Loma Negra Compania Industrial Argentina SA (LOMA) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Loma Negra First Quarter 2023 Conference Call and Webcast.

早上好，歡迎來到 Loma Negra 2023 年第一季度電話會議和網絡直播。

(Operator Instructions)

（操作員說明）

Also, Mr. Sergio Faifman will be responding in Spanish immediately following an English translation.

此外，Sergio Faifman 先生將在英文翻譯後立即以西班牙語回复。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Mr. Diego Jalón, Head of IR. Please Diego go ahead.

請注意正在記錄此事件。我現在想將會議轉交給 IR 負責人 Diego Jalón 先生。請迭戈繼續。

Thank you. Good morning, and welcome to Loma Negra's Earnings Conference Call.

謝謝。早上好，歡迎來到 Loma Negra 的收益電話會議。

By now, everyone should have access to our earnings press release and the presentation for today's call, both of which were distributed yesterday after master close.

到現在為止，每個人都應該可以訪問我們的收益新聞稿和今天電話會議的演示文稿，這兩者都是在昨天大師收盤後分發的。

Joining me on the call this morning will be Sergio Faifman, our CEO and Vice President of the Board of Directors; and our CFO, Marcos Gradin. Both of them will be available for the Q&A session. Before we proceed, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We resumed no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. This conference call will also include discussion of non-GAAP financial measures. The full reconciliation of the corresponding financial measures is included in the earnings press release.

今天早上和我一起參加電話會議的是我們的首席執行官兼董事會副總裁 Sergio Faifman；以及我們的首席財務官 Marcos Gradin。他們兩人都可以參加問答環節。在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性陳述，請參閱我們的收益發布和最近向美國證券交易委員會提交的文件中的前瞻性陳述部分。我們沒有義務更新或修改任何前瞻性陳述以反映新的或變化的事件或情況。本次電話會議還將討論非 GAAP 財務措施。收益新聞稿中包含相應財務措施的全面對賬。

Now I would like to turn the call over to Sergio.

現在我想把電話轉給 Sergio。

Thank you, Diego. Hello, everyone, and thank you for joining us this morning.

謝謝你，迭戈。大家好，感謝您今天早上加入我們。

As usual, I would like to begin my presentation with a discussion of the highlights of the quarter, and then Marcos Gradin will take you through our market review and financial results. After that, I will provide some final remarks, and then we will open the call to questions.

像往常一樣，我想以討論本季度的亮點開始我的演講，然後 Marcos Gradin 將帶您了解我們的市場回顧和財務結果。之後，我將提供一些最後的評論，然後我們將開始提問。

Starting with Slide 2. We started the year in a very good shape and we are very pleased to share with you another quarter of solid results, amid increasing macroeconomic uncertainty, the industry remained rationally, maintained the positive momentum and setting another quarter of growth. Bulk cement demand is contributing to this trend, boosted by private and public small infrastructure works. Our top line for the quarter increased 2.9%, with same volume growing above the industry and boosted by the increased activity of concrete and aggregates. Our assortment EBITDA for the first quarter stood at $63 million, up 15% from first quarter 2022.

從幻燈片 2 開始。我們以非常好的狀態開始了這一年，我們很高興與您分享又一個季度的穩健業績，在宏觀經濟不確定性增加的情況下，該行業保持理性，保持積極勢頭並創造了另一個季度的增長。在私人和公共小型基礎設施工程的推動下，散裝水泥需求推動了這一趨勢。我們本季度的收入增長了 2.9%，同量增長高於行業，這得益於混凝土和骨料活動的增加。我們第一季度的產品組合 EBITDA 為 6300 萬美元，比 2022 年第一季度增長 15%。

When measured in pesos, it showed a decrease of 19.7% compared to the same quarter last year, adjusted by inflation. Although margin suffered some compression due to higher energy inputs in the cement segment and increased participation in the top line of the other segments with lower margin.

以比索計算，經通貨膨脹調整後，與去年同期相比下降了 19.7%。儘管由於水泥部門的能源投入增加以及其他利潤率較低的部門的收入增加，利潤率受到一定壓縮。

We keep on delivering world-class EBITDA margin. In this sense, the U.S. dollar EBITDA per ton stood at some $40 for the quarter, 1.6% above 2022 first quarter. Continuing our focus of maximizing value to our shareholders at the beginning of the year, we distributed a dividend payment of $19.5 million. Additionally, we recently announced and distribute in kind another dividend for the amount of ARS 22.2 billion, always maintaining a strong balance sheet with a low net debt ratio of 0.46x.

我們繼續提供世界一流的 EBITDA 利潤率。從這個意義上講，本季度每噸美元的 EBITDA 約為 40 美元，比 2022 年第一季度高出 1.6%。今年年初，我們繼續專注於為股東創造最大價值，派發了 1,950 萬美元的股息。此外，我們最近宣布並以實物形式分配了 222 億阿根廷比索的另一筆股息，始終保持強勁的資產負債表和 0.46 倍的低淨債務比率。

I will now hand off the call to Marcos Gradin who will walk you through our market review and financial results. Please, Marcos, go ahead.

我現在將把電話轉給 Marcos Gradin，他將向您介紹我們的市場回顧和財務結果。馬科斯，請繼續。

Thank you, Sergio. Good morning, everyone.

謝謝你，塞爾吉奧。大家，早安。

Please turn to Slide 4. As you can see on Slide 4, even though 2022 ended posting a 5% growth, the fourth quarter started to show a deceleration. The last market expectation report from the Central Bank shows a shift in estimations for 2023, driving the growth expectation to negative tariff and reflecting an increase in economic uncertainty. While the construction activity shows mixed results for the first half of 2023, with a [retraction] in February, the cement national industry sales shows a resulting growth of 3.1% for the quarter, despite a strong base of comparison and the challenging environment.

請轉到幻燈片 4。正如您在幻燈片 4 中看到的那樣，儘管 2022 年結束時實現了 5% 的增長，但第四季度開始出現減速。央行上一份市場預期報告顯示，對 2023 年的預測發生轉變，將增長預期推向負關稅，反映出經濟不確定性增加。儘管建築活動在 2023 年上半年表現喜憂參半，2 月份有所回落，但儘管比較基礎強勁且環境充滿挑戰，水泥全國工業銷售額在本季度仍增長了 3.1%。

Although still in high figures, bagged cement shows a year-on-year contraction while bulk cement continues to be [dispatch polarity] boosting growth. Concrete producer demand a principal contributors to bulk performance, driven mainly by private infrastructure projects both residential and industrial, coupled with a small and midsized public works that are gaining more incidents in the shipments. In this sense, we're seeing the breakdown by the dispatch mode, bulk shipments continues to gain tariff, showing a participation of 43% against 40% in first quarter of last year. Even this positive start of the year, we remain cautiously optimistic for the coming months as economic volatility will probably increase as we approach the elections and this might affect the level of activity.

儘管仍處於高位，但袋裝水泥同比收縮，而散裝水泥繼續[調度極性]推動增長。混凝土生產商的需求是批量表現的主要貢獻者，主要受住宅和工業私人基礎設施項目的推動，再加上中小型公共工程正在獲得更多的出貨量。從這個意義上說，我們看到了發貨模式的細分，大宗貨物的關稅繼續上漲，參與度從去年第一季度的 40% 下降到 43%。即使今年開局良好，我們仍對未來幾個月持謹慎樂觀態度，因為隨著選舉臨近，經濟波動可能會加劇，這可能會影響經濟活動水平。

Turning to Slide 5 for a review of our top line performance by segment. Top line was up 2.9% in the first quarter, mainly due to increase in concrete and aggregates revenues that mobile compensated the decrease in the cement segment.

轉到幻燈片 5，按細分市場回顧我們的頂級業績。第一季度收入增長 2.9%，主要是由於混凝土和骨料收入的增加，移動彌補了水泥部門的減少。

Cement, masonry cement and lime segment was down 3.5%, with volumes growing 4.3% year-on-year with a softer pricing dynamic. Concrete revenues increased sharply 32.8% in the quarter. Volumes were up 26.2% in line with the strong momentum of bulk cement coupled with good pricing performance. In the same way, aggregate show a significant top line expansion of 65.3% with sales volume increasing 47%, primarily on the back of concrete demand coupled with strong price performance.

水泥、砌築水泥和石灰板塊下降 3.5%，銷量同比增長 4.3%，價格走勢疲軟。本季度混凝土收入大幅增長 32.8%。銷量增長 26.2%，這與散裝水泥的強勁勢頭以及良好的定價表現相一致。同樣，骨料收入顯著增長 65.3%，銷量增長 47%，這主要得益於混凝土需求和強勁的價格表現。

Finally, railroad revenues decreased 5.7% in the quarter year-on-year. Transported volumes were down 7.4% while the strong transported volumes of aggregates partially offsets the decrease in cement and fracsand. Despite the negative effecting price of the lower volume of fracsand due to its higher transporter distance, the prices had a good performance in this quarter.

最後，本季度鐵路收入同比下降 5.7%。運輸量下降了 7.4%，而強勁的骨料運輸量部分抵消了水泥和壓裂砂的減少。儘管運輸距離較遠導致壓裂砂產量減少對價格產生負面影響，但本季度價格表現良好。

Moving on to Slide 7. Consolidated gross profit for the quarter declined 15.3% year-on-year with margin contraction by 591 basis points to 27.5%, mainly impacted by a lower price performance of our core segment, higher costs related to higher thermal energy inputs, mainly due to stimulus plans to increase natural gas production, partially compensated with a decrease in electrical energy inputs and depreciation. The significant increase in sales volumes in segments with lower margin also contributed to the compression of the consolidated figure.

轉到幻燈片 7。本季度綜合毛利同比下降 15.3%，利潤率收縮 591 個基點至 27.5%，主要受我們核心部門價格表現較低、熱能較高相關成本較高的影響投入，主要是由於增加天然氣產量的刺激計劃，部分補償是電能投入的減少和折舊。利潤率較低的細分市場銷量的顯著增加也導致合併數字的壓縮。

The contraction in cement, railroad and concrete gross margin was slightly offset by a better performance of aggregates. Finally, SG&A expenses as a percentage of revenues decreased 44 basis points to 9% from 9.5% in the first quarter of 2022.

骨料的較好表現略微抵消了水泥、鐵路和混凝土毛利率的收縮。最後，SG&A 費用佔收入的百分比從 2022 年第一季度的 9.5% 下降 44 個基點至 9%。

Please turn to Slide 8. Our adjusted EBITDA for the first quarter stood at USD 63 million, up 5.8% from USD 60 million in the same quarter a year ago. In pesos adjusted EBITDA was down 19.7% in the quarter, reaching ARS 10.6 billion with consolidated EBITDA margin of 26.2%, contracting 738 basis points year-on-year, mainly affected by cement margin contraction and the higher participation in the top line of the other segments with lower margins. Cement adjusted EBITDA margin stood at 31.2%, contracting 625 basis points, mainly affected by a softer pricing dynamics and higher thermal energy inputs.

請轉到幻燈片 8。我們第一季度調整後的 EBITDA 為 6300 萬美元，比去年同期的 6000 萬美元增長 5.8%。以比索計算，本季度調整後的 EBITDA 下降 19.7%，達到 106 億阿根廷比索，綜合 EBITDA 利潤率為 26.2%，同比收縮 738 個基點，主要受水泥利潤率收縮和更高參與度的影響其他利潤率較低的細分市場。水泥調整後 EBITDA 利潤率為 31.2%，收縮 625 個基點，主要受定價動態疲軟和熱能投入增加的影響。

On a per ton basis, EBITDA reached $40 per ton, increasing 1.6% from the first quarter of last year. Concrete adjusted EBITDA decreased ARS 21 million compared to first quarter 2022, mainly explained by higher cost of aggregates and freights, partially compensated by a positive price performance and higher volumes, margin construction of 33 basis points, reaching a negative 1.2%. Aggregates adjusted EBITDA improved ARS 272 million this quarter from negative ARS 37 million in the first quarter of 2022, reaching a margin of 17.6%, reaffirming the good momentum for the segment caters better operational performance.

按每噸計算，EBITDA 達到每噸 40 美元，比去年第一季度增長 1.6%。與 2022 年第一季度相比，混凝土調整後的 EBITDA 減少了 2100 萬阿根廷比索，這主要是由於骨料和運費成本較高，部分被積極的價格表現和銷量增加所彌補，利潤率建設 33 個基點，達到負 1.2%。本季度調整後的 EBITDA 總額從 2022 年第一季度的負 3700 萬阿根廷比索增加到 2.72 億比索，利潤率達到 17.6%，再次證明該部門的良好勢頭迎合了更好的運營業績。

Finally, Railroad adjusted EBITDA decreased ARS 237 million to negative ARS 38 million for the quarter with a negative margin of 1.2%, mainly explained by lower transported volumes that put pressure on costs, partially compensated with better price performance.

最後，本季度鐵路調整後的 EBITDA 減少 2.37 億阿根廷比索至負 3,800 萬比索，負利潤率為 1.2%，這主要是由於運輸量減少給成本帶來壓力，部分原因是價格表現較好。

Moving on to the bottom line on Slide 10. This quarter, we posted a net profit attributable to owners of the company of ARS 5.3 billion compared with ARS 6.5 billion on first quarter of 2022, while the lower operational result was coupled with higher financial costs. Total financial costs stood at ARS 19 million this quarter from a total financial gain of ARS 452 million the same quarter last year, where the positive effect on the result of the monetary position, partially compensated decrease of the net financial expense generated due to the higher debt position and the higher negative effect of the exchange rate.

轉到幻燈片 10 的底線。本季度，我們公佈歸屬於公司所有者的淨利潤為 53 億阿根廷比索，而 2022 年第一季度為 65 億比索，而較低的運營業績加上較高的財務成本.本季度的總財務成本為 1900 萬阿根廷比索，而去年同期的總財務收益為 4.52 億阿根廷比索，其中對貨幣狀況結果的積極影響，部分補償了由於較高的收入而產生的淨財務費用的減少債務狀況和匯率的較高負面影響。

Moving on to the balance sheet. As you can see on Slide 11, we ended the quarter with a cash position of ARS 19.4 billion and total debt at ARS 42.3 billion. Consequently, our net debt-to-EBITDA ratio stood at 0.46x compared to 0.37x at the end of 2022.

轉到資產負債表。正如您在幻燈片 11 中看到的那樣，本季度結束時我們的現金頭寸為 194 億阿根廷比索，總債務為 423 億阿根廷比索。因此，我們的淨債務與 EBITDA 比率為 0.46 倍，而 2022 年底為 0.37 倍。

Our operation cash generation stood at ARS 4.3 billion where as the increase in the net profit adjusted with the noncash effect, partially compensated the negative effect of the changes in operating assets and liabilities. Regarding capital expenditures, we allocated ARS 1.8 billion, mostly for maintenance CapEx. During the quarter, we increased our debt in $19 million outstanding our net debt at $109 million at the end of this quarter. Breaking it down by currency, the dollar-denominated debt represents 30% of the total debt, while the rest is in pesos. As we mentioned before, in the quarter, we distributed a dividend for $19.5 million, and we recently approved a new dividend of ARS 22.2 billion that was paid in kind to Argentina Treasury Bills. Additionally, in the quarter, the company issued its Class 1 domestic bonds for the total amount of ARS 25.6 billion with maturity in August 2024.

我們的經營現金產生量為 43 億阿根廷比索，其中經非現金影響調整後的淨利潤增加，部分補償了經營資產和負債變化的負面影響。關於資本支出，我們分配了 18 億阿根廷比索，主要用於維護資本支出。在本季度，我們的債務增加了 1900 萬美元，本季度末我們的淨債務為 1.09 億美元。按貨幣細分，以美元計價的債務佔總債務的 30%，其餘以比索計價。正如我們之前提到的，在本季度，我們分配了 1950 萬美元的股息，我們最近批准了 222 億阿根廷比索的新股息，以實物形式支付給阿根廷國庫券。此外，在本季度，該公司發行了總額為 256 億阿根廷比索的 1 類國內債券，將於 2024 年 8 月到期。

This first issuance was well received by the market and is a sign of the trust place in our company. Now for our final remarks, I would like to hand the call back to Sergio. Thank you.

首發獲得市場好評，體現了對我司的信任。現在，對於我們的最後評論，我想將電話轉回給塞爾吉奧。謝謝。

Thank you, Marcos. Now to finalize the presentation, I please ask you to turn to Slide 13. To wrap up this presentation, I would like to highlight a few final takeaways. (inaudible), we are pleased to see how far the industry remaining at this start of the year, posting growth figure despite the already strong base of the operation. We are following with the attention the evolution of the economy as we approach the presidential election, which could affect the volume of the industry for the remainder of the year. In this context, we remain focused on managing the business to keep on delivering strong results. We consider the maximization of value generation to our stakeholder, one of our main objectives. This is why, in addition to the dividend payments that we distributed in January, we recently approved a second dividend payment that was distributed in kind, seeking to follow our goal in the most efficient way.

謝謝你，馬科斯。現在要完成演示，請轉到幻燈片 13。為了結束本演示，我想強調一些最後的要點。 （聽不清），我們很高興看到該行業在今年年初還能走多遠，儘管運營基礎已經很強大，但仍保持增長。隨著總統大選的臨近，我們正在密切關注經濟的發展，這可能會影響今年剩餘時間的行業銷量。在這種情況下，我們仍然專注於管理業務以繼續提供強勁的業績。我們將利益相關者的價值創造最大化視為我們的主要目標之一。這就是為什麼除了我們在 1 月份分配的股息支付之外，我們最近還批准了第二次以實物形式分配的股息支付，以尋求以最有效的方式實現我們的目標。

I would like to conclude by thanking all our people and stakeholders for their commitment and support. This is the end of our prepared remarks. We are now ready to take a question. Operator, please open the call for questions.

最後，我要感謝我們所有的員工和利益相關者的承諾和支持。我們準備好的發言到此結束。我們現在準備好提問了。接線員，請打開電話提問。

(Operator Instructions)

（操作員說明）

Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation.

另請注意，Sergio Faifman 先生將在翻譯成英文後立即以西班牙語回复。

(Operator Instructions)

（操作員說明）

And the first question comes from Alberto Valerio with UBS.

第一個問題來自瑞銀的 Alberto Valerio。

One thing that I was a little bit surprised on the results was the increase on the energy expense. On the other hand of the global energy price, maybe Argentina dynamic is a little bit different. So if you could give some color about the contracts that we have for the remainder of the year and what we should expect on this line?

讓我對結果感到有點驚訝的一件事是能源費用的增加。在全球能源價格的另一方面，阿根廷的動態可能有點不同。那麼，您是否可以對我們今年剩餘時間的合同以及我們對這條線的預期進行一些說明？

[Interpreted]

[解讀]

Financially thermal energy, we had an increase this year and also by the end of last year. The good news there is that this increment was lower than you could see in other regions and the outcome for the near future is also positive. Yes, this year, we should be around $3.2 million BTU. Several contracts that we already signed for the next few years are below $3.

在金融熱能方面，我們今年和去年年底都有增長。好消息是，這一增量低於您在其他地區看到的，而且近期的結果也是積極的。是的，今年，我們應該達到 320 萬美元 BTU 左右。我們已經為未來幾年簽訂的幾份合同都低於 3 美元。

Our next question will come from Daniel Rojas with Bank of America.

我們的下一個問題將來自美國銀行的 Daniel Rojas。

Just a follow-up on the last question in terms of thermal costs. That contract you say you signed below $3, is it related to the gas pipeline expansion? And can we assume that going forward, one of your competitive advantages will be your ability to tap into much lower gas costs coming from Vaca Muerta. And I know it might be too early, but can you share with us the savings in terms of EBITDA or EBITDA margins that you think you can gain from this competitive advantage.

就熱成本而言，只是對最後一個問題的跟進。你說你籤的那份合同低於 3 美元，它與天然氣管道擴建有關嗎？我們是否可以假設，展望未來，您的競爭優勢之一將是您能夠利用來自 Vaca Muerta 的低得多的天然氣成本。我知道現在可能還為時過早，但您能否與我們分享您認為可以從這種競爭優勢中獲得的 EBITDA 或 EBITDA 利潤率方面的節省？

[Interpreted]

[解讀]

The pipeline is moving over in as scheduled. The forecasts of production in Vaca Muerta for next year are pretty good and several of the contracts that we signed are linked to this improvement in production. To comment before the improvement in the price of the gas that we are paying is going to lead to improve also in our margins for the next few years. Regarding gas supply, we don't see any competitive advantage with the other cement producers in Argentina.

管道正在按計劃移入。 Vaca Muerta 明年的產量預測非常好，我們簽署的幾份合同都與產量的提高有關。在我們支付的天然氣價格提高之前發表評論將導致未來幾年我們的利潤率也有所提高。在天然氣供應方面，我們認為與阿根廷其他水泥生產商相比沒有任何競爭優勢。

A follow-up, if I may. I don't want -- I'm sorry for trying to -- for you to become political analysts. But if you could gauge a little bit of what's happening in the political scenario in Argentina. One of the candidates that's leading ground lately has talked a lot about changing the dynamics of how public bidding is done in Argentina, how public construction is done? I know it's early, but what are your thoughts on the political change that may come and the indications for public spending?

後續行動，如果可以的話。我不想——我很抱歉試圖——讓你成為政治分析家。但是，如果你能稍微衡量一下阿根廷的政治局勢中正在發生的事情。最近處於領先地位的一位候選人談到了很多關於改變阿根廷公開招標方式的動態，公共建設是如何進行的？我知道現在為時過早，但您對可能到來的政治變革和公共支出的指示有何看法？

[Interpreted]

[解讀]

The Macro political scenario is very volatile these days, those to the elections. I would like to remark that the participation of expanding in the total volume of cement demand is quite low. For every government, public spending an incentive or a way to accelerate the level of activity of the economy. And the infrastructural deficit in Argentina, it's a point that we can see even in housing and infrastructure in general. Minor point between all the political parties is how this infrastructural issue should be financed if it's only the public sector, the private sector or a mix (inaudible). We should all agree that if we think that Argentina needs to grow in the next few years, this infrastructure deficit should be taken care of.

這些天，宏觀政治形勢非常不穩定，尤其是選舉。我想說的是，擴大在水泥需求總量中的參與度很低。對於每個政府而言，公共支出都是一種激勵措施或一種加速經濟活動水平的方式。阿根廷的基礎設施赤字，這一點我們甚至可以在住房和一般基礎設施方面看到。所有政黨之間的一個小問題是，如果只是公共部門、私營部門或混合（聽不清），應該如何為這個基礎設施問題提供資金。我們都應該同意，如果我們認為阿根廷需要在未來幾年實現增長，那麼就應該解決這一基礎設施赤字問題。

Our next question will come from Rodrigo Nistor with Latin Securities.

我們的下一個問題將來自 Latin Securities 的 Rodrigo Nistor。

Given the current elevated inflation environment, could you please discuss your operating strategy, specifically the frequency of price increases and how these adjustments are impacting demand for your cement products. Also, if you have observed any changes in demand as a result of the recent fluctuations in the blue chip swap rate.

鑑於當前通脹高企的環境，您能否討論一下您的經營策略，特別是價格上漲的頻率以及這些調整如何影響對您的水泥產品的需求。此外，如果您觀察到近期藍籌掉期利率的波動導致需求發生任何變化。

Could you repeat the last time we didn't hear you well.

你能重複上次我們沒聽清你說的話嗎？

The last part?

最後一部分？

The full question, please.

完整的問題，請。

If you are observing changes in demand as a result of the recent fluctuations in the blue chip swap rate.

如果您正在觀察近期藍籌掉期利率波動導致的需求變化。

[Interpreted]

[解讀]

Regarding prices, we are increasing prices in a monthly basis. As we always say, it's a combination between our cost inflation or the inflation in general and the (inaudible). It's start of the year, for the accumulated of the year, we are mostly in line with inflation. Regarding the volatility of the market, the Macro politic situation always bring some noise. On the other hand, when the gap between the official effects and the blue chip effects widens, this typically brings some -- it's a driver for the...

關於價格，我們每個月都在漲價。正如我們常說的，這是我們的成本通脹或一般通脹與（聽不清）之間的結合。現在是年初，對於今年的累積，我們基本上與通脹保持一致。對於市場的波動，宏觀政治形勢總是帶來一些噪音。另一方面，當官方效應和藍籌效應之間的差距擴大時，這通常會帶來一些——它是……的驅動力。

And this concludes our question-and-answer session. I would like to turn the conference back over to Diego Jalón for closing remarks.

我們的問答環節到此結束。我想將會議轉回 Diego Jalón 作閉幕詞。

Thank you all for joining us today. As always, we really appreciate your interest in Loma. As always, we will remain available for any other questions that you may have. Have a nice day. Thank you.

感謝大家今天加入我們。一如既往，我們非常感謝您對 Loma 的關注。一如既往，我們將隨時為您解答您可能遇到的任何其他問題。祝你今天過得愉快。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]