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Before starting, I would like to remind you that once the presentation is over, as usual, we'll move on to the Q&A session. You can leave your question in writing under the Q&A section of Zoom, or you can speak by the telephone by raising your hand in the Zoom menu. We have today Roberto Tobias, who is the Director General, Patricia Borjones is the Director for Corporate Development. Hello, good afternoon, and thank you for coming to this presentation of the third quarter of 2022. And the figures that we published this morning show how good results, the good results we obtained in the first part of the year have not only been maintained, but they have sped up with more growth in terms of sales and operating margins. And in parallel, we've also maintained a clear focus on the generation of value for shareholders with a repurchase program for more than 13.5 million divided this year and our usual financial situation. management. And my reading of the results is that under an unfavourable context, we've obtained some very good results in the business, which means that the year is going to close very well and we have impacts on the low segment of our accounts. In other words, we have observed a very positive development of the operation now that we've made the margins grow in a context with lots of inflation. And we also have seen how the increase in interest rates And the depreciation of dollar in the current prices have increased our commercial costs and have had negative effects for the balance sheet. But if we move on now to our figures in these nine months of the year, we can see that there's been continuity in terms of growth. And there's been very good behavior of the B2B segments, both in the case of project and services. B2C is more affected by consumer trends. But we hope that with the recent agreement signed with Repsol, we'll be able to recover the trends that we saw previously as regards growing in the energy vertical. The business figure has grown 7% in these nine months, which means that it's 7.3% in organic growth above the commitment that is established by our strategic plan, which is 5%. And the influence of forex is plus one nine percent accumulated. Well, it has increased in this third quarter and it's been counteracted with inorganic growth of minus two point one percent. And then mainly, well, this refers to the reclassification of metal structure activities. which is currently for sale. And this 7% growth that we can see in terms of sale is bigger in margins and has been reinforced by the different levels of leverage we have. Because on the one hand, we have a structure that we reduced down to 2.4% over sales, and we also have controlled levels of capex and amortization. So we have a growth, a double-digit growth of an EBIT 17% compared to the same period of the previous year, which means that we have an EBIT of 52 million euros. We could also observe the influence of the market dynamics in other segments of the account, as I said, in the balance sheet expenses that affect the financial results because of the interest rates and also the valuation of the equity swap and other financial assets, including different foreign exchange variables. These market variables have a negative impact of about €9 million. In other words, with the same conditions that we had last year, the result would have been €9 million better. So this means that we have a net profit of 33.2 million euros, which is 10% higher than the figure reported for the same period in 2021. And of this figure, that is the non-attributable profit, we have the results of renewables, that is 5 million, and we also have the results of interrupted activities, which is another 5 million euros approximately. But if we were to analyze the management of the different businesses, I believe that we should underscore the very good behavior of the contribution margins, which if we look at the total of the contribution margin, growth has reached 8%, which means that we have a figure of 107.5 million euros. And this evolution of the contribution margins is positive if we take into account the inflation that is affected that affect costs and this also shows that we can absorb or transfer these increases maintaining our margins and we've even grown although it's becoming more and more complex and it applies more pressure to our customers so it's much more important than ever before to improve the efficiency of operations And as you know, B2B accounts for, well, if you bring together project and services, accounts for 85 to 90 percent of the business and shows its strength once again with a high level of organic growth in terms of projects and services. And organic growth is very, very high because we've seen 10 percent of growth in a quarter. I'd like to mention that industry recovers its growth trend compared to the same period of 2021 and that technology and telecommunication has grown exponentially thanks to the contracts in Colombia, for instance, meaning that the downward trend has been reversed because of some of the investments that have been made in this field activity. Energy plays the same role, it has the same importance. And then we have the maintenance contracts for electric grid. contracts. Well, as regards the contribution margins of B2B services, B2B services recovers levels above 12% in a quarter, thanks, among other things, to the stabilisation of some of the contracts that were in a ramp up for a year. And the project margins continue at levels of 18.5 to 19% for the year, with profitability levels far above the minimum of 15% established by our strategic plan. So as we can see, There's been a B2B evolution that exceeds our expectations. B2C is being affected by consumer trends. And this has to do because of the slump in the energy portfolio. And as we've mentioned on previous occasions, it's to be expected that with a new agreement signed with Repsol, this trend will be reversed over the next months. And then on the other side, we have more customers in telecommunications. We have more than 250,000 services, although this doesn't compensate the sales figure because an energy bill is three times higher than... telephone bill, but in the case the margins are being increased. As regards the agreement with Repsol, we've already spoken about how difficult it was to make better use of our phone house channel because of the high energy prices. But this agreement means that Repsol will provide a much more competitive and attractive offer for our customers. which means that we'll be able to go back to the levels we had recorded in the past and this agreement means that we're going to share customer management therefore compare the margin of those that already exist and those that we can attract in the future so subsequent to implement this agreement which we expect it will be approved by the CNMV, which we hope will take place in November, we will include in the business figure the margin that applies to us as part of the agreement, whereas the contribution margin, what we expect that it's going to be a similar margin, figure, and we also expect that there's going to be a bigger margin over sales. And as regards other agreements and other corporate operations, I would like to say that during the month of October, in other words, we don't have the figures of the third quarter included, but we've acquired an environmental service company in Colombia. And although this is a bolt-on operation that is not very big, It does offer lots of opportunities as regards providing our services connected to sustainability in the Latin American region. So with this acquisition, we are consolidating a competitor with an excellent position in a country like Colombia, a country where we have grown a lot in recent years. And we have our own structure that we're using for leverage purposes. And we have integrated supplementary capabilities. And we've included our technologies that are different to those available in the region. We've included this or are offering them to our partners. customers to their customers. And we're also going to enter new markets and we're going to sign bigger contracts too. As regards to the banner sheet, well, you know that we don't publish it in nine months, but there are no big effects in relation to what we've published at six months. And you probably remember the reclassification of the assets and liabilities associated with these activities that are for sale. And the main change is would refer to the payment of 13.5 million euros for the dividend on July the 6th, what we invested in our own shares, which was 23.2 million euros at nine months. So these expenditures with an operating cash flow generation means that our net cash position doesn't really... isn't really playing an outstanding role. And we've also mentioned that we've finished the second repurchase program or buyback program, because you probably remember that we started sometime, well, a year ago, and we've acquired under 5% of the company, 8 million shares that we will advertise over the next few weeks. Therefore, this is a direct remuneration to the shareholder and which, together with the previous buyback program, represents another 11% in profitability to what we already provided by the dividend. So we are creating value and we are paying our shareholders according to the market listings. But before moving on to your questions, I would just like to stress the solidity and resilience that our company has. because although in spite of the very complex environment in which we're operating and the company, we believe that with our financial discipline and with our diversification, we will manage to overcome difficulties as has been demonstrated by our figures delivered every quarter. Thank you very much for your attention. And now we're going to move on to your questions. I would like to remind you that you can ask via the chat or you can ask your questions directly via the telephone. Okay, well, let's start off with the telephone. If you're using the Zoom app, you can use the Q&A section or you can raise your hand and we will give you the floor. But should you be following this via the telephone, please press asterisk nine to ask a question and wait for us to give you the floor. So let's start off with a Q&A and we're going to give the floor to the people that have raised their hands. It's Carlos de Vina from Santander First. Hello, good afternoon, everybody. Can you hear me clearly? Yes, perfect. Thank you very much. Well, thank you very much for accepting my questions. One is very easy with figures. Patricia, could you give me the value of the backlog on the closing date at nine months, the exact value, please? And I would like to ask you about the current context. Do you think that there are any risks involved as regards finishing below... your objective of growing above the levels stated in your strategic plan or Don't you think, or do you think there are any risks in this regard? And I would also like to ask you, what do you think about the current situation in relation to Q4 and in relation to 2023 too? And more specifically, I have another question that is related to inflation. And to what extent do you have enough capacity to transfer the increase in inflation that we're all experiencing? And is there going to be a certain amount of growth in that area next year? And then what about projects? What kind of repercussions are there? Do you believe that there could be any risk with regard to margins being penalised or affected by these cost increases over the next few quarters? Could that happen? Thank you very much. Thank you very much, Carlos. Well, let's kick off with the first question, the backlog. We still are above 600 million, 606 million euros in portfolio. And this is a complex environment, but the truth is what we have seen is that we are still adding on more projects to the backlog at a very good rate, because if you've noticed our turnover now, has a high level of consumption, but in any case, we're still talking about 600 million euros. So you can see that our commercial activities are producing results. And so our project activities, you were also asking us about expectations for the year as regards sales over EBITDA. I think that the figures we've just given you now, in a way, I think that what they do is demonstrate that although it's a complex environment, and the operation or the business is going very well and in that regard we don't really see any reasons to not fulfill our commitments our yearly commitments we are at the end of October so we have a very high level of visibility and then you were also asking us about the situation of the business the current situation for Q4 and for 23 but it's obvious that the context is complex and that There are all kinds of situations starting off with inflammation that affects our operating costs that have to be managed, which is no easy feat, but we've done things very well. And that has been demonstrated by figures. But as I pointed out in my introduction, there are more and more pressures. And this has to do with your final question. How can we transfer this increase in costs? Because in some cases, this has not been materialized. But in the next month, it is to be expected that this will happen. So this is very important to improve the efficiency of operation. That's something that we do very well. But we have to do much more in this context. And we have to adjust all of our costs. And then we have to negotiate things with our customers. And as regards services, these contracts allow you to transfer costs easier. But that's in theory, of course, because then you have to negotiate things with the customer. You have to look into the possibilities of transferring the costs and seeing what kind of balances have to be established. And the situation for us is difficult for our customers and for ourselves. And in the case of projects, we are working with open books in many instances. And we've also done our research homework with regard to those things in which we believe we were going to have difficulties and we've anticipated things and the truth is that this is what we are going to do over the next months i'm not sure if my colleague wants to say something about this well yes it's the same thing it's a recurrence and resilience and this is what uh patricia was talking about i think what we are in october we have a very good inertia from an operating perspective And you were talking about transferring costs and projects and so on and so forth. But I can see that the world is going back to the previous price levels and logistic costs are reducing. And we managed to control that perfectly. Well, I think that the very bad times belong to the past. And I subscribe what Patricia has just mentioned and other B2B services and B2B projects. I believe that we are going to be able to see... We're going to be seeing improvements in efficiency and we are working very hard to increase this recurrence and this visibility. So we have a very healthy project portfolio that is very profitable. And the figure was 18.9%. I think we always say that we stand above 15 and I fully subscribe that we could even have some tailwinds. And this is what's going to happen in the future. This is going to be our approach. Thank you very much. Thank you, Carlos, for the question. Okay, we can continue with Miguel González from JB Capital, please. Go ahead. Miguel, I think you've been muted or somebody's muted you. Can you hear me now? Yes, perfect now. Great. I'm sorry. Yes, I think I was muted. Well, thank you very much for giving me the floor. I have several questions for you. The first question has to do with the discontinuous activities, because it's been another two million this quarter related to the metal structure of business. But could you give us an update on how the sale process is going? And to what extent could this affect your net profits? And the second question is that you've given us some details on the Repsol transaction. Could you give us some information on what the cash in this operation has been like and are you going to consolidate this activity because according to what you've said this is going to be the case apparently and then a more strategic question because I always ask you the same thing but I think that now we have the maturity of the invest participative loan coming along But do you know what it is you're going to be doing? Or do you expect to consolidate the bus business? Or are you perhaps looking into the sale of shares to avoid consolidation? I don't know. I think that any information that you can give us is going to be very useful in that respect. Well, this is Roberto speaking, and then Patricia can say something if she wants to. As regards to the manufacturing of metallic towels, well, that's the only production activity we had, and we're going to receive this information very soon, because we are currently negotiating this operation now. Very little more could be said. Let's say that we've reached the final mile and that in the next two months or perhaps earlier that war, before the closing of the year, we're going to have visibility. But what has happened is that what we had in Denmark, there's been a closing down, there were restructuring costs, etc. So I'd say that what has been included in the book is the cash out that we've had. So there shouldn't be any other more cash impact. And we still have the final assessments to be made regarding the good wills. There had been some impairment there, and that was included in that figure, and then see how we could adjust the final figures. And as I say, we're going to have visibility and transparency in the next one or two months. And you were talking about the Repsol issue. Repsol, yes, quite. Well, we've mentioned this on several occasions, that is the agreement with Repsol. Well, there has been no cash-in yet. The agreement... with Repsol has to be validated and has to be approved. And that is supposed to be happening, if not next week, the week after that with the CNMC's approval. And then after that, what we will do, we will consolidate or carry out the operation. And as Patricia pointed out, we started off with them while we shared lifetime value. We're going to receive a little initial cash in and upfront so now this will have a certain amount of impact that we can't fully measure we have to evaluate this together with the amortization of the catchment costs for those customers but in any case we believe that we have a completely competitive and strategic offer and we have to go back to the path of growth again this year and yes well this has to do what you said about consolidating yes we are going to continue with the consolidation Because we are sharing our customer management and we have shared margins and we're going to continue with those activities and we're going to consolidate. But it's not going to be the entire invoice, only that particular item. And I think, well, there's an issue here that has to do with entity. Let's say that this is what has to do with all of those asset elements that we had in the BAS subsidiary. and I'm not sure if it's the chairman or the CEO, but what is going to happen is very simple, but we don't know when. The idea is that in this strategic orientation of Dominion in terms of sustainability and the energy transition and so on, and according to what Mikel said in relation to management actions, the roadmap as regards incorporating BAS or having them in the perimeter has been tabled. it's a reality and we're currently looking to the stages and when we're going to do this i don't think that this will have an impact on our financial statements but we are looking into when we are going to take that step we are focused on the sustainable world of the green world and our we also are focused on resilience and recurrences we have to recover businesses with that pay lots that consider infrastructure is very important and we consider that's a positive and very strategic move for the company right now okay thank you very much for the information thank you Okay, well, here we have some questions. Albert Garrido says that as it seems that the interest rate increase is going to have an impact on your bottom line, are you considering reducing your gross debt? Well, it is true that you know that with all of this prediferation of different landmarks, we have about 100 million in debt because it's... true that our net debt was maintained constant with a positive cash position and as Patricia pointed out before we don't stand at the same levels we had when the semester closed although yes in the past yes we could have that cash that was not being remunerated but now although it's not being remunerated the cost of liabilities has been increased so we're going to have to do some optimization there And obviously, we need to have a much better financial discipline and we'll do that. But as we see the business now, if what we see is that we invest and we see projects and investments whose owners exceed the cost of the gross debt, I think that it would also be possible to maintain that gross debt and for it to stand at those levels or even increase it. So everything... has to do with visualizing suitable investment options and that returns be above the cost of leverage, of course. Juan Pena from GVC asks about the company that we have acquired. Could you give us some more information, please, quantitative information, please? Well, look, well, this is a small company and they are going to provide us with specific expertise in environmental issues that have to do with oil and gas in Colombia. And they have a turnover range of between 10 million euros. And these EBITDAs are approximately 10 percent. And I think that these are your typical companies that we'd like. with they were three managers and they're going to stay with us and we have purchased the majority of shares and what we're going to do now is unite our forces so that we can bring together all of our synergies their contribution is going to be very important they know what's going on in the country we are going to provide our digitization capabilities so what we Well, we should reach 3x the levels of Evita by year three. Well, if you have any further questions, we have another one from Juan Orget, who's asking us about renewables and how many megawatts are we going to have in operation by the end of 2022 or 23? And what about the capex of this division and the situation of the shareholder base? Well, we are building 350 megawatts in the Dominican Republic. And here what I'm saying is that we will have to give you more information and more disclosures. So in relation to what I mentioned before, we'll try to give you as much information as we possibly can. We are making progress in this 360 concept that we want to apply to the renewables division. And we will take further steps, of course, but the portfolio we are constructing and developing in Italy is very interesting, very healthy and very attractive too, because we're seeing things in different countries that are happening, but these are things that you will see and we will be telling you about this too. But in any case, this is a division where we believe that we have not yet been able to show the value that we believe we have. And little by little, we will be giving you more and more disclosures. And I think that you were asking us about the new buyback, if I'm not mistaken. Is that true? Yes. Well, okay. Well, now we're going to cancel those 8 million in shares. Well, yes, basically the board meeting took place yesterday and we've finished and we're going to amortize our own shares. We will have bought back 10%, as Patricia has just mentioned, and we'll be opening up a new buyback, although it's not going to be 5%, it's going to be less than that. And we do want to focus a little bit on the target of furthering the participation of our directors and executives in relation to the company's capital. So we'll let you know more about this. We want to be much more creative and participative, and we believe that it's the right moment to get this done. Okay, we have Carlos. Yes, well, yes, thank you very much. Can you hear me now? Yes. Okay. Well, I have another question because what I understand, I understand that once the agreement with Repsol is up and running, the way you report the figures of that business is going to change. Could you give us some references now or perhaps in the future with regard to the impact this is going to have on your figures? In other words, what is the current turnover of the business? What is the contribution margin like? And obviously, well, so that we can estimate what the impact of this new contract is going to be like. in the future. Okay, Carlos. Well, what's going to happen is that the turnover of the B2C segment, we'll see that that turnover is going to be reduced. We will make a somewhat more detailed disclosure once the agreement is set into motion so that we can have some guidance. On the current B2C figures, let's say that what concerns energy has a weight of about 50%. So therefore, this turnover, this would no longer be in our accounts. But what we would include is the margin that we have for each one of these customers. So the figure we'd have in the contribution margin and turnover would be very similar with the operating costs, of course, and therefore the profile of the margin over sales of B2C figures. Well, it could be expected to grow, of course, but what we really expect is a decline in the turnover figure, but not in the contribution margin. not in terms of absolute value, but we believe that in this operation, considering the nature of the agreement, we believe that in the next two years, it should make a contribution greater than what we already have. So in other words, in the smart house project, there would be no businesses where you are involved or that you're going to include. And that is the total invoice that you send to the customer. Rather, what you would be doing is you'd just be saying, transferring the part of your business or the part that has to do with your business. Well, except for telecommunications, of course, where yes, we would. we would be registered or the invoice itself. But no, in any case, what we are seeing, we're looking into this right now and we'll see what the reporting looks like and we'll give you more details of the future about what's going on. Thank you very much.