Grupo Nutresa S. A. (NUTRESA) Earnings Call Transcript & Summary

Good morning, and thank you for being with us in the results presentation for the second quarter of 2022 for Grupo Nutresa. I am here with Carlos Ignacio Gallego, President of Grupo Nutresa; José Domingo Penagos, Vice President of Corporate Finance; and Diana Bernal, Director of Corporate Finance. My name is Catherine Chacón, and I am leader of the Investors Relations Office. Welcome all. [Operator Instructions] To start with the presentation for results, I'll give the floor to Carlos Ignacio Gallego, the President of Grupo Nutresa.

Good morning. Thank you, Catherine. Thank you all for being with us during the conference. To start with, I'd like you to go to Slide #2 to tell you about some interesting events for this period. First of all, let me tell you that for the fourth year in a row, Grupo Nutresa was the second best company to bring and retain talent according to the MERCO Talento 2022 measure. Some of the measures that have led the company to this position include the initiatives for care for life and physical and mental health of the people; the strengthening of hybrid, flexible and remote work modalities; encouragement of personal growth and professional growth for the teams; the promotion of equity and diversity; and consolidation of strategies for the development of new skills and new leadership in adaptability, circular economy, digital transformation, and innovation. And we give a lot of importance to these differentiations at a time when this attraction and retention of talent is a major challenge at a worldwide level. So we are pleased to share this in honor. In the next slide, we'll show you the subscription of the first sustainable credit with COP 300 million with the benefit of the rates according to the performance of the environmental performance. With these indicators, the idea is to be 100% recyclable, compostable materials. And the other one is climate change, including the advance in reduction of emissions, trying to reduce 40% of our footprint. These are all aligned with the objectives for 2030 for this organization. After sharing these two events, let's go to Slide #4 to tell you about the sales for the period. In general, I am pleased to tell you that during the second quarter of 2022, we continue with a positive business dynamics with significant growth, both in Colombia sales and in international sales. With respect to national sales, we have a 38.5% increase in sales, which came to [ 2.4449 trillion ] during the quarter with a growth of more than 25% in all business units. We point out that the growth in the Coffee, Biscuits and the other categories, the volumes grew at 14.2% with positive double digit variations in all business units except Pasta, which has a slight contraction of minus 0.2%. This shows a good behavior for our categories in an environment which had price increases which represent 20.2%. If we look at this by business, the meat business grows 33.9% with volumes that went up 13.4% reported by the strength of all the brands in the category and the business networks that allow us to take advantage of the opportunities for the market. The Biscuits business grew in all channels at a double-digit rate and we have 46.9% growth and 24.2% by volume. Chocolate has a growth of 29.3% in sales and 13.2% by volume with a good dynamic in its category, especially in snacks and chocolate drinks. Coffee has a growth of 57.6% in sales with volumes increased by 18.6%. All these categories and channels have grown at a double-digit rate. Retail Food grew at 37.6%, more dynamically in its physical channels and in continuity with nut sales. Ice Cream grew at 27.8% and maintained a good behavior in all its platforms. In Pasta, the growth at 27.8% is due to a combination of a mix of high-value sales mix, because we have a slight decrease of 0.2% in sales. Others who had 47% with good performance and double-digit performance in food service and in entrepreneurs. If we look at sales outside of Colombia, we reported dollar revenue of $400.9 million, with a growth of 25.9%. In Colombian pesos, these sales are [ COP 1.5693 trillion ] with an increase of 33.4%. During the period, we had a devaluation of 6% vis-à-vis the same quarter of last year. Organic sales were $389.3 million with a growth of 22.2%. In Colombian pesos, [ COP 1.5236 trillion ] with an increase of 29.5%. Very significant total exports from Colombia during the quarter was $112 million with a growth of 41.5%. This is an important opportunity not only for the company, but also for the country. By business, in Tresmontes Lucchetti, we had a growth of 16.0% in dollars, and in its functional currency, this growth was 36.3% with solid dynamics in various geographies supported by its main categories called instant drinks and snacks and pastas. In Biscuits, we had a growth in all good dynamics in the U.S. and other markets where we are present. Coffee has a growth of 42.5% with a good combination of exports from Colombia and good performance of our operations in the U.S. In the Chocolate business, we have a growth of 17.7%, where we highlight the Mexican performance in Peru as well. In international food operations, of course, Retail Food grew at 18.7%. The Cold Cuts had decreased at 14.2% in dollars, represented by lower exports from Colombia and lower sales in Panama. In the chapter of Others, the increase is due mainly to the consolidation of the Belina operations. And in next slide, we see that by combining the growth in Colombia of 38.5% and the international growth of 33.4%, we reported consolidated sales for the quarter of COP 4.0142 billion with an increase of 36.4%. All our business units and the chapter of Others have double-digit growth. As you can see, this is an excellent quarter in commercial terms with very good sales. And going to Slide #6, we can see the accumulated sales at the end of the period. In general, I believe that we completed the semester with very positive figures in spite of the fact that the challenges in supply of raw materials, the volatility of the currencies and logistics are still with us. In Colombia, we reported sales for COP 4.6524 billion with a growth of 32.5% with a positive performance in all our business units. In terms of volumes, Cold Cuts grew by 12.5%. Biscuits grew by 17.8%, and we have a very highly valued sales mix. All our business units grew at double-digit terms in the period. And Coffee and Biscuits grew more than all. We all have positive variations as a result of good commercial dynamics in our networks and channels and the leadership of our brands. You can see in the lower part of the slide that outside of Colombia, the sales in dollars came to $756.3 million, with a growth of 21.1%. In Colombian peso, these sales represent COP 2.9592 billion with an increase of 30.6%. The organic growth is 17.6%. The total exports from Colombia during the semester was [ $207.9 million ] with a growth of [ 30.3% ] growth. This shows that exports were not good, not just in the second quarter, but for the whole year this had this trend. All units have positive variation with the except of the Cold Cuts, which is affected by lower exports from Colombia and less sales in Panama. In Slide #7, we see the combined growth in Colombia for the quarter of 32.5%, and international growth of 30.6%. We reported consolidated sales over the period of COP 7.6116 billion with an increase of 31.8%. This is a very good semester in terms of the commercial dynamics. All our businesses and Others have double-digit growth. To look at the accumulated sales by region, let's go to Slide #8. You can see that sales outside of Colombia represent 38.9%. Of the total, the highest growth is in the U.S., Mexico and Central America. But all our geographies have grown at a double-digit rate. The first geography in importance in Colombia is Colombia with 61.1%. The second one is the U.S. with 12.6% of the total sales. The third one is Central America with 9.7%. And the fourth is Chile with 6.3%. This completes the vision we wanted to give you about the very, very good quarter and a very good semester in terms of the commercial business. And now let's get to the topics that have to do with profits. With respect to raw materials, in Slide #9, you can see that during the second quarter of the year, the inputs continued to be increasingly more expressive and volatile. So the average for the period was levered higher than the previous year's results. This is the higher reference measure many of the raw materials that we use in our production. It's important to point out that during July, we've seen a more stable outlook in the growth of some commodities and it has enabled us to continue with our coverage strategies. In terms of coffee as a raw material, you can see, and the graph shows in this period, it has the #1 part of this pie where we have all the input for Nutresa, Coffee is 16.67% of the total. This is the result of an increase in the cost of raw materials, but also the important growth that we have seen in the sales in this category. And the second place is 14.3% in Packing Material. And then third one is pork with 7.4%. To go more deeply into some of the financial aspects, I'll give the floor to José Domingo Penagos, our Vice President of Corporate Finance. Good morning, José, and welcome.

Very good morning to you. As usual, we're going to start by presenting the profitability, the financial statements, the debt situations, and the cash position for the group. We'll start with the EBITDA for the quarter, which is shown in Slide #10. And this time, we have a consolidated EBITDA of COP 4.819 billion. We have a 37% growth in this period, and margin of our sales is 12% on sales. This consists of -- 7 of the business units grew at a double digit and also the Others during this period, and it's only the Coffee, which I'll refer to later, has a decrease, but if you have to evaluate the whole basket, you can see very good results for the entire business. General circumstances are going on into each business. We have trends which are similar for the quarter and the semester with a slight improvement after July, as what Carlos Ignacio mentioned in terms of the commodities, but the picture is very similar for all business units. In terms of raw material costs, we have volatility and growth with a sustained pressure on those raw materials. Then the equation is a little soft, like in the previous level by appropriate price management flexibility, speed to adapt the organization to the new prices. In terms of raw materials, we cannot say that we do this pass through. We don't transfer all the raw material, but we share most of the commodities coverage with their consumers. And now that we go to reach a business unit, we'll see increases in raw materials much higher than the prices, but this is the first major jump to balance this out. And then is the discipline in terms of expenses with the resulting effect on the realization of the fixed components, both from the cost and expense components. This is, in general -- first, this for the entire semester. If we allow this by business unit, we have an increase of 45% running it off in the EBITDA. This is good dynamics that we just saw during the semester with a growth of 29% and a good control of expenses, which mitigates double-digit growth in its major raw materials, i.e., proteins, pork grew at 32%, beef at 40%, chicken at 41%. And that is the reason for the comment of other prices, an increase in prices, but it doesn't necessarily represent the increase in the cost of raw materials in this business unit. The second is the Biscuits business in naturally the pressure of raw materials. We have 45%, and also financial cost of 15%, packaging material 29%. So this is a lot of pressure. I want to explain that there's a pressure on each of these business units. And the rate of exchange, of course, we have a lot of natural coverage. But again, this business, which has a very good balance between Colombian operations and the international operations, mainly in the U.S., Central America, has a good balance and a good discipline in commercialization expenses. And this helps bring an important growth in EBITDA, which is 100%, it's a very good dynamic, and very good recovery of its marked product values. Talking about Chocolate, the third business unit, we must -- first effect of the cocoa, although it has been the most stable commodity in the basket, and this enabled us to have some better price coverage, also in cocoa, and had some significant windows during the semester, especially during the quarter. We've been able to take advantage of that to maintain our profit levels and provide coverage for that raw material. The growth was slower, close to double digit, 24% of the total cost structure. We also should mention in Chocolate there is a geographic diversification, especially in the categories that make up this business unit. So the mix also helps a lot, together with the productivity plans, to present a normal 14% margin with very good growth, 33% compared to the second semester last year. Then we have Coffee, which is the highest growing business for the group. It grew 54% for the group. We also have a very disciplined execution in the expenses and an appropriate management of prices. We saw that in the commercial section. But this is a matter of magnitude of material. The cost of coffee during the period increased 95%. We see the cost structure of this business unit, that raw material is 80% of the total cost. So if you have that size growth, which is almost double, it has a major challenge on the profits and has an impact on actually the EBITDA margin for the period. After that, we have had TMLUC. This is a business unit which is diversified by itself. And this distribution or the various categories, this balance helps a lot to manage the increase in the volatility of the raw materials, which, of course, the businesses had to manage that with coffee plus instant drinks, just to mention a few of the categories in TMLUC. And that combination also, thanks to the management of expense control, gives us a margin for the period of almost 15%, especially an increase of 44%. A very good management of the volatility of these commodities for this business unit, which is mainly headquartered in Chile and in Mexico. Also in the rest of the region, but those are the two geographies that have the highest weight. Then we have the Retail Food unit. We can point out the margin here, which is about 20%. The EBITDA margin has good behavior. In terms of the business, especially in present sales, we have aggregators, our own digital sales, home deliveries is about 26% in Colombia. It's a significant part of sales after the pandemic and the present sales, which are also significant, have been growing very well. We also speak about expense control. It has helped with the results. Then we have Ice Cream and Pasta. The Ice Cream reached a margin of 17% for the quarter and has lower production expenses. We had some breakeven points with the business dynamics that we have, although, for example, in Colombia, we have a strong rainy season, business has very good business performance, and it is reflected almost immediately in our profits, especially in the EBITDA. And in Pasta, the last business unit before talking about Others, we have a growth of 18% in EBITDA, and margin of 14.5%. And it's not absent with its challenge of raw materials, which is wheat necessarily, and the dilution in expenses and expense control, there was good market levels and good sustained resource for the past several quarters. We should mention also that in others, there's a good performance. There's an EBITDA margin which grows significantly, 148%, and with a margin of 8.1%, we have Food Service with the acquisition of Belina, which was not reported in detail. What we can tell you that it has been keeping up on the business plans, also managing the increases in the prices of raw materials, but very much aligned with the plan during the first year of acquisition, because we were closing that operation or completing the Belina business in Costa Rica. We add to the Belina and the enterprises and this gives a result for this chapter. This is in more detail. And for the semester, we have that in Slide 11. And as I said several times, these are very similar circumstances in the business. So moving that in business by business will be very repetitive. It's [ COP 9.500 billion ], growing at 27%, with a 12.5% margin. But if you're going business-by-business, it would be very repetitive. I'd like to take this chapter to mention, as I'm sure that you saw, this is a special very challenging moment for the cash positions of those companies that have grown like ours. And all the working capital turnover in general terms are maintained. We do have a significant use of capital. It's an investment more than the uses of working capital in receivables and inventory. Inventories also helps with the coverage, part of that in coffee, cocoa, and probably in physical. We have the physical and then market. And that physical coverage inventories, helps us out with a lot of those challenges at a global level. So we have to hand the parts to produce and to make it relevant to the market has been key. In this case, the company has decided to assist with this growth, mainly by internally generating funds, and inventories as I said, you need to have available in the sales department knowledge due to business continuity. So it's very important to have these inputs to be able to produce. Although we see the conversion of sales into -- or EBITDA to cash, they have decreased, it is invested in the working capital and it's at the service of the company's growth. After this, let's look at the financial statements, both for the quarter in Slide #12, and in the quarter in the next slide as well. And before the numbers, specifically for the quarter, I'd like to remind you that we just talked about the pressure of raw materials is reflected here in the -- let's go to the P&L. The effect of the cost has a contraction in this 430 basis points. The impact of the gross margin, which is managed, as I said, with a discipline in expenses, but you could see that numbers here. 490 basis points, you evaluate those chapter of expenses, and we're optimized like this year between price management at 490 basis points. We returned to the balance to the middle part of the P&L and operating profit was [ COP 356,000 million ] which is higher than the growth of sales. 42% of our sales reported through the quarter of COP 4 billion, which were mentioned, which were 36.4%. This is the most relevant part of this midline of the P&L towards the top. And the rate of exchange difference has been a very volatile period in the rate of exchange in most countries. We have, in this case, the difference in the operating assets and liabilities, we have [ COP 4,000 million, COP 5,000 million ] in Colombia. And that's given due to the impact of those rates of exchange on our working capital accounts. We also have the coverage. And some of that is part of cash, and that explains that expense. The valuation in the period was 10%. It's not a minor for those working capital accounts, but we have all the net revenues from the operation, and we have an income here of COP 6,200 million. This is mainly due to activity recoveries in some of the operations. So that past operation is very net to report operating profits that I mentioned, [ COP 356,000 million ] with a growth of 42%. This is for the operations. After operations, we have mostly revenue and expenses in financial terms. Taxes for net profits, on financial revenue, we have mainly to the administration of cash management. We have used cash to finance our growth, but the balance that we have, we invested at the rate of interest in both -- when we place -- and we have those revenue of [ COP 12,500 million ], but the cash is at the service of growth. They're not treasury activities what we bring to use to manage, although we have income. More importantly is the expense and the financial expenditures. Our debt structure is mostly variable. I'm going to give you -- before the slides, we have 20% to 22% of all our debt is covered at a fixed rate. That fix rate is about 5% that we moved forward last year, but the rest has a variable rate. During the first quarter, we're going to see increases in the financial expenses derived from those increases in the rate of interest because of these percentages here during the quarter and the financial expenses increased by 71%. This represents [ COP 40,000 million ]. And we go to a rate, which is -- although this was 6.8% this time. And for the [indiscernible]. Although it has grown compared to 3.5% or 4%, there are still interest rates even less than inflation in most countries where we operate. We also have some effects of rates of exchange. We're talking about the P&L from the bottom we can build now [ COP 31 million ]. This is the effect of the rate of exchange on the working capital activity with our affiliates overseas, participations in joint businesses and corporations. We had companies with our minority investments, [indiscernible], et cetera, very good presentation. We record that income. In the area of taxes, we have an increase in current taxes, which is derived from the increasing profits from all our operations. Remember, this is a basket, but the commercial operation history even in Colombia or any other countries, an increase is a question, something that happens across the board. We also have an increase in taxes. But in general, we should measure more the effective rate, which is 31.5%, compared to 29%, 29.5% for the previous year. And that would be something closer to what we would end the year with. This will reflect the tax reform in Colombia. This brings us to net profit for the period, COP 208,000 million. It grew at 51% over the same period last year and the margin of 5 points over sales. Slide #13, we have the statement of results for the international measure. And I will point out, again, exactly the same effects of gross margin and expenses. In this case, the impact of costs over the gross margin can be much variable, is 400 basis points. That's the impact, the negative effect, but the whole block of expenses, which goes below -- or half of what the revenue, goes 50.3%. It has 400 basis points for a benefit. So it's the same operating profits growth again above the revenue. So we have COP 7.6 billion in revenues, growth of 32%. And operating profit COP 729 million, which is almost 35%, the same effect that I explained during the quarter. The same effect, but with the magnitude of the semester from past trading effects for working capital and financial revenue. The same effect on net rate of interest, COP 18,000 million, and obviously the same effect, but with an accumulated value for financial expenses. Remember that the number is COP 167,000 million in financial expenses and COP 42 million from the previous year. And the increase is 48% for this year. For the semester, we have the chapter of our dividends of our long-term investments. They grew 33%. They are reflected in this COP 90,200 million that we should show for the P&L. The same effect on the differential rates of exchange. Due to these devaluations and the participations in joint business, which I mentioned earlier, for the semester, they are COP 11,500 million. Also in taxes, I would mention that for the quarter, the growth in the profits from the operations and the impact of the tax reform in Colombia, and for the period, the effect of the dividends, which are cost during the second quarter, the effective tax rate is 27% compared to 26% for the previous year. But for the modeling for the end of the year, I work with the one that is close to 31%, 31.5%. So this is the net profit for the whole semester of COP 515,000 million with a growth of 37% higher than revenue. And finally, we can talk about the debt and cash returns in Slide #14. You can see here, first, the amount of the debt that you can see, cash with COP 2.9 billion. I point out the net debt-to-EBITDA, even with the increase of the financial expenses, we think this is 1.9x is very healthy, very much in line with previous. 1.9x is covered with the EBITDA and the cost total is 7.18% to be exact. The cost of the debt of the group and average debt is 5 years, working with the market risk, so as not to have very highly concentrated exposures, we have transited [indiscernible] out to 10 years. Carlos Ignacio mentioned that the sustainable credit that has 10 years -- at market rates -- it should be retainable. But first of all, other market positions on those competitive market rates would apply the benefits or the step down as we had mentioned when we had the sustainability indicators. We also mentioned the percentage of fixed debt, which is 20%. And that's the condition of the debt for the group. We have CapEx and working capital. About working capital, we spoke earlier. So about the capital expenses, we have an accumulated for COP 140,000 million, but let's remember that, first that the budget is COP 413,000 million. And there is a seasonality in the execution of CapEx. Also for the purpose of calculating in models, I would work with the budget, although we have an apparent underperformance for the first semester. And lastly, the return on invested capital, this whole equation of profits and the magnitude of the balance sheet is 10.8% for food with close to 11% for this period that would complete the ownership statement. And with this, I would end this session and I'll give the floor to Carlos Ignacio who would talk to us about the outlook.

Thank you, José Domingo. This is the outlook. We see that for the rest of this year, we were not going to be resolving all the challenges of supplies, which are really global. On the other hand, although gradually inflation will come under control, we must manage those effects for consumption because we believe that high levels of inflation will be reflected in restrictions in categories where for our business and mostly Food is one of the last categories to be affected by the consumer. Our strength of our brands in the portfolio, the networks that we have to deliver our value offer and our innovation will enable us to continue with a positive commercial dynamic for the next period. So what we see for the future in the following quarters is a positive business dynamic. With respect to profits, our productivity cost and expenses programs, the economies of scale for fixed contracts and discipline in capital expenses and the application of pricing strategies would lead to us to continue with the balance equation for the returns in the next period. This is what we see for the next period. So I'll give the floor to Catherine. Also, we can answer any questions that we have through our chat.

[Operator Instructions] Now we have three questions from Daniel Guardiola. We will read them as they were asked. My questions are, this year we have a very strong growth in sales, but it has not created any cash flow. Could you give us an idea about the reasons behind the generation of negative cash flows in the semester? Do you have any objective for the year? The erosion of the gross margin, did you make up by lower expenses? How sustainable were the current sales expenses? And last year, we said that you were mentioning for a strategic partner, and you were looking at -- could you give us an update of this initiative?

Daniel and everybody, those who are connected. I clarify this, in December last year, the company proposed they were looking at alternatives in more liquid and different markets, but they didn't refer to the New York Stock Exchange. I'll take the first two. In this case, I will start with a clarification. Jumping about working capital and the effect on inventories. During the period, we have a conversion of cash flow to sales, which is 1.7%. It's not negative, but the effect is 6.5% that we had compared to last year. So more than an objective is that we're going to continue in, on purpose, funding the growth, and this will require us to invest cash. This will decrease -- it's investor -- it's a reallocation. We have to invest that in our working capital. Since we are funding that growth, we don't have a special conversion objective for the year, but our objective is to meet that growth and it is not negative for the period. With respect to the percentage of expenses, sales expenses over revenue, the implication is to not look specifically at one variable. In sales expenses which reflect each circumstances that we have our growth and costs. So sustainability of growth and costs and expenses specifically or one of the variables is not very responsible. What we do promise is manage to adapt the organization to these changing circumstances. If the sales costs remain as pressured, we will have to help with the same variables where price and expenses can maintain our general equation of profitability and profits with a balance. That is the commitment about the balance of value generation more than a specific variable, which volume has dilution and all those variable and fixed components.

Daniel, thank you for being with us companies. Let me take the third point. Indeed, on December 17, 2021, the Board of Directors of Grupo Nutresa instructed the management to look into analytical demand, with the support of our advisers, three issues. One, that you did mention which has to do with reviewing the dividends policy, which we reviewed that we took some steps and approved by the general assembly this year. And besides, we were instructed to look at activity to other capital markets, and to more high liquid capital markets, which specifically what we saw after the study was that we've built a plan to strengthen our control processes and which plan starts by reviewing the cost of all the control systems and it's going on. We didn't specifically talk about the New York Stock Exchange, but if we were in your -- we would have to [indiscernible], but it shows that we indeed started the process. This takes more than a year, and we're doing it with all the commitment, with all the seriousness that the company can be ready to access those markets when it's most appropriate or most convenient. Secondly, we were instructed to look into a process to evaluate strategic partners who can continue to add value to the company and to all the stakeholders that have the same purpose and objectives for the organization. That study and evaluation process so far has had no specific results to report on the market, but we are doing that as seriously as we do all the tasks assigned to the Board of Directors.

Thank you for being with us and for the questions that help us clarify the company's progress. Thank you, Carlos Ignacio. We have one more question from Felipe Ucros from Scotiabank. Felipe says, good morning, Carlos Ignacio, José Domingo, Catherine. One on my part. Can you manage to increase the prices? And if we show the cycle of the commodities, how we are trying to convert cost in commodities? How would you plan the price management when the commodities would be reduced?

Thank you also for being in the conference. And I'll answer that. What we said earlier is that we saw in July, like some change in some of the commodities. So the first thing is that it's just a first signal. Obviously, we take advantage of all the advantages, not only commodity, but also in currencies. But also, I understand your question. When there's no longer a signal, but it's more like a trend, because we act in competitive markets, the pricing is not only opportunities to increase, but also to decrease when it is most appropriate. And there I would say the same that we said earlier, as we have been prudent, and we haven't increased as much as the commodity has increased in productivity and price, and when they will go down, we don't have to go down as much as they do. But we are willing to evaluate in each reference, in each channel, and in each geography what is the appropriate price, so that the company can continue to have the accessibility that is required. And then we can meet that objective, which is profitable growth, which is not just growing, it's maintaining some adequate rates of return. So the management is very itemized by preference, by channel, by geography to achieve the price levels that enable us to achieve our preference by the consumers, always protecting our profits and returns in the long term for the organization. I'd like to mention and I want to highlight this, our inventories have become not only a matter of optimization to improve profitability, these are a factor to ensure business continuity in part. Grupo Nutresa has grown in sales because we've had product available around the world, not only in Colombia, but there were competitors with service levels which are very much lower in Foods. What happens is when you need something, you have to buy it. And if it's not there, the brand that you wanted, you look at the best alternative. And we want to continue to be the best alternative for clients, consumers and buyers.

Thank you, Carlos Ignacio. Well, we have no further questions. But we remind you that we'll be attentive to receiving and answering questions that you have about the results of the quarter through our relationship with the investors or others. We will conclude then our call for results for the second quarter for 2022 Grupo Nutresa. Thank you very much for being with us, and have a happy week. [Statements in English on this transcript were spoken by an interpreter present on the live call.]