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1
2020 Year-End report
2 4 t h F E B R U A R Y 2 0 2 1
2
D I S C L A I M E R
• 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 hereinare strictly confidentialand 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 implementingEU Directive2003/71/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 securitiesof 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 purchaseany 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 hereindoes 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 securitiesto 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, includingfinancial projections and estimates and their underlyingassumptions, statements regarding
plans, objectives and expectations with respect to future operations, capital expenditures,synergies, products and services, and statements regardingfuture performance.Although Dominion
believes that the expectationsincluded 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 guaranteesof 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 undertakeany obligation to publicly update or revise any forward-looking statements, whetheras 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 recipientwith access to any additional information that may arise in connectionwith it.
3
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
4
4
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
3. Looking towards 2021
5
5
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).
6
6
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 TURNOVEREVOLUTION BREAKDOWN (1)
(€m)
213 212
230
293
225
178
211
297
Q1 Q2 Q3 Q4
QUARTERLYEVOLUTIONOF THE ADJUSTEDTURNOVER (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.
7
7
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
8
8
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
9
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 reductionof the consolidation perimeter compared to 2019 affects the B2B Services segment due to the divestments made in 2020.
1 0
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 reductionof the consolidation perimeter.
“Impeccable margins of B2B 360 Projects and resilience of B2B Services and B2C”
1 1
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
1 2
Cash Flow conversion (6)_
2 0 2 0 R E S U L T S
NET CASH (5) EVOLUTIONBREAKDOWN
€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
1 3
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
profitabilitycircumstances.
EBITA conversion into Operating
FCF (6)
Net Cash Position(5)
16%
RONA level (7)
€87m
101%
1 4
1 4
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
1 5
1 5
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.
1 6
1 6
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
3. Looking towards 2021
1 7
1 7
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
1 8
1 8
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.
1 9
1 9
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
2 0
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 adjustmentsthat 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
2 1
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
3. Looking towards 2021
2 2
Prospects for 2021: back to the road to growth_
2 0 2 0 R E S U L T S
2018 2019 2020 2021 2022 2023
€32m
€39m
€64m
• In 2021 we will grow compared to
2019, even taking into account the
divestments carried out during 2020.
• We will resume the positive trend that
will make us complete our Strategic
Plan and reach €64m net income in
2023.
• Far form being a lost year, 2020 will
increase (+€12m) the accumulated net
income at the end of the Strategic
Plan.
(1) Resultado neto de atividades continuadas
PROJECTEDEVOLUTIONOF NET INCOME(3)
€m
€12m
2 3
Detail of the Strategic Plan and guidance for 2019-2023_
2 0 2 0 R E S U L T S
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
• Free Cash Flow Conversion >75% EBITA
• RONA >20%
• DFN/EBITDA < x2
• Capex ≈ Amortization and steady WC
• Overhead cost ≈3% on Revenue
* Includes Covid-19 impacts
2 4
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: if not indicated otherwise, it refers to the Net Income from continuing operations
4) ContributionMargin: 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 OperatingCash 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
2 5
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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DOMINION - 2020 Results

  • 1. 1 2020 Year-End report 2 4 t h F E B R U A R Y 2 0 2 1
  • 2. 2 D I S C L A I M E R • 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 hereinare strictly confidentialand 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 implementingEU Directive2003/71/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 securitiesof 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 purchaseany 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 hereindoes 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 securitiesto 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, includingfinancial projections and estimates and their underlyingassumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures,synergies, products and services, and statements regardingfuture performance.Although Dominion believes that the expectationsincluded 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 guaranteesof 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 undertakeany obligation to publicly update or revise any forward-looking statements, whetheras 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 recipientwith access to any additional information that may arise in connectionwith it.
  • 3. 3 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
  • 4. 4 4 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 3. Looking towards 2021
  • 5. 5 5 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).
  • 6. 6 6 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 TURNOVEREVOLUTION BREAKDOWN (1) (€m) 213 212 230 293 225 178 211 297 Q1 Q2 Q3 Q4 QUARTERLYEVOLUTIONOF THE ADJUSTEDTURNOVER (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.
  • 7. 7 7 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
  • 8. 8 8 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
  • 9. 9 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 reductionof the consolidation perimeter compared to 2019 affects the B2B Services segment due to the divestments made in 2020.
  • 10. 1 0 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 reductionof the consolidation perimeter. “Impeccable margins of B2B 360 Projects and resilience of B2B Services and B2C”
  • 11. 1 1 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
  • 12. 1 2 Cash Flow conversion (6)_ 2 0 2 0 R E S U L T S NET CASH (5) EVOLUTIONBREAKDOWN €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
  • 13. 1 3 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 profitabilitycircumstances. EBITA conversion into Operating FCF (6) Net Cash Position(5) 16% RONA level (7) €87m 101%
  • 14. 1 4 1 4 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
  • 15. 1 5 1 5 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.
  • 16. 1 6 1 6 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 3. Looking towards 2021
  • 17. 1 7 1 7 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
  • 18. 1 8 1 8 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.
  • 19. 1 9 1 9 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
  • 20. 2 0 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 adjustmentsthat 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
  • 21. 2 1 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 3. Looking towards 2021
  • 22. 2 2 Prospects for 2021: back to the road to growth_ 2 0 2 0 R E S U L T S 2018 2019 2020 2021 2022 2023 €32m €39m €64m • In 2021 we will grow compared to 2019, even taking into account the divestments carried out during 2020. • We will resume the positive trend that will make us complete our Strategic Plan and reach €64m net income in 2023. • Far form being a lost year, 2020 will increase (+€12m) the accumulated net income at the end of the Strategic Plan. (1) Resultado neto de atividades continuadas PROJECTEDEVOLUTIONOF NET INCOME(3) €m €12m
  • 23. 2 3 Detail of the Strategic Plan and guidance for 2019-2023_ 2 0 2 0 R E S U L T S 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 • Free Cash Flow Conversion >75% EBITA • RONA >20% • DFN/EBITDA < x2 • Capex ≈ Amortization and steady WC • Overhead cost ≈3% on Revenue * Includes Covid-19 impacts
  • 24. 2 4 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: if not indicated otherwise, it refers to the Net Income from continuing operations 4) ContributionMargin: 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 OperatingCash 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
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