Cementos Pacasmayo SAA (CPAC) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Pacasmayo's third quarter 2024 earnings conference call. (Operator Instructions).

女士們、先生們，大家好，歡迎參加 Pacasmayo 2024 年第三季財報電話會議。（操作員指令）。

I would now like to introduce you to our host for today's call, Ms. Claudia Bustamante Investor Relations manager. Ms. Bustamante, you may begin.

現在，我想向您介紹今天電話會議的主持人、投資者關係經理 Claudia Bustamante 女士。布斯塔曼特女士，您可以開始啦。

Thank you, Michael. Good morning, everyone and thank you for your patience. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer and Mr. Manuel Ferreyros, our Chief Financial Officer. 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.

謝謝你，麥可。大家早安，感謝大家的耐心。今天與我一起參加電話會議的還有我們的執行長 Humberto Nadal 先生和我們的財務長 Manuel Ferreyros 先生。納達爾先生將在電話會議上首先介紹本季的情況，主要關注我們的短期和中期戰略前景。隨後，費雷羅斯先生將對我們的財務表現做出進一步評論。

We'll then turn the call over to your question. 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.

然後我們會把電話轉過來回答您的問題。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，因此受可能影響未來事件或結果的風險和不確定性的影響。這些風險的描述已在公司的監管文件中列出。

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

說完這些，我現在想把電話轉給溫貝托·納達爾先生。

Thank you Claudia. Welcome everyone to today's conference call and thank you for joining us today. My apologies for the delay, of just I was landing in a place. This quarter, we delivered very solid results in terms of margins, EBITDA and profitability. Sales volumes this quarter recovered in a sequential basis, although still slightly behind the same quarter of 2023.

謝謝你，克勞迪婭。歡迎大家參加今天的電話會議，感謝大家今天的加入。我剛剛到達一個地方，所以我耽誤了時間，很抱歉。本季度，我們在利潤率、EBITDA 和獲利能力方面取得了非常穩健的業績。本季的銷售量較上季回升，但仍略低於 2023 年同期。

Despite this slight decrease in demand, we were able to achieve a record consolidated EBITDA of PEN154.6 million, an increase of almost [20%] year-over-year as well as remarkable increase of 35.9% in net income. By basically focusing on operational efficiencies related to clinker production in our most efficient kilns as well as cost efficiencies in our source of raw material. In our journey to continue developing our building solutions, this quarter, we have embarked into very relevant projects

儘管需求略有下降，我們仍實現了創紀錄的綜合 EBITDA 1.546 億秘魯索爾，較去年同期成長近 [20%]，淨收入也顯著成長了 35.9%。從根本上關注我們最高效的窯爐中熟料生產的營運效率以及原料來源的成本效率。在我們繼續開發建築解決方案的過程中，本季度，我們已經開展了非常相關的項目

First, we designed an innovative solution for riverbank protection. As you probably already know the Northern Peru is consistently affected by El Nino resulting in strong rains that overflow the river and therefore cause significant flooding. Traditionally, this the riverbank protection is done with steel and rocks.

首先，我們設計了創新的河岸保護解決方案。您可能已經知道，秘魯北部持續受到厄爾尼諾現象的影響，導致強降雨致使河水氾濫，引發嚴重洪災。傳統上，河岸防護是用鋼鐵和岩石來完成的。

But since there are parts of the North where rocks are not readily available, we find a new solution using many in local materials and mortar that is both most cost effective and more durable.

但由於北方部分地區不易獲得岩石，我們找到了新的解決方案，使用大量當地材料和砂漿，既最具成本效益，也更耐用。

We are currently implementing this in the Lambayeque and the solution is scalable and we look to expand it to other areas. Secondly, we are taking out a new challenge. I tell about the [human and deration] in the construction of a well achievement plant at the Minera Yanacocha operation.

我們目前正在蘭巴耶克實施該解決方案，該解決方案具有可擴展性，我們希望將其擴展到其他地區。其次，我們正在迎接新的挑戰。我講述亞納科查礦 (Minera Yanacocha) 井生產廠建設過程中的 [人力和成本] 情況。

The treatment of a city, water in mining is absolutely crucial for environmental sustainability and thus being able to maintain a balance between economic and social development in our country. Corporate management of water resources not only minimize the environmental impact, but also generate efficient use of the natural resources we have today and serving them for media races.

城市、礦山水的處理對於環境的可持續性，從而維持我國經濟和社會發展的平衡，是至關重要的。企業對水資源的管理不僅可以最大限度地減少對環境的影響，還可以有效利用我們今天擁有的自然資源，並為媒體競賽提供服務。

This project are other examples of how we are innovating and adapting our products and services to satisfy the service and they have demand for the solution. All this and I want to say all this is a time view on the line with our purpose. I would like now to focus on something that is actually crucial for the future of our business, including our own artificial intelligence and machine learning.

該專案是我們如何創新和調整我們的產品和服務以滿足服務以及他們對解決方案的需求的其他例子。所有這一切，我想說這一切都是符合我們目的的時間觀。現在我想集中討論一些對我們業務的未來真正至關重要的事情，包括我們自己的人工智慧和機器學習。

New technologies will be a wide variety of facilities and there's no doubt that early adapters will be the biggest beneficiary. Pacasmayo's AI strategies has been crafted from a multiphase approach, starting with a very deep understanding of the business and its needs.

新技術將會廣泛應用於各種設施，毫無疑問，早期採用者將是最大的受益者。Pacasmayo 的 AI 策略採用多階段方法制定，首先對業務及其需求有非常深入的了解。

A robust operational and organizational model we'll design, incorporating expansion of our new building strategy, capabilities assessment and a clear governance model. The implementation roadmap focus on three key fronts -- with our three key fronts.Preparing the future for AI adoption, experimenting with AI solutions and expanding the impact of AI across the enterprise.

我們將設計一個強大的營運和組織模型，其中包括新建築策略的擴展、能力評估和清晰的治理模型。實施路線圖重點在於三個關鍵面向——我們的三個關鍵面向：為未來採用人工智慧做好準備、試驗人工智慧解決方案以及擴大人工智慧在整個企業的影響。

The strategy has resulted in high engagement that has satisfaction with 86% of employee participation and 84% grade satisfaction. We also developed very successful pilot projects including a fragmentation model, a commercial virtual assistant and an automatic back and cloud-based assistants.

該策略帶來了高度參與度，員工參與度滿意度達到 86%，成績滿意度達到 84%。我們還開發了非常成功的試點項目，包括碎片化模型、商業虛擬助理、自動後台和基於雲端的助理。

Overall, we must see that this strategy has also allowed us to prioritize use cases across various departments and positively impact the value chain. It has not only delivered tangible results but has also laid the foundation for Pacasmayo to become a purely, and I mean, purely data and AI-driven company.

總體而言，我們必須看到，這項策略也使我們能夠優先考慮各部門的用例，並對價值鏈產生積極影響。它不僅取得了切實的成果，而且還為 Pacasmayo 成為一家純粹的數據和人工智慧驅動的公司奠定了基礎。

The next step involves defining the scope and resources of full-scale implementation in 2025 further cementing Pacasmayo's position of a leader in AI adoption in the industry. I would now like to turn the call over to Manuel to go into a more detailed financial analysis. Manuel?

下一步涉及確定 2025 年全面實施的範圍和資源，進一步鞏固 Pacasmayo 在產業 AI 應用領域的領先地位。現在，我想將電話轉給曼努埃爾，讓他進行更詳細的財務分析。曼努埃爾？

Thank you, Humberto. Good morning, everyone. This quarter revenue increase 0.2% compared to the third quarter of 2023 reaching PEN517.8 million. However, during this same period, gross profit increased 12.1% when compared to the previous year, mainly due to the cost efficiencies throughout our operations including our new kiln in Pacasmayo, as well as lower cost of raw material, mainly coal.

謝謝你，Humberto。大家早安。本季營收與 2023 年第三季相比成長 0.2%，達到 5.178 億秘魯索爾。然而，在同一時期，毛利與前一年相比增加了 12.1%，這主要歸功於我們整個營運過程的成本效率，包括我們在帕卡斯馬約的新窯爐，以及原材料（主要是煤炭）成本的降低。

Consolidated EBITDA was a record of PEN154.6 million this quarter and EBITDA margin was 29.9%, a 19.9% and a 5 percentage point increase respectively, when compared to the same period of 2023. The trend was similar for the first nine months of the year with revenues increasing 0.9% consolidated EBITDA 12.3% and EBITDA margin 2.8 percentage point when compared to the same period of last year.

本季綜合 EBITDA 創下 1.546 億秘魯索爾的紀錄，EBITDA 利潤率為 29.9%，與 2023 年同期相比分別增長 19.9% 和 5 個百分點。今年前 9 個月的趨勢類似，與去年同期相比，營收成長 0.9%，綜合 EBITDA 成長 12.3%，EBITDA 利潤率成長 2.8 個百分點。

Turning to operating expenses, administrative expenses for the third quarter of 2024 increased 15.4% and 6.7% during the nine months of this year when compared to the same period of the previous year respectively, mainly due to an increase in personal expenses as a result of increased workers profit sharing and higher IT research and cyber security related expenses.

談到營運費用，2024 年第三季的管理費用與去年同期相比分別增加了 15.4% 和 6.7%，這主要是由於員工利潤分享增加導致個人費用增加以及 IT 研究和網路安全相關費用增加。

Selling expenses during this quarter increased 10.7% and 10.4% during the first nine months of the year when compared to the third quarter of 2023 and the first nine months of 2023 respectively, mainly due to the increase in personal expenses mentioned before. Moving on to different segments. Sales of cement decreased 2.7% this quarter and 3.6% during the first nine months of the year when compared to the same period of 2023 respectively, mainly due to decrease in demand from the sales construction segment due to our continued focus on efficiency.

本季銷售費用與 2023 年第三季和 2023 年前九個月相比分別增加了 10.7% 和 10.4%，主要是由於前面提到的個人費用增加所致。轉向不同的部位。與 2023 年同期相比，本季水泥銷售額下降 2.7%，今年前 9 個月下降 3.6%，這主要是由於我們持續注重效率導致銷售建築部門的需求下降。

Gross margin increased 7.3percentage points in the third quarter of 2024 and 5.5percentage points in the first nine months of the year when compared to the third quarter of 2023 and the first nine months of last year respectively, mainly due to a cost optimization and lower cost of raw materials mentioned before. During this quarter, concrete payment and mortar sales increased 25.6% and 57.9% during the first nine months of the year when compared to the same period of 2023 mainly due to increased sales volume as payment for the Piura Airport project.

2024 年第三季的毛利率與 2023 年第三季和去年前九個月相比分別增加了 7.3 個百分點和 5.5 個百分點，這主要是由於前面提到的成本優化和原物料成本降低。本季度，與 2023 年同期相比，前 9 個月的混凝土付款和砂漿銷售額分別增長了 25.6% 和 57.9%，這主要是由於皮烏拉機場專案付款的銷售量增加。

Gross margin decreased during the quarter and the first nine months of the year, mainly due to a difference in exchange rate between the projected rate at the time that the contract was signed on the current rate. Most of this impact was already been accurate for so, we expect the margin to improve in the upcoming quarters. Sales of precast materials during the third quarter of 2024 and the nine months of 2024 increased 10.4% and 31% compared to the third quarter and first nine months of 2023 respectively, mainly due to increased demand from the public sector for reconstruction project among others.

本季及今年前九個月的毛利率有所下降，主要由於簽訂合約時的預計匯率與當前匯率之間的匯率差異所致。大部分影響已經準確，因此我們預計未來幾季利潤率將會提高。2024 年第三季和 2024 年前九個月的預製材料銷售額分別比 2023 年第三季和前九個月成長 10.4% 和 31%，這主要是由於公共部門對重建項目等的需求增加。

Moving back to our consolidated results, Net profit increased 35.9% this quarter and 11.9% during the first nine months of the year when compared to the same period of last year respectively, mainly due to increase in operating profit, as mentioned before. In terms of debt, our net debt EBITDA ratio was 2.8 times below the level obtained the previous quarter. To summarize this quarter financial results show our ability to manage cost and focus on efficiencies to provide outstanding profitability. We are confident that we will continue delivering positive results during the rest of the year.

回顧我們的綜合業績，本季淨利較去年同期成長 35.9%，今年前九個月淨利較去年同期成長 11.9%，這主要是由於前面提到的營業利潤的增加。在債務方面，我們的淨負債 EBITDA 比率比上一季低 2.8 倍。總結本季的財務業績，顯示我們有能力管理成本並專注於提高效率，從而提供出色的獲利能力。我們有信心在今年剩餘時間繼續取得積極的成果。

Can we please open the questions?

我們可以打開這些問題嗎？

(Operator Instructions) Marcelo SA, Itau BBA

（操作員指令）Marcelo SA，Itau BBA

(technical difficulty)

（技術難度）

-- We couldn't hear the question at all. There was a lot of interference. I'm not sure if you could ask the question again.

——我們根本聽不清楚問題。有很多幹擾。我不確定你是否可以再次提問。

(technical difficulty) [Okay. Yes of the patches] of the concrete is going to replace the volume, the dispatches to the project at Piura Airport.

（技術難題）【好的。是的，混凝土的補丁]將取代體積，調度到皮烏拉機場的專案。

Okay. Yes. Hello.

好的。是的。你好。

Hi, Claudia.

你好，克勞迪婭。

Hello, yes.

你好，是的。

Yes, Hi Claudia, so just once again, we will try to get in touch with Mr. Marcelo, Itau BBA. He's reconnected with the telephone line, Mr. Marcelo?

是的，你好，克勞迪婭，所以我們將再次嘗試聯繫伊塔烏 BBA 的馬塞洛先生。他重新接通了電話線嗎，馬塞洛先生？

Yes. Hi guys. Can you hear me now?

是的。嗨，大家好。現在你能聽到我的聲音嗎？

Yeah, we can hear you loud and clear. Please go ahead Mr. Marcelo.

是的，我們能清楚地聽到您的聲音。馬塞洛先生，請繼續。

Okay. Thank you guys. Sorry for the the interference before. So guys, I have two questions here. The first one is related to cement volumes. So we saw these volumes increasing by 16% on a quarter to quarter basis. And then my question here is you guys see actually the cement volumes in Peru on a better momentum vis a vis we have what we have seen in the first half of this year.

好的。謝謝你們。抱歉之前的打擾。夥計們，我這裡有兩個問題。第一個與水泥產量有關。因此，我們看到這些交易量較上季成長了 16%。我的問題是，你們實際上看到秘魯的水泥產量與今年上半年相比呈現了更好的成長動能。

So this is my first question here and then a follow up on that. How are you guys seeing cement volumes grow for 2025? So this is my first question. My second question is related to margins. You guys reached the 30% margin in the 3Q and cumulative numbers for 2024 is around 28%.

這是我在這裡的第一個問題，然後我會繼續跟進。你們認為 2025 年水泥產量將如何成長？這是我的第一個問題。我的第二個問題與利潤有關。你們在第三季實現了 30% 的利潤率，2024 年的累積數字約為 28%。

So my question here is related to if you could expect now, Cementos Argos if these margins are sustainable margins hovering around 30% or close to that. So could we expect these margins going forward? So this is my second question here. Thank you guys. And I'm sorry for the interference before.

所以我的問題是，您現在是否可以預期，Cementos Argos 的利潤率是否是可持續的利潤率，徘徊在 30% 左右或接近這個數字。那我們可以預期未來利潤率會維持不變嗎？這是我的第二個問題。謝謝你們。對於之前的打擾我深感抱歉。

Let me take that question, relating the volumes. I mean, we are seeing an increase in the third quarter. We are anticipated when our quarter, the second quarter that the second part of the year will be better. We're seeing increased government spending in many things.

讓我結合卷數來回答這個問題。我的意思是，我們看到第三季有所成長。我們預計，今年第二季和下半年的情況會更好。我們看到政府在許多領域的支出都在增加。

And next year we are still running on the budget. We have to bear in mind that there are very important public projects going on in the north. In each Chavimochic phase that's only be done under a G2G agreement with the Canadian government will be undergo. So I think we are pretty optimistic that next year, volumes should increase, of course, with respect to this year.

明年我們仍將按照預算運作。我們必須牢記，北方正在進行非常重要的公共工程。在每個 Chavimochic 階段，都只能根據與加拿大政府簽訂的 G2G 協議來進行。因此我認為，我們非常樂觀地認為，明年的銷售當然會比今年增加。

We don't have a specific number right now. In terms of the margins, I think the increase we have seen as the most operational efficiencies with our new kilns and everything. So I think going to the future, they should remain.

目前我們還沒有具體的數字。就利潤而言，我認為我們看到的成長是由於新窯爐和所有設備的運作效率提高。所以我認為，展望未來，它們應該保留下來。

Okay. Thank you so much guys.

好的。非常感謝你們。

Okay, thank you very much. We will now be reading out the text questions. The first text question is from Mr. Marco Mejia, Kallpa SAB. How long is it going to impact the new project of Yanacocha to the dispatches of the concrete? Is it going to replace in the volume, the dispatches to the project at Piura Airport?

好的，非常感謝。我們現在將讀出文字問題。第一個文字問題來自 Kallpa SAB 的 Marco Mejia 先生。這對亞納科查新項目的混凝土調度將產生多長時間的影響？它是否會在數量上取代皮烏拉機場專案的調度？

Could you repeat the question please? I couldn't hear it.

您能重複一下這個問題嗎？我聽不見。

Yes. First question is, how long is it going to impact the new project of Yanacocha to the dispatches of the concrete? Is it going to replace the volume of the dispatches to the project at Piura Airport?

是的。第一個問題是，這對亞納科查新專案的混凝土調度會產生多久的影響？它是否會取代皮烏拉機場專案的出貨量？

I can take the question. Go ahead Manuel.

我可以回答這個問題。繼續吧，曼努埃爾。

Yeah, I can take this question. Yeah, this project will last approximately 18 months and the volume is going to be quite similar as the one that we've been in the Piura Airport.

是的，我可以回答這個問題。是的，這個計畫將持續約 18 個月，其規模與我們在皮烏拉機場進行的計畫非常相似。

Okay. Thank you very much. The next question is from Mr. Luis Ramos, LarrainVial. Hi Humberto, Manuel and Claudia congrats on the results. I have three questions. I'll read the first one, first one regarding the volume dynamics. What are your expectations for 2025?

好的。非常感謝。下一個問題來自 LarrainVial 的 Luis Ramos 先生。你好，Humberto、Manuel 和 Claudia 對你們取得的成績表示祝賀。我有三個問題。我會讀第一篇，第一篇有關音量動態的文章。您對 2025 年有何期望？

My expectation like I mentioned for 2025 we should see an increase in volumes compared to 2024.

正如我之前提到的，我對 2025 年的預期是，與 2024 年相比，我們的銷售量應該會增加。

Which are the drivers that should enable growth in self construction.

哪些驅動因素可以推動自主建設的成長？

The driving self construction are fundamentally two. One, I mean employment is very important and I think the fishing and agriculture are extremely important for employment in our region. Fishing has had a tremendous year and so has agriculture. So I think the big driver towards self construction is the fact that they want to have thousands of people very well employed and are very well paid and that usually translates into cement demand later in the year.

驅動自我建設從根本上來說有兩點。首先，我認為就業非常重要，我認為漁業和農業對我們地區的就業極為重要。今年漁業產出豐收，農業亦然。因此，我認為自建項目的最大驅動力是他們希望讓數千名員工獲得良好的就業和優厚的報酬，而這通常會轉化為今年稍後的水泥需求。

Hey, thank you. The follow up question from Mr. Louis regarding prices, it seems that there is a room for price hikes, seems limited. What do you expect for the price mix improvement in 2025?

嘿，謝謝你。路易斯先生後續提出關於價格的問題，價格上漲的空間似乎有限。您對 2025 年價格組合改善有何預期？

I think, I mean, there's no such thing as a limited space for price hikes. We're always very cautious about price in terms of taking care of the brand, in terms of profitability and in terms of market share. And I think we've done a tremendous job in the past of maximizing price. Bear in mind, there are two variables and we're going to keep on the same policy.

我認為，價格上漲的空間是有限的。出於對品牌、盈利能力和市場份額的考慮，我們對價格始終非常謹慎。我認為我們過去在最大化價格方面做了大量的工作。請記住，有兩個變量，我們將繼續執行相同的政策。

A follow up question from Mr. Louis, EBITDA margins hovered almost 30% this quarter. What is your guidance on margins for next year?

路易斯先生的後續問題是，本季的 EBITDA 利潤率徘徊在 30% 左右。您對明年的利潤率有何預期？

So you're not for next year as a beta margin for the whole year should be a little bit over 29%?

那麼，您預計明年全年的 Beta 利潤率將略高於 29% 嗎？

Okay. Thank you very much. We have a text question from Mr. Gerard Fort, AFP Integra. A few questions, Congratulations on the results. Number one, we have seen an improvement in gross margins throughout the year. However, this quarter's improvement has been above the improvement seen in recent quarters while this is attributed to the efficiencies at the Pacasmayo plant and lower coal costs. This has also been the case in previous quarters. Could you comment on what has been the main driver for this quarter's improvement?

好的。非常感謝。我們有來自法新社 Integra 的 Gerard Fort 先生的文字問題。幾個問題，恭喜取得結果。首先，我們看到全年毛利率有所提高。然而，本季的改善高於最近幾季的改善，這歸功於帕卡斯馬約工廠的效率提高和煤炭成本的降低。前幾季也出現過這種情況。您能否評論一下本季業績改善的主要推動力是什麼？

The main drivers here, I mean, operational efficiency is something that I mean we keep pushing. So every every trimester is an opportunity to keep increasing. I mean, you have to realize that -- I mean, there's always a process of learning the new kiln. Kiln number four now it's really running like a fantastic ship. And in terms of coal, I mean, we also achieved the interesting prices and all those things translate to the fact of important businesses.

這裡的主要驅動力是營運效率，這是我們持續推動的。因此，每個三個月都是一個不斷增加的機會。我的意思是，你必須意識到──我的意思是，學習新窯爐總是有一個過程。四號窯現在真的運作得很好，就像一艘奇妙的船。就煤炭而言，我的意思是，我們也實現了有趣的價格，所有這些都轉化為重要業務的事實。

The second question from Mr. Fort, is related to the long term expected margins for concrete and prefabricated products. Given that there is an effort to expand the participation of these businesses.

Fort 先生提出的第二個問題與混凝土和預製產品的長期預期利潤有關。鑑於正在努力擴大這些企業的參與。

I think a concrete profitability is going to have to do a lot with the size of the project. I mean, when we get a more Chavimochic in hand, when we get a Yanacocha achievement plan design, those things are much more profitable than small concrete operations, as we see a public can drive an investment, hopefully picking up in the coming year, then the markets are concrete to increase accordingly.

我認為具體的獲利能力與專案規模有很大關係。我的意思是，當我們手中有了更多的 Chavimochic，當我們有了 Yanacocha 成就計劃設計時，這些東西比小型具體運營更有利可圖，因為我們看到公眾可以推動投資，希望在來年有所回升，然後市場就會具體地相應增長。

(Operator Instructions) Okay. So it looks like we have no questions at this point. I'll pass the line back to the management team for the concluding remarks.

（操作員指令）好的。看起來我們現在沒有問題。我將把這條線路轉回管理團隊，請他們作最後發言。

Thank you. Okay, I would like to finish.

謝謝。好的，我想說完了。

Humberto. Are you there?

溫貝托。你在嗎？

No, it's a good one.

不，這是一個好主意。

Right?

正確的？

Yeah, sorry for I would like to finish by briefly sharing with you that last week, I had the chance along with several other Latin American CEOs to visit three projects in Europe currently at the forefront of carbon capture. Although reality of Europe is clearly very different from that of Latin America in terms of regulatory framework, economic incentives, research, availability and funding.

是的，很抱歉，最後我想和大家簡單分享一下，上週我有機會與其他幾位拉丁美洲首席執行官一起參觀了歐洲目前處於碳捕獲前沿的三個項目。儘管歐洲的現實情況在監管框架、經濟誘因、研究、可用性和資金方面與拉丁美洲明顯不同。

It is nonetheless, that is very gratifying to see such concrete steps towards carbon neutrality in the cement industry. We are grateful for the opportunity to continue our learning journey in this field consistent with our [so and] I need to stress needs of our country.

儘管如此，看到水泥產業朝著碳中和邁出如此具體的步伐，仍然非常令人欣慰。我們很感激有機會繼續我們在這個領域的學習之旅，這與我們的國家的需求是一致的。

I think the balance is going to be we can protect the environment between carbon neutrality and being able to provide those 2 million Peruvians without a home and home for the future. With this Thank you very much for the new interest in our company. And as always, should you have any further questions? We will remain here at your disposal. Thank you very much. Have a very good day.

我認為，我們可以在保護環境的同時實現碳中和，並為 200 萬無家可歸的秘魯人提供未來的住房，從而實現平衡。在此非常感謝您對我們公司的新關注。像往常一樣，您還有其他問題嗎？我們將留在這裡，聽候您的差遣。非常感謝。祝您有個愉快的一天。

Thank you very much. This concludes today's conference call will now be closing all the lines. Thank you and good.

非常感謝。今天的電話會議到此結束，所有線路將關閉。謝謝你，一切都好。