Grupo Nutresa S. A. (NUTRESA) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the conference of results for the second quarter of 2020 for Grupo Nutresa. At the table, we have Carlos Ignacio Gallego, President of Grupo Nutresa; José Domingo Penagos, Vice President of Corporate Finance; and Santiago Escobar, Director of Corporate Finance. My name is Catherine Chacón, Director of Investor Relations. After the presentation of the results, we'll start our question-and-answer session. The questions can be done through the audio line or through the webcast. Those of you who ask, we want you to tell your name and the institution you represent. If you want to follow the slides in English, you can download them from the platform screen. To start the presentation, I will give the floor to Carlos Ignacio Gallego, President of Grupo Nutresa.

Good morning. We hope that we are very well and also your families. Thank you for being with us. To begin our conference, I invite you to go to Slide #2, where we share some significant events for this period. In the first place, we'd like to tell you that Grupo Nutresa was honored as the second company with the largest ability to attract and retain talent in Colombia; and #1 in the food sector in the country, according to the Merco Talento 2020 ranking. Part of the programs and measures that have led the organization to these leadership positions, we have the programs for personal and professional growth programs, support for families, generation of fair opportunity, the creation of healthy habits and strengthening leadership styles and the consolidation of healthy and safe work environments. All of this is part of an organizational culture which focuses on recognizing and respecting our human beings. At Nutresa, more than ever, we are moved and committed to create more and better opportunities for development of our employees. On the other hand, it's very satisfactory to tell you that in the midst of economic environment full of uncertainty and volatility like we have right now, Fitch ratings reinstated the ordinary bond rating for our Nutresa groups as AAA with a stable perspective or outlook. This rating is assigned to issuers of obligation with the lowest risk expectation of failure to comply and due to Grupo Nutresa's abilities to manage their business in highly complex times. Going on to Slide #3. Let me tell you that we started construction of a new production -- multi-category production plant in the senior Santa Marta in the Tayrona Freetrade Area in Colombia. The strategic location of this plant will enable us to efficiently meet our international platforms' needs. First of all, we'll start with the production of confectionery. And then we will grow gradually with an estimated investment of $133 million. The plant will have high standards of sustainability and productivity aligned with the group's objectives. Its operation will produce approximately 392 direct jobs. In addition, this plant will -- allows us to increase the Grupo Nutresa production capacity to connect to regional and global value chains and to meet the demand in our strategic region. These times, as we said, have brought major challenges, but also big opportunities. We'll start operating during the fourth quarter of next year. This is a great piece of news that we want to share with all of you. In the next slide, the #4, we'd like to tell you some things about trends and behaviors of the consumers in the current environment, which we have divided into 5 major blocks. The first 1 is how households have preferred convenience and versatility. We highlighted that very important now, the fact that we produce -- products can be easy to prepare, and this has become a preference factor. We have greater focus on versatile products that can be used by all household members during -- all locations. The second group has to do with the action for local reliable brands that have a good price-value balance. This highlights the importance of being good locally in several countries at the same time, like we at Grupo Nutresa are. The consumer is also showing us a preference for reliable brands with accessible prices. In the conference of the last year -- several years, we have insisted on managing prices that will allow us to have presentations, which are within the consumers' reach and doing this highly productively to make it profitable. We are talking about the disruption of channels and digitalization. We see that digital platforms are facilitating household shopping. Many homes have access to digital platforms, mostly through smartphones, and there is an expectation of agile experience, hassle-less purchasing where people are avoiding major crowds and are using digital means. The key is the omni-channel strategy that we are implementing. Going on to the next page, we have the other 2 blocks. The first one has to do with foods that promote health, nutrition and well-being. And in general, with care, and there's a greater adoption of healthy habits and a preference for foods and supplements that promote well-being, that raise the quality of life. And lastly, the dedicated brands in the situation that we are living through, greater awareness that drives preferences for brands that promote protection of the environment, solidary brands that have a high social emphasis. After these comments about these 5 major blocks of trends, I'd like to remind you, as I said in the previous conference, that at Grupo Nutresa, we are facing this pandemic with 3 major priorities: the first one is caring for people, their health and their lives; the second one is fulfilling our mission of providing foods in the regions where we operate; and the third is to operate with public and private allies to help protect the most vulnerable population. In this quarter, the -- it was clearly the application of these 3 priorities that have enabled us to present the results that we are going to be showing. Let me invite you to go to Slide #6 to tell you what our sales were like during this period. I'd like to say that the second quarter includes completely the effect of the COVID-19 and the actions to mitigate it. Unlike the first quarter where the -- it make worse -- more marked in March. The current results include the positive effects on the businesses that have a portfolio that concentrate on home consumption, such as confectionery, cold cuts and pasta. And those that are used outside of the home, such as consumer foods, or those that have significant portfolios like coffee and ice cream, which have had an impact because of the limitations of people's mobility. Also, the change in some consumer habits have impact on some of the impulse-driven categories. During the second quarter, in Colombia we had sales for COP 1.531,1 billion with a growth of 1.8%. We have more pasta, cold cuts and confectionery as the best performers. When we exclude Consumer Foods, the growth would be 7.5%. The volumes increased 1.8%, and the average price increased 5.5%, mostly due to changes in the product mix due to lower industrial sales mostly. By business unit, we highlight the double-digit growth in pasta and cold cuts. In the Confectionery & Industrial and byproducts sales, we will be growing 9.8% in pesos and 8% growth by volume and 1.6% growth in price. The cold cuts grew 11.7% and reflected operations -- the good dynamics, the convenience and the confidence in our brands. The chocolate business reports a decrease of minus 3.2% in revenue as a result of lower volumes in its impulse advise. The coffee business has a decrease of minus 6% in sales due to lower volumes of consumption in offices and cafeterias mostly. In Consumer Foods, we had a decrease in 53.9% during this period, mostly due to the access limitations to all points of sale because of the mandatory quarantine measures implemented in the country. To counteract this effect, we've been implementing mitigating strategies that include, for example, enabling e-commerce tools for our brands in Colombia and a contact center to serve our home deliveries. We have more than 950 of our own delivery personnel improving the protocols so that our consumers are confident in receiving their deliveries, implementing strategies to reach our consumers safely with nearby restaurants. Promoting these new solutions through social networks and technology platforms. In the ice cream businesses, a decrease of 8.3% is a reason of the lower consumption outside the home, especially in tourist areas and ice cream shops. The pasta business increased 23.7% with an excellent dynamic in all channels. Going now to sales outside of Colombia for this period. We reported income for $294.7 million, growing at 6.5%. In Colombian pesos, those sales are COP 1.134,454 billion, with a growth of 26.5%. And the valuation for the period is 18.7% vis-à-vis the same quarter in the previous year. The behavior of the organic sales excluding the purchase of Cameron's Coffee is minus 1.2% in dollars and plus 17.3% in Colombian pesos, which reflected currency devaluations in several of the countries where we operate. Also by excluding Consumer Foods, the growth in dollars would be 10.2%. By business, the confectionery, it has good dynamics in most platforms and double-digit growth in exports from Colombia. The responses locator has an increase of 14.2% in its functional currency. It is an excellent growth. However, when you include the effect of the 20.4% devaluation of the peso vis-a-vis the dollar, the revenue shows a decrease of 5.1% in dollars. In the coffee business, we reported growth -- organic growth of 26.3%, which when we include the sales from Cameron's Coffee increases 0.85% -- 85.5% of vis-à-vis the same period. In chocolate, we had a decrease of 16.4% in as a result of lower volumes in our Peru and Mexico platforms. In the international operations of Consumer Foods, we have a similar effect to what we mentioned earlier in the Colombian operation, restrictions of the quarantine and physical distancing implemented in the countries where we operate. In the meat business, cold cuts, we have increases in 13.4% in dollars with good business dynamics of this portfolio in Panama, and a significant recovery of ag foods from Colombia. Finally, we highlight the exports from Colombia for $69.3 million during the quarter, which grew 10.6%. Going now to Slide #7. We see that when we combine the growth of 1.8% Colombia and the international 26.5%. We had total sales for COP 2.665,5 billion, growing 11%. This growth is doubtless an excellent bit of news in this environment. The organic growth without the acquisitions is equally significant, plus 6.1%. If we were to exclude, just for information purposes, the effect of consumer foods, the growth would be 16.4%. This positive results in the midst of this challenging situation with changes in consumer habits and with the challenges to the operations is possible because of our diversification strategy in terms of geographies and the categories and because our capabilities to deliver our value over to buyers, clients and consumers. I'd like to point out that the innovation sales during the quarter were 23.1%, extremely significant. Now going to Slide #8. We see accumulated sales for the first quarter, where we have the addition of positive -- in the quarter and second quarter, which as we saw earlier, was totally impacted by these circumstances. We had sales in Colombia during the quarter for COP 3.157,6 billion with a growth of 8.4%. Significantly, pasta, cold cuts and confectionary by -- in all the areas we have good businesses in except consumer foods. Without that unit, our growth would be 12.2%. Organic sales are COP 3.066,5 billion, with a growth of 5.3% I'd like to point out here that the main growth factor here is the increase in volume by 7.3%, while average prices increased 4.5% mostly because of the effect of the changes in the product sold -- the mix of products sold. Outside of Colombia, our revenue for the semester were $586 million with a growth of 7.7%. And in Colombian pesos, this is the equivalent of COP 2.277,1 billion with a growth of 24.9%. The organic sales behavior, excluding the acquisition of Cameron's Coffee is plus 0.4% in dollars and 16.4% in Colombian pesos. Tresmontes Lucchetti has very good growth of 10.9% in its functional currency. But when we include the effect of the valuation of 20.3% of the Australian peso vis-a-vis the dollar, the revenue decreased by 8.1% in dollars. This is completely reversed when we convert that to Colombian pesos. In coffee, we reported an organic growth of 28.4%. And with the effect of the acquisition of Cameron's Coffee, we increased to plus 88.2%. Exports from Colombia during the semester were very good, $140.3 million with a growth of 18.1%. Now in Slide #9, we show the total sales, accumulated sales at June 2020. We reported sales for COP 5.324,8 billion with a growth, very satisfactory growth of 14.6%. As you can see, all the businesses grew except in consumer foods, which although good less -- 23.9% has been showing a great way to find alternate ways to in the midst of this disruptive situation. And month by month, it's been recovering sales volumes. If we estimate the growth without including these units, it would be 18.1%. Innovation during the quarter, sales innovation through this quarter were 22.6%, very significant for the results in the group. Let's look at the next slide, sales by region. If we look at the distribution of revenue by region. We see that sales side of Colombia were 40.7%. And this is the highest level ever in the history of Grupo Nutresa. I'd like to point out that the growth of 68% in our sales in the United States placed this country in the second place after Colombia, and more than Central America then had been #2. So we have in Colombia with 59.3%, the United States with 12.6%, Central America with 10.4% and Chile with 7.7%. As I mentioned earlier, it's extremely important for the results of the group to have the diversification that we have not only in categories, but also in channels and in geographies. This is key for the future of the group, and it is key for the results that we are sharing with you. And now going into topics associated with our profitability, I'd like you to go to the next page, where we see in Slide 11, that the commodity indexing for Grupo Nutresa for the first quarter of 2020 has a slightly higher level than the previous year, the result of a higher reference price in oils like raw materials like coffee, cocoa and coffee. And the formation of the -- some of these local prices do not necessarily follow the trend of the index and the application of some protection mechanisms and the rate of exchange affect the final cost of the imported products, all of those that are indexed to the dollar. The average rate in pesos per dollar for this quarter is 15.8% higher than the previous year of 2019 -- of the first quarter in 2019, and that affects our raw material costs. And you can see on the right-hand side, what the composition of this input pie is like if we had this category, best we have -- shows that we have diversified in terms of inputs in -- and those of you who are new in the conference, I'd like to tell you that Grupo Nutresa manages the risks-associated commodities, where we have a hedging strategy and whenever possible, we also do physical inventories when it's convenient. With this illustration of a good commercial outlook and introduction to our raw materials, I'd like to give the floor to José Domingo Penagos, our CFO, who will tell you about the next report.

Thank you, Carlos Ignacio. Very good morning to all. I hope that you all are very well and take care of yourselves. And let's go to Slide #12, where we show the EBITDA for the quarter. Now there is this COP 370,000 million with a margin of 13.9% and a growth of 12.9% higher than the revenues. Let's say, it was a conceptual framework. These were the results of our -- found in most of our businesses. In 6 of the 88 business units, we have double-digit growth. In the case of Consumer Foods, we should see the measures of the quarantine, the social distancing in the countries where we operate, and now when we speak more about 8 business units, we will go deeper into that issue. The results are supported mainly by paying attention to the execution of efficiency and productivity projects. We could summarize that although we're just beginning to see the impact on the cost, both for the quarter and for the accumulated between 240, 250 basis points due to the effects mentioned by Carlos Ignacio, especially due to the rate of exchange on raw materials. But these are reversed with very good control of expenses, management, administration and sales over 300 basis points. And these put us back into balance. I also like to tell you, very prudent but very active operations in our hedging in operation, not necessary reactions like we've done before. Now this allows us to be -- to have this peace of mind in the different commodities. This is the general overview for the entire group. And if we look at each business units, starting with the confectionary, we have growth in sales, both in Colombia and international platforms, solid, very well balanced, close to 50-50 to round it off. And with very good expense management, which is not the exception in this business. It helps a lot to manage the impacts that we have felt on some of those raw materials, especially sugar, fat and wheat, which during this first quarter, especially had double-digit increases. In the cold cuts, we have very good behavior of the business, as we said in the beginning, very good high outstanding in our mixes, the various categories we manage. And if we add to that a very good expense control, it also helps to have this EBITDA of 14.6% and very good growth of 44% of the EBITDA during this quarter. Due to the size of this business in the entire business operation of Grupo Nutresa, that weight helps a lot to achieve the aggregate results. In chocolates, we have a margin which is also a result of the expense controls, and that helps offset the lower sales volumes and the increase in the cost of cocoa, as I said, we also have an important hedging operation in its functional coverage, we have very good coverage here, but the impact on the rate of exchange is -- not in the margin -- gross margin, but the operating margin, we can reverse that net effect. The next business unit is coffee. We've seen that earlier with very good business dynamics, especially in international sales. And in this case, the dollars are in our favor for our revenue. We also have good expense control, both in administration and sales. And that is why we have an additional growth to the addition of Cameron's Coffee, which is also included here, a very important growth of 100% in this business unit. We should note that the organic growth, if we exclude the calculations -- pro forma calculation, the results are equally very good, an EBITDA margin of 16.7%, which is practically the same as our EBITDA margin that we have for the entire business and a growth of 54% vis-à-vis the 100% growth that we mentioned earlier. The hedging activities also give us very good revenue during this period. This month I look at is very significant 15.4%, very interesting growth, more than 30% of during the second quarter of the year. The business has very good sales, double digits in its functional currency. Remember that we have the effect of the gross rates of exchange. Chile has not been exempt from this devaluation. So it has the effect on the revenue in dollars. But when we calculate that in our functional currency for the group, Colombian pesos that -- it has some effect. But in the business, it's a very good business mix, lower cost of some of the raw materials. We also see the hedging company, which is different for our Chilean market because of the way in which we manage the crops of wheat, et cetera, has had very good income in. If we had efficiency in the operating expenses with all business units without exception, had very good expense control, and that allows us -- allows this month, to look at it, we have very good EBITDA. Going on with the businesses, we have consumer foods, in fact, our negative margin of 7.4%. And as we mentioned earlier, in the quarantine, I had already mentioned something earlier. The quarantine and these physical distancing standards or rules affected the result of business. We don't sell their products for consumers to take them or eat them at the points of sale. They do take it like right through -- all for home delivery, and that affects the revenue. With that level of revenue and the stable labor cost, this is an installed fixed cost and that affects our margin. I'd say that our reaction has been on the side of the leases. And we've received a very good support from the owners of the stores. For example, the owners who have a significant number of locations or those who have 1 or 2 units, in general, many -- in many cases, we've done negotiate up to 50%. And that -- although it is still negative, we have a good management of our revenue and especially our cash flow in our consumer food unit. The ice cream had a margin of 15.1%. It's a very good margin, I'd say, growing more than 30% also. We have very good management of our business mix. We have excellent productivity and other initiatives in marketing, distribution and logistics. This business has a significant part also of impulse purchasing or on the street, even with that impact due to our restrictions that we mentioned, we still get these results for this period. And lastly, our pasta business is one of the most solid and balanced actions in the entire group, very good performance, very good performance, a margin of 17.2%. The EBITDA growth of 63% and even with an increase -- significant increases in the raw materials, which is within this period grew close to 27%. And that -- although we have good levels of coverage, it's indexed to the dollar, already mentioned, the devaluation during the period. And even with that effect, the business achieved these results. So this is more details for the quarter. I would like you to go to Slide #13, where we have the EBITDA for the entire semester. These are very similar effects, good business performance, impact on the cost is practically the same, slightly stronger during the quarter, but very good expense control. And I'd like to remember there's a -- for the entire management, so we have 2.5 months without COVID and without this problem and in the other 3.5 months are under the COVID situation. With this, we have COP 372 million, a growth of 15.2% and a margin of 14%, similarly to the quarter, we have the positive results in our main business, accumulated profit more than the revenue. And significant growth in business such as coffee, ice cream and cold cuts and confectionery. The effect of the consumer businesses, what I just told you for the quarter, understanding the first 28 months, we didn't have that effect of the COVID-19. That's as far as it brought with the accumulated EBITDA. Let's go now to Slide #14. We have the P&L, the results for the second quarter of 2020. The second quarter was -- we've faced in a highly uncertain and volatile situation where we put to the test all of these corporate sustainability abilities, and we reacted with flexibility. We mentioned something which is the sustainable structure of our revenue for the group. But let me tell you that the flexibility to adapt to circumstances as those that we can commit to the future, although it's not the same numbers or the same framework, but the same aggregate results. In general, we have some operating revenue of COP 2.7 billion, and good growth, 11%. This growth if we exclude the revenue from the 2 acquisitions that already included Cameron's Coffee and Atlantic Food Service, would be 6.1% for the first -- for the quarter. We had a -- the cost increases more than the sales increased 15.9%, and it has an effect of 240 basis points over the gross margin. But we managed this balance with the expenses. When we add administrative sales and even production expenses for this period, they grew 0.9%. This is substantially lower than the growth of the revenue for the period. And this group of expenses represents before it was almost 35% during the same period last year to 32%. So it's 310 basis points of efficiency and productivity that offset the impact that we have on our gross margin. A couple of effects also derive from the rate of exchange in our main -- mainly working capital. We have other operating expenses to calculate. Operating profits of COP 280,000 million double digit, high -- double-digit and 19.2%. And the EBITDA of COP 370,000 million, which I already mentioned, with a growth of 12.9% with a margin of 13.9%. This is the operating framework for the results for this group. In post operations, we have a good sound cash position. So we have a growth in revenue -- in our financial revenue. We also have the recording of the debt because we -- the coffee -- the Cameron's Coffee acquisition. We'll see that later in our debt. The rates that we have to -- we believe are very competitive for the reality of this market. And also some effects due to rates of exchange, in this case, is mainly due to the effect of that rate on our cash and accounts and in the future -- on the outside the group is more revenue from income from our minority investments. In our income tax, I'd like to tell you the following. We always have current and deferred income taxes. But if we calculate, if we add these 2 effects, there's only variation of 1.3%, which is obviously due to increases mostly in the current taxes, and this has increased mostly due to the increases in the operating profit before taxes. Also a result of everything we've explained. We have some adjustments due to some reclassification of lower tax deductions in previous periods. And this reflects an effective rate of 20% compared to 33%. And you'll see in the accumulated that the variation is very small, and we maintain effective tax rates, which we believe are very, very competitive. Net profit, for example, COP 138 million with a growth of 30% for this second quarter of 2019. This is the details for the P&L for the quarter. And for the semester, we have some revenues COP 3 billion, which is a growth of 14.6%. The organic growth is 9.4%. If we calculate pro forma without commerce in Atlantic Food Services for the period, the impact on the gross margin will be 200 basis points. The -- was 240 for the quarter. So I've told you about the support for this impact. And it is not -- it's also part of the efficiency in the production expenses and administration and sales expenses. In this case, I'd like to mention the production expense has increased 22%. We show increases in expenses due to -- care for the COVID. These are occasional expenses and they will disappear when we are over the pandemic such as cleaning, disinfection, transportation, some temporary staff. This is a significant number of expenses that we believe are -- or will be temporary. But in any way, the aggregate expense, which is only 6.7% and is much lower than the growth of our revenue. The same effects but lower impact on the accumulated for the effect on the rates of exchange of our capital accounts or working capital accounts for an operating profit of COP 536,000 million, with a growth of 15.4% and the EBITDA that I mentioned already of COP 746,000 million with a growth of 15.2%. And the post operating effect, similar to the quarter, a level of competitive rates, our debt is -- the debt we took to finance the acquisition of Cameron's Coffee. We have the dividends from our investments and portfolios, the significant growth in the -- of 12%. And in taxes, what I just earlier -- I told you earlier, that went from an effective 27% to 26% effective tax rate, very similar, and we have a COP 328,000 million as for the net profit with a growth of 17%. That is the effect that we have on the profits for the accumulated period. And let's now go to Slide #16, which shows us the structure and the level of consolidated debt for the group. The first thing, everything we've said in the profit area leads us to a sound cash position. We have debt level, which are an indicator rather of 2.17x debt net to EBITDA. This is a even lower level than what we had at the end of the previous year. I promise you that in this section, what I would tell you about the structure of the net cost is 5.03%, 5% -- this is the cost of our debt profiles from average to 4 years, working actively to extend it a little more and with very good covering or has for the interest. This is for our debt. And also the result is good return on invested capital. During the period, we had 9.9% when we generated value based on the cost of that capital that we invested. Finally, the CapEx, because we mentioned earlier, the investment that we are starting. Let me give you a calculation or update you on the calculation. At the beginning of the year, we had a budget of COP 346,000 million during the first conference. During this situation of the COVID, we made an adjustment, 30%. And right now, we are making a new significant investment. What are the effects for the year? There's COP 346,000 million, after the adjustment plus 74,000 -- COP 75,000 million for the C3 project of a total of $133 million, it's COP 74,000 million, gives us a level for the whole year of COP 312,000 million. Of those COP 312,000 million, and we view so far, we've invested COP 108 million. That is during the second quarter. We still have close to COP 200,000 million to be executed. And this is the end of the financial elements for results. I'll give the floor again to Carlos Ignacio, who will give us an outlook for the rest of the year. And later on, we will go to the question-and-answer session.

Thank you, José Domingo. Well, I'd like to tell you that speaking about an outlook of our business right now means thinking about the outlook for COVID-19 and its impact on the various economies where we operate. And although it is a volatile and uncertain topic, I'd like to tell you that what we see from Nutresa is that the U.S., Central America, Chile and Peru are right now at the different phase of the pandemic, where they already reached the highest peaks. And now although they are facing some resurgence, there are less complex situations than what they've gone through in those countries. In Mexico, there's still some uncertainty, but this is a huge country but which in Nutresa's results do not have as much of an influence, added in Colombia is about 1 month or 1.5 months of the most critical period. And we think that Colombia, within this quarter, we will reach the peaks that have also -- will improve little by little. So this is the outlook for COVID-19 in the main geographies where we operate in Grupo Nutresa. What we've seen in different countries, even Asia, where we have -- as further ahead in providing -- facing this pandemic is that after those peaks, there might be some rebounds and that at a regional level, in some areas, you could have physical distancing steps to control them. With what we are going to do, we're going to continue. As I said earlier, prioritizing the care for people, health and life, and we'll continue to make our biggest effort to protect jobs, to provide foods with all the business continuity plans ongoing and cooperating with the protection of the most vulnerable populations. There is no doubt that in Latin America, there will be some economic impact, you will -- you must have heard the projections for different entities. It's very likely that cash available or income for the households would be lower. But at the same time, there's going to be a recomposition of the expenses. Some categories will be more affected than others. And in our situation, the foods are the least impacted. There will be another recomposition shift in channels. I mentioned that earlier when we spoke about trends, and we'll continue to have the rate of exchange volatility. For the rest of the year, we will see pressure on higher -- towards higher costs and expenses in production, and especially those that have to do with the protection of individuals. And that is actually even more important that the productivity efforts that we have been working on over the past several years and where we have made such important gains. Restaurants will recover gradually. I think that ice cream shops at the end of the year's will be very close to the historical levels that they had and the rest of the restaurant operation will have its full recovery next year. They will improve gradually during this 2020. We see that during the next quarter, there's a good business dynamic for our essential convenient, reliable products. We also see a recovery of the impulse buys of restaurants. It's in general, positive outlook for the commercial dynamics of Grupo Nutresa. And I'll add to that by saying that as a result of our productivity, ongoing productivity programs. We expect during the next year, we will have good profits with returns that are higher than the cost of capital. I'd like to round off this by saying that the COVID-19 pandemic has shown how humans are vulnerable, how interdependent they are. But at the same time, it also shows major opportunities to transform businesses. And at Grupo Nutresa, what we've done is to manage that with a great sense of humanity, being more innovative and work a lot on adaptability. And José Domingo mentioned that in his lecture, being flexible and speedy to change when we have to change to strengthen what we have to ensure that this business like ours can continue to produce development. In previous conferences, we spoke about sustainability as a ability to endure over time and generate value. The pandemic, what it's doing is putting the sustainability ability to the test. We have a positive outlook, obviously, with all the work that we have ahead of us, but with a positive outlook for the rest of the year. Now I'll give the floor to Catherine so that we can go to our question-and-answer session.

Thank you, Carlos Ignacio. Before we start the question-and-answer session from the platform that we had a problem in our English translation for a few minutes. We apologize for those who have these difficulties. And of course, we will be ready to support you with any information that you need to recover. Let's go to the question-and-answer session. The first we received it through the webcast asked by Valentina Martinez from Bancolombia. The question is I'd like to ask 2 things. First, could you give us an idea of the recovery that you mentioned month-by-month in consumer foods? What do you expect for the future? And the second one is, is it possible to continue to see increases in the price variable as we saw during the second quarter?

Okay. Valentina, thank you very much. I'll be glad to give you answers. As we mentioned earlier, we've been implementing several strategies to strengthen and recover our dynamics in consumer foods. If I were back -- if we went back to February last year, for example, home delivery in Colombia in the restaurants that we have in this country were approximately 12% of the sales, total sales. If you look at the figures reported now, show sales close to 50% -- 47%, perhaps more exactly. And that these sales are done mostly via home delivery and with a bit of pickups. We see that there is a huge growth, multiplied almost fourfold, this sales of -- consumer sales for delivery. This means that the combination of these strategies of strengthening our alliances with third-party deliveries, creating our call center, creating our own delivery force, being more active in the digital platforms, becoming -- or connecting to the consumers by being present in that digital world is showing us month by month very high levels of recovery. As I said earlier, our restaurant business consists of ice cream shops outside of Colombia and restaurant of different areas within the country. I was mentioning that these ice cream shops, which right now are close to 70% of their activities, by the end of the year, we hope to have reached their historical sales levels. And I said that in Colombia, will not take place completely this year but rather will take place next year. You know that the peaks of the pandemics are different in different geographies. And we are in countries where the highest peaks have already passed; while in Colombia, we're just getting there. But I want to tell you that there is a major willingness. We have a totally committed team, and we believe that those capabilities that we have developed are being left -- installed, will make this business better, much better than it was. These capabilities will continue to operate independently of COVID. This is the information I could give you for the short term. The picture is not exactly what we want. But what we see from the inside, from -- in terms of view of capabilities and transformation is extremely interesting. We believe that we are achieving the change we want. With respect to the price variable, I mentioned earlier when we spoke about trends that flexibility is very important. When we explained the results, we said that most of the increases in prices that we see are from changes in the sales mix. We have had some increases, but those are few -- in between most -- most of that improved profitability comes from the efforts in terms of productivity, although we have had the impact by higher rates of exchange, we've done major efforts, especially in terms of expenses, which have enabled us to achieve the results we have shown. So I think that we will continue to be very careful with the prices because when we have lower household income, the trust in the brands, convenience and accessibility are key factors. So that's the answer that I can give you. Thank you very much for asking and for being with us in this conference.

Thank you, Carlos Ignacio. The next question from the webcast comes from [ Manuela Mora ] from [ Avernor ]. What are your mergers and acquisition plans? When do you expect to have activities in this area?

Thank you, [ Manuela ]. The first thing with the financial position as healthy as we have in the company with a low debt level, 2.17 net debt-to-EBITDA with our cash position, it means that we have not restricted our search for good acquisitions. We've told this conference and previously also that we are looking in our strategic region for companies that click with what we have in Nutresa, that combined with our Nutresa capabilities give us access to interesting markets, where you can see private activity as an ally for development. This search continues. We're very active. We have projects. But obviously, we cannot disclose them in this conference until we have something more specific and before we announce that to the authorities that control our company because they -- we are a stock registered company. We want to continue growing organically and inorganically. I remind you, we've mentioned it also here, that if you get -- you pick up the next 10 years of Grupo Nutresa, 2/3 of our historic growth has been organic and 1/3 has been inorganic. We are very much interested also in being able to grow our consumer base. These levels of -- more than 22% in the first quarter of innovation product, which is -- we like that. We also believe in the innovation of new business models. Innovation apply to channel development. Innovation has to do also with digital transformation. So what I can tell you, [ Manuela ], is that we are very active and our objective is not to simply decrease the debt, that the available cash we have can be used in the way that it produces the greatest value for our stockholders. Thank you for your question.

The chat for the webcast, we don't have any more questions. But I give the floor to Silvia to get the questions through the audio.

[Operator Instructions] The first question is from Andres Soto from Santander.

Congratulations on the organic expansion news in Colombia. My question has to do with the channels. And in these conditions, how have you changed the channels, not only the digital channels, but also the weight of the traditional channels? And another question, I don't know whether it has to do with that, it's about the performance -- the positive performance we've seen in Tresmontes Lucchetti this quarter. You said earlier that the strategy of TMLUC was going to be more focused on the traditional channels in Chile. I'd like to find out whether the results are very positive in the top line. Is that has to do with innovation and new products? Or what have you done in the last several months?

Thank you, Andres, for your presence, and let me answer your question. First, about the channel mix. Now in the -- during my presentation, I was telling you that part of these channels have been impacted. In the previous conference, we spoke about the most highly impacted. And those with the -- some impact we included restaurants because of the conditions of physical distancing. Secondly, we had the channels and had to do with foodservice, although I must tell you that there has been a major transformation, especially when we reach all the types of audiences, getting some presentations, which are only for restaurants, make them available for the households, for the home. So the other channel that perhaps is somewhat impacted is the industrial channel. What were -- what used to sell was input of our -- transformation by other companies. If I go to the positive side, the rate of growth -- highest rate of growth are in the digital channels, although I must say they're still a small percentage of the total pie and very positive, major change. And neighborhood stores have served their consumers and buyers during this pandemic. At the beginning of the pandemic, the biggest peak took place in the major chains. They were able to meet some of the packages by participating in auctions. But after the half of the pandemic and to the present, what we've seen -- that we've been strengthening the issue of proximity. And as I said earlier in my presentation, people are trying to go where there are no major crowds, close to their homes, and they are also choosing home delivery. With respect to Novaventa, 2 comments. With the vending machines, there's some limitation. This works as neighbor stores that depend on the traffic. So the equipment set up in offices have lower sales. Those that are located in clinics and hospitals or areas of higher traffic have more sales. And the catalog sales, at the beginning, we had very -- a couple of weeks impacted. But after that, they've had an excellent reaction. So in general, that's the behavior of the channels. I would point out the good behavior of the chains and very good in terms of proximity. And the digital growth between -- multiplying by 4 and by 13 times the sales -- the digital sales where we operate. So that's as far as the channels. I am very pleased to tell you and you know that because we've spoken several times earlier that the strategy for channel development is part of our group [indiscernible] work for a long time now. We didn't invent that just to face COVID-19. We had that installed for many years, and that's why Nutresa has been able to act quickly, making the changes and the moves that are necessary. With respect to Tresmontes Lucchetti, the excellent results have to do mostly with the diversity of categories that we have at Tresmontes. I must say that we are extremely strong in categories that meet those conditions I spoke earlier. First, known brands with -- where people trust in them, brands that have to do with household consumption. We're very strong in pasta, in beverages prepared at home, very strong in sauces. We're strong in oils in Chile. And although we have categories that are impulse buys, these have become moderate, but the growth has been very high. The key thing is that these products were able to be available in all channels, on the one hand, a major change, which are extremely important in Chile; but also in the small businesses where, as I mentioned earlier in my first part, proximity is becoming more important. So the good results of Tresmontes is due mostly to those factors. I think we still have a lot to do in terms of channels in Chile. Fortunately, we have opportunities and there are opportunities to diversify category to strengthen the channels. The other thing is the way we've managed our pandemic in Chile is key because sometimes we have the opportunity, but you can't capture it. In this case, we had the opportunity, and we had the people's commitment or willingness, the ability, the capacity to produce and the logistics to be there at the right time. And we are very happy. We are -- these are historic levels of sales in Chile, and it is a trend that we're seeing in the start of Q3. I am going to say that it goes on. And we think that there's a lot to be done.

Juan Gallegos from Porvenir.

Congratulations on your results for the quarter, very positive. I have 2 questions. The first one has to do with the performance in expense control, can you give me more details about that? And perhaps do you see that these data are sustainable after the pandemic? And my second question is about consumer foods. I would like to see whether in light of the current situation in restaurants, mostly in Colombia, is not the most promising for the short and medium term. Have you made some decisions to close stores or things like that according to the current situation? And could you give me an idea of what was the organic growth of the company during the quarter?

Thank you. I'll be very glad one -- I'll refer to the first part, and José Domingo will go through the details with the organic part, which we already mentioned earlier. Part of the productivity plans, we're making a major effort in costs and expenses that involves questioning the way things are done: our products, our processes, our services. I must say that the situation we're facing now, although on the one hand has enabled us to do some savings -- to get some savings. For example, we've been able to refocus the investment in credit marketing, not by making it disappear. That's why I am talking about refocusing. We then strengthened our sales [indiscernible] and trained. But we've reduced credit in many physical stores, this because some activities such as those tastings are not desirable or viable in some -- at some retailers. Secondly, we've been able to reduce somewhat the investment in media, which is the most advisable. And the situation of working more on a digital basis and the impossibility of using air transportation has given us major efficiencies in travel expenses. But on the other hand, we've also had some expense reductions that have to do with the physical presence of people in the office. And although these issues could seem to be temporary, I will also say that as Jose Domingo said earlier that there are some additional expenses that arose from the pandemic. We've made a major investment in transportation to facilitate people's transportation toward the facilities in the plants using smaller vehicles that meet all the recommendations made about physical distancing. We've made an additional investment in protective equipment. We've made an investment in our cooperation to protect the most vulnerable people by contributing with product in several of the countries where we operate, which are very significant investments. And as I said, we are doing our -- the best we can to protect the jobs. And that also means making payments of people who are in isolation, preventively, not necessarily sick, but sometimes also to use additional staff that will enable us to fulfill our operations. So although we have savings that seem to be temporary, there are also expenses that are also temporary. There's an important decrease in expenses, which has to do with questioning the process, doing B2B on existing products, continue to use our global growth strategy. And those are permanent. So we believe that this effort does not disappear. And if conditions change, there will be a moment or time when we will be able to invest more in trade in media. We'll recover some travel and some will be canceled completely. We'll probably dedicate a lot more travel expenses to better knowledge of our customers' buyers. But we travel less to meetings, which will be virtual, but we will also disappear some -- that are used to care of the people who've done this completely confidentially. And if we go back to -- in history, we'll do it gladly because this has enabled us to continue operating. And we have all our plants in operation, and no plant has been -- has had to suspend operations. So that is the outlook of what we are doing in terms of productivity, in terms of expenses. And José, please, organic growth.

Before the number that -- to calculate organic growth -- we have 2 acquisitions, Cameron's Coffee in the U.S. and Atlantic Food Service in Colombia. They both have positive performance during the period. Cameron's is doing very well, very sound, meaning its business [ plan ] and Atlantic Food Service, which, in principle, was impacted because of the situation, as Carlos Ignacio said, that -- so they're starting to open some direct service to the consumers, which will allow them to recover their revenue. And that growth for the semester, 14.6% for the entire group. Organic, it's going to be 9.4%, 9.4%, our organic operations; and the rest, 14.6%, of the 2 acquisitions we made in -- at the end of last year. About the question on consumer foods. That decreased the number of points of sale. The decrease during this period has been at 20 units, 20 points of sale. I'd like to -- I'm sorry, I went by and I didn't answer. I'd like to make a comment in the food business. Part of the normal dynamics is to open and close stores. This is a business. Grupo Nutresa has a long-term vision. And we believe that this is a deal that will be stronger after COVID-19. It will take some time. But in our situation, although we've closed stores, we also have opened new stores. And there is a major opportunity to apply them, digital services for restaurants. So what we mentioned, less -- 20 stores less is the result of closing some and opening some new ones. But the personnel that was released or freed from those stores came to work to -- at the call center for one and in the home delivery where we have more than 900 people of our own for home delivery. This is a very dynamic business, and we think that we have the talent, the brands and the strategy to come out stronger. And as I said earlier, the ice cream shops recovery is a little fast. And in Colombia, it will continue gradually. And next year, we will recover our historic levels. And to understand the context of the 20 fewer units, the pace is also important, 844 that we had at the end of 2018. So it's a very small impact for the group's dynamic in size. We've had very good reactions by the store owners. This allows us to keep our stores over time. I would mention also that in restaurant, there's another number of options that we're working on. When we use the digital tools, we can have multi-brand stores. We do -- can have [indiscernible] also in that. So it's a business that is undergoing an accelerated transformation. And as I said, why I have a positive outlook, and with something that is absolutely committed and is -- are capable of implementing our plans.

Felipe Ucros.

Valentina asked a couple of things that I want to ask, but I want to go to another couple of questions. First has to do with the plant. Congratulations for the new business. Organic growth is always important. And that -- see if you can give us more information about the capacity of what Nutresa has right now or in Colombia and a bit more about the purpose of the plant. It's multi-category, but the fact that it is in a free trade area reminds me of Cementos Argos' plant. I don't know whether you have some sort of focus on exports. Does that have to do with the location of the plant? Obviously, you also mentioned export sales. And can you give us more details? The other thing has to do with volumes, and the volume seems to be in many categories in Colombia were slowed down compared to the first quarter. And I don't know, could you tell us a little bit about the causes obviously with COVID? But the sales were very good in March, where we had restocking. I don't know whether you have -- what were the reason for the deceleration? What can we expect for the third and fourth quarters?

Thank you, Felipe, for being with us and for your questions, and I will be glad to answer them. First of all, I'd like to tell you that this project is called [ C3 ] because there are -- C3, start 3 questions -- words that start with 3, which are growth, connectivity and competitiveness. So as you mentioned, this is a project, which is multi-category, first of all. And it is not simply because we're going to be sitting there and waiting for the demand to come. This is a project -- it's a proactive project to capture opportunities, especially in the export markets. We believe that between 70% and 75% of our products in this plant will be sold outside of Colombia. Secondly, the second is connectivity. We have a major opportunity to connect Colombia and the regional and global value chains. To give you an example, we believe that there is a major opportunity -- so that the Pacific Alliance, we can accumulate to be able to serve markets like the U.S. But the connectivity to regional chains is a key factor. And the third point is it's a project that will enable us to take some huge leaps in productivity, which will allow us to continue to meet the promise of accessibility and improve the returns and the profitability. And our project has to do with growth proactively to connect in regional and global value chains and on improving our productivity. Because we are a multi-category, I'd like to tell you that we're thinking not only for the categories where we are currently acting, but also we're thinking about that to be a space where we can have a very good platform in the free trade zone to go into other interesting categories. This is an investment that will be done little by little. José Domingo spoke about the numbers. This is an investment to -- that we can do with the group, we can do it perfectly. And we're not limited to continue in the group if we follow the inorganic growth path. And Felipe, this is a vote of confidence for the country. And it's in the free trade area because we believe that there is a major potential to grow exports. You heard that both during the quarter and the semester. In the semester, exports from Colombia to Grupo Nutresa were more than 18% in dollars. And they showed that the growth in the total for the quarter was over 70%. So this is what our project refers to. And we are very happy. And this is a project that already started construction. We already have work -- started work. We've been -- we see the very important assistance from the city of Santa Marta, the governorship of Magdalena and from the Ministry of Trade Industry and Tourism in Colombia. We are very happy with the project, and we hope to be able to accelerate it as quickly as possible. Our plan is to wait and sell products from this plant at the end of the following year. I cannot -- since we're multi-category, it's very difficult to speak of what it's like, but it's bigger than several acquisitions that Grupo Nutresa have made. And we are very happy and that you will see that it's a very good return with projects that we're putting it forth. And if we didn't do that, we're practically giving up on the opportunities. And I was telling you that the situations, although show some risk, also has major opportunities for the country and for Grupo Nutresa. Okay. Continuing on with the volumes. Now in our -- the question about -- Andres Soto, you mentioned that -- which channels were affected. And I mentioned that one of the affected channels was the industrial channels, the industrial channel sales, especially products that are used as inputs in other industries. For example, we do some chocolate covers. And those have a characteristic. These are usually very large volumes, although price-wise are lower than what the rest of the sales mix has in Nutresa. I think our growth in, say, volume was good, but the drops has been due to the decrease in sales volumes that have to do with the industrial side. For example, we spoke about confectionary. I think that the volume was -- apparently logo where we decreased the growth for the industrial products was much bigger. So that has been the most significant impact, although at the beginning of the pandemic, some impulse products were somewhat slower, especially because of a few people didn't leave the house for any reason. But we had a gradual recovery, including the categories that have to do with chocolate, snacks and ice cream. So the question is out of the total, the higher volumes are higher because of lower sales of industrial products and because of the impact at the beginning of the pandemic of impulse buys. The thing is that the trend has -- filling these spaces and with better figures now.

I ask you a follow-up question. What is the purchase -- share repurchasing program? What do you think -- is this still valid?

Thank you, Felipe. That's a very good question. It's a very good question. I'd like to remind you -- all of you that in the previous shareholders' assembly, the assembly approved a program for repurchasing shares during 3 years for up to COP 300 billion. That is an option that the Board of Directors has. It is not an obligation. And the Board will analyze it according to the conditions. I think it's very good to have this program alive, and it's up to the Board of Directors to make the decision and to do whatever you have to do when they need to implement it. But it's still valid. We're still part of the possibilities when the Board of Directors thinks it should -- it will sell.

Before the next question, we have some questions through the webcast asked by Daniel Guardiola. Can give you me an idea about the improvement in working capital? How much room is there for improvement? And are there some initiatives to improve our cash cycle. Second is we're seeing an increase -- increases in discount formats. And I'd like to know what you are doing in that channel, and we have to -- ideas to go into the private label market. And also, could you give us more details about the most significant factors that you analyze when you make decision investments? What is the ROI of the plant in Santa Marta? And how do you compare that to the company when we have approved a stock repurchase program?

I'll answer the first and the third. First of all, working capital, and I'll go back to a balanced approach. We have all of this in all elements of the working capital, especially [indiscernible]. In receivables, the mix in -- I think I just referred to the channels, hasn't allowed us to have practically the same days of -- historical days of receivables, which is 40 days, very sound. All the channels are very, very compliant with respect to inventory, although because of our acquisition, physical position coverage, which increased somewhat during the period. We reviewed all our plans. Everything has to do with efficiency processes, operation, sales plans and how to adjust the demand to production. And in those processes, we found some new areas to optimize. So connected to the previous question, we have options to optimize the inventory and to improve our cash. In our suppliers' approach, we also had better terms for our payrolls, long-term suppliers who have high potential and also to complete at the beginning of the year -- we refer to the suppliers number, worth more than 20,000 suppliers. We have good terms and good compliance. And specifically, we do -- there's room to be able to optimize this variable. We are working on this several years ago, not just because of the COVID. And with respect to this, the C3 projects, we look for a gradient or an added value above the cost of capital. We would get some returns of approximately 20% in the long term. We discount that rates, which are 300 and 400 basis points so that these projects can add some value over time. It's not only with it, all investment mandatory and the growth in investments like in this new plant. And lastly, Daniel, thank you for your presence in this conference. Let me talk about the question about the discounters. It is true that discounters have -- or have an important position in the market. I've always referred to the discounters with respect because what they've been doing. At Grupo Nutresa, we have tried and will continue to be the best allies with all our clients. We are -- right now, we are a company that sells in different discounted format, not only hard discounts, but also soft discounts. And what I could say is that our share in the sales mix of our discounters has increased, has improved this year. I was telling you that in terms of proximity, convenience and accessibility are important. That is why they are actors that have significant growth. And as far as possible, we are present with our brands. We believe that these discounters, including some brands, in their sales mix include some of our -- Nutresa products and include some mega brands, super brands that produce traffic and profits for them. And for them, it's a good business. And it's good for the buyers and the consumers, also good for the company. That's the way we're playing. And with respect to the final part of the question, the policy of Grupo Nutresa is that where we have a business with our own brands, we do not mature our own brands or blank brands. Where we have our own brands, we act using our Nutresa brands. We invest in them. We want to be part of -- Grupo Nutresa to be part of this -- of people's eyes, and we have not intended to dedicate capacity of -- to other brands to produce -- instead of producing our own brands.

We'll continue Sylvia with the questions from the audio, please.

The next question is from[ Julian ], [ Julian ], are you on?

Yes. Congratulations on the results. The questions that I had have been asked already, a couple of them. But could you tell us more about the -- I had connection problems, about the dynamics of the delivery and pickups with consumer foods. And see if we can give us more information about the coverage, especially in the commodities and the rate of exchange, our hedging positions.

Thank you, [ Julian ], for being with us, and I'll make a short comment about the deliveries. When we were ending February 2020, delivery sales in our restaurants in Grupo Nutresa were close to 12% of our total sales. Now practically, all sales from the stores are done through delivery, a small percentage through pickups. This means that we've almost multiplied 4x sales for home delivery. And we've done it through several strategies. First, the use of e-commerce tools, the creation of a call center, the creation of our own home delivery staff, entering into alliances with third parties, which are very strong in terms of delivery. The implementation of trade -- [ mutually ] trade strategies, learning a lot more how to get closer to people and being there when the time to consume comes up through digital media, promoting the pickup area, improving our hygiene and delivery conditions, the application of delivery strategies with 0 contact, so that you can be confident and prefer us and to improve our protection measures by maintaining the quality that the consumer expects. So the application of all these measures in combination, I forgot -- and I mentioned earlier, the closed stores, the multi-brand stores, [ dark ], the use of data analytics and AI to know what to do, when to do and where to do it, start -- based on the data we have. The application of these combined steps has allowed us to have a combined effect of multiplying delivery, and our ice cream stores are close to 70% of the previous levels and about 50% in Colombia. And we have room to improve and to grow. That is the summary of what's going on, which is, at the end of the day, a capability development strategy. And at the same time, we implemented a productivity strategy. As also I think we're saying, by renegotiating the leases, being much more efficient in our logistics, but also taking care of the people above everything else. This is for the restaurant. About the commodities and rate of exchange hedges, I think the first -- we think that the commodities index is the best reflection of that. The commodities index in dollars is 79%. And this is below base 100 with the functional currency are in dollars. This is not because it's a basket. We are very active in covering this type of basket by covering each part of each [ items ]. The commodity basket includes some of which are for 2020 of between 75% and 100% of coverage, and most of them are covered at good prices by 100% and very active for several months now in -- covered for 2021 in dollars. For a few months back to today, we've had good opportunities. And market windows to complete our coverage. We have a different policy for commodities. We have the committee dedicated to all these hedges one by one. And depending on the level that you want to protect when you are close to this type of structure, we take it to a different group. So the policy is between 75% and 100%. We look at that on a year-to-year basis. Right now, it's at 79%, 80%. That's as far as the raw materials. We also mentioned that raw materials have their functional currency, in this case is in dollars. And we are somewhat longer in these payments in dollars, although we do have -- a long a very good balance of expenditures in dollars. We could describe this as a natural coverage, which is about $330 million in -- on that basis, we cover rates of exchange of about 25% in different money viewers. And we act on those markets. That's the range. 25% is what we usually cover.

From Johanna Castro.

My question is about the follow-up you do on the market share. I understand that [ Danny ] has had difficulties to do in-person surveys, and that applies to anyone who has market share surveys. So what do you have in mind to get to this type of numbers because the methodology would not be comparable if you change that to virtual compared to what we had previously? Could you give us an idea of what to follow, the consumer in this period of COVID?

Thank you for your question and for being with us. And I'm going to ask you -- answer like this. We work very closely with several entities in different countries, even with the other group who -- and [ Danny ] is at one of its best times, working extremely well, extremely well, not only them, but also other agencies that measure clients, consumers and buyers. So measurements continue. And that is normally -- most of those measurements are done over the phone or through devices installed at home. So the data hasn't [ offered ]. We -- as I said, in our previous meeting, this issue of market share, we will be talking to every year. We're not going to give you details on a category-by-category basis. But I tell you that we have all the data. In addition, all previous meetings, we had told you that Grupo Nutresa, in addition, that includes an alliance through which we have direct measurement in several -- many of the stores, mall corner stores in Colombia. And we have access to that information, which shows not only what is sold, but also at what time and what categories, how they are paid for it, who is buying. So we have data. The important thing is to have the analytics and the other capabilities to turn that data into information for decision-making. So we have very good information. The commitment is to tell you every year how we are doing, and that is part of what we do. But I'd like to say that our market share is more a consequence of what you do and not a goal by itself. We are leaders. We're interested in getting market growth. We're interested in that. We are not -- we want not only grow the market, but we also want to gain share. We're not interested in looking at the data almost on a day-to-day basis. And we're interested in the share not only for the market, but also the space available in the stores and also the digital share also. And as I mentioned, the time -- at the end of the day, how do we come part of people's lives, how do we assist them, how do we make them -- who have businesses and have difficulties can, also together with them, come out ahead from these challenges. What is their actions that I already mentioned earlier, working with humanity and pass on to the value chains that participate in our -- Nutresa's extended company concept? So this will conclude our question-and-answer session. And thank you very much for having been with us.

Thank you very much, Carlos Ignacio and everyone. Once again, thank you for your participation. And obviously, any concern or any additional questions, you can visit to our Investor Relations office. We'll be very glad to answer. Thank you very much, and a happy week for all of you.

Thank you for your participation in this event. You can now disconnect.