Transportadora de Gas del Sur SA (TGS) 2023 Q3 法說會逐字稿

Good morning, everyone. I'm Carlos, Head of Investor Relations. I would like to welcome everyone to tgs Third Quarter 2023 Results video conference. tgs issued its earnings report yesterday. We would like to inform you that this event is being reported. (Operator Instructions)

大家，早安。我是投資人關係主管卡洛斯。歡迎大家參加 tgs 2023 年第三季業績視訊會議。 tgs昨天發布了收益報告。我們謹通知您，我們正在報道此事件。 （操作員說明）

Before we begin the call today, I would like to remind you that forward-looking statements made during today 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 Standard, IFRS and are stated in constant Argentine pesos as of September 30, 2023 unless otherwise noted.

在我們今天開始電話會議之前，我想提醒大家，今天的視訊會議中所做的前瞻性陳述並未考慮到未來的經濟環境、行業狀況以及公司業績和財務業績。這些陳述存在許多風險和不確定性。除非另有說明，本文中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 2023 年 9 月 30 日的不變阿根廷比索列示。

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

今天，財務長 Alejandro Basso 從布宜諾斯艾利斯的 tgs 加入我們。現在我將視訊會議交給巴索·亞歷杭德羅先生，請開始。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss the 2023 third quarter earnings and highlights for tgs. To begin the call today, I would like to share with you recent news about the company. In terms of our midstream business in Vaca Muerta, last July, we commissioned the 32-kilometer extension of the North Tranche pipeline with a CapEx of $49 million. With this extension, our 60 million cubic meters per day capacity gathering pipeline in Vaca Muerta reached a length of 182 kilometers. This allow us to currently provide out of specification natural gas, transportation and conditioning services in our recently expansion 15 million cubic meters per day plant to several natural gas producers.

謝謝你，卡洛斯。大家早安，感謝您今天加入我們討論 tgs 2023 年第三季收益和亮點。在今天的電話會議開始之前，我想與大家分享該公司的最新消息。就我們在 Vaca Muerta 的中游業務而言，去年 7 月，我們委託了 North Tranche 管道 32 公里的延伸，資本支出為 4900 萬美元。透過此次擴建，我們位於巴卡穆爾塔的每日處理能力 6,000 萬立方公尺的集輸管道長度達到 182 公里。這使得我們目前能夠在最近擴建的每天 1500 萬立方米的工廠中向多家天然氣生產商提供不合格的天然氣、運輸和調節服務。

Furthermore, we continue working on additional 2 conditioning capacity expansions, which will increase the total capacity to 28 million cubic meters per day by, 2024, with a CapEx of approximately $300 million. It is worth mentioning that these expansions will consist on the installation of 2 new models, which can be converted to extract LPG. This is in line with our intention to start providing processing services for the gas producers in Tratayen. The Argentine government through ENARSA is currently revising the offers for the reversal of the Techint North pipeline, which consists of the construction of 122 kilometers pipeline to connect the 2 main Techint pipelines, 2 loops of 32 kilometers in the Techint North pipeline and the reversal of the natural gas flow of 4 compressor plants. The Argentine government expects to commission this work before next winter given that [Golia] will stop playing for natural gas volumes starting August 2024.

此外，我們也將繼續進行另外 2 項調節產能擴建工作，到 2024 年，總產能將增加至每天 2,800 萬立方米，資本支出約 3 億美元。值得一提的是，這些擴展將包括安裝 2 個新模型，這些模型可以轉換為提取液化石油氣。這符合我們開始為特拉塔延天然氣生產商提供加工服務的意圖。阿根廷政府目前正在透過 ENARSA 修改 Techint North 管道逆轉的報價，其中包括建設 122 公里長的管道以連接 2 個主要 Techint 管道、Techint North 管道中的 2 個 32 公里環路以及逆轉 Techint North 管道。4 個壓縮機廠的天然氣流量。鑑於 [Golia] 將於 2024 年 8 月開始停止開採天然氣，阿根廷政府預計在明年冬季之前啟動這項工作。

This incremental demand added to the new one to be generated by transportation capacity expansion of the First Tranche of President Néstor Kirchner pipeline after the commissioning of the 2 compressor plants expected in the coming months as well as the construction of the second Tranche of the President Néstor Kirchner pipeline expected by the end of 2024, will give us plenty of opportunities to continue growing our midstream services in Vaca Muerta. On September 8, in compliance with the terms stipulated by natural gas law, Techint has requested Enaragas to extend its license, which expires in 2027 by another 20 years to 2037. Energas is working on a report that will include the evaluation of the company's background. A public hearing will be held and additional steps will be taken to formalize the process. We expect to obtain the renewal in 2024.

這項增量需求加上總統內斯托·基什內爾管道第一批運輸能力擴大所產生的新需求，預計在未來幾個月內將試運行兩個壓縮機廠，以及第二批管道的建設。Néstor Kirchner 總統管道預計將於 2024 年底建成，這將為我們提供大量機會，繼續發展我們在 Vaca Muerta 的中游服務。 9月8日，根據天然氣法規定的條款，Techint要求Enaragas將其於2027年到期的許可證再延長20年至2037年。Energas正在編寫一份報告，其中將包括對該公司背景的評估。將舉行公開聽證會，並採取額外措施使該流程正式化。我們預計將於 2024 年獲得續約。

Turning now to Slide 4. I will briefly address some of the highlights for the 2023 third quarter results. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarters are expressed in constant pesos as of September 30, 2023 following the provisions established by Rafales for financial reporting in hyperinflationary economies. As seen in the slide, we reported net income totaling ARS 4.9 billion during the third quarter which was below the ARS 11.4 billion reported for the same quarter of 2022. The decline in the net income is mostly attributable to the ARS 5.7 billion negative variation of the financial results, a ARS 4 billion decrease in the liquids EBITDA which was partially offset by the continuous quarterly EBITDA growth recorded in other services totaling ARS 3.4 billion this quarter.

現在轉向投影片 4。我將簡要介紹 2023 年第三季業績的一些亮點。請記住，本季度提供的所有數據以及與前幾季的比較均按照 Rafales 制定的惡性通貨膨脹經濟體財務報告規定，以截至 2023 年 9 月 30 日的不變比索表示。如幻燈片所示，我們報告第三季淨利潤總計 49 億阿根廷比索，低於 2022 年同一季度報告的 114 億阿根廷比索。淨利潤下降主要歸因於 57 億阿根廷比索的負變化財務業績顯示，流動性EBITDA 減少了40 億阿根廷比索，但部分被本季其他服務業總計34 億阿根廷比索的連續季度EBITDA 成長所抵銷。

Moving on to Slide 5. EBITDA for natural gas transportation business decreased slightly by ARS 1 million, but was affected by the negative inflation effect on revenues at ARS 10.1 billion. However, this impact was offset by a ARS 7.3 billion higher revenue attributable to the 95% transitional tariff increase that became effective at the end of April along with ARS 1.9 billion in lower PP&E maintenance expenses and a [ARS 719 million] decline in other operating expenses.

轉向幻燈片 5。天然氣運輸業務的 EBITDA 略有下降 100 萬阿根廷比索，但受到負通膨效應影響，收入為 101 億阿根廷比索。然而，這一影響被 4 月底生效的 95% 過渡性關稅增加帶來的 73 億ARS 收入增加、PP&E 維護費用減少 19 億ARS 以及其他營運支出 [7.19 億ARS] 的下降所抵消。花費。

On Slide 6, you can see EBITDA from the liquids business decreasing by 31% in the third quarter of 2023 to ARS 9 billion compared to ARS 13 billion reported in the same quarter of 2022. The main effect was related to lower revenues in the amount of ARS 10.1 billion related to the 30% decline in average reference international prices of the LPG. In addition, volumes of propane exports fell from 43,000 tons -- metric tons to 14,000 metric tons, resulting in a ARS 3.8 billion decline in revenues and higher natural gas volume purchased in the third quarter of 2023 resulted in higher cost of sales of ARS 2.5 billion that permitted a higher production of 27,000 metrics tons. These negative effects were partially offset by higher revenues of ARS 9.6 billion derived from a higher ethane volumes sold, increasing from 43,000 metric tons to 19,000 metric tons. To a lesser extent, the monetary effects, lower average cost of natural gas, which dropped from $4.7 per million EBITDA to $4.4 per million EBITDA and lower export taxes positively impacted the liquids EBITDA by ARS 1.6 billion, ARS 1.1766 billion, respectively.

在投影片6 上，您可以看到液體業務的EBITDA 在2023 年第三季下降了31%，降至90 億阿根廷比索，而2022 年同一季度報告的數字為130 億阿根廷比索。主要影響與收入下降有關。101 億阿根廷比索與液化石油氣平均國際參考價格下降 30% 有關。此外，丙烷出口量從 43,000 噸下降至 14,000 噸，導致收入下降 38 億阿根廷比索，而 2023 年第三季購買的天然氣量增加導致銷售成本增加 2.5 比索億美元，使產量提高到 27,000 噸。這些負面影響被乙烷銷售量增加（從 43,000 公噸增加到 19,000 公噸）帶來的 96 億阿根廷比索收入增加所部分抵消。在較小程度上，貨幣效應、較低的天然氣平均成本（從每百萬EBITDA 4.7 美元降至每百萬EBITDA 4.4 美元）以及較低的出口稅對液體EBITDA 產生了積極影響，分別為16 億阿根廷比索和11.766 億阿根廷比索。

Turning to Slide 5 -- 7, sorry. EBITDA from other services increased 46% to ARS 10.8 billion from ARS 7.4 billion. Higher revenues generated by incremental volume, natural gas and exported conditions, Vaca Muerta amounted to ARS 5.9 billion. Transport and natural gas volume rose from an average of 15 million cubic meters per day in the third quarter of 2022 to 23 million cubic meters per day in 2023 quarter, while natural gas conditioning volume increased from an average of 10 million of cubic meters per day to 15 million cubic meters per day. In addition, during the third quarter ARS 1.1 billion revenue was generated by services provided to a Enarsa in relation to the Néstor Kirchner pipeline commissioning, the construction of Mercedes-Cardales pipeline and the compression plant placed in Mercedes. These higher revenues were partially offset by ARS 1.4 billion monetary effect loss, especially considering that the annual inflation rate was above the annual foreign exchange rate increase. And in addition, operating expenses increased by ARS 2.3 billion.

轉到幻燈片 5 - 7，抱歉。其他服務的 EBITDA 成長了 46%，從 74 億ARS 增加到 108 億ARS。產量增加、天然氣和出口條件帶來的收入增加，Vaca Muerta 達到 59 億阿根廷比索。運輸和天然氣量從2022年第三季的平均每天1500萬立方米增加到2023年季度的每天2300萬立方米，而天然氣調節量從平均每天1000萬立方米增加至每天1500萬立方米。此外，第三季度，向 Enarsa 提供的與 Néstor Kirchner 管道調試、Mercedes-Cardales 管道建設以及位於 Mercedes 的壓縮工廠相關的服務產生了 11 億阿根廷比索的收入。這些較高的收入被 14 億阿根廷比索的貨幣效應損失部分抵消，特別是考慮到年度通貨膨脹率高於年度外匯匯率增幅。此外，營運費用增加了 23 億阿根廷比索。

On Slide 8, we can see that financial results recorded a negative variation of ARS 5.7 billion. This variation was mainly explained by a higher foreign exchange rate loss of ARS 14.1 billion. This was mostly attributable to a higher depreciation of Argentine pesos. And in addition, there was a negative inflation exposure result variation of ARS 5.7 billion. These effects were partially offset by a financial asset income totaling ARS 15.2 billion, mostly resulting from high financial investment denominating pesos and to a lesser extend higher yields of our peso-denominated financial investments.

在投影片 8 中，我們可以看到財務表現出現 57 億阿根廷比索的負變化。這項變更主要是由於外匯匯率損失增加了 141 億阿根廷比索。這主要是由於阿根廷比索大幅貶值。此外，還有 57 億阿根廷比索的負通膨風險結果變化。這些影響被總計 152 億阿根廷比索的金融資產收入部分抵消，主要來自以比索計價的高額金融投資，以及較小範圍內以比索計價的金融投資的較高收益率。

Finally, turning to the cash flow on Slide 9. Our cash position in [fuel] terms increased slightly to ARS 210.3 billion, which is roughly equivalent to $600 million. EBITDA generation in the third quarter amounting to ARS 27.1 billion, of which 73% was generated by the nonregulated businesses while additionally 27% came from the transportation business. CapEx for the period amounted to ARS 19.8 billion. We obtained loans for ARS 11.6 billion, and our working capital increased by ARS 11.2 billion. Income tax advance payments totaled ARS 5.6 billion. Finally, financial income contributed to the cash increase in approximately ARS 13 billion. As you can see, we maintained a comfortable level of cash position, which gives us enough liquidity continuity -- to continue investing in our business investment plan, mostly in Vaca Muerta midstream business.

最後，轉向幻燈片 9 中的現金流。我們以[燃料]計算的現金狀況略有增加，達到 2,103 億阿根廷比索，大致相當於 6 億美元。第三季 EBITDA 達 271 億阿根廷比索，其中 73% 來自非監管業務，另外 27% 來自運輸業務。該期間資本支出達 198 億阿根廷比索。我們獲得了 116 億阿根廷比索的貸款，營運資金增加了 112 億阿根廷比索。所得稅預繳總額為 56 億阿根廷比索。最後，財務收入貢獻了約130億阿根廷比索的現金成長。正如您所看到的，我們保持了適度的現金狀況，這為我們提供了足夠的流動性連續性——繼續投資於我們的業務投資計劃，主要是 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.

我們的演講到此結束。現在我將把它交給卡洛斯，他將開始提問。謝謝。

Thank you. Now the floor is now open for questions. (Operator Instructions) The first question is regarding the propane volume that were exported at [12] in so many times. What is the reason?

謝謝。現在開始提問。 （操作員說明）第一個問題是關於在 [12] 多次導出的丙烷量。是什麼原因？

Okay. As you are saying, it's seasonality. The reason for the decrease in the exporting volumes. Last year, we have a special (inaudible) so we can -- we could be able to export more than this year. Hopefully, we are waiting to compensate that in the fourth quarter.

好的。正如你所說，這是季節性的。出口量下降的原因。去年，我們有一個特殊的（聽不清楚），所以我們可以——我們可以比今年出口更多。希望我們正在等待第四季度的彌補。

The next question is regarding the CapEx, what we expect for 2023 and 2024.

下一個問題是關於資本支出，也就是我們對 2023 年和 2024 年的預期。

Okay. For 2023, we are expecting ARS 200 million and for 2024 a total of ARS 210 million approximately out of which ARS 140 million should be the finalization of the expansions that we are performing at Vaca Muerta and Tratayen.

好的。我們預計 2023 年將達到 2 億阿根廷比索，2024 年預計總計約 2.1 億阿根廷比索，其中 1.4 億阿根廷比用於完成我們在 Vaca Muerta 和 Tratayen 進行的擴建工程。

The third question (inaudible) is to remind exactly if the contract in Vaca Muerta for the midstream services (inaudible) they are both transportation and the conditioning. The fourth question, why it would take additional debt considering the solid cash that we have?

第三個問題（聽不清楚）是要準確提醒瓦卡穆爾塔的中游服務合約（聽不清楚）是否既包括運輸又包括調節。第四個問題，考慮到我們擁有雄厚的現金，為什麼還要承擔額外的債務？

Well, this additional debt is for -- to be able to pay for the import goods and services. You know that currently, we have no access to the official exchange market. So we have to take offshore financing for the services. And in the case of the goods, these loans should be paid next year with access to the official market at that moment.

嗯，這筆額外的債務是為了能夠支付進口商品和服務的費用。您知道，目前我們無法進入官方交易市場。因此，我們必須為這些服務採取離岸融資。就貨物而言，這些貸款應在明年支付並進入官方市場。

The question from Marina Martes, (inaudible) Marina. Her first question is regarding any progress about the request to extend the license for another 10 years.

瑪麗娜·馬特斯（Marina Martes）（聽不清楚）瑪麗娜提出的問題。她的第一個問題是關於將許可證再延長 10 年的請求的進展。

Marina, well, our expectation for extension is that it should be given to us next year. Obviously, for our business plan for our strategic planning, it's a very important step, given the fact that we have to refinance the (inaudible) probably next year, the one that is due in May 2025 and also for our business expansion.

瑪麗娜，好吧，我們對延期的期望是明年應該給我們。顯然，對於我們的策略規劃業務計劃來說，這是非常重要的一步，因為我們可能必須在明年（聽不清楚）再融資，即 2025 年 5 月到期的融資以及我們的業務擴張。

Another question regarding the extensions. If there is any potential implication for the company in the operation and strategic planning regarding this 10-year extension.

關於擴充的另一個問題。此次延長10年對公司的營運和策略規劃是否有潛在的影響？

I already answered that. It's very important for us for our projects in the nonregulated business also given its relation with the regulated business. Okay.

我已經回答過了。考慮到非監管業務與受監管業務的關係，這對我們來說非常重要。好的。

The next question is regarding the status of the both project LNG (inaudible) project.

下一個問題是關於兩個液化天然氣（聽不清楚）項目的狀況。

Well, these projects are currently under study. We are receiving part of the consultant works. We are expecting to receive more of the remaining consultant works for the remainder of this year. We expect to be able to decide our decision to go ahead with the project next year and the second semester or the half (inaudible)

嗯，這些項目目前正在研究中。我們正在接受部分顧問工作。我們預計在今年剩餘時間內將收到更多剩餘的顧問工作。我們希望能夠決定明年和第二學期或下半學期繼續該專案的決定（聽不清楚）

Well, Christian (inaudible) from Balance. His first question is regarding the -- that there is a very good performance on the Vaca Muerta (inaudible) services and we can expect for this segment to continue growing and what we expect for 2024.

嗯，來自 Balance 的 Christian（聽不清楚）。他的第一個問題是關於 Vaca Muerta（聽不清楚）服務的表現非常好，我們預計該細分市場將繼續成長，以及我們對 2024 年的預期。

Christian, yes, as we already said, we are expecting to increase volumes from 15 cubic meters per day to 28 million cubic meters per day. both in the transportation side and in the conditioning side of the business. These 2 expansions are expected to be put in services in, one in May, another one maybe in July or August. So the increase in our revenues in this business to be accounted for in half of the next year, okay.

Christian，是的，正如我們已經說過的，我們預計產量將從每天 15 立方米增加到每天 2800 萬立方米。無論是在運輸方面或是在業務的調節方面。這兩項擴建預計將於 5 月投入使用，另一項可能在 7 月或 8 月投入使用。所以明年我們在這項業務上的收入增長將占到一半，好吧。

Another question from Juan Vasquez. He is talking about the destination of the cash that we have would not only the destiny for this level of cash.

胡安·巴斯克斯提出了另一個問題。他談論的是我們所擁有的現金的去向，而不僅僅是這一水平現金的命運。

For the LNG portion. Yes. LNG -- low, which one -- okay fine. Okay. Yes, I would say that we are going to use our cash and fund generation in the following years in the project that we have, okay? in the NGL so LPG projects and LNG project. That's our main result right now. Obviously, we may use something in the -- for the liability management with our (inaudible)

對於液化天然氣部分。是的。液化天然氣——低，哪一個——還好。好的。是的，我想說，我們將在接下來的幾年中將我們的現金和資金用於我們現有的項目，好嗎？在NGL、LPG專案和LNG專案中。這是我們現在的主要結果。顯然，我們可以使用我們的（聽不清楚）的責任管理中的某些東西

Carlos Morales questions regarding the next study increase, you will have some news natural gas transportation.

卡洛斯·莫拉萊斯關於接下來的研究增加的問題，你將會得到一些天然氣運輸的消息。

Okay. Right now, we are in talks with ENARGAS to have a transitional adjustment and also, we have already started the tariff revision process. I cannot give any perspective for the net tariff increase and we start transitional adjustment and how long it will take to go ahead with the tariff revision. We expect that it should be run in a short term, but maybe 6 months or more than that will be necessary.

好的。目前，我們正在與ENARGAS進行過渡性調整談判，我們已經啟動了關稅修改程序。我無法對淨關稅增加給出任何看法，我們將開始過渡性調整，以及需要多長時間才能進行關稅修訂。我們預計它應該在短期內運行，但可能需要 6 個月或更長。

Another question from Juan, is concerned about the license tension will not be renewed.

胡安的另一個問題是擔心許可證緊張局勢是否會再次出現。

No. I would say that the license extension should not be the night by our regard if they -- as we comply with all our obligations, all these years. So it should be renewed. Okay.

不，我想說，如果我們這些年來遵守我們的所有義務，那麼我們認為許可證延期不應該是一個小問題。所以應該要更新。好的。

Florencia Mayorga with MetLife. She's talking about detail in the FX restrictions that we are facing.

弗洛倫西亞·馬約爾加 (Florencia Mayorga) 與大都會人壽 (MetLife) 合作。她正在談論我們面臨的外匯限制的細節。

Well, Florencia, the restrictions that everyone is having right now. We have not -- we are not being given -- we have not given access to the official exchange rate just for the interest payments. So this was a very good news, but not for buying for purchasing services or goods. So that's the reason that we are mostly taking loans for that. We expect that all these restrictions should be ending in the next month. Okay.

好吧，弗洛倫西亞，現在每個人都受到限制。我們沒有——我們沒有被給予——我們沒有允許僅僅為了支付利息而使用官方匯率。所以這是一個非常好的消息，但不適合購買服務或商品。這就是我們主要為此貸款的原因。我們預計所有這些限制應在下個月結束。好的。

Another question from Florencina regarding the midstream EBITDA level that we expect that it will convert it into the largest EBITDA contributor in the company.

Florencina 提出的另一個問題是關於中游 EBITDA 水平，我們預計它將其轉化為公司最大的 EBITDA 貢獻者。

That would happen maybe in 2025, 2026, it will depend on the renegotiation of the transportation business also because the transportation business EBITDA for this year is expecting around $60 million, and it should be around $300 million. You we have a right tariff provision. So everything will depend on that. Okay, but maybe 2026, the midstream services would be the higher contributor to our net income hopefully.

這可能會發生在2025年、2026年，這將取決於運輸業務的重新談判，因為今年運輸業務的EBITDA預計在6,000萬美元左右，應該在3億美元左右。我們有正確的關稅規定。所以一切都取決於此。好吧，但也許到 2026 年，中游服務有望為我們的淨利潤做出更大的貢獻。

Next question from Florencina. Is there is any compensation with advice of 2% initial candidate regarding the (inaudible) revision of tariff highs.

弗洛倫西納的下一個問題。對於 2% 初始候選人關於關稅高點（聽不清楚）修訂的建議，是否有任何補償？

Well, we have some conversations regarding the current administration is what I already said, we are expecting a transitional agreed new agreement and the tariff revision. And regarding the other candidate, they are talking about a very, I would say, very deregulated team and go ahead with the tariff provision also.

嗯，我們就現任政府進行了一些對話，正如我已經說過的那樣，我們期待達成過渡性的新協議和關稅修訂。至於另一位候選人，我想說，他們正在談論一個非常放鬆管制的團隊，並繼續實施關稅條款。

[Luciana] he's talking about the working capital increase. Well, I will answer this question that there are some several issues there that will have some trade receivable increases, because for exchange and also in the midstream services because we provide more services and this is the main important factors. And also, we have a ARS 1 billion trade receivables, they have been with ENARSA of the taking our pipeline services that we collect or (inaudible) we collect everything.

[盧西亞娜]他正在談論增加營運資金。好吧，我將回答這個問題，那裡有一些問題會導致貿易應收帳款增加，因為對於交換以及中游服務，因為我們提供更多的服務，這是主要的重要因素。而且，我們還有 10 億阿根廷比索的貿易應收帳款，他們一直與 ENARSA 合作，獲取我們收集的管道服務或（聽不清楚）我們收集的一切。

Evan Cavazza, his question is if we will have any benefit from the reversal of the TCM pipeline.

埃文·卡瓦扎（Evan Cavazza），他的問題是我們是否會從中藥管道的逆轉中受益。

Yes, we have a direct benefit regarding our business in Vaca Muerta because higher quantity of glass is going to come through our system in Vaca Muerta pipeline and our conditioning plant.

是的，我們在瓦卡穆爾塔的業務有直接的好處，因為更多的玻璃將透過我們在瓦卡穆爾塔管道和調節工廠的系統輸送。

This next question from Ivan is about the revenues and EBITDA that we should expect an annual change after the recent expansion of the (inaudible) conditioning plant.

Ivan 提出的下一個問題是關於收入和 EBITDA，在最近（聽不清楚）空調工廠擴建後，我們預計每年都會發生變化。

Well, I don't have the figures right now, maybe I don't know $150 million of annual revenues, full year effective.

嗯，我現在沒有數據，也許我不知道全年有效的 1.5 億美元年收入。

We don't have any more questions. Well, this concludes the question and answer section. Now we'll turn to Alejandro for his final remarks.

我們沒有更多問題了。好了，問答部分就到此結束。現在我們請亞歷杭德羅做最後的演講。

Well, thank you all for participating in this year's third quarter 2023 conference call. We look forward to speaking with you again when we release our fourth 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.

好的，感謝大家參加今年第三季的 2023 年電話會議。我們期待在發布 2023 年第四季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。