Transportadora de Gas del Sur SA (TGS) 2022 Q4 法說會逐字稿

Good morning. Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations. I would like to welcome everyone to tgs Fourth Quarter 2022 Result Video Conference. This issued its earning report yesterday. We would like to inform you that this event is being recorded (Operator Instructions)

早上好。大家，早安。我是投資者關係主管 Carlos Almagro。歡迎大家參加 tgs 2022 年第四季度結果視頻會議。這家公司昨天發布了盈利報告。我們想通知您，正在記錄此事件（操作員說明）

Before we begin the call today, I would like to remind you that forward-looking statements made during today's video conference do not account for future economic circumstances, industry conditions and company performance and financial results. These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with International Financial Reporting Standards, IFRS, and are stated in constant Argentine pesos as of December 31, 2022, unless otherwise noted.

在我們開始今天的電話會議之前，我想提醒大家，在今天的視頻會議上所做的前瞻性陳述並未考慮未來的經濟狀況、行業狀況以及公司業績和財務業績。這些陳述受到許多風險和不確定性的影響。除非另有說明，否則此處包含的所有數據均根據國際財務報告準則 IFRS 編制，並以截至 2022 年 12 月 31 日的不變阿根廷比索表示。

Joining us today from this year in Buenos Aires is Alejandro Basso, Chief Financial Officer. And now I will turn the video conference to Mr. Basso. Alejandro, please begin.

今年在布宜諾斯艾利斯加入我們的是首席財務官 Alejandro Basso。現在我將把視頻會議交給巴索先生。亞歷杭德羅，請開始。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss the 2022 fourth quarter earnings and highlights for Transportadora de Gas del Sur. During the call today, I would like to share with you some news that have taken place since our last quarterly earnings call last November that are relevant to our operations.

謝謝你，卡洛斯。大家早上好，感謝您今天加入我們，討論 Transportadora de Gas del Sur 的 2022 年第四季度收益和亮點。在今天的電話會議上，我想與大家分享自去年 11 月上一次季度財報電話會議以來發生的一些與我們的運營相關的新聞。

To begin and talking about our Natural Gas Transportation business. Last December, the Executive Power issued the Decree no. 815, through which the integral tariff revision was postponed, extending the period that should have finished by the end of December 2022 to December of this year. As a result, a new transitional tariff adjustment process was initiated and a public hearing followed on January 4, during which, tgs requested a tariff increase of 135%. The tariff increase that should be applied considered the only one 60% tariff adjustment received during the past almost 4 years was around 280%, if we consider the evolution of the wholesale price index between March 2019 and December 2022.

首先談談我們的天然氣運輸業務。去年 12 月，行政權力機構發布了第 1 號法令。 815，整體關稅修訂推遲，將本應在2022年12月底前完成的期限延長至今年12月。因此，啟動了新的過渡性關稅調整程序，並於 1 月 4 日舉行了公開聽證會，在此期間，tgs 要求將關稅提高 135%。如果我們考慮 2019 年 3 月至 2022 年 12 月期間批發價格指數的演變，應考慮的關稅上調是過去近 4 年來唯一一次 60% 的關稅調整，約為 280%。

It is expected that the tariff increase could be granted by ENARGAS this month with tgs' commitment to make mandatory CapEx for ARS 4.8 billion. Also important to mention the fact that tgs is not allowed to make any dividends payment until the integral tariff revision is completed.

預計本月 ENARGAS 可能會批准提高關稅，同時 tgs 承諾強制性資本支出為 48 億阿根廷比索。同樣重要的是，在整體關稅修訂完成之前，tgs 不得支付任何股息。

Now moving on to our midstream business in Vaca Muerta. We continued working on the 32-kilometer pipeline extension in the North Tranche that would connect Estatal field by July 2023, whose operator signed a long-term agreement with tgs to transport and condition its natural gas production.

現在繼續我們在 Vaca Muerta 的中游業務。我們繼續在 North Tranche 進行 32 公里的管道延伸，該管道將在 2023 年 7 月之前連接 Estatal 油田，該油田的運營商與 tgs 簽署了一項長期協議，以運輸和調節其天然氣生產。

Also worth highlighting is that we have commissioned partially the 7 million cubic meters per day natural gas conditioning plant expansion at Tratayén, which will be totally in operation in the second quarter. This will allow us to reach a total conditioning capacity of 15 million cubic meters per day. In addition, we are currently investing in 2 modules: one of which will be commissioned by the end of 2023, while the second model will be commissioned in 2024. Both models will contribute to increased condition capacity to 28 million cubic meters per day.

同樣值得強調的是，我們已經部分委託了 Tratayén 每天 700 萬立方米的天然氣調節工廠擴建，該工廠將在第二季度全面投入運營。這將使我們能夠達到每天 1500 萬立方米的總調節能力。此外，我們目前正在投資兩個模塊：一個模塊將於 2023 年底投產，而第二個模塊將於 2024 年投產。這兩種模塊都將有助於將條件能力提高到每天 2800 萬立方米。

Regarding the construction of the first tranche of the Presidente Néstor Kirchner pipeline that will connect Tratayén with Salliqueló, its commissioning is expected for next winter with an initial capacity of 11 cubic meters per day -- 11 million cubic meters per day and 21 million cubic meters per day by the end of 2023 through the construction of 2 compressor plants to be located at both streams of this first tranche.

關於連接 Tratayén 和 Salliqueló 的 Presidente Néstor Kirchner 管道第一段的建設，預計將於明年冬天投產，初始容量為每天 11 立方米——每天 1100 萬立方米和每天 2100 萬立方米到 2023 年底，每天通過在第一批的兩條河流上建造 2 個壓縮機廠。

Last December, the Argentine government made a new auction with the purpose of extending the terms of the natural gas purchase contracts executed under Gas Plan 4 from 2024 to 2028. This term extension was accepted by almost all of the natural gas producers. Furthermore, the government requested gas producers an additional volume of 11 million cubic meters per day to be transported through the new pipeline starting July 2023 to December 2028 with a resulted average price of $3.4 per million BTU; as well as 3 million cubic meters per day more starting January 2024 to December 2028; 7 million cubic meters per day for winter period from May to September, starting 2024 to 2028; an additional 7 million cubic meters per day for winter season between 2025 to 2028. In all the cases, the tender offers were oversubscribed. And as a result, the national government was able to secure natural gas volume supply needed for each period.

去年12月，阿根廷政府進行了新的拍賣，目的是將天然氣計劃4下執行的天然氣採購合同的期限從2024年延長至2028年。這一延期幾乎得到了所有天然氣生產商的接受。此外，政府要求天然氣生產商在 2023 年 7 月至 2028 年 12 月期間通過新管道每天額外輸送 1100 萬立方米的天然氣，平均價格為每百萬 BTU 3.4 美元；從 2024 年 1 月到 2028 年 12 月，每天增加 300 萬立方米；從2024年到2028年，冬季從5月到9月每天700萬立方米；在 2025 年至 2028 年的冬季，每天額外增加 700 萬立方米。在所有情況下，投標報價都被超額認購。結果，國家政府能夠確保每個時期所需的天然氣供應量。

The President Néstor Kirchner pipeline commissioning and the extension of terms and increasing volumes of the Plan Gas 4 will be essential to keep our continuous growth at the midstream business in Vaca Muerta, not only in terms of transportation and conditioning services but also in terms of challenging projects which are currently under evaluation.

Néstor Kirchner 總統的管道調試以及 Plan Gas 4 的期限延長和產量增加對於保持我們在 Vaca Muerta 的中游業務的持續增長至關重要，不僅在運輸和調節服務方面，而且在具有挑戰性的方面目前正在評估的項目。

Turning now to Slide 4. I will briefly address some of our 2022 fourth quarter results highlights. Please keep in mind that all figures presented in this quarter and comparisons made with the previous quarters are expressed in constant pesos as of December 31, 2022, following the provisions established by IFRS for the financial reporting in hyperinflationary economies.

現在轉到幻燈片 4。我將簡要介紹我們 2022 年第四季度的一些業績要點。請記住，本季度提供的所有數據以及與前幾個季度的比較均按照 IFRS 針對惡性通貨膨脹經濟體的財務報告製定的規定，以截至 2022 年 12 月 31 日的不變比索表示。

As seen on the slide, we reported a net income of ARS 5.4 billion during the fourth quarter of 2022, which compares to ARS 13.2 billion reported during the same quarter of 2021. The decline in net income is mostly explained by the decrease in EBITDA for the Liquids segment, which decreased by ARS 7.7 billion as is mostly related to lower LPG reference international prices, which dropped by more than 30%.

如幻燈片所示，我們報告 2022 年第四季度的淨收入為 54 億阿根廷比索，而 2021 年同期為 132 億阿根廷比索。淨收入下降的主要原因是 EBITDA 的減少液體部門減少了 77 億阿根廷比索，這主要與 LPG 國際參考價格下降超過 30% 有關。

Moving on to Slide 5. EBITDA for Natural Gas Transportation business decreased by ARS 597 million and was mostly affected by the annual inflation rate of 95%, which negatively impacted revenues in ARS 5.2 billion. This effect was partially offset by the 60% tariff increase, which became effective last March, and contributed to increasing our revenues by ARS 3 billion. In addition, our property, plant and equipment maintenance expenses of ARS 933 million and lower other operating expenses of ARS 914 million helped to partially offset the negative inflation effect variation.

轉到幻燈片 5。天然氣運輸業務的 EBITDA 減少了 5.97 億阿根廷比索，主要受到 95% 的年通貨膨脹率的影響，這對收入產生了 52 億阿根廷比索的負面影響。這一影響被去年 3 月生效的 60% 的關稅增加部分抵消，並為我們的收入增加了 30 億阿根廷比索做出了貢獻。此外，我們的物業、廠房和設備維護費用為 9.33 億阿根廷比索，其他運營費用較低為 9.14 億阿根廷比索，有助於部分抵消負面通脹影響的變化。

On Slide 6, you can see that the EBITDA from the Liquids business decreased by almost 50% in the fourth quarter of 2022 to ARS 8.6 billion from ARS 16.3 billion reported in the same quarter of 2021. The main negative variation is related to a ARS 5.6 billion revenues decline due to lower reference international prices, LPG average price decreasing by more than 30%, while natural gasoline price dropped by more than 10%.

在幻燈片 6 中，您可以看到液體業務的 EBITDA 在 2022 年第四季度下降了近 50%，從 2021 年同一季度報告的 163 億阿根廷比索降至 86 億阿根廷比索。主要的負面變化與 ARS 有關56 億收入下降是由於國際參考價格下降，液化石油氣平均價格下降超過 30%，而天然汽油價格下降超過 10%。

In addition, the monetary effects negatively impacted the Liquids EBITDA in ARS 3.6 billion with inflation increases 95% in the last 12-month period compared to a 72% increase in the foreign exchange rate affecting this segment considering that most of the Liquids revenues at variable costs are adjusted by the dollar exchange rate.

此外，貨幣效應對 Liquids EBITDA 產生了 36 億阿根廷比索的負面影響，過去 12 個月通貨膨脹率增加了 95%，而考慮到大部分 Liquids 收入處於可變狀態，影響該部門的外匯匯率增加了 72%成本按美元匯率調整。

In addition, the average natural gas price rose from $2.5 to $3.1 per million BTU, resulting in a natural gas cost increase of ARS 1.7 billion. These negative effects were partially offset by higher ethane revenues amounting to ARS 2.7 billion, mostly attributable, as you can see on the slide, to a higher average price, which rose 40% in dollars. Furthermore, higher LPG volume exports, which increased by almost 19,000 tons, and resulted in higher operating margin of ARS 466 million.

此外，天然氣平均價格從每百萬 BTU 2.5 美元上漲至 3.1 美元，導致天然氣成本增加 17 億阿根廷比索。這些負面影響被乙烷收入增加部分抵消，達到 27 億阿根廷比索，正如您在幻燈片中看到的那樣，主要歸因於更高的平均價格，以美元計算上漲了 40%。此外，液化石油氣出口量增加近 19,000 噸，營業利潤率增加至 4.66 億阿根廷比索。

Turning to Slide 7. EBITDA from other services decreased 8% to ARS 2.6 billion from ARS 2.8 billion. Higher revenues generated by additional services blended Vaca Muerta amounted to ARS 1.3 billion, which were totally offset by the monetary effect loss as the annual inflation rate was above the annual foreign exchange rate increase.

轉到幻燈片 7。其他服務的 EBITDA 從 28 億阿根廷比索下降 8% 至 26 億比索。 Vaca Muerta 混合附加服務產生的更高收入達到 13 億阿根廷比索，由於年度通貨膨脹率高於年度外匯匯率增幅，這完全被貨幣效應損失所抵消。

On Slide 8, we can see that financial results experienced a negative variation of ARS 2.2 billion. This variation was mainly explained by higher foreign exchange rate loss of 5.6 -- sorry, ARS 5.7 billion, which was attributable to a higher Argentine peso depreciation. In addition, there was a negative inflation exposure result variation of ARS 3.8 billion. These 2 negative effects were partially offset by higher financial asset income totaling ARS 6.7 billion, resulting from higher cash invested in financial investment denominated in pesos and higher yields.

在幻燈片 8 中，我們可以看到財務結果出現了 22 億阿根廷比索的負變化。這種差異主要是由於較高的外匯匯率損失 5.6 - 對不起，57 億阿根廷比索，這是由於阿根廷比索貶值較高。此外，還有 38 億阿根廷比索的負通脹風險結果變動。這 2 個負面影響被總計 67 億阿根廷比索的更高金融資產收入部分抵消，這是由於投資於以比索計價的金融投資的現金增加和更高的收益率。

Finally, turning to cash flow on Slide 9. Our cash position in real terms remained stable at ARS 82.4 billion, which is roughly equivalent to $466 million. EBITDA generation in the fourth quarter amounted to ARS 14.7 billion, of which 76% was generated by the nonregulated business and additional 24% stems from the transportation business. CapEx amounted to ARS 9.1 billion, and our working capital increased by approximately ARS 2.6 billion. Payments of interest amounted to ARS 2.8 billion, and income tax advanced payments totaled ARS 5.7 billion.

最後，轉向幻燈片 9 的現金流。我們的實際現金狀況穩定在 824 億阿根廷比索，大約相當於 4.66 億美元。第四季度的 EBITDA 產生達 147 億阿根廷比索，其中 76% 來自不受監管的業務，另外 24% 來自運輸業務。資本支出達到 91 億阿根廷比索，我們的營運資本增加了約 26 億阿根廷比索。利息支付總額為 28 億阿根廷比索，所得稅預付款總額為 57 億阿根廷比索。

As you can see, we maintained a comfortable level of cash, which give us enough liquidity to continue investing in our Vaca Muerta midstream business.

如您所見，我們保持了可觀的現金水平，這為我們提供了足夠的流動性來繼續投資我們的 Vaca Muerta 中游業務。

This concludes our presentation. I will now turn it over to Carlos, who will open the floor for questions. Thank you.

我們的介紹到此結束。現在我將把它交給卡洛斯，他將開始提問。謝謝。

Thank you, Alejandro. The floor is now open for questions. (Operator Instructions)

謝謝你，亞歷杭德羅。現在可以提問了。 （操作員說明）

Konstantinos from Puente. Thank you for your question. Your first question is regarding the advance with the project in -- the processing project in Tratayén apart from the treatment and conditioning. Do we have any idea about the FID?

來自普恩特的康斯坦丁諾斯。謝謝你的問題。你的第一個問題是關於項目的進展 - 除了處理和調節之外的 Tratayén 處理項目。我們對 FID 有什麼想法嗎？

Okay. Konstantinos, thank you for your questions. Regarding our Tratayén project, we are advancing 2 different projects: one, a small one regarding the converting the conditioning plant, one of the models that we are building right now into a processing model and add small fractionation and storage facilities there. We are working in one of these projects. And the other one, we are -- for the big one, we are working on certain agreements with partners to go ahead with the big project. The project that meets the new models, they are in Tratayén and processing models and a pipeline to Bahía Blanca and then fractionation and storage and harbor in Bahía Blanca also.

好的。康斯坦丁諾斯，謝謝你的提問。關於我們的 Tratayén 項目，我們正在推進 2 個不同的項目：一個是關於改造調節工廠的小型項目，我們正在將其中一個模型構建為加工模型，並在那裡添加小型分餾和儲存設施。我們正在從事這些項目之一。另一方面，我們是 - 對於大項目，我們正在與合作夥伴達成某些協議以推進大項目。滿足新模型的項目，它們位於 Tratayén 和處理模型以及通往 Bahía Blanca 的管道，然後在 Bahía Blanca 進行分餾和儲存和港口。

Okay. So the second question is regarding the -- about -- if we have news about the floating regasification unit in Bahía Blanca and if it materially changed our perception to fit with us availability.

好的。所以第二個問題是關於 - 關於 - 如果我們有關於 Bahía Blanca 的浮動再氣化裝置的消息，以及它是否實質性地改變了我們的看法以適應我們的可用性。

I cannot give a confirmation. But our -- the news that we heard is that the (inaudible) ship is going to be -- was contracted -- was already contracted by ENARSA. And it's good news for us. It allows us to have additional natural gas for the winter.

我無法確認。但是我們的 - 我們聽到的消息是（聽不清）船將 - 已經簽約 - 已經與 ENARSA 簽約。這對我們來說是個好消息。它讓我們在冬天有更多的天然氣。

Then [Christian] from Balanz. A question -- his first question regarding the jump in the CapEx in the fourth quarter compared with last year that there was 70%. And he wants to know which is the reason.

然後是 Balanz 的 [Christian]。一個問題——他的第一個問題是關於第四季度資本支出與去年相比增長了 70%。他想知道這是什麼原因。

Christian, thank you for your questions. Regarding the CapEx jump in the fourth quarter, it's due to the projects that we -- I already mentioned in the call, the increase in the capacity of our Tratayén conditioning plant of 7 million cubic meters per day that -- it was put in service this month and in the -- partially and then total service for the -- in the next quarter.

克里斯蒂安，謝謝你的提問。關於第四季度資本支出的激增，這是由於我們——我已經在電話會議中提到過的項目，我們的 Tratayén 空調廠的產能增加了 700 萬立方米/天——它已經投入使用本月和下個季度的部分服務，然後是全部服務。

Well, second question is about the LNG project. If -- how much [capacity] how much capacity are you thinking of? And which financial option are -- we are starting? Also, any updates on an eventual expansion for the Liquids business with potential investment in Vaca Muerta, Alejandro explained, and in plan.

那麼，第二個問題是關於液化天然氣項目。如果 - 多少[容量]你想的是多少容量？哪種財務選擇是——我們正在開始？此外，Alejandro 解釋說，有關液體業務最終擴張的任何更新，以及對 Vaca Muerta 的潛在投資，並在計劃中。

Well, right now, regarding the LNG project, we are -- we have already contracted 3 different consultants -- engineering consultants to be able to assess the cost of the project with more certainty given current conditions. Our -- for the first model of 2 million tons per year, our estimations were around $2 [billion], but that's what we are going to assess with these new consultants.

那麼，現在，關於液化天然氣項目，我們 - 我們已經與 3 名不同的顧問簽約 - 工程顧問能夠在當前條件下更確定地評估項目成本。我們 - 對於每年 200 萬噸的第一個模型，我們的估計約為 2 [十億美元]，但這就是我們將與這些新顧問一起評估的內容。

Regarding the Liquids business and the potential investment, what I already talked about, we are working with other partners to go ahead with this project. And so we think that by the end of the year, we are going to have more news on the -- on both projects.

關於液體業務和潛在的投資，我已經談到了，我們正在與其他合作夥伴一起推進這個項目。因此，我們認為到今年年底，我們將有更多關於這兩個項目的新聞。

His other question is regarding the Liquid business, performance in the fourth quarter, the international prices for propane, butane and gasoline. It took a hit during the final months of the year. How did tgs manage to realize a higher prices than benchmark prices? So I think that is really regarding the premium -- price premium that we collect.

他的另一個問題是關於液體業務、第四季度的業績、丙烷、丁烷和汽油的國際價格。它在今年的最後幾個月受到了打擊。 tgs 是如何實現高於基準價格的價格的？所以我認為這真的是關於溢價——我們收集的價格溢價。

Well, we think that prices are quite good right now in the fourth quarter. The difference with -- as Carlos said, the difference between the Mondavi prices and our prices are due to the premium that we can negotiate with our clients. And so these prices -- even the fact that these prices are lower than what we have seen in the -- 1 year ago, they are very good prices for us. And the reason for the higher prices are the premiums. Premiums may vary from $30 per ton up to $80 per ton, depending the market conditions. Okay?

好吧，我們認為目前第四季度的價格相當不錯。正如 Carlos 所說，Mondavi 價格與我們價格之間的差異是由於我們可以與客戶協商的溢價。因此，這些價格——甚至這些價格低於我們在一年前看到的價格——對我們來說都是非常好的價格。價格較高的原因是溢價。保費可能從每噸 30 美元到每噸 80 美元不等，具體取決於市場情況。好的？

Luciano, well, the same question that Alejandro answered regarding the LNG projects. Then Marina Martin from Latin Securities, she's asking about the status of the target adjustment requested by tgs. When we expect this -- when we expect a response? And what is the anticipated increase in tariffs that will be granted, [ASR 500 million]?

Luciano，好吧，Alejandro 就液化天然氣項目回答了同樣的問題。然後來自 Latin Securities 的 Marina Martin，她正在詢問 tgs 要求的目標調整的狀態。當我們期待這個——當我們期待回應時？預計將授予的關稅增加多少，[5 億澳大利亞元]？

Okay. Right now, we are expecting the proposal for ENARGAS. What we have already talked with ENARGAS is about -- I can give no assurance of that, but it is about an increase close to 100%, 95%, something like that. We are expecting for a formal notice regarding that. After that, we have to approve that in our Board of Directors. And then the government has to go ahead with a decree approving those -- this increase -- this agreement?

好的。現在，我們正在等待 ENARGAS 的提案。我們已經與 ENARGAS 談過的是——我不能保證這一點，但它是關於接近 100%、95% 的增長，類似的情況。我們期待就此發出正式通知。在那之後，我們必須在我們的董事會中批准它。然後政府必須繼續通過一項法令批准那些——這種增加——這個協議？

The second question is regarding the new traditional adjustment after the elections, how we think it will be before the new integral tariff revision.

第二個問題是關於選舉後的新傳統調整，我們認為在新的整體關稅修訂之前會如何。

As I have said, the tariffs that are due to tgs right now is more than 200%, 280%. So if you consider that inflation in Argentina is going to be around 100% for this year or something like that, the adjustment will be close to that, no more -- it should be close to that -- to more than 200%. But obviously, that's what should be reasonable. But there are other reasons for the government to go ahead with this adjustment.

正如我所說，現在應支付給 tgs 的關稅超過 200%、280%。因此，如果您認為阿根廷今年的通貨膨脹率將在 100% 左右或類似水平，那麼調整將接近那個水平，而不是更多——它應該接近那個水平——超過 200%。但顯然，這應該是合理的。但政府繼續進行這一調整還有其他原因。

So I don't know, maybe in 2 tranches or something like that. I don't think it's going to be a onetime adjustment. Maybe in 2 steps and then the full tariff revision in a year, something like that.

所以我不知道，也許分兩批或類似的東西。我認為這不會是一次性的調整。也許分兩步，然後在一年內全面修訂關稅，諸如此類。

The third question is regarding the operation of the Néstor Kirchner pipeline, if there is any news regarding -- how we define the operator on the first tranche.

第三個問題是關於 Néstor Kirchner 管道的運營，如果有任何關於我們如何定義第一批運營商的新聞。

We don't have any formal news about that, but it should be decided in the near future as the pipeline is going to be put in service in next July or something like that. So maybe in a few days, we will have notice about that.

我們沒有關於此的任何正式消息，但應該會在不久的將來做出決定，因為該管道將在明年 7 月或類似時間投入使用。所以也許幾天后，我們會注意到這一點。

Well, last question is regarding the -- our 2 big projects, if we have any details. I think that we gave all the information that we have right now. I don't know if we have -- yes, we have another question from [Stephanie Alerde]. If the company has closed debt maturities, how do we plan to handle the maturity of the bond in 2025?

那麼，最後一個問題是關於我們的 2 個大項目，如果我們有任何細節的話。我認為我們提供了我們現在擁有的所有信息。我不知道我們是否有——是的，我們有來自 [Stephanie Alerde] 的另一個問題。如果公司有已關閉的債務到期日，我們計劃如何處理 2025 年到期的債券？

[Stephanie], well, our only maturities on bond -- significant maturities bond in 2025. We think that we are going to start the liability management process maybe next year, okay, after elections. That should be the more reasonable approach.

[斯蒂芬妮]，好吧，我們唯一的債券到期日——2025 年到期的債券。我們認為我們可能會在明年選舉後開始負債管理流程。這應該是更合理的做法。

Another question from Luciano regarding the tariff increase, if it will be retroactive to February in 2023.

Luciano 的另一個問題是關於關稅增加，是否會追溯至 2023 年 2 月。

Luciano, I don't think so. Unfortunately, I don't think that the increase is going to be retroactive. Okay?

盧西亞諾，我不這麼認為。不幸的是，我認為增加不會追溯。好的？

Well, I think there is no more questions. We will go with the final remarks. This concludes the question-and-answer section. Now I will turn to Alejandro for final remarks.

好吧，我想沒有更多的問題了。我們將進行最後的評論。問答部分到此結束。現在我將請 Alejandro 發表最後的評論。

Sorry. Thank you all for participating in tgs Fourth Quarter 2022 Conference Call. We look forward to speaking with you again when we release our first quarter 2023 results. If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department. Have a good day.

對不起。感謝大家參加 tgs 2022 年第四季度電話會議。我們期待在發布 2023 年第一季度業績時再次與您交談。如果您在此期間有任何疑問，請隨時聯繫我們的投資者關係部門。祝你有美好的一天。