Good morning. My name is Daniela, and I will be your conference operator. All lines have been placed on mute to prevent any background noise. This is Cox Energy América's fourth quarter 2021 earnings call. There will be a question and answer session after the speaker's opening remarks, and instructions will be given at that time. Today, we have with us Mr. José Antonio Hurtado, Chief Executive Officer, who will give an overview of the factors that influenced Cox's operating results. Mr. Javier García, Chief Financial Officer, and Mr. Enrique González, Vice President of Investor Relations. They will be discussing the company's performance and strategy as per the earnings release for the full year 2021 results issued this Monday, February 28. If you did not receive the report, please contact Cox Energy América IR department, and they will email it to you. Please note that this call is for investors and analysts only, and questions from the media will not be taken, nor should the call be reported on. Any forward-looking statements made during this conference call are based on information that is currently available. Please refer to the disclaimer in the earnings release for guidance on this matter. I will now turn the call over to Mr. José Antonio Hurtado. Thank you, Daniela. Good morning, everyone. Thank you for joining us today. I'm very pleased to be hosting the call and to answer any questions you might have. 2021 was a challenging year in the face of an adverse macroeconomic environment and regulatory changes. As you may know, during 2021, we reinforced the management team as part of our commitment to deliver the best possible results. We have been working to improve our internal processes and align them with international best practices, consolidating our fundamentals and preparing the company for the opportunities that lie ahead. In line with this, during the last quarter of 2021, we carry out an in-depth analysis and reclassification process of the company's assets to reflect their fair value on the balance sheet. This analysis resulted in the recognition of an accounting impairment of MXN 270.3 million at the end of 2021. This impairment is mainly related to regulatory changes in the regions where we operate and an adverse economic and macroeconomic environment which had led us to reclassify some projects. As we have mentioned before, in this sector, the project portfolio is subject to constant changes, with projects being added and dropped from quarter to quarter based on viability and current regulatory and macroeconomic conditions. This is why, as you saw in our earnings release, we decided to make some changes to the way we present our portfolio, making it more conservative by dividing it into two main sections, current portfolio and identified opportunities. Only the projects with the highest potential will be moved to the current portfolio, allowing us to explore even more opportunities, but continuing only with those that will generate the highest return for the company. As of the end of 2021, our portfolio consisted of a total of 45 projects, 20 of which are classified under the current portfolio category, as they have already cleared the internal screening process, made significant progress, and are on track as per the timeline. We believe this new presentation format will allow our investors and stakeholders to better understand our pipeline. There is already a structure in place, and we seek to continue working towards institutionalization and transparency, making our portfolio profitable and sustainable in the long term. Going into more detail about our portfolio, as you can see in the presentations, we closed the year with the most diversified portfolio the company has had to date. This was thanks to our strategy to maintain a well-located portfolio focused on regions with favorable regulations and macroeconomic conditions such as Chile, Colombia, and Panama. With this, we seek to minimize our exposure to regulatory changes and increase our profitability. We have a clear strategy for these regions, and in 2022, we will focus on looking for new opportunities and progressing the ones we already have. In line with the above, during the quarter, we signed a long-term energy contract with Air-e in Colombia, a leading grid operator located in the Caribbean region. With this contract, we will be consolidating Cox Energy's position in the region as a relevant player in the energy exchange market, with energy supply obligations starting in 2023. Turning to Chile, in January 2022, we began the initial phases of the commercial operation for the Cox Sonnedix Project, in compliance with the long-term contract for up to 264 gigawatt-hour per year of renewable energy for a period of 20 years. The company is moving forward to comply with the international energy tender awarded in 2016, with an operating contract in Chile. We also obtained a favorable environmental rating for the San Francisco project, a PMGD project in Chile, which is close to start the construction stage. This resolution will allow an advance in the consolidation of Cox Energy post-operation with medium-sized projects in the Chilean energy market. All our projects are currently under development stage, with 51 MW-peak under construction or in operation, 813 MW-peak in advanced development and backlog, and 355 MW-peak in the initial development phase. For further detail about the location, size, and the stage of each of these projects within that portfolio, please refer to our most recent earnings release, which was published yesterday. We mentioned before, we are constantly seeking to increase our market share in countries or economies that have a commitment to the development of the renewable energy industry, with regulations and policies in favor of its expansion and growth. Having presence in other regions with growth potential has been one of our key strategies, focusing especially in Europe. As we communicated last year, we're in the final process of acquiring 40% of Ibox Energy platform, a photovoltaic renewable energy operation with a mature and growing pipeline that operates mainly in Spain. The acquisition is still subject to regulatory pre-clearance and meeting closing conditions. This transaction will enable us to lay the groundwork for the new structure we have in mind in Cox Energy. This structure divides our business lines in two main categories. First, we have power generation division, formed by the alliance between Cox Energy and the coming acquisition of Ibox Energy. Another division, the added value services such as energy commercialization, end user solutions as distributed generation, O&M, and asset management services, which will operate under the Ibergy platform. This new Ibergy structure, supported by our highly qualified team, will allow us to have presence in every element of the value chain and to maximize the value and return of our investments and be a reference platform for the sector in Latin America, always operating under the strictest ESG standards. As we announced in November of last year, we formally started the dual listing process, which will be in the BME Growth Stock Exchange in Spain, a platform that optimizes access to capital markets for growing companies. We decided to proceed with the listing as soon as we have the audited financial statements for the full year 2021. This will facilitate the regulatory process and allow us to provide the full picture. With this listing, we seek to gain access to a greater number of investors, increasing the visibility and marketability of the stock, and thus be able to offer greater return to our investors and stakeholders. We choose BME Growth for our dual listing as it is a market that is more familiar with the renewable energy companies and with market caps similar to Cox Energy, allowing investors to have more comparable companies and therefore make better investment decisions. As we mentioned last quarter, in 2022, we expect to start delivering results from the projects that are currently in advanced stages in our pipeline, as some of these projects will mature over this year. We currently have nine projects that will be ready to build or in operation in 2022. We maintain a positive outlook for the energy industry for the short and long term, which will positively impact our well-diversified portfolio in the regions where we have presence. We adhere to the regulatory frameworks in each of the regions where we operate and always seek to generate value for both shareholders and stakeholders through profitable, efficient, and sustainable long-term projects. We are proud to be a 100% green business model by definition, but we'll not stop there. We work every day to strengthen our corporate governance and social responsibility practices, aligning ourselves with the best practices in the market. Sustainability is one of my top priorities for the business. Last year, we were recognized by 50/50 Women on Boards and Women Corporate Directors, as one of the 10 listed companies in Mexico with the highest percentage of independent female board members. Our board of directors has two independent female board members, which represents 17% of the entire board. In contrast with the boards of 25% of the listed companies which do not have any female members and 67% which do not include any independent female board members. I would like to end by expressing the importance of Cox Energy América's solid and flexible business model. I am confident that we have the tools and experience necessary to take advantage of the opportunities that lie ahead for Cox. Although we have a relatively young company, we are continuously working to institutionalize and follow international best practices, and I am very proud of the team we have built. This will be my first full year leading Cox Energy, and I am convinced that the fundamentals created due to 2021 will lay the foundation for a better future with strong and sustainable results. As for financial results, all our projects are still in the development stage, so we have not yet received significant revenues from these projects. For more detailed information on our financial results, please refer to our earnings report, which was released yesterday and is now available on our website, or you can access the reports in XBRL format on BIVA's website. Thank you for listening. Operator, please open the floor for the Q&A session. Thank you, José Antonio. We will now conduct a Q&A session. If you would like to ask a question, please press the Raise Your Hand button located at the bottom of the screen. If you are connected via telephone, please dial star nine. We remind you that all lines have been placed on mute. When it is your turn to ask a question, you will be given permission to speak. You will then be able to unmute yourself and ask your question. We will now pause for questions. We would also like to remind you that when you do ask a question on a telephone line, you must dial star six to unmute yourself. Hello. I'm answering the question about where do we see the energy commercialization sales in 2022. That's a very good question because— Sorry, this is Javier, CFO of the Cox Energy Group. This is a very good question because last year, we actually closed, and we released it on the presentation call several contracts. I mean, these contracts takes a little bit of time because they have to change from CFE, Suministrador to Cliente Calificado, and this take time, not only on the regulatory side, but also because the client has to implement some equipment, some facilities in order to become a Cliente Calificado. Okay? We actually have secured a huge number of contracts, and it really represents a boost in our business in Mexico. I mean, I cannot give you specific data, but probably in the next quarter, you will see a ramp-up of the incomes from this business line. We really expect that this business line will provide profit throughout 2022. In 2023, we will have all the contracts in place because some of them will start at the middle of the year. I mean, it's a business line that is growing really fast and will provide the company with recurrent incomes throughout the coming years. Thank you, Javier. Actually, we have a second question from Martín Lara from Miranda Global Research. Could you please give us an update on the Ibox Energy acquisition? José Antonio speaking. Thank you, Martín, for the question. Well, as I have mentioned before, I think that we are in the final steps, you know, that we're in the final authorization process by the different regulators, you know, Spain and Mexico. If you are asking me for the timeline, I will say that probably for April, we will have integrated the 40% of Ibox company under Cox Energy América. That's what we are expecting. You know that the issue pending is the different authorizations of the regulators and administrations, but we're expecting probably for April. Thank you, José Antonio. We actually have a follow-up from Martín. Could you please give us an update on your capital increase? Thank you, Daniela. Hello, Martín. This is Enrique González, VP of Investor Relations. As it was announced last year, we are in the process of a capital increase. According to the Mexican regulations, we are, I would say, in the very final stage of it. It should be ending the process at some point during March. We have not made any additional movements or increases to what we announced in the third quarter results. I mean, maybe we're gonna have the opportunity to have some additional increase in the coming days, but if not, the capital increase will end with a subscription of around 25%-30% of the total amount of shares proposed. We will keep you updated as this unfold, but as mentioned a moment ago, it should be ending at some point during March. Great. Thank you. Our next question comes from the telephone line ending in 5176. Please state your full name, company name, and ask your question. You must dial star six to unmute yourself. Hello? Can you hear me? Yes, we can. Okay. Good morning. Thank you very much for the call. My name is Alan from Appalachian Analysis. I have three questions. The first is, what is the status of the company's listing process in Spain? The second is, given the large increases in electricity prices in Europe, have you considered any relocation of investment in this region? The third, given the political situation in Mexico, would you postpone the development of this or the project pending a better outlook? That's all my questions. Can you please repeat the first question, please? Yes. What is the status of the company's listing process in Spain? This is Enrique again, and I will let José Antonio and Javier take the other two. But the first one, as it was stated during the José Antonio presentation, we decided internally to wait to have the audited results for 2021 to continue the process of the dual listing in Spain. We are pushing to have the audited results at some point during March. Once we have that, we made that announcement in Mexico and publish everything, we will continue with the process with the BME stock exchange in Spain. If everything goes as expected, at some point during April, we should be able to go, I mean, to conclude the process and be able to be listed in both stock exchanges. As what we announced last year, we decided to postpone that because it make more sense given the position of the company, that we are such a young company, to have, like, more completed information regarding the audited results of 2021 compared with 2020, to have a full picture ready for investors and being able to continue with the dual process. At the latest, if everything goes as planned, we should be going live at the end of April. Okay. I think I understand you that the second question is, what's our portfolio in Europe or which are our plans of investment in Europe, no? I understand that was the second question, no? I think, José Antonio, it was more aligned to how we see the outlook recently with the war in Europe. Oh, the war in Europe. How will that impact the energy industry in general, if I understand correctly? Well, I think talking about Latin America, I think we will see that impact later, no. In Europe, probably, we are seeing that the prices are going up. For the next week, we're expecting to have values of energy around EUR 300/MWh. That means a high increase. You know that there is a big dependency on the gas, on the natural gas that is coming from Russia, and it will take a long time, I think, to adapt all the facilities that they will have in Europe to be independent of the natural gas, no. Talking about the natural gas, I think that is the main issue that is conditioning the prices now in Europe, no. The strategy on developing the investments in the new power plants, I think that at this moment there is no issue at this moment. We will see next week because I think that things change every week. At this moment, all the plans and the portfolios are still, we are still working on it. With the Spanish division, we are still working. We have a commitment on developing and putting operation several plants during this year, next year. I think that this won't change. Probably we will see changes on the prices of the raw materials or the components, but not today. I think that we will see probably in several weeks if the war continues, no. The last question is what do we expect in Mexico? I think talking about Mexico business. Well, in Mexico, we are waiting what will happen with the contra reforma. Until we don't have any information about what is going to be approved or there is going to be something approved, I think that all the players that were working in Mexico, talking about raising or developing power plants, we are waiting. You know, it's wait and see till what will happen, probably by June, July of this year. That's probably when it will be approved. We don't know what is going to be approved at this moment, but since it probably will be approved. Our strategy in Mexico is to improve our commercialization division, as Javier has told you a few minutes ago. There is a big opportunity in Mexico now, talking about commercialization. What we call the qualified customers. There are a lot of qualified customers asking for energy at this moment. Also we think that the distributed energy, I think that, is also a key factor in Mexico. The customers are looking for developing their own solutions to get. I wouldn't like to say. I don't want to say that they're trying to be independent of the energy grid, but you know that the customer wants to be in position of what they are managing, no? Probably we are seeing that we will see that it will be an increase in this side, in this part of the sector. Talking about the added value, what we call added value emerging in our case. I think it's a good opportunity to focus this year in Mexico increasing this business. Talking about the power generation itself, I say that until we don't know what is going to be approved, we will see what happens. That is one of the reasons why we have written down our assets, you know. Two of our assets in Mexico were removed from the list of the portfolio. That was the impact that we have in our accounting. We are fully committed with Mexico, not at this moment, but we will be fully committed with Mexico, I think by the next year or in two years, and we will be prepared for that. That's our intention. Okay. Thank you very much. Thank you. We will pause once more for any further questions. We have not received any further questions at this point, so that concludes our question and answer session. I would now like to hand the call back over to José Antonio Hurtado de Mendoza for some closing remarks. Thank you all for joining us today. Please don't hesitate to reach out to us if you have further questions. We appreciate your interest in Cox Energy América, and look forward to speaking with you soon, with you again soon. That concludes today's call. You may now disconnect. Have a good day.