Good day, ladies and gentlemen. Welcome to Pacasmayo's fourth quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode, and please note that this call is being recorded. At the conclusion of our prepared remarks, we will conduct a question-and-answer session. I would now like to introduce your host for today's call, Mrs. Claudia Bustamante, Sustainability and Investor Relations Manager. Mrs. Bustamante, you may begin. Thank you, Tim. Good morning, everyone. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer, and Mr. Manuel Ferreyros, our Chief Financial Officer. Mr. Nadal will begin our call with an overview of the quarter, focusing primarily on our strategic outlook for the short and medium term. Mr. Ferreyros will then follow with additional commentary on our financial results. We'll then turn the call over to your questions. Please note that this call will include certain forward-looking statements. These statements relate to expectations, beliefs, projections, trends, and other matters that are not historical facts and are therefore subject to risk and uncertainty that might affect future events or results. Descriptions of these risks are set forth in the company's regulatory filings. With that, I'd now like to turn the call over to Mr. Humberto Nadal. Thank you, Claudia. Welcome, everyone, to our quarterly results conference call, and thank you so much for joining us today. This quarter, we continue to focus on a strategy which led us to deliver outstanding results in terms of profitability. We reached a gross profit margin of 39.4%, almost 9 percentage points higher than the same quarter of last year. This significant increase in margin was mainly due to the lower production cost of our new kiln in Pacasmayo, which also allowed us to replace imported clinker with our own clinker, as well as to the decrease in the cost of coal. Considering that we now have this additional capacity that is both efficient and more environmentally friendly, we decided to make an impairment of our vertical kilns. This non-cash effect affected EBITDA, but our adjusted EBITDA increased 29% year-over-year this quarter, and adjusted EBITDA margin reached 30.5%. This is outstanding, and I want to stress, outstanding quarterly results have allowed us to reach a record adjusted EBITDA of PEN 518.3 million in 2023, the highest in all the history of Pacasmayo. We firmly believe these are remarkable achievements, especially considering that in terms of demand, it was a very challenging year, as well as the social conflict and Cyclone Yaku that affected our sales in the first half of the year. We are convinced that the efficiencies achieved will be sustainable over time, marking for a very promising 2024, as volumes should continue the positive trend we started seeing in the second half of last year. In terms of our long-term strategy, I'd like to take this opportunity to look back on our digital strategy and how we have progressed over time. If we look at the digitalization of our commercial strategy, we have now migrated completely from a traditional model to a fully digital one. For the self-construction segment, we continue to enhance Mundo Experto, an ecosystem of digital solutions that targets the needs of foremen, self-builders, and individual consumers. We also have Construye Experto, a digital platform for foremen that provides them with daily tools and training to help them improve professionally. For hardware stores, we have Ferre Experto, developed to help them grow their business, digitalize their orders, and get training on topics linked to their main needs. For our concrete clients, we have PacasPro, a platform that provides comprehensive solutions for each project, including online scheduling and real-time tracking of their orders. This year, we have focused on improving our service to the concrete segment, adapting it to the unique needs of each client, creating new tools to establish different prices according to what each client requires. Finally, we know that digitalization is needed not only for commercialization but also to enhance internal processes. This is why we are taking the steps needed to become a fully data-driven organization. We have created a data and analytics committee to prioritize and sponsor initiatives and create the first agile unit in Pacasmayo. We are also in the process of designing and making available a corporate data ecosystem and implementing solutions that generate value for our business. We are convinced that these tools, and surely more to come in the future along AI, will be key to the success of our business in the upcoming years. I would like now to briefly, but not least, very importantly, mention an important milestone for Iyu, our solution aimed at families that need help financing their construction needs. Through an intelligent purchasing method, people are able to define a building project and buy the materials that they need little by little, on a monthly basis, at their own pace, until they have all of the materials needed to carry out their chosen project. In December, after consistently making these monthly payments, one of our clients was able to build his new roof. We are very proud, extremely proud of his achievement, and will continue to promote Iyu so that more families can build a safe home. Finally, I would like to highlight our continued and renovated commitment and belief in our country. Despite the instability and extremely complex political scenario we have been immersed in since 2020, we decided to bet on the future growth of Peru, as we have been doing for over 65 years, and invested around $85 million to optimize our clinker capacity and another $3 million to restore a road in Piura to improve connectivity in the event of heavy rains. We firmly believe that our country holds great potential and that by standing by in the good times and the bad times, we will see it reach the potential in the near future. I will now turn the call over to Manuel to get into more detailed financial analysis. Thank you, Humberto. Good morning, everyone. Our fourth quarter 2023 revenues were PEN 511.4 million, a 4.2% decrease when compared to the same period of last year. Gross profit, however, increased 23.6%, achieving PEN 200.16 million, mainly due to lower costs as we discontinue the use of imported clinker now that our new kiln is fully operational, as well as lower cost of coal. Consolidated EBITDA decreased 1.2%, mainly due to the impairment of our Vertical Kilns, as Humberto mentioned before. But without this effect, the adjusted EBITDA was PEN 156.1 million, a 29% increase compared to the previous year, despite the decrease of revenues, mainly due to operational efficiencies and lower raw material costs mentioned before. For 2023 revenues, decreased 7.8% when compared to the same period of 2022, mainly due to lower levels of public and private investment, as well as the negative impact of Cyclone Yaku during the first quarter of the year. However, gross profit increased 5.7% when compared to the previous year, mainly due to the efficiencies achieved during the second half of the year, as well as higher average prices. Adjusted EBITDA increased 4.9%, and adjusted EBITDA margin increased 3.2 percentage points when compared to the same period of last year. Turning to operational expenses, administrative expenses increased 3.8% this quarter compared to the fourth quarter of 2022, and a 3.1% in 2023 compared to the same period of last year, in line with inflation. Selling expenses increased 12.8% this quarter when compared to the fourth quarter of 2022, mainly due to an increase in advertising expenses, as well as expenses related to the advancement of our digital strategy. During 2023, selling expenses increased 2.1% when compared to the previous year. Moving onto a different segment, sales of cement decreased 7.3% in the fourth quarter of 2023 compared to the fourth quarter of 2022, and a 5.8% in 2023 compared to 2022, mainly due to the decreased demand from the self-construction segment, as well as for private and public works. However, gross margin increased 11.7 percentage points during the fourth quarter of 2023 and a 5 percentage point during the whole year when compared to the fourth quarter of 2022 and the whole year, respectively, mainly due to cost optimization as we reduced the consumption of imported clinker and replaced it with clinker produced in the new and much more efficient kiln in Pacasmayo, as well as lower costs of raw material such as coal. During this quarter, we are glad to report that sales of concrete pavement and mortars continue their positive trend, increasing 34.3% when compared to the fourth quarter of 2022, mainly due to increased sales of pavement for the Piura airport. During 2023, sales of concrete pavement and mortars decreased 4% when compared to the same period of last year, mainly due to a decrease in public and private investment during the first half of the year. Gross margin decreased 1.8 percentage points in the fourth quarter of 2023 compared to the fourth quarter of 2022, and 4.1 percentage points in 2023 compared to 2022, mainly due to lower margin for larger infrastructure projects. Sales of precast materials also increased 19.8% compared to the fourth quarter of 2022, mainly due to increased public investment this quarter for the construction of related projects. Gross margin increased by 26.6 percentage points in the fourth quarter of 2023 and 10.7 percentage points in 2023 compared to the fourth quarter of 2022 and the whole year, respectively, as higher sales volumes allow for the dilution of fixed costs. The net profit decreased 7.7% this quarter when compared to the same quarter of last year and a 4.5% in the whole year compared to last year, mainly due to the non-cash effect of the impairment of our vertical kilns. However, if we do not consider this effect, net profit for the year would have been PEN 194.7 million, a 10.1% increase when compared to the previous year, mainly due to operational efficiencies mentioned before. In terms of debt, our net debt to adjusted EBITDA ratio was 3x, which is a level we expect to sustain and progressively decrease as EBITDA increases since we currently do not plan to incur any additional debt. To summarize, this quarter's results show the continued benefit of focusing on cost management and operational efficiencies, preparing and improving the demand environment. We are confident that we will continue delivering positive results during the following quarters. Please, can we open now for questions? Yes, of course. Thank you. So we will now move to the question and answer section. If you would like to ask a question, please press Star 2 on your phone and wait to be prompted. If you're dialed in by web, you can type your question in the box provided or request to ask a voice question. So our first question comes from Fernando Romero from Abaco Capital. Your line is open. Please go ahead. Hi, Fernando. Can you hear us? Perhaps we can move on to another question in the meantime. Fernando, are you there? Sorry. Let's move on to another question quickly first, and maybe we can get the question from Fernando later. So just a reminder, if you have a question, press Star 2 on your keypad. So let's move on. We've got a question from Natalia Leo from JP Morgan. Please go ahead. Hi. Thanks for taking that question, and congrats on the results. I want to understand better the growth in gross margins. So you mentioned lower energy costs and the lower cost of production from the new kiln. Just how many percentage points came from lower energy costs and how many from the new kiln, just to understand where can it go going forward? Yeah. What we can consider going forward, we expect the whole year we should be around 28% EBITDA margin, basically because we're, as we mentioned, the cost of the coal has gone extremely down from one year to the other. And also, we are not using any more imported clinker. So that should be, if we compare it with the EBITDA of last year that was around 25.5 average, we should have this year or 2024 whole year around 24. Sorry, 28. Okay. Great. Understood. If I may have another question, I was just wondering, how do you see volumes for 2024, the impact from El Niño, could they decrease even more this year, or should we expect maybe flattish volumes? I think volumes will be. It will be a moderate growth. I don't see them going down. El Niño will not be happening in the north unless something dramatic occurs. But I mean, the chances of an extreme Niño in the north are 0% right now, according to the authorities. So El Niño will not impact. And we have a lot of positive news in the north. The government-to-government agreement to develop Chavimochic with the Canadians has been signed, and I think that's going to be the way to go. So I would think that volumes, unlike the past two years, will grow according to Apoyo. They talk about 4%. I don't know if I'll be that optimistic, but between 2 and 4 will be my guess. Great. Thank you so much. You're welcome. Okay. Thank you. So our next question, we have a text question from Jonelco from Seminario, and he asks, "Regarding Pacasmayo's dividend policy, is there any limit to distribute previous year's retained earnings? Technically, there's no limit. I mean, we've been very consistent in our dividend policy over the last, I believe, 5-7 years. The philosophy behind that, I mean, first of all, it's not the CEO to decide. It's for the board to decide and eventually for shareholders' meeting to ratify. But our idea is, I mean, we have no need for cash, and we have in excess that will be given out in dividends. So if anything, the biggest limitation we have is the cash position of the company. But in terms of accumulated profits, there's no limitation. Great. Thank you. Just a final reminder, if you have a question, please press Star 2 on your keypad, or you can type it in the box provided if you're signed into the webcast. So we've got a question from Gerard Fort from AFP Integra. "Hello. I have a few questions regarding the Vertical Kilns' impairment for this quarter. Are you expecting more impairments in the first quarter 2024? What's the impact of this impairment regarding the clinker capacity in Pacasmayo? In the MDA report, you said the total capacity in Pacasmayo plant was 1.8 million, below the 2.1 million expected with the new Pacasmayo kilns. Why did you report the impairment inside the operating income? Since it's a non-recurrent, non-operating expense, it shouldn't impact the EBIT/EBITDA numbers. Same with donations, which are being considered as an operating expense." Thank you. Thank you for the question. I mean, we expect no further impairments. The vertical kilns now have been completely, its value has been taken completely to zero. And like I said, I mean, we talk about the capacity of Pacasmayo. We have taken away and now you have to take away what the vertical kilns, the 8 vertical kilns were supplying, and you have to add the 600,000 tons of capacity that Kiln Number 4 claimed. Perfect. Thank you. So we have a voice question now from Kareli Medina from Interseguro. Please go ahead. Hi, Kareli. Can you hear us? Kareli? Hello? Can you hear us? Let's try Kareli again in a few moments. So we'll just give it a few minutes just to see if any more questions come in, and then perhaps we can go back to Kareli. That's easy. While waiting for questions, I mean, one thing I had to extend the answer to the last question when they asked me, I mean, why do we register the impairment in operating expenses? That's according to the accounting principles. I mean, that's the way it's supposed to be. Understood. Thank you. Look, I'm not seeing any more questions. So at this stage, perhaps I can hand back to Humberto and Manuel for closing remarks. Thank you. Well, in closing, I have to say that 2023 was indeed a very challenging year with social unrest, inclement weather, and an overall slowdown of economic growth in Peru affecting cement and building solutions demand. Nevertheless, we were able to achieve record results in terms of EBITDA and remarkable profitability by focusing on operational efficiencies and our long-term strategy with an enormous component of digital commercial tools. We foresee a more favorable demand environment in 2024 and feel we are very well prepared with kiln number 4 in Pacasmayo to take fully advantage of this scenario as our focus on digital transformation, innovation, and overall business sustainability has provided us with the tools to do so. Let me close by saying we remain extremely optimistic about the future of our country and particularly on the future of our region. Thank you, everybody, for joining us today, and always thank you for your renewed interest in our company. Have a very nice day. Thank you. That concludes the call for today. Thank you and have a nice day.