥城繼續。這是我們設計的一個輕資產、輕資本的項目。

And given that the number of patients in oncology that we will be capturing it a small number, we don't need to do a major investment, be it CapEx or an acquisition to deliver high growth in that Hong Kong Mexico project.

考慮到我們將捕獲的腫瘤學患者數量很少，我們不需要進行重大投資，無論是資本支出還是收購，以實現香港墨西哥項目的高成長。

So we see ourselves being very sensitive about capital allocation for that project and we see ourselves as we've grown in other countries, not necessity, is this something large. So we do see ourselves and implementing this strategy in the second half of this year, more forthright in 2025, more much more in 2025 this year, other hands. But definitely the Mexico City market is the most attractive market and where we see ourselves delivering a lot of value to a lot of families that don't have cancer coverage in Mexico City.

因此，我們認為自己對該專案的資本分配非常敏感，隨著我們在其他國家的發展，我們認為自己不是必需的，這是否是一件大事。因此，我們確實認為自己會在今年下半年實施這項策略，在 2025 年更加直接，在今年 2025 年更加直接，其他方面。但毫無疑問，墨西哥城市場是最具吸引力的市場，我們認為自己可以為墨西哥城許多沒有癌症保險的家庭提供大量價值。

Now we're going to go ahead with another question regarding Mexico. This question is from [Guy Moszkowski]. And the question is, can you please share our expectations for the launch of both on the Mexico and the hospital operation in Mexico City, how are these projects evolving.

現在我們要繼續討論另一個有關墨西哥的問題。這個問題來自[蓋伊·莫什科夫斯基]。問題是，您能否分享我們對在墨西哥啟動以及在墨西哥城醫院運營的期望，這些項目進展如何。

So again, as we've indicated, OncoMexico is on track. In July, we'll be launching the policies. And the B2B services are being negotiated today and I think we'll deliver what we expect 2024 -- 2025. We'll see a much more significant impact in our total results. Again, mostly related to operations in Monterrey, while we roll out more capabilities in Mexico City, which will produce results later on 2026. That's the way we should see it.

正如我們所指出的，OncoMexico 再次步入正軌。7月份，我們將推出這些政策。今天正在就 B2B 服務進行談判，我認為我們將在 2024 年至 2025 年實現我們的預期。我們將看到對我們的整體結果產生更重大的影響。同樣，主要與蒙特雷的營運相關，同時我們在墨西哥城推出了更多功能，這將在 2026 年稍後產生結果。我們應該這樣看待它。

But I think we're on track and there's a great team involved in this with the proven capabilities. And I think we confirm over and over again, the need for this coverage and the services, and we can confirm the opportunity that we've had it at that for that.

但我認為我們已經步入正軌，並且有一支出色的團隊參與其中，並且擁有經過驗證的能力。我認為我們一遍又一遍地確認對這種覆蓋範圍和服務的需求，並且我們可以確認我們已經擁有了這樣的機會。

So in Mexico City again, and it's about making sure that we have the facilities. That write number of facilities and taking capacities to give the services to the population that will grow at a certain pace. This can be done as we've proven in the past in an asset light way, and you'll see us engage in that way in the next 12 months.

再次回到墨西哥城，我們要確保我們擁有設施。其中寫明了為人口提供服務的設施數量和能力，這些人口將以一定的速度成長。正如我們過去所證明的那樣，這可以透過輕資產方式實現，並且您將在未來 12 個月內看到我們採用這種方式。

The next and final question, because we're running out of time is from Jocelyn Jensen. And the question is, could you provide your CapEx expectations for the year by country? Where do you see net leverage by year end? When do you expect to resume dividend payments?

下一個也是最後一個問題是喬斯林·詹森（Jocelyn Jensen）提出的，因為我們的時間已經不多了。問題是，您能否按國家提供今年的資本支出預期？您認為年底的淨槓桿率在哪裡？您預計什麼時候恢復支付股息？

I didn't tackle that one. Thank you, Jocelyn. As far as our CapEx expectations for the year. This should be approximately $15 million in 2024. As far as leverage projections for the year end, we're currently not providing guidance on leverage giving -- given that this at the end of the day will also be a resulting factor from the EBITDA where we have provided, a 20% EBITDA growth guidance on an FX neutral basis. And as to the dividend policy currently Auna maintains no dividend policy. As you guys know, we're very committed to deleveraging the company and obviously, this will be a function of that as well.

我沒有解決這個問題。謝謝你，喬斯琳。就我們今年的資本支出預期而言。到 2024 年，這一數字應約為 1500 萬美元。就年底的槓桿預測而言，我們目前沒有提供槓桿給予的指導 - 考慮到這最終也將是我們提供的 EBITDA 的結果因素，即 20% 的 EBITDA 增長外匯中性基礎上的指導。而就股利政策而言，目前Auna維持無股利政策。如你所知，我們非常致力於公司去槓桿化，顯然，這也將是其中的一個功能。

And I'd also note that, Jason, just to add on I mean, we are a growth company, a high-growth company, and you could use your numbers in the past. So we reuse on retained earnings and cash flow continuing to grow. So we will not be changing the dividend policy for a while.

我還想指出的是，傑森，補充一下，我的意思是，我們是一家成長型公司，一家高成長型公司，你可以使用過去的數據。因此，我們重複使用留存收益和現金流持續成長。因此，我們暫時不會改變股利政策。

Thank you, Suso. And as mentioned, before we have run out of time. So at this time, we are going to close the Q&A session. Thank you all so much for your attention and your interest in Auna. As always, we look forward to hearing from you and don't hesitate to contact us. Please stay safe and healthy and have a great evening

謝謝你，蘇索。正如前面提到的，在我們的時間用完之前。那麼這個時候我們的問答環節就要結束了。非常感謝大家對 Auna 的關注和興趣。一如既往，我們期待您的來信，並隨時與我們聯繫。請保持安全和健康，祝您度過一個美好的夜晚

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

今天的電話會議到此結束。您現在可以斷開連線。