The future inspires us and that is why we invest in the present working for the development and connection of the territories, with a clear higher purpose that invites us to continue being a sustainable alternative in the management of ENGINEERING AND PROFITABLE INVESTMENTS projects, developing our talent human and other stakeholders, ensuring the transparency of their actions, competitiveness and solidity.
The certifications ISO 45001, ISO 14001: 2015 and ISO 9001: 2015, endorse the management procedures of the Company, recognize the work and excellence of its employees and are a pledge of guarantee to carry out successfully any type of project.
In the month of March, at the ordinary shareholders' meeting, the Segregation project was approved, which modifies the corporate structure, in which Construcciones el Condor, as the Segregating party, transfers 100% of its ownership to a subsidiary that will be established for this purpose, and whose purpose includes investment, operation, and management of infrastructure businesses, particularly concessions ("Beneficiary"). The following assets are the subject of the Segregation: Concesión Pacífico Tres SAS, Concesión Ruta al Mar SAS ("RAM"), and Concesión Vías del Nus SAS ("VINUS"). Similarly, it was proposed to transfer the liabilities associated with the investments.
As mentioned in the previous teleconference, concessions in Colombia, in compliance with IFRIC 12 Service Concession Arrangements, must recognize 100% of the financial expense generated by their borrowing from the delivery of each functional unit in the results. For a significant period of time, the revenues generated by the concessions do not cover this expense, resulting in net losses for each concession. This financial effect is known as the liquidity trap, which affects all long-term investment projects.
Knowledge, experience and patrimonial solidity have allowed to participate in some of the most important civil construction projects in the country since 1979, this has made the company a reference in the Colombian infrastructure sector.