Energy of Minas Gerais Co (CIG) 2014 Q2 法說會逐字稿

Good afternoon to all of you. My name is Antonio Carlos Velez Braga, Investor Relations Officer of Cemig. We now start our transmission of the video Webcast, bringing the results of second quarter of 2014 with the presences of Dr. Djalma Bastos de Morais, our CEO; Dr. Luiz Fernando Rolla, Chief Officer for Finance, Investor Relations; Dr. Leonardo George de Magalhaes, Controller; Dr. Paulo Eduardo Pereira Guimaraes, Head of Corporate Finance; and Dr. Marcus Vinicius de Castro Lobato, Head of Power Trading Planning.

This transmission may be accompanied by or through the telephone numbers 5511 2188 0155 or 5511 2188 0188. Also, through our site, http://ri.cemig.com.br. Now, we hand over the floor to our Chief Officer for Financing, Investor Relations, Dr. Luiz Fernando Rolla.

Our thank you to begin with for your attendance and participation in this teleconference, bringing the results of our second quarter. It will follow the same format at usual. We'll deal with the more strategic part of it with the presence of our CEO. And then the other officers and myself will go through the figures, reflecting the results of the second quarter.

Mr. President, we had a very substantial profit as compared to last year. That's a very substantial addition. What could you say to us about this figure?

Good afternoon to all of you. Unfortunately, my time has been restricted by an appointment I have right after this. But, I should inform you that we have strictly meeting -- been meeting all our commitments, our main levers, our investors, and -- by offering to our state and the other states we serve our best services, which I believe has been very successful.

Our strategy has been participation in auction, acquiring assets to add value. And we've been very successful in all of that. Second quarter was a very good were, isn't it, Dr. Rolla? 38% of net revenue gain, EBITDA plus 26%, and net income plus 20%, factors that boasted our good performance.

Sales in spot market, you know what's been happening with the water situation here in Brazil. It has led to a very -- a relatively high spot price. Sorry, I'm moved by these results. EBITDA reflects our efficiency and, of course, also boosting our net income directly, which reflects in our dividends in which we all share.

Increase in operational efficiency already demonstrated by the various operating indicators that was accompanied by a reduction in costs, in the lower costs, except for factors that are outside our scope of action, but of course, as you said, we have implemented our policy for growth.

We have sought a series of alternatives for growth. In the second semester, we have already completed some of these initiatives.

Yes, recently, we acquired 49.9% of total capital of Retiro Baixo. That means 240 megawatts.

More recently also, we acquired a stake of stockholding that used to be in the hands of Petrobras and Gasmig. And we bought it up. It's nothing that we would have against Petrobras participating in Gasmig.

However, in fact of the decision by the President of the Republic to build an ammonia factory in the so-called Minas Triangle, in Uberaba, we could not evade from supplying that venture with natural gas. That's exactly what we're about to do. We have this commitment to provide power to this ammonia factory in Uberaba.

Then we approached our partner Petrobras. They hold 40% of Gasmig. And Petrobras decided that that was not a priority for them, investing in a pipeline to bring the gas all over to Uberaba.

Our proposal then was to make an offer and reacquire those 40% until then held by Petrobras. And these negotiations are now nearing completion. And Gasmig now back fully in our hands, we can seek a new partner. We don't want to go solo in this because return is expected for some two years from now.

That's why we are looking for a partner among companies with the right expertise. That's already relevant part of our activities. And the fact that we bought back these 40% from Petrobras was very relevant.

We also extended our stake in Santo Antonio, acquiring 10% of what Andrade had in hands. Also, negotiations are all but completed. And as you know pretty well, due to the 579, we are losing a little bit of our generation. So, our main effort is to expand and to get to the level prior to 579 in terms of generation. We are looking for new ventures in the generation area. We have been trying to do that. And we've been doing that, expanding our interests in that area.

And yes, this agreement with Renova is -- it makes sense within this context.

Yes, we are expanding by 25% our stake in Renova, this huge wind farm. And this allows us this trade and investments, adding value. The strategy we have been adopting enabled us to enjoy extraordinary dividends of BRL1.7 billion this year.

That's what we've been trying to do to show the vigor of our company, Cemig working with a lot of synergy, offering very quality -- high-quality services to our consumers, while at the same time attending to the interests of our major stockholder, the State of Minas Gerais and all the shareholders in Brazil and abroad. So, it's no surprise to have such magnificent results.

Another fact that Dr. Rolla recalled, and you know that we are facing a suit as now everything's -- the 579 Act was imposed. We were at no moment in opposition against 579 because that implied tariff benefits to all consumers in Brazil, all the population. But, there are some specific facts.

For example, we have this concession contract. This contract was at that occasion expanded or extended to another 20 years. Then President of [Enel], [Mr. Abreto] and other authorities attended that ceremony where we signed that. And we want to stick to this. We want to make it feasible to have that extended 20-year period in those three hydro plants.

We had another chapter of our fight with the Higher Appeal Court. But, the decision was adjourned indefinitely in face of the grave disaster that took the life of the candidate of the presidency of Brazil in that tragic accident.

So, Sao Simao in the beginning of the year was already solved. And the Jaguara hydroelectric plant is a project that we want to keep for a long time to come. We are very optimistic about our company, about our country. And we are sure that we'll make it to the best of all the expectations of all the stakeholders. Thank you, and have a good afternoon.

Thank you. It's very important to have the strategic vision and view to be conveyed to all the listeners to this conference. And now, we'll start going down into further details in our figures that have been disclosed recently or precisely last week. And we debate some other topics with our trade and finance sectors. Thank you for attending.

As our Chief Executive Officer stressed, our strategy for recomposition of our generation capacity has been going strongly and gradually. You can see in slide number 6 we have already reached this number of 7,468 megawatts. This should be expanded even further with the construction of another 1,360 megawatts and, as our CEO said, restructure our capacity to generate -- for generation.

We are also acquiring another 10% of Santo Antonio. Belo Monte, we acquired 8% and another 3% in negotiations with Vale. And also, Renova, we are capitalizing. We are -- we now have some 300 and -- we have a very substantial amount of average megawatts and already under construction with Alto Sertao, 567.7 average megawatts, and contracted another 363.2 average megawatts. And this we will add to our projections into the coming years. The strategy was adopted within the scope of the impacts of the provisional measure 579.

This was all intended to ensure our sustainability. We have very solid decision making. And the pillars are sustainability, value adding, innovation. And and this has been repeatedly recognized by investors around the world and especially here inside Brazil.

This commitment we have towards sustainability is crucial to us. And this will ensure us very consistent results into the next years. Among the areas showing greatest rates of growth, we have natural gas growing very strongly in terms of sales in recent years.

Gasmig has been setting records in supplying consumers, mostly industrial in the beginning. But, then we started incorporated residential consumers. And they are now perhaps the highest potential for consumption of natural gas supplied by Gasmig.

Our supply volume is already very high through the existing pipelines. And we'll move ahead even now as we decided to acquire the stake of Petrobras and then decided to invest in the triangle of Minas Gerais to feed that ammonia factory belonging to Petrobras itself. And that will be a major factor for boosting our sales in the area. That's a vector of growth that's very promising for Cemig. And we surely will acquire and achieve very good results, just like we did in other segments.

Now, let's stick to the figures showing the results of the second quarter. As our CEO said, that was very positive. Net income by itself already justifies all our optimism with our 38% in net revenues, that's right, reflecting from one year to the other from second quarter last year to this second quarter of 2014. That shows higher volume of sales in the spot market with the spot market prices at very high levels, which explains that gain in revenues.

Also, the number of clients has climbed substantially, Cemig GT, for example, 26%, capturing an even larger portion of the market, 269,000 new consumers connected. That's in Cemig D. That represents a growth of 3.5%. That was this shifting trend from industrial to residential consumers. And that involves redistribution of this energy to consumers. Industrial consumers included in that implies very good progress for our portfolio of clients.

We have increased our share in the free market, reflecting that 26% growth in Cemig GT.

Yes, the highlight here is for the clients under incentives. With the conventional clients, we are already very strong. We are the leader in the market, and this other nonconventional under incentive market we have been growing at an important 20%. And that was the highlight of the period.

Next slide shows operational expenses. We also had 27% in operational expenses. But, immediately, we can see how bought energy is important here from the distributors that had this increase in bought energy.

They had to face that involuntary exposure. And also, the spot market price factor, comparatively to 2013, the average spot price was still very high. And that led to this increase in expenses.

Of course, we -- this was offset by a transfer of funds from CDE, BRL1.470 billion from this fund. We have already received almost BRL1.195 billion. And by the end of the year, we will have received the remainder. All these amounts are very substantial. And they led to this very substantial increase in funding as compared to the same period of 2013.

Of course, the CDE is targeted for negotiations. One of the alternatives being proposed is the increase in that loan made by CCE. That was pretty much challenged and questioned from the accountancy point of view. Should it be recognized or not? How do we stand with regard to that question?

Okay. Good afternoon, everyone. The figures related to this involuntary exposure in this year are very representative, even with this funding almost reaching BRL1.5 billion in this 2014. We had to bear an additional BRL500 million or more as compared to the previous quarter, as you can see in this slide.

It's important to say that this BRL6.5 billion reference, negotiations were coming from June and now almost completed. They were nearing completion, only requiring a formal signing. But, we included in our balance sheet BRL274 million that was our involuntary exposure in May and June.

This would only be -- if not for that, this would only appear in the third quarter. Light values were lower because, during wintertime, they have dropping figures anyway. But, this BRL6.5 billion loan from CCE to make up for this involuntary exposure of distributors, we can anticipate a relief in cash for these distributors, having in view this loan from CCE.

Apart from this, all our other expenses are within that context of cost reduction. The commitment we have undertaken before our investors, increasing our capacity to operate our system with reduced resources, and we have been -- managed to gain that.

Yes, no doubt. We can see that the expenses that showed a significant growth in the semester was referring to that nonmanageable expenses. We can see bought energy growing, also costs involved in the use of the network.

It's worthwhile to consider the fact that most -- a good deal of the expenses, that has to do with the buying of diesel to operate Igarape. On the other hand, Igarape also led to higher revenues, one thing somehow offsetting the other.

There are other spotty questions. But, overall, our results in terms of expenses with personnel is better than last year. We have been strongly pursuing a program for disconnecting employees. And we can see a reduction, substantial reduction as compared to last year, in terms of personnel, payroll that also includes outsourced services expenses. This we consider as something inescapable given the situation we have to face in the current times.

So, this was a source of concern together with the other distributors. But, within the context of today, how does this exposure stand at this moment?

We had a very important factor from May of this year. Most of our exposure were due to deficits. And this has been covered. There is an exposure of 1% of our total load, but still much better than in the first semester. Many of our contracts had predicted deliveries as from March.

But, as of March, these contracts went into effect. After May, this was somehow reduced, some remaining factor, but much lower than in the first quarter.

We had rated growth of our EBITDA, very substantial, too, as you can see in this graph or this diagram. We are heading to achieving a very positive performance for the Group as a whole.

As you can see, BRL1.8 billion plus for the second quarter of 2014 adjusted. And this -- you can see what we projected for the 2014 guidance. We have already achieved 82.4% of the lower limit of the 2014 guidance. And the EBITDA reflects also the stockholding, even in the companies where we don't have controlling interest.

If you follow and adopt all these criteria, we are at a level that makes us very comfortable to achieve the figures as predicted for 2014. That was a very positive response in face of that challenge put to us by the Supervisory Committee or Board of Directors rather. And we are very relaxed now to be able to say that we'll achieve the figures as agreed and as committed before our investors.

And investments that have been made are still strong and still boosting it ahead, 18% participation in the second quarter 2014 coming from equity interests. We are adding value to Cemig and to our investors and shareholders.

Consolidated net income, the same conditions. This if adjusted could lead to BRL943 million, meaning a 30% growth from the year before. You can see this 20% nominal value, which is already very good.

2013 had already excellent results in the first and second quarters of 2013, very good results. It involved operational gains, network capitalized in the second quarter last year. And the quality of the results we can see here are therefore very good, very solid. And it derives from our decisions, our strategic view, and our capacity to seek investments that add value. And this has been done and managed with a lot of efficiency.

That's our consolidated debt profile. We have an expert in that area Paulo Eduardo. Could you please describe this slide to us, please?

Yes, good afternoon to all of you. It's important to stress in this debt profile the aspect of payments in the short term. This derives from the strategy that we adopt this year by going for short-term operations.

Due to the uncertainties of the governmental policies, perhaps the perception of risk on the part of investors could increase. And that could lead to higher interest in the long term. So, we decided to go for short-term loans. We'll roll this debt into next year.

And we can do it with a lot of comfort given our history. We also placed our bonds in the market. And always the demand has exceeded the offer, the supply of bonds. And this makes us very comfortable about this.

This cost has increased because 60% of our debt is indexed to the CDI. And of course, then this is being on the increase. But, both generation and distribution in Cemig, we managed to have 105, 107 interest rate CDI. That's very adequate to our debt.

Our debt indexes are very comfortable to us, 1.5% EBITDA. That's very comfortable, and also 40% debt on equity. This points out the quality of credit of the Company.

That puts us in a very advantageous position in the sense of being able to finance and fund our own growth. We have a substantial capacity of indebtedness given our statutory indicators. We can finance a significant part of our investments with debts.

Yes, we should roll our debts by the end of the year and some other operations of that sort. In January, April, and June are the maturity dates for our debts. But, perhaps -- well, we still have to design throughout this year and having viewed the behavior of the market how we'll decide about this, longer- or shorter-term loans.

After the elections, we will have a clearer view to allow us to take a more solid decision about how to deal with that debt. There's no concern, no worry about volume. We have been successful in those operations, even under very much tougher circumstances.

Yes, and many times, the demand is overcoming the supply.

Yes, an important part of our strategy is growth. We have been making very important investments, BRL2.8 billion in investments by June this year. We are seeking those assets that can lead to an appropriate yield, given our investment policies, appropriate returns, as demanded by our Board of Directors, adding to our EBITDA.

And these investments are the factor that explain the growth we've been getting recently with effort we've made to improve the performance of each asset we have acquired. A lot of success following this investment policy we adopted, very high levels of investment. I know of no other company in our sector that has invested anything near BRL2.8 billion in 2014. That points at our vocation for growth, our pursuit of new opportunities for investment for growth, our discipline in investing with results and appropriate returns so as to add value to our shareholders.

We have been vesting in all our segments. You can see in generation we have made already very substantial investments, in transmission as well, adjusting it to our new transmission contract. Some investments are still to be made and remunerated by [Aneel].

Also, we are seeking to renew and refurbish our industrial park, renovating it, and improving the quality of the services delivered to our consumers. And of course, from the point of view of Group as a whole, we select our -- the best investments, given our vision of where the electrical or the power market is heading to. And this has been suiting our strategy in recent years in a very solid way.

Our financial situation allows us to absorb not only the growth in generation, the growth of our industrial assets and industrial complex, also at the same time catering for the shareholders, a very well-balanced catering for the needs of our shareholders, the need for investments.

We approved, as our CEO said, BRL1.7 billion, a fantastic investment that really caters for the expectations of our shareholders and with a cash flow that can really bank. We can see BRL2.8 billion made by June in this with a very reasonable cash balance. There are still a few others in progress. And they will be equally successfully accomplished.

That's a display of our strength, our power. I'm sure that we have been distributing happiness around to our shareholders. I can see 61% of our -- well, 61% growth and the value of our sharehold -- shares rather. Yes, if you decided to invest, you could be making good money.

Yes, I can say that I have some regrets as opposed to 2012. Yes, we can see the fantastic increase in value of Cemig shares, 61% of preferred shares, 58% increase for the ordinary shares. This already includes the historical series that is adjusted according to dividends. That was -- that's already taking that into consideration.

Overall, except for Cemig that had this outstanding performance due to our strategic strategy for sales and the operations in the spot market, the performance of light shares, to give an example, whose results derive mostly from distribution business, are considering that in line with Ibovespa at a very satisfactory level and [ties] a spectacular development with a very solid and constant cash flow, 22% increase in share value if you consider that this is a very stable business. This increase is very substantial.

In Renova, 2.8% increase, but you should remember that, last year, the increase in value was very, very robust. Now, there is an accommodation happening.

In the Group, we know that this investment pays off. It brings return, yield from 16% of dividends declared by July 2014, including ordinary, extraordinary dividends paid 50% by June and 50% by December.

Cemig decided to pay it all, 100% in June, and already declaring BRL1.7 billion in terms of extraordinary dividends and BRL1.1 billion already paid by July or on July 8th, 2014, another BRL604 million to be paid on September 30th, 2014. So, that's a very -- another very strong, the dividends.

This is only possible by adopting the strategy we have adopted, our capacity to keep a strong portfolio, capture gains, capture synergies from the various areas where we are active.

So, this view of complementarity with the sector of natural gas, all of this put together accounts for the good results we can bring to our shareholders. We have been recognized by our performance. We can list a list of prizes, Best Investor Relations, already the Transparency Trophy 2014.

Leo is very much involved in that. He has been making an effort to increase the readability of our balance sheet. That has been recognized by the market. That makes us very happy, proves that the practice we have adopted are the ones bringing really results and in a way that it pleases very much our investors.

These were the slides we wanted to show to you. And now, we are available to you for the Q&A. And please, could you please coordinate that session for us?

(Operator Instructions). Marcos Severine, JPMorgan.

Good morning to all of you. I have three questions. First, if you could update us on exchange rates, is there any possibility for any more postponement -- well, a judgment -- the postponement, adjournment of the judgment can happen again.

The second question, what's your expectation for this year in terms of any possible measures for next year? And what about long-term prices?

Another question perhaps about dividends. You have already announced the anticipated payment of dividends. Is there any possibility that you may announce any additional dividends for this year?

Thank you, Marcos, for your questions. I will distribute the questions among my friends here, our top executives. The first one I can answer myself.

You asked about Jaguara and the court decision that's still pending. This suit or this proceedings are now -- it's now open ended. I mean, there's no timing set. It was postponed sine de, indefinitely. And the court, the Higher Court of Appeal decided to adjourn it indefinitely. We have no prospect of when this can be resumed.

But, we reiterate our confidence in the case we built before the judge. We are pretty sure the decision will be to our favor, to Cemig's favor. But, we still are uncertain about the date when this final decision should come.

Well, I still have this application for Mandamus. And in so far as this still stands, we will keep on running the Jaguara project and dispatching according to the [PLD]. This will bring some additional benefits.

As for your other questions, perhaps Marcus could answer the next two questions.

With regard to GSF, we had a recent event in late June. They produced their view of how this factor could evolve at around 0.95, something around that. But, our own view is a little below that, 0.9, a little better perhaps than what we had in July, August, but not too much better.

Wind farms are performing better than expected. Load is also a factor. But, we'll have lower results GSF and PLD. We concentrated resources on that. And that was proper results went accordingly. But, now, we are at a more defensive position as for liquidation of GSF. That will not be as positive, but reasonable.

For next year, if conditions normalize as expected, if the rainy season is better or good enough, there may be variations, but we have a position of anticipating that evaluation whenever we started with this problem.

With the higher prices in 2012, we immediately prepared our positions for 2013. We did the same for 2014. And for 2015, we are building our position ever since the beginning of this year already. So, we are ready for all the scenarios of 2015.

In the long term, prices are under pressure in the spot market. But, it stands to come down to normal over the years. The conditions will tend to normalize. We expect by the end of the decade that prices come down to BRL110 to BRL130.

As for the dividends policy, that's an easier subject perhaps. What we may say, Marcos, is that we do have dividend policy we may -- we have been following very strictly. That's not a very aggressive policy. It's a rational policy.

It has to do -- has to meet requirements of our strategies. We must seek value -- increase value of our shares. And dividends play a role, important role in that, as you know. We want to show that aggregation of value is actually distributed through our shareholders. Whatever gains we have, we always have in view sharing benefits with our shareholders.

But, this year, we consider the extraordinary level of dividends, BRL1.7 billion. And we intend to expand the availability of resources and funds by the end of this year. But, we have to balance that with our investments. We have already vested a substantial BRL2.8 billion.

We still have more investments to make by the end of this year. And if the scenarios prove really positive as we expect, too, our Board, we'll proceed to another assessment for perhaps being in position of paying or not more dividends.

But, from the viewpoint of this moment, we are seeking investments and cash generation. That's a very rational, very stable, and policy with a very low level of uncertainty. I think that 15% of yield dividend just -- very few companies can offer that to their shareholders.

Of course, if shares increase too much, perhaps this number can be brought down a little bit. It may bring some discomfort. But, overall, our strategy and our policy for dividends is very rational.

Have I answered all your question, Mr. Marcos?

I have two doubts to solve. In terms of long-term interest, perhaps a new obligation for Mandamus, for example, another [PO] perhaps. My doubt is, how much do you have contracted for 2015-2016?

We didn't understand exactly what your point is.

My point is this. The market is working with a concern about the final decision of the Higher Appeals Court. And perhaps it will lead to a deposit having to be made judicially, that is. And this has been contracted. And how much have you bought in terms of energy for 2016?

So, your concern is that perhaps our ballast of generation includes Jaguara, right?

Yes, and how much did GT, Cemig GT, bought energy from Jaguara in 2016?

Yes, it's hard to hear. I'm not sure I understood what he said. How much have we acquired for generation capacity to make up for Jaguara and others that we may have to return in 2015?

We realized pretty much right after the provisional measure came out. Well, we decided to go for legal measures with Mandamus and so on. But, we are also conservatively also counting on the possibility of losing the case.

And then we are buying energy from other sources so as to make up for a possible loss. And even with an extra -- even if we don't have Jaguara or Sao Simoa, these problems have been preempted in view of previous contracts. For the next years, the problems will diminish. The bigger portions were bought in the previous years.

Yes, 2015, we have bought everything we need to meet the contract that could be affected by some deficit in the ballast.

We didn't understand your question.

1,500 megawatts would be the total deficit if we put together Jaguara and Sao Simoa. But, we went for conquering new markets with expansion of our portfolio. We replaced those megawatts.

Was it clear then?

Yes, focusing on Jaguara a little bit, the most probable scenario is that a new injunction will come out.

No, I can't understand what you're saying because we do have an injunction that's enforced. And it will be in force until the final decision of the court. Only in the possibility of our losing the case, which we don't believe in, then we'll appeal again, and we'll enter another injunction.

Okay. Thank you.

Jose Fernandez, Bradesco.

Good afternoon. My doubt has to do with the partnership with Fenosa, the pack 68 that presses for the privatization of Gasmig.

Fenosa, that's right. Yes, it was in doubt. That would culminate with the privatization of Gasmig. Yes, effectively, what we have today is the acquisition of our 40% of Petrobras stake. This has been approved already by both Petrobras and Cemig. We are now nearing completion of the process of this acquisition.

Everything that has to do with natural gas Fenosa depends on a series of other factors that are naturally being taken into consideration in view of the state's constitution so that we can establish this association with gas natural Fenosa.

We are going for shared management. We mean -- this means that we'll have the same rights as our partner. We don't see that as a negative fact. Quite the contrary, this is very positive to us.

Vinicius Canheu, Credit Suisse.

In terms of distribution, we try to have an idea adjusting by the regulatory assets. I don't know if it was our mistake when we looked at the figures. What about this 36 in terms of regulatory assets? The figure given, the growth in volume, this sounds like a very high figure. Are we making any mistake in our calculations, or perhaps you could define that better to us.

You're making a reference to a slide number?

We're looking at distribution, results of distribution. You started giving it to us last year. But, this quarter, we're looking at these two figures. I think they are very high. Is there any mistake there?

Leonardo?

Well, yes, in our statements, we have figures that make a lot of sense to us.

Yes, perhaps it's my mistake.

No, that's okay. Our expense with energy was very high in the last month. And even if we recover some of that involuntary exposure via CCE, the volume of regulatory assets that were transferred for the next adjustment, although the CCE is covering our involuntary exposure, the number that was recorded here off balance, only for regulatory purposes with regard to CVA, are very significant.

If you want additional information, I think that we are in position to provide you with a few -- a little more detail than what you have in the statements. Yes, but you're right. It's a very high figure. Only perhaps we can break down the numbers a little bit in -- a little more in detail to demonstrate how we got to those figures.

Okay. Thank you.

Just adding to what Leo said, as an example, last auction, the price for energy was BRL271 per megawatt hour. And our reference was BRL160-some. So, only this leads to a very high increase in the CVA. This justifies the figures that you can see in our statements.

But, as I said, we are at your disposal for any further clarification on these issues. We can provide those additional informations upon request as you wish.

We now close our Q&A session. Now, the floor to Professor -- to Dr. Luiz Fernando Rolla for final considerations.

Well, thank you, all, for your time. We've been having this teleconference for one hour and 20 minutes. I hope most your doubts have been dismissed.

If there's any lingering doubts, you can see on our screen the phone numbers, the e-mail addresses, the Website address. We have extra information put at your disposal to clarify in a final fashion about our results. But, even if this is not good enough, then our international -- our internal Investor Relations Department is available 24 hours to any query you may have.

I'd like to thank our shareholders, our investors. I'd like to reiterate the fact that our commitments have been strictly, religiously met. You can see all the effort we have been making to increase the quality in the operational capacity of the Company to provide the best possible service to our clients. You can see it also through our operational figures.

I restate that commitment, our corporate vision of transparency, focusing on innovation, growth of the Company, to create all the conditions to ensure sustainability to the Company in the long term in all the segments, all the sectors we operate.

I thank you, again, for your attention. And we are available to any further question now through our Investors Department.

This closes our Webcast, video Webcast. We thank you for your attention and wish you a very nice afternoon.

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.