Cementos Pacasmayo SAA (CPAC) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Pacasmayo's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this call is being recorded.

美好的一天，女士們先生們。歡迎參加 Pacasmayo 2023 年第三季財報電話會議。 （操作員說明）請注意，此通話正在錄音。

At the conclusion of our prepared remarks, we will conduct a question-and-answer session. I would now like to introduce your host for today's call, Mrs. Claudia Bustamante, Sustainability and Investor Relations Manager. Mrs. Bustamante, you may begin.

在我們準備好的演講結束後，我們將舉行問答環節。現在我想介紹今天電話會議的主持人，可持續發展和投資者關係經理 Claudia Bustamante 女士。布斯塔曼特夫人，您可以開始了。

Thank you, Tim. Good morning, everyone. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer; and Mr. Manuel Ferreyros, our Chief Financial Officer.

謝謝你，提姆。大家，早安。今天與我一起參加電話會議的是我們的執行長溫貝托·納達爾 (Humberto Nadal) 先生；以及我們的財務長 Manuel Ferreyros 先生。

Mr. Nadal will begin our call with an overview of the quarter, focusing primarily on our strategic outlook for the short and medium term. Mr. Ferreyros will then follow with additional commentary on our financial results and we'll then turn the call over to your questions.

納達爾先生將在我們的電話會議中概述本季度，主要關注我們的中短期戰略前景。然後費雷羅斯先生將對我們的財務業績進行補充評論，然後我們將把電話轉給您提問。

Please note that this call will include certain forward-looking statements. These statements relate to expectations, beliefs, projections, trends and other matters that are not historical facts and are therefore subject to risks and uncertainties that might affect future events or results. Descriptions of these risks are set forth in the company's regulatory filings.

請注意，本次電話會議將包含某些前瞻性陳述。這些陳述涉及預期、信念、預測、趨勢和其他非歷史事實的事項，因此存在可能影響未來事件或結果的風險和不確定性。這些風險的描述載於公司的監理文件中。

With that, I'd now like to turn the call over to Mr. Humberto Nadal.

現在，我想將電話轉給溫貝托·納達爾先生。

Thank you, Claudia. Welcome, everyone, to today's conference call, and thank you for joining us today. This quarter, we were able to focus on maximizing profitability. Revenue showed a sequential improvement, increasing 16.9% during the third quarter '23 compared to the previous quarter. This was mostly a result of stronger demand as volumes increased 14.5% when compared to the previous quarter.

謝謝你，克勞迪婭。歡迎大家參加今天的電話會議，並感謝您今天加入我們。本季度，我們能夠專注於利潤最大化。營收季減改善，23 年第三季較上一季成長 16.9%。這主要是由於需求強勁，銷量較上一季成長了 14.5%。

This was indeed in line with the recovery we were anticipating for the second half of this year. Although Year-over-year revenue did decrease. Consolidated EBITDA reached PEN 128.9 million, an increase of 3.2% when compared to the third quarter of 2022, and EBITDA margin also increased 2.5 (sic) [2.4] percentage points, reaching 24.9%.

這確實符合我們對今年下半年復甦的期待。儘管同比收入確實有所下降。合併 EBITDA 達到 1.289 億潘朵拉，較 2022 年第三季成長 3.2%，EBITDA 利潤率也成長 2.5（原文如此）[2.4] 個百分點，達到 24.9%。

This is the outcome of our focus on cost optimization, which has allowed us to maximize profitability as the demand environment begins to improve. I would like now to focus first on our remarkable achievements for our company. For the first time, Pacasmayo has entered a top 10 in the Merco Empresas y Líderes ranking for 2023.

這是我們專注於成本優化的結果，這使我們能夠在需求環境開始改善時實現盈利最大化。現在我想先專注於我們公司所取得的卓越成就。帕卡斯馬約 (Pacasmayo) 首次在 2023 年 Merco Empresas y Léderes 排名中進入前十名。

Merco, as you all know, is the most prestigious corporate reputation ranking for Spanish speaking, Latin America and Spain. Present in more than 16 countries, it evaluates the policies and initiatives of companies through a survey of opinion leaders, journalists and executives, highlighting the perception of reputation in different organizations. We are extremely proud of this achievement since Pacasmayo is the only company in the top 10 that does not have a national presence.

眾所周知，Merco 是西班牙語、拉丁美洲和西班牙最負盛名的企業聲譽排名。它遍布超過 16 個國家，透過對意見領袖、記者和高階主管的調查來評估公司的政策和舉措，突顯不同組織中的聲譽認知。我們對這項成就感到非常自豪，因為 Pacasmayo 是前 10 名中唯一一家沒有在全國範圍內開展業務的公司。

We truly believe it is a reflection of our constant work in the past 65 years. Reputation is the value that stakeholders attribute to our company based on their perception and interpretation of the [teams] that the company communicates and projects over time. Therefore, corporate reputation depends on the actual activities and intangible results that stakeholders experience.

我們堅信，這是我們過去 65 年來不斷努力的體現。聲譽是利害關係人根據他們對公司長期溝通和專案的[團隊]的看法和解釋而賦予我們公司的價值。因此，企業聲譽取決於利害關係人所經歷的實際活動和無形結果。

We take this recognition with great honor and responsibility and we are absolutely committed to continue delivering a positive experience to all of our stakeholders. As I'm sure you're all aware, of already (inaudible) forecasting for 2024, currently with a high probability of being a moderate phenomenon. We have already experienced the effects of inclement weather early this year with Cyclone Yaku that, among other things, interrupted part of the role that connects the main (inaudible) with our plant.

我們懷著巨大的榮譽和責任接受這項認可，我們絕對致力於繼續為所有利益相關者提供積極的體驗。我相信你們都知道，對 2024 年的預測已經（聽不清楚），目前很可能是一種溫和的現象。今年年初，我們已經經歷了雅庫氣旋惡劣天氣的影響，其中包括中斷了連接主管道（聽不清楚）與我們工廠的部分作用。

Thanks to our conservative inventory policy, we have not been affected by interruption, but we immediately started planning a solution. We are currently working with the government to install 2 modular bridges supported by concrete foundations and (inaudible). In addition, 2 [depots] are currently being built to provide transit continuity to these ongoing works, which should be finished by the end of next month.

由於我們保守的庫存政策，我們沒有受到中斷的影響，但我們立即開始規劃解決方案。我們目前正在與政府合作安裝 2 座由混凝土基礎支撐的模組化橋樑（聽不清楚）。此外，目前正在建造 2 個[倉庫]，為這些正在進行的工程提供運輸連續性，預計將於下月底完工。

The whole project has been planned to minimize the risk of having to hold the construction because of heavy rains. Therefore, the schedule foresees a completion of the undergoing work by November when there's lower probability of heavy rains and only the surface work will remain at the end of January, which is the expected completion date for the whole project.

整個工程的規劃是為了盡量減少因大雨而暫停施工的風險。因此，預計在11月份大雨概率較小的情況下完成正在進行的工作，並在1月底僅保留地面工作，這是整個項目的預計完工日期。

We are very confident that our prevention and risk management strategy as well as our execution capacity will lead us to restore full project according to our schedule. As we have previously mentioned, this year, we launched EcoSaco, a cement bag that (inaudible) integrates with the concrete mix generating zero waste. For us, this is much more than a simple cement bag. It's a solution that has the potential to revolutionize the market, particularly the self-construction segment. As with any transformational change, it requires and will require much effort in order to gradually change, culturally establish (inaudible) and consumer habits. This is precisely what we are both glad and proud that EcoSaco (inaudible) ESE sustainability price is weak, both in a sustainable product innovation category and the grand prize, which is all-around category. [Award] to a project with the greatest environmental, social and economic impact.

我們非常有信心，我們的預防和風險管理策略以及我們的執行能力將引導我們按照計劃恢復整個專案。正如我們之前提到的，今年我們推出了 EcoSaco，這是一種水泥袋，它（聽不清楚）與混凝土混合物結合在一起，產生零廢物。對我們來說，這不僅僅是一個簡單的水泥袋。這是一個有潛力徹底改變市場的解決方案，尤其是自建市場。就像任何轉型變革一樣，它需要並將需要付出大量努力才能逐漸改變、文化建立（聽不清楚）和消費者習慣。這正是我們感到高興和自豪的地方，EcoSaco（聽不清楚）ESE 永續性價格疲軟，無論是在永續產品創新類別還是大獎（全能類別）中。 [獎項] 授予對環境、社會和經濟影響最大的項目。

The EcoSaco is also among the 11 finalist in AP LATAM in 2 categories. These award nominations are not only a great sign as we are making a strong and impactful contribution but also outstanding platforms that allow us to continue educating consumers and effectively communicating the benefits of this great product.

EcoSaco 也是 AP LATAM 兩個類別的 11 名決賽入圍者之一。這些獎項提名不僅是一個偉大的標誌，因為我們正在做出強大而有影響力的貢獻，而且也是一個傑出的平台，使我們能夠繼續教育消費者並有效地傳播這一偉大產品的好處。

Finally, I would now like to mention that I am extremely honored to represent Pacasmayo as a Board member for the GCCA, The Global Cement and Concrete Association, for the upcoming 3-year period. I take this position with great appreciation, but also with an enormous level of responsibility that it entails.

最後，我想提一下，我非常榮幸能夠在未來 3 年期間代表 Pacasmayo 擔任 GCCA（全球水泥和混凝土協會）的董事會成員。我非常欣賞這個職位，但也承擔著巨大的責任。

Latin American companies face a great ethical dilemma, as there is a pressing need to reduce carbon emissions and protect our planet, but also an equally pressing need to provide homes, adequate infrastructure and overall development to our people. We cannot focus on one over the other. We need to creatively think of solutions that will target both issues. This is the only path to achieve true, I mean, true sustainable development.

拉丁美洲公司面臨著巨大的道德困境，因為迫切需要減少碳排放和保護我們的地球，但也同樣迫切需要為我們的人民提供住房、充足的基礎設施和全面發展。我們不能只關注其中一個而不是另一個。我們需要創造性地思考針對這兩個問題的解決方案。我的意思是，這是實現真正的、真正的永續發展的唯一途徑。

I will now turn the call over to Manuel Ferreyros to [do a more detailed] financial analysis.

我現在將把電話轉給曼努埃爾·費雷羅斯（Manuel Ferreyros），讓他[做更詳細的]財務分析。

Thank you, Humberto. Good morning, everyone. As Humberto mentioned, our third quarter 2023 revenues were PEN 516.7 million, a 6.7% decrease when compared to the same period of last year. Gross profit, however, increased 5.2%, achieving PEN 174.6 million, mainly due to lower costs as we discontinued the use of imported clinker now that our new kiln is fully operational, lower cost of coal as well as higher average prices of cement [sold].

謝謝你，溫貝托。大家，早安。正如 Humberto 所提到的，我們 2023 年第三季的營收為 5.167 億先令，比去年同期下降 6.7%。然而，毛利增加了5.2%，達到1.746 億先令，主要是由於我們的新窯已全面投入使用，不再使用進口熟料，從而降低了成本，煤炭成本降低以及水泥平均價格提高[已售出]。

Consolidated EBITDA also increased despite the decreased revenues reaching PEN 128.9 million this quarter, a 3.2% increase when compared to the third quarter of 2022. For the first 9 months of the year, revenues decreased 9.1% when compared to the same period of 2022, mainly due to the lower levels of public and private investments as we -- as well as the negative impact of Cyclone Yaku during the first quarter of the year. However, gross profit was roughly aligned with the same period of the previous year and consolidated EBITDA decreased only 2.9%, mainly due to decreased strategies, partially offset by the lower costs mentioned above. (inaudible) EBITDA margin for the first 9 months of the year increased 1.6 percentage points when compared to the same period of the previous year.

儘管本季營收下降，合併 EBITDA 也有所成長，達到 1.289 億先令，較 2022 年第三季成長 3.2%。今年前 9 個月，營收較 2022 年同期下降 9.1%，這主要是由於公共和私人投資水準較低，以及今年第一季颶風雅庫的負面影響。然而，毛利與上年同期大致持平，綜合 EBITDA 僅下降 2.9%，主要是由於策略減少，部分被上述成本下降所抵銷。 （聽不清楚）今年前 9 個月的 EBITDA 利潤率比去年同期成長了 1.6 個百分點。

Turning to operating expenses. [Administrative] expenses decreased 5% in the third quarter of 2023 compared to the third quarter of 2022, but this is mainly due to temporary decrease in personnel expenses as well as lower third-party services. During the 9 months of 2023, administrative expenses increased 2.9% compared to the 9 months of 2022, mainly due to an increase in salaries in line with inflation as well as in software licenses.

轉向營運費用。與2022年第三季相比，2023年第三季的[行政]費用下降了5%，但這主要是由於人員費用暫時減少以及第三方服務減少所致。 2023年的前9個月，管理費用較2022年的前9個月增加了2.9%，主要是由於薪資隨通貨膨脹以及軟體許可證的增加而增加。

Selling expenses increased 2.9% during this quarter, when compared to the same quarter of last year, mainly due to an increased [well] maintenance services. During the first 9 months of the year, selling expenses remained in line with those of the same period last year.

本季銷售費用較去年同期成長 2.9%，主要是由於[油井]維護服務增加。今年前9個月，銷售費用與去年同期持平。

Moving on to the different segments. Sales of cement decreased 4.2% in the third quarter of 2023 compared to the third quarter of 2022 and 5.2% in the first 9 months of the year when compared to the same period of previous year, mainly due to decreased demand from the self-construction segment from the record level reached in the post pandemic times. However, the gross margin increased 4.5 percentage points this quarter and 2.7 percentage points during the first 9 months of the year, when compared to the third quarter and 9 months, respectively, mainly due to the cost optimization as we have now discontinued the use of imported clinker as well as lower cost of raw materials, such as coal and higher average price of cement sold.

繼續到不同的部分。 2023年第三季水泥銷量比2022年第三季下降4.2%，今年前9個月比去年同期下降5.2%，主要是由於自建需求減少與疫情後達到的創紀錄水準相比。然而，與第三季和前9 個月相比，本季的毛利率分別成長了4.5 個百分點，今年前9 個月的毛利率分別成長了2.7 個百分點，這主要是由於成本優化，因為我們現已停止使用進口熟料以及煤炭等原材料成本較低以及水泥銷售平均價格較高。

During this quarter, we are glad to report that sales of concrete, pavement and mortar increased 3.4% when compared to the same quarter of last year, mainly due to an increase in sales of pavement and as we began dispatches to the Piura airport and other minor works. During the first 9 months of the year, sales of concrete, pavement and mortar decreased 16.2% when compared to the same period of the previous year, mainly due to a decrease in public and private investments, partially offset by the work executed this quarter.

在本季度，我們很高興地報告，混凝土、路面和砂漿的銷量與去年同期相比增長了 3.4%，這主要是由於路面銷量的增加以及我們開始向皮烏拉機場和其他地區發貨。小作品。今年前9個月，混凝土、路面和砂漿的銷售額年減16.2%，主要是因為公共和私人投資減少，但被本季執行的工程部分抵銷。

Gross margin decreased 5.3 percentage points during this quarter compared to the same period of last year and a 5.1 percentage points in the 9 months of this year compared to the same period of last year, mainly due to a lower dilution of fixed costs.

本季毛利率較去年同期下降5.3個百分點，今年前9個月毛利率較去年同期下降5.1個百分點，主要是由於固定成本稀釋程度較低。

Sales of precast material this quarter also decreased as public and private works are still at historical low levels. The decrease in sales was 18.3% when compared to the third quarter of 2022 and 31.9% during the first 9 months of the year when compared to the same period of last year.

由於公共和私人工程仍處於歷史低位，本季預製材料的銷售額也有所下降。與2022年第三季相比，銷售額下降了18.3%，與去年同期相比，今年前9個月的銷售額下降了31.9%。

Gross margin was still negative, mainly due to a low dilution of fixed costs as precast demand has a [hault] for lack of private and public projects as well as the effects of the flooding during the first quarter of the year.

毛利率仍然為負，主要是由於固定成本稀釋度較低，因為缺乏私人和公共項目以及今年第一季洪水的影響，預製件需求受到影響。

Net profit increased 4.1% this quarter when compared to the third quarter of last year, mainly due to the cost efficiencies, as we mentioned before as well as a slight decrease in expenses.

本季淨利比去年第三季成長4.1%，主要是由於我們之前提到的成本效率以及費用略有下降。

During the first 9 months of the year, net profit decreased 3.6% when compared to the same period of 2022, mainly due to the lower revenues, partially offset by the [improved] cost structure mentioned before. However, net margin for both the third quarter and the first 9 months of the year increased 0.9 percentage points and 0.5 percentage points when compared to the third quarter and the first 9 months of last year.

今年前 9 個月，淨利較 2022 年同期下降 3.6%，主要是由於收入下降，部分被前面提到的[改善的]成本結構所抵消。然而，第三季和今年前9個月的淨利率較去年第三季和前9個月分別成長0.9和0.5個百分點。

In terms of debt, our debt-to-EBITDA ratio was 3.3x, which is a level we expect to progressively decrease as we start paying the club deal and the [EBITDA] increases since we currently do not plan to incur an additional debt.

就債務而言，我們的債務與 EBITDA 比率為 3.3 倍，隨著我們開始支付俱樂部協議，我們預計這一水平會逐漸下降，並且 [EBITDA] 會增加，因為我們目前不打算承擔額外的債務。

To summarize this quarter's results, I have started to show the benefit of focusing on cost management and preparing for an improving demand environment. We are confident that we will still continue delivering positive results during the rest of the year. Thank you.

為了總結本季的業績，我開始展現專注於成本管理和為改善需求環境做好準備的好處。我們有信心在今年剩餘時間內繼續取得正面成果。謝謝。

(Operator Instructions). So we have a question from [Eduardo Velasquez] who's a private investor. Excellent presentation, 3 questions. Can you give us a dividend guidance for [2023]. Number two, considering the extremely low stock price, are you evaluating a share buyback. And number three, are you considering to exclude or call back the investment [share class] stocks?

（操作員說明）。我們有一個來自私人投資者 [Eduardo Velasquez] 的問題。精彩的演講，3 個問題。您能給我們[2023]的股利指引嗎？第二，考慮到極低的股價，您是否正在評估股票回購。第三，您是否考慮排除或回檔投資[股票類別]股票？

Thank you, Eduardo for your comments and to answer your 3 questions. In terms of dividend policy, that is something for the Board to decide, but I may say that our intention has been over the last years to keep the same level of dividend. So even though that's a board decision that should be in line with the past years. Number two, are we considering buyback? No. And the reason for it right now is that we have been concerned for many, many years about liquidity of the stock. And if we were going to do a buyback that would only harm the low liquidity we already have.

謝謝 Eduardo 的評論並回答您的 3 個問題。就股息政策而言，這是董事會決定的事情，但我可以說，我們的目的是在過去幾年中保持相同的股息水平。因此，即使這是董事會的決定，也應該與過去幾年保持一致。第二，我們是否考慮回購？不。現在的原因是我們多年來一直擔心股票的流動性。如果我們要進行回購，只會損害我們已經擁有的低流動性。

And number three, in terms of the investment shares many years ago, we did a buyback. The company right now controls around 90% of the investment shares. And for the time being, we are not going to do any additional moves on that either.

第三，就多年前的投資股份而言，我們進行了回購。該公司目前控制約90%的投資股份。目前，我們也不打算對此採取任何額外行動。

(Operator Instructions). We have another question. This is from Ernesto Sanchez from [Prima]. Given the finalization of the investment in the Kiln 4, how much CapEx do you expect onwards on a quarterly basis? Any specific reason for the decrease in personnel expenses and 3D party services for Q3 2023? And finally, do you expect to maintain similar SG&A expenses or a normalization for the next quarters?

（操作員說明）。我們還有另一個問題。這是來自 [Prima] 的 Ernesto Sanchez。鑑於 Kiln 4 的投資已完成，您預計以後每季的資本支出是多少？ 2023 年第三季人員費用和 3D 派對服務減少的具體原因是什麼？最後，您是否預計在接下來的幾季保持類似的銷售及管理費用或正常化？

Yes, sure. I mean I think Manuel mentioned that after Kiln 4, we have no extraordinary CapEx. So we're going to go back to the what we call the sustaining CapEx, which is around PEN 100 million per year. In terms of (inaudible) SG&A, I mean, we're always for cost optimization, and we're also going to try to keep running a very tight ship. And can you repeat the last part of the question, please?

是的，當然。我的意思是，我認為 Manuel 提到 Kiln 4 之後，我們沒有特別的資本支出。因此，我們將回到所謂的持續資本支出，即每年約 1 億先令。就（聽不清楚）SG＆A 而言，我的意思是，我們始終致力於成本優化，並且我們還將努力保持非常嚴格的營運。您能重複問題的最後部分嗎？

Yes, no problem. Do you expect to maintain similar SG&A expenses or normalization for the next quarters?

是沒有問題。您是否預計在接下來的幾季保持類似的銷售及行政費用或正常化？

Yes, that will be yes.

是的，那就是的。

Our next question comes from Bianca Venegas from Credicorp Capital. Can you give guidance on dividends and CapEx for 2023? And what are you expecting in terms of market dynamics for the following months in terms of self-construction and public investment?

我們的下一個問題來自 Credicorp Capital 的 Bianca Venegas。您能否就 2023 年的股利和資本支出提供指引？您對未來幾個月自建和公共投資的市場動態有何預期？

Yes. Like I mentioned before, I think dividends, even though it is the Board decision, and I will have to make that disclaimer, we should keep in line with the policy of the previous years. And CapEx, like I mentioned before, I mean, it should be around PEN 100 million per year, which is sustaining CapEx. In terms of market dynamics, we are seeing and we anticipated this in our last call that (inaudible) much stronger. That's why the volumes in the third Q has been around 15% higher than the second Q. We think we should close the year on the levels of the third quarter, and that gives us a very promising start for the next year. I think self-construction will remain strong as long as agriculture and [season] recovers in the north and public investment will rally behind the (inaudible).

是的。就像我之前提到的，我認為股息，即使是董事會決定，我也必須做出免責聲明，我們應該與前幾年的政策保持一致。而資本支出，就像我之前提到的，我的意思是，每年應該在 1 億先令左右，這可以維持資本支出。就市場動態而言，我們看到並且我們在上次電話會議中預計這一點（聽不清楚）要強勁得多。這就是為什麼第三季的銷量比第二季高出約 15%。我們認為我們應該以第三季的水平結束今年，這為我們明年提供了一個非常有希望的開端。我認為，只要北部農業和[季節]恢復，公共投資將在（聽不清楚）背後反彈​​，自我建設就會保持強勁。

Perfect. (inaudible) from AFP and (inaudible) asked, can you give us more detail about what's included in other operating expenses in this quarter?

完美的。 （聽不清楚）法新社和（聽不清楚）問，您能否向我們提供有關本季其他營運費用中包含哪些內容的更多詳細資訊？

Yes, thank you for the question. Basically, La Nina cross, as Humberto mentioned, were the [maiden] construction of the bridge, so basically, it's expenses of La Nina. We will have expenses this quarter and next quarter.

是的，謝謝你的提問。基本上，正如溫貝託所提到的，拉尼娜十字是橋樑的[處女]建設，所以基本上，這是拉尼娜現象的費用。我們本季和下季都會有費用。

Gamze Alpar from Impera Capital asks, could you please elaborate on how you see demand for 2024?

Impera Capital 的 Gamze Alpar 問道，您能否詳細說明您如何看待 2024 年的需求？

That's a very good question, and it's very hard to predict when we have an economic and political environment that is so complicated in Peru. But we may not be optimistic. I mean, we are going to probably close this year a little bit under 3 million tons for this purchase. And hopefully, next year, we'll be able to jump back on the -- over the 3 million ton level. But like I said, I mean, it's all going to depend on how the country goes so far. I mean the indicator for GDP growth and everything, I'm not too optimistic, but I think we'll be fine.

這是一個非常好的問題，當秘魯的經濟和政治環境如此複雜時，很難預測。但我們可能並不樂觀。我的意思是，今年我們的採購量可能會略低於 300 萬噸。希望明年我們能夠跳回 300 萬噸以上的水準。但就像我說的，我的意思是，這一切都取決於這個國家目前的進展。我指的是 GDP 成長等指標，我不太樂觀，但我認為我們會沒事的。

Thank you. We have one more question from Marco Antonio Mejía Peñalva from Kallpa. My question is about what are the other operating expenses of PEN 10.3 million in the income statement, please?

謝謝。來自 Kallpa 的 Marco Antonio Mejá Peñalva 也向我們提出了一個問題。我的問題是損益表中的其他營運費用 1,030 萬先令是多少？

Yes. Like Manuel mentioned, I mean, we are about preventing risks and since El Nino will be becoming even though it's going to be a medium [strike] phenomenon. We have donated the La Nina bridges and roads and everything, and that's extraordinary operating expenses.

是的。正如曼努埃爾所提到的，我的意思是，我們要預防風險，因為厄爾尼諾現象將成為一種中等[罷工]現象。我們為拉尼娜現象捐贈了橋樑、道路和一切，這是巨大的營運開支。

Perfect. Thank you. I'm not seeing any more questions. So I will now hand back to Humberto for closing remarks.

完美的。謝謝。我沒有看到更多問題。現在我將請溫貝托致閉幕詞。

Thank you. we stand at a point in time when social, environmental and geopolitical issues at the global level are becoming stronger and more recurrent. Although we may be tempted to feel as if these things are either happening far away from us, or seem completely beyond our realm of action, the reality is that this content and equality are the core of these conflicts and that can happen anywhere.

謝謝。我們正處於全球層級的社會、環境和地緣政治問題變得更加嚴重和更加頻繁的時刻。儘管我們可能會覺得這些事情要么發生在離我們很遠的地方，要么似乎完全超出了我們的行動範圍，但現實是，這種內容和平等是這些衝突的核心，並且可能發生在任何地方。

The private sector is capable, extremely capable of deep transformational change that can help bridge those gaps. As the Peruvian cement company that operates locally but recognizes its place in global economy, we will continue to focus on evolving our business model so that it is capable of achieving the transformational change that we need to contribute towards a future that is fair, tolerant, resilient and most of all, sustainable.

私部門有能力、非常有能力進行深刻的轉型變革，幫助彌補這些差距。作為一家在當地運作但認識到其在全球經濟中的地位的秘魯水泥公司，我們將繼續專注於發展我們的業務模式，以便能夠實現我們需要的轉型變革，為建立一個公平、寬容、包容的未來做出貢獻。有彈性，最重要的是永續。

I want to thank you all for your renewed interest in our company. And as always, we remain should you have any further questions. Thank you very much for your time today.

我要感謝大家對我們公司重新產生的興趣。像往常一樣，如果您還有任何其他問題，我們將繼續為您解答。非常感謝您今天抽出時間。

That concludes the call for today. Thank you, and have a nice day.

今天的電話會議到此結束。謝謝你，祝你有美好的一天。