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Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE:ASR)

Q4 2011 Earnings Call

February 24, 2012 10:00 am ET

Executives

Adolfo Castro Rivas – Chief Executive Officer

Analysts

Vanesa Quiroga – Credit Suisse

Augusto Ensiki – Morgan Stanley

Vivian Salomon – ITAU

Luis Willard – GBM

Neal Dihora – Morningstar, Inc.

Francisco Suarez Savin – HSBC

Operator

Good day, ladies and gentlemen, and welcome to the ASUR’s Fourth Quarter 2011 Results Conference Call. My name is [Monita] and I’d be your operator for today.

At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference. For opening remarks and introductions, I would like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please proceed.

Adolfo Castro Rivas

Thank you, [Monita] and good morning everybody. Thank you for joining today for the conference call for the fourth quarter 2011 results.

Allow me to remind you that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including those that may be beyond our company’s control. For an explanation of these risks, please refer to ASUR’s filings with the Securities and Exchange Commission and the Mexican Stock Exchange.

On today’s call, I will provide an update on key events that took place during the quarter and the different projects we have been discussing this year. Afterwards, I will comment on passenger traffic performance and environment and results for the quarter.

As you know on January the 4th, 2012 Fernando Chico Pardo showed 49% of IETU towards the decline, and almost half of the P shares to Aeroportuario. Fernando Chico Pardo remained Chairman of the Group and our strategy remains the same.

As they all operate a bus transport logistics business and already operate bus terminals at several of our airport, including Cancun, Merida, and Villahermorsa. As they all have been in business for 70 years, and last year they reported approximately 160 million pesos.

In terms of our international expansion strategy, earlier this month we participated together with Advent International in the auction of 51% equity sales for the Veracruz Airport. Our bid however did not qualify among the three (Inaudible) ones for the first phase of the auction. This basically reflects our idea that our business objective is not just to win a bidding process, but also to preserve returns to shareholders. Just to give an idea our bid for the Veracruz Airport came in 100% below the winning bid or almost 4.8 times the minimum requirement by the state government.

We do not believe that someone can provide the right service to customers and return to shareholders with that number.

With respect to the presentation of San Juan, Puerto Rico International airport, as you know, we are shortlisted for the bidding process and the process continues on track. The net debt is to present an indicative bid on March 15.

Before moving onto results, let me comment on a new development that we announced yesterday – on yesterday’s release. We had – we notified by the Ministry of France the biggest that we with the multi station rate we use for the concession income form, which was agreed by the Ministry of Communications and Transport, at the time of the bidding of the (inaudible) of the Mexican Airport Groups.

In fact, the Ministry of Communications and Transport used this basic principle as the key selling point when they sold the shares of the three airport groups. We believe someone in the Ministry of Finance is waiting this long and will go to the [court] to overturn this termination. But although we believe we have a strong legal position and ruling have been given to reflect that we are right. We cannot assure that our peer groups prevail if we were to lose the appeal; we estimate that this will result in a charge of 334.2 million pesos.

Turning now to the results. This was a very good quarter. Passenger traffic increased 11.66% year-on-year, reflecting [easy] comparisons mainly in terms of the domestic traffic, which was up by 17%.

Total traffic rose by 10.6% in October, 8.3% in November, and 15.3% in December. Despite the strong traffic performance, traffic still remain below previous levels as a result of the lack of domestic airlines seat capacity following the reduction of Mexicana operation and the suspension of (inaudible) in 2010.

Nevertheless, as on September 2011 through January 2012 these have been the highest passenger traffic numbers for (inaudible). The share of international passenger traffic fell to 52.8% of the total traffic from 55% in the fourth quarter of 2010.

Passenger traffic between Mexico, Canada and the United States represented 88.7% of total traffic compared with 88.9% a year-ago. Consolidated revenues were up 14.58% this quarter, driven by revenue growth across the board. Excluding construction services, total revenue would have increased 21%.

Commercial revenues per passenger were up to 72.38 pesos, the highest quarter ever. Remember that this quarter also includes revenue from the direct operations of 14 convenience stores that we opened in fourth quarter [2010]. In the fourth quarter 2010 were operated by a third party. As a result, we now include the total revenue from that operation instead of the corresponding concession fee as was the case before.

Operating cost and expenses rose 6.58% year-on-year, mainly due to the highest costs of services. In addition to higher energy cost, again we are including the additional cost of operating these 14 convenience stores.

EBITDA was up 26.47% this quarter with EBITDA margin increasing to 43.2% from 39.1% achieved in the fourth quarter of 2010. This quarter we invested 452.6 million pesos, and we continued with the (inaudible) expansion in Veracruz, Villahermosa, Merida and Oaxaca airports begun in the third quarter 2010.

Finally, our balance sheet remains strong with cash and cash equivalents up 6% to 1.5 billion pesos and bank debt of 697 million pesos.

Now, let me open the floor for questions. Ms. [Monita], go ahead.

Question-and-Answer Session

Operator

Thank you, Adolfo. (Operator Instructions) Our first question comes from the line of (inaudible) from Goldman Sachs. Please go ahead.

Unidentified Analyst

Hi, good morning, Adolfo and congratulations on the strong fourth quarter results. Adolfo I have basically two questions. The first, one I love to begin of the call when you were saying about the Puerto Rico airport, can you repeat. You said that the bid is going to be on March the 15, is that correct and you know I heard that the government in Porto Rico was asking for maybe a higher payment upfront payment for this concession or that they changed a little bit terms for this auction. Do you know about that? Have they changed something or you still think that it’s pretty much unshaped to bid for this airport. That’s my first question.

Adolfo Castro Rivas

Hi, good morning thank you for the comments. What I have said is that we will have to present an Indicative Proposal on March 15; yes, it’s true that if the government has changed some of the procedures for the bidding process. You know that we have a computing [generating premium], so I cannot share too much, to mention what view, but basically the next step for us is to present an Indicative Proposal on March 15.

Unidentified Analyst

But do you think that the airport and the concession they are interesting right.

Adolfo Castro Rivas

Yeah, for the moment yes.

Unidentified Analyst

Okay, and just the second question those in relation to the traffic, you know the numbers in January of this year, they were quite strong, so just would like to hear a little bit about you from what sort of expectations or any color that you can give for us in relation to traffic for this year especially Cancun. I think we have seen some recover out of the U.S. so and also the Caribbean region has been showing some good traffic numbers, so just wondering what are your thoughts on traffic for this year?

Adolfo Castro Rivas

Okay, I agree with you again. The traffic numbers for the first month of the year were strong, we’re happy and we are surprised as well.

and what we are seeing is apart from the growth that we’re seeing last year from Latin America, from Europe, from Canada, now we’re seeing some kind of growth from the generic space, I would say it seems in the month September last year. as I’ve said during the initial remarks, the numbers for September, October, November, December and January have been the highest ever in the history of the group, if we compare those with the same month of the previous years.

And what to expect on the future, while it’s hard to say and the situation in the world economic in general is not so attractive. nevertheless we have seen these very nice growth of the traffic figures, and then Denver as world fast, the first quarter growth, is a very important quarter, because it’s high in terms of absolute figures. So if this continues, it will help a lot on the result for the year and what I expect is it’s growth for this year is that it’s going to be a good growth or a medium moderate growth that will depend on the next – on the results for the next two months.

Unidentified Analyst

And Adolfo, from the conversations that you had so far with the global carriers, are you expecting maybe a strong summer season or spring break? So what’s your view on the maybe the upcoming months? Can we expect the – maybe not as the strong as we saw just that on the first, on the last five months, but maybe high single-digit numbers in terms of growth. Does it make sense for you?

Adolfo Castro Rivas

The most important part of the year probably what we have today is, from the second half of December 15 to December, until the end of the holy week, let’s say middle of April. That’s the important part of the traffic growth and that’s the high vision and these high vision is coming basically from the United States and Canada and that’s what we have reflecting today in the numbers of month of January.

And for the summer and the future that will depend most on the domestic traffic and we have seen domestic traffic of course is growing. But it’s growing and it coming from the reduction of (inaudible). And it gives a conclusion domestic traffic has been growing in the very nice way I would say completely retrograded from these two effects.

It’s not the case for the smaller airports, and they will end recuperating the future once the other airlines have more capacity to the system. But for the moment, we’re happy. We’re expecting what is going to happen in these transition and that will as I said before and that will give the call for the entire year.

Unidentified Analyst

Okay. Thank you and congratulations on the results.

Adolfo Castro Rivas

Thank you.

Operator

Next question comes from Vanesa Quiroga from Credit Suisse. Please go ahead.

Vanesa Quiroga – Credit Suisse

Hi, hello thanks for the call. And my question is regarding your – what your strategy would be if for specifically turn ASUR doesn’t win the concession for the Cancun airport. Would you still try to keep your balance sheet situation in such a healthy state, if in order to bid for other airports may be other ones in Brazil or what other options are you looking for around the world or would you be ready to distribute extraordinary dividend?

Adolfo Castro Rivas

Okay, too many questions in one. Let me tell you, we cannot win Puerto Rico we will privatize the next one. As I said you in the initial remarks, the objective is not just to win the bidding process, the objective is to win a bidding process and to prefer shareholders value or shareholder return.

And these basically creating value in the concessions we are entering and we have hopes in the case of Puerto Rico, but if we’re not able or if someone else pays more, we will try the next, if this is going to be below somewhere else, (inaudible) we will have to wait until the next process is available.

You said that we will pay an extraordinary dividend, many says that if we see, what we have paying in terms of dividend as of the last day of the year 2009, basically we have paid all of what we have generated. Remember, dividend is something related to profit. And as of today, our balance of retail earnings is almost the profit of the year with exception of the year 2010, when we have a change in the accounting principles that basically return some profit resulted from the precession we have standard in the path to the P&L.

So I don’t see where we can be an extraordinary dividend or we are basically saying what we have generated up with the year 2009 when the process today [2008] where we are now with the result that we have the result that we are publishing right now and with the project that we have in front to propose something or [extrapolated result].

Vanesa Quiroga – Credit Suisse

Okay. Okay, thank you Adolfo. And then my other question is how is the let’s say integration of the new partner, have you a has progressed so far, are you – is anything in your commercial study you changed given their experience, I mean are there any updates on how they have contributed to new goals or studies on that front?

Adolfo Castro Rivas

Nothing has changed for the moment.

Vanesa Quiroga – Credit Suisse

Okay, thanks Adolfo.

Adolfo Castro Rivas

You’re welcome.

Operator

Thank you for your question. Next question comes from Augusto Ensiki from Morgan Stanley. Please go ahead.

Augusto Ensiki – Morgan Stanley

Hi good morning Adolfo. Question regarding your direct operations of your convenience I mean is there any plans to expand what your or how much you are – have on direct operations so to increase what you are doing in commercial. And the second quick question is if you could tell us how much of cash and then how much of debt is in U.S. dollars? Thank you.

Adolfo Castro Rivas

Augusto, good morning. An expansion of commercial activities in terms of direct operation. Now we do not have any intention to expand these to other lines of business as of today. What we have intention of the stores is towards the convenient stores, we do not intend to do anything else. And in terms of how much do we have in dollars, basically I think your question is what we have in dollars in terms of debt is nothing and in terms of cash in hand, I don’t have the exact figure right now, but each would be closed $10 million.

Augusto Ensiki – Morgan Stanley

All right, perfect. Thank you very much, Adolfo.

Adolfo Castro Rivas

You’re welcome.

Operator

.

Thank you for your question. Next question comes from Vivian Salomon from ITAU. Please go ahead.

Vivian Salomon – ITAU

Hi, good morning. Adolfo, congratulations on the [results], and I just have three quick questions. The first one is, specifically in Brazil, after what you mentioned would there be any interest to continue in the region or would there be any preference to look for other country that would have a difference scheme such as maybe Puerto Rico could have been similar aspect as you already have in Mexico? My second question is, if you have any update on the new tariffs for Veracruz and Villahermosa. And if you can just comment a little bit, I mean, you talked about the international traffic that the trends that we are seeing in domestic will continue to be very strong. What is your view on that, and do you have any comment on the (inaudible) Mexicana could come back to the market? Thank you.

Adolfo Castro Rivas

Hi, good morning, Vivian. Thank you for your comment. As of today, we have to say and this is not inviting and not (inaudible) going. but we have that, we are looking for some places in Latin America. As we see what is going on to date, probably Brazil could be different than what we can see things probably closer in terms of these terms and closer in terms of language. But for the moment we have to add just some places in Latin America. So we will be waiting what happened in Puerto Rico and then to decide what will be the next step if we do not (inaudible).

What has happened in Veracruz and Villahermosa, Thank you for the question. Nothing has happened, the (inaudible) are not giving any kind of response is almost 18 months after you know that the CEO of the DGAC has resigned. To date we do not have one in the charge of the CEO of DGAC. I really don’t know what to say, we have been pushing and sending letters asking for a response there, but it’s the same, no response.

In the case of the domestic you were saying that the traffics are strong, but it’s true that comparison is different because in the case of the domestic, when (inaudible) 26, 2010 where traffic was expected to some months and then the comparison that we have to take is not exactly the same.

If we see our historical figures in the case of domestic we’re still below the historical peak intense of the last 12 months was in June 2008. We are almost 4% or 5% below. And I hope that in the future – in the short-term future we will be able to go back against our historical (inaudible) one capacity from the other airlines that increased.

Vivian Salomon – ITAU

Okay. Thank you so much. And if I could just ask one more question, regarding the investment that we have seen and the government will be making for the five states in which (inaudible) because of the changing (inaudible). Do you expect anymore investments if that’s what you have in the – in your master development plan or we just use the numbers that have been that are in the master development plan, do you expect anything else to come through?

Adolfo Castro Rivas

Well, I’m really having the bad time hearing your questions, but I’m trying to imagine what your question was. Basically you are asking about the (inaudible) team and the amount that we have to invest. You have a number there, we published that on April the 2nd 2009. And more or less the figure for this year it’s around 800 million pesos, and remember that after five years we will have to comply with all the commitments we’ve made with the government. So I don’t that’s the answer to your question, because I was not able to hear your question.

Vivian Salomon – ITAU

Yeah. It was (inaudible) there was something additional because of the investment, but the local governments will be making to attract more tourism to the area. Do you plan anything additional to be invested in your airport, just because of these Mayan celebration that will take place this year?

Adolfo Castro Rivas

Okay. No, nothing in addition to that. Remember, we have enough capacity in both cases (inaudible) to receive more people of the one that we are receiving normally so, we will be ready to receive all the people that once come to the celebration at the end of the year.

Vivian Salomon – ITAU

Perfect, thank you so much.

Adolfo Castro Rivas

Thank you.

Operator

Thank you for your question. Next question comes from Luis Willard from GBM. Please go ahead.

Luis Willard – GBM

Thank you, Adolfo, good morning and congratulations on the result. Just a quick question, correct me if I am wrong. I believe that rents coming from another retail spaces and regarding the commercial revenues are U.S. dollar denominated right?

Adolfo Castro Rivas

The retail spaces.

Luis Willard – GBM

The rents.

Adolfo Castro Rivas

The rents, no they are not in dollars. Remember that most of our rents are basically coming from a concession fee. And the concession fee is a portion of the sales and the sales normally are not in U.S. dollars so they are in pesos, probably with expansion of duty free some of the sales can be done in dollars. No, it’s a portion of the concession fee, what we are receiving basically.

Luis Willard – GBM

So just to make it clear, the 26% increasing commercial revenues is fully related to well the strategies you have developed and the opening of new spaces and all that rather than favored by a fixed rate?

Adolfo Castro Rivas

Well our piece could be coming from the changing the effect rate, but let me ask you something. Will you get a 50% or 30% hamburger because of the pesos that (inaudible), I don’t think so. Probably you are going to buy one additional bottle of the (inaudible) in terms of where even if you are wealthier or you receive more money from more pesos from your dollar, you are not going eat 1.3 hamburgers or, so we cannot say that because of the pesos evaluation all the commercial revenue it means (inaudible) a piece of that could be because of close or duty free..

Luis Willard – GBM

Okay. Perfect yeah, it was more related to rental and the fees. Thank you.

Adolfo Castro Rivas

You’re welcome.

Operator

Thank you for your question. Next question comes from (inaudible) Bank. Please go ahead.

Unidentified Analyst

Sure , this is (inaudible) thanks for taking my call. I was wondering if you could comment at the same time was it profit in Puerto Rico and when will the government take generally (inaudible) and when can we expect final report.

Adolfo Castro Rivas

Okay, let me try to repeat your question and these in fact the last question, you were asking about the traffic in for Puerto Rico?

Unidentified Analyst

No, no I was asking how long does the government takes to analyze the proposals you are going to government in March 15, and when can we expect the final results from the from past.

Adolfo Castro Rivas

Okay there is no clear indication in the Puerto Rico, so many days they will use to warrant these and what we know is that, today we have to submit the indicative bid on March the 15th. Apparently, this will be converted into a short shortly. So from the six participants, we are today probably they will reduce this to three participants. Then they will ask our final offer and they probably will use one to three months to declare win.

Unidentified Analyst

Okay, perfect, thank you.

Adolfo Castro Rivas

You’re welcome.

Operator

Next question comes from (inaudible). Please go ahead.

Unidentified Analyst

Thank you. Good morning Adolfo and congratulations for the results. My question comes from if well Mexicana issue seems to be resolving in the near-term. Do you expect that to roots well to return the writs that belong to them and well basically, by the end of this year or when do you expect to recover all those traffic figures that were left from Mexicana?

Adolfo Castro Rivas

Well, in the case of Mexicana, if we divide it to pieces, let’s say Cancun and the others; in the case of Cancun we are better than where we were before Mexicana. In the case of the other airports, we are not – we are still seeing some kind of effect of lack of capacity and this lack of capacity is creating basically higher prices lows and matters. And I (inaudible) these things as we mark that we will be recovering these capacities in the short-term future. We don’t feel we’ll recover these capacities we extend (inaudible) capacity the traffic has been normalized or that we will not have any impact from the Mexicana is an option of course, in the overall numbers absolutely this is nothing, this is very small, remember that the smallest effort that we have in comparison with (inaudible) site, and the declines it’s very small effect in the overall domestic traffic. So yes, it’s true in some of the airports we’re still having problems, but this does not apply a major problem for the overall numbers of…

Unidentified Analyst

Okay. thank you very much.

Adolfo Castro Rivas

You’re welcome.

Operator

Thank you for your question. Next question comes from Neal Dihora from Morningstar. Please go ahead.

Neal Dihora – Morningstar, Inc.

Thanks for taking my question. I guess I have two questions, one is on the domestic traffic and capacity. if we look at annually, you guys had like $7.45 million and only 200,000 from the peak in 2008. so here is my question is that a lot of airlines sort of start growing again cash through Cancun or this is like you’re getting a lot of share because full traffic in terms of domestic isn’t as high as share is. The second question is that I’m circling around Riviera Maya, where are me on that I mean, can we still get another bid in the year or two or is that a complete cancellation, those are my two questions?

Adolfo Castro Rivas

Okay. The question first one, domestic traffic in the case of Cancun, domestic traffic is if you see the lateral more than that how I like to see the traffic. and if you see that today we have the highest aggregate in the case of the Cancun for domestic traffic. In the case of Riviera Maya, and you’re saying that, you’re asking about the airport, we don’t have any information about it, nothing has been said by the authorities.

Neal Dihora – Morningstar, Inc.

Okay, thanks.

Adolfo Castro Rivas

You’re welcome.

Operator

Thank you for your question. Last question comes from Francisco Suarez from HSBC. Please go ahead.

Francisco Suarez Savin – HSBC

Thank you. Good morning, Adolfo, congrats on your results. Question related with discretionary CapEx if I may. How much do you think you might be spending on more important and you actually share with us your overall strategy to invest in the convenience stores under the – those questions about directly operated by you? And what might be the case of overall CapEx for this year on those activities?

Adolfo Castro Rivas

Okay. So your question is just CapEx for convenience stores?

Francisco Suarez Savin – HSBC

Yes. And overall on that particular subject because it is paying off fantastically and also in other non-committed CapEx items that you may have for the year?

Adolfo Castro Rivas

No, I would say CapEx for convenience stores is three months. It’s basically the sales that we made in the stores and of course that (inaudible) that we have to install the cash here (inaudible). As an overall picture, it is a very small income parcel with the amount that we are investing on the OpEx, the Ps. 800 million that we will mentioned as a more as a round number for CapEx this year, it’s pretty small.

Francisco Suarez Savin – HSBC

Got it. So [Boston], I think stands for expanding further your overall operations?

Adolfo Castro Rivas

No, I don’t…

Francisco Suarez Savin – HSBC

Another initiatives that you might be looking at the moment?

Adolfo Castro Rivas

No. I don’t think so. Probably, it will be the opposite, probably some of the stores that we have taken is something that we will have to send back. I have information that two of the stores basically (inaudible) are not giving the results we’re expecting, and probably we will send this back to someone else.

Francisco Suarez Savin – HSBC

Great. And what – you can share with us about [gross leasable area] that you might have this year, and what is the [gross leasable area] that you have at this moment and any plans for expanding that for this year or the coming years.

Adolfo Castro Rivas

You are talking about area meaning, kilometers?

Francisco Suarez Savin – HSBC

Yes, if possible.

Adolfo Castro Rivas

No we don’t see that, remember that our (inaudible) business is not just on kilometer basis. It’s different, what we are going to have on kilometers is what we are working in the expansion that could be more, so we’re (Inaudible) that. but again, in the overall (Inaudible) something important. So, I don’t see that the view of business, which should be kilometers it might be – is that we should be focusing in long-term.

Francisco Suarez Savin – HSBC

Got it, okay and if I may, any news from the new CFO. Have you found any official candidate so far, when he might be joining ASUR.

Adolfo Castro Rivas

We are still working on that.

Francisco Suarez Savin – HSBC

Okay, thank you. Congrats again.

Adolfo Castro Rivas

Thank you.

Operator

Thank you for your question. Next question comes from Augusto Ensiki from Morgan Stanley. Please go ahead.

Augusto Ensiki – Morgan Stanley

Hi, thanks for taking my follow-up. Actually, I apologize if it’s already been addressed. It’s regarding the appeal on the amortization issue for Cancun? Did you mention an expected timeline of when that appeal, when the ruling on the appeal might go through or actually anything related to when that potential charge might come in for you guys?

Adolfo Castro Rivas

Okay. Thank you for the question. Well the first piece, it’s important to say that we are really surprised of what we are seeing. And as I told you in the initial remarks, this was a key speech from the Ministry of Communications and Transport when they sold the shares of the three airport groups.

After eight years or 10 years it’s really a surprise that someone from the Ministry of Finance is trying to say that this is not the right way to do it. We just be notified again the beginning of February and we are preparing today our case to present that to the court, how much time is this going to last, I don’t know. If this lasts for two to three years, that’s normal procedure in Mexico.

I have to say that we will have reports from Ministry of Communications and Transports to see if they can talk and discuss this with the Ministry of Finance to align the way of thinking. And also I have to say that we are not the only case, it’s also for some other airport groups. And I know that one of them have one will have to receive a final [volume] in favor, in one of their cases. But answering your question directly, I really don’t know how much time it is going to last – could last, two, three years. And of course, this could represent some additional costs for the company, because of the lawyers and because we will have to grand a guarantee for the amount that the committee is blaming. Of course, these amount if we win, and if the judge says that we are right, this is something that we will have to collect from the authorities, because they will be responsible of creating a case that wasn’t our case.

Unidentified Analyst

Understood. All right. That was very helpful. Thank you once again.

Adolfo Castro Rivas

You’re welcome.

Operator

(Operator Instructions) Next question comes from (inaudible). Please go ahead.

Unidentified Analyst

Hi, good morning. I was reviewing some of the process, then coming out of Brazil for the second round of airport bids, and I wanted to ask you if a) you would be interested in the next round, b) if the bidding documents are out, and c) it seems that there’s a suggestion at least in the process, the President is going to change the focus of bids, so that, anyone bidding on the next round airport has to have more years of experience in the sector and actually running an airport. And would that impact favor someone like you?

Adolfo Castro Rivas

Well, for the moment, I’m not thinking about Brazil and it was not for me for the moment, and we will have to wait – well, the documents have not been published. Once they are published we will be – we’ll go back (inaudible) or not. For the moment, the only thing that I can speak to you is I wish better luck for them, because as I said during my initial remarks with a number of that they have offered, I can assure that they cannot provide very close return. So I hope that they will have this – they’ve already received that’s what I can say.

Unidentified Analyst

Thank you.

Adolfo Castro Rivas

You’re welcome.

Operator

Thank you for your question. Now I would like to hand it over to Adolfo for closing remarks. Thank you.

Adolfo Castro Rivas

Thank you, [Monita] and thank you everybody to join us today on our conference call. As always, do not hesitate to contact me if you have any further question. And thank your for being here and have a great weekend. Good-bye.

Operator

Thank you, ladies and gentlemen. That concludes your conference call for today. You may now disconnect. Thank you for joining and have a great day. Thank you.

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