Aguas Andinas S.A. (AGUASA) Earnings Call Transcript & Summary

As I was saying, good morning to everyone. I'm sorry for the delay in starting this webinar, but let us now begin. So let me welcome you all once again on behalf of CrediCorp Capital, I would like to thank you for your attendance and your participation in this webinar with Aguas Andinas. Today, we will have the presence of Didac Borras, CFO; Cristian Schwerter, Planning Engineering and Construction Director to talk about the results of 2022 and also the operational evolution of the company. The format of this webinar will include, first of all, a presentation on behalf of Didac and Cristian, and then we will have some time for Q&A session. [Operator Instructions]. Let me also tell you that we have simultaneous translation into English. Before that, the General Manager, Marta Colet, will be giving some opening remarks through a video today. Marta, unfortunately she's traveling, but she wanted to leave a couple of words for you in this webinar for view of 2022 and the evolution of the company now starting 2023. So Michel, we will listen to Marta's pitch.

Good morning to everyone, and thank you very much for being part of today's meeting. As you know, it is really very relevant for Aguas Andinas to be able to keep affluent and consistent communication with all of our investors and market analysts. That's why despite the fact that today, I I'm unable to join you, I would like to talk about a couple of topics that were quite relevant for the financial management of our company during 2022. One of these topics is, for sure, climate change that was reflected into 3 important landmarks: first, associated to the result of our campaign each drop counts (sic) [Every Drop Counts] that ended in 1.1 less consumption compared to 2021. Then about 1/3 of the water resource equaling 260 cubic meters correspond from third parties. So this accounted for around CLP 16 billion. And last and also as relevant as the previous one, the fact that the company set on new projects, 14 very deep wells contributing very important water flow and also the treatment plant that benefited almost 1 million people of the Eastern area in the country. Also as important, during 2022, we experienced a strong inflation registered in general in all world economies. Chile was no exception at all. Here, inflation, as you all know, reached 12.8%. So this figure, of course, equaled an important rise in operational costs, but also it had some implications in the debt adjustment. And as a positive aspect compensating the previous one, also in the rate indexes based on this polynomial. So third, I would like to talk about efficiency. We have a transformation plan oriented to make a sustainable company that's capable to mitigate its risks and always paying attention to capture efficiencies, prioritizing investment in corporation, innovation technology. All of that allowed us to close 2022 with a very positive balance in terms of improvements of our margins. Last, I cannot but mention 2 very important [ netmarks ] that positions us as an agile and innovative company also in the financial aspect. Our company carried out the process to obtain the first international risk classification with Standard & Poor's, obtaining a A- rating. This result joined with the efforts to keep an optimum financial structure led us to issue the first green international bond in our history in line with our specific and real commitment in terms of environment, social aspects and governance. All of that, while keeping the excellent AA+ ratings through local agencies ICR and Fitch. So thank you very much. I will now give the floor to the rest of the speakers.

Thank you very much, Marta, for your remarks. And now we will continue with the presentation. So Didac, you have the floor.

Good morning to everyone. First of all, let me thank you for joining this last conference on the results in 2022, where we will be introducing the results of the fiscal year. As Andrew already mentioned, we prepared a presentation in 3 blocks. We will have a financial part, where I'm going to talk about the financial record of the company. And then Cristian will be talking about the context and climate change and what the company is doing to mitigate all of that. And finally, we'll have a Q&A session. We will be answering to any questions or concerns that you may have about the closing of 2022 fiscal year. So as Marta already mentioned in her introduction, I think that this year the company has proven its resilience. They've already had an operational resilience in view of climate change. But now it's also shown a financial resilience within a very complex context where inflation triggered up to practically 13% and where the company has continued or has been able to transfer those inflationary risks to its rates. In this sense, our revenue grew significantly 13.6%. And in terms of [indiscernible] increases also translated into an increase of EBITDA of 10.6% compared to 2021. And -- growth that would have been 13.1% without considering the positive nonrecurring effects that were registered in 2021. Therefore, the company has been able to absorb operational costs related to inflation. As I always said, 80% of our balance is somehow linked to inflation. Therefore, in inflationary context, our operational costs increase, but also there have been some costs that went beyond inflation, as for example, chemical products or the cost of raw material or the transfer of water that also -- this is as a result of the agreement that was signed in 2021. And they also shown an increase in their prices against the previous year. What I was saying before, an increase of operational costs also and mainly linked to several factors, inflation is one. Therefore, we get this cost authorization linked to inflation, then we also need to consider that apart from our results statement. This is also linked to the exchange rate, the dollar and Chilean peso. If you remember in 2022, appreciation of dollar was quite relevant. So we also had this impact, especially in energy costs and chemicals costs and also these increase in cost in raw material. That was a result of a global context, mainly the war in Ukraine, the increase of sea shipments and also exchange rates went up. I would like -- previous one -- I would also like to say that the company has continued to fight the effects of climate change. We have continued to boost our development plan, our investment plan in this sense. This is crucial in order to ensure the operational continuity. The company has also boosted its transformation project. In that sense, what the company is aiming at is a transformation of the company. And within this transformation, also be able to capture efficiencies in this sense. So we know that by the end of 2022, we capture all -- more than CLP 5.5 million efficiency. So this has allowed the company to keep their EBITDA margin above 50%. This is one of the goals that we have set at the beginning of the year. And therefore, these pressures -- these inflationary pressures as well as the global context have been absorbed, thanks to this efficiency program. And let me also remind you that climate change has some other impacts. For some months, we have been boosting different campaigns for responsible use of water. And this also has direct relationship with the behavior of our clients in terms of consumption. And consumption during 2022 went down by 2.1%. So this also has been absorbed, thanks to the rates increases. As I was saying, 13.6%, EBITDA, 10.6%, an increase that would have been higher if we not consider nonrecurring events and mainly due to the tariff indexation that we've been able to capture during 2022. In that sense, we capture 4 tariff indexation linked to the polynomial. Additionally, out of 3 tariff indexations that were in 2021, but have a full year effect in 2022. This also triggered our tariffs and also 3 new infrastructures became operative. So this tariff increases have been somehow offset with the reduction in our consumption, a reduction of 2.1%, accounting for 11.4 cubic hectometers creating an impact of over CLP 9 billion against previous year. Besides pressures in costs, as I said before, mainly linked to inflation, 80% of our cost structure is related to inflation. So this has also had an impact of more than CLP 23 billion in our EBITDA against the previous year. Operating costs that we mainly focus on chemicals and electricity -- electric power, this is in terms of volume or purchase of chemicals, we've been in line with the previous years, but there has been a price effect. And the energy effect that has had a price effect and a volume effect, we have increasingly more assets, consuming more power. Therefore, we have a volume effect, but also the price of the energy as a result of tariff changes by the end of 2022 has also increased. An increase also in network maintenance costs also resulting from droughts period. And as I've already been explaining during the year, there was an increase against the previous year because of the number of repair demands and also raw material went up due to the global context. Let me explain that the net result of the company is around CLP 85 billion, representing a reduction against the previous year of 15.3%. Without considering the nonrecurring positive effects of 2021, the net result would be practically in line despite the strong effect of more than CLP 120 billion with monetary correction in our financial costs. But mainly we've been able to -- I mean we've had positive effects in terms of tax correction, and this has allowed us to offset all of these monetary corrections. And additionally, the company has made a more active management of the treasury surpluses, and this allowed us to capture over CLP 17 billion in financial income against the previous year, thanks to this management. And also leveraging the increase of rates that we've had during 2022. If we plot the evolution of EBITDA in 2022 against 2021, we can see a strong increase of our revenues. And the cost effects that we've already anticipated mainly increased, it links to inflation, also operational costs increase where we focus in higher electricity and chemical material costs. Also water transfer, as I said before, have as well a price component. The price of water transfers are fixed in U.S. Therefore, it also includes an inflation component. We are stabilized, but now we should consider that in August 2021, we signed an agreement with the channel workers that updated these prices to the market prices. Therefore, we also have a price effect that's linked to that new agreement that has allowed us to keep the level of reserves in [indiscernible] at record levels compared to previous years. As I was saying, the efficiencies are quite relevant, capturing over CLP 5.5 billion in 2022 linked to our transformation plan. And this is something really strategic and crucial in order to keep our margins above the goals that we've set to ourselves. And in the next few years, we will continue to boost all of this in order to continue to capture operational efficiencies for Aguas Andinas. Another point to highlight is the evolution of morosity or bad debt. As we said, during the pandemic, our morosity increased in a significant manner. We had the bad debt of around 2% and then it dipped 4.5%. And as from there, thanks to the commercial management of our clients as well as the possibility of recovering the power as of February or March 2022, we were able to recover and make our bad debt ratio more efficient, which we closed in 2022 with 2.4%. And a downward trend, which was very marked from the very first quarter of 2022. And also, the company currently has recovered the levels or maybe the cuts volume of the pandemic, we are at around 30,000 cuts a months. These are not cuts per se. What we do is to cut 30,000 clients, but the cuts occur in 50% of the cases. So the company is making a very active management of clients. So we appear at the customer's office, the client makes the payment. And at the end, only 50% of the cuts are executed. So this is a very efficient interaction, giving us this downward trend of bad debt since the mid-2022. Another relevant point in one of the backbones of the company is the cash flow generation. As you can see, our operating cash flow has increased almost 10% versus the previous year. Now we're -- a free cash flow, is very relevant as well. It includes also a positive nonrecurrent element of around CLP 20 billion over taxes. So this has to do with the taxes associated of it. So if we don't consider the CLP 20 billion, the free cash flow of the company would be from -- up from CLP 17 billion compared to last year. So this is what is also improving our rating. And finally have these classifications or gradings that we had. This cash flow generation has allowed us to control our debt in 2022. So we see that debt has gone up in line with inflation. So we wanted to have a monetary correction that could not be mitigated, and it has an impact in around CLP 120 billion. However, after dividends, our cash flow was controlled. We only had an additional debt for CLP 11 million. So our net debt was controlled in relation to the inflation increase, and that was one of our goals at the beginning of the year. And as Marta said in her introduction, this year, we issued our first green bond, the social bond. And that was a very positive action for the company. It was a bond issued without covenants, a 15-year bullet bond in Asia, and we are very happy about the final result because we were able to open up an additional door to the efficient financing of the company for the future. The company is still promoting its investment plan. This year, we've had investments worth CLP 140 billion, mainly focused on 3 main axis: increased water resources for the company and for the people; second, operational continuity. So many investments have been made in that regard to guarantee the operational continuity of the company. Third, relevant axis, risk mitigation and our network maintenance. The company has a very relevant network maintenance. So we need to allocate investment resources to maintain such infrastructure. And finally, just to remind you of the financial ratios that the company has ROCE, which is at 11%. So we will see how ROCE is sustained. And the leverage, 1.84x despite the monetary correction we had. And of the EBITDA, 3.86x, also impacted by the monetary corrections. Liquidity is very solvent 1.19x, very stable as well. So we are able to have a cash flow effective enough to create or generate financial income. And the EV/EBITDA, 7.5x; and EPS, around CLP 14. So these are very robust ratios, as you can see at the closing of 2022. And as we said, for the first time, we included into our rating system, an international system provided by Standard and Poor's with an A- rating, positioning us among the best Chilean companies in international standards and one of the Chilean companies also best positioned locally. We have the Fitch rating with AA+. And we were awarded a prize by the ALAS award, best relations and sustainable companies. So we can claim many success stories in 2022. And now I give the floor to Cristian. He's going to share with us the impact of climate change in 2022 and what the company is doing to mitigate it.

Thank you, Didac. One of the goals of the company is to adapt itself to climate change, and that is very timely. If we consider 2022, we claim characteristics like the ones we are going through right now, droughts, river problems, deficits and turbidity events. And this goes up due to the heat wave in the Andes Mountain range. Despite that, 2022 was a year where we could maintain or even increase the water level of the reservoir getting to 194 cubic hectometers. And this was unprecedented since 2017, a year after the least intensive year in terms of droughts. And this was thanks to 2 important factors: first, the cooperation agreement with the basin users, we were able to work on transfers and other activities; but also the investments that the company made in order to make processes more efficient as well as its management throughout the productive chain. And also the investments that allow us to have more resources. So the Lo Mena wells are pivotal in this part and other points where we shifted from mixed supply to underground water supply. So we see that the resource matrix of 2022 had an increase of underground waters, and there was a decline in the transfers in blue, as you can see on the chart, to 28% compared to 2021. As Didac said, we were able to maintain our investment level. After the process of more than 20 years of important investments, starting with the sanitation plan. Next, the adaptation to climate change, seeking to increase the autonomy of the city in the face of turbidity events. And now we are working on resilience to make it more adaptable to the droughts events that we are having. And this is also supported by investments to maintain networks and adapt ourselves to regulatory requirements, such as the nitrogen treatment at the plants in order to comply with the standards and everything related to measurement of underground waters. This is a requirement by the [ DGA ]. And ever since 2022, we have commissioned the Cerro Negro - Lo Mena Wells with a capacity of 1.5 cubic meters per second, servicing more than 400,000 inhabitants in the southern area. So we commissioned this operation in less than 2 years, working on a fast track contract -- the drilling contracts as well as the necessary hydraulic and civil works contracts. Another point that we achieved was the automation of the Punta de Aguilas production plant. This is a pilot for the future master plan to increase and apply this WTP system at the plant. This is the fruit of coordination of many areas, engineering, remote control, asset management. And this is very good in terms of maintenance of the equipment. We are also working on an infrastructure diagnosis plan. We have more than 100,000 kilometers networks that must be inspected and monitored. So we are working on robotic inspection of these infrastructure and pipelines. And in addition, in the summer of 2022 -- 2023, we were able to have more robust support. We continued working despite the drought. However, we were better prepared to ensure supply, thanks to the new plants and the expansion in the plants, but also transport works that were executed and a better management for the dispatch from the plants. There was also an increase in the production of underground -- of groundwaters and also a communication campaign. For the future, we are working on 2 important and iconic projects for the company: first, the El Manzano independent intake conduction project in order to lead with turbidity events in the Maipo River. This allows us to have clean water from [indiscernible] to the independent intake, ensuring the good supply and quality supply from our plant. Other more significant or very significant projects seeking to increase the number of resources in view of turbidity events is the treated water swap plan from the Maipo River. So this project is intended to give water a second use, the water from the basin. So our first use considers that the water is treated at the plant and then through these major work for 35 kilometers, the water comes back to the Maipo River for a second chance and a second use. And to close my presentation, I would like to emphasize the following actions that we are working on with the innovation team trying to work on resilience of the company, making our activities more sustainable and legitimate the use of new technologies, in particular, for the optimization of the sewage network cleaning. We are using [indiscernible] technology that allows us to detect where the sewer efforts must be improved. And we are also developing a system to inspect water pipes with the Maquintel company. So without stopping operations of these water pipes, we can identify structural issues. In parallel, we are working in the sewage system with the SewerVUE technology. In parallel, we are developing a similar project with the CORFO financing to inspect major water ducts that and implement our [ own ] technology. We are developing artificial intelligence for data processing from all of the inspections that we make of black waters. So this is allowing us to work faster, more than 100 kilometers of networks every year. So we are able to standardize the information and then make the necessary decisions. And finally, through machine learning, we are developing a tool that allows us to determine preventive maintenance actions on the valves of our network. We have one -- more than 100 valves in the network, which under certain conditions may trigger issues in the network. So with these actions, we are trying to avoid these problems. And to conclude, I would like to share with you some initiatives related to the sustainable development actions conducted by our operations and innovation team. For instance, the direct reuse of water for drinking water. So for the future, we want to determine what actions we could implement for this measure. And so we are considering processes such as advanced oxidization. And finally, good news in 2022. This was something that made us very happy in the sense that the biosolids that we treated were recognized by [indiscernible]. It authorized their use as fertilizers. So we are already putting this in place and the Huechún Fertilizer was awarded 2 innovation prizes in 2022. So we are very happy about this.

Thank you very much, Didac and Christian for your presentation. Now we will continue with the Q&A session. We have many questions, very interesting questions. So let me start with some of them first. On the financial aspect, I'll try to combine several of the questions that we've been -- done. Do you expect for 2023, the same tariff adjustments that were seen in 2022? And in terms of volume, should we see pickup recovery in 2023? I think that here, we have the consumption aspect. And do you feel comfortable with net leverage of 3.9x? And also if you could give us some guidance on EBITDA and CapEx for 2023? So we have several questions in one.

I hope not to forget any of those questions, Andrew. So let's begin with tariffs. If we expect the same level of indexation than 2022. As you know, indexations are linked mainly to inflation, but there are some other indexes that also play a role: the manufacturing index and the exported goods indexes. The level of indexation will depend on the evolution of these other 2 indexes. So if we pay attention to the studies that are being conducted that place inflation around 5%, 6% in 2023, then we would expect that the indexation level capturing 2023 were lower than that of 2022 where inflation was almost 14%. So what we could be expecting of course, depends on external factors, but the pace of indexations would probably be reduced against 2022. The second question related to the volumes. It's more or less the same. I mean we do not have a crystal ball, and we don't know how consumption will be evolving, but what we've observed in the last few months and years is that citizens are increasingly more aware about responsible consumption. So what we are observing is that the mean consumption per inhabitant is being reduced year after year. The city is increasing by 2%. So we need to see within this mix for capital consumption and increasing citizens where we will be located. So that is one of the questions or one of the variables that we need to see how it evolves along the year. The third question, I think that had to do with the level of indebtedness of the company, 3.9x is EBITDA. So here, as we've explained before, this ratio, I mean, indebtedness has been very much impacted by monetary correction. It has a direct impact on increase of our net financial debt. As I said before, if the inflation is moderated in 2023, what we could foresee is that the company will be reducing the level of indebtedness. As EBITDA grows, the cash generation grows and the increase of financial debt will be probably moderated with more reasonable inflation levels. Therefore, the idea or maybe the expectation that we have is that we will progressively see a reduction in this level of indebtedness. And I don't know if I forgot one of the questions, Andrew.

Yes, the other thing had to do with the guidance for EBITDA and CapEx for this year. Maybe if you could give us something about that?

Well, traditionally speaking or historically speaking, the company has not provided any guidance. But at a CapEx level, we might say that the level of investment will be similar to those of previous years. Talking about 2021, 2022, we are not expecting any significant increases or reductions, we will continue to develop our investment plan because we consider that the company's priority should be operational continuity. But always, these investments should allow us to have an economic sustainability of our company. So that's why one of our goals is to respect at least a 50% of EBITDA. That is to say, CapEx should not exceed 50% of our EBITDA generation. That would be kind of a guidance, let's say, or idea of projection for the next few months.

Several questions also about next tariff review. In this sense, what will be the main discussions to determine the tariff? What's your opinion about that? And whether there is any possibility of reviewing the regulatory profitability, which is currently in 7% for the next tariff cycle? On the other hand, the information we had lately of a new model of tariff based on a block structure. And in relation to that, is it similar to what you are presented? Do you think it will be implemented if the government moves forward with this model? Or do you think that this will be applied in the next tariff cycle? So also several questions in one.

So let's begin at a level of discussion of a tariff process. We think it's a priority to incorporate all of the measures and all of the investments that are necessary in order to mitigate climate change. It's something that's required by the city. So one of our first axis of discussions will be the incorporation of these new infrastructures that are needed by the city. In relation to the negotiation or the tariff process vis-a-vis the [ WAP ] or the discount tax -- sorry, discount rate that is applied in 7%, this is a parameter that we check in all processes because it includes components that are based on the current macroeconomic context. But what we are not expecting is for it to be checked or to questions -- or I mean, there have no discussions about this regard, though, about the fact that this minimum amount of profitability of 7% will be modified. I don't know, if -- Andrew, tell me the other questions [indiscernible].

Yes, of course. In terms of different tariff block. And maybe let me add another element, in relation to the [indiscernible] yesterday, regarding black waters that could maybe unblock the water reuse project. I don't know if you can say something about this as well?

Yes, let me answer to the tariff block question, and then Cristian will be talking about the reuse projects. Well the tariff block, the government announced that they want to boost this project, and they hope to have some proposals from the -- from our perspective is that we have a positive look about the project in as long as it can be used to obtain a more responsible consumption for the population. We maintain sustainability or self-funding of investments that are required by the city. And therefore, we need to see when the final resolution is issued, but we believe in Aguas Andinas that it may contribute with positive facts and as long as everything that I've mentioned before is being also respected.

In relation to the bill that was submitted, our reuse project demands for an environmental process a bit more independent than what the bill is saying. They are looking to promote the use of the water that is today being sent to shores through submarines. So our road move forwards with the Russian project. We need to work on the environmental impacts test and finally execute the work.

Great. Thank you, Christian. Thank you, Didac. We also have several questions in relation to the dividend. And therefore, also the change in control of the company. Have you talked about the dividend policy? And maybe could you also talk a little bit about the company's cash? And whether you think that you will continue with a higher cash flow in the future compared to the company's history?

In terms of dividends, let me tell you that this is a decision that is made by the Board. Therefore, in a couple more days, we will have a final decision. The company has not changed its dividend policy, neither will they [indiscernible] control. So we'll see this later on, but we can say that there is no relevant change in terms of decision. And now in terms of cash management, as we've said before, the company has a very sound position by the end of 2022. The position was built or was decided as a strategic fact to be able to face different contingencies. As these contingencies are reduced, we'll need to check whether this level of cash is the optimum or not and then check also the risk level or take it to the optimum level that we believe the company should have. So what we could expect in the next few months is a reduction in the level of our treasury position.

Thank you, Didac. And I believe that in relation to this topic, there is a question whether you could make reference to the measures that the company is expected to take to regularize the debt covenant?

Well, I wouldn't say regularize. There's nothing to be regulated. There is no covenant broken. So our debt limit is twice -- up to twice as much and we are in 1.8. So that is the growth that it doesn't affect the cash flow. We have large margin, I would say, before that could be a sort of covenant break, let's say, which we don't expect. Now we hope that in 2023, the debt level goes down as inflation also gets controlled. So there is no warning here. We should see at the company, probably a natural reaction of our bad debt in the coming months.

Great. Thank you. There is a question about the demand due to the sale, maybe you can update the current situation of that lawsuit?

Yes, Camilo can answer maybe.

Well yes, this is a lawsuit before Judge [indiscernible] and is being processed normally. The discussion process is over, when the parties express their viewpoints through the lawsuit, the reply, so on and so forth. And we still have not started the trial period. So we are still in a period of conciliation and compromise for 30 days, and the judge is examining the position of the parties to see whether an agreement is possible. In case there is no agreement, we should start with the trial period. So if no agreement is reached, then the trial would continue throughout 2023 and part of 2024. This is what I can tell you about the update of this situation.

There is another question about the risk of drought. Who's at risk when there is not enough water? Is it a risk for Aguas Andinas? Would it be subject to any penalties or sanctions for not complying with delivery of the service? Is it a force majeure?

Well, the company has a specific regulation in place that forces it to provide service continuously. However, it also has a limited liability in the sense that there is of course the likelihood of water damage or the level of drought where we are at. Right now, we are in extreme drought. So the company has been exempted theoretically or conceptually exempted from its responsibility of full service delivery fully obliged to. However, the purpose of the company, of course, has to do with providing service continuously. And so the company has always taken each and every action necessary to have the necessary resources to deliver the service in a permanent manner despite the climate events, which may affect us. That's why we have a good relationship with a channel area in the Maipo River, and that's why we are thinking about the future projects as well.

And in relation to climate events. Right now we are distancing from La Niña event. And maybe the El Niño current could be positive or has historically been positive, at least here in Chile. So considering the levels of -- the level of water flow at the basin in El [ Dieso ], could you please share with us your analysis of current situation there? And maybe that could translate into a lower level of crude water this year, perhaps or maybe that would entail lower costs, considering how the scenario is unfolding?

Well, fortunately, we start with better conditions. This year, we have the reservoir with 194 cubic hectometers. But of course, we need to see what happens next. We have also the spring and summer de-icing season. So we should see how it goes. We will closely monitor the situation during the winter. At least, we start from a better climate condition, and we will be monitoring closely the situation for the future. Also taking advantage of more favorable conditions, maybe some natural transfers that occur during the summer or the winter because users may reduce their water consumption as well.

And lastly, a question about the level of water loss. What is the level of water loss in 2022? And how are you managing the control of such level for the future?

Well, the unregistered water level, as we call it, well, water loss is 30.79 at the closing of 2022. Even though this is figure -- similar to the previous year, we see that it is reduced as an absolute loss value. And also the effect that the demand has gone down, makes this percentage a little bit high. However, our operating team has worked very hard to increase efficiency and important progress has been made in terms of water pipes, the planned infrastructure and also the network leak problems. So this has been improved, and we hope that the results get consolidated and positive in the future. However, this is not overnight, but we are working hard on good results.

Well, we are reaching the end of this webinar with Aguas Andinas. On behalf of CrediCorp Capital, I would like to thank Didac, Cristian, Camilo and the rest of the team with Aguas Andinas.

Thank you, Andrew. Thank you, everyone. It's been a pleasure.

Okay. And thanks to all of our participants as well. Thank you for your participation. Have a great day. Thank you. Just to remind you that the replay will be available for you to listen to this webinar. Again, thank you. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]