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J U L Y 2 0 2 1
2
• This document has been prepared by Global Dominion Access, S.A. ("DOMINION"), and is for information purposes only. No reliance may or should be placed for any purposes whatsoever on the
information contained in this document or on its completeness, accuracy or fairness. This document and the information contained herein are strictly confidential and are being shown to you solely for
your information. The information may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within
or outside such person's organization or firm) or published in whole or in part, for any purpose or under any circumstances.
• This document is an advertisement and not a prospectus for the purposes of applicable measures implementing EU Directive 2003/71/EC (such Directive, together with any applicable implementing
measures in the relevant home Member State under such Directive, the "Prospectus Directive") and as such does not constitute or form part of any offer to sell or issue or invitation to purchase or
subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of DOMINION or any of its affiliates or subsidiaries, nor shall it or any part of it nor the fact of its distribution
form the basis of, or be relied on in connection with, any contract or investment decision. Investors should not subscribe for or purchase any securities referred to in this advertisement except on the
basis of the information contained in any prospectus eventually published in accordance with the Prospectus Directive. The information and opinions contained in this document are provided as at the
date of the document and are subject to change.
• This document is not an offer of securities for sale in the United States, Australia, Canada or Japan. The information contained herein does not constitute an offer of securities for sale in the United
States, Australia, Canada or Japan. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. No money, securities or other consideration is
being solicited and, if sent in response to the information contained herein, will not be accepted. Copies of this document are not being, and should not be, distributed or sent into the United States.
This document does not constitute an offer of securities to the public in the United Kingdom or in any other jurisdiction. The distribution of this document in other jurisdictions may also be restricted
by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions.
• This communication may contain forward-looking information and statements on DOMINION, including financial projections and estimates and their underlying assumptions, statements regarding
plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Although DOMINION
believes that the expectations included in those forward-looking statements are reasonable, investors and shareholders are cautioned that forward-looking statements are subject to various risks and
uncertainties, many of which are difficult to predict and generally beyond he control of DOMINION, that could cause actual results and developments to differ materially from those expressed in, or
implied or projected by, the forward-looking statements,
• Forward-looking statements are not guarantees of future performance. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were
made. Except as required by applicable law, DOMINION foes not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
• The information and opinions contained in this document are provided as at the date of the document and are subject to verification, completion and change without notice. Neither DOMINION nor any
of its parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, employees, agents, affiliates or advisers,
undertakes any obligation to amend, correct or update this document or to provide the recipient with access to any additional information that may arise in connection with it.
DISCLAIMER
3
We are DOMINION: equity story
Activity examples
2021 Q1 Results
FY 2020 Results
4
We are DOMINION_
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
We are a global company that provides Services and end-
to-end Projects, with almost 10,000 employees
distributed in 35 countries.
C O U N T R I E S
>35
C L I E N T S
>1,000
E M P L O Y E E S
> 9,500
USA
Canada
Mexico
Colombia
Peru
Brazil
Argentina
Ecuador
Haiti
Honduras
El Salvador
Dominican
Republic
EUROPE & AFRICA
UK
Germany
Italy
Denmark
Portugal
Poland
Netherlands
Slovakia
Russia
Morocco
Angola
South Africa
AMERICA ASIA & OCEANIA
Australia
Philippines
Indonesia
Vietnam
India
Oman
Qatar
United Arab
Emirates
Saudi Arabia
Bahrein
Our global revenue is more than 1,000 €m .
Our objective is to provide comprehensive solutions that
maximize the efficiency of business processes by
implementing innovative technology and a different
approach.
We are a publicly listed company since 2016 (BME:DOM).
Our activity fields are Technology & Telecommunications,
Industry and Energy.
5
More than 20 years diversifying by the hand of disruption _
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
• Digital revolution and new
technology developments
B2C
(2017-today)
Energy
(2016-today)
Technology & Telecommunications
(1999-today)
Industry
(2014-today)
1 9 9 9 2 0 2 0
In 1999 the investment
group INSSEC
committed for a
technology project and
set up DOMINION Global
At the same time, the
group created CIE
Automotive
• Turnkey projects in
healthcare, education
and alert systems
• In Spain: liberalization of
the telco sector
We position ourselves as
an integrator and
maintainer of networks
We implement
technology to respond to
a deflationary
environment that is
continually adjusting
costs
• O&M contracts with
several telco operators
Disruptive
paradigm
Response
Milestones/
projects
Our link to global trends and the evolution of our businesses have
lead us to develop multi-sector knowledge and to work in
different activity fields
• The industrial crisis
highlights the need for
restructuring and
productive efficiency
We transfer our experience in
telco into the industrial
sector, in order to define a
value proposal based on
technology and efficiency
• Industrial infrastructures
• One-Stop-Shop O&M
• Industry 4.0 projects
• New global energy
model
We position ourselves in
evolving areas:
• Renewable energy
• Electricity grids
• Solar parks and wind farms
• Transmission lines
• Charging stations
• The revolution of
personal services and
the internet-connected
household
We develop our proposal to
be the integrator of all
personal and household
services
• Smart House: technology
and household services
6
D O M I N I O N Confidential
© Dominion 2020
We are DOMINION_
Business segments and key figures
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
B2B Services B2B 360 Projects B2C
B2B_ B2C_
• O&M outsourcing contracts
• Process improvement
resulting from service
contracts
• Major projects to create
new infrastructures
"Multi-service supplier
bringing together a full
range of personal and
household services in a
single omnichannel
platform"
• Recurrent contracts
• CM ≈ 10%
• Project backlog
• CM ≈ 15%
• Recurrent revenue
• Key factors: number of
clients and their
Average Lifetime Value
(1) Distribution for FY 2020
(2) Adjusted turnover = Annual Accounts Turnover without
revenues from sold devices
(3) Contribution Margin: EBITDA before corporate structure and
central administration costs
(4) Free Operating Cash Flow: EBITDA –difference between
CAPEX and Amortization –NWC variation –Net Financial
Income –Tax payment; (acquisitions excluded)
(5) RONA: EBITA / (Total non-current assets –Deferred assets –
Goodwill not associated to cash + PPAs amortization current
year +Net WC ; excluded acquisitions of the year).
Turnover (1) (2) Contribution Margin (1) (3)
101%
Free Cash Flow
Conversion from EBITA (4)
"Tier 1 supplier and digital expert capable of end-to-end
execution of projects: from project design and
management to subsequent O&M"
• Energy and gas supply,
telco and data services,
insurances and others
16%
RONA (Return on Net Assets) (5)
51%
B2B_
Services
31%
B2B_
360 Projects
18%
B2C
48%
B2B_
Services
46%
B2B_
360 Projects
6%
B2C
7
DOMINION: reasons to invest_
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
1. A different value proposition: end-to-end vision of the value chain in the B2B and B2C
2. A management model and an experienced team; focused on value creation
3. A recurrent generation of operating FCF: + €220 m generated since 2015
4. A profitable growth story: Turnover 16% CAGR, Net Income 23% CAGR (2015-2019)
5. Ambitious objectives: to double the Net Income by 2023
6. ESG: committed to our stakeholders
8
1. A different value proposition_
B2B: Tier 1 supplier and digital expert capable of end-to-end execution of projects:
from project design and management to subsequent O&M
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
EPC company
Manages construction projects
globally
Specialised Engineering
Designs and executes a specific
part of the construction
Service Company
Manages an outsourced non-
core process
IT Company
Participates in specific phases
of the Digital Transformation
DOMINION B2B
Tier 1 supplier and digital
expert with capabilities to
execute end-to-end projects
Design,
Mgmt and
Exection
O & M
B2B VALUE PROPOSITION
Process Set Up Process MGMT
DEDIGN,
MGTM ADN
EXECUTION
PROJECT
FINANCE
OPERATION AND
MAINTENANCE
PROCESS
IMPROVEMENT
1. END-TO-END MANAGEMENT
2. MULTI-SECTOR KNOWLEDGE
3. DIGITAL EXPERT
Digital
expert
Sector
knowledge
9
1. A different value proposition_
B2C: Multi-service supplier bringing together a full range of personal and household
services in a single omnichannel platform
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
Retailer
Distributes 3rd parties' products
through a one-time client
contact. Doesn’t manage clients
Operator
Provides services to the client,
normally limited to one type.
Manages the client
Multi-Serv. supplier
Organizes several services for
the client and provides a digital
management platform
DOMINION B2C
A multi-service supplier with an
omnichannel platform, (physical
and digital). Manages the client
Service
Operation
Digital
distribution
channels
Physical
distribution
channel
Multi-serv.
integrated
Mgmt B2C VALUE PROPOSITION
C O M P E T I T I V E A D V A N T A G E S
Lower
acquisition costs
Higher LTV
(Life Time Value)
Outstanding
service
1
1. END-TO-END CUSTOMER MANAGEMENT
OPERATOR
MULTI-SERVICE
SUPPLIER
OMNICHANNEL
PLATFORM
1 0
2. A management model and an experienced team_
The 4 Ds, the 4 pillars of our management model to focus on value creation
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
Disruption: new ways of doing
things to approach new
challenges
Technological focus and vitality:
knowledge of available technology
to apply it to our services and
projects
Cross-functional: platforms
applicable to different industries
and sectors
3 segments: B2B services, B2B
360 projects and B2C
Activity fields: multi-sector and
multi-technical approach
Geographies: 5 continents, > 35
countries
Clients: more than 1,000
Entrepreneur-minded
management: management
independence over their business
areas/ divisions
Lean and flexible corporate
structure: well measured central
services
Operational Leverage
Profitability: ongoing evaluation
and control of operations
profitability ratios
Cash flow: focus on FCF
generation
M&A and Capex: strict return
discipline
“It is not what we do, but how we do it”
Digitalization Diversification Decentralization Financial Discipline
1 1
3. A recurrent generation of operating FCF_
+ €220 m generated since 2015
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
Operating FCF (1) conversion from EBITA 2015-2020 (€m)
(1) Free Operating Cash Flow: before M&A and financial investments
EBITA
Operating FCF
75%
Guidance FCF (1)
/EBITA
Total FCF
25 28
37
48 47
31
36
43
54
64
2015 2016 2017 2018 2019
220 M€
36
36
2020
1 2
4. A profitable growth story_
Operating leverage: strong organic growth and operational leverage, that will
resume in 2021
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
Turnover (1) 2015-2021 (€m) Net Income (2) 2015-2021 (€m)
(1) Adjusted turnover= Annual Accounts Turnover without revenuesfrom sold devices
(3) Net Income from Continuing Operations (recurrent), excluded discontinued operations
17
22
26
33
39
13
2015 2016 2017 2018 2019 2020 2021
525
613
719
831
947 911
2015 2016 2017 2018 2019 2020 2021
23% CAGR
16%
CAGR
9% CAGR
organic growth
1 3
5. Ambitious objectives: our guidance for the 2019-2023 (1)_
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
Net Income x2
TURNOVER
CAGR >5%
EBITA
CAGR >10%
Financial Discipline
FREE CASH FLOW
CONVERSION
>75% EBITA
RONA
>20%
• Net Income x2 to reach €64m in 2023
• Turnover >5% CAGR
• EBITA >10% CAGR
• M&A as an accelerator
• 1/3 of the net income
• Distributed for the first time in 2020
• Free Cash Flow Conversion >75% EBITA
• RONA >20%
• DFN/EBITDA < x2
• Capex ≈ Amortization and steady WC
• Overhead cost ≈3% on Revenue
1 4
5. Ambitious targets: Perspectives 2021 update_
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
In view of the results
obtained in this first
quarter… … we reaffirm that in 2021 we will far exceed pre-
Covid levels of activity and profitability.
2021
… growing vs 2019 ahead of our strategic plan targets
Double digit growth
… and with a generation of free operating cash(6) >75% EBITA
Growth >10%
>5%
Growth >25%
>10%
>20%
Sales(1)
EBITA(2)
Net Income(3)
CAGRs in Strategic
Plan
2021 vs 2019
1 5
6. ESG: committed to our stakeholders_
W E A R E D O M I N I O N : E Q U I T Y S T O R Y
A P O S I T I V E F O O T P R I N T
W E T A K E C A R E O F P E O P L E
A C O M M I T T E D G O V E R N A N C E
ENVIRONMENTAL
SOCIAL
GOVERNANCE
1 6
We are DOMINION: equity story
Activity examples
2021 Q1 Results
FY 2020 Results
1 7
Relevant examples of DOMINION’s activity_
A C T I V I T Y E X A M P L E S
Turnkey projects and O&M of
renewable energy plants
Kaixo solar plant (México)
DOMINION delivered a turnkey project to
build the largest self-supply photovoltaic
plant in Mexico (2017), with 65 MW installed
capacity and more than 200.000 panels.
Currently DOMINION provides O&M services
in the plant, which were included in the
scope of the project.
Design, construction and O&M
of industrial infrastructures
Opole energy plant (PGE Group, Poland)
DOMINION designed and managed the
construction of two 185m cooling towers in
the expansion of the Opole power plant during
2017 and 2018. DOMINION also provides O&M
services for tall structures.
This project was the largest infrastructure
work in Poland in the last 25 years.
360 projects: from the design to the operation and maintenance
Technology integration and
O&M in hospitals
Antofagasta Hospital (Chile)
DOMINION managed the implementation and
commissioning of the medical equipment
and technological infrastructure in the
Antofagasta hospital. Additionally,
DOMINION will be in charge of the O&M and
the technology revamping for the next 15
years.
The concession structure used in this
hospital has been a successful case study
and will be followed in the current
investment plant of the country.
1 8
Relevant examples of DOMINION’s activity _
A C T I V I T Y E X A M P L E S
Deployment and O&M of
electricity lines
Distribution lines for Enel (Peru, Colombia and
Chile)
DOMINION undertakes the deployment,
commissioning and maintenance of
electricity distribution lines (low and
medium voltage) for ENEL in Peru, Colombia
and Chile since 2019.
The global capabilities of DOMINION, which
ensure the same quality and service level in
every part of the world, are one of the key
factors that the client values most.
Industrial O&M service under
One Stop Shop scheme
Leading chemical producer (Spain)
DOMINION manages and centralizes a wide
range of O&M services, including, among
others, logistics management,
electromechanics maintenance and the
implementation of digital transformation
improvements.
DOMINION provides these services in the
Spanish plants of a leading chemical
company.
Digital transformation to
achieve energy efficiency
Gonvarri (International production plants)
DOMINION implemented and manages since
2016 an energy consumption control and
monitoring solution for a leading automobile
components manufacturer. Thanks to it, the
client has maximized the energy efficiency of
17 production plants in 9 different countries.
DOMINION designs , implements and operates
digital transformation solutions in this and
other activity areas.
Services: O&M with technology as value added
1 9
We are DOMINION: equity story
Activity examples
2021 Q1 Results
FY 2020 Results
2 0
2 0
2021 Q1 Results_
2 0 2 1 Q 1 R E S U L T S
Q1 2019
Q1 2021
vs Q1 2019
285.4
212.6 19%
20.9 18%
9.8%
11.7 26%
5.5%
10.5 32%
4.9%
6.7 33%
3.2%
Q1 2020
Q1 2021
vs Q1 2020
267.8
224.5 13%
18.0 38%
8.0%
9.0 64%
4.0%
7.8 76%
3.5%
3.9 132%
1.7%
Q1 2021
286.3
253.1
24.8
9.8%
14.7
5.8%
13.8
5.4%
9.0
3.5%
(€m)
Turnover
Adjusted Turnover(1)
EBITDA (2)
% EBITDA on Turnover
EBITA(2)
% EBITA on Turnover
EBIT (2)
% EBIT on Turnover
Net Income (3)
Net Income on Turnover
(1) The scope of consolidation varies from Q1 2020 due to: i) the exclusion of 3 months' results of Telco services activities divested during2020; ii) the inclusionof 3 months' results of bolt-on acquisitions carried out in 2020; and iii) the inclusion of
1 month of Tankiac (acquisition 2021).
(2) The scope of consolidation varies from Q1 2019: i) the exclusion of the results of 3 months of Telco services activities (divested in 2020) and 3 months of non-strategic IT activities (divested in 2019); ii) ) the inclusion of 1 month of Tankiac
(acquisition 2021).; 3 months of bolt-on acquisitions carried out in 2020; and 1 month of Bygging India and 2 months of Alterna (2019 acquisitions).
We are growing compared to 2019 in every line of the P&L, with growth levels above the historical average.
2 1
2 1
Highlights_
2 0 2 1 Q 1 R E S U L T S
DOMINION's excellent recovery is confirmed, effective already in the first quarter of 2021.
High growth compared to pre-pandemic levels, exceeding historical average growth, despite the fact that we are still under the
effects of Covid-19.
Sales
Compared to Q1 2020, organic sales grow
+15% in constant currency.
The inorganic effect is negative (-1%) and the
FOREX effect -2%.
Organic growth +19% compared to 2019 Q1 .
Growth in all business segments.
Margins
Operating leverage is recovered:
+18% EBITDA and +32% EBIT vs 2019 1Q.
High margin levels in the B2B segment,
exceeding historical first quarter margins.
Net Income
Net profit of €9m, which is a record quarterly
result.
Doubling the net profit of 2020 Q1.
Growing +33% compared to 2019 Q1.
2 2
52%
B2B_
Services
31%
B2B_
360 Projects
Adjusted Turnover(1) by segment_
2 0 2 1 Q 1 R E S U L T S
B2C
17%
44 €m
B2B
83%
209 €m B2C
Q1 2020 Q1 2021
34.5 €m
76.3 €M
113.7 €m
43.7 €m
78.9 €m
130.5 €m*
B2B_
Services
B2B_
360 Projects
Growth in all segments; with strong recovery in B2B Services
* B2B Services has a smaller scope of consolidation in 2021 1Q than in 2020 1Q, because the divestments carried out in 2020 were higher than the investments.
+15%
+3%
+27%
2 3
42%
B2B_
Services
41%
B2B_
360 Projects
Contribution Margin (4) distribution by segment_
2 0 2 1 Q 1 R E S U L T S
B2C
17%
5 €m
B2B
83%
26 €m 2.2 €m
11.7 €m
10.8 €m
5.2 €m
12.9 €m
13.2 €m
B2C
Q1 2020 Q12021
B2B_
Services
B2B_
360 Projects
Contribution margin up 26%, with growth in all segments
+22%
+10%
+127%
2 4
2 4
Q1 2020 Q1 2021
190 €m
209 €m
43%
46%
11%
42%
38%
20%
-7%
+7%
+92%
Energy
Industry
T&T
2 0 2 1 Q 1 R E S U L T S
B2B Segment in detail_
B2B_
Services
10.1%
CM on Turnover
B2B_
360 Projects
16.4%
CM on Turnover
• After an adverse 2020, sales grow
above strategic targets, both compared
to 2020 Q1 (+19%) and 2019 Q1 (+6%).
• Margins are growing at double digit,
reaching pre-pandemic levels.
• Network O&M contracts with utilities
contribute to the Energy activity field,
which accounts for 20% of B2B sales.
• The excellent execution-backlog ratio
leads us to a state of recurrence in this
segment as well.
• Margins remain consistently above
target.
• Reactivation of strong infrastructure
deployments in Latam and Asia and
additional opportunities in the USA
resulting from the change of
administration.
Turnover(1) by activity field
2 5
2 5
B2C Segment in detail_
2 0 2 1 Q 1 R E S U L T S
B2C_
• Transitional quarter, due to changes in
consumer behavior and internal
restructuring, with the strengthening of
digital channels.
• Return on sales above the recurring average.
• Growth in the service base (+53,000 new net
services).
• The customer acquisition levels, still
affected by the pandemic situation among
other factors, are in line with previous
quarters.
• There was a one-off accumulation of
deregistrations in the quarter as a result of
the termination of contracts to customers
with accumulated non-payments.
No. of services by type of supply
252,000
Active
Services
84.739
164.021 176.169
35.092
76.059
1Q 2019 1Q 2020 1Q 2021
Energy services
Telecommunications services
199,000
252,000
85,000
2 6
We are DOMINION: equity story
Activity examples
2021 Q1 Results
FY 2020 Results
2 7
2020 highlights_
2 0 2 0 R E S U L T S
L O O K I N G
T O W A R D S 2 0 2 1
Proven resilience, improving the projected results under the pandemic scenario
• The evolution shows excellence in business execution (decentralization).
• The digitalization, diversification and financial discipline have mitigated the economic impact (positive
results) and have allowed us to generate cash.
• The 4rd quarter, in which we have grown compared to Q419, confirms the recovery of the activity.
We have developed the strategic objectives of the plan
• Actions taken to unlock the value of the renewable business, with a 1GW pipeline and advanced conversations to
include a minoritarian partner.
• Evolution towards a higher value added positioning in B2B Services with the divestment of mature operations
and the organic and inorganic acquisition of new contracts with higher potential.
• Transition of the B2C business in order to become an integrator of personal and household services.
Back to the road to growth in 2021, to achieve our Strategic Plan in 2023
• We forecast that 2021 will be a year of growth compared to 2019, in which we will resume the upward trend we
were having since 2016.
2020: a great challenge for our business model, successfully overcome
2 0 2 0
H I G H L I G H T S
2 8
Index_
2 0 2 0 R E S U L T S
1. 2020 execution: generating value despite covid-19
2. Main milestones and strategic development of the business
• B2B 360 Projects
• B2B Services
• B2C
2 9
Income statement 2020_
2 0 2 0 R E S U L T S
2019 % 2020
Turnover 1,149.3 -10% 1,029.6
Adjusted Turnover(1) 947.3 -4% 911.0
EBITDA (2) 103.7 -23% 80.0
% EBITDA on adjusted turnover 11.4% 8.8%
EBITA (2) 63.1 -43% 36.1
% EBITA on adjusted turnover 6.7% 4.0%
EBIT (2) 56.7 -44% 31.6
% EBIT on adjusted turnover 6.0% 3.5%
Net Income from continuing operations 39.2 -68% 12.6
% NI from continuing operations on adjusted turnover 4.1% 1.4%
Net Income 32.9 -62% 12.5
% Net Income on adjusted turnover 3.5% 1.4%
(€m)
*FY 2020 consolidated perimeter differs from 2019 because : i) It includes 1 month of Bygging India and 2 months of
Alterna; ii) It does not include 9 months of non-strategic IT activities divested during 2019 ;
iii) It does not include 6 months of the Telco service contract in Spain divested during 2020.
• The consolidation perimeter is reduced compared to 2019 because of the divestments carried out during the year*.
• The operating margin includes a negative net impact of one-offs (€10m approximately).
3 0
Adjusted Turnover (1) evolution_
2 0 2 0 R E S U L T S
2019 Organic Inorganic Forex 2020
947 -2.5% 911
-0.9%
-0.4%
-4%
ADJUSTED TURNOVER EVOLUTION BREAKDOWN (1)
(€m)
213 212
230
293
225
178
211
297
Q1 Q2 Q3 Q4
QUARTERLY EVOLUTION OF THE ADJUSTED TURNOVER (1)
(m€)
“A minor decline in the organic sales (-0.4%)” “The Q4 shows a recovery in the activity”
• Main variations in the turnover are due to divestments (-0.9%) and
the negative impact of Forex (–2.5%).
• In the Q4 we have grown again (+5% organically), after
several quarters affected by Covid-19.
3 1
Margins evolution_
2 0 2 0 R E S U L T S
33
39
12
2018 2019 2020
54
63
36
2018 2019 2020
One-offs €10m
One-offs €10m
• The reduction in the consolidation perimeter and the one-
offs of the year explain a large portion of the reduction in
the contribution margin.
• Double digit net income, exceeding the objectives
established under the Covid-19 scenario.
“The margins have exceeded our forecast under the pandemic scenario, even being penalized by a negative-€10 million net
impact of one-offs”
EBITA(2) EVOLUTION 2018-2020
€m
NET INCOME(3) EVOLUTION 2018-2020
€m
3 2
Adjuster Turnover (1) distribution by geography_
2 0 2 0 R E S U L T S
AMERICA
26%(29%)
EUROPE &
AFRICA
64%(59%)
ASIA &
OCEANIA
10%(12%)
“We maintain a diversified global presence, where Europe and Africa have gained weight over the year”
* 2019 numbers in parentheses
3 3
51%
B2B_
Services
31%
B2B_
360 Projects
Adjusted Turnover (1) distribution by segment_
2 0 2 0 R E S U L T S
B2C
18%
€165m
B2B
82%
€745m B2C
FY 2019 FY 2020
€116.1m
€288.0m
€543.2m
€165.0m
€280.9m
€465.1m*
B2B_
Services
B2B_
360 Projects
“A year marked by the impeccable execution of B2B 360 Projects, the resilience of B2B Services and the transformation of B2C”
* The reduction of the consolidation perimeter compared to 2019 affects the B2B Services segment due to the divestments made in 2020.
3 4
48%
B2B_
Services
46%
B2B_
360 Projects
Contribution Margin (4) distribution by segment_
2 0 2 0 R E S U L T S
B2C
6%
€6m
B2B
94%
€100m €19.1m
€48.8m
€63.1m
€6.2m*
€48.7m
€51.1m*
B2C
FY 2019 FY 2020
B2B_
Services
B2B_
360 Projects
*Net negative One-offs (€10m) need to be added on top of the reduction of the consolidation perimeter.
“Impeccable margins of B2B 360 Projects and resilience of B2B Services and B2C”
3 5
Balance sheet_
2 0 2 0 R E S U L T S
DECEMBER
2019
DECEMBER
2020
Fixed Assets 472.6 479.5
Net Working Capital (170.3) (191.6)
Total Net Assets 302.3 287.9
Net Equity 353.7 319.7
Net Financial Debt (5) (113.4) (87.4)
Others 62.1 55.5
Total Net Equity and
Liabilities
302.3 287.9
Balance sheet
(€m)
DECEMBER
2019
DECEMBER
2020
Gross Debt 88 191
Liquid Assets and Equivalents (201) (279)
Net Financial Debt (5) (113) (87)
Debt
(€m)
“A strong balance sheet, with a steady positive net cash position”
€17m of earn outs, payable from 2021 to 2027
NFD / EBITDA <0 <0
3 6
Cash Flow conversion (6)_
2 0 2 0 R E S U L T S
NET CASH (5) EVOLUTION BREAKDOWN
€m
2020
EBITA (2) 36.1
Organic CAPEX - Amortization (0.8)
WC (8) organic variation 11.6
Net Financial Result (6.9)
Taxes (5.1)
Other variations 1.6
Net Operating Cash Flow (6) 36.5
Operating Net Cash Flow Conversion Rate (6)
Acquisitions 2020 (including acquired net debt) and Earn outs (12.7)
Financial investments (20.0)
Dividends paid to minority interests (1.8)
Dividends distributed to shareholders (11.0)
Share buy-back programme (17.0)
Free Cash Flow (26.0)
Net Financial Debt 2019 (113.4)
Net Financial Debt 2020 (87.4)
101%
(€m)
“Strong operating FCF generation, encouraged by the excellent performance of the B2B 360 Projects segment”
87.4
36.5
-12.7
-1.8
-11.0
-17.0
-20.0
113.4
3 7
Financial discipline fulfilment_
2 0 2 0 R E S U L T S
106
113
87
2018 2019 2020
66%(1)
75%
101%
2018 2019 2020
24%
25%
16%
2018 2019 2020
Strong operating FCF conversion, backed by the good
performance of the B2B 360 Projects segment
We maintain a steady net cash position. High level of return on net assets, even under exceptional
profitability circumstances.
EBITA conversion into Operating
FCF (6)
Net Cash Position (5)
16%
RONA level (7)
€87m
101%
3 8
Other relevant figures_
2 0 2 0 R E S U L T S
WORKFORCE (1) CORPORATE STRUCTURE BACKLOG (2) TOP 1 CLIENT (3)
EPS
(1) En of the year data
(2) Includes only B2B 360 Projects segemnt
(3) Devices distribution business excluded
9,532
(35 countries)
€26m
(2.8% on adjusted
turnover) (1)
€617m
<4% on adjusted
turnover
€0.075
3 9
Q4 results 2020_
2 0 2 0 R E S U L T S
Q4 2019 % Q4 2020
Turnover 342.0 316.8
Adjusted Turnover (1) 292.7 +2% 297.2
EBITDA (2) 32.0 -1% 31.8
% EBITDA on adjusted turnover 10.9% 10.7%
EBITA (2) 22.6 -14% 19.4
% EBITA on adjusted turnover 7.7% 6.5%
EBIT (2) 19.8 18.2
% EBIT on adjusted turnover 6.8% 6.1%
Net Income 8.2 3% 8.5
% Net Icome on adjusted turnover 2.8% 2.9%
(€m)
*The consolidated perimeter differs from Q42019 because it does not include 3 months of the Telco service contract in Spain divested during 2020.
• The consolidation perimeter is reduced compared to Q4 2019 because of the divestments carried out during the year *.
• The operating margin includes a negative net impact of €4m one-offs.
4 0
2 0 2 0 R E S U L T S
1. 2020 execution: generating value despite covid-19
2. Main milestones and strategic development of the business
• B2B 360 Projects
• B2B Services
• B2C
4 1
Highlights of the B2B segment_
2 0 2 0 R E S U L T S
B2B Services
51%
of the Turnover (1)
11,0%
CM (4) on Turnover (1)
T&T Industry Energy
46%
(47%)
16%
(12%)
38%
(41%)
B2B 360 Projects
31%
of the Turnover (1)
17,3%
CM (4) on Turnover (1)
617 M€
Backlog
“An end-to-end proposal, from the development and the execution to the operation and maintenance”
* 2019 numbers in parenthesis
4 2
Highlights of the B2B segment: 360 Projects_
2 0 2 0 R E S U L T S
Resilience of the business & new projects
Renewables business: towards becoming a relevant global player
• The segment has shown a high resilience thanks to its excellent execution during
2020, and has maintained both revenue and profitability levels compared to 2019.
• During 2020 we have been awarded with several projects that assure a profitable
growth of the activity in the mid-term. A relevant one has been the Buin-Paine hospital
in Chile, which is due to start in 2022.
• During 2020 we have completed a 18 MW biomass plant in Argentina, and we have
carried out the construction of a 66 MW wind farm in Mexico, which is expected to go
into operation in 2021.
• Along with BAS, our financial partner, we have disclosed a 1GW pipeline of renewable
projects for 2021-2025. In the process of unlocking the value of DOMINION Green, we
are incorporating a minority partner to strengthen the activity further.
4 3
D O M I N I O N Confidential
© Dominion 2020
Highlights of the B2B segment: Services_
2 0 2 0 R E S U L T S
Recovery and growth in the Q4 2020
M&A: active and capturing opportunities
Focused on higher value added contracts
• The segment has achieved a 2% growth in the Q420, after being impacted since the
beginning of the health crisis (-7% Q120, -31% Q220, -24% Q320) due to global lockdowns
and restrictions (production slowdown and clients’ plants closure).
• We have won new contracts with high potential in the energy and industry sectors (e.g.
the 3rd contract with ENEL in Latam)
• At the same time, we have undertaken the divestment of non-strategic contracts:
Telefonica’s last mile services and IT outsourcing services in Spain
• Famaex (a B2B2C services digital platform), Dimoin and Hivisan (industrial services
companies) were acquired during 2020.
• We expect to continue very active and that new M&A opportunities will unveil in 2021.
123 129
136
156
114
89
103
159
Q1 Q2 Q3 Q4
B2B SERVICES IN 2020
4 4
Highlights of the B2C segment_
2 0 2 0 R E S U L T S
Growth continues, despite mobility restrictions
Transformation of the business model
Positive Contribution Margin, thanks to quick decision making
• We closed 2020 with over 240,000 active services, which means we have acquired
70,000 net new customers during the year, including Electricity, Gas and
Telecommunication contracts, thanks to Phone House’s omnichannel platform.
• Quick decision making allowed us to mitigate the impacts during severe lockdown
periods (when the physical distribution channel was forced to close).
• We have recurrent revenues coming from our growing base of service clients.
• The transformation of the B2C business (from a retailer to a personal and household
services integrator) required operational and structure adjustments that have been
carried out during 2020.
70 k
145 k
173 k
26 k
69 k
2018 2019 2020
242 k
Electricity & Gas supply
Number of services
171 k
70 k
+71,000
services
Telecomunications
4 5
Appendix_
2 0 2 0 R E S U L T S
(1) Adjusted turnover: Annual Accounts Turnover without revenues from sold devices
(2) EBITDA: Net Operating Income + Depreciation
EBITA: Net Operating Income + PPA’s
EBIT: Net Operating Income
3) Net Income or Net Attributable Income: if not indicated otherwise, it refers to the Net Income from continuing operations
4) Contribution Margin: EBITDA before corporate structure and central administration costs
5) Net Financial Debt: Financial Debt (Long and short Term) +/- Derivative financial instruments – Cash and Short-Term Investments
6) Free Operating Cash Flow: EBITDA – difference between CAPEX and Amortization – NWC variation – Net Financial Income – Tax payment; (acquisitions excluded)
7) RONA: EBITA / (Total non-current assets – Deferred assets – Goodwill not associated to cash + PPAs amortization current year +Net WC ; excluded acquisitions of
the year).
8) WC: Working capital
4 6
Headquarters
Ibáñez de Bilbao, 28 8º A y B
48009 BILBAO (SPAIN)
Phone: (+34) 944 793 787
dominion-global.com
© DOMINION 2021
We help our clients transform to
become more efficient.
We apply technology to make this
happen.
We are DOMINION.

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202107 dominion presentacion corporativa_ir_eng_2

  • 2. 2 • This document has been prepared by Global Dominion Access, S.A. ("DOMINION"), and is for information purposes only. No reliance may or should be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. This document and the information contained herein are strictly confidential and are being shown to you solely for your information. The information may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organization or firm) or published in whole or in part, for any purpose or under any circumstances. • This document is an advertisement and not a prospectus for the purposes of applicable measures implementing EU Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive") and as such does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of DOMINION or any of its affiliates or subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Investors should not subscribe for or purchase any securities referred to in this advertisement except on the basis of the information contained in any prospectus eventually published in accordance with the Prospectus Directive. The information and opinions contained in this document are provided as at the date of the document and are subject to change. • This document is not an offer of securities for sale in the United States, Australia, Canada or Japan. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada or Japan. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted. Copies of this document are not being, and should not be, distributed or sent into the United States. This document does not constitute an offer of securities to the public in the United Kingdom or in any other jurisdiction. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. • This communication may contain forward-looking information and statements on DOMINION, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Although DOMINION believes that the expectations included in those forward-looking statements are reasonable, investors and shareholders are cautioned that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond he control of DOMINION, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements, • Forward-looking statements are not guarantees of future performance. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. Except as required by applicable law, DOMINION foes not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. • The information and opinions contained in this document are provided as at the date of the document and are subject to verification, completion and change without notice. Neither DOMINION nor any of its parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, employees, agents, affiliates or advisers, undertakes any obligation to amend, correct or update this document or to provide the recipient with access to any additional information that may arise in connection with it. DISCLAIMER
  • 3. 3 We are DOMINION: equity story Activity examples 2021 Q1 Results FY 2020 Results
  • 4. 4 We are DOMINION_ W E A R E D O M I N I O N : E Q U I T Y S T O R Y We are a global company that provides Services and end- to-end Projects, with almost 10,000 employees distributed in 35 countries. C O U N T R I E S >35 C L I E N T S >1,000 E M P L O Y E E S > 9,500 USA Canada Mexico Colombia Peru Brazil Argentina Ecuador Haiti Honduras El Salvador Dominican Republic EUROPE & AFRICA UK Germany Italy Denmark Portugal Poland Netherlands Slovakia Russia Morocco Angola South Africa AMERICA ASIA & OCEANIA Australia Philippines Indonesia Vietnam India Oman Qatar United Arab Emirates Saudi Arabia Bahrein Our global revenue is more than 1,000 €m . Our objective is to provide comprehensive solutions that maximize the efficiency of business processes by implementing innovative technology and a different approach. We are a publicly listed company since 2016 (BME:DOM). Our activity fields are Technology & Telecommunications, Industry and Energy.
  • 5. 5 More than 20 years diversifying by the hand of disruption _ W E A R E D O M I N I O N : E Q U I T Y S T O R Y • Digital revolution and new technology developments B2C (2017-today) Energy (2016-today) Technology & Telecommunications (1999-today) Industry (2014-today) 1 9 9 9 2 0 2 0 In 1999 the investment group INSSEC committed for a technology project and set up DOMINION Global At the same time, the group created CIE Automotive • Turnkey projects in healthcare, education and alert systems • In Spain: liberalization of the telco sector We position ourselves as an integrator and maintainer of networks We implement technology to respond to a deflationary environment that is continually adjusting costs • O&M contracts with several telco operators Disruptive paradigm Response Milestones/ projects Our link to global trends and the evolution of our businesses have lead us to develop multi-sector knowledge and to work in different activity fields • The industrial crisis highlights the need for restructuring and productive efficiency We transfer our experience in telco into the industrial sector, in order to define a value proposal based on technology and efficiency • Industrial infrastructures • One-Stop-Shop O&M • Industry 4.0 projects • New global energy model We position ourselves in evolving areas: • Renewable energy • Electricity grids • Solar parks and wind farms • Transmission lines • Charging stations • The revolution of personal services and the internet-connected household We develop our proposal to be the integrator of all personal and household services • Smart House: technology and household services
  • 6. 6 D O M I N I O N Confidential © Dominion 2020 We are DOMINION_ Business segments and key figures W E A R E D O M I N I O N : E Q U I T Y S T O R Y B2B Services B2B 360 Projects B2C B2B_ B2C_ • O&M outsourcing contracts • Process improvement resulting from service contracts • Major projects to create new infrastructures "Multi-service supplier bringing together a full range of personal and household services in a single omnichannel platform" • Recurrent contracts • CM ≈ 10% • Project backlog • CM ≈ 15% • Recurrent revenue • Key factors: number of clients and their Average Lifetime Value (1) Distribution for FY 2020 (2) Adjusted turnover = Annual Accounts Turnover without revenues from sold devices (3) Contribution Margin: EBITDA before corporate structure and central administration costs (4) Free Operating Cash Flow: EBITDA –difference between CAPEX and Amortization –NWC variation –Net Financial Income –Tax payment; (acquisitions excluded) (5) RONA: EBITA / (Total non-current assets –Deferred assets – Goodwill not associated to cash + PPAs amortization current year +Net WC ; excluded acquisitions of the year). Turnover (1) (2) Contribution Margin (1) (3) 101% Free Cash Flow Conversion from EBITA (4) "Tier 1 supplier and digital expert capable of end-to-end execution of projects: from project design and management to subsequent O&M" • Energy and gas supply, telco and data services, insurances and others 16% RONA (Return on Net Assets) (5) 51% B2B_ Services 31% B2B_ 360 Projects 18% B2C 48% B2B_ Services 46% B2B_ 360 Projects 6% B2C
  • 7. 7 DOMINION: reasons to invest_ W E A R E D O M I N I O N : E Q U I T Y S T O R Y 1. A different value proposition: end-to-end vision of the value chain in the B2B and B2C 2. A management model and an experienced team; focused on value creation 3. A recurrent generation of operating FCF: + €220 m generated since 2015 4. A profitable growth story: Turnover 16% CAGR, Net Income 23% CAGR (2015-2019) 5. Ambitious objectives: to double the Net Income by 2023 6. ESG: committed to our stakeholders
  • 8. 8 1. A different value proposition_ B2B: Tier 1 supplier and digital expert capable of end-to-end execution of projects: from project design and management to subsequent O&M W E A R E D O M I N I O N : E Q U I T Y S T O R Y EPC company Manages construction projects globally Specialised Engineering Designs and executes a specific part of the construction Service Company Manages an outsourced non- core process IT Company Participates in specific phases of the Digital Transformation DOMINION B2B Tier 1 supplier and digital expert with capabilities to execute end-to-end projects Design, Mgmt and Exection O & M B2B VALUE PROPOSITION Process Set Up Process MGMT DEDIGN, MGTM ADN EXECUTION PROJECT FINANCE OPERATION AND MAINTENANCE PROCESS IMPROVEMENT 1. END-TO-END MANAGEMENT 2. MULTI-SECTOR KNOWLEDGE 3. DIGITAL EXPERT Digital expert Sector knowledge
  • 9. 9 1. A different value proposition_ B2C: Multi-service supplier bringing together a full range of personal and household services in a single omnichannel platform W E A R E D O M I N I O N : E Q U I T Y S T O R Y Retailer Distributes 3rd parties' products through a one-time client contact. Doesn’t manage clients Operator Provides services to the client, normally limited to one type. Manages the client Multi-Serv. supplier Organizes several services for the client and provides a digital management platform DOMINION B2C A multi-service supplier with an omnichannel platform, (physical and digital). Manages the client Service Operation Digital distribution channels Physical distribution channel Multi-serv. integrated Mgmt B2C VALUE PROPOSITION C O M P E T I T I V E A D V A N T A G E S Lower acquisition costs Higher LTV (Life Time Value) Outstanding service 1 1. END-TO-END CUSTOMER MANAGEMENT OPERATOR MULTI-SERVICE SUPPLIER OMNICHANNEL PLATFORM
  • 10. 1 0 2. A management model and an experienced team_ The 4 Ds, the 4 pillars of our management model to focus on value creation W E A R E D O M I N I O N : E Q U I T Y S T O R Y Disruption: new ways of doing things to approach new challenges Technological focus and vitality: knowledge of available technology to apply it to our services and projects Cross-functional: platforms applicable to different industries and sectors 3 segments: B2B services, B2B 360 projects and B2C Activity fields: multi-sector and multi-technical approach Geographies: 5 continents, > 35 countries Clients: more than 1,000 Entrepreneur-minded management: management independence over their business areas/ divisions Lean and flexible corporate structure: well measured central services Operational Leverage Profitability: ongoing evaluation and control of operations profitability ratios Cash flow: focus on FCF generation M&A and Capex: strict return discipline “It is not what we do, but how we do it” Digitalization Diversification Decentralization Financial Discipline
  • 11. 1 1 3. A recurrent generation of operating FCF_ + €220 m generated since 2015 W E A R E D O M I N I O N : E Q U I T Y S T O R Y Operating FCF (1) conversion from EBITA 2015-2020 (€m) (1) Free Operating Cash Flow: before M&A and financial investments EBITA Operating FCF 75% Guidance FCF (1) /EBITA Total FCF 25 28 37 48 47 31 36 43 54 64 2015 2016 2017 2018 2019 220 M€ 36 36 2020
  • 12. 1 2 4. A profitable growth story_ Operating leverage: strong organic growth and operational leverage, that will resume in 2021 W E A R E D O M I N I O N : E Q U I T Y S T O R Y Turnover (1) 2015-2021 (€m) Net Income (2) 2015-2021 (€m) (1) Adjusted turnover= Annual Accounts Turnover without revenuesfrom sold devices (3) Net Income from Continuing Operations (recurrent), excluded discontinued operations 17 22 26 33 39 13 2015 2016 2017 2018 2019 2020 2021 525 613 719 831 947 911 2015 2016 2017 2018 2019 2020 2021 23% CAGR 16% CAGR 9% CAGR organic growth
  • 13. 1 3 5. Ambitious objectives: our guidance for the 2019-2023 (1)_ W E A R E D O M I N I O N : E Q U I T Y S T O R Y Net Income x2 TURNOVER CAGR >5% EBITA CAGR >10% Financial Discipline FREE CASH FLOW CONVERSION >75% EBITA RONA >20% • Net Income x2 to reach €64m in 2023 • Turnover >5% CAGR • EBITA >10% CAGR • M&A as an accelerator • 1/3 of the net income • Distributed for the first time in 2020 • Free Cash Flow Conversion >75% EBITA • RONA >20% • DFN/EBITDA < x2 • Capex ≈ Amortization and steady WC • Overhead cost ≈3% on Revenue
  • 14. 1 4 5. Ambitious targets: Perspectives 2021 update_ W E A R E D O M I N I O N : E Q U I T Y S T O R Y In view of the results obtained in this first quarter… … we reaffirm that in 2021 we will far exceed pre- Covid levels of activity and profitability. 2021 … growing vs 2019 ahead of our strategic plan targets Double digit growth … and with a generation of free operating cash(6) >75% EBITA Growth >10% >5% Growth >25% >10% >20% Sales(1) EBITA(2) Net Income(3) CAGRs in Strategic Plan 2021 vs 2019
  • 15. 1 5 6. ESG: committed to our stakeholders_ W E A R E D O M I N I O N : E Q U I T Y S T O R Y A P O S I T I V E F O O T P R I N T W E T A K E C A R E O F P E O P L E A C O M M I T T E D G O V E R N A N C E ENVIRONMENTAL SOCIAL GOVERNANCE
  • 16. 1 6 We are DOMINION: equity story Activity examples 2021 Q1 Results FY 2020 Results
  • 17. 1 7 Relevant examples of DOMINION’s activity_ A C T I V I T Y E X A M P L E S Turnkey projects and O&M of renewable energy plants Kaixo solar plant (México) DOMINION delivered a turnkey project to build the largest self-supply photovoltaic plant in Mexico (2017), with 65 MW installed capacity and more than 200.000 panels. Currently DOMINION provides O&M services in the plant, which were included in the scope of the project. Design, construction and O&M of industrial infrastructures Opole energy plant (PGE Group, Poland) DOMINION designed and managed the construction of two 185m cooling towers in the expansion of the Opole power plant during 2017 and 2018. DOMINION also provides O&M services for tall structures. This project was the largest infrastructure work in Poland in the last 25 years. 360 projects: from the design to the operation and maintenance Technology integration and O&M in hospitals Antofagasta Hospital (Chile) DOMINION managed the implementation and commissioning of the medical equipment and technological infrastructure in the Antofagasta hospital. Additionally, DOMINION will be in charge of the O&M and the technology revamping for the next 15 years. The concession structure used in this hospital has been a successful case study and will be followed in the current investment plant of the country.
  • 18. 1 8 Relevant examples of DOMINION’s activity _ A C T I V I T Y E X A M P L E S Deployment and O&M of electricity lines Distribution lines for Enel (Peru, Colombia and Chile) DOMINION undertakes the deployment, commissioning and maintenance of electricity distribution lines (low and medium voltage) for ENEL in Peru, Colombia and Chile since 2019. The global capabilities of DOMINION, which ensure the same quality and service level in every part of the world, are one of the key factors that the client values most. Industrial O&M service under One Stop Shop scheme Leading chemical producer (Spain) DOMINION manages and centralizes a wide range of O&M services, including, among others, logistics management, electromechanics maintenance and the implementation of digital transformation improvements. DOMINION provides these services in the Spanish plants of a leading chemical company. Digital transformation to achieve energy efficiency Gonvarri (International production plants) DOMINION implemented and manages since 2016 an energy consumption control and monitoring solution for a leading automobile components manufacturer. Thanks to it, the client has maximized the energy efficiency of 17 production plants in 9 different countries. DOMINION designs , implements and operates digital transformation solutions in this and other activity areas. Services: O&M with technology as value added
  • 19. 1 9 We are DOMINION: equity story Activity examples 2021 Q1 Results FY 2020 Results
  • 20. 2 0 2 0 2021 Q1 Results_ 2 0 2 1 Q 1 R E S U L T S Q1 2019 Q1 2021 vs Q1 2019 285.4 212.6 19% 20.9 18% 9.8% 11.7 26% 5.5% 10.5 32% 4.9% 6.7 33% 3.2% Q1 2020 Q1 2021 vs Q1 2020 267.8 224.5 13% 18.0 38% 8.0% 9.0 64% 4.0% 7.8 76% 3.5% 3.9 132% 1.7% Q1 2021 286.3 253.1 24.8 9.8% 14.7 5.8% 13.8 5.4% 9.0 3.5% (€m) Turnover Adjusted Turnover(1) EBITDA (2) % EBITDA on Turnover EBITA(2) % EBITA on Turnover EBIT (2) % EBIT on Turnover Net Income (3) Net Income on Turnover (1) The scope of consolidation varies from Q1 2020 due to: i) the exclusion of 3 months' results of Telco services activities divested during2020; ii) the inclusionof 3 months' results of bolt-on acquisitions carried out in 2020; and iii) the inclusion of 1 month of Tankiac (acquisition 2021). (2) The scope of consolidation varies from Q1 2019: i) the exclusion of the results of 3 months of Telco services activities (divested in 2020) and 3 months of non-strategic IT activities (divested in 2019); ii) ) the inclusion of 1 month of Tankiac (acquisition 2021).; 3 months of bolt-on acquisitions carried out in 2020; and 1 month of Bygging India and 2 months of Alterna (2019 acquisitions). We are growing compared to 2019 in every line of the P&L, with growth levels above the historical average.
  • 21. 2 1 2 1 Highlights_ 2 0 2 1 Q 1 R E S U L T S DOMINION's excellent recovery is confirmed, effective already in the first quarter of 2021. High growth compared to pre-pandemic levels, exceeding historical average growth, despite the fact that we are still under the effects of Covid-19. Sales Compared to Q1 2020, organic sales grow +15% in constant currency. The inorganic effect is negative (-1%) and the FOREX effect -2%. Organic growth +19% compared to 2019 Q1 . Growth in all business segments. Margins Operating leverage is recovered: +18% EBITDA and +32% EBIT vs 2019 1Q. High margin levels in the B2B segment, exceeding historical first quarter margins. Net Income Net profit of €9m, which is a record quarterly result. Doubling the net profit of 2020 Q1. Growing +33% compared to 2019 Q1.
  • 22. 2 2 52% B2B_ Services 31% B2B_ 360 Projects Adjusted Turnover(1) by segment_ 2 0 2 1 Q 1 R E S U L T S B2C 17% 44 €m B2B 83% 209 €m B2C Q1 2020 Q1 2021 34.5 €m 76.3 €M 113.7 €m 43.7 €m 78.9 €m 130.5 €m* B2B_ Services B2B_ 360 Projects Growth in all segments; with strong recovery in B2B Services * B2B Services has a smaller scope of consolidation in 2021 1Q than in 2020 1Q, because the divestments carried out in 2020 were higher than the investments. +15% +3% +27%
  • 23. 2 3 42% B2B_ Services 41% B2B_ 360 Projects Contribution Margin (4) distribution by segment_ 2 0 2 1 Q 1 R E S U L T S B2C 17% 5 €m B2B 83% 26 €m 2.2 €m 11.7 €m 10.8 €m 5.2 €m 12.9 €m 13.2 €m B2C Q1 2020 Q12021 B2B_ Services B2B_ 360 Projects Contribution margin up 26%, with growth in all segments +22% +10% +127%
  • 24. 2 4 2 4 Q1 2020 Q1 2021 190 €m 209 €m 43% 46% 11% 42% 38% 20% -7% +7% +92% Energy Industry T&T 2 0 2 1 Q 1 R E S U L T S B2B Segment in detail_ B2B_ Services 10.1% CM on Turnover B2B_ 360 Projects 16.4% CM on Turnover • After an adverse 2020, sales grow above strategic targets, both compared to 2020 Q1 (+19%) and 2019 Q1 (+6%). • Margins are growing at double digit, reaching pre-pandemic levels. • Network O&M contracts with utilities contribute to the Energy activity field, which accounts for 20% of B2B sales. • The excellent execution-backlog ratio leads us to a state of recurrence in this segment as well. • Margins remain consistently above target. • Reactivation of strong infrastructure deployments in Latam and Asia and additional opportunities in the USA resulting from the change of administration. Turnover(1) by activity field
  • 25. 2 5 2 5 B2C Segment in detail_ 2 0 2 1 Q 1 R E S U L T S B2C_ • Transitional quarter, due to changes in consumer behavior and internal restructuring, with the strengthening of digital channels. • Return on sales above the recurring average. • Growth in the service base (+53,000 new net services). • The customer acquisition levels, still affected by the pandemic situation among other factors, are in line with previous quarters. • There was a one-off accumulation of deregistrations in the quarter as a result of the termination of contracts to customers with accumulated non-payments. No. of services by type of supply 252,000 Active Services 84.739 164.021 176.169 35.092 76.059 1Q 2019 1Q 2020 1Q 2021 Energy services Telecommunications services 199,000 252,000 85,000
  • 26. 2 6 We are DOMINION: equity story Activity examples 2021 Q1 Results FY 2020 Results
  • 27. 2 7 2020 highlights_ 2 0 2 0 R E S U L T S L O O K I N G T O W A R D S 2 0 2 1 Proven resilience, improving the projected results under the pandemic scenario • The evolution shows excellence in business execution (decentralization). • The digitalization, diversification and financial discipline have mitigated the economic impact (positive results) and have allowed us to generate cash. • The 4rd quarter, in which we have grown compared to Q419, confirms the recovery of the activity. We have developed the strategic objectives of the plan • Actions taken to unlock the value of the renewable business, with a 1GW pipeline and advanced conversations to include a minoritarian partner. • Evolution towards a higher value added positioning in B2B Services with the divestment of mature operations and the organic and inorganic acquisition of new contracts with higher potential. • Transition of the B2C business in order to become an integrator of personal and household services. Back to the road to growth in 2021, to achieve our Strategic Plan in 2023 • We forecast that 2021 will be a year of growth compared to 2019, in which we will resume the upward trend we were having since 2016. 2020: a great challenge for our business model, successfully overcome 2 0 2 0 H I G H L I G H T S
  • 28. 2 8 Index_ 2 0 2 0 R E S U L T S 1. 2020 execution: generating value despite covid-19 2. Main milestones and strategic development of the business • B2B 360 Projects • B2B Services • B2C
  • 29. 2 9 Income statement 2020_ 2 0 2 0 R E S U L T S 2019 % 2020 Turnover 1,149.3 -10% 1,029.6 Adjusted Turnover(1) 947.3 -4% 911.0 EBITDA (2) 103.7 -23% 80.0 % EBITDA on adjusted turnover 11.4% 8.8% EBITA (2) 63.1 -43% 36.1 % EBITA on adjusted turnover 6.7% 4.0% EBIT (2) 56.7 -44% 31.6 % EBIT on adjusted turnover 6.0% 3.5% Net Income from continuing operations 39.2 -68% 12.6 % NI from continuing operations on adjusted turnover 4.1% 1.4% Net Income 32.9 -62% 12.5 % Net Income on adjusted turnover 3.5% 1.4% (€m) *FY 2020 consolidated perimeter differs from 2019 because : i) It includes 1 month of Bygging India and 2 months of Alterna; ii) It does not include 9 months of non-strategic IT activities divested during 2019 ; iii) It does not include 6 months of the Telco service contract in Spain divested during 2020. • The consolidation perimeter is reduced compared to 2019 because of the divestments carried out during the year*. • The operating margin includes a negative net impact of one-offs (€10m approximately).
  • 30. 3 0 Adjusted Turnover (1) evolution_ 2 0 2 0 R E S U L T S 2019 Organic Inorganic Forex 2020 947 -2.5% 911 -0.9% -0.4% -4% ADJUSTED TURNOVER EVOLUTION BREAKDOWN (1) (€m) 213 212 230 293 225 178 211 297 Q1 Q2 Q3 Q4 QUARTERLY EVOLUTION OF THE ADJUSTED TURNOVER (1) (m€) “A minor decline in the organic sales (-0.4%)” “The Q4 shows a recovery in the activity” • Main variations in the turnover are due to divestments (-0.9%) and the negative impact of Forex (–2.5%). • In the Q4 we have grown again (+5% organically), after several quarters affected by Covid-19.
  • 31. 3 1 Margins evolution_ 2 0 2 0 R E S U L T S 33 39 12 2018 2019 2020 54 63 36 2018 2019 2020 One-offs €10m One-offs €10m • The reduction in the consolidation perimeter and the one- offs of the year explain a large portion of the reduction in the contribution margin. • Double digit net income, exceeding the objectives established under the Covid-19 scenario. “The margins have exceeded our forecast under the pandemic scenario, even being penalized by a negative-€10 million net impact of one-offs” EBITA(2) EVOLUTION 2018-2020 €m NET INCOME(3) EVOLUTION 2018-2020 €m
  • 32. 3 2 Adjuster Turnover (1) distribution by geography_ 2 0 2 0 R E S U L T S AMERICA 26%(29%) EUROPE & AFRICA 64%(59%) ASIA & OCEANIA 10%(12%) “We maintain a diversified global presence, where Europe and Africa have gained weight over the year” * 2019 numbers in parentheses
  • 33. 3 3 51% B2B_ Services 31% B2B_ 360 Projects Adjusted Turnover (1) distribution by segment_ 2 0 2 0 R E S U L T S B2C 18% €165m B2B 82% €745m B2C FY 2019 FY 2020 €116.1m €288.0m €543.2m €165.0m €280.9m €465.1m* B2B_ Services B2B_ 360 Projects “A year marked by the impeccable execution of B2B 360 Projects, the resilience of B2B Services and the transformation of B2C” * The reduction of the consolidation perimeter compared to 2019 affects the B2B Services segment due to the divestments made in 2020.
  • 34. 3 4 48% B2B_ Services 46% B2B_ 360 Projects Contribution Margin (4) distribution by segment_ 2 0 2 0 R E S U L T S B2C 6% €6m B2B 94% €100m €19.1m €48.8m €63.1m €6.2m* €48.7m €51.1m* B2C FY 2019 FY 2020 B2B_ Services B2B_ 360 Projects *Net negative One-offs (€10m) need to be added on top of the reduction of the consolidation perimeter. “Impeccable margins of B2B 360 Projects and resilience of B2B Services and B2C”
  • 35. 3 5 Balance sheet_ 2 0 2 0 R E S U L T S DECEMBER 2019 DECEMBER 2020 Fixed Assets 472.6 479.5 Net Working Capital (170.3) (191.6) Total Net Assets 302.3 287.9 Net Equity 353.7 319.7 Net Financial Debt (5) (113.4) (87.4) Others 62.1 55.5 Total Net Equity and Liabilities 302.3 287.9 Balance sheet (€m) DECEMBER 2019 DECEMBER 2020 Gross Debt 88 191 Liquid Assets and Equivalents (201) (279) Net Financial Debt (5) (113) (87) Debt (€m) “A strong balance sheet, with a steady positive net cash position” €17m of earn outs, payable from 2021 to 2027 NFD / EBITDA <0 <0
  • 36. 3 6 Cash Flow conversion (6)_ 2 0 2 0 R E S U L T S NET CASH (5) EVOLUTION BREAKDOWN €m 2020 EBITA (2) 36.1 Organic CAPEX - Amortization (0.8) WC (8) organic variation 11.6 Net Financial Result (6.9) Taxes (5.1) Other variations 1.6 Net Operating Cash Flow (6) 36.5 Operating Net Cash Flow Conversion Rate (6) Acquisitions 2020 (including acquired net debt) and Earn outs (12.7) Financial investments (20.0) Dividends paid to minority interests (1.8) Dividends distributed to shareholders (11.0) Share buy-back programme (17.0) Free Cash Flow (26.0) Net Financial Debt 2019 (113.4) Net Financial Debt 2020 (87.4) 101% (€m) “Strong operating FCF generation, encouraged by the excellent performance of the B2B 360 Projects segment” 87.4 36.5 -12.7 -1.8 -11.0 -17.0 -20.0 113.4
  • 37. 3 7 Financial discipline fulfilment_ 2 0 2 0 R E S U L T S 106 113 87 2018 2019 2020 66%(1) 75% 101% 2018 2019 2020 24% 25% 16% 2018 2019 2020 Strong operating FCF conversion, backed by the good performance of the B2B 360 Projects segment We maintain a steady net cash position. High level of return on net assets, even under exceptional profitability circumstances. EBITA conversion into Operating FCF (6) Net Cash Position (5) 16% RONA level (7) €87m 101%
  • 38. 3 8 Other relevant figures_ 2 0 2 0 R E S U L T S WORKFORCE (1) CORPORATE STRUCTURE BACKLOG (2) TOP 1 CLIENT (3) EPS (1) En of the year data (2) Includes only B2B 360 Projects segemnt (3) Devices distribution business excluded 9,532 (35 countries) €26m (2.8% on adjusted turnover) (1) €617m <4% on adjusted turnover €0.075
  • 39. 3 9 Q4 results 2020_ 2 0 2 0 R E S U L T S Q4 2019 % Q4 2020 Turnover 342.0 316.8 Adjusted Turnover (1) 292.7 +2% 297.2 EBITDA (2) 32.0 -1% 31.8 % EBITDA on adjusted turnover 10.9% 10.7% EBITA (2) 22.6 -14% 19.4 % EBITA on adjusted turnover 7.7% 6.5% EBIT (2) 19.8 18.2 % EBIT on adjusted turnover 6.8% 6.1% Net Income 8.2 3% 8.5 % Net Icome on adjusted turnover 2.8% 2.9% (€m) *The consolidated perimeter differs from Q42019 because it does not include 3 months of the Telco service contract in Spain divested during 2020. • The consolidation perimeter is reduced compared to Q4 2019 because of the divestments carried out during the year *. • The operating margin includes a negative net impact of €4m one-offs.
  • 40. 4 0 2 0 2 0 R E S U L T S 1. 2020 execution: generating value despite covid-19 2. Main milestones and strategic development of the business • B2B 360 Projects • B2B Services • B2C
  • 41. 4 1 Highlights of the B2B segment_ 2 0 2 0 R E S U L T S B2B Services 51% of the Turnover (1) 11,0% CM (4) on Turnover (1) T&T Industry Energy 46% (47%) 16% (12%) 38% (41%) B2B 360 Projects 31% of the Turnover (1) 17,3% CM (4) on Turnover (1) 617 M€ Backlog “An end-to-end proposal, from the development and the execution to the operation and maintenance” * 2019 numbers in parenthesis
  • 42. 4 2 Highlights of the B2B segment: 360 Projects_ 2 0 2 0 R E S U L T S Resilience of the business & new projects Renewables business: towards becoming a relevant global player • The segment has shown a high resilience thanks to its excellent execution during 2020, and has maintained both revenue and profitability levels compared to 2019. • During 2020 we have been awarded with several projects that assure a profitable growth of the activity in the mid-term. A relevant one has been the Buin-Paine hospital in Chile, which is due to start in 2022. • During 2020 we have completed a 18 MW biomass plant in Argentina, and we have carried out the construction of a 66 MW wind farm in Mexico, which is expected to go into operation in 2021. • Along with BAS, our financial partner, we have disclosed a 1GW pipeline of renewable projects for 2021-2025. In the process of unlocking the value of DOMINION Green, we are incorporating a minority partner to strengthen the activity further.
  • 43. 4 3 D O M I N I O N Confidential © Dominion 2020 Highlights of the B2B segment: Services_ 2 0 2 0 R E S U L T S Recovery and growth in the Q4 2020 M&A: active and capturing opportunities Focused on higher value added contracts • The segment has achieved a 2% growth in the Q420, after being impacted since the beginning of the health crisis (-7% Q120, -31% Q220, -24% Q320) due to global lockdowns and restrictions (production slowdown and clients’ plants closure). • We have won new contracts with high potential in the energy and industry sectors (e.g. the 3rd contract with ENEL in Latam) • At the same time, we have undertaken the divestment of non-strategic contracts: Telefonica’s last mile services and IT outsourcing services in Spain • Famaex (a B2B2C services digital platform), Dimoin and Hivisan (industrial services companies) were acquired during 2020. • We expect to continue very active and that new M&A opportunities will unveil in 2021. 123 129 136 156 114 89 103 159 Q1 Q2 Q3 Q4 B2B SERVICES IN 2020
  • 44. 4 4 Highlights of the B2C segment_ 2 0 2 0 R E S U L T S Growth continues, despite mobility restrictions Transformation of the business model Positive Contribution Margin, thanks to quick decision making • We closed 2020 with over 240,000 active services, which means we have acquired 70,000 net new customers during the year, including Electricity, Gas and Telecommunication contracts, thanks to Phone House’s omnichannel platform. • Quick decision making allowed us to mitigate the impacts during severe lockdown periods (when the physical distribution channel was forced to close). • We have recurrent revenues coming from our growing base of service clients. • The transformation of the B2C business (from a retailer to a personal and household services integrator) required operational and structure adjustments that have been carried out during 2020. 70 k 145 k 173 k 26 k 69 k 2018 2019 2020 242 k Electricity & Gas supply Number of services 171 k 70 k +71,000 services Telecomunications
  • 45. 4 5 Appendix_ 2 0 2 0 R E S U L T S (1) Adjusted turnover: Annual Accounts Turnover without revenues from sold devices (2) EBITDA: Net Operating Income + Depreciation EBITA: Net Operating Income + PPA’s EBIT: Net Operating Income 3) Net Income or Net Attributable Income: if not indicated otherwise, it refers to the Net Income from continuing operations 4) Contribution Margin: EBITDA before corporate structure and central administration costs 5) Net Financial Debt: Financial Debt (Long and short Term) +/- Derivative financial instruments – Cash and Short-Term Investments 6) Free Operating Cash Flow: EBITDA – difference between CAPEX and Amortization – NWC variation – Net Financial Income – Tax payment; (acquisitions excluded) 7) RONA: EBITA / (Total non-current assets – Deferred assets – Goodwill not associated to cash + PPAs amortization current year +Net WC ; excluded acquisitions of the year). 8) WC: Working capital
  • 46. 4 6 Headquarters Ibáñez de Bilbao, 28 8º A y B 48009 BILBAO (SPAIN) Phone: (+34) 944 793 787 dominion-global.com © DOMINION 2021 We help our clients transform to become more efficient. We apply technology to make this happen. We are DOMINION.