Loma Negra Compania Industrial Argentina SA (LOMA) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Loma Negra first quarter 2024 conference call and webcast. (Operator Instructions) 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.

早上好，歡迎來到 Loma Negra 2024 年第一季電話會議和網路廣播。（操作員說明）請注意此事件正在被記錄。現在我想將會議轉交給 IR 主管迭戈·賈隆 (Diego Jalón) 先生。迭戈，請繼續。

Thank you. Good morning, and welcome to Loma Negra's earnings conference call. 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 market close. 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.

謝謝。早上好，歡迎參加 Loma Negra 的財報電話會議。到目前為止，每個人都應該可以閱讀我們的收益新聞稿和今天電話會議的演示文稿，這兩者都是在昨天收盤後發布的。今天早上與我一起參加電話會議的還有我們的執行長兼董事會副總裁 Sergio Faifman；以及我們的財務長 Marcos Gradin。他們兩人都將參加問答環節。

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 statement section of our earnings release and recent filing with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

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聲明，我建議您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聲明部分。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。

This conference call will also include discussion on non-GAAP financial measures. The full reconciliation of the corresponding financial measures is included in the earnings press release. Now I would like to turn the call over to Sergio.

本次電話會議也將討論非公認會計準則財務指標。相應財務指標的全面調節已包含在收益新聞稿中。現在我想把電話轉給塞爾吉奧。

Thank you, Diego. Hello everyone, and thank you for joining us this morning. I would like to start my presentation by discussing the highlights of the quarter. Then, Marcos will take you over market review and financial results. Following that, I will share some final remarks before opening the call to your questions.

謝謝你，迭戈。大家好，感謝您今天早上加入我們。我想透過討論本季的亮點來開始我的演講。然後，Marcos 將帶您了解市場回顧和財務表現。接下來，在開始回答大家的問題之前，我將分享一些最後的評論。

Starting with slide 2, we're starting a year full of new challenges, and it is my pleasure to present the highlights of the quarter, which was marked by a significant drop in activity level, I mean the follow-up of the stabilization plan carried out by the Milei administration. In a short time, the new government has achieved some hopeful accomplishment such as reducing inflation and achieving fiscal surplus.

從投影片 2 開始，我們即將開始充滿新挑戰的一年，我很高興介紹本季度的亮點，其特點是活動水平顯著下降，我指的是穩定計劃的後續行動由米雷政府執行。新政府在短時間內取得了一些令人希望的成就，例如降低通貨膨脹和實現財政盈餘。

After the sharp devaluation of last December and the correction of relative price, the construction industry has experienced a significant drop in demand, with industry stakeholders awaiting the consolidation of the new macro-economic scenario. In this context, Loma has focused on its main straits, our leadership position, and the operational flexibility and efficiency to navigate through this transition period.

經過去年12月的大幅貶值和相對價格調整後，建築業的需求大幅下降，產業利害關係人等待新的宏觀經濟情勢的鞏固。在此背景下，洛馬將重點放在其主要海峽、我們的領導地位以及營運靈活性和效率上，以度過這一過渡期。

Our top-line stood at ARS114.9 billion, decreasing 27% in the quarter, with cement volumes down 31%. The consolidated adjusted EBITDA reached $42 million, or ARS26 billion in the first quarter of the year. The 31% decline in cement shipment tightened our EBITDA margin which reached 22.6%, contracting by 360 basis points year over year. However, it remained stable on a sequential basis despite the significant drop in volume.

我們的營收為 1,149 億澳元，本季下降 27%，其中水泥銷量下降 31%。今年第一季綜合調整後 EBITDA 達到 4,200 萬美元，即 260 億澳元。水泥出貨量下降 31%，導致我們的 EBITDA 利潤率收緊，達到 22.6%，較去年同期收縮 360 個基點。然而，儘管成交量大幅下降，但季比仍保持穩定。

In the same sense, EBITDA per ton stood at [$39.3] for the quarter, maintaining a similar level when compared year on year and on sequential basis. On the financial side, our balance sheet remain very strong with net debt of $207 million, and a very comfortable maturity schedule. 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.

同樣，本季每噸 EBITDA 為 [39.3 美元]，與去年同期和季比相比保持相似水準。在財務方面，我們的資產負債表仍然非常強勁，淨債務為 2.07 億美元，到期日安排也非常寬鬆。我現在將把電話轉交給馬科斯·格拉丁（Marcos Gradin），他將帶您了解我們的市場回顧和財務表現。馬科斯，請繼續。

Thank you, Sergio. Good morning, everyone. Please turn to slide 4. As you can see on the lower left chart, the market expectation report from the Central Bank signals that the first quarter might indicate the deepest quarterly contraction of the economy for this year with a better outlook for the second half.

謝謝你，塞爾吉奧。大家，早安。請翻到幻燈片 4。正如左下圖所示，央行的市場預期報告表明，第一季經濟可能出現今年最嚴重的季度收縮，下半年前景會更好。

When we dive into the numbers of our industry, we can see that the construction activity indicator shows a significant drop in the first months of the year, deepening the drop in March. The monthly industry cement sales chart shows the same trend where the effects of the stabilization plan coupled with weather conditions also affect cement shipments. The political transition and the consequent effects of the tighter economy policies under the equation effects distortions took a hit on the construction activity.

當我們深入研究產業數據時，我們可以看到建築活動指標在今年前幾個月顯著下降，三月的跌幅進一步加深。月度行業水泥銷售圖表顯示了同樣的趨勢，穩定計畫的影響加上天氣條件也影響了水泥出貨量。政治轉型和緊縮經濟政策在方程式效應扭曲下的後果對建築活動造成了打擊。

The industry's bulk cement dispatches were the most affected by this context, down 33% year on year, while bulk cement posted a [contraction] of 27%. When looking at the breakdown by dispatch mode for the quarter, bulk shipments represent 41% of the total dispatches, while the bag performance regained terrain reaching 59%, 2 percentage points above the first quarter of 2023. We are cautiously optimistic that in line with the market expectations, we will start to see signals of recovery in the upcoming quarters.

受此影響，產業散裝水泥出貨量年減33%，其中散裝水泥出貨量較去年同期下降27%。從本季按出貨方式細分來看，散裝出貨量佔總出貨量的 41%，而袋裝績效則恢復到 59%，比 2023 年第一季高出 2 個百分點。我們謹慎樂觀地認為，根據市場預期，未來幾季我們將開始看到復甦的訊號。

Turning to slide 5 for a review of our top-line performance by segment. The first quarter topline show a decrease of 27%, mainly attributed to the decline in the cement segment, also followed by the other businesses.

請參閱投影片 5，按細分市場回顧我們的營收表現。第一季營收下降27%，主要歸因於水泥業務的下滑，其他業務也緊隨其後。

The cement, masonry cement and lime segment was down 25.4% with volumes contracting by 31.3% year on year, mainly due to the impact of the economic environment partially compensated by a solid price performance. Although the contraction impacted both dispatch modes, bulk cement was the most affected in our segmentation of clients.

水泥、磚石水泥和石灰業務下降25.4%，銷售量年減31.3%，主要是由於經濟環境的影響被穩定的價格表現部分抵銷。儘管收縮影響了兩種調度模式，但散裝水泥在我們的客戶細分中受到的影響最大。

Concrete producers and industries were significantly down, while public works remain halted. Concrete revenues decreased by 41% in the quarter due to the 41.7% decrease in dispatches. The larger scale projects, our operations target market are either halted or experiencing a low level of activity as they seek more stable conditions with the consolidation of economic measures. Aggregate segments show a decrease of 40.5% with sales volumes down 38.7% following the trend of the concrete segment.

混凝土生產商和工業大幅下滑，而公共工程仍處於停頓狀態。由於出貨量減少 41.7%，該季度混凝土收入下降 41%。對於規模較大的項目，我們的營運目標市場要么停止，要么活動水平較低，因為他們透過鞏固經濟措施尋求更穩定的條件。骨材領域下降了 40.5%，銷量跟隨混凝土領域的趨勢下降了 38.7%。

Finally, railroad revenues decreased by [19.5%] in the quarter. Transported volumes were down by 28.1%, primarily affected by the lower level of activity in the construction sector, which impact our main cargo shippers, especially in aggregates.

最後，本季鐵路收入下降了 [19.5%]。運輸量下降 28.1%，主要受到建築業活動量較低的影響，這影響了我們的主要貨物托運人，尤其是總量。

Additionally, a storm that hit Bahia Blanca in December affected the chemical plants of the region. The transporter of chemical was normalized by the end of the quarter. On the other hand, we improved the transported volume of frac-sand.

此外，12 月襲擊布蘭卡港的風暴影響了該地區的化工廠。化學品運輸在本季末已正常化。另一方面，我們提高了壓裂砂的運輸量。

Moving on to slide 7. Consolidated gross profit for the quarter declined 32.8% with a margin contraction of 217 basis points to 25.3%, mainly due to the volume contraction on our core business. Regarding the cement segment, the lower volume also impacted the costs per ton due to a low dilution of our fixed cost on a per ton basis. This effect was partially offset by lower energy inputs. We recorded improvements in both thermal and electrical energy cost.

繼續看投影片 7。本季綜合毛利下降 32.8%，利潤率收縮 217 個基點至 25.3%，主要是由於我們核心業務的銷售收縮。至於水泥領域，由於我們每噸固定成本的稀釋程度較低，銷售量下降也影響了每噸成本。這種影響被較低的能量輸入部分抵消。我們記錄了熱能和電能成本的改善。

Finally, with SG&A expenses decreased by 6.7% year on year mainly due to lower turnover tax and freight cost related to lower volumes as well as a decrease in insurance and marketing expenses. As a percentage of sales, it showed a year-on-year increase of 251 basis points reaching 11.5% due to the decrease in the topline.

最後，SG&A 費用年減 6.7%，主要是由於銷售下降導致營業稅和運費下降，以及保險和行銷費用減少。由於營收下降，佔銷售額的百分比年增 251 個基點，達到 11.5%。

Please turn to slide 8. Our adjusted EBITDA for the quarter stood at USD42 million. In pesos, adjusted EBITDA was down 37.1% reaching ARS26 billion with a consolidated EBITDA margin of 22.6%, contracting 360 basis points year on year.

請翻到幻燈片 8。本季調整後 EBITDA 為 4,200 萬美元。以比索計算，調整後 EBITDA 下降 37.1%，達到 260 億阿根廷比索，綜合 EBITDA 利潤率為 22.6%，較去年同期收縮 360 個基點。

On a sequential basis, the margin remained stable despite the sharp volume decrease. Cement segment adjusted EBITDA margins stood at 26.1%, contracting 356 basis points. The positive price performance and better energy inputs mitigated the lower sales volume.

從環比來看，儘管成交量急劇下降，但利潤率仍保持穩定。水泥部門調整後 EBITDA 利潤率為 26.1%，收縮 356 個基點。正面的價格表現和更好的能源投入緩解了銷售下降的影響。

In a per ton basis, EBITDA reached $39 per ton with a slight variation year on year and remaining flat on a sequential basis. Concrete adjusted EBITDA decreased ARS724 million compared to the same quarter of last year, with a margin contraction of 883 basis points, reaching minus 10% primarily due to the sharp drop of dispatches. The adjusted EBITDA margin of aggregates contracted to minus 1.1% from 17.6% in the first quarter of 2023, mainly due to lower volumes and lower fixed cost absorption.

以每噸計算，EBITDA 達到每噸 39 美元，較去年同期略有變化，較上季持平。與去年同期相比，混凝土調整後 EBITDA 減少 7.24 億澳元，利潤率收縮 883 個基點，達到負 10%，這主要是由於出貨量急劇下降。調整後的 EBITDA 總額利潤率從 2023 年第一季的 17.6% 縮減至負 1.1%，這主要是由於銷售下降和固定成本吸收降低。

Finally, the adjusted EBITDA margin of the railroad segment expanded to 0.4% in the first quarter from negative 1.2% a year ago, primarily due to the positive price performance and a better result in other gains that compensated the lower transported volumes.

最後，第一季鐵路部門調整後的 EBITDA 利潤率從一年前的負值 1.2% 擴大至 0.4%，這主要是由於積極的價格表現以及其他收益的更好結果彌補了運輸量的下降。

Moving on to the bottom line on slide 10. This quarter, we posted a net profit attributable to owners of the company of ARS50.7 billion, compared to a net profit of ARS20.4 billion in the first quarter of 2023. The higher total net financial gain was boosted by the positive effect of inflation on the net monetary position.

繼續看投影片 10 的最後一行。本季度，我們公佈歸屬於公司所有者的淨利潤為 507 億ARS，而 2023 年第一季的淨利潤為 204 億ARS。通貨膨脹對淨貨幣部位的正面影響推動了淨財務收益總額的增加。

This effect was partially offset by a higher net financial expense due to a higher net debt position. In the same sense, the foreign exchange loss decreased due to a slower pace of devaluation following the sharp movement of the effects in December.

這一影響被淨債務部位增加導致的淨財務費用增加部分抵銷。從同樣的意義上說，由於 12 月影響急劇變化，貶值速度放緩，外匯損失減少。

Moving on to the balance sheet, as you can see on slide 11, we ended the quarter with a cash position of ARS5.8 billion and a total debt at ARS183.1 billion. Consequently, our net debt to EBITDA ratio stood at 1.3 times compared to 1.4 times at the end of 2023.

轉向資產負債表，正如您在幻燈片 11 中看到的那樣，本季末我們的現金頭寸為 58 億ARS，總債務為 1,831 億ARS。因此，我們的淨負債與 EBITDA 的比率為 1.3 倍，而 2023 年底為 1.4 倍。

Our operating activities used cash stood at ARS7.7 billion where the decrease in the net profit adjusted to reconcile to net cash provided by operational activities was coupled with higher working capital needs, mainly due to an increase in clinker inventories that we will use during the upcoming winter.

我們的經營活動使用現金為77 億阿根廷比索，其中經調整淨利潤減少以與經營活動提供的淨現金相一致，同時營運資金需求增加，這主要是由於我們將在本財年使用的熟料庫存增加。

During winter, we will minimize our production to avoid higher energy inputs while using the kilns shutdown to perform annual maintenance. Regarding capital expenditures, we allocated ARS8.5 billion mostly for maintaining CapEx. As a result of the slowdown in demand, we are working on adjusting our CapEx and maintenance plans to the current scenario.

在冬季，我們將最大限度地減少生產，以避免更高的能源輸入，同時利用停窯進行年度維護。關於資本支出，我們分配了 85 億阿根廷比索，主要用於維持資本支出。由於需求放緩，我們正在努力調整我們的資本支出和維護計劃以適應當前情況。

During the quarter, the company generated cash in financial activities for ARS16 billion mainly from new borrowings. In dollar terms, our total debt reached $214 million, standing our net debt at $207 million at the end of this quarter, with a duration of 1.3 years. Breaking it down by currency, the dollar-denominated debt represents 65% of the total debt, while the rest is in pesos. Now for our final remarks, I would like to hand the call back to Sergio. Thank you.

本季度，該公司的金融活動現金為 160 億澳元，主要來自新借款。以美元計算，我們的總債務達到 2.14 億美元，截至本季末我們的淨債務為 2.07 億美元，期限為 1.3 年。按幣種劃分，以美元計價的債務佔總債務的65%，其餘則以比索計價。現在，我想把電話轉給塞爾吉奧，作為我們的最後發言。謝謝。

Thank you, Marcos. Now to finalize the presentation, I please ask you to turn to slide 13. As we mentioned, we started a new year in a very challenging environment marked by a significant drop in activity level. The effect of the transition to the new government, the repercussion of the stabilization plans and adverse weather conditions combined to create a scenario full of challenges for the construction industry.

謝謝你，馬科斯。現在，為了結束簡報，請大家翻到投影片 13。正如我們所提到的，我們在充滿挑戰的環境中開始了新的一年，活動水準顯著下降。新政府過渡的影響、穩定計畫的影響和惡劣的天氣條件結合起來，為建築業帶來了充滿挑戰的局面。

It is in moments like this where we reaffirm our conviction to debate on future development, trailing on our strength and efficiencies. We are convinced that the country has huge growth potential waiting to be unlocked. The decreasing inflation and the normalization of some key economic variables make us believe that we are on the right path to lay the groundwork for addressing the infrastructural gap.

正是在這樣的時刻，我們重申我們對未來發展進行辯論的信念，堅持我們的實力和效率。我們堅信，該國擁有巨大的成長潛力等待釋放。通貨膨脹的下降和一些關鍵經濟變數的正常化使我們相信，我們正走在為解決基礎設施差距奠定基礎的正確道路上。

Loma made very important investments in capacity in the recent past that are now contributing to support our results through better efficiencies. We are determined to protect our profitability and very focused on our cash management and positioning our CapEx programs for this transition period. We are confident that we are in an excellent position to embrace the upcoming positive economic cycle.

Loma 最近在產能方面進行了非常重要的投資，這些投資現在正在透過提高效率來支持我們的成果。我們決心保護我們的獲利能力，並非常注重我們的現金管理和在此過渡時期定位我們的資本支出計劃。我們相信，我們處於有利地位，可以迎接即將到來的積極經濟週期。

Finally, I would like to thank all our employees for their commitment and extend my gratitude to the rest of our stakeholders. This is end of our prepared remarks. We are now ready to take questions. Operator, please open the call for questions.

最後，我要感謝所有員工的承諾，並向其他利害關係人表示感謝。我們準備好的演講到此結束。我們現在準備好回答問題。接線員，請打開電話提問。

(Operator Instructions) Alejandra Obregon, Morgan Stanley.

（操作員指示）Alejandra Obregon，摩根士丹利。

Hi, Loma Negra team. Thank you for taking my question. I guess, it's related to your comment on maintenance. You mentioned that you're doing some maintenance during the winter. So I was just wondering if you can talk about how this compares versus last year, meaning, how long will it last this time around and how much of your capacity will be carrying out this sort of maintenance? That's perhaps the first question on my end.

嗨，洛馬內格拉隊。感謝您回答我的問題。我想，這與您對維護的評論有關。您提到您在冬季進行一些維護。所以我只是想知道你是否能談談今年與去年相比如何，也就是說，這次會持續多久，以及你將有多少產能來進行這種維護？這也許是我要問的第一個問題。

(interpreted) Hi, Alejandra. Thank you for your question. Nowadays, our capacity is more or less at 50%. With this level of activity, we have an improvement in cost due to cost efficiencies. When the facility is in halt, we can gain from less working cost due to extra hours and all that stuff.

（翻譯）嗨，亞歷杭德拉。謝謝你的問題。現在，我們的產能大約是50%。透過這種程度的活動，我們由於成本效率而降低了成本。當設施停止運作時，我們可以透過加班等方式減少工作成本。

And also, due to the contracts that we signed in the past, the halts in the winter are going to maintain a similar schedule. So during the term, in those four months, probably we're going to use that to more gradually use that period for the maintenance that we have planned.

而且，由於我們過去簽署的合同，冬季的停工將保持類似的時間表。因此，在這四個月的期限內，我們可能會利用它來逐步利用這段時間進行我們計劃的維護。

Got you. That was very clear. And I guess a second question related to your utilization and dispatches. So we're coming from a period where you potentially reached like 7 million tons per year. That was the peak of your dispatches during 2022, 2023 maybe. And now we are seeing things normalizing.

明白你了。這非常清楚。我想第二個問題與您的利用率和調度有關。因此，我們正處於每年可能達到 700 萬噸的時期。那可能是 2022 年、2023 年你們的出貨高峰。現在我們看到事情正在正常化。

So what would be like a fair assumption? Where do you think dispatches will normalize in the foreseeable future once things stabilize? Is perhaps 6 million tons a run rate level where you guys are thinking of your capacity, or is there any other level that we should think of as a more normalized figure?

那麼什麼才是合理的假設呢？您認為一旦情況穩定下來，在可預見的將來調度將在哪裡恢復正常？也許 600 萬噸是你們考慮產能的運行率水平，還是我們應該將其視為更標準化的數字？

(interpreted) We are seeing that probably this first quarter, it's going to be the toughest in terms of level of activity. Not only because of the fallout of the stabilization plan and the transition of the new government, but also due to inclement weather. Even though the rains continue in April, we are seeing some better level of activity.

（解釋）我們看到，就活動水平而言，第一季可能是最艱難的。不僅因為穩定計劃和新政府過渡的影響，還因為惡劣的天氣。儘管四月降雨仍在繼續，但我們看到活動水準有所改善。

So looking ahead, we foresee a gradual recovery, obviously, depending on what the next movements of the government and the evolution of the political dynamics. For example, if the omnibus bill passes through the Congress, that would be a third point that would show some more public works in the near future.

因此，展望未來，我們預期經濟將逐步復甦，這顯然取決於政府的下一步和政治動態的演變。例如，如果綜合法案在國會獲得通過，這將是第三點，將在不久的將來展示更多的公共工程。

Got you. Thank you for the very comprehensive response, and thank you for taking my question.

明白你了。感謝您非常全面的答复，也感謝您提出我的問題。

(Operator Instructions) Pedro Maulhardt, Latin Securities.

（操作員指令）Pedro Maulhardt，拉丁證券。

Hi, Sergio, Marcos, and Diego. Thank you for taking my question. I want to know if with the help of national public works and [low FX cap], which do you believe will be the main drivers for demand in the coming months?

嗨，塞爾吉奧、馬科斯和迭戈。感謝您回答我的問題。我想知道在國家公共工程和[低外匯上限]的幫助下，您認為哪些將是未來幾個月需求的主要驅動力？

(interpreted) Hi, Pedro. Thank you for the question. We understand that the macro stabilization that we are seeing in terms of FX and inflation could be part of the recovery that we might see in a couple of months. For example, the recent news on the offering of mortgage loans could be another sign of this recovery.

（翻譯）嗨，佩德羅。感謝你的提問。我們知道，我們在外匯和通膨方面看到的宏觀穩定可能是我們可能在幾個月內看到的復甦的一部分。例如，最近提供抵押貸款的消息可能是這種復甦的另一個跡象。

And that probably this omnibus bill and the agreements made with the governors would boost the public works at a provincial level. And the boost on investment that this law also has that would be also a driver. There are a lot of projects waiting for more favorable conditions in order to start.

這項綜合法案以及與州長達成的協議可能會促進省級公共工程。該法對投資的推動也將成為一個推動因素。還有很多項目正在等待更有利的條件才能啟動。

Thank you very much for your answer. It was really helpful.

非常感謝您的回答。這真的很有幫助。

Daniel Rojas, Bank of America.

丹尼爾·羅哈斯，美國銀行。

Good morning, gentlemen. Thank you for taking my question. It's really simple. I was just hoping for you guys to give us some sense of the pricing environment, what you've gone through in the last couple of months with the difficult economic environment. How do you see pricing going forward? And overall, the industry responding to the challenges we're seeing. Thank you.

早安，先生們。感謝您回答我的問題。這真的很簡單。我只是希望你們能讓我們了解一下定價環境，以及過去幾個月你們在困難的經濟環境中所經歷的情況。您如何看待未來的定價？總體而言，該行業正在應對我們所看到的挑戰。謝謝。

(interpreted) Hi, Daniel. Thank you for your question. Hi, Daniel, because we just mentioned the dynamics of the industry are going to, for example, in terms of profitability, we should keep more or less the same levels that we have shown.

（翻譯）嗨，丹尼爾。謝謝你的問題。嗨，丹尼爾，因為我們剛剛提到了行業的動態，例如，在盈利能力方面，我們應該或多或少地保持與我們所展示的相同的水平。

And regarding volumes, we are optimistic that the worst phase might have happened in the first Q and that we are going to see some gradual improvement in the next few quarters. We are seeing for the second half of the year probably some gains in energy inputs that will help us improve our results.

關於銷量，我們樂觀地認為最糟糕的階段可能發生在第一季度，我們將在接下來的幾個季度看到一些逐步改善。我們預計今年下半年能源投入可能會增加，這將有助於我們改善業績。

If I may follow up on that one, you mean natural gas prices and the ability to acquire gas through the Nestor Kirchner, right?

如果我可以跟進這個問題，您指的是天然氣價格以及透過 Nestor Kirchner 獲取天然氣的能力，對吧？

(interpreted) Yes, we mean thermal energy and primary gas. Even though we have shown in this first part of the year an improvement year on year, probably we are going to see further improvements for the second half of the year when we start using the new contracts.

（解釋）是的，我們指的是熱能和一次氣體。儘管我們在今年上半年表現出同比改善，但當我們開始使用新合約時，我們可能會在今年下半年看到進一步的改善。

Thank you again for taking my questions.

再次感謝您回答我的問題。

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。我想將會議轉回迭戈·賈隆 (Diego Jalón) 致閉幕詞。

Thank you very much for joining us today. We really appreciate your interest in our company, and we look forward to meeting you again in our next call. In the meantime, we remain available for any questions that you may have. Thank you very much. Bye.

非常感謝您今天加入我們。我們非常感謝您對我們公司的興趣，我們期待在下次通話中再次見到您。同時，我們將隨時解答您可能遇到的任何問題。非常感謝。再見。

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。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。