Earnings Call: Q1 2023

May 12, 2023

For your company today. This conference will be focused on presenting the financial results of Grupo Argos, closure of the first quarter 2023. Here we have Jorge Mario Velásquez, President of Grupo Argos. Alejandro Piedrahita, Vice President of Strategy and Corporate Finances for Grupo Argos. Rafael Olivella, Vice President of Corporate Matters of Grupo Argos. Mauricio Ossa, President of Odinsa. María Clara Restrepo, Manager of the Urban Development Business. Pablo Arroyave, Vice President of Corporate Finances for Odinsa. Andrés Bejarano, President of Pactia. I want to remind you all that in our website, we have made available all the information for this quarter, together with the presentation that will be following during this teleconference. To download it, you can access menu, financial information, and afterwards, in the section, reports. In addition, we are transmitting this conference via space of Twitter. Now I want to invite you to move on to slide number 3 of the presentation so we can start the meeting. I want to grant the word to Jorge Mario Velásquez, President of Grupo Argos. Thank you, Juan Esteban. Good morning to you all. I want to thank you all for being with us during this conference. Last time we had this call, we shared historical operational results for Grupo Argos and all its branches during 2022, despite the economic and political uncertainty, the increase of interest rates, and the pressure on inflation. Today, it is grateful to share with you all results in which, during the first quarter of this year, Grupo Argos was able to sustain a positive trend, reaching growth rates that are over 25% in its main consolidated figures. Revenues grew in COP 5.7 trillion with a positive variation of 25%. The EBITDA closed COP 1.6 trillion, growing 28%. Net profit closed in COP 570 billion with a positive variation of 81%. The net profit of the controller closed in COP 406 billion with a growth of 152%. This is despite the significant increase in financial expenses, product of the rate increase compared with the same quarter, previous year. The results of this quarter prove the advancement in the operational excellency in our business lines. Our first pillar within our cross-cutting plan to close the gap between the price of our stock in the market and the fundamental value of Grupo Argos, that added with the consolidated deleveraging for more than COP 3 trillion for the last 3 years, the ratification of the credit rating of AAA, an increase of 15% in the dividend by share in 2023, are example of the solidness of our company. In such way, as it was announced to the market in its moment, during this year, we have already started our repurchase share plan through the transactional mechanism of Colombian Stock Exchange. This is a process that we restart this 15th of May, after our shareholder assembly has approved a repurchase plan up to COP 500 billion. We have also done, during the assembly, the authorization of the repurchase plan that has been proposed by Celsia. Equally, during this year, we expect for Cementos Argos to look for the same approval in extraordinary assembly, subject to some operations that are already in course. Because of this, we expect that the companies of the Argos Business Group count with the due authorizations in order to carry out the reacquisition of its shares for an aggregated amount that could increase or could be over COP 1 trillion. Under the same line, during last quarter, Grupo Argos acquired 13.5 million ordinary shares from Cementos Argos, which is equal to an additional participation of 1.2% over the total of the shares that are circulating currently. As with the repurchase program, with these measures, we want to reaffirm the trust in the business plan and in the strategy that we have been executing from Grupo Argos and all its businesses. Given the excellent results and the prices of the current share prices, under the vision that we have for Celsia, Cementos Argos, and the Grupo Argos, we see a great potential to invest in these companies. This organization that was founded in 1934 during the Great Depression, has lived a history of facing all those difficult cycles with the best energy. Five years after its creation, company was already listed on the share market, and Second World War exploded. Despite not disappearing, we even became stronger, becoming one of the strongest companies in the country. Decade afterwards, when the world was concerned about geopolitical tensions of the nuclear threat and the Colombian security situation deteriorated, Argos expanded its operation all around the country, multiplying the equity of its shareholders for more than 100 times between 1950 and 1990. The company kept betting on the country and consolidated its presence. At the same time, it generated quality employment and irrigated value in all the regions where it operated. Today, after some years of successful international expansion and diversification of our business line, we face, once again, an economic volatility context and political instability by which many are pessimistic. Nevertheless, as we've proven for more than 90 years of history, from Grupo Argos, we keep on working constantly in order to deliver good results to our shareholders, ratifying the importance that the company has for Colombia. The importance that there is for Colombia, for there to have companies that generate employment, investing, and transforming positively the sectors that pull the economy. Now, I want to invite you to move on to slide number 5, where we can see the details of the results of all our businesses. We'll begin with the results of the cement business. During the first quarter 2023, the cement business showed relevant growth in all its geographies. The Colombian region presented a growth of 13% in revenues and 39% in EBITDA. In the United States of a 22% in terms of revenue and 77% in terms of EBITDA. In Central America and the Caribbean, 5% in revenue and 2% in EBITDA. We start seeing a recovery of our margins, product of the focus in operational excellency, and the policies that have been taken in order to stabilize the cost under this inflation pressure environment, and the strategy of client optimization and business segments. All these actions give us a result, beginning of the year, with a growth of two digits in all the P&L lines. The revenues reached COP 3.4 trillion with a 31% growth year after year. EBITDA closed in COP 594 billion, growing at 65% compared with the previous year, and increasing simultaneously the EBITDA margin in more than 350 basis points. The controlling net profit closed in COP 78 billion, 259% over the same period, 2022. In operational terms for the quarter, the Cementos Argos volumes reached 3.9 million tons, while the concrete business recorded volumes of 1.9 million cubic meters. These are records that are slightly less compared with the previous year, provoked mainly by the rainy seasons that are normal in the state of Georgia in the U.S., and the interruptions of roads such as Pasto Popayán that traumatized the cement distribution towards the south of the country during this period. We also want to highlight the behavior of the U.S. regionals, where the cement volumes have grown 7% compared with the previous year, and where we expect to continue seeing good dynamics given the segment growth in non-residential and infrastructure sectors that have been gaining traction month after month during the last months. We also want to highlight the growth of cement exports in the Colombian region, which volumes increased 16%, driven by an 81% increase of the exports that are directed towards the U.S. Equally, we see a recovery in the good dynamics of the Central American and Caribbean regional, which is a reflect of the good performance in Panama, where volumes grew at 21%, and in Dominican Republic, where there was a 14% increase, led also by a 13% increase in prices. Now, I want to invite you to move on to the next slide so we can check the results of the energy business. Last 5th of May, Celsia informed the sale of part of its assets in Central America. The hydraulic generation centers of Complejo Dos Mares and the solar farms of Celsia Solar Divisa in Panama as the wind park of Guanacaste in Costa Rica, which will be sold to EnfraGen, which is an investment vehicle of Glenfarne Group. The sale volume is close to $380 million, and the equity value is of $194 million. This is an operation which its closure should happen in the next upcoming three months. With the sales of these assets, Celsia will have resources and financial flexibility in order to keep on deploying its strategy that is focused in renewable energy, especially in solar and wind energy, and in its different geographies. It also look for opportunities to strengthen the asset management portfolio, be in transmission or distribution, and energy efficiency in other countries of the region. The company simultaneously will count with liquid resources for COP 300 billion for next three years, which will be implemented initially by the transactional mechanism of the Colombian Stock Exchange, seeking to reaffirm the trust in its business plan, and seeking to transfer value to all its shareholders. This transaction, besides, will allow the company to strengthen its liquidity position, improving the profitability over the invested capital that we calculate that will increase in 400 basis points. Simultaneously, this would allow to reduce close to 17% its consolidated indebtedness, and also reducing 11% of its financial expenses, and going from a 3 to 2.4 times its net debt indicator over EBITDA. During the first months of the year, the energy company of Grupo Argos kept advancing in its consolidation as a Colombian solar generation leader. We are grateful to announce the operation of seven new solar farms with an installed capacity of 89.3 megawatts in Tolima and Valle del Cauca. Celsia keeps being the leader in energy transition in Colombia. Moving on to the operational results that you might find on page 9. The energy business keeps showing an excellent behavior. The consolidated revenues reached COP 1.5 trillion during the first quarter, growing 15% year-after-year. The EBITDA closed close to COP 514 billion, growing 13%. If we add to this the generated EBITDA in our platforms that with the expansion of Caoba, C2 Energía, Laurel, and the entrance in operations of Tesorito, the EBITDA perform would close in COP 620 billion, which represents a 25% growth. The generated energy for the period closed in 1,764 megawatts hour and be commercialized in 863 megawatts hour. Finally, we want to highlight that during the quarter, the company has made investments for a bit more than COP 360 billion, by which COP 250 billion were done through investment platforms and COP 110 billion were done directly under Celsia company. Now, I want to invite you, move on and look at the road and airport concessions found on slide number 10. During the first quarter of this year, the Odinsa concessions kept showing outstanding operational results, both in its airport vertical as well as in roads vertical. The first one mobilized 10.4 million passengers, meaning by this 18% more than the same quarter previous year. While in our roads, we found a daily average traffic of 108,000 vehicles, which represents 3% more if we compare this with the previous year. From another side, we estimate that the close of the airport vertical together with MIRA will happen the upcoming months. Likewise, we want to highlight that Fitch Ratings confirmed the rating of the Bogotá Airport and changed its outlook from negative to positive, part of the recovery of the traffic that we have been evidencing in the airport and because of the financial solidness of this asset. Now, moving on to the operational results of the company found on slide number 12. We can see how the strengthening of traffic in a road vertical is translated into higher internal return rate for each one of the concessions, highlighting the performance of Túnel de Oriente, where the average traffic keeps on growing at an 8% compared with the previous year, increasing its expected TIR to a 20%. From its side, the airport traffic continues improving also, translating into larger profitability of the asset. For example, in El Dorado, we saw very positive operational dynamics, where despite the situation of the national air industry, it grew a 17%. It's 13%, sorry. The TIR keeps in the 17%. We also want to highlight that this quarter that we are presenting, Opain, will be consolidated once again in Grupo Argos accounting, given that the equity becomes positive. To close these chapters of Odinsa and Celsia, we want to highlight the positive behavior of all the infrastructure platforms of the company that have been created with the alliance of different business partners in the last couple of years. On slide 14, you can see large numbers, the operational performance of our platforms, Caoba and C2 Energía, presented EBITDA increases of 33% and 236%, respectively. Tesorito and Laurel started their operations recently. Jointly, the generation energy platforms generated an EBITDA that is close to COP 110 billion. From its side, the airport and roads assets generated an aggregated EBITDA of COP 476 billion for the quarter, with a 13% increase on roads and 58% on airports. This figure corresponds to the EBITDA generated by the assets, but differs from what we have recorded in the consolidated financial results of Celsia, Odinsa or Grupo Argos, due to the accounting normativity and the government agreements of each of these platforms. As this keeps strengthening, they will gain high relevance in our company, being coherent with what has been the axis of the Grupo Argos strategy, which is positioning ourselves as an infrastructure asset manager, taking into our side the knowledge that we have around asset management in a figure in which the company acts as a professional manager of capital funds, private capital funds, and because of this, we charge commissions to the investors of these funds. Now, I want to invite you to check the real estate business on the upcoming slide. The gross income was COP 110 billion, which represents a 30% increase year-after-year, and the quarter EBITDA was COP 61 billion, proving an increase of 16% year-after-year. In terms of the same assets for the quarter, the operational net revenue and the EBITDA grew 17% and 20% compared with 2022. In total, there were contracts renewed for 60,000 sq m, and there were new contracts for 8,000 sq m in what has happened the first quarter of 2023. At the end of this period, the fund reached a portfolio occupation of non-hotels of 96%, which represents an increase of 125 basis points compared with the same period 2022, and a reduction of 99 basis points versus the previous quarter. The sectors that showed the largest recoveries were the storage units and hotels, with an increase in revenues of 19% and 59%, respectively, compared with the first quarter 2022. These results have been driven by the placement of many warehouses products for SME customers, and one with a higher revenue in the hotel business, thanks to the return of fairs and events, which incentivize the occupation and the food and beverage services. In terms of commerce and shopping malls, Gran Plaza, we want to highlight the good performance of the sales that increased the expectations that we initially set and led to an increase in variable profit of 27% compared with the same period previous year. Finally, the fund keeps with its active management in terms of optimizing the capital structure in order to mitigate the impact of interest rates. During the first quarter this year, the fund reduced its debt stocks in a 4%, closing its period with a loan to value of 34.3%. On the next slide, you could see the main figures of the urban development business that presented extraordinary results. The net cash flow increases previous year for more than 500%, and in terms of EBITDA, more than 300%. We signed two promises in Barranquilla of approximately COP 50 billion, with the first payment for the first quarter of close to COP 12 billion. We also had revenues for close to COP 7 billion, thanks to the activation of adjustment clauses in the contracts that we had previously signed. Once we increased the sellable square meters, we simultaneously received dividends for the Sofitel Casablanca Hotel for COP 2 billion. This was a bit less than a year after going into operations. With this, we closed the quarter with COP 26 billion with net cash flow, which is an unusual and very positive result for the first quarter. That is when we decided to pay the majority of land taxes that we have within the organization. During the upcoming quarters, we will keep on adding revenues to the cash flow. New closed businesses, together with the ones we had in previous years, guarantee revenues for COP 400 billion for the next five years. Since 2019, the urban development business has contributed to Grupo Argos' revenues in its separated results close to COP 1 trillion. The P&L recorded the sale of a land lot in Barranquilla. We also had revenues due to clauses of previous businesses, and we recorded the dividends due to the results of year 2022 of Hotel Cala Blanca, as we previously mentioned. This quarter, we had a great P&L result, but let us remember that in this business, we take the revenues once we present the document, and we have no ownership document for the upcoming months. This will happen last quarter, which means that only at the end of the year, we will see an increase in the accounting financial result. Now, I want to invite you to move on to the consolidated and separate results for the organization, and this is found on slide 18. Revenues reached COP 5.7 trillion during the quarter, which represents an increase of 25% compared with the same period, 2022. The highest level of sales was translated into an EBITDA increase that closed the period in COP 1.6 trillion with a 28% increase year-after-year. Net controlling profit closed in COP 406 billion, which is 2.5 times, compared with the same period last year. Profit made in just first three months of this year is equal to COP 470 per share and anticipates the profit generation for this year in order for us to keep distributing more dividends value for all our shareholders towards the future. On slide 19, we could see the variation in the contribution of each one of our businesses in terms of revenues and consolidated EBITDA. In these graphs, we can clearly see the good performance of all the companies that, during this year, kept presenting, as we were mentioning before, operational and financial growth, highlighting also our investment portfolio. This is the concession business presented a reduction in the accounting contribution to EBITDA, given the deconsolidation of the assets of the road vertical. This transaction, at its time, prepares Odinsa for a powerful growth in long term. Here, it is worth to mention that Odinsa, with the creation of the Macquarie verticals, stopped consolidating the majority of these assets, and this makes that its contribution to the P&L will be significantly less. This low contribution to the consolidated P&L does not mean that the performance of the assets has changed. It only means that we build our consolidated P&L parting from the close of the road vertical and closing the airport vertical, we will not add nor the revenues, nor the EBITDA, nor the operations of any of this infrastructure. It is an accounting matter, but not operational. This is why, we are revealing the expected TIRs of each concessions, that it is a much more adequate metric in order to measure the performance of the assets, such as the concession contracts are. To facilitate the understanding and the valuation of Odinsa and its platforms, parting from this quarter and through our webpage, we will share an investment kit for this business, and we will offer conversations in the measure that you consider necessary in order to drill down deeper in the understanding of the accounting mechanism that is materialized once these platforms start operations. That way, we could see them differently in terms of a financial scope, different from the participation and the consolidated results. Now, let us move on to slide number 21. So we could see the consolidated indebtedness of the group. In respect with the same quarter previous year, the consolidated net debt for Grupo Argos was kept around COP 14 trillion. The soundness of the capital structure of the company is supported by AAA rating by Fitch Ratings and Standard & Poor's. In the separated financial results, as well as in consolidated financial results, we recorded positive results. The quarter revenues closed in COP 429 billion. This is an increase of 51% compared with the same period last year. At the same time, the EBITDA closed in COP 354 billion, growing 78%, and the net profit in COP 346 billion, which doubles this figure from the previous year. The net controlling profit for the same period, closed in COP 406 billion, which is equal to 2.5 times same period last year. This profit gained in just three months of this year is equal to COP 470 per share, and anticipates the generation of profit throughout the year, and be able to distribute more dividends and value to all our shareholders. Thanks to the cash position with which we closed the quarter, a separated net debt for Grupo Argos that is detailed on slide 25, closed in COP 1.2 trillion, which is a reduction of 18% compared with the same period last year. During this quarter, we want to highlight that the cost of the debt of Grupo Argos started placing in 10.5% at the end of March. So this is 150 basis points less than what we had in 2022. Given the trend of the consumer price index, we hope that this will keep this trend, which means an important relief for the financial expenses of the organization that have significantly increased during last year, given the interest rate increase context by the central banks around the world, but that have been mitigated due to the treasury operations. Within the treasury strategies, we want to highlight that the company counts with investment in fixed income investments for COP 455 billion, which generate a positive carry, given that its performances are over the debt's cost. The financial performance that we are reporting, this outstanding financial performance that we are mentioning, is based on a philosophy that the group has followed and that have allowed us to overcome different difficulties in terms of economy, politics, and social. This business success is exponentially larger when it is given in favor of all the groups of interests within the organization, articulated with the needs that we share as a society, and caring for the environment as a necessary condition in order to operate. These are companies that are working and investing in Colombia in order to generate opportunities for young people and women, and with institutional presence, integrally transform territories. In this sense, we want to share some of the initiatives that are connected with the social and environmental agenda of Colombia: energy transition, fight against climate change, and fight in favor of equality and inclusion. In front of energy transition, Celsia leads the mobilization towards renewable and non-conventional renewable energies in the country. The generation matrix of the company is almost 80% renewable, and it keeps consolidating with the creation of platforms in order to expand our install capacity, especially in wind and solar generation. In this path, during the first quarter of this year, we articulated the creation of the first energy community in Valle del Cauca. Pilot project that will be implemented in this region of the country consists in a solar farm that will supply electric energy to the inhabitants of this community. In terms of climate change, and consistently with the efforts that have been announced by Grupo Argos in all its businesses in order to face this phenomenon with CO2 capture initiatives, co-processing, energy efficiency, carbon bonds, reforestation, and sustainable financing between other strategies. We have been advancing together with the National University of Colombia with four agreements that will allow us to find solutions focused on reaching a reduction in emission intensity for 2030, in at least 46%. Up to date, the Grupo Argos business group has reduced in a 36% the intensity of the CO2 emissions, equivalent to the baseline that we had for 2018. Finally, in the equity and inclusion front, the organization started a process to strengthen the contracting of products and services with gender perspective through the Sourcing2Equal initiative. This is a program led by IFC, which objective is connect entrepreneurial women with new markets through corporate purchase opportunities. This project allows the business group to extend its inclusion and diversity policy and broaden its impact, aligned with the efforts that have been internally articulated, which turn the company today in an equity and gender referent around the world. Moving on to our guidance for what we have for the rest of the year. We will keep on sharing the figures of this first quarter, expecting to exceed the consolidated revenues of COP 22 trillion and EBITDA higher than COP 5.2 trillion. With this, I want to give the word to Juan Esteban so we can coordinate the Q&A session. Thanking you all for your attention and reiterating the availability of our team to attend any doubt that you might have now or in the future. Thank you, Jorge. I want to remind you all that you can ask your question in the Q&A widget found at the bottom side of the screen. First question comes from Rodrigo Sanchez from Corredores de Bolsa. Good morning. In terms of Pactia, first of all, what is the long-term strategy for this investment? Will you keep these investing assets? Second, there has been title repurchase. What would be the price over net asset value has this been, and have you sold any units from Grupo Argos? Rodrigo, warm greetings. Let me answer part of the question, and afterwards, I will give the word to Alejandro Piedrahita, who is here, and Andrés also, if he wants to make any comments. Pactia's strategy has been concentrating in the profitablization of the assets, the reduction of leveraging, so that the return of the invested capital will be more interesting for Grupo Argos as investor, not just in the manager, but also in the private capital funds. Let me give the word to Alejandro so he can complement technical data of these reductions in terms of net asset value. Thank you, Jorge. Coming back to Jorge's comment, this strategy, it is a profitablization strategy, having more stabilized assets. Obviously, in a strategic manner, if we see the conditions and if we see the adequate values, there will also be disinvestments done. From a repurchase point of view, up to date, we have done repurchase close to COP 16.5 billion, and that relation at this moment is close to 90%. This is basically what has happened in Pactia up to date. I do not know if Andrés has any comments about this. If there are, it would be great if we could hear them. Thank you, Jorge. Good morning to all. No comment to the question asked. All of the data is right, but just wanted to highlight the good occupations of the assets that we have and the good results. But everything is complete in that answer that you already gave. Thank you. Well, thank you, Andrés. Moving on with the questions. We have a question from Roberto Paniagua from Casa de Bolsa in respect to Celsia. Testing 1, 2, 3. We lost sound for a second. Perfect. As I was saying, we have a question from Roberto Paniagua from Casa de Bolsa. As Celsia shareholders, do you consider the disinvestment done in Central America successful? What would be the geographical disinvestment strategy under these new regulations that we face in Colombia? Very good question, Roberto. Thank you, because this gives me space to make two comments. A concrete answer is yes, we do feel not just satisfied, but we have also driven from the board this disinvestment project. Just let me give a bit of context. Basically, part of the important function that a holding has as Grupo Argos is to promote the rotation and allocation of capital in order to maximize the return to its shareholders. Central American assets, more specifically, those that were disinvested, have certain particularities. They have relatively finite lives. For example, Guanacaste asset is an asset that has to be returned to the nation once it ends its contractual life that is relatively close. The generation and contracting conditions in Panama have led to an important change in the nature of the long-term projections for those modest assets. All this makes that the disinvestment of these assets will be a highly value generation operation, including, obviously, Grupo Argos as main shareholder. Return over the capital that has been invested in the energy business, as I mentioned in the call, we calculate that will increase in 420 basis points, reaching figures that are over 80%. This affects that the value generation will proportionally drop much less than what we have in the invested capital. This is a clear signal of value generation increase for the shareholders, including Grupo Argos. From another side, respect to the question, not just about the immediate deleveraging happening with $200 million, that is a debt that the asset has in Central America. It has a reduction benefit of the financial cost and other ratios, as I mentioned in the call, this immediate effect in the financial result. This also allows, and this connects with the second part of the call, a better improvement in terms of capital allocation, in terms of projects that will be much more profitable, that will have a larger value generation. As I said, and as the organization has expressed, there is resources give us a large flexibility in order to look for renewable energy investments in Colombia or elsewhere, where we can find regulation and investment conditions that will generate value to all our shareholders. We do not have a particular focus, but we are exploring alternatives that once they are mature enough, we will share to the market. The main benefit of this investment, and that is why we feel very satisfied, is that despite the returns are moderate, the assets generated value through their life and the generation expectation towards the future. We prefer this investing right now in order to seek for better profitability opportunities, being in Colombia or being in other countries. Okay, so we have a question from Estefania Mosquera. Thank you for the presentation. Do you have any updates about the transaction of the airport vertical? Thank you, Estefania, for the question. Let me give the word to Mauricio Ossa, that I have right next to me, so he can answer this question. Obviously, there is important advancements in this front. Good morning to you all. Thank you, Estefania, for your question. Effectively, as we have said in previous calls, the date we have established to comply with all these conditions is June 30th this year. We have been compliant with absolutely all these topics. The most important to highlight are the authorizations that different entities that regulate us or concessionaires have to give in Colombia and Ecuador, and these stages have already been done. Right now, we are working on the last part, that is creating a new compartment within that private capital fund that had already been created last year together with Macquarie, given that is the same investor. We are doing the transit to the last condition. We estimate that we will be within the times initially set. That is June 30th, and that is something that we will be able to share with you once we have the report for the second quarter. On that same train of thought, we have a question from Rodrigo Sanchez, if we had any new things in terms of toll compensations and in terms of concessionaires. Thank you for your question, Rodrigo. And warm greetings. There's been several updates. The first of them is that, as you might know, this year is the year when we had a due date of the eighth year of the cuarta generación wave for compliant with the collection rate differentials. I want to confirm that effectively, the government honored the commitment of paying these collection differentials this first quarter, almost completely in this quarter, and the remaining amount will be canceled during May. Same thing is happening with future due dates, so we're expecting that when they approve the budget addition that's going through the Congress, we can use these resources in the sub-accounts of the contingency funds, so they can come directly from the concessionaires. The mechanism to access those monies is the lower revenues acts approved by the Interventoría and by AUDENSA. Pacífico Dos is the only of four contracts that has access to this. The act has been approved, so we're expecting to take these resources, and we hope that for the end of this quarter, we'll start getting the quarterly payments. We don't see any behavior that might be different. I want to remind also that in the case of Túnel de Oriente, we increased the price of the tolls, as well as in Autopista del Café. And in Pacífico Dos, we'll apply the mechanism of the quarterly act in order to collect this revenue that we have not collected. As well as in the case of Malla Vial del Meta, we're together with ANI, checking the reach that, in this case, will be marginal. The other thing is that the conversations with the government and with the Minister of Transportation, conversation have been revolving around that in 2024, we will normalize the indexation mechanism of those charges by toll. Well, thank you, Mauricio. We have a question from Rodrigo Sanchez. Understanding that there's some investments in the portfolio that have a larger profitability than Cementos Argos and that have a control, why shall we increase the participation in this asset and not in other assets in the portfolio? Well, thank you, Alejandro. Can answer, and I can complement the answer. Perfect. And Rodrigo. This could be divided into two answers. Let's remember that in this conference call, for a long time now, we've explained the capital allocation exercise that we have within the organization. And when you look at a company such as Cementos Argos, and depending on the period you analyze, there's a multiple between four and five times value over EBITDA. Well, clearly, when you look at the results, this week, we give the investors the perspective that we have from a performance point of view in the geographies where we participate. The value expectation from a fundamental point of view, and if we take the exercise and place it in a capital allocation, we see here is the opportunity of value capture is immense. So that places Cementos Argos as first on the list from the resource usage point of view. In addition, another asset that we are checking is the shares of Grupo Argos, sorry, the shares of Grupo Argos that are not being affected by this, but also by the value of Grupo Celsia that we previously mentioned. That is why we decided to renew once again the share reacquisition program. As Jorge Mario Velásquez mentioned, this is a reacquisition program that we will start implementing starting from next week. Independent from the control, what we are seeing from the resource usage and capital allocation from our portfolio is that there are some clear elements which place these investments as first in our priority list, and that is why we have been taking the decisions of making reacquisitions and buying shares in secondary market for Cementos Argos. I guess the answer that Alejandro Piedrahita gave is very complete, but just wanted to emphasize that it is a multidimensional strategic decision. It is not just Cementos Argos and the reacquisitions that are being done by the businesses and included the ones that Grupo Argos has for its own shares. We do this because it is, in the case of the reacquisitions, of giving back capital to the shareholders, but it is a clear signal of the trust that we have in the future of our businesses and the undervaluation of the shares in respect to the potential that the companies have. Let us say that in large numbers, just wanted to mention something about Cementos Argos. If we calculate the market cap for Cementos Argos today, it might be around $800 million. Might be wrong, but something around here, something around this value. Just to remember something and try to explain the magnitude within the decoupling of the price of the share of the company. Cement plant in Cartagena that was built in 2010 cost $650 million. Replacing that plant today might cost more than $800 million. That is what the capital are allocating into the company. Argos has 25 million tons of capacity, and Cartagena only has 1.5 million ton capacity. This is just under the value that is being allocated to a company which growth perspectives and cash flow perspectives are very promising. Because of this reason, we are reacquiring shares of Cementos Argos. Obviously, according to the financial discipline, the capacity that we have, cash flow capacity that we have, and the regulation norms, up to where can we purchase these shares? We have several questions about the reacquisition of shares. Here, I just wanted to make a precision, and that is that we are waiting for an authorization from the Colombian Stock Exchange so we can start the process. The company, as it was announced to the market in the previous conference call and in the shareholder assembly, we are ready to start after having shared this to the market. As soon as we have this authorization, the company will proceed to share the relevant information to the market and to restart the repurchase. We hope that this might happen ideally in the month of May. Last authorization from the Colombian Stock Exchange was very agile, and we hope that this will be the same case. We are asked if a repurchasing mechanism, if we will keep the same mechanism. Yes, the answer is very clear, what Juan Esteban Mejía answered. We are expecting for the authorization. We had fixed all the authorization procedure previously in order to start parting from the liberation of the results that are happening in today's conference. In the measure that we have an authorization, if it's as fast as today, Monday, we'll start a reacquisition process, and the answer is yes, we'll start the transactional mechanism. This is a mechanism that despite the fact it has certain limitations, in the measure that it's very clear the way we execute this fairly and does not give place to interpretations in terms of price fixing or over the volumes that might be operated. We believe that's a very good mechanism, and we'll keep on the right mechanism, and we'll keep using this mechanism in the reacquisition process. We have no additional questions. Thank you all. Thank you all for attending this conference call. I wanted to reiterate, as always, that all of those that are part of this organization are open to any doubts, questions, or queries that you might have in order to complement anything or any doubt that you might want to discuss. I want to invite you to look in a bit more detail, the change in the way that these figures will be seen throughout the future, mainly in terms of concessions. Going from consolidating to the way that we account the managers for the private capital fund that will include airports and roads. This is relevant, and it's very important for this to be properly understood. The teams are open to any detail that you want to go over, Grupo Argos and Odinsa. With all the interest, we're open to attend any question that you want to discuss. Thank you for your attention. Thank you all, and thanks for the questions. Good day to you all.