DealMaker Q&A

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TTR DealMaker Q&A with IMAP Albia Capital Partner Alejandro Azcona

Alejandro Azcona – IMAP Albia Capital: Graduate in Economic and Business Sciences, specialising in finance, CIA from the IIA, Florida. He started his career at ARTHUR ANDERSEN and then he joined the IBERDROLA GROUP. In 2004, as a result of his enterpreneurial spirit, he founded IMAP – Albia Capital and since then, he has executed more than 25 sell-side, buy-side or capital raising projects and has participated in 30 Valuation, Restructuring, Refinancing and Feasibility Plans, especially in energy and renewable energy, manufacturing, automotive, food and wine, services and Private Equity.

TTR – How would you describe the current situation of the Spanish M&A market? Have we already overcome the uncertainty caused by the COVID-19 health crisis?

A. A. – The M&A market is currently going through a period of adjustment to the new situation that has arisen as a consequence of the health emergency that we have all had to live through. 

Certain sectors that have emerged stronger out of this crisis, or that have been less affected by it, such as technology, healthcare, or food, remain active in M&A terms, their market and profitability have grown, and their corporate dynamics are in some cases even better than before. 

In other sectors, the ongoing uncertainty that still remains regarding the size of the residual market that businesses will have left makes standard M&A transactions difficult, although we believe that this will be an incentive for business-consolidation transactions in the medium term. 

TTR – Is there investor appetite in the market at the moment? Would you say market opportunities have arisen from the standstill caused by COVID-19?

A. A. – Yes, there is an appetite for investment and there is liquidity in the market, although positions have changed compared to just before the crisis. 

The risk inherent to the current situation has significantly increased, and this means that the judgments made by buyers are more conservative, but likewise sellers are also more sensitive to the risk-exposure of their businesses, both because of what we have been through and because of the uncertainty in the short to medium term. 

This context gives rise to interesting investment opportunities, and as we were saying earlier, there is a clear opportunity to boost sectoral consolidations that improve the competitiveness of the business fabric while at the same time generating attractive and profitable projects. 

TTR – Is it a good moment in terms of access to financing? 

A. A. – The promotion by various government bodies of a range of different instruments to ensure that businesses can retain liquidity, with guarantees of different kinds for lending institutions, has given rise to a period when it has been relatively simple to secure long-term financing under favourable conditions. 

The lesson we learned during the 2008 – 2012 period has meant that the majority of businesses are building up liquidity that will allow them to face the short-term with greater security. 

The situation may change in the coming months, when the government-backed instruments start to taper away and the balance sheets and trading accounts of the financial institutions start to feel the impact of the crisis. When this happens, it is quite likely that credit will dry up significantly, and as such this is clearly the time to access borrowing. 

TTR – Which regulatory measures do you think would help the Spanish M&A market recover more quickly?

A. A. – In order for the M&A market to recover more quickly, the most important thing is for businesses to recover quickly, for the outlook to be good, and for them to have investment capacity and the ambition to grow and develop. Therefore, all regulatory aspects that support the flexibility of business costs in order to adapt to the new market and support the recovery and the improvement of business prospects will make a significant contribution to boosting M&A. 

TTR – How do you expect the M&A market to behave in 2H20 and in 2021?

A. A. – For the remainder of 2020 we are expecting – and are indeed already seeing – an active market in technology-related transactions, both in development projects and in the acquisition of technology by large corporations and in markets that have been winners in the situation we have endured. We are also expecting a volume of opportunistic transactions borne out of the uncertainty, as well as consolidation processes by competitors within the same sector. For 2021 we are expecting an overall economic recovery, which for those companies that have adapted well to the new situation will improve their prospects and their profitability, and will lead to a progressive normalization of the market and of M&A transaction

Informe Trimestral España – 2T 2020

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El número de operaciones de M&A en España disminuye un 30% en el primer semestre de 2020

En lo que va de año se han registrado 867 operaciones de M&A por un importe de EUR 44.852m

El sector inmobiliario ha registrado el mayor número de operaciones, con 200, pese a experimentar una caída del 36% con respecto al primer semestre de 2019

En el año se han registrado 58 operaciones de Private Equity y 195 de Venture Capital

En el segundo trimestre se han contabilizado 299 fusiones y adquisiciones por EUR 33.949m

Patrocinado por:

El mercado transaccional español ha registrado en los seis primeros meses del año un total de 867 fusiones y adquisiciones, entre anunciadas y cerradas, por un importe agregado de EUR 44.852m, según el informe trimestral de TTR en colaboración con Intralinks. Estas cifran suponen una disminución del 30,36% en el número de operaciones y un aumento del 9,18% en el importe de las mismas, con respecto al mismo periodo de 2019.

Por su parte, en el segundo trimestre de 2020 se han contabilizado un total de 299 operaciones con un importe agregado de EUR 33.949m.

En términos sectoriales, el Inmobiliario es el más activo del año, con un total de 200 transacciones, seguido por el sector Tecnológico, con 160, y el Financiero y de Seguros, con 64 operaciones. Sin embargo, en términos interanuales el sector Inmobiliario ha registrado una disminución del 36%, mientras que el sector de Tecnología ha reducido su actividad en un 9%, y el sector Financiero y de Seguros en un 18%.

Ámbito Cross-Border 

Por lo que respecta al mercado Cross-Border, en el primer semestre del año, las empresas españolas han elegido como principal destino de sus inversiones a Portugal con 20 operaciones. 

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Por otro lado, Estados Unidos (56), Reino Unido (51) y Francia (39) son los países que mayor número de inversiones han realizado en España. Por importe destaca Estados Unidos, con un importe agregado de EUR 3.941,13m.

Private Equity y Venture Capital

En los seis primeros meses de 2020 se han contabilizado un total de 58 operaciones de Private Equity, de las cuales 17 tienen un importe no confidencial agregado de EUR 5.986m. Esto supone una disminución del 55,04% en el número de operaciones y un descenso del 70,67% en el importe de las mismas, con respecto al mismo periodo del año anterior.

 Por su parte, en el mercado de Venture Capital se han llevado a cabo 195 transacciones, de las cuales 158 tienen un importe no confidencial agregado de EUR 477m. En este caso, ha existido un descenso con respecto al mismo periodo de 2019 del 14,47% en el número de las operaciones, y una reducción del 52,26% en el capital movilizado.

Asset Acquisitions

En el mercado de adquisición de activos, se han contabilizado 275 transacciones con un importe de EUR 4.771m, lo cual implica un descenso del 27,06% en el número de operaciones y una disminución del 24,17% en su importe con respecto al mismo periodo de 2019. 

Transacción del trimestre 

En el segundo trimestre de 2020, TTR ha seleccionado como transacción destacada la adquisición del 93,16% de Bolsas y Mercados Españoles (BME) por parte de SIX Group.

La operación, valorada en EUR 2.648,60m, ha estado asesorada por la parte legal por Linklaters Spain, Latham & Watkins España, Garrigues España y Clifford Chance. Por la parte financiera han participado Credit Suisse Group, Alantra y Santander Corporate Investment Banking (SCIB). La operación ha sido asesorada en la parte de Comunicación por Kreab España. 

Ranking de asesores financieros y jurídicos 

Transactional Impact Monitor: Andean Region – Vol. 2

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Transactional Impact Monitor: Andean Region – Vol. 2

9 June 2020

TTR’s Transactional Impact Monitor (TIM) is a Special Report combining local knowledge and market visibility from top dealmakers developed to address extraordinary situations affecting the macroeconomic stability and M&A outlook in core markets

INDEX

CHILE
– M&A Outlook
– Handling the Crisis

COLOMBIA
– M&A Outlook
– Handling the Crisis

PERU
– M&A Outlook
– Handling the Crisis

– The View from Milan
– Dealmaker Profiles

CHILE

Nearly a month after Chile tightened the initial restrictions on movement and business activities imposed in mid-March in Santiago, the minister of health announced on 2 June revised figures for the number of active cases under treatment for SARS-CoV-2, resulting in a decrease from 59,100 to 21,325 and an increase in reported recoveries from some 46,000 to just under 86,000. At the same time, health officials announced the deadliest day with 75 deaths attributed to the virus, bringing the total official death toll to just over 1,200 and 114,000 confirmed cases.

The country avoided a total lockdown from the outset by isolating specific districts with tight quarantines based on an aggressive testing program. This strategy allowed much economic activity to carry on uninterrupted, noted DLA Piper Partner Paulo Larrain.

Notwithstanding, there are industries that have been severely affected, Larrain said. “It’s a very bloody process for many.”

The country was still reeling from the social disruption in October 2019, when protests took over the capital calling for a greater focus on programs geared towards reducing persistent income inequality. “These demands are still pending,” Larrain said, noting the plebiscite on social and constitutional reforms has been relegated to October. 

M&A Outlook
… Click here to access the third issue of Transactional Impact Monitor: Andean Region – Vol. 2

COLOMBIA

As May came to a close, hope for a swift return to a normal life was dashed for Colombians as President Iván Duque extended the period of mandatory self-quarantine through the end of June, while extending the public health emergency through to the end of August. The official death toll in the country attributed to Covid-19 stands at just over 1,000 with some 33,000 confirmed cases.

Under Colombia’s new phase of restrictions imposed to face the SARS-CoV-2 threat, 43 exceptions were granted permitting the reopening of several non-essential businesses, including museums, libraries, malls and hair salons, while limiting those venues to 30% occupancy. Residents of Bogotá remain confined to their homes until 15 June.

The rosy prospects of 3.7% GDP growth projected at the beginning of 2020 have long since faded, replaced by apprehension over the health threat, and increasingly, an economic recession likely to persist for the next several years, Inverlink Managing Partner Mauricio Saldarriaga told TTR. 

“It’s a call to a simpler life,” said Saldarriaga. Inverlink presciently began implementing an internationalization in 2015, joining global boutique investment bank network IMAP and establishing its own footprint across the region. The move paid off, Saldarriaga said, noting the firm grew through several tough years, including 2018, when the presidential election featured a leftist candidate and many investments in the country were put on hold.

Despite Iván Duque’s victory, the following year was much slower than most thought it should be, Saldarriaga said. “People thought that within two months, things would be flying.” When the country finally turned the corner in early 2020 with a robust start to the year such as hadn’t been seen in a long time, with real estate and financial services deals booming, “the little meteor” of SARS-CoV-2 hit, he noted, and the situation changed entirely; many deals were put on hold, frozen. “Some will die, others are in the process of being reactivated, but everybody went into survival mode, to preserve cash.” In general, companies began to focus on reducing costs, “trimming the fat”, Saldarriaga said. 

“Many companies will face difficulties, even those with healthy balance sheets,” he said. Restaurants, hotels, retailers, all commerce has been hit hard, and there are few winners, Saldarriaga said, namely personal care products, household cleaning products and food retail. “That’s about 10% of companies. Then there’s the 60% that have been heavily affected, and the rest that will have difficulty surviving.” 

Colombia will now enter a period of repositioning and restructuring, Saldarriaga said. “We’re in discussions with a lot of providers of capital and getting started with the airlines, construction companies and industrial entities, which were already suffering. This was the final straw. We all know this is temporary, but with an undetermined duration, it’s very difficult to make plans.”

The crisis will cause great difficulty in Colombia and across Latin America over the next 24-to-36 months, he said, noting the region will face a slower recovery owing to the heavy dependence on commodities. “These economies are facing a huge setback, with an enormous impact on the middle class and on spending power. This will be a marathon, not a sprint. Resilience and survival is the name of the game.” 

Colombia’s ambitious 4G program designed to develop the country’s airports, seaports, highways and social infrastructure, was already enduring growing pains Saldarriaga attributed to trying to go “from crawling to running from one day to the next”. The government’s capacity to keep these projects on track and make them a countercyclical engine of growth following this crisis is challenging in the context of the country’s fiscal issues, he said. 

“Infrastructure has become a great lesson in all of this,” he said. The sector was seen as low risk, with low transaction costs, but the these assets are facing a grave impact as tolls evaporate along with traffic through airports, both previously considered predictably stable. It may be a hiccup, Saldarriaga said, and traffic will surely recover, but in the short term, the sector faces a liquidity crunch. “The materialization of risks in the sector will lead to much negotiation with the National Infrastructure Agency (ANI) and a lot of litigation, reclamations and negotiations between the government and concession holders as they hash out how to assign risks in the context force majeure, he said.

“This will be an opportunity for Canadian infrastructure funds, the Brookfields of the world, to recycle capital and keep companies afloat,” Saldarriaga said. Pension funds that have liquidity now can also benefit from the tight situation over the next six-to-12 months in which there will undoubtedly be a lot of distressed M&A and assets that change hands by necessity, he added. “Institutional investors are watching to see how this will play out.”

Colombia’s dependence on oil revenue, which represents nearly 50% of the federal budget, has led to a simultaneous shock that amplifies the economic shock brought about by restrictions imposed to contain the spread of SARS-CoV-2, Saldarriaga noted. The oil market is distorted and manipulated, and this dependence will make the recovery more difficult, Saldarriaga said. “It obligates us to seek ways to depend less on raw materials and more on value-added products,” he said. The falling value of the Colombian peso makes labor costs and many products more competitive, Saldarriaga added. “These are countries that don’t just need to bounce back, they need to reinvent themselves and bounce back, and we better do it, because oil is surely not a stable bet for the future.” 

Diversifying its revenues beyond oil is an important goal for Colombia, but it’s rightly a medium-term project, Saldarriaga said, given the country is still heavily dependent on extractive resources to improve the standard of living for its citizens. “If we have natural resource wealth, we need to develop it. In the end, it’s what can bring us all prosperity.” The important contribution of hydropower powering Colombia’s electric grid makes the country unique, Saldarriaga pointed out, and balances out to an extent the dependence on oil for fiscal revenue. While the country has indeed put a growing emphasis on renewable energy development in recent years, incentivizing wind and solar, the debate underway in the US and the EU in which proponents are calling for de-carbonization as an engine of growth out of recession is more a first world dilemma at present, he said.

M&A Outlook
… Click here to access the third issue of Transactional Impact Monitor: Andean Region – Vol. 2

PERU

On 3 June, the government of Peru extended the country’s health emergency for another three months in the face of the highest death toll in the Andean Region attributed to SARS-CoV-2. The official toll stood at nearly 5,000 with more than 178,000 reported cases. The extension of the declared health emergency is in addition to the state of emergency in place until 30 June.

Peru was among the first countries in the region to implement strict health protocols, ground air travel and impose quarantines and curfews, noted APOYO Finanzas Corporativas Partner Eduardo Campos, “but we were already in a precarious situation”.

M&A Outlook
… Click here to access the third issue of Transactional Impact Monitor: Andean Region – Vol. 2

The View from Milan

The Special Report has sections on M&A, Private Equity and Handling the Crisis, as well as a first-hand account from Italy in The View From Milan, featuring EY Italy Managing Partner Tax & Law and Mediterranean Region Accounts Leader Stefania Radoccia.

Transactional Impact Monitor: Andean Region – Vol. 2

Informe Mensual América Latina – Mayo 2020

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El mercado M&A de América Latina registra una disminución del 33% hasta mayo de 2020 

Hasta mayo se han registrado 680 operaciones y un importe de USD 17.628 

En el año se han registrado 38 operaciones de Private Equity y 165 de Venture Capital 

Operaciones de Venture Capital aumentan 2,48% hasta mayo de 2020 

Brasil, México y Chile, países que registran mayor número de operaciones en LatAm 

El mercado transaccional de América Latina ha registrado en mayo un total de 102 fusiones y adquisiciones, entre anunciadas y cerradas, por un importe agregado de USD 534,28m, según el más reciente informe de Transactional Track Record. 

Por su parte, en los cinco primeros meses del año se han contabilizado 680 fusiones y adquisiciones, entre anunciadas y cerradas, por un importe agregado de EUR 17.628m. 

Estas cifras implican un descenso del 32,81% en el número de operaciones y una disminución del 61,25% en el importe de estas, con respecto a mayo de 2019.

Ranking de Operaciones por Países

Según datos registrados en el transcurso hasta el mes de mayo, por número de operaciones, Brasil lidera el ranking de países más activos de la región con 411 operaciones (con un descenso interanual del 28%), y con una diminución del 69% en el capital movilizado (USD 9.462m). Le sigue en el listado México, con 99 operaciones (con un descenso del 25%), y una disminución del 61% de su importe con respecto al mismo periodo de 2019 (USD 2.779m). 

Por su parte, Chile mantiene su posición en el ranking, con 67 operaciones (una disminución del 37%), y con un descenso del 67% en el capital movilizado (USD 1.361m). Colombia, por su parte, sube una posición en el ranking, desplaza a Argentina y registra 46 operaciones (un descenso del 56%), y una disminución del 19% en el capital movilizado (USD 2.138m). 

Entretanto, Argentina ha registrado 45 operaciones (una baja del 29%), con una disminución del 71% en su importe respecto al mismo periodo del año pasado (USD 578m). Y en último lugar, Perú presenta 26 operaciones (caída del 64%) y con una disminución del 76% en su capital movilizado (USD 571m).

Ámbito Cross-Border

En el ámbito cross-border se destaca hasta mayo el apetito inversor de las compañías latinoamericanas en el exterior, especialmente en Norteamérica, donde se han llevado a cabo 20 operaciones. Por su parte, las compañías que más han realizado operaciones estratégicas en América Latina proceden de Norteamérica y Europa, con 102 y 76 operaciones, respectivamente. 

Private Equity, Venture Capital y Asset Acquisitions

Hasta mayo de 2020 se han contabilizado un total de 43 operaciones de Private Equity por USD 628m, lo cual supone un descenso del 31,75% en el número de operaciones y una disminución del 86,63% en el importe de éstas, con respecto al mismo periodo del año anterior.  

Por su parte, el segmento de Venture Capital ha contabilizado en los cinco primeros meses del año un total de 165 operaciones con un importe agregado de USD 1.014m, lo que implica una variación positiva del 2,48% en el número de operaciones y un descenso del 12,30% en el importe de las mismas en términos interanuales. 

En el segmento de Asset Acquisitions, hasta mayo se han registrado 127 operaciones, por un valor de USD 4.497m, lo cual representa un descenso del 33,16% en el número de operaciones, y una caída del 44,28% en el importe de estas, con respecto al mismo periodo de 2019. 

Transacción Destacada

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Para mayo de 2020, Transactional Track Record ha seleccionado como operación destacada la adquisición de PV Salvador por parte de Innergex por USD 66m. 

La operación ha estado asesorada por la parte legal por Claro y Cía. Abogados y por Honorato, Delaveau & Cía. Por la parte financiera, la operación ha sido asesorada por Banco BTG Pactual. 

Ranking de Asesores Financieros y Legales

DealMaker Q&A

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TTR DealMaker Q&A with Rivero & Gustafson Abogados Partner John R. Gustafson

John R. Gustafson – Rivero & Gustafson Abogados: Corporate and Commercial Law, Litigation, Arbitration and New Technologies.

Graduated at the San Pablo C.E.U./Universidad Complutense (Madrid, 1988), John initiated his professional career at the Public Defender’s Office of Albany, New York, and later joined Baker & McKenzie (1991).

TTR – The M&A activity in 2020 is severely affected by the COVID-19 health crisis. How would you describe the situation of the M&A players in Spain at this time?

J. R. G. – Undoubtedly , the current backdrop is not the most conducive to the development and conclusion of operations in the transaction sector. Alongside the adverse consequences of the actual crisis and the uncertainty of its evolution in the short and medium-term, we must also add the purely logistical issues inherent in lockdown itself. With few exceptions, praise must be given for the difficulty that closing transactions entails in this context, the outlook suggests that most transactions are undergoing a sort of hibernation period and waiting for the “storm to pass”.

TTR – Which sectors would you say are more affected by this situation? Which ones do you think are most likely to recover more quickly?

J. R. G. – The most part of all sectors are feeling the effects to a greater or lesser extent. The service sector has a major bearing on the Spanish economy and is being one of the most severely punished, notably in the spheres of transport, hostelry, tourism, leisure and entertainment in which it has been necessary to cease trading under the current circumstances. These are the very sectors that should experience a swifter recovery due partly to having fallen so sharply. Likewise, the healthcare, pharmaceutical, medical and geriatric treatments spheres will awaken the interests of investors to tackle further outbreaks and remedy weaknesses identified during the lowest points of the epidemic.

TTR – What regulatory measures do you think could be deployed to unblock the current situation?

J. R. G. – All aspects that involve boosting the economic flow of investment and endowing flexibility to the markets will lead to benefits in terms of recovery. Admittedly, now is not the time to raise taxes and legislate towards more rigidity in the employment market, moreover the opposite is true. Backing must be given to investment, research and development, along with reforms.

TTR – What is the situation of the M&A market in Spain compared to other nearby countries? Is this stagnation being lived in the same way in other countries?

J. R. G. – Our insight is that activity in Europe and North America is on a very similar footing. The million-dollar question is whether once the progressive de- escalation comes into being, will we be able to advance at the same pace as those best prepared for the future?

TTR – What should we expect in the following months? Do you believe it is still possible to get back to normal in 2020?

J. R. G. – A situation of major downturn in activity is often followed by another of intense activity. I believe that in this case the recovery of activities will take place more progressively. There will be operators who seek out opportunities that will be undoubtedly the result of this crisis, yet the general economic environment will remain troublesome. Everything makes us think that we will have to coexist with this scenario for a while and adapt to the circumstances. It is somewhat difficult to contemplate presently the return to what we have understood as being normal until mid-March, yet that is the direction in which we must move.

Versión en español

John R. Gustafson – Rivero & Gustafson Abogados: Derecho Mercantil, Procesal, Arbitraje y Nuevas Tecnologías.

Licenciado en Derecho por la Universidad San Pablo C.E.U./Universidad Complutense de Madrid (1988) y Doctorando en Derecho Mercantil por la Universidad Autónoma de Madrid, comenzó su andadura profesional en la Oficina del Defensor Público de Albany, Nueva York y después se incorporó a Baker & McKenzie (1991). Ha sido profesor de Contratación Internacional del Instituto de Empresa en el programa Master of International Practice.

TTR – La actividad transaccional en 2020 está sin duda muy marcada por la crisis sanitaria del COVID-19, ¿cómo describiría la situación de los players del mercado transaccional en España estos momentos?

J. R. G. -Ciertamente el entorno no es el mas propicio para el desarrollo y conclusión de operaciones en el sector transaccional. A las consecuencias adversas de la propia crisis e incertidumbre de su evolución a corto medio plazo hay que añadir las puramente logísticas propias del confinamiento. Salvo contadas excepciones, que hay que alabar por la dificultad que entraña cerrar transacciones en este contexto, la percepción es de una suerte de hibernación en la mayoría de los operadores que aguardan a que “pase el temporal”.

TTR – ¿Qué sectores diría usted que se han visto más afectados por esta situación? ¿Cuáles experimentarán una recuperación más rápida?

J. R. G. -La gran mayoría de los sectores se están viendo afectados en mayor o menor medida. El sector servicios con gran peso en la economía española, es uno de los más castigados con especial incidencia en transporte, hostelería, turismo, ocio y entretenimiento que se han visto forzados a dejar de operar en las circunstancias actuales. Estos mismos sectores deberían ser los que experimentaran una recuperación más rápida porque parte de un umbral de caída también muy pronunciada. Del mismo modo el sector salud, farmacéutico, atención sanitaria y geriátrica despertará el interés de inversores en previsión de rebrotes y subsanar debilidades identificadas durante lo peor de la pandemia.

TTR – ¿Qué medidas cree que podrían tomarse a nivel regulatorio para desatascar esta paralización?

J. R. G. -Todo lo que implique incentivar el flujo económico de la inversión y dotar de flexibilidad a los mercados redundará en beneficio de la recuperación. Desde luego no es éste el momento de subir impuestos y legislar hacia la rigidez del mercado de trabajo, sino todo lo contrario. Hay que apostar por la inversión, la innovación, la investigación y el desarrollo. Reformas.

TTR – ¿En qué situación se encuentra España respecto a la actividad transaccional de otros países de su entorno? ¿Esta paralización que vivimos se traslada de igual manera a otros países?

J. R. G. -Nuestra percepción es que la actividad en Europa y Norteamérica está en rangos muy similares. La pregunta del millón es si una vez iniciada la progresiva desescalada seremos capaces de avanzar a la misma velocidad que los más preparados.

TTR – ¿Qué cabe esperar que suceda en los próximos meses? ¿cree usted que se podrá recuperar la normalidad en 2020?

A una situación de fuerte caída en la actividad suele seguir una de actividad intensa. Creo que en este caso la recuperación de la actividad tendrá lugar más progresivamente. Habrá operadores buscando oportunidades que sin duda dejará tras de sí esta crisis, pero el entorno económico general seguirá siendo complicado. Todo hace pensar que tendremos que convivir con este entorno durante un tiempo y adaptarnos a las circunstancias. Es difícil contemplar, a día de hoy, un retorno a lo que hemos entendido como normalidad hasta mediados del pasado mes de marzo, pero en esa dirección debemos ir.