Compañía de Minas Buenaventura - Q2 2022
July 27, 2022
Transcript
Operator (participant)
Good day ladies and gentlemen, and welcome to the Compañía de Minas Buenaventura second quarter 2022 earnings conference call. At this time, all participants will be in a listen only mode. Please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Gabriel Salas, Investor Relations. Mr. Salas, you may begin.
Gabriel Salas (Head of Investor Relations)
Good morning, everyone, and thank you for joining us today to discuss our second quarter 2022 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available to your questions are Mr. Daniel Dominguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Renzo Macher, Projects Manager, Mr. Juan Carlos Salazar, Geology and Exploration Manager, Mr. Roque Benavides, Chairman, and Mr. Raul Benavides, Director. Before I hand our call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions.
While management believes that its assumptions, expectations and predictions are reasonable in the view of the currently available information, we are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the press release we filed on 26th July 2022. Let me now turn the call to Mr. Leandro Garcia.
Leandro Garcia (CEO)
Thank you, Gabriel. Good morning to all, and thank you for attending this conference call. Before we start this presentation, we would like to wish you, your family and friends health and wellbeing at this difficult time. We are pleased to present the results of the second quarter 2022 from Compañía de Minas Buenaventura. We have prepared a PowerPoint presentation which is available in our webpage. Before we go further, please take a moment to review the cautionary statement shown on slide two. Moving on to slide three. The highlights were as follows: Second quarter 2022 EBITDA from direct operations was -$19.1 million, compared to $68.5 million reported in the second quarter of 2021.
Second quarter 2022 operating cash flow reached $72.7 million compared to $101.7 million in second quarter from last year. Second quarter 2022 net loss was $39.9 million, compared to a $37.5 million net income for the same period in 2021. The second quarter 2022 exploration at operating units increased to $18.9 million, compared to $14.5 million in the second quarter 2021. This increase is part of the company's revised strategy to increase its focus on exploration in order to extend life of mine. Second quarter 2022 capital expenditures were $30.5 million compared to $21.4 million for the same period in 2021.
Second quarter CapEx includes $11 million related to the San Gabriel project and $60.3 million related to the Yumpag project. The company continued strategy of progressively reducing fixed costs at the Uchucchacua mine to improve the cost structure efficiency when the operation restarts. COVID-related expenses were reduced from $19.1 million in the second quarter of 2021 to $1.9 million dollars reported in the second quarter 2022. Buenaventura's cash position reached $326.3 million as of 30th June 2022. Net debt was reduced to $416.4 million dollars with an average maturity of 3.8 years versus 2.2 years of last quarter of 2021. On April 29 this year, Cerro Verde paid a total dividend of $150 million.
Buenaventura out of that received $29.4 million relative to its stake in Cerro Verde. Our non-current debt amounts to $90 million with a coupon rate of 5.05% per annum, payable until 2027. Moving on to slide four, our ESG corporate strategy. Here you can find some key indicators regarding our ESG strategy. During the second quarter of 2022, we start our carbon footprint measurement, and we conducted our human rights due diligence. In line with our ESG strategy, during the second quarter, we will apply to the Dow Jones Sustainability Index. Moving on to slide five, financial highlights.
Total revenues during the second quarter were $150 million, which is 38% lower in comparison to the second quarter of 2021. The first half of the year, total revenues decreased to $383 million compared to the first half of 2021. As we mentioned before, our EBITDA from direct operations for second quarter 2022 was negative $19 million in comparison to $69 million during the second quarter of 2021. EBITDA from the direct operations for the six months of 2022 increased to $413 million in comparison to $108 million during the first six months of 2021. The increase is mainly due to the Yanacocha transaction.
Our EBITDA, including associate companies for the second quarter of 2022, reached $52 million in comparison to $181 million during the same period in 2021. EBITDA including our affiliates for the first half of the year was $630 million compared to $345.34 million for the same period in 2021. The CapEx increased to $31 million in the second quarter of the year, compared to $21 million in the second quarter of 2021. In the first six months of the year, CapEx total $49 million, a 43% increase in comparison to the first half of 2021. Moving on to slide six and seven, our attributable production.
Total gold attributable production in the second quarter of 2022 was 48,000 ounces, which is 3% higher than in the same quarter of the previous year. This increase is mainly explained by the 81% year-over-year higher volume of ore treated at Orcopampa. It was partially offset by the 18% decrease in the Coimolache gold grade and the 30% decrease in ore stockpile on the leach pad. In the first semester of 2022, total gold attributable production was 97,000 ounces, 15% higher than the same period in 2021. Silver attributable production for this quarter was 1.6 million ounces, which shows a decrease of 51% compared to the second quarter of the previous year.
During the first half of 2022, silver attributable production was 3.4 million ounces, 48% lower than the first semester of 2021. This decrease was mainly explained primarily due to the suspension of Uchucchacua's operation, as was previously announced, and a change of the mine plan sequence at El Brocal. In the second quarter of 2022, 7,000 metric tons of zinc were produced, a decrease compared to the second quarter in 2021. In the first semester of the year, zinc production reached 15,000 metric tons, 28% lower than the same period in 2021. In the case of lead, equity production was 4,000 metric tons in the second quarter of 2022, which is 41% lower in comparison to the second quarter of 2021.
The first half of 2022, lead production was approximately 8,000 metric tons, in comparison to 11,000 metric tons in 2021. Our copper attributable production for the second quarter over the year was 28,000 metric tons. During the first half of 2022, copper attributable production was 55,000 metric tons, a 13% increase compared to the same period of 2021. Moving on to slide eight, all-in sustaining cost and cost applicable to sales cash. The all-in sustaining cost from our direct operations over the first semester of 2022 decreased by 6% to $1,450 per ounce of gold.
The cost applicable to sales for the first semester of 2022 were as follows: For gold, 1,128 dollars per ounce, which is 11% lower than a year ago. For silver, 17.65 dollars per ounce, which is 10% lower than a year ago. For lead, $1,341 dollars per metric ton, which is 2% higher than a year ago. For copper, 6,885 dollars per metric ton, which is 16% higher in comparison to a year ago. Finally, in the case of zinc, the cost applied to sales was 3,167 dollars per metric ton, which is 51% higher than a year ago. Moving on to slide nine, pipeline of projects. Our outlook.
Here we are presenting in one snapshot the current development level for each one of our projects. Moving on to slide 10, San Gabriel. The construction is delayed due to social matters that are being addressed. We are expecting to resume activities on the following weeks. The engineering and the procurement work packages are underway. Engineering at 40% completion, procurement at 61% completion. Powerline route bidding starts and the 93% of the powerline lands are secured. 3.5 we are left with 3.5 kilometers to go. Moving on to slide 11, Trapiche. We are finishing first on-site metallurgical column testing after 200 days of primary leaching. Column comparison and flow rate control help confirm design recovery. We have completed all chloride leaching tests in Lima. Final report in process. We have successfully completed the missing EIA workshop.
We have signed cooperation agreements with two out of five communities. Remaining ones are still in process. We have started powerline land agreements with three communities. Access road land agreements to be resumed after cooperation agreements are finalized. Moving on to slide 12, Tantahuatay sulfate. Coimolache board approved the development of a $20K pre-feasibility study. The drilling plan to increase resource certainty and Tacamaches land acquisitions are in progress. That's all. Thank you for your attention. I will hand the call back to the operator to open the line for questions. Operator, please go ahead.
Operator (participant)
Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. The first question will come from Jens Spiess with Morgan Stanley. Please go ahead.
Jens Spiess (VP)
Yes. Thank you for taking my call. My first question is on Brocal, on the cash that you reported. It was the zinc cash was $4,100 per ton, which is above the current spot price. The copper cash was, I think, 7.2, which is close to the current spot price. Just wanted to know what the strategy there is going forward, if you're considering, I don't know, stopping operations, or what is going on with the costs that you're currently experiencing. Thank you.
Leandro Garcia (CEO)
Thank you, Jens, for your question. This second quarter for Brocal after the landslide that we have in the last days of March, making more complex our operation. However, we have a plan and in more detail, Juan Carlos can answer your question. Please, Juan Carlos.
Juan Carlos Ortiz (VP of Operations)
Sure. Thank you, Leandro. Thank you, Jens, for your question. Regarding zinc in Brocal, during this quarter, we, after the landslide that we had in the open pit where we produce the polymetallic ore, we have to supply the processing plant with the stockpiles, the low-grade stockpiles that we have from previous years. That's the reason we feed low-grade into the processing plant. Of course, that low-grade also has some lower than previously obtained metallurgical recoveries. That's the reason we have this increased cost for the zinc production. We will continue with this, feeding this material into the processing plant along this quarter as the rehabilitation works in the open pit progress. By the last quarter of this year, we will reach the production in normal terms from the open pit.
In the case of copper, we have two components working together during this quarter that impacted us during this quarter. Number one was inflation, mainly diesel, contractors. We need to renegotiate the cost of the services from the contractors that operate in the underground mine, where we feed all the copper to the processing plant. The second impact that we have is that we are ramping up the production in the underground mine, so we are investing more meters of development underground. We are now almost at stable production of 8,000 tons per day from previously 7,500 tons per day. Now we are at 8,000 tons per day, and we expect to be close to 8,500 tons per day by the end of the year.
Now, in this second quarter, we invest more meters in development and more in infrastructure in order to allow the ramp-up of production from the underground mine. That's the second impact that we have for copper costs in the second quarter.
Jens Spiess (VP)
Okay. 800,000 tons per day versus how much did you say? When was that lower comparison? Last year or last quarter?
Juan Carlos Ortiz (VP of Operations)
At the beginning of the year, we were around 7,500 tons per day. Now we are 8,000. We expect to be 8,500 tons per day by the end of this year.
Jens Spiess (VP)
Okay, perfect. If I may make a follow-up question, just any color on Cerro Verde, the results were not very good as well. Were they also impacted by provisional pricing? Along those lines, just to confirm the provisional pricing impact for you, was it around $30 million? Is that correct?
Daniel Dominguez (CFO)
Jens, hi, this is Daniel Dominguez. The impact for Buenaventura in the quarter was $40 million.
Jens Spiess (VP)
$40 million. Okay.
Daniel Dominguez (CFO)
Yes. By the way, in the reconciliation, there is a $30 million that is adding up to the loss, the $50 million dollar loss. That is, that should be $40 million. We will correct as soon as we finish this call.
Jens Spiess (VP)
Okay, perfect. On Cerro Verde, any color there on what's going on? Are they also experiencing higher costs or is it mainly provisional price?
Daniel Dominguez (CFO)
They're experiencing higher costs due to inflation, basically. This should be in the order of 5%-8%. However, we feel very confident that they will continue distributing dividends. We were not expecting higher dividends for this second quarter. They were approved only $30 million. For the second half of the year, we do expect higher dividends that should add up for the entire year to at least $100 million-$120 million. Sorry, Leandro.
Leandro Garcia (CEO)
No. If I may add, also the embedded derivative for the copper price in the provisional invoices affected the sales and revenues for Cerro Verde. Right?
Jens Spiess (VP)
Okay, perfect. Great. Thank you so much.
Daniel Dominguez (CFO)
Thank you, Jens.
Operator (participant)
Again, if you have a question, please press star then one. Our next question will come from Tanya Jakusconek with Scotiabank. Please go ahead.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Great. Good morning, everyone. Can you hear me? Hello?
Daniel Dominguez (CFO)
Yes. Yes, yes, Tanya. Yes.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Good morning. I'm just gonna ask some very quick questions for modeling. Just wanted to come back to three for modeling, please. Royalty income, you had none this quarter. Is this something that we should think about that you're not gonna get anything going forward? Or what happened with the royalty income?
Leandro Garcia (CEO)
Hi, Tanya. The royalty income come from the income we used to receive from Yanacocha through our company, Chaupiloma. We should continue receiving this revenue in a lower rate from last year's because we have reduced our participation and with the-
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. No, no, I haven't.
Leandro Garcia (CEO)
Among all the arrangements with Newmont, we split Chaupiloma.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay, no worries. I understand that one. Okay. Then-
Daniel Dominguez (CFO)
If I may.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay, go ahead.
Daniel Dominguez (CFO)
Yes. Tanya, sorry. As you can see in the current line of royalties, we have 0.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yes.
Daniel Dominguez (CFO)
We have reclassified this on the others line. We continue expecting for the entire year around $8-$10 million, but we are reclassifying this in others.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay, got it. Thank you. Daniel, can I also ask two other modeling questions? One has to do with CapEx. It looks like you've done $50 million for six months, and previous guidance had been $190 million-$210 million overall. You had the separate, within there, development capital of $100-$110. Can you give us an idea if that $190 million-$210 million is still valid? Because you've got a lot to spend then in the second half.
Daniel Dominguez (CFO)
We expect to disburse this year for San Gabriel, due to the delays, between $100 and $105.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. 100 to 100. Okay. Yes. Is that for all CapEx or is that just San Gabriel?
Daniel Dominguez (CFO)
This is just for San Gabriel.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Daniel Dominguez (CFO)
For our sustaining CapEx, including Yumpag, we expect the $90 million that you mentioned.
Tanya Jakusconek (Research Analyst of Metals and Mining)
190 in total?
Daniel Dominguez (CFO)
Right.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Like, if we put all the CapEx together, you still expect the $190 million, including the development CapEx?
Daniel Dominguez (CFO)
Yes.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Thank you for that. Just Daniel, lastly on the modeling question before my last two questions on the assets. Just on the revenue. When I looked at the revenue line and I looked at your volumes and your sales, so your sales and your realized pricing, it still was much lower than I had expected. I'm just trying to understand how going forward can we, you know, do. You know, I thought with the provisional pricing I would have captured all of that, but it was much lower again. I'm just wondering if there's any clarity, from you guys on that. Why it was so much lower?
Daniel Dominguez (CFO)
The embedded derivative or the provisional pricing had an impact of $40 million in the quarter. The price we closed at when we sold this concentrate was in the order of $8,200. The provisional price $9,200. The forward curve at the end of the quarter was around $82. There's a big gap there. We expect this to revert in the following quarters.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Should I be thinking that $52 million is coming back in the next 2 quarters?
Daniel Dominguez (CFO)
It depends on the spot right now that the QP.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay.
Daniel Dominguez (CFO)
that we will have the final QP that we will have in our sales. Right.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. All right. Thank you. I'll make a stab at that. Maybe just on San Gabriel. Can I just get an update on what are these social issues that have come about? And what are they and why do you think they will be resolved quickly in the next few weeks? Then where is the project? You know, where are we on some of the other items? I know you've mentioned the procurement and the power line, but you know, we've got some other critical paths to get through this year and next. Maybe just an update for me on that.
Daniel Dominguez (CFO)
Sure, Tanya. Thank you for your question. Allow us to clarify the situation of San Gabriel. Here we are with Renzo Macher, our project manager, and he will give you more color on the current situation in San Gabriel. Please, Renzo, go ahead.
Renzo Macher (VP of Projects and Innovation)
Yes. Hi, Tanya. I guess the first thing to comment is that we are not blocked. What we have had is two events, the first one happened in mid-June, that both of them last less than six hours. It was communities or people from outside our direct area of influence, the requirement we consider as part of the area of influence. One of the highlights to mention is that our relationship with our two communities that are part of the actual area of influence are still intact and we keep working with them to develop the project. What we are doing is we're working with authorities to open this discussion with each one of these communities in a separate table. Meanwhile, we are keeping our field operations at a minimum. That's our decision until we find.
We don't exacerbate this initial problem. You can actually go to the project today. It's not blocked. We don't foresee a major impact at this point since we are at the beginning of the project. Most of the activities are still engineering and procurement. Those activities have not stopped at all. Kind of the main construction will start in the second part of next year. What we are seeing today is minor delays on pre-construction activities only.
Tanya Jakusconek (Research Analyst of Metals and Mining)
On the pre-construction activities, anything critical to get to that, second part of next year construction?
Renzo Macher (VP of Projects and Innovation)
Nothing that we cannot accommodate. Because the campsite, for example, it's currently being built at the factory, you know?
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Renzo Macher (VP of Projects and Innovation)
The first modules of the temporary camp are still under construction in the factories. Maybe some delays in when to place them on site, but nothing that cannot be accommodated at this point.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. You're just thinking that the camp is just the critical path to get that in place so that you can start construction in the second half of next year?
Renzo Macher (VP of Projects and Innovation)
Yes. Actually preparing the footing for that camp to be placed on top of. No?
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Renzo Macher (VP of Projects and Innovation)
Again, we have one year to kind of mix and match things and try to minimize the impact.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. It's just two events from other communities. Your two communities that you are area of influence are fine. Other people outside.
Renzo Macher (VP of Projects and Innovation)
Mm-hmm.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Of these communities want something from you and that's what's caused the social issues. Is that a correct understanding?
Renzo Macher (VP of Projects and Innovation)
Yes.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay.
Renzo Macher (VP of Projects and Innovation)
That's correct. It's not blocked. I guess the main point is it is not blocked.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Renzo Macher (VP of Projects and Innovation)
You can actually walk through the project, which it has been like 2 visits.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. All right. No, thank you for that. Just on, can I ask on Uchucchacua? I read that you've been doing your underground development, and you're increasing your development rate, and you want to do startup of this, restart the mine in Q4 of 2023. Can you just remind me from now until Q4 of 2023 what needs to be done at Uchucchacua to bring the mine back up?
Leandro Garcia (CEO)
Sure, Tanya. Remember that we are focusing on Uchucchacua and Yumpag as a whole, no? The specific works that we are doing on Uchucchacua are preparing the mine, gathering all the areas that we are going to explore. Here, Juan Carlos can give you more detail of that.
Juan Carlos Ortiz (VP of Operations)
Thank you, Leandro. Thank you, Tanya, for your question. Yes. We have been progressing as planned along these initial two quarters of 2022 for exploration. Most of the tunneling has been done to prepare new areas for exploration as was the original strategy. Now we reach the level of 700 meters per month that the developing capacity that we already have in place. 100% done with Buenaventura resources.
We only have contractor for diamond drilling now. With this 700 meters per month capacity now in August and September, we will start to split part of that volume of meters into exploration and gradually increase the percentage of those 700 meters into mine development and mine preparation. That particularly in two new areas that we have confirmed to exploration along the last six months.
Nora-Geraldine is one of them. We will prepare that area. The focus of the development will be in that area. We have access to some areas in the Carmen Mine, a part of our reserve. We are doing the confirmation drilling there. We are redoing rehabilitation works on the railroad and the accesses, ventilation, all the facilities that we need to require for future mining. That's basically the agenda for incoming quarters. It's developing Nora-Geraldine as a new area for mining next year. The rehabilitation in the Carmen Mine and cost reduction that we have been mentioning before. We are reducing our size of the operation in Uchucchacua. At the same time, the same team, the same management team is taking care of the development of the Yumpag project.
Remember, Yumpag project is only 3 km straight line from Uchucchacua to Yumpag. The same team will take care of these two mines, two operations. Both together will fit into the Uchucchacua processing plant in the last quarter of next year. We are doing all our effort now to try to speed it up, to try to a little bit advance that delivery time ahead of the fourth quarter of next year as much as we can into the third quarter of next year. It's the main agenda that we have working at the same time with these two operations. Which is Uchucchacua rehabilitation and Nora-Geraldine as a new area.
Yumpag mine development and all the infrastructure for mining like ventilation, pumping, offices, camps, the shops, warehouse, et cetera, that also will be delivered by the second quarter in Yumpag. The second quarter of next year.
Tanya Jakusconek (Research Analyst of Metals and Mining)
With all of this development that you're doing and looks like you're gonna be developing more ore in some spots, will you have a big stockpile ahead of the processing facility when you're ready to go in Q4 of next year?
Juan Carlos Ortiz (VP of Operations)
Yes. That's the plan. The plan is to right now, this year, 2022, most of the development will be in waste.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Juan Carlos Ortiz (VP of Operations)
The ramps and the accesses. Next year, by March, according to the plan, we will start developing in ore. In March. Between March and September next year, gradually more developing will be done, along the veins, along the ore bodies.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Do you have a targeted stockpile size that you will have ready to feed the mill when you are ready?
Juan Carlos Ortiz (VP of Operations)
Well, we believe to have between 10 days, 12 days will be enough. That's part of the trade-off that we're making to speed up the resumption operation of the processing plant. We won't have like 90 days of the stockpile. Once we have 10, 15 days on a sustaining basis, probably will be the right time to turn on the processing plant again.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Ultimately, so I understand correctly, you will have 90 days stockpile. 90 days to start the mill.
Juan Carlos Ortiz (VP of Operations)
No, no.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Oh.
Juan Carlos Ortiz (VP of Operations)
No. The idea will be to be with 15 days. 10-15 days of the stockpile-
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay.
Juan Carlos Ortiz (VP of Operations)
In surface right next to the processing plant.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Juan Carlos Ortiz (VP of Operations)
If we reach that level from a sustainable, again, with a sustainable level of control from the underground mines, probably that is gonna be the time for resuming the operation of processing plant. Right now, we're conservative with that for the last quarter of next year, but probably we will reach that level somewhere in the third quarter next year.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Okay. Perfect. Thank you. I will stop asking questions and leave it to somebody else. Thank you so much for the insights.
Juan Carlos Ortiz (VP of Operations)
Thank you, Tanya.
Renzo Macher (VP of Projects and Innovation)
This is Renzo. I just wanna add that it's not only in regards to San Gabriel that the communities of Oyo Oyolo and Corire, our relationship is not only intact, they are very proactive, and they send letters to the ministry stating their support for the project, so.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah.
Leandro Garcia (CEO)
I forgot your name.
Tanya Jakusconek (Research Analyst of Metals and Mining)
Yeah, it just appears that it's just outsiders that just want some.
Renzo Macher (VP of Projects and Innovation)
Yeah.
You know, whatever. Something, a piece of something from you. Your communities within your space of influence of where you're gonna be operating are in support. It's just a matter of how do you deal with them, and you said you have the authorities in place helping you and then obviously, hopefully some resolution will be quickly with them. Yeah. Thank you.
Thank you.
Operator (participant)
Again, if you have a question, please press star then one. This concludes our question and answer session of today's conference call. I would now like to turn the conference back over to Mr. Leandro García for any closing remarks. Please go ahead, sir.
Leandro Garcia (CEO)
Thank you, sir. Before we finish today with this conference call, we want to thank you very much for making the time to join with us and share all our information. Thank you, and have a wonderful day.
Operator (participant)
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.