Grupo Energía Bogotá S.A. E.S.P. (GEB) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. I'd like to welcome you to Grupo Energía Bogota's Fourth Quarter 2024 Results Conference Call on the 14th of March 2025. [Operator Instructions] So without further ado, I'd now like to pass the line to Mr. Jorge Tavarez, the CFO. Please go ahead, sir.

Thank you, and welcome, everyone, to our end of year 2024 earnings call. I'd like to highlight the resilience and strong performance of our operations, marking the second consecutive year of robust revenue despite an environment impacted by climatic events, regulatory challenges and market conditions that characterized 2024. For the year, we recorded revenues of COP 8 trillion, a robust adjusted EBITDA of COP 5.1 trillion, around USD 1.3 billion and a net profit of COP 2.6 trillion. Our 12 months adjusted EBITDA benefits from portfolio diversification, mitigating the impact of the energy generation segment. The EBITDA portion from controlled companies grew by 2.4%, reaching COP 3.7 trillion and accounting for over 70% of the total. I also highlight the group's commitment to its more than 14,000 shareholders, distributing COP 2.3 trillion throughout 2024. This reflects the strength of the group and its commitment to generating economic value for those who have trusted in our company. At the end of the year, we received an important recognition, which I would like to share with you. For the fourth time, S&P Global included Grupo Energía Bogotá in the 2025 Sustainability Yearbook for its outstanding performance in managing social, environmental, economic and governance issues. Being ranked among the top 5 of the global gas and utilities industry, earning the distinction of Sustainability Yearbook member and being included in the Dow Jones Emerging Market Best-in-Class Index are clear acknowledgments of the group's and our subsidiaries' strong commitment to sustainability, reflecting the value of collaborative work. Thanks to our strong track record as recurring issuers, we have launched our first bond and commercial paper issuance program in Colombia approved by the Ministry of Finance and Public Trade and the Financial Superintendency for up to COP 2.5 trillion. I also want to share with you the innovation program we lead in partnership with Elewit, the technology platform of our business partner in Brazil, Redeia. Under this agreement, the teams from both organizations will conduct applied research focusing on technological development and innovation in areas of common interest. In this occasion, the challenges to address are the repair and containment of SF6 gas in electrical installation and the protection of avifauna in the vicinity of power lines. Moving to the next page. In 2024, the energy sector in Colombia faced significant challenges, although signs of recovery were also observed at the end particularly in the hydroelectric sector. Given the low hydrological contributions at the time, in Q4 '24, the average energy price of the stock market experienced a 63% compared to the same quarter of '23. In October, energy prices reached peak levels, triggering the delivery of firm energy obligations for the reliability charged from generators. Between November and December, there was a recovery in reservoir levels compared to the reference projected by the regulator, reaching 68%. This allowed for the deactivation of the statute for risk situations regarding electricity supply shortages, which was in effect from September to November '24. This improvement in hydroelectric generation capacity sent positive signals to the market, and gradually the behavior of energy pricing in the wholesale market decreased. On regulatory markets, in November 2024, CREG issued resolution 101-066 of '24, introducing a Differentiated Scarcity Price applicable to generating plants based on their technology. The reference value determined in that resolution is linked to coal prices and was initially set at COP 359 per kilowatt hour for plants operating with renewable resources of coal. This mechanism will be voluntary for generating agents with prior firm energy obligations between 2025 and 2027, transitioning to mandatory starting in 2028. In this regard, CREG recently approved submitting to public consultation the resolution project 701-080, which establishes a new reference value for the lower scarcity price, PEI, of the reliability charge applicable only to hydropower, coal, solar, and wind generators at COP 540 per kilowatt hour. In the last quarter, following the intervention of AIRE by the Superintendency of Residential Public Services, the Group made a provision of COP 38 billion pesos for outstanding account receivables. In the natural gas sector, the country faced a deficit in domestic production. This forced an increase in hydrocarbon imports, not only to meet the needs of thermal plants, but also to supply for the first time in several decades the residential, commercial, and industrial sectors. This phenomenon represents a new challenge for the Colombian economy and creates new investment opportunities in infrastructure within the sector. The increase in the cost as a result of gas imports will have a direct impact on the competitiveness of the productive sector, particularly in 2025, when an increase in electricity demand is expected as an alternative source due to the increase in price of natural gas. The country's economic growth reached 1.7%, signaling a gradual recovery compared to the performance of the previous year. In Peru, the annual GDP growth was 3.3%, according to official figures. Some of the factors driving these results include an increase in private finance consumption, growth in gross fixed capital formation, among others. Furthermore, the Ministry of Economy recently expressed support for the project to expand natural gas coverage to seven regions: Apurimac, Ayacucho, Cusco, Huancavelica, Junín, Puno, and Ucayali; which is part of a package of projects that the governor needs to make viable in the first half of 2025, which includes energy, gas transportation, and irrigation, among others. For our subsidiary, Cálidda, this project will represent the construction of 2.5 thousand kilometers of gas distribution networks and an investment of between $300 million and $400 million with no state contributions; benefiting more than 800,000 people in those regions. If approved, the current concession will be extended until 2043. In Brazil, by the end of 2024, the electricity sector was in a phase of expansion and modernization, with the energy research company,EPE, leading key initiatives to strengthen the country's energy infrastructure. Brazil is projected to require nearly USD 30 billion in transmission investments by 2034 to ensure the efficient delivery of generated energy to consumption centers. Next page, please. I’ continue presenting the development of our strategy in '24, the achievements and progress made, as well as what we foresee for '25 as the driving force behind our growth. In Transmission of the Future in Colombia, we celebrated a commercial commissioning of the UPME La Loma and Refuerzo Sur Occidental Tramo projects, as well as the award of key projects: Huila, and the third transformer in Bolivar. In Brazil, we defined the long-term operation and maintenance model for future business growth in the country. Additionally, we received the first dividend payment reflecting the maturity of these investments. In 2025, we see achievable and realizable inorganic growth opportunities in this country. In Guatemala, we made significant progress on the construction of the PET projects and Conecta's own initiatives, reaching 94% and 100% completion respectively. We also successfully energized and commissioned the Modesto Mendez and Guate Oeste substations. In the Gas for the Future initiative in Colombia, the issuance of Resolution 102-008 of '24 by the CREG addressed important issues for the sector and promoted the optimization of natural gas transportation regulation, encouraging infrastructure investments. In this regard, TGI initiated the bidirectionality project for the Ballena-Barranca pipeline and advanced the capacity expansion projects for Mariquita-Gualanday by 49% and Ramal-Jamundi by 39%. In 2025, we see infrastructure opportunities due to the need for increased capacity in current networks and projects where otherwise subsidiary is the incumbent. In Peru, in '24, Cálidda completed the first and second phases of natural gas network installations in the high zones of the city, reaching a total of 2 million customer connections. Meanwhile, Contugas completed 100% of the state project Plan Punche II, constructing nearly 50 kilometers of pipelines. In 2025, as I mentioned earlier, we are willing to invest in Peru to secure the extension of the concession by the government. On the smart cities and sustainable generation front in Colombia, through Enel, we secured 856 gigawatt hour per year in the reliability charge auction via six solar parks. We also began the commercial operation of La Loma, Fundacion at Guayepo I and II parks in Cesar and Magdalena; and approved the construction of Guayepo III and Atlantico solar parks. In Peru, our subsidiary Electrodunas launched a 500 kilowatt solar plant and battery storage system in the Ica region and commissioned the Nazca thermal power plant with a capacity of 9.9 megawatt. Next. As for our operational results, in Q4 24, operational revenues grew by 3.6% compared to the same period last year, primarily driven by the energy transmission and distribution segments and gas transportation. Revenues in the energy transmission segment increased by 10.3% year over year, mainly driven by the transmission business in Colombia. This increase is mainly due to higher revenues from the entry into operation of the Bonda and La Loma projects of the STR and the exchange rate effect. Transmission revenues in Guatemala grew by 20% due to the commercial commissioning of the Modesto Mendez and Guate Oeste substations already mentioned. Revenues from these assets are a combination of fee with 58% and toll from the main system with 42%. In the energy distribution segment, revenues for the Dunas Group grew by 27%, driven by higher sales to both free and regulated clients, as well as the conversion effect due to the 6% peso appreciation against the Peruvian Sol. Finally, a 5.4% increase in gas transportation from TGI’s revenues can be attributed to factors such as: An increase of COP 21 billion from variable charges, and higher fixed investment charges due to the additional firm transport contract subscriptions from various shippers and the effect of suspensions. On the other hand, the reduction in revenues in the natural gas distribution segment is highly influenced by the past revenue from Cálidda and Contugas operations, as well as the conversion effect, when normalizing that portion of the total revenues grew by 4%. Moving on to operational cost, these decreased by 2.5% compared to Q4 2023, due to the groups and subsidiaries’ cost-efficient approach. In the gas distribution segment, a conversion effect of COP 89 billion was reported along with a cost reduction of USD 12 million reported at Cálidda due to lower internal installations. Similarly, in Contugas, the reversal of $11 million deterioration due to the relative improvement in the business. The normalization exercise, excluding passthrough costs, confirms greater efficiency in the segment with a 15% reduction. In the energy transmission segment, transmission costs in Colombia decreased due to lower depreciation maintenance costs and general costs and taxes. The energy distribution segment increased primarily due to higher energy purchase costs. In the gas transportation front, the 13.5% increase is attributed to higher maintenance costs, the rise of the gas molecule. Moving on to administrative and operating expenses, the 35.4% increase compared to Q4 2023 was mainly due to one-off events. In the energy transmission segment, a provision of COP 38 billion was recorded corresponding to Air-e’s debt receivable prior to the government intervention. In gas transportation, the increase is explained by depreciation, amortization and provision, mainly due to the higher provision for billing disputes arising with certain shippers regarding the amounts invoiced for gas transportation services and WACC application. In energy distribution, there were increasing taxes and personal expenses among others. Quarterly operating margins by segment calculated as revenues minus costs and expenses, reflect a relatively stable performance although the energy transmission and natural gas transportation segments experienced extraordinary events Air-e receivables and TGI’s billing disputes, in addition to the conversion effects. Normalizing the impact of these events, we see that transmission business margin will grow 7 percentage points while for the gas distribution business, there will be a lower variation of minus 1.6 percentage points. Next, please. The operating profit for the quarter remained steady compared to the fourth quarter of '23. The main variations explained the net profit for the quarter as follows: Net financial expense decreased by 10% compared to the same period of 2023, mainly due to higher capitalizable interests from the execution of transmission projects and lower financial expenses resulting from interest rate cuts, primarily due to the reduced inflation and the payment of GEB’s local bonds, which matured in February 2024. Impact of COP 132 billion on the FX difference due to the depreciation of the peso against the dollar. The equity method increased significantly year over year due to better results recorded by Enel Colombia compared to 2023, driven by lower impairment as well as by ISA Peru, where there was a recovery of maintenance provisions amounting to $37 million. Additionally, the transmission subsidiaries in Brazil, Argo and Gebbras, show an increase in operational revenues and the recognition of the equity method of Argeb. The income tax increased by 51% year over year due to deferred tax at EEB Peru holding on the loan to GEB, which was recognized in December '24 for a value of COP 24 billion, as well as the increasing taxable income at TGI in the fourth quarter of '24 compared to '23. The controlled net profit for the quarter amounted to COP 324 billion. Next slide, please. The equity method in '24 amounted to COP 2 trillion, growing by 14% compared to '23. This variation is primarily driven by three companies: Enel Colombia, ISA Peru and Argo. Enel Colombia's revenue increased due to the strong performance of its investments in Central America, as well as by lower impairment recorded at the end of 2023. ISA Peru saw higher operational revenues from new projects and lower maintenance provisions as mentioned. And Argo reported growth in its operations alongside reduced financial expenses and higher equity method contribution from ARGEB. On the quarterly basis, the equity method was COP 260 billion, mainly driven by Enel Colombia’s quarterly results, which no longer reflect the impairment of '23 in Chucas, as well as the lower impact from Windpeshi, Wind Project. At the associate company level in '24, we received COP 1 trillion in dividends. On to the next page, please. Total capital expenditures executed in '24 amounted to $471 million equivalent from which the Colombian transmission business represented 57%, money primarily allocated to Colectora, Sogamoso and Suroccidental Reinforcement Projects, followed by 26% in the gas distribution segment in Cálidda. Our updated CAPEX projection for the next five years amounts to $1.3 billion equivalent, mostly invested in energy transmission segment in Colombia for Colectora, Sogamoso Norte, Chivor II Norte and Suroccidental Reinforcement Projects. The projected CAPEX for the gas distribution business is leaded by our Peruvian subsidiary Cálidda. Next page. The adjusted EBITDA for Q4 '24 totaled COP 900 billion, reflecting an 11.6% increase compared to Q4 '23, 90% of that explained by the change made in Q4 '23 in the EBITDA calculation methodology. The graph on the left shows the contribution by segment, with the transmission business in Colombia leading, followed by gas distribution and gas transportation. The graph on the right displays the controlled EBITDA for the quarter, with 88% of it coming from three companies: TGI representing 48%, Cálidda 24% and Transmission business in Colombia 16%. Regarding the adjusted EBITDA by segments, the annual variation in the energy transmission business stands out, with 52% explained by higher revenues from the commissioning of the Bonda and La Loma Projects, 45% is explained by the change in the EBITDA calculation as mentioned, while the remaining portion is due to cost efficiencies. The 12% increase in the natural gas distribution segment is given mostly by the change in the EBITDA calculation method. Finally, the adjusted EBITDA for the year 24 amounted to COP 5.1 trillion, $1.3 billion equivalent, decreasing 1.97% against '23. Now, I'll hand over to Karen, who will speak about the company's debt portfolio on ESG topics.

Thank you, Jorge. At the end of 2024, the group's consolidated debt amounted to $4.7 billion with a comparable distribution between GEB and its subsidiaries. 35% of this debt is at a fixed rate, while the remaining is indexed to benchmarks such as SOFR, IBR, and CPI. In terms of currency composition, 67% of the debt is denominated in US dollars, followed by 30% in Colombian pesos. Regarding leverage indicators, the net debt to EBITDA ratio stood at 3.8x, and the EBITDA to financial expenses ratio was 4.5x. The result on our leverage primarily reflects the devaluation of the peso against the dollar, which was approximately 6% compared to Q3 2024, and 15% versus the same quarter in 2023. Next, I would like to highlight some key aspects related to the group's and its subsidiaries' indebtedness during the fourth quarter. At the GEB level, we disbursed two short-term loans with Bancolombia, COP 200 billion, and Banco Agrario, COP 184 billion, both with a one-year bullet maturity, to address temporary liquidity needs. In TGI, thanks to the company's cash availability, COP 70 billion of the Club Deal were prepaid, reducing the debt to COP 871 billion. Additionally, the company renegotiated the spread on IBR 3M, from 3.75% to 3.35%. On the other hand, the rating agency Moody's affirmed TGI's rating at BAA3, changing its outlook from negative to stable. In Cálidda, the maturity of the loan with Nova Scotia for $200 million was extended from December 2026 to June 2028, and the rate was reduced from daily SOFR +2.25% to daily SOFR +2.09%. The company is currently structuring the refinancing of approximately $430 million, maturing in 2026. Finally, our subsidiary in Guatemala, TRECSA, extended the maturity of the short-term loans with Itaú for $58 million until April and May 2025. And a new loan was disbursed with Citibank for $7 million, with the purpose of financing the company's cash needs. In 2024, the Group continued to establish itself as a leader in environmental management, achieving a B rating in the Carbon Disclosure Project assessment for its outstanding performance and governance in matters related to climate change. Furthermore, we obtained ISO 14001 certification for the environmental management systems of GEB, Enlaza, TGI, Cálidda, and Conecta, thereby solidifying a robust and high-level sustainability structure. In terms of investment, both GEB and its subsidiaries allocated over 45 billion pesos to environmental initiatives, reaffirming their commitment to the protection of the natural environment. Additionally, we have designed a corporate strategy for nature management, aligned with international best practices, and enabling us to address environmental risks, impacts, and opportunities effectively and responsibly. From a social perspective, GEB has made notable progress through the completion of 236 prior consultations in La Guajira for the Colectora project. As of the end of 2024, 350 social projects associated with the sociocultural compensations of this project were underway, with an investment exceeding COP 15 billion. Furthermore, GEB and TGI have received approval for more than COP 100 billion in tax work projects, benefiting over 70,000 people in key areas such as solar energy, educational infrastructure, rural classification, and internet access in Santander, La Guajira, Antioquia, Bolivar, and Valle del Cauca. In the context of the energy transition, the “Legacy for the Territories” program reached more than 7,500 beneficiaries by 2024, enhancing community capabilities with an investment of over $2 million. Additionally, GEB and its subsidiaries invested over COP 50 billion in social initiatives during 2024, focusing on improving lives, closing social gaps, and contributing to a local development of the territories where we operate. Regarding governance, we have taken a significant step by implementing a comprehensive sustainability governance system in our subsidiaries Conecta, Cantalloc, ElectroDunas, Enlaza, Peru Power Company, and TGI. This effort has also been complemented by strengthening the board of directors’ control of architecture. Furthermore, we held the annual strategic planning session, a key space for monitoring and ensuring the proper execution of the corporate strategic plan, thus consolidating our commitment to transparent, ethical, and sustainable management. I will give the floor back to Jorge Tabares for the 2025 guidance and closing remarks.

Our strategic growth approach for '25 is based on a projected organic investment of almost $500 million equivalent in Capex, primarily focused on expanding key segments: energy transmission, natural gas distribution. Energy transmission remains the leading business segment accounting for 50% of the total plan investments. With a strong focus on Colombia, we will strengthen the infrastructure of key projects such as Colectora, Sogamoso and Chivor II. Natural gas distribution represented by Cálidda will capitalize on the growth opportunities outlined earlier in this call, enabling us to expand our coverage across Peru. Natural gas transportation presents an attractive growth potential driven by a strategic initiative focused on IPATs, thermal power plants, operations and maintenance, and industrial markets. The synchronized integration of these growth fronts will enable us to achieve an income between COP 2.6 trillion and COP 2.7 trillion, an adjusted EBITDA between COP 5.4 trillion and COP 5.5 trillion and a return on assets ranging from 9.5% to 10.5%, return on equity between 13% and 14.2%. And regarding our indebtedness, we expect the net debt to EBITDA between 3.7 and 3.85x. This growth strategy is underpinned by four fundamental strategic levers: Active monitoring of inorganic growth opportunities, exploring acquisitions and strategic expansions. A cost-efficient resource management approach, optimizing investments and operations. Leveraging advanced technology to drive efficiency and innovation in our processes, and, ensuring effective regulatory management, enabling us to operate with stability and predictability in our key markets. These strategies will allow us to consolidate sustainable and profitable growth in the medium and long-term. Finally, I would like to summarize the quarter's highlights. Stable performance in a year marked by challenges and uncertainty on many fronts. Operational revenues demonstrated the resilience of business segments to regulatory, climate, political and market issues. Resilient profitability, the Group demonstrated solid operating profitability with an adjusted quarterly EBITDA of COP 900 billion and an annual EBITDA of COP 5.1 trillion, reflecting the company's ability to generate value to our shareholders and supporting our competitive dividend. Strategic debt management with consolidated debt of $4.7 billion equivalent. We have maintained effective control over the leverage and demonstrated efficient financial management, reinforcing stability and investment capacity. Strategic and sustainable growth prospects, we are focusing on emerging opportunities in segments and current regions where we operate with attractive prospects to meet the proposed objectives in a sustainable manner. Thank you again for your interest and I will now move to the Q&A session.

Thank you. We'll now move to the question-and-answer session. [Operator Instructions] We have a question from Juan Jose Muñoz from BTG. Your line is now open. Please go ahead.

Thank you, Jorge, Karen and team for the presentation and congrats on the results of 2024. The first question is to understand what the main drivers behind the full year '24 net income that decreased by 5% and that represents the decline in the DPS, as the first one. And in this regard, I want to know if you have the information about how much of the dividends paid by GEB to the district of Bogota represent in terms of the revenues of the district. That's the first one. The second one is regarding M&A opportunities in Brazil. The last couple of years, we saw a lot of appetite in the market and very high transaction multiples there. I want to know what the current environment in Brazil is and if you are looking for opportunities there and if after the sell-off equities that we saw at the end of the last year, multiples are now more reasonable. And my third question is regarding indebtedness. You said that your guidance is to end the year at 3.8 or less net debt to EBITDA. If you are comfortable with those levels and what are the levels that you have to sustain regarding the credit agencies, the threshold that you don't want to pass? So that's my third question.

Hi, Juan Jose. Thank you for your question. We're having a problem with microphone of Jorge. So I'll just take one of the questions in the meanwhile. So regarding the budget of the -- Jorge, could you hear us? Let me check -- just wait a second. Luis, could you just -- could you just try to check whether Jorge's mic is open, please?

Yeah, looks like it's open.

In the meantime, Juan, I'll start with the question of the budget of the district. The budget of the district of Bogotá or dividends and the dividends from the companies that they own, it's approximately 4% of their total budget, which for this year is around COP 38 trillion, approximately.

Thank you, Juan Jose, for the question. Going to question one. Bogotá, Karen answer that. In terms of Brazil multiples and the sell-off, so no major transaction has been closed in Brazil recently in transmission. The multiples you are referring to are stock market multiples, not M&A. We are, and the interest rates, of course, have gone up, the local interest rates have gone up, and the fiscal deterioration is quite significant. What we hear in the market is that a significant transaction is about to be launched. So, we are just about to start the process of analyzing the target and putting a valuation. We, in any case, take a long-term view of the market and of the industry. And definitely the transmission industry is attractive for us in Brazil. We'll see where we land in our valuation when we finalize the analysis. And we will not have the closing of a transaction probably this year, given the status of the potential material asset that will be put on sale. Regarding the leverage, we talked to the rating agency, and we internally are committed to maintaining a net debt to EBITDA below [ 4% ] on a sustained basis. So, with 3.8x, we still have some space to invest. And if in any case we go higher than 3.8x, then four in the short term afterwards we'll lower it to the 4x range. I think that's it, is it?

Our next question is from Josue Gonzalez from BBVA. Given the group's ongoing expansion in gas infrastructure, are you seeking investment banking advisory for new projects, whether in term of financing, M&A opportunities, or strategic partnerships?

All M&A, all acquisition transactions, we hire an investment bank to make sure that we have an independent and technical view. And because they also add value in the interaction with the seller's bank. So, for those transactions, we hired always. And it gives assurance to our board of directors about the valuation also. That's an important element there also. At the current stage for developing infrastructure, it will be more technical advisors than bankers. We have not identified at this point any financing need that will require advisors. Nor, we have in the near future any potential project financing structure that will require advisors. But as TGI mentioned yesterday, and some even today in some newspapers, the recently published gas infrastructure plan for the country opens up a few additional possibilities for us. One could be a re-gasification facility. And the others are relatively minor, but important expansions of the existing network in which in some of them we are the incumbent. But the CAPEX required for those expansions are when you add those up in the $100 million range. For that, we'll just go for group financing directly and there is no need to hire a bank for that. That's it.

[Operator Instructions] It looks like we have no further questions. We would like to, okay, actually, we do have a follow-up from Juan, oh, he lowered his hand. So it looks like we have no further questions. We would like to thank you all for your presence -- sorry. Okay. It looks like Juan from BTG has a follow-up, one moment. Juan, your line is not open. Please go ahead.

Jorge, if I may, one follow-up here from my side. Regarding the CAPEX deployment in 2025 and the current landscape that you presented in Brazil. So, you could say that you are seeing more opportunities in 2025 in Colombia and Peru rather than in Brazil. And if yes, what are the main opportunities that you see in both countries?

Yes, Juan. I'll divide it into organic CAPEX. Organic CAPEX with the existing portfolio of projects. Colombia definitely is the bulk of the investments from the [ $500 million, about $300 million ] are Colombian CAPEX deployment. But that's finalizing or advancing our projects, the existing portfolio of projects. In Peru, in Cálidda, the organic ongoing is a small investment in the range of $70 million. But for future growth and additional CAPEX possibilities, the extension of the concession will lead to a $300 million to $400 million new CAPEX program that will be added to the $1.3 billion that we pointed out in the slide of the CAPEX profile of the next five years. And then, so that's an addition, but it will be a greenfield development. CAPEX for acquisitions, our main target is Brazil transmission. What we intend to do is to buy through our Argo platform in conjunction with REDEIA. We're in conversation with REDEIA about how to approach the potential acquisition of the asset that will be put up for sale very soon, as all the market knows by now. So divided organic by inorganic and Brazil transmission is clearly the target. As we have two years now, '23 and '24, without a major acquisition, we're expanding a little bit our possible scope of acquisitions, but all of them will be in the same geographies where we operate today. But that's just a decision to start looking at slightly different things of just Brazil transmission.

[Operator Instructions] We'll just give a few moments. So now it looks like we have no further questions. We would like to thank you all for your presence today. And as a reminder, the IR team at GEB is available at any time to resolve your questions. We hope you all have a nice day. We'll now be closing all the lines. Thank you.