On Friday, EDP – Energias de Portugal SA (OTC:EDPFY.PK) reported its first quarter earnings and discussed the following topics in its earnings conference call. Take a look.
Pablo Cuadrado – Bank of America Merrill Lynch: I will like to make three or four questions. First one is (indiscernible) in Brazil. It was surprising for me to see a little bit of weak performance in the distribution segment. I think you explained the higher OpEx that you had during the quarter and here I would like to know how do you expect the distribution segment performing during the next quarters if that tariff deviation could be considered a one-off. Secondly, on this front is, if you can update us about the commissioning of the Pecem coal plant, which could be the impact for H2 of the year? Second question is on the regulation in Portugal. I think there has been a few articles in the press suggesting that (the norm there or you think) to have some clarification about the pending regulatory items (indiscernible) and the article was suggesting that they want to have a clear view before the summer. If you can you update us a little bit on what is going on there, did you expect any regulatory changes for the next month on that front? Third question quickly is, looking to liberalized segment, which is that expected that you will have in terms of the performance of the unitary margin for the next quarter, do you think that these €0.09 per megawatt that you have provided in Q1 could be considered as a bottom for the whole year? The last question is focused on the regulatory receivables in Portugal, could you update us which is your best guess for the year and with the current environment that you’re facing in Portugal and did you see kind of any kind of risk on you net debt based on higher regulatory receivable policy in Portugal?
Antonio Luis Guerra Nunes Mexia – CEO: I will start by regulation, we are – as you know we are not ready today to talk about this. I believe that the government will, as you mentioned wants visibility. As soon as possible, they will communicate probably and what we expect in next days. What we would like is if possible to by the Investors Day to have something new and update everybody with decision. So, today I would prefer not to mention because it’s not finalized and of course, we expect the government to announce whatever they have to announce and we will be updating everybody roughly by the Investors Day (indiscernible). So Miguel?
Miguel Henriques Viana – Director, IR: In terms of Brazil, in distribution essentially, we know that we are going to have a regulatory review with the decline in terms of return on RAB from 10% to 7.5% and I would say that the decision of the regulator was to freeze this tariff of Bandeirante. Given that they don’t have still a final calculation, there’s still only some forecast. But I would assume that we should have a negative impact from the regulatory review in terms of EBITDA, so we don’t know exactly the exact figure. If it’s going to be more or less than this freeze of Bandeirante tariffs, so we’ll only know by 20 October by the moment in which ANEEL the Brazilian regulator sets the new tariff for the next 12 months. In terms of (indiscernible), so as you move we have – ANEEL gave us the rights to not to be penalized if we conclude construction until 23 of July, and we expect that we will conclude the two groups until then. In terms of regulatory receivables, I will pass to the CEO and I think that (indiscernible).
Antonio Luis Guerra Nunes Mexia – CEO: In terms of regulatory receivables, two of it depends I mentioned on the next months in terms of rain, but if we have now (wind farms) in 9, we expect eventually that maximum towards the end of the year we’ll have 2.2. So, our vision today according to what was the first quarter because really the very dry, the driest year has an impact as you know because of, namely of the (Connect) because we had the project and the (Connect) have to receive that revenue. In terms of liberalized, next quarters I would like to stress the following; the first quarter last year was particularly very good. In the financial handouts, as you know Page 4 you have revised activities in Iberia with the prices that were €120 million in first quarter last year and then we were on the high 80s and low 90s. So clearly – and those margins of nine year, so we expect these to be consider as a (floor) and we think we see it slightly improve for the next quarter. So, when we compare quarter-to-quarter, we compare it with a very good quarter last year. But since that moment, we have been typically flat and even increasing towards the end of the year last year and we consider these nine year as a (floor). In terms of update of the same, you have already mentioned. Thank you, Bob.
Carolina Dores – Morgan Stanley: I have three questions. First one, can you confirm if the closing of the privatization was done and they are now conditions, there has been now changing (price), financing and whatsoever? Second question, I noted in the press release, earnings release that the CapEx guidance has been maintained at €2 billion, but the installed capacity to be added in 2012 has come down from 1 gigawatt to 750 megawatts. I just wanted to understand if there is a project that has been delayed, why the change. The third question is that since the privatization is now finalized, if you can give us an update on the €2 billion financing from the Chinese bank in terms of pricing or if you negotiated a shorter turnout?
Nuno Maria Pestana de Almeida Alves – Executive Director: This is Nuno Alves. Carolina, the CTG transaction closed today as expected and obviously there were no changes to the original agreement with the government. It was closed and we published with the stock exchange at 10.30 this morning. So it’s all done and clear from that side. In that regard to your question on the financing facility, we’ve been working on it, but there is no further news that I can give you right now. We would expect sometime in late June to have it finalized, but as of now it’s still soon to talk about. Just two announcements on CapEx it’s just a mix of slightly lower winds and the inclusion of (indiscernible). As you know, it was not included because you talk this side at the end of last year, and we were not considering it normal. Now we believe that it’s a very good and attractive return project hydro project. The scale that we like in Brazil, average project hydro project not the large ones and so lower winds and higher hydro in this case are in Brazil.