Good day, ladies and gentlemen. First of all, I am sorry for my eye. I've had a medical problem that is now being solved, and my eye is slightly swollen. Please be welcome to this results presentation of OHLA corresponding to the year 2021. Unfortunately, today is not the best day to celebrate the good results of the company due to the situation in Ukraine and its impact at a human and economic level. Without further ado, let's begin this presentation by giving the floor to our president, who will give you a message on the current situation of the company and its future evolution. Good day, ladies and gentlemen. I'd like to thank you for attending this results presentation corresponding to the year 2021.
In this event, done remotely due to the measures implemented since the outbreak of the pandemic of COVID-19 in March 2020. In this context, we would like to wish you good health for all of you and your families. I also apologize for not being able to be present in this event held at the social headquarters of the company in Madrid. In this regard, both the CEO and the rest of the management team at OHLA will be willing to help and answer any questions you may have. Next, I'll mention the company evolution highlights in 2021. I'll first focus on the big milestones of the year, and next, I'll refer to the growth pillars of the company, and I'll finish by sharing our future growth expectations.
Before I refer to the milestones in the year we just closed, and before or in the face of the important achievements, I'd like to express my gratitude to the team at OHLA, the more than 22,000 employees. Because their effort and commitment have allowed us to begin a new stage and to give a big boost to the main economic and contracting figures at OHLA in the year with very strong advancement and the strengthening of its foundations for its future growth. I'd also like to mention our stakeholders who with their help have helped to achieve these important milestones. I'd also like to quickly refer to the second anniversary since my brother Mauricio Amodio and I joined the shareholding of this company that we celebrate in May. We're very proud to be reference shareholders at OHLA. Our commitment with OHLA is firm, solid, and long-term.
The year 2021 has been essential for this company and for its future from a strategic and operational perspective. 2021 has also marked the 110th anniversary of the company, and it has been the year of the birth of OHLA. On July 6th, 2021, we announced the beginning of a new stage where we look to the future with optimism and hope. OHLA is now a renewed company with a financial and balance sheet structure greatly improved after finishing on June 28th, 2021, its refinancing and recapitalization operation. That was finished up successfully.
Thanks to this operation that the CEO will mention in detail, we achieved to reinforce the equity of the company in EUR 205.2 million, the reduction of the bond debt in more than EUR 105 million, and the extension in four years until 2026 of the bond's maturity. Operationally, we have reinforced the company fundamentals, which has allowed us to have profit again. We close the year with a net attributable profit of EUR 24.5 million. We have also been able to meet and exceed our targets. We have exceeded EUR 91 million in EBITDA, and we got contracts nearing EUR 3.7 billion with a growth of 34%, exceeding our best expectations.
Having a continuously growing portfolio means that we are currently a great global infrastructure group with a short-term portfolio of more than EUR 5.53 billion, thanks to the important contracts signed in the USA, Latin America, and Europe. We have also been able to boost our divestment policy to greatly reduce our indebtedness after the divestments of the Old War Office, the Toledo Hospital, and the concession company Aguas de Navarra. After that, OHLA finishes the divestment process in non-necessary assets in the short term. Likewise, and as done before the year 2021, I'd like to quickly refer to the recent announcement of the company on the reduction in nearly EUR 100 million of the company leverage. The CEO will refer to this in more detail in his presentation.
All the achievements that we have added in the last 12 months are shown in a great 2021 year, setting the foundation for our future growth thanks to the strategy deployed in our three geographical areas. In all of them, we work to promote and boost progress, developing avant-garde infrastructures that will improve the lives of millions of people. In the USA, we have been present for more than 15 years, and we have achieved important awards and recognitions. We have been nominated Contractor of the Year in California by the prestigious publication ENR. The OHLA footprint in this great country is not only in the improvements done in the New York underground, but also in California, Illinois or Florida, where we carried out such relevant projects such as the South Corridor Rapid Transit or the PortMiami, one of the biggest ports in North America.
In Latin America, we have been working for more than 40 years, and we have participated in iconic works helping to promote the growth and progress of the region. We have opened the MUNA, the largest Peruvian museum and one of the most important ones in Latin America. We have boosted our concessions portfolio in Chile with the award of four new hospitals in the region of Bío bío, increasing therefore our vast experience of more than nine decades building health infrastructures. We have participated in the construction of the Central Cordillera Crossing, the largest road infrastructure in the history of Colombia. We keep working firmly on the markets of Panama and Mexico, where we aim to remain. In Europe, our third geography, where we work since the company was built in 1911, we work to develop resilient infrastructures.
In line with our commitment with renewable energies, we have been awarded new PV projects in Spain, adding two new contracts in Europe, America, and Asia, with a total installed power of more than 1,000 MW. Also in Spain, we're proud of contributing to modernizing the urban infrastructures with Canalejas, an urban sustainable development promoting a city model meeting the 2030 Agenda targets. We have promoted public-private collaboration projects in Ireland and contributed to modernize the railway network in the Czech Republic, Sweden, and Norway. OHLA is and will be one of the main players at a global level, thanks to a business model based on three large strategic pillars. First, transparency, ethics, and good governance as driving forces of our growth. Secondly, the innovation and digitization of all our processes, having therefore more durable infrastructures.
Third, the clear belief in a sustainable business management, responsible management, and social progress in all the communities where we operate, applying diversity and social inclusion policies. This business model allows us to set the basis of our future growth expectations. There's no doubt that the pandemic has accelerated economic and social transformation globally. We are living through a paradigm shift, leading us towards a model where we need to promote a detailed and structural transformation process to reach sustainable development economically, financially, socially, territorially, and environmentally. After a serious crisis, the sector has proven to be very resilient. However, the challenges ahead of us are very important. Among those, we can mention innovation and digitization as value-added essential elements for the sector and its competitiveness.
Using elements and processes including circularity and a more efficient usage of resources, attraction and loyalty of talent, and the final boost to public and private collaboration formulas. Infrastructures are traction levers of growth in any country. Therefore, they will have a relevant role, a transforming role as well, to meet the needs of citizens. Today, we demand infrastructures that meet our needs and mainly more sustainable for digital and ecological transition. To achieve that, we have powerful tools, such as the Next Generation funds with a total global award of EUR 750 billion, and the USA infrastructure plan with $1.2 billion, including $550 billion in civil works, including funds for roads, bridges, airports, and railway systems. In this framework, OHLA will focus its growth in promoting its construction portfolio with future contracts in the USA and Europe.
To reinforce its concession portfolio, bidding for new projects in Latin America and looking for opportunities in the USA and Europe. Strengthening the growth of the services division. Setting technology at the service of people as one of our differential values. Advancing in the industrial activity, focusing on renewable energies as a builder and developer. To that, we'll add new business lines linked to smart infrastructures and promoting our know-how in development, assessing new urban sustainable projects. All that will be reflected in the main economic parameters of the company in the year 2022, year on which we'll work to keep the sustained growth line of 2021. We'll do so with the support of our main asset, our more than 22,000 employees.
I thank them once again for everything we have achieved in 2021 and for the new success we expect to have in 2022. Thanks to their work and the support of our stakeholders, this company will keep growing and progressing in all the communities where we're present. Because at OHLA, we're innovative, we are resilient, we're sustainable, and we are talent. Mainly, we are progress enablers. We enable progress with avant-garde infrastructures. Next, I'll give the floor to the CEO, who will give you the details of the company results in the year 2021. Thank you so much for your attention, everyone. Thank you, dear president. Today, here with me, I have Mr. Tomás Ruiz Ozores, General Corporate Director, and Mr. José María Sagardoy Llonis, General Economic and Financial Director.
Before I give you the details of the year results, I have to say it's been a very positive and transforming year for the company. I need to convey our desire that you're all doing well, and I'd like to thank you, your growing interest in the OHLA company. I'd also like to use these words to share my congratulations with the OHLA team, who are the real driving force of this company. Their effort allows us to be here presenting these results that mean our return to profits. Thanks to their commitment, we have been able to initiate this new growth stage. No doubt, thanks to the more than 22,000 people in this company, we're gonna build the OHLA future with the best guarantees for employees, shareholders, and for all of our stakeholders.
Likewise, if you allow me, I'd like to quickly refer to the global transformation moment we're experiencing after more than two years in this pandemic. The infrastructure sector is facing important challenges boosted by a new social and economic context. For us, these challenges mean new opportunities that we'll avail after growing a new framework where the star is digital and environmental transition. After this brief introduction, I'd quickly like to mention the topics I'll deal with in this presentation. First of all, I'll refer to the company achievements in the year 2021. Afterwards, I'll focus on the restructuring operation. Next, I'll deal with the 2021 results and targets. I'll present the evolution of the company's liquidity and our firm belief in reducing debt. I'll finish by referring to the forecast for 2022.
As I mentioned at the beginning, OHLA has finished the year 2021 with very positive results. In this way, we returned to profits after five years of losses, and we have exceeded our forecast regarding the main economic parameters of the company. We have achieved that in 2021, which was a very significant year for OHLA, the year of our 110th anniversary and the launch of our new corporate image and brand. It's been, no doubt, a year of great transformation that will set the beginning of a new stage. Thanks to the great work done in the last 12 months, we have achieved a great performance in our P&L account. EBITDA has reached EUR 91.2 million, 35.1% more than in 2020, is the best result since 2016.
We have achieved a record in contracts in the last five years with nearly EUR 3.7 billion in award of works. Our total portfolio is therefore at EUR 5.8 billion with important projects in our reference geographies. We have finished successfully the refinancing and capitalization operation, and OHLA now has a reinforced balance sheet structure. We have promoted our liquidity after reaching a total position of EUR 841.4 million, favored by a cash flow generation of more than EUR 200 million, therefore confirming the improvement in the business figures and its margins. We have concluded our asset rotation policy in the short term.
We've completed divestments, such as in the hospital of Toledo, Aguas de Navarra, and the Old War Office, and we focus on reducing debt, finishing the year at EUR 523.5 million, and we'll keep doing so in 2022 until we are below EUR 400 million. All that allows us to set the foundations for our growth, for our future growth. One of the best milestones in the year, I'd like to briefly explain the refinancing and capitalization operation of the company that finished in June 2021.
That meant the reinforcement of the equity in EUR 205.2 million, thanks to the success of the capital increase with rights in the maximum range and the decrease of the bond balance, the reduction of leveraging in EUR 105.6 million, and extension in four years of the debt maturity. The new bond will mature in March 2025, 50%, and March 2026 for the remaining 50%. All this has allowed OHLA to have a reinforced and solid balance sheet structure to face its business plan and its future growth. Next, I'll focus on the group results in the last 12 months and the target meeting level. As the president mentioned in his speech, the company has exceeded greatly its targets for 2021. Likewise, regarding the main figures, sales were at EUR 2.7 million.
As foreseen, EBITDA confirmed profitability operationally since the last quarter of 2021, and in the year 2021 closed at EUR 91.2 million versus the EUR 80 million foreseen at the beginning of the year. Total contracts, whose closing estimation for 2021 was more than EUR 3 billion, was nearly EUR 3.7 billion. A very relevant figure, mainly taking into account the last two pandemic years. These contracts guarantee the improvement of production in the future quarters and reinforces the targets to increase the turnover volumes of the company. We have added a new concession to our portfolio with the award of the Bío bío Hospital Network in Chile.
The main OHLA indicators for the year 2021 are completed with the attributable net result placed at EUR 24.5 million after the losses of EUR 151.1 million in 2020. Likewise, the company returns a positive result, which is something that it did not achieve since 2015. Regarding the evolution of the different business divisions, construction has reached a turnover of EUR 2.23 billion, an EBITDA of EUR 100.5 million. That is a 4.5% of sales, a profitability higher than the one achieved in 2020, consolidating therefore the improvement trend that began in 2018. Regarding services, our sales grew by 20.4% up to three hundred and sixty-one point five million euros.
We're generating EBITDA of nearly EUR 15.8 million, equivalent to 4.4% of sales. In industrial, we finished the year 2021 with sales of EUR 165.5 million, a similar figure to 2020. The future evolution of this business unit entails strengthening our belief in renewable energies. Therefore, for this division, we have created the subsidiary, OHLA Energy. As one of the pillars of the company, I must highlight that it has a portfolio of EUR 5.8 billion diversified per geography, types, and projects. In this line, contracts have experienced a great performance throughout the year, being near EUR 3.7 billion.
Among the main contracts achieved, we have the following. In the U.S., the improvement of the highway I-5 in Los Angeles County, which is the biggest awarded contract since 2017, for an amount of EUR 321 million. In Latin America, we have contracted works in Colombia, Chile, Mexico, and Peru in 2021. In Peru, we were awarded the design and construction projects for river defenses for an amount of more than EUR 235 million. In Europe, I'd like to mention our belief in sustainable construction. One example of those is the award of an office building within the Magnum project for an amount of EUR 86.5 million, and it will be the biggest office complex built in Madrid within the M30 main road. In this building, we'll use advanced sustainability and energy efficiency criteria to achieve the LEED Platinum certification.
OHLA has more than 60 projects with sustainable certificate, which reinforces our belief in the circular construction. On the following slide, you may see the growth trend of EBITDA since 2018. Very briefly, I'll mention the deficit projects, the loss-making projects, and I'm happy to say that is the last time we'll refer to those, because they're now part of the past. Therefore, since 2018, no losses have been incurred. There's just a cash outflow pending of around EUR 30 million that will happen over the next few years. I'll focus next in the balance sheet of the company that will lead me to deal with liquidity, asset sale, and the evolution of debt, highlighting our firm belief to reduce leveraging OHLA. On this slide, you may see the positive evolution of liquidity of the company.
OHLA has finished 2021 with a total position in liquidity with records of EUR 841.4 million. A figure that includes an organic cash flow generation of the activity of EUR 201 million, much higher than the cash flow generation achieved by the business in former years. This liquidity position includes EUR 135.6 million of the recovery of the Cemonasa credit after the agreement reached with the Community of Madrid in December 2021. Excluding that amount, the liquidity with records would achieve EUR 705.8 million. Therefore, it's important to remember that this year within the framework of our divestment policy in the short term, the sales of the OHLA group participation was completed in the Toledo new hospital, Aguas de Navarra concession company, and the OHL office project.
After in October, we announced the signature of the agreement of the sale of our share in the hospital center at the Université de Montréal, subject to suspensive conditions. Now regarding debt, OHLA has finished the year 2021, reducing debt in more than 30%, placing it at EUR 523.5 million due to liquidity generation and the asset sale. This last figure compares very favorably with the EUR 749.1 million of debt at the closure of 2020. Ladies and gentlemen, our commitment with reducing leveraging is firm and decisive.
In fact, after 2021, we have announced a new decrease of debt after devoting the funds received by our subsidiary, Cemonasa, to the total amortization of the credit with ICO guarantee, amounting to EUR 54.5 million of principal as of December 31st. On this point, I should say that one year and nine months after its signature, we canceled the debt early and for the whole amount, which was EUR 140 million. We also launched a bond repurchase offer for an amount of EUR 43.2 million in principal, whose materialization is planned for the next March 9th. Both operations allow us to significantly decrease our gross debt structure in nearly EUR 100 million in comparison to the 2021 figures.
Therefore, we conclude that throughout the year 2021 and over the first months in 2022, we'll have reduced debt at around EUR 275 million. Throughout 2022, we'll keep reducing it until placing it under EUR 400 million with the amounts coming from divestment, from pending divestment, such as I mentioned at the beginning of my presentation. Ladies and gentlemen, after more than three years of hard work and sacrifice, we've done important changes operationally, financially, and strategically, and where we have firmly believed in budget and financial discipline, this company begins a new cycle after finishing a great year, 2021.
We do it with a new reference shareholder, having had the best EBITDA since 2016, returning to profit after five years of losses and reaching a record in contracts and with a portfolio of more than EUR 5.8 billion with a strengthened balance sheet structure and a liquidity of EUR 842.3 million and indebtedness around EUR 400 million. This great transformation and renewal process has been reflected in the stock trade evolution of the company. The shares have been revalued in more than 65% in last year, and bonds have advanced by 11%, and they are now close to par level. We are prepared to build the future of OHLA and do it with the best guarantees.
In this context, we work firmly to achieve sustained growth with a firm target to create value and profitability in the long term for our shareholders, investors, and all other stakeholders. In this growth, sustainability is a cross-sectional axis as reflected in our new sustainability plan and policy, 2022-2024, whose strategic priorities are the belief in a sustainable business through services and infrastructure, promoting the economic growth and social welfare with responsible management. That is, with a firm commitment with ethics, transparency, and good governance. Looking for social progress, we promote economic development and cohesion in the communities where we're present. We are now in the final part of my presentation. I'll quickly refer to the targets for 2022.
Our forecast is to reach sales above EUR 3 billion, an EBITDA higher than EUR 110 million. Contracts above EUR 3.5 billion. As well as the awarding of two new concession projects, and a continued and ongoing reduction of indebtedness. Ladies and gentlemen, we are facing a new cycle for OHLA. A new cycle aiming to reinforce growth and the projection of the company. There are tailwinds in the sector, in the infrastructure sector, thanks to the important funds that will promote projects in Europe, the USA, and Latin America. That will be useful to build a better world post-pandemic. At OHLA, we are ready to face these challenges, and we'll do so by contributing to progress with sustainable infrastructures. With the support on our main pillars, our track record and experience, we have a history of more than 110 years.
Also, our global footprint. We have a global diversified portfolio with more than EUR 5.8 billion in the regions where we are present. Our talent. We export, thanks to our employees, reference engineering to the markets where we're present. Also, our belief in digital transformation and innovation to build resilient and avant-garde infrastructures. All that will be done by applying the best corporate management practices through ethical, responsible, and solid management of the business, aligned with the good governance recommendations, and of course, with the support of our employees and the trust of all of our stakeholders, with whom we expect to build a great future for this company. Thank you so much for your attention, and we'll now begin the Q&A session. Good afternoon, everyone.
Thank you for the time and the interest devoted to OHLA, both to the people connected today and to the people who connect in the next few days to watch the video. My name is Pedro de Arellano, Investor Relations Director. Now I'm going to mention the questions received on the webcast and the email, both my email and the investor relations email address. Any pending question or that will not be mentioned today will be answered by the investor relations department in the next few days or as soon as possible if we do not have the time today. Without further ado, I'll go to the questions we received. The first one, as it couldn't be otherwise, is the following: Does OHLA have any exposure to Ukraine or Russia? It's an easy answer. Fortunately, no. Thank you. There are several countries regarding the cash flow consumption.
How much has it been consumed in total of the year in comparison to the last consumption for nine months of EUR 201 million? José María. Sure. Let me just get the figures. Regarding the cash flow, consumption has been reduced in last quarter from those EUR 201 million to EUR 66 million. That was the figure at the end of the year. As we mentioned when we published the Q3 results, the evolution of last quarter shows an important recovery in the cash flow. That consumption includes the EUR 201 million that do improve the figure in former years and also include financial, taxes and structural costs, and the loss-making projects that, as we mentioned, are a thing of the past and much lower than in former years.
In fact, the company went from a work schedule in relation of EUR 103 million to EUR 201 million. There's also a question about the recovery of Cemonasa. There was a reclassification worth EUR 435 million, and the relevant fact was announced to the market with EUR 162 million being recovered. Could you please explain that gap? Well, it's an accounting matter, purely accounting matter. The Cemonasa money was received in December by the concession of OHLA. Since the concession was under bankruptcy proceedings, the accounting rule does not allow us to consolidate the income for the concession. Since the recovery and the return of certain debts of the concession company to the construction company, they were reclassified as AFTs or IFTs, as non-current financial assets and AFTs. That was done for that amount mentioned.
I'll add to this answer that the difference to get to those EUR 161 million will have an accounting impact in 2022. Those thirty-something million gap will be ordinary credits in 2022. Regarding the cash flow effect, it's important that you differentiate that this is regarding the accounting part, and here all the impact is reflected in January 2022. Therefore, we confirm that we have recovered the EUR 162 million because I'm getting some emails asking whether we recovered less. Now in 2022, we recovered the figure announced. In fact, the tender offer open right now has been done with those EUR 162 million. We should add the EUR 18 million recovered in 2021 due to the bank guarantee recovered in the first nine months. I have another question.
Is there anything still to recover from the divestments in 2022? Is there anything that OHLA would like to think or that is planning to think? I can answer that. In 2022, we have two asset rotation operations pending. One asset has already been sold, but some recoveries have been deferred, which is the Old War Office, and the other one is at the Montreal hospital known as the CHUM. The total amount of these operations for 2022 will be a cash inflow of EUR 88 million regarding the assets pending to recover.
Regarding the intention to sell other assets, I could say that with these sales, and in particular, once the CHUM sale is finalized, which is still subject to suspensive conditions, and that we hope will be materialized throughout the year, we'll have finished the asset rotation commitment we have. Thank you, Tomás. We have a question regarding that focus on Centro Canalejas, and they're asking whether we can give any visibility of how the asset is evolving and whether we plan in the future some corporate operation with Centro Canalejas. I can answer that if you wish. The asset is evolving very well. The hotel sector obviously has suffered due to the pandemic, but as the pandemic figures go down, hotel reservations go up, and this is one of the best results in Spain. Things are going very well.
This year, we'll open the shopping mall, and we'll also expect it to evolve very well. So far, there are no divestments planned. It's an asset that needs to mature, and that will gain quite a bit of value. As the CEO was saying, I could add that in order to highlight the value and get the value of this divestment, we need it to mature, and we need to sell this asset with the capital gain. The pandemic led to a delay in the opening of the hotel and the shopping mall as well. We hope to have improvements in 2022 to 2024. There was an article in el Economista a few days ago saying that OHLA was trying to reduce their bonds or debt under EUR 350 million. Is this true?
Are you expecting to keep reducing the amount of bonds? Well, we have already mentioned that as of February or March this year, we'll have reduced by EUR 100 million the amount of debt, and we'll only have financial debt in bonds, which will be below EUR 425 million. After the investments mentioned by Tomás earlier, we'll be with a figure close to EUR 350 million by the end of the year. Great. Thank you. Just to prioritize the questions. I guess financially and regarding bonds, I could ask the following question: Which are the OHLA expectations to generate cash flow from 2022 onwards, including 2022? Well, this year will have been close to breakeven.
There was a cash flow consumption of EUR 66 million, but there was a part in the cash flow consumed to finalize those legacy projects, around 30-something million euros. We are very close to breakeven, and next year, we should get over the breakeven. Regarding the portfolio questions, some investors split them in two types of project. They're asking about the Bío bío concession hospital projects in Bío bío in Chile, whether they're included in the short-term contract figures announced for 2021. Yes, they are included. But they're included just for the construction. Of course, just the construction contract, but not all the income throughout the life cycle of the concession. Is it just a short-term portfolio? They're also referring to another project, Purple Line. Is that included in the amount expected?
Because there was an article relating that at the end of last year saying that OHLA was a preferred bidder announced by the client. Maybe there was an error there. Well, this company never adds contracts to its portfolio until we have formally signed them. Even though we are preferred bidders and we're in the final stage, and we do hope to sign the contract by the end of April. We are in the closing process of the contract. We have not yet included the portfolio corresponding to the closure 2021. Regarding financial questions, we just got a question referring to whether you could explain the impact regarding net profit comparing nine months and the end of the year to understand what is happening.
Margins have been good, mainly in construction, but could you please explain the impact for the net profit to be lower than the nine months? Well, I think there have been three main impacts that led to the net profit of EUR 24.5 million versus the year amounts in the nine months. We acknowledged an attrition in the Centro Canalejas investment of EUR 14.5 million, and that attrition or impairment is mainly due to the following. We have kept investing money in Centro Canalejas, and then we need to assess the value of the project. Due to delays, we have not been able to capitalize the money invested, and we needed to do that attrition. That is EUR 14.5 million.
In 2021, we kept PACADAR after the agreement reached with the Group of Villar Mir after the integration of PACADAR, we generate goodwill, so the goodwill contribution increases, and that contribution happened in the last part of the year and is about EUR 7 million. It's actually EUR 6.9 million that were not recognized until that date because the goodwill allocation had not yet been recognized. There is an equivalence item due to some of the investments we have in some concessions. Just to add to that, regarding Centro Canalejas, the biggest cost investments that we need to take as attrition are due to delay in opening the shopping area due to the pandemic only.
We have another question mentioning liquidity and referring to whether in the EUR 162 million of similar asset recoveries, you are including the net cash flow figures with recourse or without recourse. I think it was answered before with your presentation. Only a part of that was announced at EFT, but the full amount was recovered in 2022. We have another question regarding the guidance. Our last slide. How sure can we be regarding the fact that OHL will generate the EUR 110 million EBITDA and contracts over EUR 3.5 billion? Well, no one is sure. We don't have a crystal ball to predict the future, but we can look at the track record.
At least since our company's managed by the new team, we have rigorously complied with the guidance and the estimates given to the market regarding contracts. I have already mentioned in my speech that we are at a sweet point regarding infrastructure investment in the three countries and the three continents where we are, Europe, North America, and Latin America. In fact, we have furthered work, so the portfolio with margins according to what was announced, and that goes into production, and that really helps for the EBITDA generation margin to keep gradually improving. Thank you. We have another question regarding the next debt reductions, about the format and when that will be done. That will be announced appropriately in due time regarding the next investments and getting the new funds, as we've mentioned. We have another question, I think it's the last one.
How much equity do you want to invest in concessions in the next few years, and whether the concession strategy is still the same? Well, the strategy is still the same. It has not changed. The global amount will depend on the concessions we get awarded. I'd like to remember or to remind you that we said that in this company, we do not want to immobilize more than 15% or 20% of the equity required by each concession on which we decide to enter. Well, that was the end of the Q&A session. If you have any further questions or any question that has not been answered because it was not received or that you may have in the next few days from the investor relations, we'll be happy to help the questions or doubts you may have at any point in time.
Thanks so much again for connecting today and the next few days. Thank you for your interest in OHL. Thank you. You have the floor. Well, we just need to close the presentation. We'll be still willing to help, as Pedro was saying, through the usual channels of the company. Thank you very much, everyone. We hope you'll all be well. Thank you.