CELSIA S.A. E.S.P. (CELSIA) Earnings Call Transcript & Summary

Good morning, everyone. Welcome to the teleconference of results. Welcome to everybody who is connected to this result conference. With us in the morning, we have Ricardo Sierra and Esteban Piedrahita from the committee. [Operator Instructions] We appreciate for joining us in the conference. And I'll give the word to -- give the floor to Ricardo Sierra.

Thank you very much for being with us. I hope all of you are safe and sound. We hope we overcome this pandemic. We're going to start with the results. The most important thing is the possibility to deliver an impeccable service to our customers, also with the billing -- and the special plans for our customers. The most -- the best thing is that we have been able to generate employment. We are generating more than 500 employments, which is very good in customer service. And I think that will give way for best services for our customers. We are happy with what we have been able to accomplish. It's been a very good job, the work we have done with our communities. So we are going to review quickly about the advantages. I'd like to start appreciating the employee -- employees of the company for their collaboration. Likewise, our suppliers so that our operations continue. Our actions are focused on keeping our work and support for the social recovery. The latest result conference, we highlighted the juncture of COVID, fostering businesses and collaborating with the need. We would like to tell you how we are doing the sustainability of the business. We are focused on employment with an adequate functioning of the supply chain, the distribution and liquidity to have an operational commitment, the mitigation schemes also for risk. Everything has worked. The company accounts with more than 1,000 employees. And due to the changes we have had to do to improve this juncture, we had in the last quarter 123 new employees. We have taken measures to help our employers -- employees. We have implemented a remote work, and we have implemented also the distancing. We adequate the infrastructure in the control center with our portfolio. For collaborators, all the protocols are being shared with our providers to share the best practices. So it's been a very good job. We have had a favorable situation regarding the COVID with our staff. The epidemiological barriers have been effective with our insurance -- health insurance companies. We are very happy with our record, always on guard. In the support to providers, we have worked mainly in 2 fronts. We made the anticipated payments with emphasis with our small and medium-sized providers. Additionally, we have building discount to our financial allies, too. So a small company that is a provider and wants to decrease the bill, we reduce the bills to half, and they are going to find financing, very competitive financing. This way, we hope the providers count on the -- enough liquidity to keep their jobs. Our contractors have been able to keep employing. So it's a team of 4,000 people in the field to take the needs -- meet the needs of the customers. For the trainees, we have more than 500 employments. For our customers, we have strengthened the service -- customer service, we have strengthened the virtual channels and the call center with the attention that are above the -- prior COVID. We have had months that we have learned from the needs of our customers as well as our problems in our service model. That is why we have formulated the activities for the customers. Our goal is to be the best company for the customer's innovation, virtual innovation, physical innovation, new products, handling claims in real-time, strengthen the portfolio in the next months. In line with the legal disposition and regulations, their value with the customers of social class 1 and 2 that cannot pay their bills have been deferred for 32 months. The customers that applied for the benefit, they had benefits for more than COP 1,000 million. The customers of social class 3 and 4 that apply for these financing mechanisms to 24 months, they added COP 1,078 million. So there is no liquidity problem because Findeter gives the credits for us to be able to defer. And I think the government has made an impressive job to help all the customers that needed, due to any circumstance, an assistance. The company, Celsia, we have flexibilization payment lines for the customers of social class 5 and 6 and those that didn't have any benefit in the package of the government, so we created a package for them. And the customers that needed the package, we made it available for them. Likewise, it is important, the tariff has been freezed, as in frozen, since March. So we are keeping the investment based on the regulation scheme to collect from customers. And due to that freezing, we have collected -- we haven't been able to collect COP 40 million. But in the end, we are going to achieve it in the following periods. It is not an amount that we are not going to collect, so COP 427 million is the total collected in Tolima. After the procedures with the government since August, we're going to give good news in Tolima. We achieved, with the support of the government and the parliament of the Tolima, we're going to be able to subsidize the social class 3 in Tolima. So we knew they didn't have any subsidy. It's 75,000 customers that are going to be benefited in the year is COP 1,500 million in the end. So we have supported the industrial customers in the consumption of energy, and we offered more comfortable payment schemes in our merchandise market contract. The suppliers have been able to accommodate their payments. In line with the purpose of offering the best service for the customer, according to quality, this year, we have been able to invest COP 150,000 million in improving and maintaining. So the indicators stay and safety are improving. We are yet far from achieving the indicators we got in Tolima and Valle. We are the best of the country, but we are improving constantly. We are going to be optimistic. The promise we made when we arrived in the zone of the department, we are more than COP 130 million of investment. We have increased more than 20% of employment in the area. Likewise, it is important to mention that the availability of our assets are kept 99% in Tolima and Valle as well. The results are positive. The complains for service, it's something that we like a lot. They continue with a negative trend. We have reduced 27% in this period. About solidarity within the framework of Argos, to strengthen the health system and support the vulnerable families, Celsia has added different initiatives above COP 10,000 million, donating -- achieving 73 hospitals and institutions, health institutions in different municipalities in Valle, in Tolima and Antioquia. They have been benefited with goods. We have delivered more than 4,000 nutrition kits in Tolima, Valle and Bolívar department and in Guajira. We have a delivered more than 3 million liters of drinkable water. We have made alliances, public-private alliances in the Pacific with the University of Antioquia and with the Ministry of Health of Panama. The -- keeping the financial indicators, we are positive in the sales management of savings. We have gained more than COP 45 million, and we have proposed investments for COP 330 million. So we have good availability of financial liquidity. Before checking the operational and financial results, I'd like to tell you that since this quarter, as far as our commitment to sustainability, we are taking the report of results, a chapter of government, environmental and social. That is -- will be taken in the investments. We are going to tell you about the positive impact that we are generating in city customers and companies with all the elements of our strategy, and that will allow you to easily follow up our commitment with the good practices and progress in these issues. In Celsia, we understand that sustainability is the change we need to grow and remain in time. We -- you know that our strategy is inspired in a transition that is for technology and sustainable solutions. And we have the conviction of the advantages that we are achieving, they are opening unique opportunities for our customers, for solutions that improve their processes, and most important, that allow them to co-operate respectfully and responsibly. In these slides, you can see the execution of multiple initiatives that are very convincing to meet the needs of our customers, their renewable and nonconventional resources, the solutions of efficiency, energetic -- energy and solutions. Those are the 4 action access that motivate us. We have the name of the headlines of these issues for you to start checking out in the page. We have a registry of the evolution of the indicators, a [ BCG ]. We are conscious on the advancements of investment decisions and the opportunities to simplify the way we can access this information on this side of all consultants. It is a global trend. This pandemic has strengthened the growth of new investment funds with emphasis in companies with which we comply. The [ DSG ] is a global trend in Colombia. We started the pension funds. We are very happy to join everything so that our investors there would like to see how we're going to work and that can have a consultation or check it out. We're going to continue including a board of relevant indicators of results in the key assessment that we gave you with all this information. We are pleased to receive your observations where we are missing. If you consider that we should complement or even share with us, with our investment teams, Gonzalo, with me, why don't you emphasize on these? Look at what this company is doing in this part of the world. In Colombia, it could be interesting practice for us. And for sure, we will welcome your feedback because we have the essence in Grupo Argos, and we love that. And as long as we improve good practices, that is good value for the company. So with this, I finish my presentation on general issues. Let us give way to the financial results.

Thank you very much. Of course, as always, in the investment side, you can see the detailed report of the operational and financial results. And also, you will see the access to the dashboard of sustainability mentioned by Ricardo. And I remind you that, like 2019, we had changes in operations in Colombia. With the acquisitions of investments, we are going to focus the comparison with the previous quarters and the first quarters of this year. And we are going to make reference of the previous year. So the income of the quarter is more than COP 800 million. Colombia was 84% of those income and Central America, 76%. Starting with Central America, the income generation were more than COP 85 million. In Colombia, the income reached more than COP 280,000, COP 431,500 million and operations, more than COP 1,000 million. The first quarter, the consolidated income of the organization was COP 1.8 billion. The consolidated sales 100 -- COP 596 million compared to the first quarter, due mainly to the best energy company in Central America, a requirement of oil with less purchases of energy. In 2020, the sales is COP 1.2 billion. The EBITDA was more than COP 320,000 million, an increase of 8.8% compared to the first quarter. Compared to Colombia, it was COP 275,000 million. Central America gave COP 300,000 million. In the closing of this first quarter, we closed COP 343 million, with an increase of 14% compared to previous year. Speaking about businesses generation in Colombia, in June, we had an EBITDA of COP 375,000, an increase of 40%, which is the most important business of the organization. Transformation and distribution, exclusively speaking about grids, we had COP 245,000 million. It is important that we're going to start considering that term of grid due to the modification of regulation. It is growing 31%, pushed by the results and the acquisition of the distribution business in the Department of Tolima and the 015 Resolution. The commercialization of energy had a negative EBITDA of COP 6,500 million compared to a positive one we had in 2019. In generation, we highlight the contribution of generation, electric generation, and the purchase term of Flores that jointly, they have contributed COP 98 million. As I mentioned before, the performance of grid business after the -- it depends on the regulation, the new regulation. In commercialization, we are gathering all the effects associated to the benefits for the customers, which Ricardo spoke about in the call about, apart from the fact that -- along with that, we have increased the provision of collection -- of less collection we have had. During the quarter, we had nonoperational income due to the assets adjustment, and the financial expense was more than COP 80,000 million. In the second quarter, we registered a net income of almost COP 97,000 million. And we discounted the minority interest that we have, a net result of COP 73,000 million. We're going to speak about the debt in which the company closed the second quarter with a consolidated debt of COP 4.4 million and a leverage of 31%. It is important to clarify that the volume of debt has increased in Colombia with COP 415,000 million associated to the financial flexibility, COP 40,000 million associated to San Andres and COP 8,000 million associated so Comayagua solar farm. The effect of devaluation of the Colombian pesos, as we have said, it is perfectly matching new income of assets, was an increase of COP 385 million. The consolidated cash is -- Colombia has COP 365,000 million in Central America, COP 180,000 million. In this juncture, we have tried to be flexible financially, and actions have been centered in reducing the cash flow and the quality -- and increasing the quality of service, keeping liquidity and the availability of economical resources to apply the payments established by the national government. Ricardo mentioned in the beginning of the call, we have identified more than COP 370,000 million of reduction of cash expense in 2020. This number includes the operational over cost associated with biosecurity that we are deploying in different venues of the organization to protect not only the results but our customers. In the quarter, we had OpEx savings that was significant. And we have the necessary liquidity to face the following months and make them a reactivation engine. So we are gathering the impact of the pandemic's strategy. In general, allows to solve and have very good results in this second quarter that allows us to face the challenges of the juncture. We keep the commitment and the commitment of being participants in the economic recovery of the country. With this, I finish the comment of the financial results.

We have one, Gallego's. We're to take some questions for the question-and-answer session. During the quarter, we have very good news. Company, we structured a start-up we have with [ Sula ] and Bancolombia is an initiative to develop a sustainable mobility solution. We also have 3 businesses lines, 1 business for an individual line and another 1 for electric vehicles. For the companies that want to be affiliate, it's a very important thing to help employees to move in a sustainable way and allows the companies to save a very important amount of money and displacement expenses. There is something interesting on technology to optimize and have a very complete map with mobility options for the workers of the company. We're very happy with the initiatives. We have had very good reception in the company that we launched 3, 4 months ago, but we have been working for a year when the 3 companies joined with all the initiatives we had about mobility. And we were able to match perfectly. So we built a group led by [ Carolina Giraldo ]. We have presence in Bogotá, Regina and Cali. We wish this start-up, we will have many integrations to the model. And we will -- and we believe that we are doing very well. The other thing is that we finished Espinal, the solar farm. It's 10 megas. It's an investment of COP 35,000 million dedicated to an industrial customer. We are awaiting for the latest, for the last components, and we are going to generate 7 -- more than 17 gigabytes -- gigawatts. We have more than 50 megas in these small plans, small generation farms. It's the platform that we have already -- and we have other projects. We have moved forward in the construction of all their plants to reach 400 megawatts in the end of 2022. So those are the news we wanted to give you. We will keep on taking all the safety measures, working with the government and developing the different regions where we are and trying to deliver the best service in our category to the customers. That is a goal in the company. So we would like to go on with our conversation part and to receive your comments.

Thank you very much. And as Ricardo said, we are going to receive the questions of the participants. [Operator Instructions] But we have 3 questions from Juan Gallego. I'm going to read them for you. Nevertheless, if Juan -- Ricardo wants to speak, you can raise your hand. First, if we can have the data on how much contributes Celsia to EBITDA? The second one, if we can have the information about the contracts. The third one is how the constant expenses plan is doing? Those are the questions for Ricardo, Gallego.

Okay. Juan, for the results of the second quarter 2019, we had income of COP 344,000 million and EBITDA of COP 13,000 million. If you see the result of -- to June 2019 to a comparison with all the results that we are gathering for the first quarter of last year, COP 326,000 million and EBITDA of COP 46 million in the distribution of the duty-free zone. In the Central American contract, it belongs to a short-term auction of fixed power with no energy associated, that will be additional income of COP 4 million in a year. For 2020, after 6 months, we hope we have 6 months of results, a little less than COP 4 million -- COP 400 million. We have gathered COP 27,000 million in savings out of COP 45,000 million that we hope in the following years. I think it's worth mentioning that in constant expenses, the initial goal was COP 60,000 million that we have reduced due to different circumstances. First, for biosecurity, the cost increased more than we imagined because of the adequations of the biosecurity elements. That has its costs, and the protocols are more severe. We are taking also -- we are adding -- we have personnel. We have almost 120 people with pre-existence that we have had to leave them at their homes, they cannot go to the field. So we have had to replace them. That is an additional cost. While we have vaccination or we have safety, we can assure safety for these people. We are taking care of them as much as we can, but we are doing very well. We emphasized on customer service. Here, there is something very good, Juan, because we are investing more on our customers. Part of these expenses is a reformulation of the model of customer service. That is something that will stay. That is not only once. We will have an additional cost, but we believe that we are going to prepare the distribution platform very well for next services.

Okay. We have a question from Davivienda, Camilo Roldan.

How you have seen the needs of working capital in this juncture? And when we're going to see a reduction of this working capital -- working assets?

Very good question. We had a plan this year, Esteban has the numbers. We have working assets that is negative. Nevertheless, when we see the pandemics, the plan was kept in the trunk. Why? Because our supply chain, maybe we missed the screw for maintenance. If we don't have the screw, we cannot fix the incident for our customers. So our equipment distribution made a very good job, did a very good job. That was in March. We filled our warehouses with metal. They didn't have -- our suppliers didn't have the permit to work. Celsia as a customer for many of them, it is important, but it is not 100% of their customers. So we have to make sure that the supply chain worked. And that is why we filled out -- we filled in the inventory first. And secondly, for that ecosystem of suppliers who was not affected, we improved the payments of everything that was pending, and we reduced half the payment terms. So I believe our inventory levels will be normalized as long as we have good operations. But the benefits in payments, we are a big company with capital access, so the working capital, we are going to help our providers. Our inventories are there being taken care. And on that side of the working capital, you know it already, we are generating working capital. It is not that we are not going to purchase or procure, but the 3 vital components moved against negative working capital in our financial entity, but that is for you to have an idea. Esteban, why don't you provide us with figures? Your team has worked on that.

Well, what else can I say? Just the figure. We have COP 130,000 million working capital, what Ricardo has described, and it's less than what we have foreseen. COP 130,000 million but our worst scenario was COP 134,000 million, and we are now COP 130,000 million. So we haven't received anything that resources on that figure. That is due to some benefits to the collection. We hope that thing gives COP 127,000 million, and the inventory will improve for now. Regarding the providers, we are not going to make any modification before the year-end. We have received motivational messages from our suppliers. It's been important, the help we have given them. More than 400 SMEs have worked with us in the different places we are present. And that is important part of the match. We have -- do not plan to change anything this year, but we have COP 130,000 million for now.

There's a question from [ Rodrigo Torres ].

The investment plan of 2020 changed, if you can anticipate information about...

Let me tell you that we have COP 370,000 million of investment and we postponed that due to 2 fundamental reasons. First, the devaluation, more than COP 4,000 was a lot. So we are negotiating at the moment on the supply chain regarding the solar panels and the photovoltaic equipment. We checked on that, and we are amidst the other ones of contracts for the wind farms, and we achieved something that was very important for you to bear in mind. We have 2 negative effects and 2 positive effects. The negative effect is valuation price that is higher, the uncertainty of demand. And on the other side, the banks abroad are giving money, everybody, and the export credit banks are supporting the European and American countries. They are pumping money, and that helps for our providers -- suppliers to give us incredible conditions. About Tesorito, it's a gas project. It's incredible, the financing we have received. And the providers, their suppliers, understand the situation so they have given us very good price conditions. You cannot imagine the price we are purchasing solar panels compensate all these movements we had from the pandemics. So we have the investment plan that is basically in the line that we have foreseen with the strategy, mounting the building of Tesorito and the wind farms, the improvement of customer service in the grids, that is something important that we have in Valle and Tolima to strengthen. And we are full of work, thank God. That is for Esteban to give us the figures, the numbers.

The main detail we have been able to achieve, as Ricardo said, is to integrate the interests. A company like we granted Tesorito contract. They need to sell, place their products to have their economic recovery. We need to flex -- give flexibility to the payment. What we achieved using this European bank is that through these bank mechanisms, their providers would have financing to be able to continue with their project and have a winning alternative. And on our side, we were able to have 90% of the payment of the equipment that we were going to have, we're going to execute through 2020. And we moved them in total for when the plant enters in the commercial operations, so when we receive the first dollar, we'll have to pay the money. That is very important for the flexibility in the organization to be able to balance the negative effects mentioned by Ricardo. But above all, the plans of growth and investments we can reaccommodate and be able to keep on with the tasks because the COP 370,000 million is different. It is not cancellation. We've been asked in different public spaces. And if we are cutting the growth plans, the answer is no. We are doing everything possible to reaccommodate the plans so that, first, we can use the flexibility and our labor force to overcome their juncture, so that we can go out of this juncture. We continue the growth. We are not going to sacrifice the growth. It is -- our -- the growth is important to reactivate the regions. The 330 megawatts in the La Guajira, the other parts of the region, the growth of grid in Tolima and Valle, that is economical activity that is important for the recovery. What we are trying to do is...

Thank you, Esteban. We are going to start with the questions of the people who are raising their hands. Let's start with Roberto. We're going to open the mic for you.

Can you hear?

Yes, perfectly.

I have 2 good questions. The first one is how the schedule is going of the auction of last year at Tesorito, the wind farms? And the augment -- update the scenario of the demand of energy for next year. And if you have any comment on how will it impact that on the plants.

Thank you, Roberto. The plants go on. The teams are focused on both projects. The wind farm project of La Guajira, we keep on the previous consultation. We are with negotiation with equipment suppliers. We are watching terms, analyzing the teams. We are building the package. We are watching for a situation we had in La Guajira, the works were suspended before they handed the works over. So we see the implication so that we can have a long security. Suddenly, we have some communities who said they were not taken into account. So that is part of our operation in Colombia. We are very careful. We are taking care of the situation. It is something that concern -- is in the concern of the guild. We have more than 1,500 megawatts in the project. So the schedule keeps on the way it was stated. And the good news that 2 weeks ago, we have equipment in the field. We were here, we hired a hotel next to the project. Our teams, social environmental teams, are the first ones in the place. And we hired the sidecar, the equipment. Our schedule is that the plant starts working in May in the end of next year. November, December, we should be in commercial operation, a year before that we stated in the contract. That will all deliver income above $25 million that year. Those are the 2 main projects you mentioned. The demand of energy. We have our energy. We -- it is very well hired, and we have accomplished keeping our big B2B customers. We were able to hire the energy for 2023, 2025. In this pandemic, we provided special conditions to our customers. But we had long terms in the contracts and better benefits in the contracts. In our hiring policies, we are doing very well, and we are immune to these demand scenarios. We want to have our own path. I don't know, Esteban, if you would like to complement.

Richard, Ricardo. Any forecast we do in the juncture will have error margins. Maybe we make a mistake and we have more aggressive figures, but the most responsible thing on our side is to continue planning our commercial area. We had Tesorito with the commercial strategy, the wind farms. So we need to continue executing the commercial strategy.

Okay. Thank you, Roberto. We have Diego Buitrago next from Bancolombia that is raising his hand.

I'd like to touch upon 2 topics. One is to confirm maybe this juncture, how this juncture of COVID and the pandemics has affected us regarding hiring? I don't know if you have seen pressure in the prices or in the amount. And the second issue has to do with Tolima. We saw results above what we had budgeted and what we had forecasted. We have the acquisition in the first quarter. There have been fluctuations, so we would like to have more information on that. We can hope for the next years in terms of EBITDA and the margins, if possible.

A little bit of what's going on is that the availability is a little tight. We have had big projects regarding solar farms. They are relatively small and marginal. So if you hire energy for the next years, it is very costful, 240. When the customers of the regulation markets, in the short term, there is a high pressure of prices. But people are waiting for other projects, renewable projects, to start that is going on in the country. So what we see in our customers is a very high interest in the mid and long-term to eliminate volatility. So we need to support our customers, and we have been able to renew most of them. And we have been able to pool important customers that we will inform about beyond the kilowatt. Regarding sustainability. In Celsia, we have our philosophy that we are not interested in selling kilowatts. We want our customers to be sustainable and get in love of our service. So that is the strategy in what's going on with the customers in the regulation market. So in Tolima, we are doing very well. And what you say, Diego -- but we need to see the effects in the future. I think that we are above what originally we spoke because within the approval of positions, we were acknowledged, assets at low levels that were not acknowledged. It was COP 300,000, I'm sorry. That is an important change. And since they are not part of Caoba, they are part of Celsia, the assets. The total of the effects will be seen in the results of the company. On the other hand, while the company improves the SAIFI and SAIDI, improving doesn't mean, as Ricardo said, we are not in the place we want to be, but we have a path of reduction as long as we are better than the reduction path we pick, conducts annual revision and authorizes prices for utilities. When we improve for this year, we have started having acknowledgment regarding that due to the performance of SAIFI and SAIDI compared to the goal. We need to take that into the tariff. We need to see the activity, but it's part of the pockets that we have in the following years. And we hope we are better in the timings. There is a third element that we haven't seen yet, the financial balance. I think we start seeing that since the second quarter. It has to do with maintenance operation in Caoba. Caoba is still tuning up. We have operation and maintenance contract at Caoba. But due to the adjustments we have had, we don't have any income. We haven't had any income. Income comes next, and we're going to see that as part of the effect of the expansion. So let's say that -- let's keep on with the expectations we had in Tolima. What we have had so far has to do with the acknowledgment. And once we finish this year with the operation of Caoba because before and now, we are tuning up the activities in Tolima, but we are doing better than we expected.

And Esteban, we have expansion -- additional expansion plan we are discussing with the ministry, with grid and national government to provide with better quality to the department, to the customers. And on the other hand, the Board has insisted on the fact that we need to see if we are capable of accelerating the investments that improve the quality of service that we have programmed for the following years. The component that affects more the day after day of our customers. Diego, you will see a CapEx that is accelerated in that department.

Okay. Thank you, Diego, for your participation. So we're going to give the word -- the floor to Nicolás.

I'd like to make 2 questions -- to ask 2 questions. The first one is Las Minas debt, COP 300,000 million approximately. What is the compensation scheme because the generation has been low? And the second question is the Caoba vehicle has very good EBIT margin, 81% approximately, the results of the second quarter, because of that net margin, why does it fall so much and it's now compared to the EBITDA margin? Those are the 2 questions I have.

Esteban, it is your turn.

Okay. Let's answer the most simple one, Caoba. Caoba is a vehicle with a very different strategy than the strategy of the company. That is the reason why we have Caoba because the EBITDA margin is so low. Basically 2 reasons: one, is the depreciation, but the second one is that they have a level of leverage that is structurally different. Our leverage is 3.1 and Caoba is 7x. So we have different investment thesis. That is part of the activity in Caoba, the possibility to commit the long-term income of assets and financial structures that if you see within what we see, the leverage are more aggressive because it has the benefit of the stability of the flows and in the long term. So that's the simple explanation in that financial structure. BLM, as you will say, is not only about generation, but income. The contract you asked, it is a contract with Baha Las Minas. At the moment, we have spoken in the latest calls about the results. The BLM, we are in the process of finding a way to move forward. They have benefit compensation waivers, so the company is not compensating debts. They are causing interests. Basically, we all know the juncture of the asset, so there is no compensation schedule for BLM this year. And we have been working on the contract, that is part of the joint work that is a way to recover the income in Las Minas so that we can retake the compensation of the debt. Let me take advantage of your question. We -- from 2014, we have reduced more than half the debt, thanks to the improvement in the commercial area and operational area.

Thank you very much, Esteban. Thank you, Nicolás. Well, we don't have any more questions. We have a couple of comments for all the -- there is a person that has a house with swimming pool and they want to use a photovoltaic system. So that is what we see in solar retail, to answer the question of Ms. Hernando.

Well, we would like to help you and connect you with retail team. I think you are staying in a very good place in the lockdown. So something very important. Retail is -- we have -- we also have a revolution because the prices of the solar systems have lowered at the level that we have a very beautiful project, pilot project, in Bolívar, where we have social interest to housing that are being installed with solar panels. That generates different dynamics in consumption. That is in that category. In the category of social class #4. Basically, I cannot imagine projects from now on that do not consider the solar panels because it is something interesting. I think that is to come. To date, the installation of residential solar panels in the United States, 60% of them, not only with solar panels, but they also have batteries. The batteries are lowering their prices. So what is to come in solar panels is impressive. In Antioquia, in Bogotá, we have installation teams, we have important allies and partners, and their customers are increasing every day. So this situation of the pandemic has generated a lot of customers. We are very happy with -- across the business. We have a lot of start-ups. We have big ecosystems. We recommend that you check on the guarantees and experience of installation that we will see after 4 years, a lot of setups in the roofs of Colombia. So welcome to the question. We wish you can be a customer in the midterm.

There is a comment of Luis Alberto. He speaks about Celsia as our company, but he is a collaborator. He says the company is solid and stable.

Luis, thank you very much. He's a stockholder. The important thing has been the emphasis. The most important thing this quarter is 400 new employments than our provider's system has been kept. We have been able to keep the stability. That has been very important, natural people in the offices. We have been able to start a solidarity system for them. And I think that is more relevant. And what is to come is to go out from this economic crisis and this unemployment level. We need to generate employment, be empathetic with our customers. So we have a company that is committed to that. And we, in Celsia, are working, all of us, to help in the recovery of the social and economic part of the pandemics.

Okay. If there is any other question, you can raise your hand. There is a comment on behalf of Nicolás. We don't see anybody else online.

Thank you, Gonzalo and Esteban. Natalia and Jesús, Jonathan in the broadcast. And all of you, thank you very much for being with us. So good to study the results or receive your comments. See you in 3 months if everything goes well. Thank you very much.

Ricardo and Esteban, thank you very much. So we finish our teleconference of results. Fernando, we're going to send you the data. [Statements in English on this transcript were spoken by an interpreter present on the live call.]