Good afternoon, everybody, and thank you for coming to this presentation of results. We have not only publicized our figures for this third quarter of the year, but we've also announced a corporate operation with which we would like to simplify the company along the lines of what we defined in our 2023/2026 plan. So yesterday, we signed an agreement with Grupo Serveo and Portobello Capital to disinvest our maintenance service unit in Spain. And this covers several activities like multi-technical assembly work, automation, and industrial logistics. So these are contracts that are not very efficient. They are operating in a competitive environment, too, and the perimeter that will be deconsolidated once the process finishes.
It covers EUR 105 billion in turnover, EUR 4.8 million in EBITDA, and it will mean that almost 1,500 jobs will have to be transferred. So this is a very intensive in direct labor, and it also consumes lots of management resources and with margins that are much lower compared to the average of the rest of our services, and therefore, they are much lower than what we want to achieve. These activities are not directly in line with our positioning in relation to sustainability. This is another pillar of this strategic plan. We want to focus our services and projects on environments that are supported by the tailwinds of sustainability, and we want to become an enabler for the transitions and challenges that our customers are facing.
In this regard, at Dominion, we have many other services and projects in the area of industry. It's those that are in line with this strategy, like as industrial cleaning services or waste management, circular economy, energy efficiency, or the reduction of emissions, among other services that are related to decarbonization. The operation has been signed for a price of EUR 27.5 million , approximately, subject to the final figure of capital with which the operation will be closed and with earn-outs that present negative taxable basis, and this will represent a capital gain of EUR 11.6 million , and it's expected the operation will close in Q4 of this year, once we've received the authorization from the Stock Exchange Commission.
For Dominion, it's important to perform this operation because in quantitative terms, it gives value to a business that was not priority for us, not a priority business, which had lower margins, and also because an important amount of cash flow was arriving. In qualitative terms, it has brought about strategic focus, which, together with the restructuring of B2 B2C of last year, it organizes our activities and eliminating those that are not that profitable. It's all about simplifying things, which is what we are currently doing since we launched our strategic plan. Once that this operation has been mentioned, which of course, does not going to be seen in the figures for this nine months, we're going to be talking about how the business has evolved with Q3, where we've maintained and reinforced certain trends that we already saw in previous quarters.
We have a very good evolution in the service segment that maintains very strong organic growth, but above all, high level of operating margins, which, in this quarter have reached historic levels. But moving on to the financial results of the last nine months, at a global level, we can see that there's been a growth of about 1% because there are nearly EUR 23 million in turnover eliminated inorganically related to the business of mobile devices that was restructured in 2023. In other words, inorganic subtracts 2.7%, and the variation of the exchange rate also subtracts 1.2%. So that means that the organic growth of sales at a constant currency is not flat, but it's only 5%. So therefore, it's fully in line with the objectives that we set ourselves.
And we will be talking about each business segment, but since the previous quarter, we have slowed down the execution of projects in particular, anything related to renewables. Even so, this global growth of 5% means that the strength of services fully compensates the slowing down of the projects. And this is a behavior that also affects the margins, and which delivers a very positive reading as regards the future when we reaccelerate the rhythm of execution of projects and these services that are very strong. As regards margins, there's going to be a significant improvement with an EBITDA, which is 7% higher than the figure reported last year. And although we have to focus on the level of profitability of the sales, and we've reached a maximum level with a contribution margin of 15% and an EBITDA of 12.5%.
I'd like to remind you that the strategy is about focusing the company on these activities and businesses that are more profitable, and we have to diminish those activities that have lower margins. Although we have eliminated sales with lower margins, with the restructuring of B2 B2C, and with the operation that I was talking about, as I said, the important thing is that we need to achieve quality growth and profitability. Amortizations, they are going to increase, especially after the device renting business has grown, and it's the business that has reported the highest level of growth and the high levels of amortization.
As regards financial expenses, we have an unfavorable comparison because the differences in the exchange rates represent EUR 2 million, negative euros, in addition to the financial expenses that we had in previous quarters and which have not yet felt the effect of the recent lowering of interest rates. So therefore, the operational improvements and the leverages arising from our lighter structure and from lower amortizations has been mitigated by the financial results and by the result of interactive activity. We've achieved a net attributable profit of EUR 20 million, which is 26% lower than the figure reported last year. And this behavior of net profit, we know is going to change in the future, thanks to how interest rates are going down and also because we are progressively reducing our debt.
By segments, we have, on the one hand, we have sustainable services that increase their weight in terms of turnover and margin, and they account for 73% and 64% respectively. Services grow organically 8.2% over and above the targets and exceeding the rate of growth of this segment in recent years. We don't only have a good dynamic as regards the growth of the business, but also in relation to how the margins have evolved. 12.6% accumulated at nine months, and it's a record profitability that I consider has to be mentioned in a world and in a segment like this, which is the services. We are clearly want this segment to obtain a higher added value, and of course, it has to be focused on sustainability.
We're now seeing the end results of the measures taken, and as you can see, we are still implementing them. And the strength of the segment is very relevant to the extent that it's a segment that has a very characteristic recurrence and therefore gives us a very positive visibility regarding the future. And the segment of 360 projects has sped up, and in the quarterly results, we have carried out a minimum number of renewable projects. However, for other projects, whether they be industrial or concerning social infrastructures, the rate of execution has been as expected, with high profitability levels. They're still above the targets, and they exceed the threshold of 19% of the contribution margin.
As regards future visibility, we've seen that there's been a good, rhythm of growth, especially in this quarter, focused on the industrial sector, with some relevant projects in the United States and Canada, and the current portfolio stands at 628 million EUR, which, together with the future recovery of the rhythm of execution and renewables, means that the prospects for the segment are going to be very good in the next few quarters. And finally, as regards our stakes in infrastructures, the small variations in business figure and EBITDA are related above all to, currency effects. And in interrupted activities, we have the result of the wind farm in El Cerrito, which is negative because of the financial expenses, and that is already energized, and it's pending being commissioned.
There are no more important variations in this segment, although we have to wait for the negotiations to finish. As regards balance sheet movements, and although we have not presented any details, we have to say that most of the cash consumption movements took place in the first half of the year, and to which we have to add the payment of the dividend in the month of July, totaling EUR 114.7 million . On the other hand, during Q3, we also had the operational generation of cash flow. As regards to the future, part of the disbursements made in the first part of the year will be counteracted by the incorporation of corporate divestitures and other corporate operations and infrastructural divestments.
But to finish, we are talking about the 2024 as a year of transformation, and I would say that this third quarter is a quarter in which we are making progress, and very positive progress, because you can see that the underlying dynamics are very favorable, and we are progressing because we are materializing the targets that we have set ourselves. Thank you very much for your attention, and now we can move on to answering your questions or to clarify your doubts. Thank you.
Okay, let's start off with the Q&A. If you're connected with the Zoom app, you can send your questions in writing through the Q&A section, or you can raise your hand if you wish to verbalize a question, and we will give you the floor. Should you be following this on the telephone, please press asterisk nine if you want to ask a question and wait until we give you the floor. So let's start off with the Q&A session, and we're going to give the floor to the people who have raised their hand. And please make sure that your microphone is not muted. Okay. Firstly, we have Enrique Parrondo from JB Capital speaking.
Hello, good afternoon. Well, thank you very much for the presentation. I've got three questions to ask you. The first question has to do with the guidance on EBITDA that you shared in the previous quarter of about EUR 150 million, and I'd just like to confirm that this was organic. In other words, it, it didn't include the EUR 11.6 million of the... Well, the figure that you announced today. The second question has to do with the growth that you expect for the 360 Projects division. This has increased the industrial projects significantly. But I'd like to know, what do you think is going to become short-term sales? What kind of classifications could be established for 2025?
Then finally, as regards to developments in renewables, if I'm not mistaken, in the third quarter, you were going to commission the farms in Washington 2 and 3 in Brustila. Could you please say something about that? Could you give us an update on what's going on? We would, I would be very grateful for that. Thank you very much.
`Thank you very much. I will, I'll answer your questions. The guidance for EBITDA, we know that at this company, we always present a result that is recurrent. What we can see here is that we have a budget and guidance at EUR 150 million at least, and we will be focusing on that figure, EUR 150 million of recurrent EBITDA. As regards to what you said about renewables and as regards some minor restructurings that we're carrying out at this company, we will have a non-recurrent impact that we can compensate with positive recurrent outcomes. The issue is that this should be compensated even at the same level as the financial statements. In other words, as I say, we will stick to that figure.
We will stick to those EUR 150 million that we agreed to with the board. As regards renewables, on the other hand, well, yes, in the Dominican Republic, we expected in Q3 to commission the projects we have there. Levitas, well, we're already building the substations, but this is going to happen next year, and it is true that we are still accumulating a little bit of delay. No, perhaps next week we might be evacuating energy at La Victoria. We are moving on to the final stages. I don't know if it's because it's the Caribbean, but things have been delayed, and this has obviously produced more financial expenses because there is a portfolio there, and the idea in the Dominican Republic is to do things after we achieve a suitable rotation of the assets.
As regards 360 growth, but it has more to do with the portfolio. We've received a number of relevant projects in whatever has to do with our world of decarbonization and energy efficiency, and we've received another EUR 50 million or EUR 60 million , approximately. In any case, this is obviously going to be carried out in the next two years. So it's not that this is going to have a very big impact either on the pure revenues of Q3. We're talking about a figure that is not very relevant. Patricia, perhaps you would like to say something.
We're talking about visibility beyond 2025. We have this project that is in line with the strategic plan. We're talking about more than 5% in growth, and we've said that this slowdown is something that's only happening now. We haven't lost those margins, but rather, they're going to be transferred. So we should expect to have normal levels of execution in the near future.
Perfect. Thank you very much.
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Okay, we'll continue now with Carlos Treviño from Grupo Santander.
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Sorry, Carlos, we can't hear you. I'm not sure if you're muted.
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Hello?
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Yes, we can hear you now.
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Well, three questions. The first question: How is your search for a partner in renewables going in Europe? I think that you're reviewing the portfolio, and there could be other businesses which you could divest. And today, you've announced the business that nearly accounted for 9% of your sales last year. But my question: are there any businesses that you are reconsidering or any other thing that would be rated as a minor activity? And the third question: could you give us, say, a little bit more about how the generation of cash has evolved in this quarter? And I'd like to know how we would finish the year in terms of net debt. Thank you very much.
Well, no, thank you, Carlos. Thank you very much for the question. Italia, Italy. Well, I think we are reaching the final mile. We have four projects now, and I can't say much more about this, but you know that our vocation is that if we are going to build them, and if they belong to us, well, this is obviously has to be done, it's work done for the company, and this wouldn't be included under sales or margins. And in our strategy, we want to be enablers. And we don't want to include any debt associated with infrastructures, but we are now currently involved in that process.
Although, what I would like to point out, too, I think that I said that the previous call, is that we prefer to be much more flexible, and we prefer to find ad hoc partners for each moment and each place, because we believe that the projects in Italy will allow us to build it, although it's a very scarce asset, and what we have to see is how we can maximize this process without having to include the portfolio the following year, but do things step by step and by providing adequate solutions for each one of the assets that we're going to be building, so this is the strategy, and we want to close something, hopefully before the end of the year. As regards to divestitures, well, of more than EUR 100 million in sales, no, we believe not. Because, and this was...
For news that had appeared the other day, I think that Patricia explained perfectly well where we ought to focus on, because we ought to focus on those projects in the world of sustainability, right? And those are the things that are in line with our strategy. We're talking about industrial cleaning services, waste management, circular economy, energy efficiency, reducing emissions, and everybody talks about decarbonization. So we have nothing relevant to say in that respect. We have in services or other services, perhaps we have some historic reminiscence of something digital that we could perhaps look into. And what I'd say, too, because you asked me about this many times, let's say that the final stage of the elimination of B2 B2C, and that, well, which is not going to have any influence in this approach we had before.
We are now currently involved in that process. As regards to divestitures, are there going to be cash inflows as a consequence of these actions? We see opportunities, and that will allow us to grow, and we will also be able to find opportunities to carry out MA or to buy more own shares. I'm not going to answer the question of what is our final net debt figure. This has been a quarter of positive cash flow generation, but it's also clear that we depend on the final behaviors of a number of projects. We also have 360 projects that were mentioned by Patricia before, and giving you that guidance right now is, let's say, being too adventurous, and it wouldn't make any sense.
And of course, we are going to be looking into the covenants of twice EBITDA, but our idea is to adapt the financial structure to whatever has to be done at each point in time. And you know that a significant chunk of the debt is financing assets that are on the balance sheet. So this is not debt that is associated with generation EBITDA. This doesn't mean that you have to join EBITDA to pay back that debt. No. There's an important part that is paid back with divestitures involving renewables and infrastructures, assets that is, especially in the Caribbean, on the Dominican Republic. So let's say that we are currently involved in that process, and I think that I've answered all your questions. Isn't that the case, Patricia?
Yes, I think that you did answer all of them, yes.
Thank you very much.
If you want to ask any more questions, well, now would be the time to do so before we disconnect this call.
Ignacio Ortiz has raised his hand. So, Ignacio, please go ahead. You have the floor, Ignacio Ortiz.
Can you hear me?
Yes, good afternoon.
Yes, we can hear you, Ignacio.
Well, thank you. I have a question. Now, in these negotiations you're carrying out with partners in renewables, and considering what the market is like right now, do you think that it would be reasonable to consider the valuations? I think it was one million per megawatt. And then, considering the transactions concerning the pipelines of renewables, they've been carried out at 0.08 million MW. So do you think that it would be a reasonable operation for the pipeline? And if this is reasonable, because I know that you have 355 MW installed and under construction, so if it's 1 million, we'll be talking about EUR 355 million . And you have a pipeline of 2,184 MW, if I'm not mistaken. And at this multiple, we'd be talking about about EUR 227 million .
So we'd be talking about a total amount of renewables close to EUR 580 million , which is very similar to the value of the company. So in other words, your businesses will be valued at zero. So do you think that this is a reasonable approach from your point of view? Thank you to both of you.
The price of Valdecarretas ended up in Spain, and our assets in the Dominican Republic are worth more than EUR 1 million per megawatt, because these are assets that were constructed under COD. And basically, because you cannot compare this in terms of ours, nor in terms of the price value, because the PPA there stands at one hundred. And we clearly want to increase this value more. We have no doubt about it. And the second thing, the pipeline, well, we have those two billion, they're in the pipeline. They are in different stages of development. Some of them are in the Dominican Republic. We think that we're going to finish with PPAs and with batteries, so they will be more valuable.
Although this is one of the doubts we have, because we have projects in Italy, we have some of them in Spain, too, and this, that they, as you know, we are trying to protect our construction work so that we can deliver enough enterprise value. And we want those two gigas in five years, we want them to be a V, invoicing of the company, but we will have to see how much of that crystallize perfectly well and how that evolves and how prices change. And there's a part of this that will have more PPAs and will be less affected by how energy prices evolve. And this, it seems that the interest rate curve could benefit us, too.
This is what I think is going to happen, or this is what I can interpret, and there's quite a lot of certainty in what we've already built, and which is practically ready to evacuate. With everything else, we have to be cautious, and we have to be ready for whatever comes our way.
Okay, thank you very much.
Okay, we have a few questions to go through. Álvaro Arístegui from Renta 4: And how much of the figure, the sales, will be included in cash? Is it?
EUR 27.5 million is the what enters cash directly.
Well, this is a signing that we did yesterday, and we have to see how long it takes them, the authority, to approve this. So it's going to be on November 30th or December 30th . We're talking about between EUR 2 million and EUR 3 million , and this is gonna be a direct pass-through. That is very. In any case, just to clarify things.
To clarify Álvaro's question, we're talking about those additional EUR 2 million , EUR 2 million more. Yes, that will be the figure, and this is what the operation is all about. And cash inflow, we have got in touch with a company that has a recurrent working capital, so there are no greater effects.
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No more questions, so we are going to close the presentation here. Thank you all very much for attending this call. And good afternoon. Goodbye, everybody. Thank you.