Global Dominion Access Sa

Thank you very much for coming to this presentation, this earnings release. I think that we are all aware of the fact that we are at an extraordinary quarter because it's something that we cannot compare with the past and it shouldn't be extrapolated in relation to the future. But this does allow us to interpret how ready this company is to adapt to situations in which the activity has slumped and how resilient the business is and how resilient the margins are too. the behavior that turnover has had under this situation is out of control of the company. And even so, the behavior has been very good. And this is thanks to our diversification, that is geographic and of other kinds, and to the presence in businesses that are growing with recurrent income. And then the limited drop of margins, which means that we've closed the semester without any losses, shows how quickly our team has responded and, above all, how flexible our cost structure is

And not only that, but because we have to take into account that these margins do not pose a negative scenario.

But together with this behavior of the profits and loss account, we have a balance sheet that is still strong, thanks to the generation of positive operating cash flow that has to do with very efficient management of the working capital of balance sheet expenses and thanks to the contestative capex. There's a fundamental message, and that is we're dealing with a business which, in view of such a complex situation, has been resilient, flexible, and solvent. But before we move on to the details of the figures, I would like to mention the last corporate operation that we've been carried out. It has to do with the sale of the company dedicated to maintenance services of telecommunications networks for Telefónica in Spain. These are mature contracts that we've operated for a long time, and where the improvements in efficiency were very limited. And this is why, according to our strategic plan, we have prioritized activities and geographies where we have a global vision of the value chain and where our role allows us to implement efficiency improvements. The price of the operation, covering all concepts, reaches €13.5 million, which means that there's a capital gain of about €7 million. But it's important to bear in mind that these activities were related to a significant funding of working capital and that its sale has reduced our factoring by about 10 million euros. So both the capital gains in terms of the P&L as well as the impact on the balance sheet have been covered by the accounts of this semester. And as regards to future quarters, as from July 1st, we will deconsolidate this activity that represented about 25 million euros in annual turnover. But moving on now to the details of the figures, We have a half year with a slight slump in sales of 5%, with a net positive result of nearly 1 million euros, in other words. And we think and hope that this is going to be the worst quarter of the year, but we have not got negative figures yet. So these are figures without an inorganic effect. So what we can see is that what the acquisitions of Alderna and biking brought about in the first quarter has been compensated by the loss of turnover due to the divestiture of our IT services that we carried out in the month of September. So therefore, the evolution that the business figure has had in this half year is due to a forest effect that has a negative impact of minus 2% and also because there's been negative organic growth of minus 3%. So in other words, a reduction of activity of only 3% in this context means that our business was obviously in a clear situation of ex-COVID growth. As regards margins, they reduced by about 15 million. And these margins include negative one-offs of more than 5 million euros. So what we have in these one-offs are, for instance, with positive effects, we have the capital gains arising from the divestitures that I've just pointed out. And the negative effects are staff restructurings, provisions for situations that are related to COT, also stock provisions and insolvency provisions. So maintaining these margins in view of the slump of our activities is very good news because without the one-offs and even with the one-offs, the adjustment of costs has been spectacular. We have activity levels that are below the normal levels and we have become more efficient and we've not mortgaged the recovery that is getting closer. So we can see that there is a recovery of our activity and we cannot harm this substance growth and we must maintain the pool of knowledge and the necessary resources to address it. We have also made the direct costs much more flexible in terms of leases, machinery, vehicles, and we've also changed the size of our staff. and supported by measures as those adopted in countries like Spain. And you know that we've been very active in adopting other measures. We've reduced structural costs by implementing different actions. We've maintained the levels of CAPEX that are very controlled, but reduced the levels of amortization. And we've controlled financial expenses, even though we've had larger lines of liquidity. And as I said at the beginning, this means that we have a net positive profit in this half year. And this is the picture. the accumulated picture, and this is what we usually put across because you can see our business very clearly, but it's true that if we want to visionize the impact of COVID that arose from the third week of March, I think that it also makes sense to explain what's happened in that second quarter. And if we look at this in an isolated manner, sales have only dropped 10% organically, and then we have a forest effect of minus 3%, and also an effect produced by the divestiture of nearly 3%. But If we look at this behavior by activity segments, you can see that in the case of B2B services, we have a drop on average of 30%. And it's this average drop during these very complicated months when the restrictions applied to the different activities in each country have reduced the drops of up to 70% in the most difficult moments. And the activity of this segment is associated with the temporary declosures of the facilities of some of our customers and also because there has been a slump in activity. and the effects that started in Spain and then in Europe and followed later on by Latin America and North America. And today we've recovered most of this activity, but we shouldn't lose from sight the fact that there are other regions outside of Europe where these situations are still complex. And after the adjustment measures we've implemented, we now are now adjusting contracts to the new workloads, and we still expect that there will be a positive recovery in the last quarter of this year. And in the case of the B2B projects, the 360 projects, there's been a slight slump of 2% in this quarter. And this is due to delays, in other words, temporary shutdowns. And because some turnovers are being postponed until later quarters, but we're not going to lose this turnover. And there's not an impact in terms of margins that are still very high, above 17% as regards the contribution margin. And as regards to our portfolio, we've invoiced nearly 130 million euros this half year. And the new contracts, although they haven't stopped, there have been less. And this means that there's been a slight contraction of the portfolio, which is now 585 million euros. And new contracts have appeared in different geographies. But we have contracts, for instance, in Europe, Canada, Asia, and Russia. And in the B2C segment... This is a quarter that provides a complete comparison, and here we can see a 20% growth compared to the same period of 2019. And in this segment, we have invoiced our customers in the energy or power and communications sector. We have doubled the number of suppliers compared to one year ago. And this recurrence is what explains this growth that we can see in this segment, although our physical channels have been closed until the month of June. And this closure of the physical channel and the cutbacks in terms of affordabilities have reduced less acquisitions. And that means that the level of supplies we have are at the same level of what we had at the beginning of the quarter. In other words, just over 200,000 supplies. And at this customer base, there's been an increase in defaults. because you cannot cut off supplies even though customers do not pay their bills. And this is one of the things that we mentioned on previous occasions. As regards the current situation of the opening of physical outlets or shops, practically all of them have been opened. It's practically 95%. And we started to open them as from the first weeks of June, and we've opened the shops progressively. And we were very selective with those that we had to open and with how many people in them, because they had to be profitable. We have observed, and this is a trend that has to be consolidated because it's too early to know, but what we have observed in these last few weeks is that there's been an increase in sales when the shops were opened and that there was less traffic there. In other words, that potential customers that go to our shops have a higher rate of conversion. They're not there just to look at things but to buy. And this is, well, these are the comments that I wanted to make on the different segments and on the P and L accounts, and let's move on now to the balance sheet. Well, right now, one of the items on the balance sheet has to do with the movement of fixed assets, which is minimal. We have a capex of $8 million, which is lower than amortization, and it's lower than the usual capex, according to the relative current activities. And the net operating working capital remains at the same levels as in December 2019. And it's true that there could be a significant variation as a consequence of the drop in the commercialization of devices, although we've implemented very active management where we've been able to renegotiate payments and do something about the non-connections or defaults. and that means that we've also managed to collect all the disinvestments for the projects, and we have an investment that is practically non-existent in terms of working capital, even in spite of the situation, which I believe is positive. As regards to net equity, we have a variation of about €25 million, which has originated from the dividends that have been classified as pending payment, and we have a repurchase circling about €6 million, the repurchase of shares, and Conversion differences in terms of foreign currency settling at medium. And in the case of net debt or net cash, it's still above 100 million euros. And the figure is 102 million euros. And in this semester, and as I mentioned in the case of our equity, there have been significant impacts because of the conversion of these foreign currency conversions. It's about 4 million euros negative. And we've had a positive cash, and we've also addressed the payment commitment that we had $3 million for earnouts and $6 million for the repurchase of shares. As I regard this net financial debt figure, but in terms of the gross figure and our liquidity, I would also like to point out that we signed yesterday on a couple of loans with the EIB and with equal to fund R&D plus I projects. These are two loans totaling 25 billion euros each with very long-term amortizations, 10 moments as for the moment of they become available and rates of 1.6%. It's not only wonderful funding and very good conditions, But I think that this will also allow us to generate innovative projects at Dominion. And I know that we'll be able to develop new solutions for the healthcare sector, for the industrial sector, and for smart households. And with this funding, we will maintain gross treasury positions in excess of €300 million. So this is what has to do with the P&L account and our banner sheet, but I would now like to give the floor to Robert so that he can point out the conclusions for this half-year period.

Can you hear me? Thank you. Thank you, Patricia, and good morning, everybody.

Well, after the presentation that has been delivered by Patricia and considering that we are experiencing some exceptional moments, We consider that what we have to do is underscore some messages as well as our shorter medium term. This has been an extraordinary semester in our 20 years of history. We have responded to the situation by resorting to the principles of our own business model that cannot be negotiated, which I think shows that it's absolutely resilient. And this word seems to have become very fashionable lately. And it's not nothing new for us at Dominion. Well, as I said, this company, since the beginning of March, entered the survival mode, a status that most of us here have already experienced in the past, in past years. And when you're in the survival mode, what we believe, what we think, is that you do not compare yourself with historic figures. The only yardstick you have is that of absolute values. which are those that speak for themselves. So this is why the headlines of what Patricia pointed out, €30 million in EBITDA, a net positive profit of €1 million, positive contributions in all business segments, even including the absorption of accumulated one-offs, more than €100 million in terms of net positive cash. So at the end of the day, and as we already mentioned previously, this... is what we want to put across to you, that although Dominion has dealt with one of the most complex and challenging semesters of its history, and in spite of all of these difficulties, we are generating value. And I think that this shows that when we were listed on the stock exchange, we designed a company that was there to protect its shareholders. And we are proud to say that we are achieving this objective in spite of these adverse circumstances. And after these very demanding months, we are also convinced that we should have more opportunities in organic terms as well as in M&A terms for Dominion. And we believe at this company that, well, compared to what happened in the crisis of the year 2009, where we had a scarcity of liquidity for a company that was solvent, the current monetary policy is inundating with liquidity the business sector which could be, let's say, deferring or delaying its solvency contrast. And that's when that opportunity arises, when we have to be ready to incorporate other companies to our perimeter. Because please allow me to say that we believe that we are sufficiently lucid and solvent. And as an example of this, as Patricia pointed out, we have the $320 million of gross cash that are available in our assets, and we believe that dominion exists. And this environment that is about to arrive offers a big opportunity and could generate more growth and more value through the organic and inorganic pathways. So I would like to conclude and talk about our guidance for the year 2020 and where do we stand and what is going to happen in view of these half-year results. So we expect to be able to improve this worst scenario, which we said in the previous quarter that we were not going to harm our cash and we were going to achieve a debita of more than 6 million euros that was going to produce a net positive profit. So I think that we can improve these expectations by the end of the year. And above all, the message in relation to the future with what we see strategically is that we want to go back, we want to In 2021, we want to go back to the same levels we had of 100 million euros of EBITDA that we achieved in 2019. And we want to leave behind the year 2020. And we've said it's like a sort of stop and go. It's like a parenthesis in this execution of a strategic plan, which, because of 2020, we've had to extend for one year to achieve total compliance. And I would like to underscore this. Why in 2021... are we going to be able to improve relative to 2019? But I think that there are several reasons, and I'm going to briefly explain the different business segments. Well, first, I think because we are still in the world of 360 projects with a very good pipeline of opportunities and a backlog that is very good, because from a sectoral perspective, we are focused on the world of power, hospitals, et cetera. So I think that this is something that should be maintained in the future, and I think that there are going to be very clear opportunities, too. Secondly, because in the B2B, well, you know that fortunately we are located in sectors that we consider essential and that have behaved much better. And then we have our resilience and our restructuring exercise that has already been carried out, and we believe that customers are going to prefer to stay with Dominion as a partner, and we should even gain more market share, organically speaking. And I'd like to finish... with the segment that is becoming more and more visible, which is B2C, which I think in 2020 is going to be a transition year. But let's say that we've done our homework because we've transformed that acquisition we did of TPH, and we've now achieved a diversified duality. We are a multi-channel retailer plus an integral supplier of household multi-services. Patricia also pointed this out with all this acquisition activity. and with attention we're paying to the online channel, we expect that 2021 will start with cruising speed in terms of acquisition and customer portfolio, and we will supply services, which means that every year things will only go better in terms of figures and in terms of profitability. So this was the message that I wanted to deliver, and if you want, we can now move on to the Q&A session. Thank you very much. Ladies and gentlemen, if you want to ask any questions, please press asterisk 1 on your keyboard. And if you want to cancel your question, press asterisk 2. The first question is from Miguel Onzade from JB Capital Markets. Please go ahead with your question, sir. Yes, hello, everybody. I have several questions. Do you want me to pose them together to speed things up a bit? Well, the first one, in B2B services, you, Patricia, were pointing out that there was a slump of nearly 70% in terms of activities in the worst months of the year, which were April and May. But I would like to know if you have or if you could give us an indication of how activities have evolved in June or in these first weeks of July compared to last year. And the second question. Could you please tell us how much you've spent on restructuring by divisions in the quarter so that we can have a clear picture of how the margins have changed? And then the third question. I'd like to confirm the cash-in of the sale of Dominion Networks in this quarter. because I think that not everything was going to be included in this quarter, and if that is the case, when do you expect the rest of it to be included? And then one final question, if you will allow me to. You mentioned that no contracts have been cancelled as regards the 360 projects, and I would like to know if, in the case of services, if there have been any contract cancellations, and I'd also like to know how things have evolved in the pricing of these contracts. So have you felt any pressure? Has any pressure been exerted by customers as regards reducing prices? And that's all from me. Thank you very much. Thank you, Miguel. This is Patricia speaking. If you want, I will answer the first and last question when you spoke about B2B services. And you were firstly asking us about what kind of evolution has taken place in the quarter, considering those drops or slumps of 70%. You must think that this decline in activity or in turnover in this second half and this half of the year has been on average 30%. In other words, for weeks, during some very specific weeks, we've reached these slumps of nearly 70%, especially in relation to those weeks when non-essential activities were shut down in Spain. And this also coincided with other impacts in Latin America and in Europe. But then after that, we've recovered. So just imagine to reach these average levels of 30%, and we've recovered most of our operations in Europe and Spain. And, well, we mustn't forget either that Latin America, in Latin America, the current situation is more complex than what we have here. And this obviously has an impact on our contracts and operations too. But in any case, let's say that we have reached a level of activity about 90%. And then, as you also mentioned, and this is related to services, we have the issue of the cancellation of contracts. We haven't had any contract cancellations in this world of B2B services yet. we do have an adjustment of contracts according to new levels of activity. Our customers have less activity, and they, well, in the case of industrial customers, they won't have all their lines in operation, so that means that we also have to adjust our activity levels. So that's what we're doing. We are adjusting our company to activity volumes, and we're not renegotiating prices, as you pointed out before. Yes, and I'm going to answer the other two questions. The issue of restructuring expenses, well, you know what our policy is like. This company, we try to cover positive one-offs with negative one-offs. And in this case, too, what I dare say is that we focused on the same segment. So I'd like to explain this. The company has restructuring costs, negative costs, in the B2B and the B2C sectors. But what happens is that in B2B, which is about 7 million, this is compensated by the capital gains that have been put about by the sale of Dominion Networks. And these 7 million more or less respond, and I'm speaking out of memory here, we were reviewing this yesterday, this is about 3,600 people that have left the Dominion payroll. Of these 3,600, only 500 have had a cost attached to them. And this has represented a permanent restructuring in the case of our structures so these 522 people have had a cost of about 3.6 million and 2.2 2.4 million have to do with b2b and 1.1 have to do with b2c so we believe that we have done a very important uh resilience effort we've made a very big resilience effort with a very low level impact and in b2b and in certain latin american activities We have decided, well, let's say to discontinue one of the mine activities we had in Chile with an issue that had to do with industrial services that has produced an impact of about 1.5 million and some other projects that were a little worse off in Chile and Peru. So this is... where this, together with an additional provision due to insolvency, has provided the necessary coverage for extraordinary capital gains. But what Patricia pointed out is that at the level of the company, the net effect is about 5 or 5.5 million of negative one-off, and this comes directly from B to C. And in B to C, basically, we have just over 1 million in terms of restructuring, at the beginning of what we call the transformational costs incurred in this division. And then the rest has been, well, with the shops closed for two and a half months, we've had a stock impact, and we are pretty cautious here. And over time, we... have provided stock. So with the provisions and with the sale of stock we had by reducing the price or by having a few extraordinary losses, we have an impact of about 2 million euros. And then finally, what Patricia mentioned, during the lockdown, we have not been able to sign contracts in terms of gas and power supplies, and we have a combined effect of 2 million euros. together with defaults and provisions of about €700,000 on the closing date of June. So these are the major figures, or these are the details that I can give you. But as regards to what you said about the cash-in of Dominion Networks, I'd say that there's no additional impact to be expected in terms of cash, and this is covered by net debt, or this is covered by the net cash position that is together with the capital gains. It's true that there's a minor pavements are pending and there's no significant variations are expected. So let's say that the impact of the operation has been covered in the first half of the year.

Understood, thank you very much.

The next question comes from Carlos Divino from Santander. Please go ahead, sir. Good morning and thank you very much. I've got two questions. You said that B2B services activities have become normal in recent weeks, but I've also wanted to ask you, what do you think, what can you say about the backlog, what's happened in the last few weeks? At the end of June or beginning of July, have you seen a little bit more commercial activity? Or what do you think you have in the pipeline, and how do you think that this could evolve on a short-term basis? And then my second question is, has to do with the comments that you made, Robert, in terms of M&A. So what is your vision? What is your historic vision as regards seeking opportunities that are suitable?

Or do you believe that there's a gap there somewhere that you might have to cover in the portfolio, specifically in B2C? Well, I'll answer. Good morning.

And this is what I said before. I think that there are major possibilities, and you know that I'm more related to this, but I think those are major opportunities of carrying out operations at 9 to 12 months in advance because of the solvency that must arrive. And perhaps, well, there might be some zombies in the market because of the liquidity aid that is being provided through ICOs, but we are analyzing opportunities And obviously along the way we always have things in the portfolio and there are some small operations there and we are always very active and what we are doing is looking around for different possibilities. As regards B2C, what I dare say is that I think that there are major possibilities in terms of organic growth because obviously we do have issues in the pipeline that we're seeing But let's say that we have more possibilities of joint ventures and very special acquisitions or growth in terms of recurrences in the customer portfolio and we want to make customers loyal and we want to improve those lifetime values and churns of the customers we have. And with the multiples that are used by Dominion, you'd know that sometimes attracting portfolio operations are multiples that we believe produce a dilution effect, and especially in the current circumstances. So what I think is that we're going to have a very, we have very interesting prospects in terms of B2C, organically speaking. You know that we are giving more visibility to our strategic plan. But in any case, in principle, and although we haven't ruled anything out, I don't think that there's going to be a relevant acquisition operation in terms of B2C. That's what I'd say. Regarding the addition of the backlog, you know that here we only include what we call the 360 projects. In other words, the solutions projects, we don't do the same with the other projects. There have been some delays because the pandemic has had some very harsh moments. And we've had some delays in operations in Chile and in some of the offers. But what was going to be submitted on July the 7th is going to be submitted on August the 7th. So things are moving and things are speeding up. Some of the power lines that we had in some countries are also being set into motion. And in some of the companies where we are operating, we've been lucky because they've adapted their budgetary spaces to loans that came from China, tough loans, and this is why we've been favoured by the European funding because the rates are much lower and we have the budgetary spaces opening up that we didn't have before. And in this regard, we do feel optimistic in the 360 area. As regards services, and this is an answer to Miguel's question, to the previous question regarding services, Yes, we have had some renegotiations with customers, but they are not really related to prices, but rather more to activities. You know that our vision with customers is based on a partner approach, not as if they were contractors. At least that's our approach. And what we've done with some of the customers, with Michelin, for instance, they're now working on a two-shift basis instead of three. So we adjust our services accordingly. And in exchange for that, we've asked for extensions of contracts. And because of Michelin, we've extended the contract of services for another two years with them. And they haven't been very aggressive with the prices. We have been understanding. We have accepted this because they've had a slump in their activities this year. Yes, thank you very much. An additional question, if I may. Go ahead. As regards services and as regards what you said that in Latin America or in some countries the situation is still very complex, is there any country that you're specifically more concerned about where things could even get worse? Or do you think that we can only improve? Well, firstly, I'm very grateful for not being in Brazil because we are lucky not to be there. And the situation in Chile is complex, but the truth is that they behaved in a very normal manner during the pandemic. We've had variations in Peru, especially in Telco, in the power sector. Let's say that there has been a normal behavior. And then in Mexico, the situation is complex because it's very variable there. Not only that, the messages from the government are complex and they're not clear, and you don't have a clear picture of what is going on. And I think that the complications are focused on Mexico, but our service activities are relatively small in that country.

Thank you very much. The next question is from from the BBVA.

Please go ahead, sir. Hello, good morning, everybody. Most of my questions have already been answered, but I want to know about your generation of recurrent cash in the first half of the year. And if, during the quarantine, have you considered implementing a much more digital strategy with your phone house shops? Thank you very much. Alvaro, yes, it's very clear. I mentioned this before, I think. You can see that any retail or all of these shops are going for online business, for digital business. It's here to stay. and it's obviously a segment that we are already implementing, and we have to extract as much value as we possibly can from it. And, of course, the omni-channel concept in our B2C segment is specifically focused on that, and it's something that we're going to be looking into. As regards to recurring cash, and I'm speaking out of memory, I think it's 113 now, it's 102. We've had a reduction of 11 million euros that is explained by a payment of 3 million because of the, I think it was 7 million related to own shares, plus this conversion differential that affects our equity, but also affects the cash we have in foreign currency, which is about four. So if we've diminished by 11 million in cash, and we've had these three impacts outside of the operational scope or the non-recurrent scope, we've generated a recurrent cash of 3 million euros in the semester, in the half year. Well, yes, Patricia speaking. I'd say that these questions that Robert are making with those operations without null and without own shares, that would be rated as non-operational. So the operational generation is about 3 million, but includes these one-offs that I mentioned before, which mean that this is cash. So if we talk about recurrent cash generation, we'd be talking about 10 million, well, somewhat below 10 million of the generation of recurrent operating cash flow.

Thank you very much.

The next question comes from from . Please go ahead, sir. Hello. Good morning, everybody. Patricia, Mikel, and Robert, I've got a couple of questions. Well, perhaps they are more strategic. because what we've seen is that the funds that are provided by the European Union to address this crisis are addressed at the ecological transition and also accelerating the digitalisation of the industry, etc. You've spoken about digitising the B2C segment, but if we were to focus more specifically on these two factors, on digitising the industry and the ecological transition, what kind of role do you think Dominion could play because part of your activities are already very closely related to these elements. And then on the other hand, could you please say something about those contracts that are connected to hospitals in Chile? Do you think that this health care crisis could speed up the tendering process, or do you think that it could slow it down? And that's all from me. Thank you very much. Well, this is Miguel speaking. Ignacio, I'd like to start off with the Chile contracts because they're very fresh in my mind. If you remember, it was going to be seven large packages that were going to be released to the hospitals, and they've been slightly delayed because the Chilean government has been concerned about other things like COVID. And the offers we had, well, we wanted to submit them in June, but they're going to be presented on August the 7th instead of July, not June. and these are very significant offers for us because they have an impact of $250 million for Dominion, for the Dominion accounts in each package. And as you know, we are associated with SACID. SACID does the construction work, and we do the rest of it, anything connected to the technological aspects of the first package. As I said, it was going to be submitted in July, and I think the next one is going to be submitted on September the 6th, and I'm not sure if there's going to be another one before the closure of the year. So the situation produced by COVID has been now compensated and the things are now going to be running normally. As regards to the energy issue or the power issue, I think that Robert should explain this. Yes, because we are going to put our stakes even more so on the green issue. You know that this is an area that is directed by Robert and I think he can explain the activities in Europe better. Yes, well, this is obviously something that we cannot forget, and that is that the digitization of our processes in B2B is one of the core businesses. It's absolutely permanent and vital. And, of course, all of our expertise and all of these funds that we're receiving from the European Investments Bank are going to be used for implementation purposes. So we have to continue walking down that infinite pathway of innovation efficiency, and we believe in digitalization because it forms part of our DNA, as regards the green segment, the green segment that is under the 360 project. And as we're talking about 360, and as we're talking about being present along the entire Valley J, yes, we are, of course, going to be there. And I think that it's one of the areas that Mika has pointed out, together with B2C, that we're more hidden, that we're more opaque. and that we believe we should have more disclosures over the next quarters and give this much more value. You know that we are designing an approach, or we have a completely integral approach for the value chain. And we, in a way, we are also subcontracting and identifying locations and photovoltaic development in Portugal, Spain, and Italy. And in fact, we are identifying projects that do have a point of connection, what they call in Italy, and land, and it's something where we are identifying the possibility of offering a complete package or a complete product. That is starting off with the development and construction, commissioning, implementation, operation and maintenance, and with an industrial vocation of being able to provide the entire service. So this is something in which we are actively and clearly going to be involved. We're going to continue with this work, and I think that it's very important to be in that market. It's a growing market, and as I say, we have a very relevant pipeline of opportunities that will allow us to add much more added value so that we can meet the requirements imposed by this company. At 15%, you cannot do so with somebody that contracts you with an IPC. We are not that. We are much more than that, And we want to reach even larger margins. And we also have a very significant outlook for the projects that we're finishing in Mexico and other possibilities in Latin America that are usually related to operations. When we become involved in them, we are looking into the entire financial solution. And we're looking into when it can be done and if funding exists or if the customer can provide equity or if there's a PPM in the chain. So in other words, we are completely involved and feel very safe about our returns. And this is where there are significant opportunities. So I'd clearly say yes to this. I think that we are going to be very active, and I think that we're going to be very ambitious in this market too. And over the next quarters, I think that we will have to tell you about what it is we're going to be doing and also tell you what this business segment is going to be about, what it's going to be like.

Thank you very much. Very good.

Ladies and gentlemen, and if you want to ask a question, I would like to remind you that you have to press asterisk one on your keypad on the telephone.

There are no further questions on the telephone lines. Well, thank you all very much, and I hope you all have a lovely summer. Thank you very much. Thank you very much.