Promigas S.A. E.S.P. (PROMIGAS) Earnings Call Transcript & Summary

[Audio Gap] earlier results of Promigas, September 2022, my name is Juliana Vergara, Director of the relationships with investor. [Operator Instructions] Please take into account that this session is recorded. Today is with us Juan Manuel Rojas, President of Promigas; and Aquiles Mercado Gonzalez, Vice President, Financial [indiscernible]. So with us, all the directors and the executives from the company. As well I'm going to give the floor to Juan Manuel, who's going to start the presentation.

Thank you very much, Juliana. Good morning, everyone. You all, thank you for being with us today here in this result phone call from our third quarterly. And we like to start with the relevant facts of these relevant facts as well 2022 as well in particular to the financial level as well and to highlight the EBITDA as a result that is increasing on this 20% related to the 2021 year as well to an increase of 14% related to the accumulator to September in the previous year as well. Related to the individual results, the EBITDA just presented 15% related to the 2021. And the net utility is going to be this related to the same period of the previous year as well. The second term as another fact -- relevant fact as well is going to be [indiscernible] the operation as well. Our operation in [indiscernible] Peru started in this operation because we're going to start in July in the first quarter. And in this way, therefore our operation, and there's additional customers, I would like to highlight the qualifications that we have to credit the AAA local and the international one as well, both with some steady perspectives from the -- translating to Promigas as well as we confirm that the company has a risk of the business, a low risk related to regulated business and a solid position of the transportation of gas as well as Colombia and in Peru as well. And the fourth place, I would like to mention that continually develop in our program, energy solutions, offering some integral solutions as sustainable to renewables as well. The transition as well have been accumulator of 47.2 megawatts. We're going to see in detail afterwards [indiscernible] 32 that belong to solar distributed solution and 15.3 with generation as well. Well, related to this in fifth place, we're going to mention as well the acknowledgment of our project of hydrogen green project and the award of the Latin America with this and this recognition as well and operations and innovation itself, thinking always in the energy future of our organization. Let's continue -- let's move forward. When we see the results -- the operational results of the business for business as well as September 2022, I highlight the increasing of 8% of the transported energy and services because of the third quarter cubic per day, the mean regasification of others has diminishing related to the period of the same 2021 period. We continue the energy insurance of the country. As you can see, this year, we have had 36 days of the regasification of more than 1 month where our plant is going to be required of this regasification capacity. That's when we have been working as the market is expecting. Let's move on. And some other of the business of distribution, electrical distribution, gas and electric power distribution and nonbanking financing and solutions is the accumulator in September of this year, I would highlight as follows. We reached a digit of 6,100,000 of users in our business the distribution of the gas and electrical power distribution. Related to gas distribution, we have 5.2 million users where 1,000,700 we already have at Peru, that's an increase of 23%. On the other hand that I would like to highlight because we're going to have -- we're going to reach near 19,000 networks are [indiscernible] increasing as well, and we have some presence in 67 municipalities in the same municipality as well. And finally, a third place related to financing as well nonbank financing users with Brilla's credit as well accumulated to 772 (sic) [ 772,000 ] new users. This year, we have achieved with this [indiscernible] tool, reaching more than 4,000,900 people we discussed we had access during this service because it's available as well. Now we have been increasing [indiscernible] placement, reaching 746.777 million in October and September. Let's move forward. Related to the consolidated financial results of the period, require 2022, we highlight increasing. And in comparison with the 2021 and 16% in the income reaching 1.1 billion, an increase as well -- an increase of 22% of the EBITDA, increasing mainly because of better reasons to the better incomes of the portfolio and increasing of the net income of the [indiscernible] reaching to 195 million. Related to the financial results as well of January 4 until September, we have been reaching really outstanding development of result and outcome as well [indiscernible] reaching COP 4.42 million [indiscernible] increasing the EBITDA, increasing to 20% and net income, 14% increase, reaching the COP 954 million. I would like to highlight once again the great balance as more distributed the EBITDA with the 25% in the transportation business, which is going to be in the distribution business. And the net income among both the groups, strategical business reaching the 40% of the business and transportation and the 56% of the distribution negotiations as well. If we see the results, individual results where we compare the third quarter of 2022 with the third quarter of 2021, we see an increase in this case of [indiscernible] of the budget of this thing. So as well as this financial results of Promigas and related to the same period September 2021 increased in this case and 15% of EBITDA as well and 7% of the net income as well. To the level of the operations as well, we continue ratifying our commitment with the excellence in the delivery of the service as well. So in particular, we would like to mention that in the quarter, July, September 2022, in the Peruvian sector, electrical, industrial and NGV all of them has been increasing. You see this one with the other ones, what is showing up is this year has been a reactive [indiscernible] year. I would like to highlight increase in particular that we have industrial volumes as well near 30 million cubic per day and the consumption that we have in the [indiscernible]. We follow as well with some operation at the [indiscernible] as well, the optimal one with some [indiscernible] transportation from the established limits because of the regulation and with the continuity as well of the service as well and 29%. To the level of investment accumulated results as well, we're 517,000 [indiscernible] according to this CapEx -- corporate CapEx for the year as well, and we hope to close this year 85% of execution related to the budget as well. To the safety operation, we are -- related to this, the raise that we have, the LNG [indiscernible] 186, 180 and 85 and 87 as well on this operation. As an objective during the year as well, we have been continuing our strategical partner with electrical solutions from 0 accident operation, expecting as well related to the corporate culture, and we're going to see in the results during these coming quarters because it's going to prioritize this within the corporate group as well, not only Promigas. As a relevant fact as well related to innovation from Promigas and their companies and portfolio, we do consider everything that is going to be the transformation as well as innovation and as the bridge that is connected in our businesses related to energetic sustainable point with products and services, highly relevant as well in that way -- in that quarter between July and September as well the rules that we're going to have the [indiscernible] in this country as well, and fourth, in the corporate level as well as we can see the [indiscernible] modular system. Also, we highlight that Promigas received the best production of hydrogen in Latin America. We were mentioned as a relevant fact at the beginning with green hydrogen that where it was delivered by H2 2022 [indiscernible]. And for the first year, for the fifth consecutive year, we participate as a corporate to the innovation ranking of ANDI and were included among the group of the most -- the 40 most innovative companies in Colombia. We're going to go to results by strategic results Transmission SBU in this case, required [indiscernible] transport because of the Promigas, Transmetano, Promioriente, Transoccidente, Promisol, SPEC LNG and Promisol Zonegan. At this phase, if we see, for example, the right side of the graphic, we highlight the variation in [indiscernible] related to the coast -- Atlantic Coast in January and September as well as the same quarter of 2021, it shows the way you have the reactivation [indiscernible] passed from 127 per day to 347 million -- cubic million increasing of 6%. And as we said, previously, we were dividing all the fronts as well, from electrical and industrial, [indiscernible] and electric and vehicular gas as well. Particularly for the third quarter, we had a bigger consumption in Barrancabermeja refinery generating a [indiscernible] consumption as well July 2022, 168 million cubic per day as well. Let's continue. To the natural gas, I just mentioned as well the subsidiaries of the 3 first quarters from January to September, it presented an increase in the transported volumes as well, the case of [indiscernible] as well, showing as well that reactivation that is going to be delivered. Let's go to the next one, please. The regasification plan is talking about more than 5 years of operation showing as well as [indiscernible] availability because we have been working as an impact -- as I recap -- have been completed. From July to September of this year, we had achievement -- I mean we see the accumulative of the year. We have 3 achievements of LNG from January and September [indiscernible] number from January to September of the previous year. Such a way we need to take into account the [indiscernible] July and September -- the relative generation for the energy of the country with 85% in this case and some critical contribution to the 127 because of this historical part. That's why we presented in this case the days of the regasification and reliability as well in comparison with the same period of the previous year as well. Let's see the results Distribution SBU. Remember that this group is kind of things is characterized because of the companies of distribution of gas, Surtigas, GDO, Gases del Caribe, Quavii, Quavii from Pacific, Calidda, Promigas Peru and the center of electrical distribution because of the CEO as well because of the founder banking [indiscernible] Venezuela because of our shared services and vice versa as well and [indiscernible]. We would like to highlight 3 things when we get into the results of this strategical group in this case. The first of all is we see the right side to the graph. We see how it's going to continue with users connecting -- users are connecting. And the number of the relevant number here is increasing of the first 9 months of the year on connections, 500,000 new connections -- 0.5 million of connections as well. We highlight 270,000 connections -- additional connections that [indiscernible] as well and surroundings as well. 40,000 connections of Promigas Peru as well. So Calidda and Quavii has been 40,300 connections in the market. In our partner [indiscernible], in Colombia, we highlight the [indiscernible] GDO, and Surtigas with these new users with more than 70% and 90%, which is enhancing as well. The second thing that I would like to highlight is with the EBITDA -- with the strategical -- that's increasing of 391 in another week time in this case. And the third place as well with the valuation and the version of the [indiscernible] electrical energy where is going to be [indiscernible] increase the volumes in the 5% as well as electrical energy 4% in this case. There are very good results by strategical business of -- business in this year and the year as well. If we see the business [indiscernible] nonbanking founding for the third nonbanking financing, we're going to own [ 772 ] users with real users 772,000 reaching 4.9 million loans granted since the start of the program are really important as well to highlight the 40% of those -- of these beneficiaries are stratus 1, 36% stratus 2, the 13% [indiscernible] impacted that this program has as well. And second, with the commercial, we achieved to be able COP 776 million in this case January and September with this kind. And we achieve to increase this EBITDA as well in 30% in January and September in comparison with the same period of the previous year as well. So this business has been increasing, and it has a very fruitful for these digits as well. I would like to move now for the area in order to do the solutions as well. And here, as we were mentioning, for example, in this case, at the beginning, we have been working Promigas. We have the objective to becoming relevant players in the business and energy solutions as well to diversify our production of portfolios and services and to becoming a strategical partner of our customers in the transition -- energy transition [indiscernible] decarbonization these days. This way, September 2022, we have been accumulated 47.2 megawatts of solutions [indiscernible] from the 150% in our operations, the [ 50% ] under construction. And then in comparison with 2021, the total capacity has an increase of 87%. From the 47.2 megawatts, as I already mentioned, almost 32 belongs to generate solar distribution. In the meantime, 15.3 is belonging to another kind of operation. In addition, we service 42 megawatts of third parties as well deliver these kind of things as well. And related to the incomes of every single of the tiers as well, the income through September of this coming 3,000 million [indiscernible] solar with execution of 61% and 962 million for another kind of generation execution of 98% related to the [indiscernible]. About sustainable mobility, the demand of NGV in Colombia was 10 million cubic per day. While in Peru, we have totaled about this per day as well EBITDA was accumulated 19,316 93% for Colombia's case, for Peru as well. It's very important to highlight. We signed some alliances in this kind of thing because of this order with entities and the year as well. I'm just going to talk about in detail within the source as well. To deliver to corporate matters as well, we would like to mention related to corporate aspects, we have 4 different programs of the foundation for [indiscernible] almost 7,000 people in a direct way, and they are distributed in 64 municipalities in the country because 16 of them are PDET because every single test or invested, we have been more or less than COP 1.16 from third parties, they have been invested with the capacity for Promigas foundation to an average in third parties for advancing these programs as well we have been for winning these 4 areas more youth employment, more entrepreneurship and more productive communities and more sustainable territories. I would like to highlight the impact of this more [indiscernible] as well when we have [indiscernible] direct young people as well. The 84% of this people as well, they enter the program [indiscernible] 43%. We have a formal job as well. That's harder to say. We are linked to the level of market and a really [indiscernible]. And the program is developed in 31 municipalities of the country where 3 are PDET municipalities. In order to work with this entrepreneurship, 811 entrepreneurships in the business model to generate and increase their salaries as well. In this case, we have been talking about [indiscernible] beneficiaries as well. And we reached this 27 with [indiscernible] as well. In communities -- and more productive communities as well, we have been supporting 382 impacts with 332 direct beneficiaries as well, presenting 40 municipalities in PDET and more sustainable. And we have 714 directs in order to reach the final municipalities PDET in the country as well. [indiscernible] in order to have the third quarter, Aquiles, thank you very much.

Thank you, Juan Manuel. Related to the financial status here related to this first semester, we see the income related to the profit and loss statements increasing at 8% related to the revenues. The revenues that we just mentioned reached the close of September COP 273,461 million, EBITDA by [indiscernible] is increasing 10%, was increasing 14%, increasing the budget, reaching COP 161 billion. The net income, 150%, of the budget as well COP 295,241 [indiscernible] because of the invoice results. And the most important, 4% of the volume is transported because of the consumption of the final users, mainly in the electrical sector as well the lease that I was going to talk about this number, the increase, and it was [indiscernible] operational income we're mentioning. And overall, [indiscernible] participation because of the investment because it's -- because [indiscernible] of the volume, because of this commercial activity in this country contributed with the [indiscernible] of these kind of things because we have better income because of the income received as well as some insurance companies and transportation income as well overcoming this level of consumption because of the contract with Ecopetrol as well as the [indiscernible] and in this phase in order to be part of the regasification of [indiscernible] reported as well because of the income of the -- because the rate that we have in order to show as well because of the [indiscernible] regasification as well had some better income as well in order to obtain in 2022 as we were mentioning despite of the diminishing of the early because of the income as well because of the financial assets and the new regulations as well that's going to be shown in this kind of concessions as well. We have a better of oil and gas as well to the operations to the current inventories as well because of the storage and regasification as well, because [indiscernible] as well. We have better incomes and expenses as soon as registration of the [indiscernible] as well, it is going to have a third party who's going to have an expectation related to this as well. It has an increase in marginal income as well for this amount as well. So things like this and the net income as well, it's going to be these months as well, [ 5,100% related the financial expenses as well. Because of this, amount is going to be this bonus in Colombia and Colombian pesos as well some other [indiscernible] other results as we know the high volatility and the increase in these rates are having more 400 -- 300, 400 related to the basic and the announced digits as well. Related to the accumulated to 2021, again, 2021 September in this period [indiscernible] in the analysis, the income just increased [ 9% ] of the market, have been increasing up to 20%. Also, with the related year, with the previous year, reaching [indiscernible], and the EBITDA was 16% [indiscernible] why we were expecting related to these digits and the net income [indiscernible] [ 16% ] related to the budget previous and according to the previous year as well and 954,789 million. As we mentioned before, these results -- these accumulated results to September. They have an impact because they have a huge CRM for invoicing the increasing of the transporting the volumes as well as they received some increasing for Ecopetrol because the [indiscernible] renewed bigger terms as well. It has a [indiscernible] COP [ 31 ] million. So the EBITDA generated -- were generated because of the operation [indiscernible] income as well and because operational -- because the other parties' intention that was reflected in the results of the companies that compose compound our performance, the net income [indiscernible] we were gathered with the [indiscernible] they are increasing because of the [indiscernible] results that is now reflected the increasing of the business, increasing [indiscernible] important of the rate as well. Related to the general balance as well, the current access with the link that was reflected with the payable accounts we have been paying. In the meantime, we agreed the payment [indiscernible] asset finance related to the concessions with the assets in case with the [indiscernible] and equity reflect the effects of the obtaining of the variables Promigas and macroeconomical for the calculation of the financial [indiscernible] is the acknowledgment of the potential payable accounts for the Colombian state as a future of the purchase options that we have over their debt. The other assets, for example, in the long term, we have been increasing the 10%, and these [indiscernible] increasing, the net income related to companies of [indiscernible] participation as well as the capitalization of our [indiscernible] in Peru. And some adjustments is going to be compensated because of the dividends because of this -- work with this in assemblies of 2022. With the current parties as well, the increase in 114%, it was going to be in March, and they're going to be paid as well in the day because of the interest paid of the asset, of the liabilities as well as credits, and they are in the exploration date in April 2023. The liability decrease in the 80% because of the decreases that we were talking about the long-term operations, which is kind of [indiscernible] with increasing the debt in dollars because of the [indiscernible] translation for the closing of financial status for free. So [indiscernible] work is going to be recovered naturally to an asset because of the investments in the abroad as well because of the change rate as well because we had an impact. With this, and finally, we just ended up. And we give the floor to our president, Juan Manuel Rojas as well.

Thank you very much, Aquiles. So Juliana, I guess we're going now open the Q&A session related to the attendees to this call.

Well, the first question is Ricardo [indiscernible] from [ Bancolombia ].

Kindly tell us what about the diminishing of the net [indiscernible] incomes to COP 114 in 2022 versus [indiscernible] a better income before taxes? This income can be answered by our CFO.

Thank you, Juliana. It's because of these digits here, if you see our net income is increasing, and our important thing, because of the participation that increasing 13% on September and September 2021 and September 2021 related to these amounts as well. And this number is not related to the income tax as well. So it has to have an impact that been reflected to the income as we think because it's part of the analysis as well. We can remember that Promigas spread from 25 years as well as the [indiscernible] going to be the CapEx on the investments as a related to [indiscernible] 40% of the thing is going to be deductible of taxes as well as the taxes to compare with in September 2021, 2022, increase of 24%. So they have a bigger deduction from the net income because of the [indiscernible] and is going to be related to 2029.

We have a question by Christian [indiscernible].

What is belonging this change of tariffs as well in Colombia related to gas transportation? They're speaking another gas, another -- what about the total percentage and the average tariff?

Thank you, Juliana. Thank you very much for that questions as well. Well, the first application that auto modification of the tariffs related to transportation shows a level of reduction of foreseen charges and loads because of numbers of transportation. 3% represents the diminishing of our incomes these days because of the effect of the update in a favorable investment and regulation as well as because of the [indiscernible] as well. On the other hand, for 2023, we expect an increase in the first of January because of the PPI, the Colombian PPI as well. And on the other hand, we estimate for the second application an increase in the charges that was going to be 15% and 20% related to the incomes as well, as I've mentioned of the new investments of updated to expenses to AUM and projections of demand in itself.

Thank you, Juan Manuel. The third question is from [ Christian Perro ] from [ Balance Capital ].

Permanently, we haven't been discussed related to the rates of gas distribution, gas at Colombia. Do you think that [indiscernible] could apply some measures related to what he did related to electricity or gas transportation in these coming months?

Well, thank you very much for the question. And well, here, we will see how the expansion in [indiscernible] because the commission and the ministry and the government are evaluating the [indiscernible]. Currently, we have been working with electrical [indiscernible] as well and being -- leading this related to the indexes as well related to distribution gas. And for example, remember, anyway, that during the latest 15 years because of general, the consumer has been benefited because of the application of the investor by PTI as well. And it is going to be -- that it has pure and the final body, you see the 15 years. PPI has been more on behalf of the consumers in the rates as well than the index of the prices to the consumer. But that discussion is up and currently. And the electric one, we need to wait for a little bit in order to reach the main of distribution of gas as well.

The fourth question is from on [ Christian Perro ] from [ Balance Capital ].

Could give us a little bit of the idea how much CapEx are you waiting -- are you expecting [indiscernible] for 2023 and 2024? What about the EBITDA? What do you think as far to get? Do you have any final regulatory legal matters at Peru?

Well, basically, for 2023, we have a CapEx projected after one executed as well, near $43 million for 2023. And for 2024, we hope to have a CapEx of $50 million or $55 million as well [indiscernible] companies that we have in Peru. This is going to have an increase in EBITDA near to 20% in this case. Now regarding to tariffs as well, very sickly this year, we need to say it again, we have the reduction of the rates of our company, Calidda. And those go 4 or 5 years' time. [indiscernible]. As our president, Juan Manuel, said, they came into commercial operations this year, and that's why their [indiscernible] are updated in 5 years' time as the rates, and it's going to be the [indiscernible] gases as well because they have a time of -- expiration time as well. We're going to be with this process and these tariffs as well. So over there, we're going to have too many options because, currently, we are just waiting a little bit because of this, because of the [ operator ], regulatory as well.

We have additional questions. The [ fourth ] question is from [ Carlos Garas ].

As well as Promigas was the [indiscernible]. In the case of [indiscernible], for example, of Peruvian [indiscernible] related to what we have been talking with qualifiers [indiscernible], the investment operation in the case as Colombia, as Peru, they lose the investment rate. Aquiles, please.

Thank you. when we read the reports on a qualification action of [indiscernible] regarding the ones we qualified us, there is [indiscernible] the reference in order to invest operation [indiscernible]. We can't deny that the [indiscernible] in Colombia is helping us to keep these qualifications as well. We get the investment grade. And in the 2010, we're in Colombia, it did have a greater investment in growth. So we have it. So Peru, because of the [ levels ] of investment, the speculative as well. I'm sorry, because we are just so far for the [indiscernible] that we can get a loss or something, but it's not necessary [indiscernible]. The hypothetical case that we're going to [indiscernible] Colombia and Peru will be a really good important for the investments as well related to -- because we have more than 30 years having 11 per Fitch as well as 3 or 4 per [indiscernible] as well. We have a huge [indiscernible] of these kind of events as well Peru [indiscernible] going to be a really huge effort and relevant keep these kind of investments. And we now sovereigns as well as they lose the investment rate as well.

Thank you very much, Aquiles. We have a text from Rodrigo Sanchez from [indiscernible].

Speaking to consideration, the -- with the gas -- the pipeline that [indiscernible] going discover the connection [indiscernible] overcome the solar capacity of this gas pipeline connection. What is going to be the Promigas position or it's going to be moving forward ahead?

Thank you very much for the question. And Canacol has been announced that the connection for connecting the half cases in the quarter was to the demand it's inheriting during the operational and construction on the maintenance of the gas pipelines. [indiscernible] diameter of 22 inches [indiscernible] question as well. We don't have a big information because of the [indiscernible] of the project, and we're going to be really attentive that -- to develop within the updated framework. Let's move on with the questions, Juliana.

We have another question Rodrigo Sanchez.

The previous quarters, we were mentioned about the project of the changes of the [indiscernible] reform. Do you have a credential related to the relevant impact? Can you tell us an update related to the [indiscernible] digits and the channels as well?

Aquiles.

Okay. Thank you, Juan Manuel. When in fact, they're just 1 digit from the tributary reform that we're just waiting to have the results and the impact, but that is the cash flow as well as the impact of this [indiscernible] 50% because remember, we have an asset here in order to work on this -- with this kind of [indiscernible] going to do this operational before the closing of this year. It's going to have a reduction of COP [ 111,000 ] million. But remember that [indiscernible] report the Ministry of Industry, Commerce, we were working with this, and we're going to work -- and related to this and this [ PND ]. For example, we're waiting for this year with the national account in our central accounting [indiscernible] to the ministry as well. We're going to be able to do this updating against the [indiscernible] now because of the final results because, otherwise, the impact that we're going to face here in order to see some relevant way [indiscernible] as well.

Thank you, Aquiles. We have -- related to corridors. We're going to talk about these bonuses and these [indiscernible] is going to be in dollars or is it going to be in pesos? Aquiles?

Juan Manuel, at this moment, we haven't taken into account the bonus [indiscernible] because of an approval state to COP [ 1 billion ]. So we have a very good evaluation by the international markets as well by the current conditions and rates on really relevant [indiscernible] during the latest years we have been [indiscernible] in this case related to 2022 years. In 2022, we're going to wait for the behavior in the market and financing from the investments in Colombia. And Peru is going to be a travel alternatives. That's why we're [indiscernible] for the bonuses neither both the markets.

We have a question from Juan Manuel Gonzales, an independent investor. The financial reports are very positive as well. And unfortunately, this doesn't reflect in the price of the stock. Why don't you rebuy -- stocks are very profitable for Promigas investors.

Thank you very much, Juan Manuel, for the question. And -- well, the administration takes into consideration the price of the stock is very low. The Board of Directors, as you said, are relevant [indiscernible] administrators to buy some stocks in September. So we'll see we have the same vision like you have. But the decision to [indiscernible] you must have a decision of the stock players, for example, [indiscernible] in this case is that something that again with Colombia as well, and we have been seeing in the stock market in Colombia, but the decision to rebuy some stocks is more just from the investors more than the administrator.

We have another question from [ Ezekiel Fernandez ] from [ Balance ]. Could you tell us how about the amortizations of the debt that we are facing in 2023 and 2024?

Thank you, Juan Manuel. So in this case, we're just waiting with these amortizations of depreciation in 2023 and 2024, COP 940 million in 2024, COP 985,000 -- is very important to report -- told that within the actions that we're taking to prevent, they're going to be able to have any count of efficiency related to -- obtain the resources, the Board of Directors. So we were mentioning the previous year was authorizing the -- in order to where with these obligations, because of the CapEx as well, because of Peru and Colombia, because we have tried to minimize these kind of things as well as -- these kind of things as well in order to take advantage of the high grades as well as the surpluses as well related to these qualifiers as well, which is valid within markets as well, they're going to say the liquidity and high taxes as well.

Thank you, Aquiles. The last question is from [indiscernible]. Could you give us an update of the rates in Colombia? How it could affect their incomes as well on the other side as well as the operations of [indiscernible]? What about the income and the EBITDA has increased to the company?

Thank you very much for the question. Related to the first part of the questions, we were mentioning -- we were saying previously as well in general terms as well because of the transportation. First of all, we have been working in so many different moments as well. In September 2022, we're updating the rates because of the first operation and the rate in capital at the moment. We were [indiscernible] from dollars to pesos as well using a TRM as well of 2021. These charges as well, they were working because of the values of the user [indiscernible] useful cases in this case of 2020. Well, I was expecting in 2023, [indiscernible] solutions with the recalculation is where the calculation of charges updating the variables and investments of the demand than what we call the second demand of applications updated because of the commission to this -- is going to move with an advantage to the revision and the tariffs as well. It's going to be [indiscernible] because some of these kind of things is going to be [indiscernible] to this administrative things because [indiscernible] from audits and the answers of the market of the transporters over the projected demand in about some other ones. So we're going to have the cycle that we are expecting these processes as well. So let's say that it is related to the information that you requested and the new transportation charges as well related to the [ gas ] as well. I translate the question to [indiscernible] Vice President of Distribution for the -- he gives the answer.

Thank you, Juan Manuel. In fact, we have been coming in an investment procedure and a really strong one and connection of users, industrial ones as well, very strong one. So we need to [indiscernible] almost $60 million currently, which has been presenting an increase [indiscernible] for the next year. We hope [indiscernible] dollars as well, an increase of 21% in [indiscernible] years, of course, to the prediction of the customers, we have been reaching EBITDA near to 8% or 10%.

Thank you, Wilson. We have no more questions -- live questions. So remember, you -- if you have any kind of question, additional questions, you can write to us in [indiscernible] at promigas.com. I'm going to give the floor to Juan Manuel to close this session.

Thank you very much, Juliana. Once again, thank you very much for all the attendees of today's call. Once again, with the results of the third party this quarter as well, we ratified as well the commitments as well from Promigas with the [indiscernible] on excellent results -- financial results, operational and the [indiscernible] as well to a social level and innovation as well. The financial results speak by themselves and we have, of course, an increasing. Once again, a really important one related to the previous year and the same period in the previous year as well and our income and our net income as well. We have been working in a solid company and profitable as well, and thus, we feel really proud as well. So once again, thank you very much for being with us. We hope to be able to see [indiscernible] gather as well as with the calls of closing at the end of the year. Thank you very much. [Statements in English on this transcript were Spoken by an interpreter present on the live call.]