Grupo Argos S.A. (GRUPOARGOS) Earnings Call Transcript & Summary

Well, we started the global contingency of COVID 2019 and we presented it to the market in the last call. I just wanted to start by making a follow up around the advancements of this situation in order to follow up and look at the impact of this action plan that we have in our operational plans for the group and the companies that are related to us. So to begin, I want to thank more than 14,000 collaborators are part of our organization. Despite the challenges that we have been facing where this team has found a great adaptation capacity, commitment, transcendency. And this has allowed us to execute successfully the strategy that we have established in order to face this difficult situation. Today it's more important than ever in our culture that makes us an aligned company, aligned with the main goal, we're transforming the people -- the life of people through the operations in other countries where we are present as an organization, a culture that gives us tools. It will strengthen and face the challenges that are coming from such a challenging situation that we face nowadays, full of uncertainty, and this gives us the strength and the preparation to feel proud, optimistic in terms of overcoming the situation. People are and will be our priority. Because of this, we started this robust fund around health, life and well-being with a [ listed ] follow-up by main talent leaders of our companies. This has allowed us to reform a close follow-up to the physical and emotional health of each one of our collaborators. As part of this plan, it's worth to mention the development of an internal application for a daily monitoring of health that allowed us to identify and support with professionals of the medical industry to each one of these patients that are an organization in 8 different countries. Right now, 30% of Grupo Empresarial Argos is working from their houses and 70% are working physically in the operation. From that population, 100% of the holding collaborators is working from home. That has represented an additional challenge in terms of adaptation to these types of flavor, accelerating digital transformation and the flexibilization of our labor schemes. In addition, in adapting all the biosecurity protocols, we have carried out necessary actions within our workplaces in order to guarantee safe conditions and be prepared to operate or coming back to the main -- and the crisis time. As you can see, we've taken all the necessary cautions to care for the health of our collaborators with rigorous protocols, with specialized follow-ups, with epidemiological close ups and all the preventive measures, which have led to present very fruitful numbers. Until the moment, we have 108 active cases that represent less than 0.008% of the population that are a part of our operations in our geographies. And we have done more than 3,350 tests, that is equal to test 24% of our total collaborators. Nevertheless, we are aware that we are facing the most challenging days, which leads us to reinforce controls and measures in order to avoid more sick people. We have also been able to keep the employment of our 14,000 collaborators as one of our priorities in order to face the situation. We are absolutely aware that as relevant actors of [ important ] generation within the regions we operate, we also have the responsibility of avoiding those incremental effects that this sanitary emergency is placing upon [indiscernible] in the economy. In July -- in June, the number would be around 20% according to the most recent figures published by them. With the same purpose, we are still committed with the sustainability of our value chain, implementing measures such as anticipated payments to our vendors during this situation and the support in the structuring of schemes that allow them to have efficient discounts over the invoices. In terms of corporate citizenship, we have classified our commitment with society to the moment as this business group has contributed more than COP 20 billion, where 76% of that figure has been dedicated to strengthen the attention capacity of the health system in Colombia. And 24% of it focused on the most vulnerable families with food supports or food aid. Aware of this challenge, at the situation, brings upon our dealers. Grupo Argos has participated actively in the construction of the debate and in different think tanks in order to contribute with ideas that can strengthen the construction of public policies that will allow a fast economic reactivation and can sponsor the reestablishment of adequate levels of employment in our city. The situation invites us to reflect upon the changes that we need to implement a safe society promoted from the production sector and from the needs of the companies for them to be aware of the humanistic side and their surroundings. The values that citizens expect from them lens between businesses and principles, social solidarity and empathy. This vision will reinforce the role of the company as a relevant actor in society that by definition is called upon to become a generating entity, not just economic value generation, but also development generation as well as social well-being. I'll just speak a little bit about our contingency plan for our businesses. The priorities that we defined in an anticipated manner at the beginning of March allowed us to record financial results that exceed the expectations that we had initially set. Even in a month, such as this one, has completely affected by the impact of COVID-19, wherein, first quarter, only in just some days of March, were influenced then by the closures of operations in our markets. We also want to highlight that despite the dramatic reduction that we've had in this sections, we've been able to improve resiliency, while the diversification of sectors, currencies and regions stratifies the relevance of the strategy that we have followed in this organization. The opportunity in decision-making allowed to ensure the liquidity of the committee through cost and expense reduction plans, also ensuring necessary cash decision to operate and to mitigate the impact and enables us to give a solid and flexible financial position. We also want to highlight the role of Grupo Argos is strategic articulator of an articulated work of all its companies offering powerful synergies that add value and maintain a long-term vision. Thanks to this joint effort and articulated effort with our businesses. In the last months, we managed close to COP 500 billion of additional resources coming from higher efficiencies that have been identified in terms of OpEx, CapEx or debits besides the credit to offer the right liquidity to these companies. In this situation, we went from COP 2.3 trillion to COP 2.8 trillion, strengthening the financial flexibility. In respect with CapEx, up to the moment, we have delayed investments close to COP 868 billion, COP 148 billion additional to the ones we announced in our last call. In the same way, with the old books, we've said saving both close to COP 508 billion, so this is COP 166 billion more than the initial budget. We have reached savings, real savings that reached COP 367 billion, that's close to 70% of the goal that we had initially set. I want to also highlight the effort and commitment of all the operations that has been able to significantly reduce cost and expenses, that as we'll see further on when we go over the quarter results, has been key in order to offer these figures that you will be seeing today. Even with the impact in the first line by lower generalized demand over the operations, we were able to variabilize the expense and cost structure. This is a milestone that I want to highlight because for a company such as ours, we were able to achieve this goal in an agile and efficient manner. The decision that we took before lockdown and ensure liquidity in order to guarantee the continuity of our businesses has allowed us to count with the necessary resources in order to attend this contingency. It is very important to emphasize that these resources have been treated with the most carefulness and rigorosity, and that the cash generation of the businesses has been enough to guarantee the operations. Because of this, our cash position right now is higher than we had last week of March. This is even making a consolidated figure of COP 1.9 trillion. As a sample of the capacity of our cash in -- of the cash [indiscernible] business has, Cementos Argos had a free cash flow of COP 232 billion, sales [indiscernible] [ COP 2 billion ], and Odinsa has [ COP 9 billion ]. So you can see, we count with the necessary flexibility and tools in order to face this contingency. Even though we expect and as I have to mention, we have a better visibility. We will be able to reduce those liquidity credits that we have taken in order to come back to cash positions that are more fit into our long-term vision. Even though the resources to guarantee this liquidity have meant larger levels of leveraging, it's important to note that eliminating this continuing access cash is cash net debt has been stable. And besides that, we have also been working in order to optimize the expiry profiles with renegotiation with short and long term, which shows the trust that the financial sector has in our company. We have also been working long-term financial activities looking for innovative structures that we have been working on in order to improve these levels. With these initiatives, we want to open in order for other companies to adopt the strategies in order to improve the debt profiles with this alternative of what we call here in [indiscernible], but it has never been done privately. We have advanced in the structuring of this. And with the Colombian Stock Exchange, we have the authorization of the financial support and tendency and we are waiting to find the right window in order to advance this forward. We also want to strengthen our credit strategy, proving that we are active players in the capital market, where only in 2019, we mobilized resources for COP 5.3 trillion in emissions and financial operations and placements, too. We also count and thank the support of investors, and we'll keep on looking alternatives with instruments that will allow us to strengthen our capital structure of our businesses in order to face this current situation. Now let me move on to speak about the financial results. As I mentioned before, financial numbers exceeded the expectations that we had forecasted at the beginning of the situation, in part because of the implementation of a timely and short plan that I had previously mentioned and the commitment that has been assumed by each one of our collaborators in terms of this challenge. We fastly adjusted the operations with the new reality that this situation brought forth. If the second quarter was developed through this COVID lockdown, it's also important to mention that month after month, we have been observing a positive trend, where in June, we presented the same results even slightly higher than the ones we had in 2019. The signal fuels us with optimism for the future. Consolidated results, found on Slide 8. You will be able to see how we could evidence the efforts by each one of the businesses. Revenue for the first quarter are close to COP 3.3 trillion with a drop of 15% compared with the same period last year, exceeding the expectations that we had forecasted doing March. If we look at this in detail, we could see a pronounced drop in Agro of 22%, month in which lockdowns all around the economies were much more strict. In change, in June, the variation was to stay 9% if it's compared with the same month last year, 2019. This result has been supported by a better performance, mainly in the energy cement business and urban development business. It's also important to highlight the consolidated EBITDA, that's close to COP 890 billion that shows a similar behavior to the revenue, which evidences the capacity that this company has -- this organization has to adapt to this external [ short ], whereby, assuming the cost and expenses, this estimating this typical structure of fixed cost. Consolidated level expenses dropped to 14%, and we can only see the increases in the energy business, and this is explained in our portfolio after the incorporation of the distribution and transmission business in Tolima that obviously is labor-intensive and it was not in our scope before. It's also important to mention the reduction of Cementos Argos in terms with expenses and that was 23% this quarter, considering also that more than 70% of the company's expenses are in U.S. dollars. In this period, there was a devaluation of 17% when we compare both. This reduction represents a very important effort. Bear in mind that we were able to effectively manage this adjustment. The EBITDA margin at a consolidated level was kept the same for the same period last year and it's 27%. This is, without doubt, a significant achievement that proves the adaptation and transformation capacity that we have as Grupo Empresarial Argos. And the efficient functioning and [ powerful ] functioning of our risk strategy, besides the commitment that we have with our organization and keeping the value generation for our groups of interests. This also becomes a strength and a leverage value towards the future once this operation has stabilized. Financial expense was COP 345 billion, even with a higher debt consolidated level that closed in COP 18.5 trillion. This is a figure that follows the liquidity strategy the organization adapted in order to [ pave ] the situation that I have previously mentioned. I also want to mention that the variation in the debt stock was impacted, but the exchange rate that increased the difference in COP 1.3 trillion while the debt stock reduced in more than COP 540 billion. We adjusted that by the excessive cash that our companies have today as a policy for facing the situation, net debt would be COP 16.6 trillion, ratifying our commitment in spaces that are producing leverage of the companies. This is a strategy that we have been executing in an accelerated manner, and that will be increased in the moment that I have previously mentioned when we have a better visibility of the future. Revenue before interest close to COP 97 trillion and COP 62 trillion as net premium profit. Also bear in mind portfolio investments and registered deal participation net debt. In this line, we registered a drop of 29% in the revenues, close to COP 29 trillion as compared with the same quarter last year. While not having an associated expense has a more pronounced impact into net profit. This result has obviously account implications, but nevertheless, it doesn't imply effects over the cash. The net profit for the controller was COP 10 billion for the quarter with a negative variation that reflects the impact as is the operation for concessions, the company that has been affected the most by the situation and in which Grupo Argos owns almost the majority or almost all of these -- all the stocks. We'll be speaking later on about this, not just in reading results, but also in our Q&A session, speaking about the concession business. In terms of separated results, revenues reached COP 28 billion that are broken down and COP 46 billion from the real estate business and negative COP 18 million (sic) [ loss of COP 18 billion ] from the participation method. This result collects the contribution of the dependent business to cement energy and urban development and evidence the challenges that we are facing in the concession business, which results reflect the difficult situation that airports are going through because of the operational lockdown that has been ordered by the government, especially in the case of Opain, the concessions in El Dorado Airport. In the case of the urban development business, we reached a very important achievement with signing 2 session contracts that are part of the financial plan of the business that's been structured in Puerto Colombia. That allows us to have revenues for COP 25 billion. At this point, I'd like to drill deeper because these types of projects and initiatives reflect the organizational purpose that Grupo Argos has, and then to feel proud and optimistic, not just because of the team's capacity of seeking for new opportunities in the portfolio in order to optimize the value of the assets we have, but because this model also represents in terms of social impact and measure that multiple market niches grow in cities such as Barranquilla. The partial plan that we have called [indiscernible] that we have been working on Puerto Colombia is one of the most innovative urban developments of the country, and it's concentrated in attending the social interest housing for that city with a sustainable orientation, with an inclusive orientation and the highest quality standards in terms of urbanism, urban planning, architecture and access to public mobility that increase our over the national reference that we have in Colombia. And this will be an iconic project not just for the region, but for Colombia. If our management has been focused on housing for social -- for middle-social status and high-social statuses, and this -- that we're proposing will be also subject to the order in lot that we have next. And this has -- which could have been taken decade, but that's why we're working on developing value share. The first stage will have total revenues of around COP 153 billion (sic) [ COP 123 billion ] with an EBITDA close to COP 74 billion. During the second trimester, we were able to process transactions that led to a higher value that we have reached in this businesses through valuation in July. We [indiscernible] the third operation that will be reflected in the third quarter results. We've got to close the last 2 this year. This project proves the capacity of capturing value for our shareholders as well as we materialize our commitment with society creating projects that will allow social inclusion and will be in generation for the community. At this point -- and taking advantage of the figures that we have presented, I want to invite you all to learn about the details of the real estate development business at Grupo Argos and the strategy that we have around value maximization. We will be having a video conference next 20th of August. This is a space for us to drill deeper in the composition of our portfolio and the financial contractual methods that we are developing in the real estate business because we keep seeing a significant gap between the value of our stock and the fundamental value of the company, because we believe that facilitating the understanding even facilitating tools that will allow to have a better value approximations to those not listed assets of this organization. We hope that this might be of your interest, and we want to invite you all to have an active participation in this event. Back to result presentation. Grupo Argos dropped 13% in their controllable expenses and through the adjustment of cost structure aligned with the effort done sustainably during the last 4 years. Given the impact of the closedowns of the airports and the significant effects this has had over the participation method, net profit for the quarter closed with a loss of COP 56 billion. In respect with capital structure, we closed this quarter with a debt of COP 1.7 trillion that represents an increase of 17%, and is explained by the sharp plan in order to strengthen liquidity in the short term. At the same time, we closed with a cash position of COP 117 billion. It's a typical high figure for this company in the last years, which allows us to ensure our operations just for the upcoming year. Our strong liquidity position and the rates and solid financial management has allowed us to keep the trust of local and international banking as well as the institutional investors as well as risk raters. Today, Grupo Argos has a AAA rating by Fitch Ratings and AA+ by Standard & Poors. This fact we recognized as part of a transparency policy, the transparency coherence and disclosure policy that we have in terms of our results. Now let me move on, make some comments about different businesses within our organization and start by the cement business. I want to emphasize in the concession business later on in Odinsa because it's some of the cement results have been shared previously. But I also believe that it's very important for us to discuss the real estate business and the concession business. These are 2 not listed businesses of the group. Our cement business proved its resiliency, capacity in this quarter. Almost all operations were affected by COVID-19. Even though the volumes registered a drop of 23%, revenue drop is 17% and EBITDA had a negative variation, 13% with the cost structure, where more than 70% is in dollars. And the devaluation for these 2 quarters is equal to 17%. This result evidences the huge effort done in order to adjust the cost and expense structure, where we achieved total savings close to $71 million from those $94 million that we had identified in the savings plans that we had for this year. This has been an agile and expected transformation that has allowed us to mitigate the dramatic impact of a lower demand coming from this situation. And the quarter results are significant, especially in the United States region, in which even with a volume 6% lower, we registered an increase in EBITDA of 2% adjusted by those disinvested assets in 2019. I remember that last quarter 2019, there were some assets that were disinvested and more specifically in concrete, in the southeast of the United States. Our capacity to obtain this good result in the middle these contingencies is a proof of the adaptation capacity, and it's more evident when we analyze the performance of the business month after month where we see a positive trend. I also want to highlight that June has been one of the best months in the recent history of this company. We have EBITDA close to COP 180 billion, which is at the highest of recent time, but 3% higher than same month last year where we had operations were going a full sale. We also want to highlight the results in Central America with sales of 487,000 tons. They grew 14% compared with the same period 2019 and with an EBITDA for June of $13 million, which implies a growth of 20% year after year. At the same time, Colombia continues showing a recovery trend with an EBITDA that is growing 14% for the month, reaching COP 41 billion. Financial expenses for the quarter dropped 2%. [ Drawn ] from the highest debt stock came from the sharp plan. In this slide, we want to highlight the cash position, which the quarter closed that reached COP 965 billion, 30% higher than the first quarter this year, which [ obeys ] to a cash generation of the operation, which reached COP 232 billion. In addition, the company achieved a negotiation with [indiscernible] in order [ to flexibilize ]the indicators of December 2021 for the covenant calculations, which has this new limit 6.5x net debt EBITDA for December this year and it's adjusted gradually reaching 4x in December 2021. This extension proves the trust that financial institutions have and the capacity that the company has in terms of complying with its obligation. We have the condition that is the measure that we reduce the leveraging through the disinvestment initiatives over which we've been working on, who have the capacity of activating a significant lever in order to generate value. Let me move on to the energy business. The Celsia results approve the power of the strategic route that started in materializing a bit more than a year. Results include today stable components, such as the energy distribution that contributes with 59% of the revenues the second quarter this year, while generation contributed with 41% rate total revenue of COP 891 billion, energy generation for the quarter growth. Given the low high [indiscernible], which generated an increase in the value of the kilowatt hour compensating the effect of the situation of the demand. Collection has proven a good performance, and at the same time, we're receiving payments of the subsidies within the plan times, allowing Celsia to keep a cash generation, a healthy cash generation in the middle of the situation. This company has proven to be highly resilient, maintaining its operation and advancing the implementation of the new operational system called NOVA. That within other benefits will allow the company to manage its transmission operation in a much more efficient manner as well as distribution in a remote manner. The EBITDA for this quarter closed in COP 312 billion, a 9% higher compared with the same period last year, and this is a figure over which the Tolima operation contributed positively with COP 44 billion. The EBITDA margin -- consolidated EBITDA margin for the period reached 35%. The simplification strategy for the society structure, together with the advancements in terms of asset rotation has translated into a higher controlling net profit that reached COP 73 billion, multiplying more than 3x this result compared with second quarter last year. This is a milestone that comes from the strategy that we have been implemented to optimize and maximize the value of our energy business. For June 2020, Celsia closed with a cash of [ COP 536 billion ], that start closing COP 4.4 trillion with an impact for the exchange rate devaluation for [ COP 667 billion ]. If the company keeps healthy and leveraging business -- leveraging indicators in like 3.07x, net debt EBITDA has a comfortable cash position that will be used to reduce the leveraging that will be possibly under this level, substantially under these levels. And the measure that we have a higher visibility over the future. I also want to mention that in August, some debt advancements will be done around this situation. In Odinsa, the road concession businesses contrast with the evident challenges that the mandatory lockdowns of airports bring. But we want to highlight that since the contingency has been decreased and [indiscernible] has started in the country. We have started working in sharp plans for each concession for Odinsa. Looking to guarantee the liquidity and optimizing the operations and at the same time, promote the necessary biosecurity measures in order to safeguard the health of all of our users or collaborators. Thanks to the timely reaction, Odinsa has been able to leverage these effects given the different productive phases and we also have a geography diversification. And where there's no traffic -- even the different contract mechanisms, that allows us to have this guaranteed revenues. The confirmation of this portfolio allowed us to close the quarter close to COP 151 billion, where we could see growth in road concessions, up by 24%. And in construction, 8%, despite the closes and the operation reduction that we had during April, May and June. Nevertheless, these results were impacted by a lower participation method from the airport concessions product, of course, of that lockdown and closing of 2 airports. EBITDA closed in COP 92 billion for the second quarter with a negative variation of 31%. As an effect, has a lower contribution of the airport to the participation method for at least COP 93 billion. It's also important to clarify that this negative effect has the same impact in the revenue and EBITDA lines given that it comes from the participation method because the variation in this last one is asymmetrically larger. We also found a better performance in terms of EBITDA margin for the road and construction segments, which reinsures the commitment that the Odinsa things has around cost and expense reduction in order to mitigate the impact of this situation. The consolidated and financial debt of the company closed the second quarter at COP 2.8 trillion. It's an increase with respect to the same period last year of 17%, mainly generated by the devaluation and the consolidation of the net of the -- of the debt for the station Túnel de Oriente that has been incorporated this year, eliminating the accountable effect for the consolidation of this debt for this concession. The effect of the devaluation, in this case, would have a variation of 11% year-after-year. This means that this would be less than COP 270 billion. The optimization strategy for the debt has been reflected in the reduction of the cost in dollars and in pesos that represent more 170 and 30 basic points, respectively, compared with the same period last year. In terms of separated debt, the balance in the second quarter this year is COP 1.4 trillion. It's 12% less than the same period last year. Eliminating the effect of the exchange rate, the reduction would have been 22%. We also want to highlight that for fourth consecutive year, Odinsa has received a ratification of a rating of AA- with a stable perspective from Fitch Ratings, ensuring positive long- and short-term ratings for our ordinary bonds of COP 400 billion this company has issued. This valuations support our management and the strategy that has been developed by the company and become in a field of trust for the market and for the investors, especially, bear in mind, the effects that have been generated by COVID-19. Real estate business. Having mentioned the urban development business, I want to take the space. To briefly mention some of the elements of the result of Pactia, is a capital fund where we have a relevant participation. I want to speak about the strategy that Pactia has followed to face this challenge. Net operational revenue for this quarter was COP 39 billion, showing a drop of 25%, and in the EBITDA of COP 21 billion. These differences in results reflect the alleviation that Pactia granted their customers, especially to shopping malls and also reflect low occupation of hotels during the mandatory preventive lockdown. What we -- has gone -- 2 segments in 2019, this represented 51% of the gross revenue and approximately 40% of the net operational revenue and EBITDA. In last month, Pactia has developed different commercial strategies, focusing the sustainability and strengthening of a long-term relationship with its customers seeking to adjust to the conditions -- the current conditions. For example, in shopping malls, the Gran Plaza has launched own marketplace to drive those brands within the shopping malls. For UStorage, the fund has allowed -- has reached efficiencies in administration expenses, thanks to the implementation of a new commercial model. This changes reflect the creativity, perseverance and capacity of our team to look for new value generations. I have invited Nicolás Jaramillo, who is the [ fund ] manager, Pactia's [ fund ] manager. So in case we want to ask him anything, we'll have him here. I would like to end by making some references around sustainability and some final closing reflections or closing thoughts in order for us to move on to the Q&A session. In terms of sustainability, we have been working around 3 pillars this year. Our investment, responsible operation and bank card practices. The adequate management of these 3 concepts, which we are deeply committed, more even now with this current situation that we are facing at the country and in our society, is aligned with the interests of all our groups of interest of ours. But more importantly, with the value generation for our investors in long term in order to follow-up this commitment. We constructed a standardized methodology of externality valuations that's called society added value or value add society. This allows us to measure the sustainability performance year-after-year in terms of value generation for our groups of interest. According to our last measurement, at a broken down level, we generated 2.4x the value that we retained in 2019. This also shows a growth of 33% compared with the last exercise we did in 2018. The same exercise is being implemented separately in each one of the businesses of our group. Under the framework of our sustainability strategy, we're focused on building a joint strategy for climate change for a business group that covers both mitigation at the adaptation component. From one side, we're completely convinced that this is space to create value around new products and services, innovative products and services that are associated with green and [indiscernible] economies, which, at the same time, would contribute in a healthy transition to add a more multiple carbon economy. From another side, the existing revision of the productive processes will allow us to read the highest operational efficiencies in our companies. We've hoped to count with new goals for a climate change prior 2021. Finally, I just wanted to make some closing remarks. Started by saying that we maintain the optimism towards the future. The sustainability and the value of our company's based on the dynamic adaptation capacity. And the way we've faced this adaptation capacity, even though there's not a clear visibility yet, our businesses have driven to be strong, have proven to be resilient, which really ensures us as relevant stakeholders and infrastructure in a sector that will be the dynamizer of the economic reactivation of the different geographies given the anti-cyclical behavior. Aligned with this, it's also important to highlight, last month we identified positive signals that started showing changes in the trend towards a recovery such as an increase of 14% in the cement sales in Central America. The increase of a 6% in the -- of expense in construction in the United States, operational activity of a 90% of the 4G concessions in Colombia, traffic in road concessions, that's between 60% and 70% historic values. The reduction of the energy demand gap that, up to June, had a very negative variation of 5% when [indiscernible] were speaking about an integration of 11%. Preparation of the airport systems were starting to be operations for us again under the biosecurity protocols and at the beginning of [indiscernible]. [ Right before the ] Q&A session, I'll give this announcement that was made yesterday about restarting operations from 1st of September. There has been an agreement with the Mayor's office in Bogotá, [ Ministry of Field ], and a public announcement that we made that [indiscernible]. This situation represents not just a great challenge for national government but also a commitment with development and execution of projects. We want to celebrate, for example, that in Colombia, a subsidy has been approved for by 200,000 new houses. At the same time, a new program was announced, a 5G infrastructure that will require investments over COP 20 trillion. That's actually part of the ambitious program that has been announced by the national government that's close to COP 100 trillion and expect generating more than 1 million employments next year. In addition, at a global level, as a response to COVID-19, we have opted to implement expansive economic policies that are being applied by many of the central banks. And through progressive reductions of interest rates in Colombia, the reduction has reached close to 200 basic points. In the United States, it's between 0.25% or 0%. The reduction of the funding cost for the infrastructure projects and development of the regions, [ redundant ] in an [ employment generation ] and strengthening of competitiveness. Moreover, we have the conviction that at the country - the other countries, Colombia and the others -- in other countries, we have presence, offer an adjusted return in terms of the risk level. They have an immense [indiscernible] of attracting new capital considering the liquidity access that we have around the growth right now. More specifically, in those resilient sectors have besides being -- interesting in terms of investment, generate great well-being society in a high -- very high -- a very large employment generator. So based on this, based on the social, environmental and corporate government criterias, they stop being a sophisticated division of the economies. Division that was sometimes seen as far away from the investor sentiment, in order to become one of the main priorities for developing the economic activity of all of the operational scales. Proof of this is that during this month, we depend in the interest of great global investors for defining capital resources and sustainable businesses. This is a reality that ratifies the conviction that we have in Argos Group and in all our companies. Keep leading aware investment practices, responsible operations and implemented bank card practices in order to strengthen the performance of our businesses. The reflections are not aside from the way that we have been doing businesses. We have, for example, technological transformation and utilization. Nevertheless, one of the main changes that we are going through and that has led to deep reflection, has to do with the role of the company in society and with the need of us to be more aware about the humanistic side of our surroundings of the values that are being expected from us. We need to be more aware about that link between the businesses and the principles, the areas such as -- at the area and solidarity area. This function will bring forth to grow up our company as a relevant actor in society that by definition is called upon to become a development generator progress and well-being generator. This situation is also a [ confirmation ] for us to concentrate long-term, rethinking in a cross-cutting manner, the way of making business, structural values, the value of the strategy, the value of the culture and also reaffirming that we are and will always be careful with hard metrics such as a cash position, debt administration and the way that we manage and will manage in the future risk vision -- risk view. We could say that despite the situation, we trust our corporate capacity, we trust and bank on the 14,000 collaborators that are part of these organizations in 18 different countries to their talent. And we are loyal to reaffirm the higher purpose of transcending in order to generate value through investments and operations in all the geographies where we are at, imposing a value generation strategy for the company base and leverage its experience and trajectory of more than 90 years, positioning ourselves as a relevant actor today more than ever, with the commitment to generate value for you, for a fast, safe powerful reactivation that can lead to positive effects in all of our groups of interest. I want to close with this. I want to send you a warm greeting to you all. Let's care for ourselves. And let's not lose the optimism. And these are times to look toward the future with optimism, with discipline with work, with conviction in what we do. So with this, I want to give the word to Natalia, where we can open a space for Q&A, the Q&A session and if there are some questions that you might have.

Okay. Thank you, Jorge. We open the space for Q&A. [Operator Instructions]. We have received some questions. Let me just begin. We want to have more details about the road concessions. Despite the drop of a 52% road traffic, during the quarter, we saw an expansion in the revenue and EBITDA you have to use. So they wanted to know which are the traffic mitigators of the concessions that we have. And how of these revenues are consolidated? Would it indicate that the concessions with minimum revenue guarantees? What's the government paying for that differential and for that minimum revenue?

Daniel, just let me give this context. And afterwards, I can give the word to Mauricio and Pablo because we do find this as a very relevant question. So let me begin here from that approach. We have 2 verticals here in concession business. We have the airports and we have the road concessions. that order of ideas, our road concessions had several types of expectations during this period and it's important for us to understand in detail how this business is constituted. So let me start by saying the following. In this business right now, it has several particular ideas. It has operation and maintenance concessions. So we have concessions that generate flows in dollars, cash flows in dollars, in pesos. We also have concessions in construction and we also have concessions in restructuring and development. This portfolio is dynamic in time. And as I mentioned during this conversation, this year, particularly, it incorporated a new asset, that's the Aburrá Oriente tunnel. So we need to be aware of the changes between 2 periods, the effect of these variables over the concession portfolio. I'm speaking about the road concession in this case. Road concessions suffered 2 different types of effects in this period that we are analyzing. The first one, on the decision of the national government during a period of time, I don't exactly remember what was the time of the establishment. That was around in May, if Mauricio or Pablo might have this more clear period, by which there wasn't -- there was no toll collection. And at the same time, there was a drop in traffic for all the projects. Now each one of these projects, when they are in operation -- they are under operation and maintenance, has a different condition -- contractual condition, we will be explain this later on. But in general terms, all the concession contracts are supported in contracts that offer minimum guaranteed revenues or traffic guarantees or mechanisms such as collection differentials get recognized in some use of the project, the differences of collections that might be affected by changes in traffic. Each one of these contracts has a structural protection in order to guarantee the contractual equilibrium in some way, the revenues, others for collection differentials. So this makes that structural value of our assets for us, contractually speaking, is protected. Besides that, the effect of the management that has been led by the group is also reestablishing the effect that come from starting constructions for the toll collection that has been decreed by the government. There's actually some negotiation tables happening with ANI, with the infrastructure Colombian chamber. They're led by this team, and besides that, through the presence and support of the control entities, which makes us very optimistic about the reestablishment that has not been -- may reflected in the financial results, not just in terms of liquidity but in the value of all the contracts. This is a general framework in order for us to conceptualize -- just let me give the word to Mauricio, so he could give more detail in terms of this.

Thank you, Jorge Mario. A pleasure to be with you all that are with us today. The company's [indiscernible] are highly strung from the group. As we are explaining, I wanted to take this opportunity, and I'd like to greet Daniel also for asking this question. This question allows us to answer certain doubts that might arise regarding this matter. We have concessions with minimum guaranteed revenues. This would be the 2 concessions in Dominican Republic and the concession Autopistas del Café. Concessions for expected revenue, that would be Túnel de Oriente and practically, concession with risk traffic, that would be Malla Vial del Meta. Growth from -- the most simple -- the broadest aspects, in Malla Vial del Meta, we're in preconstruction phase. That means that we don't have access to the total source of the collection, only a portion, I'd say, 23%. That's what we need to keep existing or working that corridor, and we are hoping to finish this phase in September. And it has actually been discussed in similar spaces such as this. In the rest of the corridors, given that there's a minimum guaranteed revenue, the revenue has not been affected by the traffic. And the only case we have a small deviation is in Autopistas del Café. Because the concession was obtaining an access, and obviously, we don't have this access nowadays, but that was 12% -- that was only 12% of the concession's revenue. So first of all, we have certain guarantees in terms of traffic. We have mechanisms of the value establishment as expected revenue. It's basically to guide that traffic that we are not getting in the short term. We also have traffic guarantees such as in projects at Pacifico 2. I didn't mention the first because Pacifico 2, it's a support generation. The first wave has collection differentials in the years '08, '13 and '18, where we compensate the traffic curve through the traffic that was structured by ANI and the real traffic. So this is the first thing. So in traffic, we don't have that difficulty. What has been the behavior of traffic? Except in the Oriente tunnel, because of the José María Córdova airport, it has been affected. Today, traffic is close to 30%, 35% of the traffic that we had before. In the rest of the corridors, including Malla Vial del Meta, traffic has been between 65% and 85% compared to the traffic of 2019. So it's basically cargo, 18-wheelers, trucks, those types of traffic. So there's a resilient traffic. There's an accelerated traffic. There's some traffic guarantees, and there's also some contracts that have these mitigation mechanisms. Nevertheless, this is a series of elements that exceeds that problem or steps outside this problem but are included within the contract and mechanisms to mitigate all this. We decided since the -- from the infrastructure sector and from the national infrastructure agency to construct some work tables supported by the control entities in order to establish mechanisms where common expectation elements in all the contracts would not affect the road contract of first, second, third or fourth generation in order to make like a framework agreement. That conversation has advanced. We just need to close this one point. So we expect to close in the next 2 weeks. We will sign a memorandum of understanding where we would close those controversies and have a framework contract and looking for all the different contracts and see those mitigations that we are missing. Which are those mitigations that we're missing? First, suspension of road traffic was 68 days. For 68 days, the roads were not charging tolls or with an extension to the majority of the categories. So the first is the low traffic. There was -- first, the lockdowns that is happening in order to incentivize transportation. So for these big contracts, I have the first faculties. And the government has also the faculty to extend the periods of the concessions, even the airport concessions. There's a similar question. With that, bear in mind the limit is specified by law in Law [indiscernible] 1508. This is the first thing that we'll get from this framework agreement. How could we recognize that revenue that has not been received, indexed at the end of the concessions? All across our operating under this current situation in terms of biosecurity implements, this has a small value but more specifically, in productivity loss that has been seen in some projects. Ours, fortunately, don't have a productive loss, as Jorge Mario was explaining. We maintained the works that have been operating to 100%. We've been able to mitigate the effects, and we are complying with the program's second element. Third element, the suspension of obligations are extended and becomes contractual obligations in order to avoid sanctions via this suspension and that our projects won't be affected by this. So in summary, risks that come from a lot now are defined in the contracts and in the law. And the conversation has been fruitful, and we are optimistic, as Jorge Mario said. In our case, this risk is also mitigated because our contracts maybe have a traffic guarantee or an expected revenue or a collection differential. Now for the specific question about revenue expansion or the difference between revenue and traffic expansion, Pablo could just tell us the exact figures and how is this being handled within the company just to close with those points. Pablo?

Thank you. Good morning to you all. Yes, Daniel, as Mauricio said, when you have contracts that concentrate the minimum guaranteed revenues or payment by the availability, such as in the case of Aruba, accounting-wise, you would record these as financial assets. So the accounting revenues of our concessions or a return over to a financial asset that has been amortisized in time. So at the accountant revenue -- accounting revenue registered by those concessions is completely independent from the concession from the traffic that the concession have. Either cars going through or there were no cars going through, the accounting revenue that's recorded is the same. So because of that, because of that main reason, even more than last year in June, we were not consolidating the Oriente tunnel. But June this year, we were consolidating the Oriente tunnel. And just for you to bear in mind, the contribution of Oriente tunnel to these figures or to these numbers is COP 42 billion in revenues and COP 20 billion in EBITDA. If we delete this, there is still a growth. It's because of this, because as it was mentioned by Mauricio and Jorge Mario, the vast majority of road concessions that Odinsa has, has a minimum revenue guarantee. And so accounting-wise, they register according to what they have in the bridge with IFRS, independent from this, if the traffic has been affected or not. So to answer your question, I believe this answers the question of the P&L. Now we speak about the cash flow, which periodicity these accounts are being collected and due to this minimum revenue guarantee. In the case of the DR, it's quarterly. In the case of Autopistas del Café, this is yearly, annually. So these revenues that we're seeing in Autopistas del Café was by collecting them in January 2021. Now let's remember that in Autopistas del Café, as Mauricio said, it doesn't mean that there's no traffic anymore. Traffic is between 75% and 85%. And in those same levels, even higher, we have collections because the composition of the traffic is more towards heavy traffic vehicles, which pay a higher toll. So collection, behaving similarly in the case of Autopistas del Café, and we still need to reach that minimum revenue required would be collected in January next year. In the case of the DR, collection is very low, which really weighs the minimum revenue guarantee. And this is collected quarterly, as I mentioned before. Same case happens in Aruba. It's the same revenue in terms of cash. Payment by the nation is the cash that the concession gets. So just for you to be easy on this, that a cash comes with the revenue and the times that cash does not -- do not meet a substantial delay, most especially when they want to have a delay, as it could be Autopistas del Café, has collections higher than an 80%. That was the complement of the answer.

Okay. Perfect. Let me move on with some questions regarding airports so we could close the Odinsa chapter. I'm asked, how the ANI negotiations are going, considering that airports don't have those asset classes that we were speaking of before in roads such as in guaranteed traffic? And if -- are we concerned that the agreements that we can reach all the -- have a scope of negotiating the closure of the airports but not after that? And I wanted to join this with a question regarding the Quito airport. They are working for a proxy. How have we seen the behavior of the traffic in the airport? Because last month, it has been opened. And which are the additional costs that we have acquired in terms of biosecurity, biosafety?

Let me give a context and then maybe we could offer some detail here because this obviously approaches a topic -- as we've seen in the results, it has an important effect in the quarter. What is especially important to share with you is the detail of what's happening, which is our vision. Then I suggest let's approach this in the following way. One, let's share the case of El Dorado first, and then we could speak about Quiport in the following dimensions. Last week, there was a very important announcement with this dialogue we have worked with the team in Bogota mayor's office and with the Ministry of Health to define the protocols in the way of restarting operations and starting from September. This is extremely important, and it's extremely valuable at the same time, not just because this is done under an agreed framework and a respectful framework. But clearly, this is established in increasing ramp of coming back to operations. This is fundamental for the country and fundamental for the country's economy, obviously for us, too, as a concession. I want to highlight later on, and if we have a couple of minutes, I can ask Mauricio if he can tell us a little bit about the different actions that this organization has taken around the safety of travelers in El Dorado airport, the investments in temperature control, cameras in washing areas, in technology, in no-contact technology for the check-in process, for the traffic process, also in passengers not just in migration but also in luggage handling contact, going through the different stages at the airport as a traveler. These are very important investments that we've done, and we do this completely convinced that these types of actions are the ones that will guarantee we'll have the accelerated service. This is one element. Second element, I'd like to also approach from a contractual optics, how are we approaching this conversation with the national government? In the contractual structure that had been previously established, it's different. Here, we have an event that we couldn't have forecasted, a huge market trend. And at the end, this is the decision. It's -- obviously, it's understandable, this decision of suspending the operations, and this obviously has the implication that the concession cannot develop the object of the contract. It doesn't mean that there's a slight expectation over traffic. That's what has typically happened. But here, we have an unpredictable event that the concession cannot exercise the contractual object. And this has a discussion, it's the final discussion or open discussion. But it's also other important elements towards the future in order to preestablish eventually the economic calculations in these contracts. I'm going to highlight once again: None of this is being considered in the financial reports. But I just wanted to emphasize that we just don't celebrate the way that this reopening process has been happening, safe way, but these first 4 routes would be generated as the first steps: San Andres, Leticia and Cartagena from Bogotá, and we measure that, this increase, there will be a chance to a normalization in national and international traffic. But let me repeat this once again. In terms of reestablishing the value of the assets and the liquidity measures, that has also been discussed with our counterparty. And for the end, we could maybe speak of how the Quiport reactivation has been happening. There is really -- the first of June, but they have a different -- they have a concession that goes to 2047. They have a much broader spectrum than El Dorado.

Thank you for that. And let's approach each one of these points. The airport concession contracts are different. There's no first, second, third and fourth generation. So this is the first thing. They're less. There's 18 airports that have concessions in the country, and they're concentrated in about 6 contracts. These 6 contracts are not alike. Because some of them come from a different origin, there's no way of establishing similarities, even though they might have similar clauses. In this same sense, we constructed from moment 0 a work table on the Colombian infrastructure chamber and also representing the different concessions, in order to go over 3 topics, specifically: First, liquidity measures, short-term liquidity measures; to suspend contractual obligations that would allow liquidity mechanisms. Maybe that conversation goes better than roads. It's -- we hope that this week or next we'll be signing this memorandum of understanding, also supported by the control entities that have operated the following results. The third, what we have to pay in terms of the concession to the government. All airports have this in different magnitudes. It has been suspended and has been [indiscernible] in time as an alleviation mechanism. Now the money in the subaccounts, within the concession accounts, all concession accounts have some subaccounts that are provisioned through the concession's side. So they have resources in moments of contingency or maybe thinking on how to fix bottlenecks that the contract might face in certain moments. There's important resources. In this case, for example, in Opain, there's COP 200 billion, from which we've agreed that this COP 100 billion will be used in the first stage as a liquidity mechanism for the short term. So we're working on liquidities through an agreement, bilateral agreement. We look to support of the control entities. And I would mention the control entities because for us, it's very important that we either control. [ Otherwise ], it's completely transparent. Nevertheless, those liquidity mechanisms, internally, we've taken certain decisions. I understand in several firms, that flexibility of -- that the airport has is not that large, but the space that we already had, that we already took, I will explain that later on, that's the first thing. Second is making a series of agreements in order to remove pressure from the airports' OpEx and obviously care for our cash position. I'll ask Pablo, maybe if he can complement some figures, if he can give you the cash data for Opain and the reserve accounts that we have in Opain for you to understand how solid we are in terms of supporting any contingencies such as the one we were discussing. This is the first thing. Second is that the airports, technically for you to understand the infrastructure, but mainly, airports are not closed. Airports are open. They need to be open due to a contractual disposition by law. But what we have is that there's no flights and the borders are closed. So this means that we need to guarantee that the airport is operational for humanitarian flights, for anything that has to do with management of security and operating most importantly in airports [indiscernible] and so forth. And what we've done, we've done this as an agreement with [indiscernible] suspending a series of obligations and reducing the available area that we have taken in the reactivation process. So the first work has to do with liquidity measurements. In the very short term, there has to be some complete definition for this. And currently, we account with necessary liquidity to keep the airport in the condition -- the current conditions for a couple more months. Second, as to what Jorge Mario mentioned, there's 2 elements here. There's this event that we cannot control. And the flights during the reactivation we will start having, it's under the pilot definition. Even though there's commercial flights and you have to purchase your flight ticket, there's still a pilot specifically to ensure step-by-step of those security business, safety measures that Jorge Mario mentioned before. So that phase implies a complaint. So government and the company can establish this through different periods. So this is affecting the expectations due to lower revenues. So higher cost, the expectations of the old place might have an adequate distribution during this 5 months. And I'm thinking in the 30th of August indexed to some rates that are included in the contract -- that the contracts have in terms of -- in the case of distancing measures. And with that gives -- becomes in contract extension, this complaint will start in September, once we start reactivating the operation. The second stage, it's also an unpredictable event, it gives us space for mitigating the impact. Set in a simple way -- and excuse me for being so specific, it's been set in a different way. We are not seeing -- we're not taking a risk. We are seeing the impossibility of developing the contract due to other force, completely external, major forces that we cannot control. So there's a legal space for the complaint. This will be happening through phases. We're going first by our liquidity, but we are optimistic because we have the 3 resources. And we would start reestablishing the economic equilibrium. But in both phases, without -- no doubt, those would be accrued for next year for that -- in the year [ 2027 ]. What it has to do with the biosecurity, biosafety measures, we've started accounting our team and to our people the measures that we have been taking. The first thing that I wanted to know is this has been agreed with the Ministry of Health, Transportation, Aeronautics and with the Bogotá's mayor's office. They have been agreed, harmonized and articulated with the positions that, from a sale standpoint, the government has been determining. But we see this enriched with the vision of the airports and in terms of public health have been advancing the most: Singapore, Korea, certain airports in Europe, where we have a joint work table through [ IFC ] to ensure that we can have state-of-the-art in terms of biosafety measures. And we can proceed as such because we believe that towards the future, we won't require as much in biosafety measures. But we do believe that biosafety is here to stay. An element that is not included there but we decided to advance on is eliminating the contacts of the user, of the passenger in the airport. So this means you have a virtual ticket. You have a QR code. You could -- you can organize your luggage without speaking with anyone. You can open this exclusive feature. It's going to be automatic. You will be able to access the boarding gate. You'll be able to collect your luggage with that code. We have individual temperature measurements, but we also have this by clusters in the airport corridors. The cameras of the airport are activated to identify concentrations through heat maps and ensure that we could separate both spectrums. The airport will be used up to a 30%, 35% of its capacity. So in this first stage, there won't be a very large contact between the different flights [ that you attend ]. So I want to explain it here because I want to send a message of trust. And now to close this part of the biosafety. Airports are a contagious setting. Airplanes have enacted airport measures in order for viruses not to progress. The air of the airplane is reset every 3 minutes. And the residual risk given by the population is mitigated by the safety measures, obviously, face masks and social distancing and washing your hands. But here, we've taken all those essential measures. And in terms of the reestablishment of the operation, there's 2 elements that I believe that are important because this is a frequent question that we have. Who governs the airport is the national airport -- national government is the one who could give important information to take the decision of crossing borders and stopping flights. So that decision, we have no participation. We have no say. We are just informed once they've reached that conclusion. It's the national government whom whenever they consider rights to open domestic flights and international flights. In this case, given that the pandemic has an asymmetric behavior in Colombia -- the government, Colombian government delegated the responsibility in the governors to open the airports gradually. That's why us working together with the national government have opened some discussion tables with the Bogotá mayor's office to discuss about how should this graduality should happen. And that's how the mayor's office says, "We actually support this," the step of reopening the airport. Let me explain this forum, which is -- it's not a public opinion forum, but what is that we have discussed. This opening request for 25 routes in the country, 25 routes that have been requested by different parts of the country: Cartagena, Barranquilla, Leticia, Bucaramanga, Cali, Medellín, Rionegro. From those 25 routes, 13 routes require Bogotá in early-stage for them to happen. Just remember that Bogotá moves 60% of the national traffic, first. Second, 75% of the transit by this -- where all of the passengers are collected and then redistributed to other places or destinations is Bogotá. 70% are regional flights. 75% of the foreigners coming to Colombia [ are swinging ] by Bogotá. And the interior networks is that great modes that supplies and feeds to the rest of the cities of the country. That's why the area activation has to go through Bogotá. And that's why this risk base has 25 routes. From those 25 routes, we'll be attending 30. But as Jorge Mario mentioned, there are 3 or 4, the ones that have been announced already, and there is a joint work table that was created yesterday, a bit more specialized. We'll open the rest of the routes in order to integrate them as fastly. In time horizons, that must be between 2 and -- 2 weeks. We hope that at the end -- beginning of October, we will be reactivating those 13 routes that will give space to move around 25% to 30% of the passengers. We will still have a window in order to incorporate other routes, national territory routes, the reason of being that some of this [indiscernible], and this is important for people to understand, it's a humanitarian reason. There's difficulties in these 2 regions of the country because the connectivity has to be done mainly by air and mainly with Bogotá. So those 2 are the gateway [indiscernible]. We think that we should celebrate Cartagena as it's an important route. The most important routes in Colombia and at the same time are the most important -- the 10 most important routes in Latin America are Bogotá-Cali, Bogota-Medellin, Bogot-Cartagena and Bogotá-Barranquilla. So having said that, we celebrate this, and this is the legal framework we are working on this. Mauricio, maybe if you could briefly mention Quiport, how has Quiport been behaving in terms of passenger demand. We could move on to another block of questions that we have.

Quiport, as what Jorge Mario mentioned, is a very long-term contract. It's a contract that also has these major mechanisms in terms of it's stronger for us. It's a contract where we would move the date of the master plan because this would be the passengers -- this would be the passenger flow that we were expecting. It was opened in the first of June. When we opened the first time, the impact was very strong. And obviously, there was a bottleneck of the pending and unsatisfied demand. We saw mostly normal traffic. Afterwards, the traffic dropped a little bit. It has had volatile behavior as a measure that we have been standardizing the restrictions or the constraints or the requirements in terms of biosafety. [ Guayaquil ] is asking for a certain test, and some destinations are asking for lockdowns. Good news is that starting 1st of August, government of [ Guayaquil ] increased the capacity of the airport to operate 58%. All the airlines are offering new schedules. There's a connectivity with Europe, with the United States and with Latin America. And in general, in this quarter, to -- as we completely -- we have been assuming a 10% compared with 2019, but that was within our forecast. In the traffic forecast that we do, we started with 10%, 15%. That's what happens in the initial phase, and that grows in an accelerated manner, as Jorge Mario was mentioning, in terms that we are -- we still have the expectation to have a 50% in Quiport towards the end of the year and a very similar number of figures for domestic traffic in Bogotá. Total establishment and total monetization that was also been asking, we expect to happen around 2022.

Perfect. Thank you. Let me change sectors. Part two, what has been the impact that Pactia [indiscernible] still investing in this fund? And how would you like to have that mix of the GLA of Pactia for the future?

I give the word to Nicolas, he is the manager of the fund. Just let me give a context and let me tackle this question from this angle. Yes, we have considered those investments. On this, I'm actually considering some. The team had been working on profitabilizing the assets. This has been very important, and it has been offering effects starting from -- these investments are actually mature assets and better confirmation of the portfolio. Obviously, from all the portfolios that have very strong industrial sectors, it's warehouses that are a part of the long-term contracts, hotels, self-storage, trade, these ones that have -- and are being more effective in the short term, and that obviously affects the short-term profitability. What I wanted to highlight is the resiliency of the portfolio, close to 900,000 square meters that we have in Pactia as assets. And that resilience has been constituted by this trend and by the importance that the different sectors that have had the largest stability in terms of effects. So the answer is yes, this investment projects passed -- selected these investment projects and assets where we are extracting value. Actually, last year, there was a very important action done in this work. And we also want to strengthen the mix of those sectors where we're at. Great part of this has a very high resilience in the long term, given that they're much more industrial and not linked, for example, to hotels. And let me give the word to Nicolas, so he could speak a bit more about the netback.

Jorge Mario, good morning. And thank you all. And that has grown 2.6% in this quarter between January and December. We're expecting to have a negative estimation. This will be pandemic safe by the end of the year. That's the consequence of how to close down and lower traffic and lower sales in shopping marts. In terms of this investments, we have been doing this investment process the last 3 years. Through the moment, we've sold close to COP 480 billion. This year, we've sold close to COP 30 billion. So we will keep growing with this, this investment project, in order to reduce net debt and in order to offer more strength in terms of liquidity for the project. In terms of the portfolio and real estate competition, as Jorge Mario says, what we're looking for is a balance between the different real estate assets and additional concentration in the logistics business that has some very important resilience. I believe, Natalia, with that, we answer the next question, right?