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Grupo Aeroportuario Del Pacifico, S.A. de C.V. (PAC -1.29%)
Q4 2019 Earnings Call
Feb. 21, 2020, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to GAP's Fourth Quarter 2019 Conference Call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time instructions will be given if you would like to ask a question. It is now my pleasure to turn the call over to Maria Barona of i-advize Corporate Communications. Please go ahead.
Maria Barona -- Managing Director at i-advize Corporate Communications, Inc.
Thank you and welcome to the Grupo Aeroportuario del Pacifico's fourth quarter 2019 Conference Call. Today from the Company we have Mr. Raul Revuelta, GAP's Chief Executive Officer and Mr. Saul Villarreal, Chief Financial Officer.
Please be advised that any forward-looking statements may be made during this call. These do not account for future economic circumstances, industry conditions, the Company's future performance or financial results. As such, statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations.
For a complete note on forward-looking statements, please refer to the quarterly report issued yesterday. Please note that unless stated otherwise, all comparisons in this call will be versus GAP's results for the comparable period of 2018.
At this point, I would like to turn the call over to Mr. Revuelta for his opening remarks.
Raul Revuelta Musalem -- Chief Executive Officer
Thank you, Maria. Good morning, everyone, and thank you for joining us today.
Let me begin by saying that 2019 was one of the most significant years of GAP's history. Not only did we experience outstanding financial results once again, but also in the final quarter of the year, we initiated operations at the Kingston airport, our second Jamaican concession.
Additionally, we successfully closed the Master Development Programs and Passenger Tariffs agreements for our airports in Mexico and Jamaica for the 2020-2024 period. I am going to start with the financial highlights for the fourth quarter. Then, I briefly review our full-year performance.
EBITDA grew around 7% for the fourth quarter, reaching an EBITDA margin of 65% due to the consolidation of the Kingston airport. During 2020, we expect to begin optimizing the operation of this airport and charging the new tariffs. Thus, the consolidation is expected to generate an EBITDA margin in the range of 64% to 65% on a consolidated basis. Total aeronautical and non-aeronautical revenues increased around 13%, driven by the traffic performance, as well as the new available terminal areas, in addition to various strategies aimed at increasing commercial revenues.
In the fourth quarter, GAP transported over 12.7 million passengers throughout the 14 airports. This amount represented an 11% increase, driven in part by the consolidation of the new routes opened during 2018, as well as the growth of the Mexican low-cost carriers in key high-density markets.
If we look at the performance of the individual airports, Tijuana reached the top performer status in terms of additional traffic, mainly due to the steady appetite of the Southern California market for travel to Mexican leisure destinations. As a result, Volaris and VivaAerobus continues to grow at a rapid pace. These two airlines account for about 217,000 incremental departure seats, representing a 30% growth for VivaAerobus and 22% growth for Volaris. Accordingly, three new routes opened, these were Puerto Vallarta, Tapachula and Queretaro.
The Cross-Border Express continues to be fundamental for the growth of this airport, reaching 34% market share of Tijuana's total traffic, which is growth of 18% compared to the fourth quarter of 2018.
Moving to Guadalajara, international traffic drove the 4Q '19 increase by 11% compared to the same figure for 2018. The Texas markets, mainly Dallas, Houston and San Antonio, significantly contributed to this growth with extra frequencies by American Airlines and Volaris, as well as the seasonal route operated by VivaAerobus to Chicago O'Hare, aimed at the U.S. based Mexicans who visits friends and family.
In Los Cabos in Puerto Vallarta, domestic traffic was the main catalyst for growth, rising by 23% and 15%, respectively. Los Cabos added frequencies to Mexico City by Interjet, VivaAerobus and Volaris, as well as a new routes to Monterrey by Volaris. Puerto Vallarta experienced a sharp increase on the Mexico City route, and Aeromexico began a daily flight to Monterrey.
Additionally, certain international routes at both airports reported a slight decrease attributable to the 737 MAX effect. However, the airlines remain confident about the popularity of the Mexican leisure destinations as well as their continued future potential, as they continue to roll out new routes to both Los Cabos and Puerto Vallarta.
In Los Cabos, TUI airlines, initiated flights to and from London's Gatwick Airport, making TUI the first European carrier to fly in and out of the Los Cabos area. In the Canadian market, WestJet added a flight to Victoria, while low-cost Canadian airline, Swoop, kick off flights to Edmonton and Winnipeg. Sun Country also operated to and from Portland. In Puerto Vallarta, Edmonton and Winnipeg flights have also began, both from Swoop.
And finally, in Montego Bay, traffic rose by 0.6%. In this market we experienced slower passenger growth from the European market, mainly due to the cancelation of the Dusseldorf route from Eurowings and Condor as well as the route to Munich also from Eurowings. However, the airport concluded the year with 5% growth and the launch of the new routes, the three new frequencies to Lima, Peru by LATAM, and the daily New York JFK flight by American Airlines.
Now, let's continue with the non-aeronautical revenues where we saw an outstanding performance, increasing by MXN111 million or 13% during the fourth quarter. As a result, commercial revenue per passenger rose by 9% for the fourth quarter, mainly due to the expansions in the commercial areas throughout the Guadalajara, Tijuana, Aguascalientes and Guanajuato airports.
For the quarter, GAP's strongest performing business units were, food and beverage, which rose by MXN34 million or 39% during 4Q '19. This significant performance was mostly due to Tijuana and Guadalajara airports, where the newly expanded food and beverage spaces opened during the first half of the year. And in Los Cabos, we defined the new international terminal layout. Currently we are already granting new contracts for food and beverage, and expect to begin operations during the last quarter of 2020.
Duty free increased by MXN14 million or 13%. This increase was mainly due to continuous traffic growth in airports that have duty free, Guadalajara, Los Cabos, Puerto Vallarta, Tijuana and Guanajuato. I want to add that the redesign of the duty-free areas in the Los Cabos and Tijuana are currently under way. Retail increased by MXN13 million or 15% mainly due to the operation of the most recently completed spaces in the Tijuana and Guanajuato airports. Additionally, the bidding process for the new retail spaces in Montego Bay was launched in December. And in Los Cabos, the new international terminal layout was defined, therefore this bidding process will begin during the second quarter of this year.
Revenues from the Aeromarket Stores, which are GAP-operated, rose by MXN17 million or 58% as a result of the growth strategy implemented in 2019. As such, we opened one new store in Puerto Vallarta, in the public area and also remodeled the international departures and arrivals store. At the Aguascalientes airport, two Aeromarket stores were also renovated.
VIP lounges, which are also operated directly by GAP, increased by MXN4 million or 6% during the 4Q19. The number of VIP lounge users rose as a result of higher market penetration, especially in the international lounges of the Los Cabos airport. Additionally, we are currently working on the redesign and expansion of the VIP Lounges projects at the airports of Guanajuato, Guadalajara, Los Cabos and Tijuana during January 2020. The Mexicali airport opened a new VIP Lounge.
Now moving on to capex, last year GAP successfully concluded a Master Development Program for the 2015-2019 period. Thus, in 2019, we increased the capacity of the departure areas at the Morelia, Aguascalientes, La Paz and Manzanillo airports and we also concluded major refurbishments and expansion works at the Tijuana Airport as per the MDP.
During 2020, we expect certain challenges in terms of construction as a result of our new MDP commitments. However, I should mention that the architectural design for the three main projects is already under way. This includes the new terminal buildings in Guadalajara, Puerto Vallarta, as well as the new processor building in Tijuana.
Our procurement processes will be through our biddings with the major construction companies as well as domestic and international advisors, all with ample airport experience. After the termination of the construction works of the three new terminal buildings in 2024, we would see around 60% increase in terms of the square meters. Also, in the pipeline -- in the construction of a hotel at the Guadalajara airport, the expansion of parking lots for Guadalajara, Tijuana and Puerto Vallarta, as well as other commercial projects.
The total investment amount for 2020 at these 14 airports is approximately MXN8.5 billion. In terms of sustainability, we concluded the technical and financial feasibility analysis for clean energy generation, as well as the related bidding processes. The Company would implement three different strategies for electricity consumption. First, we would start with the modality of supply and consumption of energy from a qualified solar technology supplier.
Second, we would install solar panels over the carports in our parking lots in order to self-generate energy. And third, we would add two solar farms, one in Guadalajara and another in Los Cabos, so that will significantly reduce our carbon footprint. Our target is to generate most of our energy with these three strategies by the end of 2022.
Now, reviewing the financial results, full-year results were in line with our expectations. EBITDA grew by 11%, reaching about MXN9.7 billion and EBITDA margin reached 68.5%. Total revenue rose by 13%, mostly driven by outstanding traffic performance and the opening of the new commercial areas.
Cost of service increased by 12%, driven mainly by the rising number of personnel and related salaries, as well as maintenance expenses and utility costs, resulting from the larger size of the terminal buildings and higher energy prices throughout the year, and also, due to the consolidation of the Kingston airport.
That concludes my remarks. I now ask the operator to please open the floor for your questions.
Questions and Answers:
Operator
Thank you. [Operator Instructions] And your first question comes from Alan Macias with Bank of America. Your line is now open.
Alan Macias -- Bank of America Merrill Lynch -- Analyst
Hi, good morning, and thank you for the call. Just one clarification. Did I understand correctly that you now expect that adjusted EBITDA margin will be around 64% to 65% with the consolidation of the Kingston airport? Is that correct? Thank you.
Saul Villarreal -- Chief Financial Officer
Yes, good morning, Alan. Thank you for your questions. Yes, you're right. Due to the consolidation of Kingston, as we previously mentioned in our report in the conference call, the new EBITDA margin of GAP will be around 64%, 65%. Obviously, our target is to try to improve, to increase this percentage that now the cost and the operation of Kingston will bring this adjustment. We are expecting an EBITDA margin of around 8% for Kingston, which provides this adjustment. Finally, our target and our strategy with this airport, it's not the margin. It's more the position in the market and the consolidation of the 100% of the passenger traffic in the Island.
Alan Macias -- Bank of America Merrill Lynch -- Analyst
Great. Thank you.
Operator
Thank you. And your next question comes from to Mauricio Martinez with GBM. Your line is now open.
Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst
Hi, good morning. Thanks for the call and taking my question. My first question is in commercial revenues. We saw a sharp deceleration in this quarter. I would like to know your expectations going forward in Mexico, specifically in the commercial front, and if the decrease in Guadalajara's non-aeronautical revenues came from the problem with the parking business there with the hidden tariffs. That will be my first question.
Raul Revuelta Musalem -- Chief Executive Officer
Thank you, Mauricio. So, first what we kind of see on the Mexico for sure is the important expansion on the commercial revenue. We think that we will continue to have at least double-digit growth on the commercial revenues. For sure in the last quarter of the 2019, we have the impact of the non-revenues for the parking lots of Guadalajara. But as you remember, it's our biggest parking lot in our business. For the moment, we are already completely operating this parking lot again. And we said that we are in a really normal operations right now. But for sure in the last quarter, we have an impact that comes from -- that came from that -- especially that specific business line.
Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst
Perfect. And also my second question would be on the Mexico's margin, EBITDA margin. As you know, Mexico -- Kingston with the other parts of Mexico, we cannot see any more the EBITDA margin for Mexico. So, maybe if you can give us a color on that, will be very helpful. I mean, just to understand what was the level in the fourth quarter in Mexico in -- for EBITDA margin?
Saul Villarreal -- Chief Financial Officer
Yes. Thank you, Mauricio. This is Saul. Yes, the EBITDA margin will be growing in Mexico. We have in average around 70%, 72% -- 70%, 72% and we will continue in that range. We are in the process of the adjustment in the cost of operation because of service, because the new infrastructure that we have in the airports during 2019 and we are preparing all the personnel that will be needed for the deployment of the new capex commitments in Mexico. So, we are in that very good level of efficiency and we do not expect to a higher margin than that range, 70%, 72%, that's our view so far.
Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst
Thank you very much.
Operator
And your next question comes from Ruben Lopez with Santander. Your line is now open.
Ruben Lopez -- Santander Asset Management -- Analyst
Hi, good morning, thanks for the call. My first question is on revenues in Kingston. Non-aeronautical revenues per passenger were close to $5. So can you get us your thoughts on the initiatives that you're working on to improve this and where do you see this number in the medium to long term? Thank you. That's my first one.
Raul Revuelta Musalem -- Chief Executive Officer
Hi, Ruben. This is Raul. Thank you for the call. I mean, first, I would like to say that the review of the aeronautical has just began a couple of days around January. So, that will give us a really important growth in terms of the aeronautical revenues from Kingston. In the other side, we are right now working on the new contract for the commercial revenues. We will -- we are expecting to review the layout for the summer of this year for -- in Kingston. So gradually, the 2020 year, we will see an important improvement in terms of revenue for Kingston in both lines, in aeronautical and in non-aeronautical verticals.
Ruben Lopez -- Santander Asset Management -- Analyst
Do you have a target here in the medium to long term or any trend that we could see like sequential in the upcoming years?
Saul Villarreal -- Chief Financial Officer
Hi, Ruben. This is Saul. Well, obviously we have target and we will try to reach that target. We have to take the operation of the airports. There are some commercial contracts that are undergoing and we will have to renegotiate with the tenants. So, we are in the process. But this year 2020, our main target is to establish a minimum return that we are expecting to have around 8% of EBITDA margin and we will look for the efficiencies in the cost of operation and we'll try to improve the revenue per passenger in commercials -- in commercial revenues.
Ruben Lopez -- Santander Asset Management -- Analyst
Okay, perfect. Thank you. And then, just a follow-up on that same topic. I understand the play here is the top line growth in Kingston, rather than the margin expansion, but can you give us any sense of the cost structure going forward? I mean you said 8% in 2020, but going forward, where could we see this number?
Saul Villarreal -- Chief Financial Officer
Well, I think you mean about the construction process in the works in the airport. Is that your question?
Ruben Lopez -- Santander Asset Management -- Analyst
No, it's EBITDA margin for Kingston in the medium to long-term horizon.
Saul Villarreal -- Chief Financial Officer
Well, for us, it's around -- just consider this, we will pay to the government 62% of concession fee. And with that we only have 28% -- 38% for the operation and for the return. So, we have in an efficiency level, we consider that we could have an operating airport with 20%. Then we will be having in a long term horizon around 18% in the most efficiency level of EBITDA margin.
Raul Revuelta Musalem -- Chief Executive Officer
I would add, Ruben, to actually give more color on that. It's important to remember that for instance, the Mexican concessions have upfront payment to the government at the very beginning of the concession and the Kingston concession is a completely different concession with none or a minimal upfront payment to the government and that made us that the biggest impact on the concession will be the concession fee that Saul mentioned, 62%. So, due to the fact that we have this upfront payment that they would be in all the life of the concession throughout is 62%. It's more treated like a rent rather than an acquisition.
So for the starting Kingston concession -- or the Kingston airport, it will be more related to the cost control rather than the increase of the revenue. For sure, we will be targeting to increase the revenues and also the costs, but in terms of this creation of additional value through the EBITDA, it will be more important to have the best possible cost control on that specific airport.
Ruben Lopez -- Santander Asset Management -- Analyst
That's pretty clear. Thank you.
Operator
And your next question comes from Diego Gaxiola with Credit Suisse. Your line is now open.
Diego Gaxiola -- Credit Suisse -- Analyst
Hi, good morning and thank you for the call. My question is regarding cost of services which we saw organically flat year-over-year. We were wondering if we could expect that going forward into 2020.
Saul Villarreal -- Chief Financial Officer
Hi, Diego. This is Saul. Well, the cost of service in this quarter increased around 11% due to the integration of the Kingston airport mainly, but if we consider only in the operation of the 12 airports in Mexico plus Montego Bay, we have a decrease in the cost of operation. We are trying to maintain the cost control of this. Obviously, we need a period of implementation and take over the operation of Kingston. For 2020, we are expecting around 12% to 13% increase in the cost of service in terms -- in consolidation basis including Kingston.
So, we considered in the results in 2019 yearly basis, the increase without the consolidation of Kingston, the cost of service increase was 8%. So, we are in that line. We know that we have more infrastructure. We are looking for additional efficiencies, but we know also that we need to -- we require more people -- more headcount for the deployment of the capex and that will be a special increase for 2020 in terms of the cost of service. So you will see that in this year, an adjustment in the cost of service, mainly because the personnel and the new headcount needed for the deployment of capex.
Diego Gaxiola -- Credit Suisse -- Analyst
Okay, thank you very much, very clear.
Operator
And the next question comes from Bruno Amorim with Goldman Sachs. Your line is now open.
Bruno Amorim -- Goldman Sachs -- Analyst
Hi, thank you very much. So I have a follow-up question on non-aeronautical revenue. Sorry, if you have comments on it, but the line is not great. So just wanted an update on your strategy for non-aeronautical revenues going forward. I remember for the past couple of years, you have invested to a great extent on this. Your costs grew because you were building the case for higher potential revenues on this front, which had materialized. It seems now that we are seeing some deceleration. But the question is going forward, what should we expect both in terms of investments in commercial areas and then potential impact on the cost structure, and also, of course, the resulting positive impacts on revenues on that front? Thank you very much.
Raul Revuelta Musalem -- Chief Executive Officer
Thank you, Bruno. So, in terms of the non-aeronautical revenues, we will continue all the airports to create that unique experience for our passengers. One of the key parts of this, you will see on the coming years, we will be more personalized services, such as VIP lounges for example. But I would say that, in general terms, we will have this great opportunity with this new master plan and expansion of the terminal building to add commercial revenue.
Key part of the next five years, we're going to see expansions and also -- of almost 50% of the cost of the total [Indecipherable] in our saving. That will open up a great chance for increase the spaces for commercial activity. For sure, we will continue in our strategy to be the best possible brand to the airport. We will continue to give to our passengers, what they are expecting in terms of brand. That is the key part.
And also the second part that is, we should continue seeing better revenue in this lines. And this new business line, as you already know, we are already working on the [Indecipherable] for Guadalajara also for Tijuana on coming years. And maybe I will say that the coming years will give us the change to expand in a robust way, our commercial revenue.
Bruno Amorim -- Goldman Sachs -- Analyst
Thank you.
Operator
And the next question comes from Marcos Barreto with Citi. Your line is now open.
Marcos Barreto -- Citi -- Analyst
Hi, everyone, and good morning. I have two questions, the first one is, considering that your conversion of traffic growth into EBITDA growth was below 1 time, could these improve your Kingston's margin improving or the Mexico operation somehow exceeding their high returns? That's my first question. Thank you.
Saul Villarreal -- Chief Financial Officer
Hi, Marcos, thank you for your question. The traffic growth will be in line with our view of 2019. We have to consider that this year was the first one with a single digit 8.4% increase in traffic concern Kingston. The EBITDA margin or the growth of EBITDA will be better for this year.
We have to consider that the consolidation of Kingston, the new tariffs and the cost controls that we will continue -- we will try to implement in our airports. So the traffic growth will be different to EBITDA. And for 2020, it will be higher the growth of the EBITDA. And for traffic, we did not expect a double-digit growth, we are expecting a single-digit mix. And that's our target. But EBITDA will be growing at faster rate due to the new tariff.
Marcos Barreto -- Citi -- Analyst
Okay, thank you very much. That was very clear. And for my second question, it's regarding the MDP. What was the urgency of doing so much capex in this five-year period versus waiting to do some of these over the next 10 years and sparing the consumer the burden of high-traffic increase over this period?
Raul Revuelta Musalem -- Chief Executive Officer
I will say that, as you know, Marcos, our concession has a really important part that is related with the quality of standards. So for -- a key part of our concession is the improvement of that quality standards. These are international standard for Vallarta mainly for the design of airports that give us some of the sample, ex-amount of [Indecipherable] per passenger, ex-number of baggage per passengers, these kind of things.
So [Indecipherable] the amount -- important amount of capex is related with the needs of our infrastructure. As you can see, the last five years, we almost doubled the size of the number of passengers in the mix. So we need to stand up for our traffic and I would add that -- to say that, also this master plan is occurring different, I would say, one-time impacts.
For instance, so one would say that we'd be the only, one-time or concession wise, we will build, give you the second runway for Guadalajara airport. That will really important to increase our capacity and be ready to continue with continuous -- with the absorption of additional demand.
Also, for the case of Los Cabos, we are adding a strategic land for that could be the reserve for the second runway. As you know, in Mexico, it is really important to preserve the land for possible expansion due to the fact that in the case of Los Cabos for instance, the city is growing and is really close to the airport. So it's really important to maintain our reserve of lands to be prepared for the long term and for the future for the case of Los Cabos for the second runway.
Also, we will develop the second terminal building for Guadalajara. That, for sure, is having -- we are doubling the number of acquired units on that terminal. And for sure, we are expecting that, that additional capacity will bring additional passengers, mainly passengers that today are in connection to Mexico City. So one of our strategies -- an important strategy for the Guadalajara airport is that we foresee that Guadalajara will be an important hub for Mexico.
So again, in the last 10 year, we passed from less than 1% of connection passengers in Guadalajara to almost an 11% of connection passengers in Guadalajara. So the potential of the hub is already there. We need to take the correct infrastructure to bring those passengers to Guadalajara airport and make that airport really an important hub to Mexico. But clearly that is the biggest string what'll decide our investments for the coming years.
Marcos Barreto -- Citi -- Analyst
Okay, thank you very much, Raul. Thank you for the call, and I appreciate the answers.
Operator
Thank you. [Operator Instructions] Your next question comes from Rodolfo Ramos with BBI. Your line is now open.
Rodolfo Ramos -- Bradesco BBI -- Analyst
Thank you for the call, and taking my question. My first question is, it's a follow-up to the cost question. Can you elaborate a little bit more on what additional efficiency you will be pursuing at your airports? And if you can give us a sense of what the, let's say, like to like cost growth could be in 2020?
Raul Revuelta Musalem -- Chief Executive Officer
I will begin to -- just, Rodolfo, with this main part that is important to understand. When you made an important expansion of the square meters that happened in the last three years from that, you also [Indecipherable] the cost because you need to maintain an additional square meter. At the same time, you begin to receive the additional passengers. So in some way, always, you have like a jump in the cost per passenger and then in the coming periods a dilution of the costs for the additional passengers that will arrive today in the former.
So we are seeing additional efficiencies in the coming years. First, for evolution of our passenger -- cost per passengers. But second, we are also working, for instance, on all the energy programs that we just mentioned. We are trying to make our airports -- the total energy of our airports in the coming three years will come from renewable resources that are going to give us chance for an important reduction of costs also.
Rodolfo Ramos -- Bradesco BBI -- Analyst
Thank you. Thank you, Raul. My second question is regarding the tariff implementation. I mean is this -- have you already implemented the full tariff that you had approved in your MLP or is this going to be a gradual process?
Raul Revuelta Musalem -- Chief Executive Officer
No. We already implemented 100% of the tariff from the first day of January.
Rodolfo Ramos -- Bradesco BBI -- Analyst
Thank you. And just if I may, a follow-up. When is -- when do you expect your addition to the CBX facility to be fully operational?
Saul Villarreal -- Chief Financial Officer
The new terminal, the terminal processor will released in the end of 2022.
Rodolfo Ramos -- Bradesco BBI -- Analyst
Perfect. Thank you very much for taking my questions.
Saul Villarreal -- Chief Financial Officer
Welcome.
Operator
[Operator Instructions] And there are no further questions at this time. I'd like to turn the call back to management for their closing remarks.
Raul Revuelta Musalem -- Chief Executive Officer
Thank you very much for your attention. A very important item I want to mention is our GAP DAY 2020 which will be held this year in New York City on Thursday, March 26th. We hope you can join us for a morning on management presentations and more information on future projects and outlook. Please contact us or contact our investor relations agency in New York if you wish to participate. Thank you, again, and have a great day.
Operator
[Operator Closing Remarks]
Duration: 40 minutes
Call participants:
Maria Barona -- Managing Director at i-advize Corporate Communications, Inc.
Raul Revuelta Musalem -- Chief Executive Officer
Alan Macias -- Bank of America Merrill Lynch -- Analyst
Saul Villarreal -- Chief Financial Officer
Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst
Ruben Lopez -- Santander Asset Management -- Analyst
Diego Gaxiola -- Credit Suisse -- Analyst
Bruno Amorim -- Goldman Sachs -- Analyst
Marcos Barreto -- Citi -- Analyst
Rodolfo Ramos -- Bradesco BBI -- Analyst
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