The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Francisco Ruiz - BNP Para Exane - Analyst
: Hello, good morning. I have three questions. The first one is on Q4 because it looks like it's going to be a very, let's say bumpy quarter. No, we got
the comparison with the depreciation of, of Argentina plus the inflation and also you have the, the end of the negative effect on the perimeter. So,
if you could give us with the current situation of Argentina and Peso, what we should expect on FX and perimeter for, for Q4 and for the year end,
it would be good.
The second question is on what you announced yesterday between Pro and Pro Car on, on this Cooperation Agreement. I would like to know if
there are any serious consequences for, for, for you on on this agreement.
And last but not least, you commented on a I think this these were your words substantial improvement on the net debt ratio. Could you give us
an idea of if you have any internal target or any any yeah, guidance on this. Thank you.
Question: Francisco Ruiz - BNP Para Exane - Analyst
: Okay. Thank you, Javier. But on, on the, on the guidance you gave to us on, on the 24 numbers, this includes even an appreciation of the, of the
peso as it's currently the case in, in Q4.
Question: Francisco Ruiz - BNP Para Exane - Analyst
: Okay, good. Thank you.
Question: Alvaro Lenze - Alantra Equities - Analyst
: Hi, thanks for taking my question just on cash flow generation. This is the first Q3 that you generate cash in quite some time. I just wanted to know
whether this is just due to improving or returning to normal in terms of seasonality because normally H2 is stronger in terms of cash flow generation
than H1 or whether we should start to see positive cultural generation. Also, in Q1 Q2 next year, things to things to things normalizing in, in Latin
America. Thank you.
Question: Alvaro Lenze - Alantra Equities - Analyst
: Okay. Thank you.
Question: Manuel Lorente Ortega - Santander - Analyst
: Yes. Hi, good morning. My first question is on organic revenue growth trends. We have seen a minimal deterioration on the, on, on the third quarter.
I was wondering whether this is just a combination of a base effect, or you are, let's say seeing something different in terms of on the line volume
trends from the, from your, from your business.
Question: Manuel Lorente Ortega - Santander - Analyst
: I see and.
Just to follow up on the on these volume dynamics, this meet to high single digit organic growth that you were mentioning. It is including or
excluding the transformational.
Question: Manuel Lorente Ortega - Santander - Analyst
: Okay. Excellent. And just a final question probably on both on profitability.
Obviously, there is a clear mix effect in terms of profitability from the lower weight from Argentina. But excluding that impact can you give us an
indication of what is the actual trend in terms of profitability in Argentina? Still, we are seeing some margin erosion because the contribution of
the, let's say ramp up from, India and other, initiatives or it's more on a stable margin.
Question: Manuel Lorente Ortega - Santander - Analyst
: Okay. So, in that.
Sense, we will see some Australian restructuring to improve, going forward and also margins will gradually improve and I don't know about the
forex openings. It will remain on the speed of those openings. But probably my, question is whether we are on the trust in terms of margins because
of the combination of all these, let's say very negative trends or some of them will continue to be profitability as we move to next year.
Question: Manuel Lorente Ortega - Santander - Analyst
: I see. Thank you.
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