Global Dominion Access, S.A. (DOM) Earnings Call Transcript & Summary

I'm going to present the new strategic plan recapping where we've come from, not necessarily prior to our stock market flotation but from our flotation until now. And I'd also like to lower your expectations a little. You're not going to hear anything particularly different. You're going to hear about Dominion, who we are, the company with a very clear and marked culture, a highly diversified company, a company that's demonstrated in complex situations that it's able to perform very well and continues to perform well. And what we seek is above all, to simplify the message because a general comment that some of you have made is that it's a difficult company to understand. I do recognize that it's a transversal company, it's not a vertical company. And from that vertical standpoint, may give the impression that we do many things. But I'll make an effort to simplify the message, and I'll attempt to convey the essence of the company. Okay. Let's begin with this new plan, why a new plan? Well, it's because the time is right. As you know, we're just finishing the previous plan, if I'm not mistaken, in 2019, we already said that back in 2019, that complex times were ahead, and it was difficult to forecast the future. And here we are in 2023, the previous plan is practically finished. At least within the company, we're very satisfied with the degree of compliance. And as I said before in this forum, we'll provide a detailed follow-up. There have been a series of events within the company in-house in relation to certain activities, including new activities that have prompted us to rethink or redefine the company once again. And as always set ourselves new challenges and continue on our path. Apart from the uncertainty, well, you know uncertainty is here to stay, as I said before over the last 3 or 4 years. And as mentioned by Chairman of the Board, it wasn't just like a couple of black swans we were dealing with, but a whole flock of starlings, and things have continued to happen, and this has prompted us to change our entire macro vision. And we're undergoing processes of deglobalization or company relocation, which is forcing us to rethink our strategy as well. And of course, the market -- well, at least in our opinion, the market doesn't reflect the company's true value. And I don't think that the company's numbers reflect that value nor the hidden value that exists in many of the company's activities. So with this new strategic plan, we aim to be clearer or to better define and transmit the company's value, to transmit the value that the company possesses. And at the end of the day, we are managers. I think that in Dominion, the management is very good. It's carried out by top 100 entrepreneurs who are responsible for managing 12,000, 12,500 human resources with a very clear culture, a culture that allows them to adopt clear diversification and has helped enormously in these troubled times. And it's very clear about what we have to do and above all the way in which we can respond to adversity and take advantage of opportunities, and this leads us to the new plan. But I'd like to just recap where we've been and where we are today. Well, first and foremost, the most important thing that we all should understand is that uncertainty is here to stay. Something is always going to happen. The other day, I was speaking with somebody, I can't remember who, and we were saying that there's things happening all the time. Some effect is more, others less. So the overview that I'm going to present over the next few slides. One in -- the aim here is to highlight what affected Dominion most in 2019. If I'm not mistaken, there were the social disruptions in Chile. We have intense activity in Chile. We suffered enormously there. It's a company where our activities were affected. 2020, well, what more can I say? It was a terrible year, confinement due to COVID, and we transmitted to the markets that our aim is not to undermine or deteriorate our balances to, let's say, maintain the company as it was. And in the end of the day, it wasn't as bad a year as we could have expected. And if I'm not mistaken, can we generate EUR 12 million in net profits and more than EUR 30 million in liquidity. And in 2021, we had problems caused by COVID, logistical problems, microprocesses that affected many of our clients, and also the escalation of electricity prices began. And in 2022, to cap things off, well, we thought it couldn't get any worse and the times were going to be good after so many, so many problems. Well, what happened, the war broke out in Ukraine, which gave rise to energy shortages, rising interest rates and of course, inflation, elements or incidents that have affected in different items in our accounts. And so more or less in the year, we were in line with what we budgeted and what we planned. And why was this? Well, thanks to our culture, our diversification, which is essential in order for us to be able to cope in those difficult times. and because the actions and response of our entrepreneurs, our businessmen and women, our executives were always very fast in all areas. So if we were to perform a qualitative analysis of the plan, you'll remember that the aim was to present different proposals, different value propositions in different areas. We've included a tip on the right, which indicates that we have complied and we would have to draw up a new strategy. And there you can see that those 2 arrows, business to customer, Smart House, we had a very defined strategy to -- and in the process of that plan, we realized that that's very difficult, particularly in these difficult circumstances with energy prices as they were and also during the pandemic when we couldn't write off a default, for example, we were aware of this, and we realized that we couldn't compete with the large utilities. But it did prompt us to react very quickly and value our portfolio. We did this, and I think we managed this in 4 to 5 months. If you remember correctly, we reached an agreement with Repsol, and we changed our entire strategy. I mentioned this, not at this year's shareholders' meeting, but at the previous meeting. And in the case of assets under consolidation, clients were going to be managed. And we began to work in energy with Repsol; in telco, with Masmovil through a private label, and we embarked on this process of strategic change, transforming this more into a commercial service for certain clients of ours rather than the client property itself and not in business services. Well, we did a magnificent job in business services, in fact, in this Tier 1 service provider, transversal service provider. And to be honest, we're very satisfied. We've been applying transversality in different areas. And we can see this in our solutions, the 360 expanding market strategy. We left Latin America, we entered Africa. We carried out large projects such as in Angola, projects that have continuity. And we continue to grow in Central America, complicated countries like Nicaragua. We continue to grow in countries like Chile, always maintaining a very healthy portfolio, a significant portfolio, a portfolio that provides us with the guarantee of at least 2 years of solution development. And please understand what I mean. This also affords statistical recurrence regarding diversification. What more can I say? Well, from a geographical standpoint, we continue to grow in countries. We've also landed and initiated business in a powerful country, Colombia. And as I told you before, Angola and [indiscernible]. At present, we also have significant developments in telco in Germany, something which didn't exist prior to this plan. We only had industrial services and also fiber rollout in Germany, taking advantage of all our accumulated experience, first in Spain and then throughout Latin America. As regards digitization, I don't want to go into too much detail. I don't want to bore you because it will take too long, but it's a tool which allows us to differentiate our operations and become more efficient. And not just efficient, but it also makes us sustainable, so sustainably -- sustainability has to be perceived as an efficiency and the organization has to adapt to this. And as I said, we've incorporated all industrial service activities that were in an independent division. So those of you who have known the company a little more have come from that world [indiscernible] will know that this is now integrated as one more service and additional service within the Tier 1 segment, one more service within the sustainable services unit that [ Herman ] manages and which will be presented later. So to summarize, we're frankly delighted with the developments of the company from a qualitative standpoint. In terms of more quantitative aspects, it's important to highlight that we've met all our KPIs. Our financial discipline has always worked. As I like to say, we always set ourselves glass ceilings to see if we can improve things that may initially seem nonimprovable. And we set this as an important KPI structure is always there in the good and bad times. It's difficult to adjust. It was below 3%. Today, it's 2.4%. So when compared with companies, it's magnificent, comparable companies that may be at 6%, 6.5% or 7% in terms of the structure of their expenses. As regards to CapEx, despite the organic growth in the greenfields, we've managed to control our CapEx and net cash flow, which has remained practically stable throughout this process. CapEx is very controlled. It's something that's controlled rigorously buying company management. And at the end of the day, CapEx and net cash flow for us, 2 elements that represent investment, which have to be controlled in each manufactory of the company. In terms of financial debt, EBITDA despite the latest estimate at the end of the year with the incorporation of the infrastructure unit in order to provide a boost or take advantage of the renewables boom, we've managed to maintain this below this 2-plus level. In terms of traditional business without infrastructure, well, cash flow remains positive. And our intention, as we'll see in the plan is to always ensure that we maintain positive cash flow despite the fact that we have infrastructure in Germany. In terms of M&A as an accelerator mechanism, things didn't go as we would have liked, largely due to share value where we compare this with comparable companies. It made any type of M&A operation very difficult and our best investment was to repurchase our own shares, [ 12, 12.5 ]. I can't remember the exact figure. So we considered that this was the best investment that we could make. And the truth is that we're very satisfied with this, and I'm convinced that we'll see this with time. In any case, certain acquisitions have been carried out that if we were to perform a detailed analysis, we will see that the growth has been organic. We've acquired more or less [ EUR 60 million ] small companies and sold practically EUR 60 million. Within the new plan, we're going to introduce a small change in reporting. Patricia will explain this in detail later. In the account, we will incorporate those already there. You may remember that we made an adjustment in the company's sales due to the sale of terminals, but we'll stop doing this because it's a small figure, I think it's less than EUR 100 million. And since last year, we sold the energy portfolio, which was more or less EUR 100 million. To leave the companies or present the company's numbers in a more transparent and clearer manner to simplify the account enormously, there were no adjusted sales, there's no EBITDA and classical KPIs so that everyone can clearly understand what we're trying to say, what we're transmitting and finally, distributed 1/3 of net profit. which has been important, I believe, and that 1/3 of net profit, combined with the purchase of shares represents more than EUR 100 million, which have been distributed throughout this period to shareholders. It's also important to keep in mind that despite the different contextual situations have changed in 2022, we already suffered a significant impact in specific items. For example, financial expenditure, financial costs, which were EUR 2 million higher last year than direct financial costs and another EUR 5 million impact on the equity swap, which was somehow to protect the stocks. Well, this gave rise to an unexpected impact of, let's say, EUR 7 million and this impacts from other exchange difference components just gives you an idea of what we had to deal with. And in 2023, the impact of financial spending will be above EUR 20 million. So it's important to understand those unexpected situations. They were completely unforeseeable, unexpected. In any case, 2023 year-end, both dividends received by shareholders and income, ordinary income generated by the plan will be equivalent or the same is that which we anticipated in the plan. And on that basis, we believe we're saying that we're frankly satisfied with the compliance, continuing with the accounts and without boring you too much because this is from the past. We estimated that EBITDA would increase by 10%, but it's actually increased by 15%. So in terms of comparable net profit, this has been maintained despite all of these incidents that affected by the lower part of the accounts in equivalent numbers and thanks to the redemption of shares where we're in line with what we expected or what our shareholders expected. Cash generation has been exceptional. We always start with 60% of EBITDA. And then we changed to 75% EBITDA and we've always fulfilled this KPI. And I believe that RONA has also -- is about 20%, which has been spectacular. So the aim will be to maintain this in the new plan. So there's not much more to add in that regard. We are very satisfied and I believe that at this point, and now looking at 2023, this gives us certain credibility in terms of compliance with our figures, particularly bear in mind since the prior incorporation -- since the first year of incorporation, we've been very compliant. And we've easily met the objectives that we set ourselves. I'm not going to say it's easy because it never is. It's closely linked to our culture and above all to that diversification, that ability to mobilize, to respond very quickly to take advantage of opportunities and respond to adversities [indiscernible] due to our financial discipline, we're here to generate cash. Okay. Now let's focus on the keys of this new conceptualization and what we want to transmit to the market. We want to convey 3 very clear messages. Firstly, simplification. We want to simplify the company. We want to be easy to understand what we do, whether we are present in many or few markets, we want to be a more recurring company. Why? Well, because in uncertainty, we want to show people that we're here to stay. And we have to remember at the beginning of the other plan, we were aiming a 50% recurrence in the area of services and now it's regards to services that have continued to grow significantly in new verticals. For example, energy, which we proposed in the plan and grow organically now accounting for more than 20% of our accounts. Well, we wanted to be a more recurring company. Ultimately, we want to be a company that's fully linked to this process of sustainability in which we are immersed and take advantage of the opportunity sustainability offers, which will allow us to generate value and thus allow our clients to become more sustainable. Why? Well, because we're moving towards a more efficient and sustainable world at all levels. And I wouldn't say it's a clear macro trend, but it's driven more by relocation of industries or activities. The industries that are relocated in Europe or the United States have to meet different standards than they would perhaps have to meet in other markets. Logically and may not be very reasonable that they don't meet standards in other markets, but it's a fact. And in this relocation, these industries require high levels of automation, digitization and in short, high levels of efficiency because they have to compete with other markets, and some of their costs will be higher, particularly labor. So we're there, we're able to help our clients to adapt. And our reflection has been based on 3 different levels, general geopolitical technological sustainability-related macro trends. The first is the energy transition. You know that there is tremendous impetus in this regard at present, particularly in relation to renewables, although I am of the opinion that there will be a lot of impetus in this segment, but there will be a time when the difficult thing in these 2 aspects will show that energy will be perceived more as a flat rate service. It will follow a process similar to that of telecommunications. So within a process of growth of renewables, important process of growth of self-consumption will reach a time when we're practically paying for maintenance or network operation services. So we have to be very attentive to this, but Dominion will take advantage of opportunities that arise. And we will constantly be pushing this process, not just in relation to utilities, energy-related services, which [ Herman ] manages and will present more specifically, but the developments of energy-related projects, which Roberto will present. And then industrial transition revolving largely around relocation. In any case, we need to have more automated and digitized industries with a very strong presence of -- or an increasing presence of artificial intelligence, AI, we have to make them more efficient and competitive because for certain reasons, they may not be competitive in certain markets. And of course, digital transition, where we've always been present, data is increasingly important. We talked about unstructured data and actually the importance of being able to take decisions based on data and to feed artificial intelligence to generate efficiencies around data in any of these 3 areas where strongly present, and I think we feel very comfortable. So our purpose in the end of the day is to make these transitions possible. And I think -- and I speak very humbly, I think that we've been winners in all of those areas. We've been facilitators to ensure that our clients are able to position themselves in these transitions. And what do we want Dominion to be? Well, I can't tell you very simply, and it's presented here in these slides. Dominion is a services company, a service concept, you can call it 360 or Tier 1 services or one-stop shop services, we can call it whatever we want. But what we do is provide services with a very powerful technological tool. And what this does is it makes us more efficient than our competitors. And therefore, clients will become more efficient because we transfer efficiency. That's what Dominion does. And I know that we provide services, for example, in the maintenance of telecommunications networks or high-voltage networks. So when we're talking about the tool, which is fundamental in this process, and [ Herman ] will explain this in detail. The only thing that's going to change is a small module. In the case of high voltage networks or fiber optic networks in the security module, it's a module among many apps that form the general tool and do not significantly change the process. Logically, there will be changes by geography because things have done differently in different places. To a larger extent in these types of services, we subcontract a lot because the value is at the top level in the tool. And that's what we do, services. There's not a great difference here. We may be maintaining the automation of a factory or a telco network or an energy network, conceptually or structurally speaking, it's the same. It's a service area. Our project area is an area with a 360 vision because we want to have a view of the entire value chain. And why is that important? Well, because margins are not distributed adequately? And why is that the case? Well, it depends on the difficulties in the markets, if you have a global project and there may be a design development or financing process of PC, it's operation and maintenance and the complete value change, there are 40 points of contribution to the margin. So in the case of the PC alone, you may be assuming the risks of the entire change, and you're left with the 7 points of the contribution margin and that doesn't make any sense for us. That's the reason why we want to adopt this 360 approach, a complete vision, extract value from the different activities of interest to us in one of them, and this is fundamental, we can highlight financing, financing of 360 projects, traditional classical financing in high indebted countries, which we then take into other countries where we may have had a problem collecting debt. We've reached agreements with ECAs, with largely Nordic ECAs, which become indebted with the corresponding country with European risk and as we control the entire value chain, including the financing of highly profitable projects, we've been able to undertake projects in Honduras, Nicaragua, Angola, et cetera. And it's a form or way of financing and type of project. Another way of financing project has been through concessional channels and countries. In other words, we consider this in places where we don't consider there's a risk of collection and concessions than we have worked in concessions, not because it's strategic for Dominion. For Dominion what strategic is completing the EPC, designing, developing, maintaining and operating the project. And that's how we began to work in the hospital segment as we participated in different concessions, hospital arena [indiscernible] For example, we reached 30%. It was -- we entered with [ Safir ] with partners with 30%. We subtracted 15% because it was enough for us to do it this way and protect our interest. And today, we've maintained 15%, and we've managed to recover all of the equity, all of the participatory debt that we contributed. We've maintained 15%, and we will do as long as it's in our interest to maintain these great margins in hospital maintenance. And as long as we're interested and able to control the replacement of technological equipment that is required during the life of the contract. In short, this way of financing a project and I hope you understand this helps us to protect our industrial margins. For us, what's key is the industrial margin. When we moved into the field of renewables, well, the same thing happened. Initially, we took the decision to rotate all the assets quickly. And this began to mean that when we started financing one project and another, this gave rise to problems, and we saw how we were losing value. Hence, the decision to create companies or vehicle companies with a certain indebtedness. We looked for clients who were able to share this type of project with us, partners who are interested in an IPP. We were not interested in an IPP, we were interested in industrial margin, both in the project and in maintenance. So we took a strategic position to look for regional partners that would provide something more than money. In the case of Latin America, we opted for a partner who with good knowledge of the region called CMI, a partner of Telefonica, and we began to participate in the project with them, and we started searching in Europe. And we're currently in the process. Always based on this concept that we do not want to consolidate debt and thus not consolidate EBITDA and we've no interest in having a larger stake in any renewable investment. We have an interest in protecting our industrial margin. So what we're looking for in these type of investments is that they are above all liquid investments. Later, Roberto will take the floor and I often tell him that I see this as a type of piggy bank, so whenever money is necessary for a corporate undertaking, then it can be attained and valorized. And that is how we're structuring everything around that model, but Roberto will address this later on. To summarize, we're a service company. We're a solutions company. And given form of financing at 360 vision, this allows an infrastructure to flourish. I hope I've given a simple explanation of what Dominion is all about. And if not, then in the Q&A, I'll repeat anything that's not clear. Otherwise, I'll have to throw the chalk back at you like the teacher used to. And well, with simplification, we have 3 reports, services, projects. With 3 types of financing, as I said before, and infrastructures will emerge through certain projects and services with our Tier 1 [ conception ]. [ Herman ] will present this in detail. I don't want to repeat anything he's going to tell you. With technology, we aim to be more efficient with sustainability because as we'll see later, sustainability is only efficiency in the long term. If you're not sustainable, we will not be efficient. 360 projects with a global vision of the entire chain, extracting the parts of the chain that interest us and where we see there's more value, a portfolio that seeks quality recurrence. We've seen in the process in recent years, we've almost always kept a 360 portfolio, and there are certain periods in which depending on the situation of renewables or the hospital segment, well, they've developed accordingly. But I refer to this as statistical recurrence and then an area of significant holdings, which, as I said before, aim to protect core business, industrial margin, and ever, we signed agreements with our partners, we want to ensure that it's equivalent to midterm liquidity. And as the process is consolidated, this will, again, yield greater recurrence as you're aware of in concessions. At the recurrence level, it's fundamental for us in the face of uncertainty, it's important to think calmly. And when facing any problems such as during the pandemic, it's important to sit down and decide what to do and not be concerned about the company's liquidity or cash flow. We have to have a sufficient slack, let's say, sufficient headroom. And we're looking for recurrence more than 60%, stemming mainly from the growth of services, which has been spectacular and also organic but also growth in margins in those services as well as participation in infrastructures. This will allow us to build a company, which in practically any circumstances unless, of course, it's a situation we cannot manage. We always have a guaranteed EBITDA of over EUR 100 million. So in virtually any circumstances, we would have no problem, something that we observed in other lower-level structures during the pandemic despite what occurred despite the fact that everything stopped and despite all of the impacts of the virus, we were still able to generate EUR 30 million free cash flow. Therefore, a sustainable company. And if you'll allow me, I'd like to just speak a little longer. I feel that this is a great business opportunity. It's crucial. It's essential for the growth of Dominion's business. As I said before, sustainability for us is long-term efficiency and efficiency as part of Dominion's DNA, and you know this. What we have to do, what we are doing is implement the necessary adjustments to adapt to the world of the future and all of our businessmen and women entrepreneurs, these many factory managers, executives, and top 100 for some time have been implementing changes in their units, which will allow us to transfer the sustainability. And I have to say that we're extremely satisfied with the evolution in 2021. If I'm not mistaken, 15% of eligible sustainable taxonomic activities, [indiscernible] that's used in Europe. Well, we complied with the taxonomy at 15% at the end of 2022. We're already above 30%, 35% sustainable activities. Taking into account that the 6 objectives that Europe's defined, only 2 have been approved. In our company, 35% of sales are taxonomic with 99% legibility. What do we aim to achieve? Well, we want Dominion to be a 100% sustainable company. 100% is impossible, but we want to be close, and we estimate that with the approval of the other 4 objectives that the European economic community has set will be at 66% of sustainable activities. And when social entities are incorporated, health or telco or education will be close to that 100% or at least 90% plus. This means that we're an absolutely taxonomic company and in the world today, if we are taxonomic, our clients' taxonomic or clients' taxonomy depends on us, which will afford us important competitive advantages, and we're working along those lines. Furthermore, the small bolt-ons that we've acquired in recent years, well, you can see that they're all close to sustainability and to be clear, sustainability is much more than that in relation to the environment, everything relating to environmental services with added value for the environment. And without being in that world, we don't like namely greenwashing. It's not about that. We want to be in a truly sustainable world and be able to convey sustainability to our clients. Okay. Let's move on to strategic guidance. I'd also like to go a little further back and recap very briefly of where we've come from. I think that practically everyone here knows us. You know that we were floated on the stock market in 2006, what was a very difficult time as well. You remember flotation almost didn't happen. It was just at the same time as [indiscernible] and here we are, here we are. And I believe that the numbers speak for themselves. They allow us to transfer certain credibility and by certain credibility, I mean that we do what we say. That's because logically, we're comfortable the way we're driving the company, how we are able to manage a company based on this industrial recurring concept. And during this period, employees have multiplied twofold. When we went public, we had a little more than 5,000. We're now at 12,600 more or less at the end of 2020. When we were listed on the stock market, I think EBITDA was EUR 45 million. Last year, we ended the year with EUR 123 million. This year, we may reach EUR 150 million. Earnings per share has gone from EUR 0.14 to EUR 0.3. And we've also managed to remunerate our shareholders in this process with more than EUR 110 million. Despite the circumstances that have affected us, I previously referred to this flock of starlings at the beginning. But I'd simply like to say that we're more than satisfied with our level of fulfillment and development of the plan. And the plan that we are presenting, what do we want to do in the coming years? Well, we're going to present an exclusively organic plan. It's currently very difficult for us at the moment. Due to movements, uncertainty itself and our approach is in the renewable world, which Roberto will tell us about later, have prompted us to prepare this purely organic plan. I want to make this very clear to you. We're not going to abandon the RNA of the company. Obviously, if we're able to perform an important transaction, then we will do so. But at present, we're not able to integrate this into this plan because we don't think that, that would be the diligent approach. This year, we aim to make EUR 150 million EBITDA, which represents 20% or just over 20% growth with an operating cash generation of EUR 70 million. And since we are not going to have EBITDA in our accounts, it will be like returning to 60% conversion taking into account that in those EUR 150 million, there's also something wonderful for those of you who are economists, I'm only a poor engineer, I'm referring to IFRS 16, which changes to a certain extent, all the comparable parameters, but it's just to be clear on that point. And on that basis, and with reference to these numbers for 2023, the aim is to continue growing by at least 5% in sales, by at least 7% in EBITDA and at least 9% in cash flow generation. It's important to remember these numbers 5, 7 and 9. They're easy to remember, I always like to use odd numbers, Roberto included odd numbers to keep me happy in the table and to maintain a RONA of 20% and an attempt to do this despite the fact that we have certain investments in infrastructures with totally different RONAs, you have to remember that these are spectacular returns on assets and continue to distribute at least 1/3 of net profits. So that's the guidance that we would like to present. And now the presentation will be continued by Roberto, who will focus on the project part, and he will diving deeper into some of the points that I've raised. And after that [ Herman ] will talk to us about services. And finally, Patricia will run through the numbers on culture and sustainability.

Good morning. You know my name is Roberto. I'm the General Manager of the group and for the sake of efficiency, I don't want to tell you much more that Mikel has already told us. He's presented an executive summary and of a clear vision of the project segment approach. I'm very immersed in renewables in 360-degree projects and what's the differential element, and what are we in B2B projects in 360? Well, basically, this conception, this approach, the 360-degree approach has been explained perfectly by Mikel. I think that in the last Capital Markets Day, I tried to define Dominion using 6 words, technological background because technology digitization has always been present. It's always been our upstream knowledge, our way of doing things, these 2 terms, industrial, vocation. You know that our world is the industrial world. It's a long-term vision. It's all about all the production processes. And then we also refer to financial mentality. In other words, understanding the financial process, the financial solution that will -- that is required in each project for each client. And to those 6 words, we can add this concept of sustainable approach. So in 8 words, that is what Dominion is; that technological background from which our efficiency flows, that financial mentality, that industrial vocation and that sustainable approach. As Mikel said, sustainability is the surname of efficiency. There's nothing sustainable in the long term, but cannot be efficient and that is how within this holistic global knowledge, we're able to actually provide value to our clients and our partners. Therefore, the differential factor. I mean, it's not a miracle recipe. It's our know-how. It's about having a full understanding of the value chain. And that is the key. And when we refer to the value chain, we refer to design, development, financing, construction, startup. And here, when we talk about Dominion and simplifying and conceptualizing, the following comes to mind. It's not what we do. It's how we do it, the know-how and we have to consider how we are developing a series of 360-degree projects that will give rise to infrastructure, industrial infrastructures, social impact infrastructure or energy transition infrastructures, but under the common denominator of intangible knowledge, where what's important is the intangible, the important things, the knowledge of the process. What's important is knowing how to develop the process well, a good design. It's really being successful in financing is understanding the clients' needs and understanding all the links in the value chain because at the end of the day, the construction, the moment of the tangible material execution is a bit of a commodity. Mikel said before that this is about 12,500 people. What's key is upstream. It's that top 100 in Dominion. And that's the way we do things, it's sub warfare. It's the key and the focus that we have to embed in our strategic approach for 360-degree projects. And what does all of this entail for the future? Well, it clearly aligns our interest with those of the clients. In other words, it's very important to be eligible to be partners. We have to speak the same language as our clients. We have to understand their needs. We'll later see this in the parts on renewables. So what do we talk about in concept of renewables? Projects referred to return because we know at the end of the chain, there is an IPP partner, a potential IPP client that we would like to complement with whom we want to a company, and we want to speak to the same language as them. Evidently, this captures or absorbs the entire value margin of the chain. 360 degrees has a lot to do with the 2Ds of Dominion that Ds for diversification and financial discipline. And so far as we control and as Mikel said before, if we have knowledge of our value chain, let's say, a 40-point value chain, and we focus exclusively on construction, then we're missing all of that. We're not creating entry barriers or nodes for any competitor we may have. It's fundamental. It's important to have knowledge and an understanding of this production process. And with these approaches, what we aim to achieve is to be in the ecosystem in the long term. Either because it will derive a minority participation in investments in infrastructures that we're making, we want to be in the long-term ecosystem because it will be a source of future opportunity. And as I was saying before, at the end of the day, 99% of our projects result in a physical structure, in a photovoltaic park, in the delivery of a building or its conversion into a hospital. We're talking about infrastructures and these 3 types of infrastructures emanate or stem from those 3 important transitions Mikel referred to, which we're currently experiencing, industrial transition, digital social transition and energy transition. And I believe that these are let's say, the tailwinds or the favorable inertia that is going to provide us with the necessary impetus and feel to transform this segment into a quasi recurring one or recurrent one. Now I'd like to touch upon some more financial aspects. And Dominion's concept of always trying to find a financial solution. Obviously, we're involved in relevant projects such as in Angola, projects of relevant hospitals with 15-year replacement medical equipment. We have a relevant portfolio in terms of the entire photovoltaic segment. So we have to find solutions. So within the scope of this 360 approach and the need to find a solution, taking into account that we have to provide solutions that guarantee payment that protects the margins in the value chain. And following on from Mikel's comments earlier, I'd like to present the different financial solutions that we've identified ranging from projects in more emerging or so-called happy countries where we operate more regularly with export credit agencies, ECAs, fundamentally Swedish, Danish and English ECAs. So with the bias credit, we're able to a certain extent provide a turnkey to our clients and this is wonderful. And to a certain extent, this allows us to operate in a very comfortable and safe way. And we've done this in the past, albeit to a less relevant degree as a consequence of some of our projects, largely in the fields of health, hospitals and others. We have to seek financial solutions based on a special purpose vehicle approach. And perhaps it was less visible because upon entry, we initially had a minority participation and the civil construction would have had 80% or 90% of participation. It wasn't our intention in any way to be a contractor. Our intention was always to get promotion to the first division. And we wanted to understand exactly what the end client or customer wanted and what the builder wanted. And that's why we protected our position with a position on the board and with a minority stake. And clearly from the first phase of the IPO, we always said that we would not invest in equity beyond 50% of the expected contribution margin. That's the financial discipline I was referring to, and that's the approach we were providing to all of the projects that are basically -- or basically respond to this transition, digital social transition, as I said before, made explicit in essential basic infrastructure, such as hospitals, et cetera. And now let's move on to minority participation in renewables because perhaps this is what has raised the most interest. Since year-end, it's probably something we've talked about more. We talked a lot more about renewables. And I'd like to focus on this a little more. So we asked ourselves how could we approach the renewables segment. Well, applying the Dominion philosophy, maximizing value and liquidity. We would analyze this trinomial of profitability, risk and liquidity. We are facing a situation in which we've clearly seen that a transition was just around the corner, an important major energy transition in the world of renewables, something we identified since the company was floated on the stock market, something we wanted to address from the industrial arm. But as Mikel said, we've got to rotate assets, and we observed that we had to find a complete financial solution, a financial solution that would provide us with visibility and certain volume. It was a question of doing 100 megawatts and rotating them. It was a question of extracting value from all of that. So our strategy here is clearly not to be an IPP. We have not been born to be an IPP, we cannot compete. And I believe that IPPs are very hackneyed in the market and our differentiation has to be different to this. What we're looking for is industrial positioning. We want to act as facilitators and [indiscernible] for clients who are IPPs. We are seeking associations or alliances with really relevant partners as we did in Central America and the Caribbean with CMI, where we know that we're going to share this infrastructure on a minority basis as a minority stakeholder. We know that this is long-term situation and maintaining those participations at a given moment will give us the opportunity to undertake refinancing, yield compression, as you know, carry out corporate operations in the final case as Mikel said, this, to a certain extent, is a natural outlet for our renewable strategy. But in turn, this will be a bit like that piggy bank. It will be a financial investment with a reasonable 2-digit to IRR, which is obviously not the RONA of 60% to 20% but which can be rotated or allow us to seek opportunities to generate cash or to transform it into cash, liquidity. So in the case of fixed assets, you won't see this in treasury, but this will really be financial investments, which will end up generating a return. We're talking about IRRs, double-digit equity yields. This return will somehow be converted into capital and cash throughout the life of the plan. depending on what need or what strategy we have in the different geographies. Therefore, that's the key. We should see ourselves as facilitators. We should see ourselves as -- just as we provide a service to our clients, here, we would choose ourselves to look for suitable partners and IPPs. And we believe that we should position ourselves in this way so that we can be the differential part and allow the IPPs to perfectly see us as the right travel partner on this journey. I'd like to go into detail about the 3 types of infrastructures. Basically, everyone in the industry is familiar with these. We may be talking about storage solutions, about moving, let's say, calling tower infrastructures. But what's important is the design, the knowledge, the underlying technology, what is invisible, what's under the iceberg. So you'll see here that normally, our clients large contractors, large private clients. And it's not business as usual here. The solution is the typical project whereby you will collect by milestones, et cetera, by progress. And we would assess the credit quality of our clients. We determine if we feel comfortable and operate as partners, growth drivers in this journey or in this process. Well, as you can see here, we're present in virtual continence, perhaps it's the most diversified activity from the U.S., from all of Europe, Southeast Asia, Australia, India, et cetera. but everything is underpinned by the access of sustainability. As Mikel pointed out, all these relocation events, everything that involves demolition, demolition or dismantling all that technology that we have, the storage needs. All of these will be the drivers that will naturally feed the portfolio and the new projects that we will have in the part of industrial infrastructures in the strategic plan. The part of social impact infrastructures, which is largely the part which relates to large public clients, perhaps the Ministry of Energy or the Ministry of Health in a given geography, the clients of the countries. And here, we're referring to multilateral financing structures with, let's say, "dry guarantees." There's very stringent requirements. And we know that all of this funding that's released is because to a certain extent, we're eligible, we're selected for our knowledge and our ability to transfer prestige, knowledge sustainability relating to everything in these, let's say, flagship projects that are so important for the country in question, which give us that added notoriety. The growth drivers, well, here, we're talking about Angola, I'm referring to essential key infrastructures in emerging countries, high-voltage lines, residential electrification. For example, we have also practically approved EUR 1 billion with different Nordic ECAs and Danish ECAs in order to undertake these projects. This is not in the backlog, but the financial capacity is there, and we have the support, the backing and in Chile, in certain other Central American countries, such as Nicaragua, but as I said, especially in Chile, will be supported by the entire concession plan. We believe that we are positioning ourselves as the global partner in everything relating to medical equipment, hospital knowledge, integration, data correlation. In other words, we believe that we are the perfect partner for all of those projects where civil constructors have been awarded in Chile. I'd like to move on to energy transition and infrastructures. I can present what we have so far. We provided some information about megawatts in construction, as you know, our desire is to look for partners with a closed solution with a powerful group, such as CMI, very knowledgeable in the area and knowledgeable of the Latin American Caribbean area. We're looking for a partnership for the entire European part, which we would like to be at least 60% to contribute to the parts of our projects. The characteristics of these projects basically consists of photovoltaic projects with a high level of commodities and a low level of risks. What's important is knowledge, development and adequate design of all of those projects. That's what we'll look for. Concept will not be to be an IPP. We may have an asset in which we may have a majority participation, but that will be in the fewer cases. Throughout the plan, we aim to share this with a partner. In other cases, we'll be continuously with a minority participation. But we'll be looking for a commitment to our long-term vision with partners that we find along the way. And the aim is to translate this commitment into having a shared management or basically a minority participation in those projects. But as I said, this has to be seen as a financial asset that is yielding an IRR that's adequate and that at a given moment throughout the plan, as Mikel said, well, we can occasionally generate liquidity as a result of, let's say, recapitalization or refinancing of our portfolio or accompaniments with partners, et cetera. We aim to achieve the balance in our projects. And one thing that we have observed is that our projects will largely be in hard currency. So everything we're doing in LatAm is in U.S. dollars and everything European is European. Furthermore, everything we're doing in LatAm right now, I would say 100% are PPAs, PPAs for the government. The only thing we have is a wind project. And since it's in Mexican pesos, we are valuing this and we're determining how we can, let's say, bring this through within the scope of this plan. There's not much more for me to say about growth drivers. The whole part of renewables is a train that's traveling at full speed. The truth is the sector faces a wonderful future. There's a lot of oxygen left and a lot of fuel for the coming years, but we have to choose the right wagon on which to travel and we believe that it's important to do the right strategy. We want to avoid the naturalizing Dominion and ensure that we give our company a purpose and strategy. And here's just some more information for you. Information about the megawatts part, a blended level, although we currently have 271 photovoltaic megawatts under construction that have to be completed this year. In the Dominican Republic, there are 44 megawatts. In Spain, basically a project in the [indiscernible] project. You'll have all the information about this. And Mikel said something very important earlier. The consequence of all of this is that we will have a segment of information of the so-called minority financial interest in these assets. Why are we going to separate it. And although it's true, and we said this before, we're not going to consolidate either the sales or EBITDA. It's relevant in terms of our balance sheet. It's important that you see that we have part of the company, which is cash positive, and that is part of the company that will have debt, which is 100% attached to this financial investment. And although the debt will, let's say, have a bearing interest rate. Of course, with these financial assets, we'll have to measure these in terms of cash flow. So you can see the degree of equity consumption of these assets, how they're financed and also how they're affected in the balance sheet. And I'd like to conclude with one slide. Mikel mentioned this before, our obsession is recurrent, this notion of sustainability and simplification. And little by little, this segment is becoming quite recurrent with a high level of visibility, and we wanted to present this slide, this figure. You can see that it's highly diversified according to these 3 types of infrastructure, 3 types of transitions, geographies. It's basically for you to have an idea of the portfolio last year in terms of B2B projects, we generated EUR 350 million. Mikel referred to growth of 5% for the plan, we would have to make about EUR 1.5 billion, EUR 1.6 billion. Where do we have those funds? So we have GBP 600 million in portfolio. And we have to be very specific when we refer to this pipeline. It's not a random pipeline. There are names and surnames that can be attached to these projects. We have EUR 450 million for the period of opportunities, and we expect that many will crystallize. In other words, 30% for execution in the plan. We would have that. It's true that in the field of renewables, our visibility is very high. But as I said before, in the policy of essential infrastructures and hospitals within those 1.6 billion. There's a large proportion covered by financing and when you have a financial solution, you feel more comfortable. So that's the reason why we wanted to label this or define this as a, let's say, quasi recurrent segment. Visibility is very high. And the focus is very clear. And in an attempt to be efficient and to complement Mikel's part, I'll leave it there and hand over to Germán.

Well, I've been asked to talk about services. And services may be slightly uglier, let's say, subjects given all the day-to-day projects, where we try to get our heads around making double digits. It's perhaps not as sexy subject as what Roberto has explained. But let's see if I'm able to convey this to you with passion and enthusiasm, or at least the passion and enthusiasm we feel. We base our services on 2 key pillars: technology and sustainability. Technological know-how simply consists in understanding and knowing what's being done in the market, identifying best practices and proposing those best practices, attempting to implement them in our clients or in our own production processes. I'm getting a bit confused. Wait, let me go back. Okay. And if these improvements in production process has had a direct impact on the sustainability of our clients, then we can embrace them ourselves and perfect them and become experts in them. And we do this with 3 main characteristics through positioning as an end-to-end partner. When I say end-to-end, because what we do is focus on generating efficiencies. So the more processes our clients allow us to manage and more interrelation there is between them, the easier it is for us to generate those efficiencies and always within a partnership format trying to distance ourselves from this more classic supplier-client relationship where the supplier begins generating efficiencies that the client keeps and in the end, we end up being squeezed on the price front. So we try to ensure that we share the efficiencies that we generate at least to the clients. And why do clients accept this part of relationship with us? Well, they do this because of a very strong knowledge of technology and sustainability. And because we're a multisector company, we're able to transfer improvements to -- that are taking place in other sectors to clients who may not have that visibility or access to that. And this makes us extremely creative in proposals we make for process improvements. We're also able to provide create improvements in solutions that we're able offer our clients, the contractual relation nature for variability and also to share those efficiencies. And then, of course, because of our geographic footprint to a large extent, our multinational clients are able to find a global solution for their clients or their sites. And of course, due to our management and financial capacity, management and financial capability, which makes it very easy for us to accompany the ministry process. But this is only valid if we're also able to fulfill the second characteristic and be diversified because very often, being a parent of a client means that you can often take yourself to a place you've want them to be. You may end up investing in investments that you may not see or may not be able to achieve adequate profitability from or may force you to participate in strategic projects. And the strategic clients, you may lose money in exchange for having a magnificent reference to be able to make your presentations. So diversification for us is the ability to always say no, and be able to select the right partners so that in the medium term, we're able to achieve the margins that we seek. But more important than these 2 characteristics is our management culture, which is our key characteristics, I would say. We'll look into this in more detail later, but I believe that Dominion has a type of [ CO ] or characteristic that allows clients to identify us whether it's in an activity, such as the one in Colombia or in Australia. At the end of the day, they're all governed by the same, let's say, formats or approach. We are people who could become very hard in certain aspects of negotiations, but we believe in efficiency. For us, the only thing that makes sense is efficiency. We don't believe the long-term relationships with our clients can be maintained by commercial relationships or by having a certain technical capability. Simply by having the ability to consistently generate efficiency is the key. And in the end, that is what allows us to maintain recurring relationships with our clients. And we apply this in two main segments: infrastructures and industry, which I'll explain in more detail a little later. And why do we differ the type of management in each case? Well, it's not because we need different technical or commercial capabilities or capacities in each segment, but rather because the way we manage and the way we develop our applications and management platforms means that we have to, let's say, operate or act differently in each of these 2 areas in order to achieve the best possible margins in each of these activities. I'll explain what I'm trying to say and go into more detail. In the world of infrastructure, we're normally talking about the localized services. Let's say, we have a resource that's a human resource that's moving in a vehicle with a number of tools, and we're talking about semi-fixed costs throughout the day and our ability to optimize and ensure that this resource manages to place an additional order or to reach an additional address is practically limited in terms of margins. Therefore, productivity is the key. Normally, we're talking about high-volume contracts with a high level of variability, which permits subcontracting or outsourcing. And this allows us to cover all spikes and focus on the ongoing improvements of those contracts and management applications here are based very much on logistics modules that make a lot of sense for delocalized services and on all the indicators and process improvements that can be applied to continuous improvements, bearing in mind that we have a very long time horizon and that our client will allow us to take full advantage of these efficiencies. In the scope of industrial sustainability, our resources are on the site or at the site of the clients, and they cannot be moved. They have excellent knowledge of our clients' production processes. But if there's something with respect to the last strategic plan, where we failed a little in the way we observed and viewed the world, is that we are unable to, let's say, carry out our contracts with our industrial clients. It was very complicated because it was a -- there was very strong regulatory requirements, and it was very rigid. And as a result, our management platforms have been based more on asset management. The job controller acquired more importance. And we have to be very smart and have an adequate management system to take advantage of, let's say, small cycles of investments or be able to invest in additional services where we can perhaps obtain better margins. In industry, we have a very strong position in thousands of clients. And this is really important what I'm going to say now. It's important to be selective and to identify well who is going to allow us to achieve adequate profits in the coming years. Let's go into more detail about the world of intelligent or smart infrastructures. Okay. Let's first talk about the term, smart. In the last 10 years, there's been a huge change in the world of infrastructures that we're managing because they have become more aware, new business models have been implemented, smart meters have been introduced. There are sensors and networks that allow us to perform preventive measures that we couldn't do before. And we were able to carry our perfect monitoring of operations. And this, undoubtedly, has meant that -- and this is important, that a quasi-perfect relationship is developed between the different activities, and we're able to manage projects end to end and in many cases, our clients are sufficiently sophisticated to understand that the complete outsourcing of a production process will generate the most efficiency. And then this area, we operate in commercial management for giving clients, commercial management for our clients, logistics, installations, maintenance, design, construction, network, engineering and the operation and monitoring of the entire network. It's evident that if we are responsible for the commercial management of the clients, we'll be more efficient when it comes to providing logistics and providing installations and maintenance as well as design the network subsequently, we're able to monitor and operate that network. And I'd like to take advantage at this point to touch upon something that Mikel commented before, for us, the B2B2C, the new B2C and the strategic plan will be considered B2B2C because we've gone from having own clients to having clients under management, which on the one hand, is something we've always done and where we feel most comfortable. As Mikel said, we no longer have that rigidity of having to have the most competitive rates. We will look for this. But one thing we will have the ability to do is to adequately manage that end customer, by attracting clients, by maintenance and through our ability to cross-sell with our clients. The key element here evidently is our omnichannel acquisition network. If I previously explained why clients want to be our partners, here, clients want to be our partner through our omnichannel network, and that is where we have to pay more attention. And due to our resources, as Mikel said, we're a highly dynamic company. And we want to do things the right way, either with, for example, an agreement with [indiscernible], for example, to attract more people to the stores and to analyze whether they're the right size. And moving on to the world of industrial sustainability, you'll see that this figure is very similar to the previous one. This presents the logical evolution of our on-site positioning within our industrial clients. Those who've been following us for some time, you'll know that we explain this world as a one-stop shop, where a client may have a series of activity needs, and we can cover all of those needs, once again, based on the fact that data allows us to generate efficiencies between the different processes. But the world has evolved and we want to be the spearhead of what's being demanded now and what our clients are asking us to provide. Now what they want from us is sustainability. Is there any concern? So we're positioning ourselves in all activities that generate environmental impacts for our clients, trying to provide services and solutions that can minimize the aforementioned impacts. Mikel has already explained the importance of taxonomy and how we are being the first to deliver said taxonomy to our customers, who, on the other hand, are also being required to provide taxonomy because it's important for the supply chain to also fulfill this requirement. And this is being transformed into a very clear competitive element. This is important to the environment and safety and security within tenders. And we're even changing the way in which we present indicators, KPIs and helping them in this process to ensure that they're able to better measure everything that creates impact. So here, we're in full cycle on production missions. We have, for example, technology inside towers, industry. We have energy consumption. As you know, we're a company that's highly specialized in heat generation. We're also providing energy efficiency and all maintenance changes with -- in this transformation from the corrective world to the predictive, preventive sphere. We're also in installation and maintenance, sustainable buildings and facilities, incorporating state-of-the-art technology to hospitals, dismantling of CPDS. We've also been very active, for example, in the dismantling of thermal power plants and storage with the energy transition and with the change of the entire supply chain storage has changed radically. We provide end-to-end services and maintenance. And finally, in inputs and outputs of raw material, finished products, but above waste, we're also being a very important player, providing waste treatment services and circular economy generation services for our clients. Next slide. And now we connect the world of services regardless of the segment because we have to accept that services is mainly about cost management and being very competitive, and that's what we do. I'm going to identify a series of drivers that we have going forward for in this case. First, geographic cross-selling. This is a historic classical driver in Dominion. We've always explained that we have a platform with a presence in previously 30-odd countries, now 40 countries, where perhaps we're only one of our segments of action and then the growth by geographical cross-selling is clear. I'm first going to talk about Latin America. In Latin America, we have a strong presence in services. It's the geography where we obtain most margins in this respect. We've observed that many European companies, especially in Spain, are leaving Latin America. It's expensive financing, with current rates is complicated. Profits have fallen in recent years. And we've also observed that American companies are also leaving surely or probably due to political instability. And we ask ourselves why not. Well, first, because we had a lot of money. Secondly, because we have national structures. We're already part of that country. We're already Colombians, Chileans and Mexicans, and we've generated cash in all those countries. Therefore, we have no need to finance. And we also have a number of services. And obviously, assets that cannot be nationalized, furthermore there are clients that have been nationalized, and it's working perfectly well. This removes the currency impact. So I have to say that we've been doing very well. And this generates many opportunities for us because in many cases, we've been alone and identified as say, a benchmark in quality or high-quality supplier. Well, this allows us to enter activities with greater added value. We've moved to other geographies. And secondly, because within Latin America, there are still many geographies where we can grow further. For example, in Central America, we've identified wonderful opportunities. And if they pass our financial or disciplined standards and become good opportunities, well, surely, we'll be able to enter with higher margins than the rest of the activities. Focusing a little more on gross scaling, Mikel previously referred to Germany. For us, Germany is the second main country. And when I refer to Germany, I refer to Germany and countries around Germany, the Nordic countries and other countries in Eastern Europe. Germany is a success story for us. We've had some rather old industrial structures there. After the integration of [indiscernible] in the group, we acquired a company in Germany with 120 years of history, a highly industrial company. And I have to be honest that we've done a fabulous job of modernization within our own industrial clients, but we've also been able to carry or take activities from the telco sphere. As Mikel explained in Germany, they are 10 years ahead in terms of fiber optic deployment. So we're frankly well positioned. In general, throughout the whole of Northern Europe, I think we have great growth capabilities, both in telco and also electrical distribution lines. And following the example of Germany, the next geography should be the rest of geographies where we have, let's say, more old industrial services that we need to modernize. We're already doing this in the U.S. Next, the Gulf in Saudi Arabia, we've also managed to conclude a number of technology contracts and then perhaps India, which would be the next geography to tackle perhaps more complex in terms of competitiveness and services. And finally, not solely within our current service structures, but also in countries that Dominion has excellent knowledge of because it's operated in 360 projects, we'll also have the opportunity to set up recurring long-term structures. Perhaps Angola could be one geography in the medium term. As I explained before, in industry, it's largely a question of choosing appropriately, which clients will allow us to obtain margins due to regulatory requirements, decarbonization requirements and also due to industrial relocation processes mentioned by Mikel. Large investments are expected in the industry in the future. Not all will be the same. And in not all of these investments, will the benefits be the same. But we do have to consider that there will be an important turnout there returning to Germany, which is one of my favorite countries, and that's strange. If you'd asked me this 5 years ago, we would have never had that idea. We identified great opportunities in relation to furnaces. Some would perhaps have thought that this is something that would have disappeared and I thought so myself. We've identified fabulous projects and we have excellent opportunities in waste to energy. And with the entire, let's say, energy transition change, all industries need to change from gas furnaces to electric furnaces. And this is creating a very important pipeline ahead of us. And this is so important in the field of infrastructures where perhaps this great transformation has already taken place in the past. We referred previously to smart infrastructures with important investments to improve those infrastructures. There are examples such as Germany. But what we can see in the sector is that there are major changes in infrastructure ownership with the entry of investment funds as owners or co-owners. And this is also generating huge dynamism in the sector. And in reference to these changes, particularly in relation to industry, this is going to give rise to new business models. We've already explained that infrastructures will have nothing to do with the way much services are provided as they were 10 years ago. And the changes that will take place in the industry will also give rise to new ways of relating with our customers and new services. To give you an example, Mikel explained this before, we're very active in the secular economy and waste treatment growing organically, looking for new geographies, but also undertaking certain acquisitions that will allow us to position ourselves adequately. And finally, the 3 drivers that I mentioned before are more geared towards sales growth, business opportunities that we identified and that we feel we can take advantage of. And finally, because I have to consider that I'm less worried about sales because I think that they will come automatically. It's more to do with the capacity for internal margin improvements. So I think we have to be very selective. Our current position or positioning has nothing to do with our positioning in the old strategic plan where we started. We are now clearly in a position to be able to choose. We have many opportunities and we have to choose well. And I always tell service managers that they shouldn't be anxious because anxiety will eventually kill you. Even today, there are even contracts with the negative results. And this underlines all of the work that's been carried out elsewhere in other projects. So I simply believe that through an improvement in selection and being aware of our current position, we have 1 or 2 percentage points that we can gain. And of course, since we're Dominion and we always do this, sales growth will come, and it will be accompanied by operating leverage as a result of our own [indiscernible] constant demand to reduce business structures, but also because our own selective digitization of internal processes will generate these. I'd just like to spend a couple of seconds referring to this idea of internal processes, previously referred to our technology platforms. We talked a lot about our technology platforms. And I'm aware that sometimes it may be a little difficult to understand, understanding how all this translates in the real world. So we'd like to show you a video. I organized a short internal or in-house concept to see you can send in the video with the best explanation. And we received a video from Chile from the people who manage telecommunications, which is really interesting. But before I show you the video, I'd like to just briefly mention our platforms. I believe that the main characteristics are that they are modular and transversal. Modular means that they're economical, that they're largely open source. And that we're not tracked by anyone who is going to require us to, let's say, and as Mikel often says, we're like termites, but not of cathedrals. And this allows us to be very scalable and we're transversal because evidently, we will specialize in a certain activity that needs to be improved or controlled. I would say that 80% of them can be adapted to different geographies and sectors. In other words, they travel very well. Let's see the video. [Presentation]

Well, perhaps the editing is not the best, but they did this in-house. So as you can see, we're very all steered in everything we do. And I just want to comment. And I'd often like to speak of offenders. In-house, an offender is considered to be a technician whose productivity has not reached the minimum level that's demanded. We classify them as offending technicians. Just saying this so you can see that the purpose of our platform is to measure productivity, and that's what we're based on. It's not a question of commercial management to trying to provide indicators that the clients want. No, not at all. It's about ensuring the maximum productivity of our operation. And to conclude, I would simply like to leave you with one message. At the end of the day, what we're saying is that what really sets us apart regardless of growth, let's say, curves in our positioning in the segment is our management culture. It's what we really think that we're good at. We're pretty good at these things. So based on our 4D model, Patricia will go into more detail about culture and Mikel and Roberto also touched upon this before. I think that we're all pretty similar in that sense. I'm only going to explain one of the Ds because I think in the field of services, this D is most significant, decentralization. At the end of the day, we have businessmen and women and they use this global approach. We obviously control and we have applications and systems that allow us to see indicators and to view financial indicators and obviously, determine their performance. And I think at the end of the day, it really boils down to personnel selection. If something doesn't work, we usually change the person of the system, not our way of organizing ourselves. If something works well, it's not just one person who identifies with the entire project. When I arrived in Germany, I already had certain, let's say, problems with the country. Initially, there were certain projects which weren't progressing adequately. And due to the departmental organization, everyone pass the buck and blame somebody else. Nobody said it was their responsibility and take responsibility for this. And this is what we're looking for. And this is what this decentralization is all about. This is something that has to be accompanied by an organizational structure that is very flexible and based on meritocracy. I don't like red lines. I don't like red lines, but clear red lines are normally financials. So when you analyze the risk return by [indiscernible], it doesn't make sense. But we don't, let's say, establish any other red lines. If a person is dedicated to managing in telecommunications, clients in a geography, and that telecommunications client isn't performing well or it's not going to provide investment, you have to give them the capacity to grow their own business. And that's the model we have and that we implement. And this is a phrase that I've taken from Roberto. We do this with our ambition based on passion. We insist a lot of ambition within our company and all of our businessmen and women have to be extremely ambitious. And sometimes ambition is misinterpreted. Some people may believe that ambition is somebody trying to, let's say, take their boss' position or stabbing something in the bank. But we talk about ambition based on passion almost like an athlete, we have a series of people in the Cascade organization who run their own company and then year after year wants to improve through their own ambition. And this ecosystem is what naturally makes things work for us. And I think that that's what's most important, at the end of the day, the services management. And it's all about cost management, and it's about having good businessmen and women responsible for that management. And if we have 30 or 40, Mikel referred to the top 100 at Dominion level, well, if those 60 could be better and in the future, it will be 80 or 100, that is really going to mark our long-term progress. Thank you very much.

Well, it's my turn to talk about issues that are a bit more crosscutting. Roberto and Germán have already discussed the business in detail. And since I'm the last speaker, there are many concepts that have already been covered, but I will try to give you some more color on them. I'm going to pick up where Germán left off on culture and talent. I will speak about their importance as a key to the company's success and the importance of having a common culture shared by all the people who are part of Dominion in today's disruptive and uncertain environments. At the end of the day, in the short or medium term, we can create value through more specific or more circumstantial issues, for example, through a specific contract being in the right place at the right time. In the medium term, we can create value through the industry, will be launched through the sector we are in or through a specific economic cycle, whether favorable or unfavorable. But in the long term, and that is where we are through the discussion of long-term value creation, people, talent and a common and shared culture are key. The first thing is to build that shared culture, which is already a value in itself. But what we are going to seek is a winning culture or as Germán said, a fairly good culture, one that has those features that create value in the long term. And that is why this strategic plan also devotes some space to how we want to care for and enhance this culture, defining what it should be like. So we're once again going back to basics to continue evolving. As Antonio, our Chairman said earlier at the Annual General Meeting, we are going back to basics although we never left off. Here, you can see our 4Ds at Dominion. You all know them well, when you make a strategic reflection however, you would think whether you are in the right place or if you have the right elements in place. For us, our 4Ds culture is valid. Digitalization is one of them. Germán talked about this. He showed a video with our tools. A tool is not an end in itself. It is an instrument to achieve that efficiency that we are looking for. And the utilization of our technology has always been in our DNA. Diversification as a risk management tool, as Mikel said, there are many elements that are beyond our control, but being diversified is one of the key aspects that has allowed us to manage the different uncertainties or the different elements that arise along the way in carrying out our activity. And the diversification is also part of our value proposition to our customers, being able to provide them with a whole range of dividend solutions for their needs, and doing so in very different geographies and accompanying some of our customers along the way. Financial discipline is our trademark. It is our focus. We are here to generate cash flow. Financial discipline gives us that strength in the long term. That solvency that is also very important as a differential and competitive element to win contracts and have stable positions among our customers. And decentralization is where Germán focus on the most, decentralized management. I had left it to the end because it is less important, but rather because I really want to elaborate further on it. In the end, within this decentralized management model, we give a lot of autonomy to our managers, to people with a business-oriented or entrepreneurial profile. Of course, we do so based on global coordination and pursuing common objectives and a shared strategy. Decentralization is what our people are like and what they should be like. So having invested talent is fundamental and we define it in many different ways. Germán has referred to some of the words we use. I believe that we have diverse talent and these are not just words. We believe that diversity also leads to efficiency. We believe that diversity is necessary to do things in a different way. If we want to be innovative, we have to have diverse profiles, with diverse skills and different ways of looking at things to be able to come up with [indiscernible] solutions. Our talent is flexible, very dynamic and innovative. It is ambitious and passionate, as Germán said. It is based on merit. I think these are very important characteristics shared by people who make up Dominion, but we want to make sure that they are maintained over time and that we bring onboard people with these entrepreneurial traits. Within this plan, we take action to ensure that this culture flows throughout the organization and is maintained. We are 12,500 people more than 12,500 people organization-wide from 79 different nationalities. And it is important that we ensure that this deal as Germán put it, permeates throughout the organization and can be recognized and that we all share these common values. It is also essential that we keep the commitment of being a top 100 company that is having a top 100 management team, which is ultimately the most value-generating layer within the company. It is essential that we are all actively involved in all the initiatives we want to carry out and of course, in the strategic plan. In that sense, apart from a multitude of other actions that we carry out, this plan introduces a long-term share-based compensation plan, boosting even further the engagement of our top 100 management team. We are also aware that currently, there is a lot of competition for talent. So we have to retain but also attract the best talent. In this regard, we will be deploying different initiatives and we are aware of all this. During the first stage of this plan, very soon, we will be launching an initiative that combines part of our social action, which is very much focused on education. And we always want to carry initiatives around education. And that will also enable us to identify talent having this DNA and these characteristics. So Dominion would become a kind of accelerator or high-performance talent center, where on the one hand, we're giving people and projects access to the company's top 100 and on the other, we are supporting viable projects and people who can enjoy the company's talent base. In the end, this is all about getting the right people. The model is there, but we are a company of people, not a company of assets, so getting the right people is fundamental. And then going back to basics, making these 4Ds valid, we are always looking to enhance our culture further to adopt it, and make it grow. Sustainability has been an element that you have heard of throughout the plan. It is an element that is obviously a business opportunity. We are going to help, ad we are going to be facilitators to give sustainable solutions to our customers and help them meet their sustainability challenges, especially in the environmental sphere. Yet sustainability must also be part of our culture because this is also about being a sustainable company. Germán said, the sustainability is and will be key to competitiveness because our customers are going to demand us to be sustainable. We also have this commitment to sustainability, which translates into a series of specific actions and objectives that we set ourselves as a company. On the one hand, environmental objectives. We are a company with a positive footprint that is we avoid more emissions than the ones we've introduced because we are emission-free in general and we have our renewables area that generates a positive footprint. Nonetheless, we have certain ourselves zero emission targets, and we are taking actions through our fleet of vehicles, our energy consumption, et cetera, that will eventually lead us to zero emissions. Regarding people, we must also set our targets because, as I said, we are a company of people. Therefore, we want to further reinforce the diversity of our teams so that it can be greater, real and valued. We have actions in place, including zero tolerance to harassment or human rights violations. And we have the initiatives in this sense, and then also very closely related to people, we focus on occupational safety, which is fundamental across our activities. We take this issue very seriously throughout various initiatives. We invest in technology leading to increased safety and security. For example, no human entry technologies so that operators do not have to enter into industrial facilities for cleaning purposes. We invest and we raise awareness in this area. For us, it is an issue of utmost importance. Technology, again, helps us in attaining these objectives. As for governance and ethic management, we seek to align ourselves with the best practices as a listed company and to embed an ethical culture throughout the organization. As Germán said before, we have to do business but in a legal and moral fashion. And we do all this not only for ourselves, but we also transfer this way of doing to our supply chain. We have this job of passing on these requirements to our supply chain just as our customers deal with us. We have, therefore, embarked upon a path. We have a sustainability plan in place. We are aware that we have to set ourselves objectives and make progress in meeting those objectives. And we are doing so. In fulfilling this taxonomy, we have already doubled our eligibility compared to the previous year, and there are still many more objectives to be set by the European Union that will find us performing activities and will increase its percentage. And in terms of being a sustainable company, certification agencies, such as Standard & Poor's has recently placed us on the 89th percentile. So I believe that we're making steadfast progress in this respect. The second point I would like to address is a little bit more related to financing, to the debt structure and to the allocation of capital. Mikel mentioned that we'd like to operate on a net cash basis that we are moving towards zero net financial debt under this plan. So now I would like to show you a little bit of a difference as to how the various businesses operate from a debt structure perspective. The Services and Projects business is a business that so far has been operating on net cash and will continue to do so. It's not very CapEx intensive and generates high cash flows. Therefore, this net cash should continue to grow, is subject to any capital allocation decisions that may be taken along the way. In turn, the infrastructure business or stakes in infrastructures has a structural debt that somehow and compared to the figures of the closing of 2022 will be reduced gradually because those infrastructures where we hold a 100% interest, at least for the time being, will continue to generate cash flows. And because our strategy in this regard, as Roberto has already mentioned extensively, consists maintaining minority shareholdings and therefore, bringing in partners. So we may temporarily have equity financing for engineering, supply and building products. However, the disbursements for the acquisition of shareholdings by these partners will reduce this debt. In any case, this debt is backed by renewable assets and can be easily turned into cash at any given time, while also providing double-digit profitability tiers. So these are 2 types of debt that will be explained further and separately in the reporting section and globally as a company should lead us to a zero net financial debt even with this business of stakes in infrastructures. Talking about our CapEx requirements under the plan, we said that we are operating cash flow generators, so we should expect more or less the same capital requirements we have had up until now of [ 25 million to 30 million ] per year, which is the estimate we take into account to calculate our operating cash flow. But what do we do beyond this allocation of resources on the operating side? Well, first off, we reinvest in the business that is in M&As, in greenfields and infrastructure stakes. Obviously, as off late M&As have not been as active or as large as in the past due to an imbalance between private market multiples and stock market multiples, which has made it difficult for us to find M&As in line with our style and value creating M&A approach. But of course, we will continue engaging in mergers and acquisitions, as we have always done, provided that the price is right. Where would our focus be? Well, in the area of sustainability and above all sustainable services, that is where I think we can have more growth opportunities through M&As. We will also allocate resources to this sphere as we have been doing to shareholder remuneration, to the repurchase of shares. We're currently running our third buyback program. The first 2 have already been redeemed, with 10% of shares have been redeemed. And we are currently involved in another buyback program for an additional 1%. And as this programs come to and end as long as we deemed the share price to be appropriate, we will continue running this shareholder buyback programs while also keeping our dividend payout policy of 1/3 of net profit as part of our shareholder remuneration scheme. Against this backdrop of increased financing costs, a new window opens to allocate a portion of cash to repay or reduce our debt. So these are the different areas of capital allocation envisaged by this plan. Now let me go into reporting and explain how we're going to account for our activities from now on. As you saw during our Q1 results presentation, we will be reporting the activity in 3 segments. On the one hand, sustainable services. This covers the activity that Germán mentioned that is installations and maintenance of infrastructure of any kind included those services that were previously B2C services because now they are B2B2C services, if you want to call them that way, as we are allowing our other operators to market different services to the end consumer. In all cases, they share certain characteristics. Also as a result of the recent agreement reached we're upsold in the service segment, the profit margins are more aligned and should be around 12% in aggregate. They stand out as recurring profit margins and are not CapEx intensive. On the other hand, we have projects, which is a whole area that Roberto described, where we do all the design and execution of different infrastructures, including industrial infrastructures with a social impact, which covers hospitals, telecommunications, our energy networks and also renewable infrastructures. In this case, we delivered higher contribution margins of around 15%. We will talk about 15%, but the reality is that we have been well above these margins for some time. It is a portfolio-oriented business. Roberto has discussed this portfolio and its underlying top line for the next few years. They do not require much CapEx either and are high cash flow generators, which applies to both projects and services. As to our stake in infrastructure, this segment includes the generation of renewable energies and the profitability of these concessions. Today, we have renewable infrastructures and hospital infrastructures. For each one of these segments, we will disclose different information. As to services and projects, we will continue to report both on sales and profit margins as we have been doing so far. In the case of infrastructure stakes, as you can see in the first quarter, we will provide a full P&L picture with a breakdown of EBITDA, net profit and cash flow because there is quite a difference between EBITDA, net profit and cash flow in this segment and we deem it convenient to report it this way, giving more visibility to each item. In the case of services, the key element is recurrence. In the case of 360-degree projects, we will continue to report on a portfolio basis. And in the case of stakes in infrastructure, we will continue to report on the ones that are operational and in the top line ahead with the different phases of construction or development. There are some changes as well regarding the P&L. We will no longer do adjusted sales. Mikel also mentioned this. So far, we have been doing sale adjustments mainly for B2C devices. It make sense at the time because of the volume it represented over the company's turnover, but it has become less meaningful over time because it is no longer as representative, does not have as much impact. And it also coincides in time with the deconsolidation of the energy-related sales that are no longer accounted for after the agreement with Repsol. So they are now more or less equivalent, and we thought it was a good time to simplify these metrics and just talk about sales without making an adjustment. I think it's also simply for the standpoint of all the metrics that can appear on any platform. This is a P&L of services and projects that, of course, contribute revenue and EBITDA. Also the infrastructures where we have a majority shareholding contribute to revenue and EBITDA. And in the case of infrastructures where we hold a minority interest, which are going to be the majority of [indiscernible] onwards, their contribution will be accounted for under the equity method. So this is what our reporting will look like for now onwards. As for the net financial debt, as I said before, we're going to report separately the net financial debt associated to projects and services and the net financial debt associated to the stake in infrastructures so that we can see their evolution as well as the RONA calculations, among others for each of the different lines of business. I'm not going to get too much into valuation, which is more of your business. Basically, here, we consider that with this information, you will be able to make a valuation of the different businesses. You know the core main business of the company, you're valuing those projects and services through different methodologies, such as the discounted cash flow method, EBITDA multiples or whatever because there are peers to compare us against, both in the services and the project area. In addition to this, we have the stakes in infrastructures that generate additional cash flows and that we will also outline in our reporting. And with that, I will close my presentation and pass the floor back to Mikel, who will draw some final conclusions before the Q&A.

Thank you very much, Patri. Well, they're not really conclusions. It's more a question of a quick refresh of everything we've talked about not leaving anything behind and just having a 5-minute break and then we can move on to your questions. We continue to be a project services company. We are still Dominion. We're still what we were, and we will continue to be improving efficiency, improving our tools in an ongoing raise. And that sometimes to be the same -- even if you're in the same place, you still have to run a lot if you want to grow. We added a segment of participations in infrastructures as a consequence of one of the financing models of our 360 projects. We've changed the positioning in B2C. It's now B2B2C. We now go directly to the clients, and we no longer report how many energy customers we have since it no longer depends as much on us or our office. It will depend, for example, in this case, we're providing a service to Repsol. In addition to charging for a new registration or charging for new acquisition, we charge for customer maintenance or customer loyalty. And the same occurs in the telecommunications sector or in other sectors. In any case, it's important for you to understand that in this area, there's quite a lot of, let's say, hidden value. We've sold the energy portfolio. We have a portfolio of 200,000 clients in telecommunications, and you know what value this has and those who are familiar with the sector are aware of its value. We apply technology to contribute efficiency. It's not an end in itself. I'm referring to technology as Germán mentioned. It's a tool, a tool which yields efficiency, provides efficiency and sustainability. Therefore, as we've repeated often today, sustainability is nothing more than long-term efficiency and it's impossible to be efficient without being sustainable or at least in the long term. We've established an organic plan, which I think is important as the main lever for growth with M&A being an additional lever, depending on market conditions. And as you can see from the plan we presented, it's purely organic. And let's hope the world changes a little. And we have many opportunities to do things at some point. I don't know when, a consolidation process will arrive and we'll be there. And we've defined a new committed guidance, committed to growth and creation of value for shareholders. which we've just seen. Patricia has presented this very well. I think that the level of growth is significant, especially considering that we're talking about organic growth in these current times. And that's where we are. So now you can ask us any questions you may have. Perhaps we can have a 5-minute break. We'll prepare some chairs up here on the stage for you to feel more comfortable and you can ask the questions you may have, and we will try to answer. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]