Interconexión Eléctrica S.A. E.S.P. (ISA) Earnings Call Transcript & Summary

Good morning to you all. Welcome, and thank you very much for being here today to this results conference of the fourth quarter of 2022. Together, we have our CEO, Juan Emilio Posada; and Daniel Isaza Bonnet, CFO; Patricia Castano, Vice President of Corporate Strategy; Gabriel Melguizo, Vice President of Power Transmission, Vice President and my name is Diana Cardona, specialist, relationship with the investors. [Operator Instructions] [ Matteo ] is a person in charge who's going to support with the presentation. Matteo, let's go to the next slide. I would like to hand the floor to Juan Emilio, who will present the most important effects of 2022. Juan Emilio, you have the floor.

Thank you very much, Diana. It's a pleasure to be here with you today and in name of ISA and the great team that constitute ISA. For me, it's an honor. To start, let's go to the second slide. Elisa, we confront the 2022 with optimism, commitment and empathy. We oriented our efforts to correspond to the trust that our shareholders, stakeholders and society in general have placed on us. Today, proudly, we can say that the result of ISA and his companies in 2022, give an idea of an efficient management. Once again, we were able to have results that would surplus the expectations and that validate our commitment to generate value that is sustainable for our shareholders. As we can see on this slide, the results of our main indicators, financial indicators are superior, not only faced with 2021, but also regarding the objectives, ratifying the growth path with profitability in which we are committed in our strategy 2030. Being consequent with the previous thing I mentioned, the Board of Directors will recommend the assembly general of shareholders a payment of dividends, total dividends of COP [indiscernible] por action. These dividends composed of an ordinary dividend, an extraordinary dividend are in total 88% of the net profit of 2022, representing a growth of 133% regarding the total dividend of the last year. In a section of financial results, we will deliver much more details on these excellent news. In sustainability, we continue to contribute to the transition to a cleaner economy. Since in 2019, when the Strategy 2030 of ISA began and 2022, we have reduced in more than 7 million tons of CO2 -- equivalent CO2 between '19 and '22. Additionally, we generated positive impact in the society and the environment with the initiatives of investments for more than COP 230 billion. With each step that we take, we generate social impact and environmental impact is positive, we have a very important strength, and we add value. Matteo, next slide, please. During the fourth quarter, we executed investments for COP 1.4 trillion that registered in the past quarters have a CapEx -- total CapEx of COP 4.1 trillion in 2022. This amount, apart from surplus the [ 15% ] in the average over the past 5 years constitutes a very important contribution and specific contribution of ISA with energy transition. Since many of the projects here included, will enable the nonconventional renewable energy sources and will contribute to strengthen the transmission network, improving its trust and its capacity. In a view per countries, the CapEx was distributed the following way. 33% of the CapEx was centered in Brazil, where ISA, sit there, will continue to work with the projects that were awarded in past tenders. Also in its reinforcement plant to the transmission network in Colombia consented 25% centered of the CapEx executed with important advancements in projects like Cerromatoso, Chinu-Copey and Project of El Rio that began in 2022. Also, Sabanalarga Bolivar, Sogamoso, Copey-Cuestecitas that continue in its process. In Peru, we advanced the contraction of the projects, Coya, Yana, Chincha, Nazca and some reinforcements to the consortium. In Chile, we continue with the execution of projects in our 2 main businesses: Power Transmission. We work in mitigation in the network Interchile and the project Kimal-Lagunas awarded to ISA Chile in 2022. Also in the project KimalLo Aguirre awarded in 2021 to a consortium in which ISA has 1/3 of participation. In DS, in roads, we keep on working on this aspect, the way improvement in security generated new income or extension of installments to the concessions. We will continue to advance building 32 projects of power transmission and 559 reinforcements in Brazil, representing more than 4,600 kilometers of circuit additional in our transmission network. Next slide, please. During 2022, we began the projects to enable a very cleaner matrix in the region. We have 7 projects, one of batteries large-scale and 76 expansions and reinforcements. And together, these projects are up to more than 200 kilometers for the transmission network and annual interest for more than $167 million in Colombia, Cerromatoso-Chinú-Copey, and substation of the river in the Caribbean region. In the second quarter 2022, began in operation the projects, Tres Lagoas, [indiscernible] ISA CTEEP. Also the interconnections, Paraguacu, Ivaí, [indiscernible], Paraguacu, developed through a partnership with ISA CTEEP. It's important to remember that ISA owns 35% of the social capital and 90% of the ordinary shares of ISA CTEEP that at the same time, ISA owns 15% of the capital. Having a joint control of this previous company with [indiscernible]. That's why in the projects developed through the partnership in ISA CTEEP AND [ ISA S.A ]. We do not consolidate the results, but we gathered them as a participation. Regarding the large-scale batteries, and the fourth quarter of the year, ISA CTEEP began to operate the first project of this kind in Brazil, constituting a very important base in energy because it enables the high capacity of the network, leading to innovation in technologies of large-scale batteries. When we talk about new opportunities, in 2022, it was a very successful year for ISA, represented in the award through public tenders of 3 very important projects. 39 reinforcements and one bilateral contract that together would have a CapEx of $150 billion and will add much more than 370 kilometers of circuit to the transmission network. In Colombia, with Portón del So connection, we will have a solar plant to the connected system and the installation of compensation like small FX. This will enable the management of restrictions of the capacity with the entrance of new accounts from new sources of nonconvention and conventional sources to the national plants. In Brazil, ISA CTEEP, apart from ensuring 37 reinforcements and improvement to the existing network closed the second quarter with a very important contribution to the growth objectives awarding 2 projects in the ANEEL tender. This way will be consolidated as one of the main important transmitters. In Chile, the public tender done by the coordinator -- National Coordinator, ISA was awarded with a project, Kimal Lagunas. Very important for that country since it will transport energy from renewable sources from the substation [ Kiva ] until the final substation Lagunas in Chile. Finally, the private investment in Peru, awarded REP, the expansion '21, which is a link of about 169 kilometers inside the substation, Lagunas in Chile. Next slide, please. The access -- the focal access of our strategy is sustainability. Our objective to generate social impact, environmental impact that is positive is aligned with the priorities of the governments to obtain the objectives of the sustainable goals. Each one of our efforts has the objective to obtain a transcendental impact and measurable in the progress of the countries where we are present. In that sense, we want to present the results in 2022. In environment, the climate strategy was done under the recommendation of a task force with climate-related financial disclose. With 4 words that would be the ones on the screen. Our efforts during the year were focused on the reduction of 600, 700 CO2 or equivalent through the control of FS6 gas, which is most important in the transmission of power. Regarding these leaks, we were able to locate them in point of 35%, 0,35% of the total stock installed being this a very low value to the average of the International Electronic Commission that established a cap of 0.5%. I would like to highlight the rating of neutral carbon granted by the ICONTEC for 11 of our companies and 41,000 tonnes of emissions compensated through carbon bonds and certifications of renewable energy. During 2022, our commitment continues with the territories. With investments that are about COP 34 billion, so we benefit more than 290 people -- families through plans of infrastructure and education. These resources had a multiplier effect of 2.5x what it was investment according to the indicator SROI, social return on investment. The previous efforts together with our hard standards of corporate governance, will led us to have certain acknowledgments. Among them, we should highlight. Empresa ALAS20. That's an award in 2022 in Colombia; and the second, sustainable company in Colombia, acknowledgment as the best company from the sector according Sustainalytics, increase of 2 points of sustainability index of Dow Jones and a permanent of [ FTSE ] Group. On the other hand, I would like to highlight the third position in the ranking of responsible investment in Colombia, we obtained 2 awards CONECTA of the local network of Impacto Global from Chile. We were able to have the 5 point in ranking with much better social development worldwide under the Dow Jones Sustainability Index, fifth position worldwide. ISA CTEEP was going to the sustainable index of the stock exchange in Sao Paulo. Furthermore, obtained the rating of A in carbon disclosure project with the higher ranking with A+. And finally, our project Conexión Jaguar obtained several awards. You would like to share some of those. One was called the Boscares in Peru from the El Espectador generally Colombia and Portafolio in its category protecting the environment in Colombia from Portafolio journal of this country. We would like to hand the floor to Daniel Isaza, our CFO.

Thank you very much Juan Emilio. First of all being 2 months in this position, it's very important to contribute to this company from the CFO point of view. And I'm able to talk to my shareholders, analysts and market in general. Next slide, please. I would like to explain the financial results of the third quarter of 2022. This slide, we can see the EBITDA and revenue of the final quarter of last year and complete year 2022. Distribution of those revenue and EBITDA among the countries. To start with, I would like to mention the most important facts that explain the increase of 20% of the income of 2022 compared to 2021. First of all, the transmission income was an increase of 6.4%. Several factors imply this growth. In Colombia, COP 37 million more for the new projects of Cerromatoso-ChinúCopey and El Rio substation. In 2023, we estimate income of COP 140 million for those projects. Additionally, with more investment for COP 390 billion associated with escalators of the contracts that IPP COL -- IPP and devaluation of the peso against the dollar, Real and Chilean peso. In Peru, revenue for -- COP 126 million. That explains again the valuation of the Colombian peso and further income of power energy due to the contractual escalators. In the case of Peru, would be the price index of final products. And operation of [indiscernible] Conexión in 2021, that generated income for COP 11 billion in 2022. In Chile, they had much more income for what you can see here, due to the operation in fourth quarter 2021 for the expansion of the [indiscernible] substation and the contractual escalators in that geography. Finally, in Brazil, we had lower income for COP 57 million, or generated by the effect of lower inflation compared to '22 compared to 2021, representing low income from the contractual value in ISA CTEEP and its companies. In roads, the income of 2022 increasing 40%, regarding 2021 in Chile, an increase of the income due to the change of the financial assets in the road concession of Chilean peso [indiscernible] in the third quarter of 2022. And due to larger income associated with the operation and road infrastructure in Colombia, also with the Ruta Costera income. For 2022, EBITDA and the company was COP 8.6 billion, representing an increase of 11% compared to 2021, while EBITDA margin without construction was located in 81%. Next slide, please. In this slide you can see a graph where we can see the consolidated profit of ISA between '21 and '22. In 2022, we continue to deliver positive results and growth results, representing increase of profitability of our shareholders. The net profit was COP 2.2 trillion more than 2021. And the increase is explained due to the variations of EBITDA, explained previously, increase in the financial expenditure due to the changes in Chile due to the concessions in that country and the lower expenditure on tax due to Juros CTEEP, meaning the interests. We closed with a margin -- net margin and ROE of 11.9%, more than 11.6% reporting to 2021. You can see this slide that shows cash flow consolidated from ISA in 2022, beginning in 2021 and ending in December 2022. The strength of these operational results of ISA increased our position of the cash flow at the end of the year. You can see the graph. The beginning of this cash flow, we can see the operations and of controls and investments for more than COP 1 million. And we have disbursements of these amounts. The resources generator were destined to assume the debt of COP 7 million to execute CapEx, operational expenditures of approximately COP 1.4 billion and dividend payments for COP 1 million. In December 2022, the cash flow ends in COP 0.4 million, an increase of 15% compared to 2021. Furthermore, it's considered the balance of the investments, long -- short-term investments, our own resources and cost controls. For free investment, the total liquidity of consolidated ISA to the close of 2022 increased around COP 1 million and closes the year in local liquidity of COP 6.4 trillion. In this final chapter, we'd like to show the perspectives of 2023 for ISA and its companies. And to give you some reasons for what we see ISA and attractive and alternative investment for this year. First of all, we want to say that for 2023, we expect that our results will increase with economic deceleration that we're leaving, proving the resilience of our business model. Among the factors or additional income due to reinforcement in Colombia, Brazil and Peru for more than COP 240 million. We expect that this year, the increase in escalators in income would be more than 4%. In contrast, in this February, we did not receive the income due to the installators, considering the plan, we expect a growth of the income -- net income between 10% and 15% faced to what we're reporting in 2022. There are obviously certain situations that can be translated in less or more profit. I would like to highlight inflation, exchange rates that can affect our projection. And to see also the opportunity to invest that would generate an additional EBITDA. For the volatile macroeconomic environment, we're open to the risks to manage with anticipation of the negative impacts in our business. You can see in the screen, the amount of the investments committed from the Grupo ISA. This is another front, in which we're going to work in the execution of the committed investment plan. That would be until 2030, 4.1. You can see that these investments are in the ISA platforms and subsidiaries in which we don't have 100% of the capital, mainly the case of CTEEP that what we already mentioned, that we have 35.8 of the social capital through the 90% of the shares with vote. This caps per country has distributed 52% in Brazil, included reinforcement plant to the network of CTEEP, construction of C6 projects of Power Transmission, 25% of these investments is in Colombia. We're going to work in the construction of 4 projects of power transmission and expansion; and 4 connection to nonrenewable -- nonconventional reviewable sources. Here, we can see Chile and the contributions KimalLo Lagunas. This country also the execution of as norms and bio-concessions and groups. 8% will be in Peru where we advanced in the project of Coya, Yana; Chincha, Nazca; and reinforcements in network, 2 additional comments on the committed investments to be executed. First of all, remind you that these investments are due to contracts awarded to ISA and its companies, not only in 2022, but also in the previous years. Number two, the value and distribution of the committed investments to be executed is a consequence of 2 factors. First of all, the volume of tender in each country and number 2, our success rate in such tender. In 2023, we can see a pipeline in the region [indiscernible] is going to talk about, we expect more than COP 3 trillion that will be in Colombia. And the way we are successful in this tender, the participation of the CapEx throughout Colombia will increase. Next slide, please. In the screen, you can see the information of dividends from 2019 and some relevant information of the market. Dividend payment, payout ratio and dividend yield. It's important to ratify that the promise to create value to our shareholders is an imperative for ISA. In this sense, we are working for your returns and keep a balance of the reinvestment of the resources to ensure the growth of the company and high value of your investment and also the distribution of yield of per dividend. Operational results in 2022, we already show that were superior than expected, and the leverage of this moment of the company in liquidity of those companies, the ISA and companies. The Board recommend the shareholders assembly next March to have a payment of COP 191 for shareholder, more than 40% of the profit in 2022, that's in our focus of dividend payment. Additionally, we recommend to approve an extraordinary dividend of COP 851 por action. 43% of the profitability of 2022, representing an added payout ratio of 88% and a growth of 133% regarding the dividend of last year. This shows us that dividend keeps on with the trend, growing trend, ordinary and total. Presenting the previous 5 years growth and growth, compound growth of 33%, above the inflation in Colombia and the behavior of other alternative investments available in the market. I would like to highlight that our proposal is translate yield -- dividend yield of 8.3%, calculated of the price of the closing on the stock exchange in 2022. It's important to highlight that this proposal will maintain us our in-depth level that is really healthy, giving us financial flexibility and execution of our investments. With this announcement, we will materialize one of our strategic pillars to generate value to our shareholders. So we have mentioned during this process, the other pillars of our strategy to create social impact and to maintain corporate leadership. I would like to wrap up, and I would like to hand the floor again to Juan Emilio, who will close this presentation with the management focus for ISA in 2023.

thank you very much. I'm very, very happy that you presented all these results that are outstanding. Before continuing with the comments, I would like to present the professional profile of Daniel, who has just spoke. He assumed from January 2, the CFO position of ISA and its companies. Daniel is administered from ISA from the Western Sydney University also and has done high management studies in Harvard Business School. Has more than 22 years of experience of finance, investment bank and structuration of infrastructure projects with an ample experience in leadership roles. Furthermore, has been a member of Board of Directors in stock exchange companies, infrastructure and utilities in Latin America, as a Vice President of Development of businesses in ISA. His previous job till 2022. He led the process of growth in strategic alliances in all the sectors during his management role, ISA, assured investments for about $4.6 trillion. In ISA, we are very happy to have a leader with such high quality with human capacity, quality as CFO, and I would like to highlight that we are very happy to have you here with us. One of our focus this year is to continue to grow with a very strong discipline, very patience and profitable. Because we know this is the way -- the most concrete way to create added value to our shareholders. For 2023, the opportunities of investments in the region are $21 trillion. 74% of those are the transmission of power energy and 26% to the business of roads. In an overview per countries, the majority of the participation would be from Brazil with 41%, promoted by the ANEEL in June and December 2023, that will totalize $10.8 trillion. The second position would be from Chile where we have identified opportunities in the power energy sector with 5.1 with transmissions and substations and stock project of batteries. Also Chile, we would like to participate in the tenders of the Ministry of utilities that overcome more than $4.3 trillion. In Colombia, it expected bids on mining planning that would overcome 2 trillion. And bids for more than the amounts you can see in the screen. In Peru, we have identified opportunities in tenders in power transmission for 1.1 trillion, including interconnection, Peru and Ecuador. Next slide, please. Let's talk about that management focal points in 2023. Our results show the resilience of our businesses but we could not leave behind the uncertainty that we're living today that leads us to think how to create sustainable value for all our stakeholders in this very difficult environment. I would like to share our main action plans for this year. This year, we want to be -- first of all, the key role players of power transmission that is just and focused on the human being because we are convinced that with our transmission, there will be no transition. Why? Because we are enablers of transformation of the sector, because we seek to give access to the vulnerable population to utilities and connectivity. And because we connect the sources, nonconventional resources that traditionally in these geographies, it's located in very remote places. So we connect them with a very important high demand centers. Second, we acknowledge the challenges associated with the climate change, and we will generate environmental value positive, compensating much more tons of CO2. Number three, we will continue to adapt our network to the challenges generated by the natural conditions that impact the service, and we will offer solutions to take advantage of the new needs of first improvements. In the financial front, we will continue to ensure the generation of sustainable value to our shareholders, reinvestment of the resources needed to continue to that growth path valorization and contribution to the objectives of the Ecopetrol Group. Number five, we will continue grow in our traditional business, and promoting, at the same time, new businesses empower, and exploring different strategic options in roads, seeking to add value to our investments. We will also work on the execution of the ongoing projects with the challenges, with physical advancements and managing the largest restrictions of the environment and the logistics world. Number seven, I would like to highlight that during this year, we are focused on materialization of synergies and joint work inside the Ecopetrol Group as well as to accelerate the energy transition in a decisive way. For this, we began with an update process strategy in 2040, the process that will continue this year 2023, in which we will maintain you informed, keep you informed. Number 8. Regarding 2040, I would like to share with you some of our aspirations. First of all, to meet the security standard and health standard in the work area, which one of the lead -- as being one of the leaders in this industry globally. And number two, we will accelerate the energy transition that is fair, increasing the capacity of power transmission of the head -- headlines, subaquatic lines and subway lines. We'll accelerate that transition in an exponential way. And third, we will be the light and not the shadow because we will be able to ride with power and connectivity of data to the communities under the direct influence of our infrastructure. We will multiply times 7, the positive impact of our program, Conexion Jaguar. And fifth, we will reduce the emissions of SF6 gases more quickly than the average of the industry. I would like to hand the floor to Diana, who will open for a session of Q&A. Thank you very much, Diana.

We have a lot of questions. The people are very active today. We'll let us start with the first question done by Andres Duarte from Co-Fi Colombiana. He wants to know if you -- there will be any changes in the conditions of the assets of the transmission tenders due to the current situations or the faculties of the President of the Republic?

Hello. Good afternoon. I'm the Vice President of Transmission of ISA. Regarding this question, we knew the decree 227 published last past week, and we are sure that we'll continue to consider the technical aspect for the decision-making in short and long term. The companies who have advanced the investments with the current regulation that's why we do not expect to have very important changes.

Thank you very much, Gabriel. The second question is from an unknown person, but would like to know what is the impact of freezing the rates of the roads in Colombia? For this question, maybe our Road Vice President, could answer the question.

Yes, of course. This is under the contract. The contract framework has it considered. When these things happen, what applies is that there's a compensation immediately done quarterly. That's why there's not a very important relevant impact. The condition will be maintained while the decree is ongoing, and that's why we expect there is not going to have a very important impact. There's a decrease -- decree on behalf of the president and that degree explained that the compensation has to be done regarding the mechanisms in the contract. That's why we are happy with that measure.

Next question Andres Duarte from Colombiana. He is asking if we can explain the damage of the EBITDA margin without construction? This answer can be responded by [indiscernible].

Of course, Diana. Thank you very much and thank you very much Andres for your question. What's happening in the margin EBITDA without construction in 2022, this shows a drop faced with 2021 is something that is called an effect that 2021 not recurrent event from 2021 in CTEEP that acknowledged the cost of the capital of [indiscernible]. That will be in 2021, made that the income -- consolidated income of the company had additional income not recurrent extraordinary and the nonexistence of the continuity of 2022, that's why the margin is around 2 percentage points below 2021.

Thank you very much, Daniel. I'm going to read 2 more questions that Gabriel can help us answer. Our Power Transmission Vice President can answer. One is whether there's a current state of listing of Sogamoso line in Colombia? And also, have we thought about implementing technology of [ TVHC ] or is it goes in hand in hand with the regulators?

Thank you very much, Diana. Regarding the first question, still pending the grant of the authorities that would, in this case, the [indiscernible] development ministry to grant subtractions of second law regarding the fact that suspended the environmental license on behalf of [indiscernible]. This has impacted the projections in services around 12 months. We estimate that the project at the end, we finalize in 2024.

Thank you very much, Gabriel. Regarding the second question, the direct current ISA has been a pioneer company in construction, operations and maintenance of these types of lines in Latin America. We built in previous years and are operating the Madeira [indiscernible] in Brazil currently, we are built in Chile to [indiscernible], both lines in technology like this. In Colombia, specifically, we expect that the owner would send a tender of [indiscernible] line with 600 kilowatts. We are completely convinced that the experience to develop in ISA for these projects of direct current will be a very important contribution to this project in Colombia.

Following question is Katherine Ortiz from Davivienda Corredores. Several questions that she has. She says that in development plant, it opens the door to Ecopetrol. That's why [indiscernible] do these acquisitions for the creation of a great holding -- energy holding in Colombia? She's asking, do we have any knowledge around this? What is your opinion of this proposal? And do you think it's attractive to include assets such as energy distributors on the property of the nation? I'd like to hand the floor to Juan Emilio to answer the question.

In our exercise formulating of the strategy of 2040, we will be assessing the opportunities that the development plan will offer us once it's approved. So this is a topic that's being evaluated, and we're expecting to see the final article approved by the Congress and accepted by the President of the Republic.

Next question is by Fernan from [indiscernible] Pactual. If [indiscernible] once the [indiscernible] interested in buying its part and also if we want to increase the participation in [indiscernible] in Brazil? I would like to hand the floor to Juan Emilio and also to Daniel, if you want to answer this question.

Well, thank you very much for your question. ISA is a very relevant company in our portfolio. In our main business of Power Transmission and a very important geography for the group, which is Brazil, with which it's a very important investment that we should maintain. And we are aware that [indiscernible] has had the intention of having its own participation in the control block. We'll continue to monitor the situation, but there's not a national transaction yet or sales transaction. In the case that this situation will change and there's a different process. ISA will analyze very -- with the discipline, all the alternatives faced with that opportunity, and we'll put in consideration the rights acquired with investors of [CIMIC, ] which is a public agreement and some rights granted to ISA. In the case of CTEEP, which is the other component of the question. There is not a plan of days to increase our participation. We have 90% of the shares with vote in CTEEP. And these shares with vote give us a very important control and the exposition of ISA of the social capital of CTEEP is around 35%. And that's a very convenient position -- situation. We're not analyzing now anything else on that.

There's another question that maybe you can answer from somebody who has not been identified saying that can we give them a guidance, a target, a leverage target for this year?

The ISA leverage as gross debt is closing in 4.2 tenfold EBITDA more than twofold in 2021. I would like to highlight that in 2022, with a scenario of high devaluation of the peso. The fact that the EBITDA is charging with average rates, but the [indiscernible] is due to the balance of the close end to the closing -- final closing. Let's say that it generates an increase between the debt and EBITDA, which has to be corrected in 2023. That's why we expect that the company in indicators will deleverage a little bit in 2023. So we're thinking about this proposal of dividends that we showed has a logic behind from a higher liquidity regarding the results of '22. So they indicated will be closing in 2023 around 3.8% of gross debt over EBITDA.

There's another question done by Anna Maria. She says, how do you expect the investments will affect the CapEx this year faced with the macroeconomic situation? Juan Emilio, could you help us to answer that question?

This business model has the beauty that the CapEx execution in 2023 is the product, the result of many contracts that were granted, awarded or that we signed with B2B businesses in previous years. Now faced with our participation in bids, and we are in countries where we are present, we are updating the risk metrics, and we're updating the risk premiums of each country and we are understanding the environment, and that will affect positively or negatively our appetite to participate in this specific tenders, and that's what we continue to do with discipline and very rigorously.

Andres Duarte ask the dividends. He affirms the dividend is the COP 1.742 historical. What is the idea of this -- the Board of Directors that's going to be considered? Daniel Isaza, maybe you can answer that question.

And I have mentioned 2 very important topics in this conference that the Board of Directors would recommend to this assembly. First of all, that the results of 2022 are superior than what was expected. And that has to do, what we mentioned in this conference that we are closing session cash flow of this when we add the investments -- of short-term investments in investment funds, it's around COP 6.4 trillion. So there's a liquidity that's higher than we expected. And that enables us to maintain balance that we want to bear with a lot of discipline, excellent balance between the reinvestment rates in the business and the value distribution towards our shareholders. Obviously, we also consider the situations of the plan, leverage levels that keep us in a very important credit rating. And finally, we are doing some cash movements from our subsidiaries upward and the most relevant has to do with the one with the cash out that was in Chile. After finishing the [indiscernible] project with a [indiscernible] in dollars. In 2021 that enabled us to return part of the capital that we have delivered for the construction of the project. That cash flow that has included our liquidity, and we can have that promise value and balance in the reinvestment rates among the shareholders.

[ Gustavo Alberto ] would like to ask a question. Can we clarify and update the intention of selling the InterNexa that I mentioned previously? I'm not sure Daniel or Juan Emilio could help us with that answer.

We've been talking with the national government about the new priorities, understanding the programs in which InterNexa can be useful adding value to Colombia regarding the commitment of investing in connectivity. And we have important opportunity for InterNexa. So we are in this situation faced with new circumstances because this is a very dynamic industry. That requires a lot of investment faced with the new opportunities for InterNexa. And how are we going to help InterNexa to maximize value.

Thank you very much, Juan Emilio. We do not have any more questions. And we are out of time. I would like to thank you very much for being with us during this conference, expressing your interest in ISA. Please have a wonderful day, and we will see you again in the future events. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]