Global Dominion Access Sa

Bienvenidos a la presentación de resultados de Dominion. Welcome to Dominion's results presentation. If you want to follow this presentation in English, you can do so selecting the English language on the world icon at the bottom of your screen. Antes de empezar, nos gustaría recordaros que una vez finalizamos la presentación, como siempre, comenzará el turno de preguntas y respuestas. Podéis dejarnos vuestras preguntas por escrito en el apartado de preguntas y respuestas de YouTube or intervene both by phone call and raising your hand in the interior of the Zoom. We begin the presentation. Roberto Tobillas, Director General, and Patricia Belcon, Director of Corporate Development, intervene.

Good afternoon everyone and thank you very much for your assistance with the results of the first nine months of 2024. Today we have not only publicized our numbers for this third month of the year, sino que también hemos anunciado una operación corporativa con la que avanzamos en la certificación de la compañía en la línea que ya definimos en nuestro plan 2023-2026. Así, con fecha de ayer, hemos firmado un acuerdo con el grupo Cerveo, participada de fondo por todo lo capital, para desinvertir nuestra unidad de servicios de mantenimiento industrial en España. Esta unidad agrupaba actividades muy diversas, como montajes y mantenimientos multitécnicos, servicios de facility management, automatización y logística industriales. They are contracts with little balance in terms of efficiency, circulant consumers and operating in a very atomized competitive scenario. The perimeter, which will be deconsolidated once it is produced at the end of the year, covers 105 million euros of invoicing and 4.8 million euros of life, and will include the transfer of 1,500 employees. As you can interpret these numbers, it is a very intense activity in the name of direct labor, that consume a lot of exceptional resources and with very low margins on average of the rest of our services and, of course, lower than our objectives in service of being above 12%. Additionally, these activities are not directly aligned with our positioning around sustainability. This is another of the pillars of the technical challenge. We want to focus our services and projects around areas that are supported by the tailwinds of sustainability, becoming a real facilitator for the transitions and challenges that our clients face. In this sense, we maintain within Dominion many other services and projects in the industrial field. They are those that we understand that are aligned with this strategy, such as services of industrial finance, waste reduction, circular economy, energy efficiency or emission reduction, among other services related to decarbonization. La operación está firmada por un precio de 27,5 millones aproximadamente, sujetos a la cifra final de circulante con la que se cerró la operación y con unos armados ligados al uso efectivo de bases imponibles negativas. Esto supondrá aproximadamente una plusvalía neta de 11,6 millones de euros. El cierre de la operación está previsto durante el cuarto trimestre de este año, una vez que se reciba la correspondiente autorización por parte de la Comisión Nacional del Mercado de la Competencia. For Dominion, it is a success to execute this operation for what it is supposed to do. On the one hand, in quantitative terms, putting a business in value that was no longer a priority for us and with reduced margins, and also for the entry of an important supply of cash. And in qualitative terms, it materializes strategic bases that, along with the restructuring of B2B2C last year, organize these activities, eliminating those less profitable. It is a clear advance in the simplification process that we have been carrying out since lanzamos nuestro plan estratégico. Una vez comentada esta operación, que no tiene, por supuesto, ningún reflejo en los números de estos nueve meses, vas a comentar la evolución del negocio con un tercer trimestre del año, donde se mantienen y se refuerzan ciertas tendencias que ya veíamos en trimestres anteriores. Destacaría la buenísima evolución del segmento de servicios. Se mantienen crecimientos orgánicos muy fuertes, pero sobre todo facturación de alta calidad, con márgenes operativos que en este trimestre son recordistóricos. Entrando a los números de cuenta de resultados de estos nueve meses, a nivel global se observa un crecimiento de un 1%, ya que por un lado existen casi 23 millones de euros de facturación eliminados inorgánicamente, vinculado al negocio de dispositivos móviles que fue estructurado durante 2023, es decir, que el crecimiento inorgánico resta un 2,7%, y la variación del tipo de cambio de divisas resta también un 1,2%. All in all, the organic growth of constant income is not much less flat, but practically 5% and therefore in line with the objectives that we set. We will talk about every business segment, but since last trimester we have talked about that this year we have a re-identification in the execution of projects, specifically in renewables. And yet, despite this, this global growth of 5% assumes that the strength of services with PESA comprises this re-identification. And this is a behavior that is also carried out at the level of margins. And it offers a very positive reading of the future when we return to the rhythm of execution of projects or services that are already very strong. As for margins, important improvements occur, with an average of 7% higher than that of the same period last year. Putting focus on the level of profitability over sales, we find ourselves in historical masses, as I said before, with a contribution margin of 15%, and an EBITDA of 12.5%. Remember that the strategy is to focus the company towards these more profitable activities and businesses and decrease activities with lower margin profiles. We have eliminated 30 of the lower margins with the restoration of B2C and with the operation that we were talking about today. As I said before, the important thing is this growth with quality in profitability. The amortization part se ve incrementada principalmente a raíz del crecimiento del negocio de rendimiento de dispositivos. Es un negocio que a mayor crecimiento supone mayores amortizaciones. Y en cuanto a los gastos financieros, en este caso tenemos una comparativa desfavorable porque las diferencias de cambio en movimiento de divisas suponen 2 millones de euros negativos adicionales al gasto financiero que veníamos registrando en trimestres anteriores y que todavía no siente el efecto de las recientes bajadas de tipos. Therefore, the improvement of the performance of our structure is also mitigated by financial results and the result of interrupted activities. Thus, we have achieved a net profit of 20 million euros, 26% lower than last year. This net profit behavior will change in the future thanks to the evolution of interest rates and the progressive reduction of debt. We have, on the one hand, sustainable services that increase their weight at the level of billing and margin over the total, supposing a 73% and a 64% respectively. Services that are organically 8.2%, way above the objectives and exceeding the growth rate of this segment in recent years. And it not only has good dynamics in terms of business growth, but also in terms of the evolution of margins. 12.6% accumulated in 9 months is a record profitability that I consider very, very reliable in the world and in a segment such as service services. We are clearly betting because this segment is of high added heat and, of course, sustainability-centered. And we are collecting the results of the measures implemented and that, as you can see, we are still implementing. The strength of this segment is very relevant in the measure that is a segment with a recurrent characteristic and that, therefore, gives us a very positive visibility of execution. The segment of projects 360, we have already mentioned that it has realized its execution rate compared to the past year. As we already mentioned in the semester results, the reason for this realization is related to the minimum execution of renewable projects. However, for the rest of the projects, whether they are industrial or infrastructural, the execution rate has been expected and with the same profitability. continúan muy por encima de los objetivos y superan de nuevo el umbral del 19% de margen de contribución sobre ventas. En cuanto a la visibilidad futura para este segmento, hemos observado un buen ritmo de caracterización, especialmente este trimestre, enfocado en el ámbito industrial, con algunos proyectos relevantes en Estados Unidos y Canadá, y la cartera actual se sitúa en 328 millones de euros, lo que junto a la próxima recuperación del ritmo de ejecución de renovables nos da unas perspectivas para la evolución del segmento in the next few months. And finally, regarding the participation of infrastructure, the small variations in terms of business and visa are mainly related to a monetary effect. In interrupted activities, we collect the result of illegal landfills, negative in this case due to financial losses, which are already energized and pending the launch of the generators. And there are no notable variations in this segment, in addition to the fact that negotiations are ongoing. Con respecto a movimientos de balance, a pesar de que no presentamos un balance detallado o una posición de duda financiera neta en estos resultados de nueve meses, solamente invitar que la mayoría de los movimientos consumidores de caja fueron realizados en la primera parte del año, a los que añadimos en el tercer trimestre el pago del dividendo en el mes de julio por importe de 14,7 millones de euros. En el sentido contrario, durante el tercer trimestre se debataba la correspondiente generación operativa del flujo de caja. In the near future, part of the payments made in the first part of the year will be covered by the entry of CAFA for corporative operations, as we have already mentioned, other potential corporative operations and taxable operations. Finally, we are talking about this year, 2024, as a means of transformation, and I would define this third quarter as one of progress. of very positive progress, observing that the dynamics that make up the activity are favorable, and of progress because we materialize the objectives that we have set. Thank you all for your attention and we move on to receive and answer your questions.

We begin the question time.