up to AUD 300 billion. CIMIC has been involved in several major front-end engineering design studies based on its engineering expertise, and we're currently constructing a hydrogen-ready power generation plant in New South Wales. Social infrastructure is another long-term structural growth market for HOCHTIEF. In August, NFL team, the Tennessee Titans, announced that a consortium, including Turner and an AECOM subsidiary, will serve as construction manager on its new stadium project, with an expected total value of $2.1 billion. The joint venture will oversee the pre-construction and construction management services. Turner and AECOM have successfully worked on 17 of the 30 most recently completed NFL stadium projects, including the SoFi Stadium in Los Angeles, which will host the opening and closing ceremonies of the 2028 Olympic Games. In Australia, CPB Constructors has been selected by the Queensland Government as managing contractor for stage one of the new Bundaberg Hospital. CPB will lead the design phase of a project with total value of AUD 1.2 billion, which is part of the regional government's AUD 9.8 billion health and hospitals capacity expansion program. Defence is another structural growth area in which the group is strongly positioned due to its existing sector and security credentials and relationships, which stretch over decades. UGL has won a contract to provide strategic advance advice, planning, supply management, operations, and maintenance for the Australian Defence Force fuel network. Contract will generate approximately AUD 500 million in revenue for UGL over 6 years. UGL will provide all operation and maintenance services throughout the Defence Fuel Network nationally, as well as a strategic asset advice and management of the Australian Defence Force fuel supply requirements across Australia. CPB joint venture has also been selected by the Australian Government Department of Defence to undertake design development activities for the Woomera Redevelopment Program. Pending government and parliamentary approvals, a delivery phase consisting of upgrades to buildings, services, and infrastructure is expected to follow, with an estimated value of between AUD 500 million and AUD 700 million. In the U.S., the U.S. Army Corps of Engineers awarded Turner Construction Company a $389 million contract to construct two buildings at an air base outside Omaha, Nebraska, and make operations more resilient to potential flooding. Supply chain and logistics are critical to success, especially for our clients in data centers, EV batteries, and the other high-tech infrastructure markets we're pursuing. To meet these challenges, we have developed Source Blue, which is Turner's supply chain specialist in a rapidly rising procurement volume of over EUR 1 billion in the last two years. The business utilizes its strategic relationships, digital systems, and logistics expertise to deliver transparent and collaborative solutions that improve project schedules, cost, and procurement challenges. The company transforms the traditional procurement process by increasing visibility throughout complex supply chains. It can thus provide client with reliability on where equipment and products are sourced. Experience with over 130 supply chain experts and procurement specialists. Furthermore, it offers early engagement with designers and engineers, facilitating collaboration on complex challenges from design to delivery. This rapidly expanding business has seen revenues double in the last 12 months. In order to expand Source Blue's capability, HOCHTIEF is also developing supply chain in the Asia Pacific region with the creation of a logistics hub to accelerate the group's digital delivery capabilities. Capital allocation will play an increasingly important role in the strategic development of our company, with both transformational M&A and bolt-on acquisitions. As described earlier, we have begun to deploy equity capital in several high-tech infrastructure growth sectors. In addition, we continue to boost our engineering know-how via bolt-on acquisitions, such as the Canadian NovoPro transaction I mentioned earlier, and most recently, via the agreement by UGL to buy the communications services arm of Skybridge. The company is an Australian installation, maintenance, and construction company, which specializes in the fiber, wireless, and satellite telecoms markets. The acquisition includes the transfer of intellectual property and engineering capabilities and supports UGL's continued strong growth in the sector. Let me move on and talk to you about the recent important developments at Abertis. In July 2023, we reached a new strategic collaboration agreement with Mundys, with the objective of strengthening Abertis' global relationship in transport infrastructure concessions. Our partners are committed to promoting an investment plan to expand the portfolio of assets under management and promote Abertis' growth and value creation, while maintaining an optimal capital structure in line with the requirements of credit rating agencies. The agreement also includes a new governance scheme, whereby the partners will appoint 12 board members in equal shares, as well as the appointment of the chief executives. Thus-... Mundys will continue to appoint a CEO and the Secretary of the Board, while HOCHTIEF AG will appoint a Chairman and the CFO. In addition, the ACS Group agreed to transfer a 56.76% interest in the SH-288 managed lane highway in Houston to Abertis for $1.53 billion. The total concession has a remaining lifetime of 45 years until March 2068, and is a high-quality transportation asset comprising 17 km of managed lanes with dynamic tolling, where tolls can be adjusted to maintain traffic above the target speed. The acquisition leverages Abertis's existing presence in the U.S. and will achieve synergies within a solid regulatory framework. In mid-October, Abertis announced that it had won a tender in Puerto Rico for four toll roads, with each $2.85 billion bid. The company has been awarded the concession right to operate four highways in Puerto Rico for a period of 40 years, expiring 2063, after a competitive privatization process. The toll roads comprise 192 km, representing over 60% of the island's toll traffic, including highly strategic connections to the capital, San Juan metropolitan area, with alternative routes being very limited. They also enjoy attractive tariff mechanisms, with increases exceeding inflation and a solid legal system in which U.S. federal laws apply. Also, worth flagging that there are significant operating efficiencies with Abertis's existing Metropistas concessions. These two transactions are aligned with Abertis's long-term strategy of owning, operating, acquiring high-quality strategic toll roads that continue to extend the group's concession-based cash flows. Furthermore, these transactions reinforce Abertis' core exposure to hard currencies while leveraging its existing presence in the U.S. Both concessions contribute to cash flow generation from inception, given existing high traffic levels and EBITDA margins. The shareholders will contribute EUR 1.3 billion to support the financing of these transactions. Abertis will thereby maintain an optimal capital structure in accordance with the commitment to maintain its investment grade credit rating, which S&P has just confirmed. So in conclusion, let me briefly summarize where we are and how we see the business developing. HOCHTIEF has achieved a strong set of results. Sales and profits are growing at double-digit rates in local currency terms. Margins remain robust, and we reported a strong Q3 cash flow performance. New orders saw exceptional growth of almost 40% year-on-year, FX adjusted. The strategic focus on rapidly expanding high-tech energy transition and sustainable infrastructure markets is driving a strong order book growth, a positive profit momentum, and further improving risk profile. We have started deploying capital in high-tech infrastructure sectors, including renewables, energy, data centers, and electric vehicle fast charging networks. We continue to consolidate and expand our engineering and technical know-how via bolt-on acquisitions, and we're rapidly developing our logistics and supply chain services, and our delivery on ESG targets remains on track. Looking forward, we expect a seasonally strong cash flow performance in Q4, and we confirm our guidance for 2023 to an operational net profit in the range of EUR 510 million-EUR 550 million. Thank you very much to everyone for listening, and now I welcome your questions. We're ready for questions, operator. Thank you. Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question may press star followed by one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you are using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. The first question is from the line of Graham Hunt with Jefferies. Please go ahead. Hey, gentlemen, thank you very much for the questions. Maybe just two from me. Trying to understand where you're expecting the balance sheet to end up at the end of this year, and then how much capital you have to go out and do deals, just based around some of the transactions that are going on. So first, you know, can you confirm that HOCHTIEF will contribute to the EUR 1.3 billion for Abertis? How will this all be financed? And then if we account for that and the option that you have on Thiess, outstanding, you know, are you comfortable with your, where your balance sheet is today, and how much headroom would you have to go out and do deals beyond this? And I'll follow up with a question on construction, if that's okay. Thank you so much, Graham. Let me start with the balance sheet. We expect a very, very strong Q4 in cash, in line with last year, and we are gonna be comfortable in the net cash zone at the end of the year from a balance sheet perspective. The EUR 1.3 billion of, I mean, capital increase Abertis, yes, I confirm that, HOCHTIEF will be contributing its 20% share. When it comes to, I mean, as I have mentioned in the past, we are just waiting to see the three years ahead of us. We are waiting to see if Elliott wants to execute the put or part of the put. From our perspective, we welcome this because our adjusted debt includes the obligation of paying the put, plus the obligation of the dividends, but it's not plus the share of this stake, but it's not recognized in EBITDA. So, that would be something very positive for us, so we would welcome. And in terms of firepower, I believe we do have significant firepower in terms of investment for different reasons. The first one is the fact that we're gonna be in a comfortable net cash zone. So obviously that has leverage. But of course, I mean, when you look at the cash flows that we are consistently generating every year, there is significant room for it. In addition, as I said before, if we were able to integrate this, basically we would be increasing the EBITDA for the same amount of debt that even accountably is not being consolidated. It is from a rating agency perspective. So, I mean, I hope I did answer the questions. No, it's very helpful. And then just very quick follow-up on U.S. construction. Obviously, very strong order intake this quarter, and I think you say in the statement that this is... most of this is low risk. Can you give any sense on the profitability of these projects? Yes. I mean, we're expecting margins to grow in the U.S., and we're expecting margins to grow in the U.S. for two reasons. The first one, when it comes to Turner, as they get into more sophisticated projects, we expect margins to grow. The more value we provide, the more the margins are, with the same construction management low risk model. When it comes to Flatiron, margins on paper are exactly the same as they used to be, right? So typically, we have the traditional one building. However, these contracts have no risk, so we believe that this should be achievable, while in the old traditional EPC design-build, on paper, were two-digit margins, but to be honest, between escalation and other challenges, it used to be very difficult to achieve. So I expect margins in North America to grow. Thanks very much. Thank you. The next question is from Luis Prieto with Kepler Cheuvreux. Please go ahead. Good afternoon, Juan, and the rest of the team. Thanks for taking my questions. I had a couple of them, very brief, and apologies if I'm repeating something because I had technical issues before. The first one is, you've been pretty clear now and obviously in previous occasions, that you're shifting your segmental exposure to the markets with high growth. You just said that you expect to see margins increase on the back of this in the U.S., and I would assume in other places like UGL, et cetera. But in the particular case of the U.S., the cost plus, the project management approach that you have, do you... would you need to change the way you do and carry out work in order to see that margin increase? Or do the segments that you're attacking require, at some point, shifting to a slightly more asset-heavy model? And my second question is, it's based on the numbers that I've done here pretty quickly. I don't know if I'm quite right. But the Q3 margin for Asia Pacific would be diluting more than 100 basis points year-on-year. And I would like to know if there's anything unique for there, if it's the tunnel gradually coming to an end and then hampering these numbers, or what's behind this dilution? Thank you. Thank you, Luis. So let me start with margins in North America. So in terms of the potential increased margins of Turner, Turner is getting into more sophisticated projects. Now, to get into those more sophisticated projects, three things, and this is applied to the entire group, okay? Because what we're doing in Turner, we're doing in Europe, and we're doing in Asia Pacific. There are three keys to start doing the little more complex projects for big clients. First one is increasing the engineering capability, the second one is to increase supply chain and logistics capability, and the third one is obviously systems, and digital systems with what comes with it. So that transition is the one that we have started, or we started, some time ago, and it's being paid off. The more complex is the project, the more the client wants to make sure that your value proposition is strong. So I believe that margins are going to continue increasing without taking additional risk. In extreme, if we were able, in the long term, to jump into semiconductor fabs, and we were able to do balance of plant in nuclear buildings, if we were able to jump into other high digital and high tech projects, we would see that all what we're doing to build that capability will be paid off with higher margins, without changing the risk profile. On the contrary, the more commoditized and easy the project is-... The more competition, and probably eventually, the more risk. That's why we are working on a plan to move into more engineering-driven areas. In Asia Pacific, well, there's a couple of things driving margin. The first one is the West Gate Tunnel project, as you said, which the settlement was achieved in December 2021, but also the higher financing cost. We are partly compensating with lower tax rate, and I think that it was 20.1% in the first nine months of 2023 versus 22.4%. And this is mainly due to the higher share of equity accounted and the JV profits. So, I mean, basically, those are the reasons. Excellent. Thank you very much. Thank you. The next question is from Augustin Cendre with Stifel. Please go ahead. Yes, good afternoon. Thank you for taking my questions. I've got two, if I may. The first one is kind of following up on my usual questions on, on the risk profile of the company. I was wondering if anything has changed regarding the risky projects that were previously mentioned, mentioned in, in previous conference calls, and if you're currently comfortable with your level of provisions to risky projects? And I'll, I'll ask the second one immediately also. So it was on Asia Pacific. I was wondering if you could please elaborate on the environments you're currently seeing in Australia, and how you see it evolve in the next few quarters. It seems to me like the growth environment has been quite strong for more than a year, but it seems like your backlog has been growing faster than sales, so I'm wondering how that could evolve going forward. Okay. So, thank you so much, Augustin. Starting with the risk profile. I mean, I get that your question, if I understood correctly, was more about the, well, we do have in our risk backlog, and that includes projects such as Harbour Bridge, which was well sorted out, and we reached an agreement and a settlement with the client, for $400 million. The rest of the projects, I think we have the hospital in Adelaide, which is a litigation that should come up within the next years, but we believe that we do have good provisions. We have the Rastatt Tunnel panel in Germany, which I think that is being very positively resolved. Obviously, waiting for the outcomes in the next months, but we are optimistic. The rest of the projects, I think that we do have all the right provisions. So I'm comfortable with the level of provisions we have for those projects, number one. Number two, all those risk positions have one thing in common, assuming we do have the right provisions, they can only mean cash for us, right? So, more cash, less cash, right? So, but it won't affect our cash flow profile, okay? Which is the other thing. Now, in terms of the backlog by contract type, we've done a huge effort to continue our path to de-risk the companies. And that's why we're trying to avoid design- build, or we're trying to avoid EPCs, et cetera, as I said in the past. Basically, if we do, but sometimes we actually design- build because it's the third or fourth project within the region, so we are very comfortable with the project itself, but we exclude escalation, and we exclude certain things that we're not comfortable with. So overall, I believe that when we talk about the risk backlog, and right now, around 85% of our projects are construction management alliances, et cetera, and 15% correspond to a design- build project, with exceptions and caveats, as I said before. I believe that, I mean, we are pretty much migrating the company in the right way. In Australia, a couple of comments about Australia. The first one is, Australia, I will talk about Asia, I will tell you right now. But Australia, I believe, that has a huge potential when it comes to transmission lines, renewables, okay, substations, et cetera, and photovoltaic, all these projects. Natural resources, lithium, iron ore, et cetera, hydrogen, and other industrial sectors. So that's increasing significantly. When it comes to traditional civil projects, I think that it will be a little bit flat, with a huge investment, but flat, and depending on the region, it could decrease a little bit, but we'll compensate that by the other high growth areas. So I think that the market will continue preserving all the right fundamentals. In the case of CIMIC, one thing that is happening to the group, not just for CIMIC, but also for Turner, Flatiron, and Asia, is that we are winning a lot of projects that because they are collaboratives, the downside of... I mean, collaborative just have one upside, which is they are more or less good margins and lower the risk. The downside of those projects is that you start for a long time just doing engineering, right? And working with the client on engineering, which has the effect of not being able to reflect in your backlog anything different from your engineering, right? So that's something that is currently, I mean, a lot of the projects we're announcing are not reflected in our backlog overall, because you can only reflect the design portion initially, which is very low. And that's what causes a mismatch between revenues and work in hand from region, and it's happening in Australia. Thank you. And if, if I may just ask, another question, which was regarding, actually following up on a previous question, asking you about the headroom for deals. You said that you, you wanted to keep, an investment grade credit rating. How, how does that translate in terms of leverage for you? I mean, when you, when you're working with, well, first of all, I think that we do have, before even getting into the leverage and debt, we do have a strong cash flow that allows for, I mean, annual investments. How much? Potentially, I mean, close to EUR 100 million every year, and that's organically. That's without the need of bringing in debt. On top of that, we do have our, obviously, our ability to finance. In the case of HOCHTIEF, I mean, which is very straightforward, except for the Thiess component, because the Thiess component, as I said before, the adjusted debt is in our books, and it's reflected of the put, plus the $180 million that we need to pay end of the year, but not EBITDA, right? So if you were to adjust by that, probably, I mean, you would be talking about, in the case of HOCHTIEF, 2x-3x EBITDA when it comes to the possibility to get debt. And we are in a, we believe that we're going to be finishing the year in a comfortable net cash area. So that gives you a sense between the organic cash flows plus the potential leverage, I mean, gives us a lot of firepower, potentially. Okay. Thank you very much. Thank you. The next question is from Víctor Acitores with Société Générale. Please go ahead. Hi, Juan and Mike. Good afternoon. I have one question on the slide number 12 on Flatiron. It's just in case you can confirm, as in the last conference calls, that the working capital deviation that we have seen in the quarter is mainly no issues, and it's been explained by sales growth and the risking of the backlog. Thank you. Thank you. Thank you, Victor. Yes, I mean, a couple of things that is important to when we talk about the net working capital, okay? Because, the net working capital, especially when we talk, and I'm not sure you're referring to statutory or the underlying. But in the case of the statutory net working capital, this year, we are including Thiess, which was a one-off that we had last year and this year. Which is, if you take that out of the equation, the year-on-year variation in the net working capital outflow figures would be pretty much in line with the business, right? And not very different from last year, right? So, we can follow up on this more detail offline, but that's something to mention. The other thing to mention is, first, that the first nine months 2023 reflect typical seasonality, number one, and we are going to see that being changed in Q4, right? Very strongly, and we're very comfortable about that, right? Typically, a lot of reconciliations, they come towards the end of the year, and we are in November, and we already know that those are coming. So we are very comfortable in that sense. There's always a component of lower client standard mobilization payments as we move forward to a low risk strategy. So that affects always. I mean, you don't have some of the big advance payments that we used to get because of alliances, et cetera. But, as I said before, we expect to see some very strong cash flow in the fourth quarter, and we expect also, because of a lot of, as I said before, a lot of our legacies and risks, as soon as we continue settling them, those will bring cash over time. So that's another positive of our balance sheet. So we expect to improve cash flow going forward. Thank you. Thank you. The next question is from Marcin Wojtal, Bank of America. Please go ahead. Yes, good afternoon. Thank you for taking my question. I wanted to ask you about profitability outlook for your Asia Pacific division. Do you expect your EBIT margins to improve over the next 12 months? My understanding is that in 2023, you still have some dilution from legacy projects. So once that dilution over time- ... goes away, is it logical to assume that your margins will improve? Yeah, we're expecting so. I mean, we do have a little bit of. I mean, work here will continue in 2024 and over the next 12 months. So from that perspective, and we'll have higher financing costs, still, but the business will improve margins, so overall, improvement. Thank you. Thank you. The next question is from Dario Maglione with BNP Paribas. Please go ahead. Hi, good afternoon. Three questions. One is on Turner. Can you maybe tell us what percentage of Turner revenue or business is project management? And what percentage that is engineering, designing, and kind of higher value-added activities? And the second question is on Abertis. So the positive news, of course, was that S&P ratings maintained the rating of BB minus. However, they also mentioned that they would want to see some deleverage in 2024, and potentially that would mean, if I understand correctly, lower dividends. So I just wanted to get your view on the dividends from Abertis from here. And then the last question on order intake, which was really strong, also in Q3. It can be volatile, so I just wonder, what should we expect for Q4 and, next year in your view? Thanks. Okay, thank you, Dario. So starting with Turner. Pretty much everything we do in Turner is construction management, right? From that risk perspective, so there is no change, right? We have more sophisticated projects with higher margins and less sophisticated projects. There was a time in which most of Turner were buildings, residential and commercial. Right now, it's around 15%. As we talk about the high growth areas with more margin than usual that could be getting close to... Of all the new intakes, it's around the 50%, and increasing, so which is changing the backlog of Turner. That's why I'm confident that we will be able to increase margins over time. Regarding Abertis, I mean, right now from a... Our objective is, and we're going to keep the dividend policy for now, and we believe that we can meet the investment grade conditions. So, I mean, I believe that in that case, no change. Then, regarding the order intake, I'm very positive about the order intake. Not just now, but going forward. As I said before, there's a lot of backlog not reflected. I mean, a lot of intakes not reflected in our backlog. I mentioned before, a significant amount from Turner, around the $7 billion, $5 billion from Flatiron, $5 billion also from CIMIC, were not even included in our backlog. And when we look at the pipeline and what's coming, we believe that it can or will continue to grow, right? So in that sense, we believe that there's a very positive momentum. And if you look at, I mean, at the strategic segments in terms of data centers, batteries, lithium, hydrogen, sustainable mobility, and of course, more long term, but there's a lot of talks in terms of engineering in nuclear. The demand is unbelievable. And that's what I believe that has really changed in our organization within the past 12 or 2 years. We are transitioning not only to keep our core business, not only to do what we've been doing up to now, but to be able to access some of those areas that to some extent are new to us. That's why we are at the beginning of being able to capture the different areas that before we were not able to capture for all the reasons I mentioned. Okay. Thanks, Juan. And actually, if I can add one more question on Australia. So you mentioned that you expect the traditional civil engineering market to be flat to small down, depending on geography. But also, it seems like the government is planning a lot of works over there, and there is a big backlog, which should peak next year. So I'll just try to understand how to reconcile your view and the backlog from the government side. Thanks. Well, the... I mean, Australia overall, in terms of global investment, is going to increase significantly, right? That's the point. When I'm talking about, I mean, you need to get more into the details about what's going to double or triple, which everything around energy, plants, industrial, that's going to boom.... even renewables, I mean, the amount of work, transmission lines, substations, I mean, a lot of the hydrogen plants that we are right now just going through the FEED, but eventually will come big opportunities. So I believe that that will continue growing significantly. When it comes to transport and investment, you need to go step by step. South Australia has an unprecedented plan that probably could make us potentially triple or even multiply our backlog in Australia significantly in 2024, if things go in the right direction. Victoria is evaluating, but that's the one that I will, I would say that from a transport perspective, that's a little bit flat. Because, but flat is unbelievable. I mean, I think that Victoria has investments higher than any country in Europe, for example, which is not difficult on the other hand, but significantly versus the U.S. or even versus Canada. So we believe that will continue. And New South Wales, I think that because of the change in government, is waiting for the new government and to decide what to do, but there are significant projects are pursuing. So overall, a huge increase in Australia. I was just when I were talking about flat, it was mainly traditional transport projects. Okay, thanks. Thank you. The next question is from the line of Nicolas Mora with Morgan Stanley. Please go ahead. Yes, good afternoon, gentlemen. Just a quick one for me. On the margins in Northeast Americas, especially at Turner, we see a moderate uptick quarter after quarter, I think on 2% PBT margin, at the nine-month level. When and how fast do you think you can take this to levels we see elsewhere at some competitors, as opposed looking at the Exyte financials, these guys do 5%-6% EBIT margin. Is... When is the timeline for marked margin uptake, especially at Turner? Because you've got some fast-churning orders in there, data centers, especially in manufacturing plants, biopharma. All these have been in the backlog now for more than 12 months, for some projects. So, should we expect from now on a bigger tick in margin? That'll be the question. Thank you. Thank you. Thank you so much, Nicolas. It's a good question. How fast we are going to see margins increasing? I mean, certainly it's gonna be a steady increase. How fast? Let me try to work that out and provide more visibility within the next months, right? Because we also need to understand the engineering period, the design period for a lot of these projects, which is not a fixed period of time. I mean, typically the client, you design with a client, and when the client believes it's ready, then you go for construction. But there's no fixed time for design. So, I believe that it will be steady. How fast? It's a difficult question, but I will try to provide more visibility within the next months. I'll take that, and I will get back to you in probably next time, or if we have before, we can take it offline. Okay. If I may just on Abertis, so you've announced two deals, I mean, ACS on these over the past few months. What do you think, I mean, how do you see these deals from an Abertis's perspective, not from an ACS perspective, from a HOCHTIEF? Because it seems the values continue to go up, the equity IRRs are pretty tight on the budget. Was this really a must-do deal for Abertis at that very high level of price, especially on SH-288? I think Puerto Rico, you can maybe just give us a view on a feel for the multiple and where you see the growth there. Thank you. Yeah. So one question which is, I mean, one point that I believe is very relevant when we talk about the SH-288. These projects are very easy to evaluate, okay? Because at the end of the day, once the construction is finished, it's about traffic, it's about the service, it's about the forecast, which typically don't, you don't change, right? I mean, you can increase the tariff. You can increase the tariff, you can obviously look at real traffic compared to all traffic, but we are not changing the projections, right? So at the end of the day, it comes to discounting cash flows. So when you look at the SH-288 and the amount, I mean, the increases in the tariffs, increasing in the real traffic, and the real traffic continues to grow. So when we bought the SH-288, with the traffic at that point, and you compare current traffic and current flows with the ones when we bought, these managed lanes are increasing very, very, very fast. I mean, it's, we will provide visibility on that, because eventually, as everyone knows, we are planning for a Capital Market Day eventually, sometime in 2024, and our intention is to provide visibility. But what I can anticipate is that it's very objective. I mean, it's not because it was good for ACS and bad for Abertis. It's a win-win for everyone. Since we bought, right now, the value of that job is about what Abertis committed to pay. And we will show you at due time. So I think that is a good transaction, obviously, for HOCHTIEF ACS, because they keep 50% of that asset with Abertis, right? Number one, it's a good transaction for ACS HOCHTIEF, because we keep 44%, but right now, if we were going to the market in 2024, I can assure you that it will be way above the EUR 2.7, way above, I will show you. And it's good for Abertis, because I think they got a good price, and in terms of the latest expectations of all their concessions, it increases, because it's a very long term, both Puerto Rico and 2028. So, I believe that it's a very good mix. It's a U.S. asset. It's U.S. dollars currency. It's a long-term project with very good traffic and improves obviously the EBITDA and the margins in the long term. So very good from that sense. Now, in the case of Puerto Rico, it's pretty much 60% of the island's toll traffic. To... And that together with our existing projects, we almost have the entire toll network in the island or a significant part, so to speak. It's 40 years, it's four highways. I mean, same thing as the SH-288, it's very long term. I believe that we were reflecting... I mean, there's there was not a lot of CapEx on the project. So from that perspective, I don't think there's a lot of risk. But there's a lot of synergies that we haven't... We only took into account part of the synergies, but not all the synergies when evaluating the SH-288. If we had taken all the synergies with Metropistas concessions in Puerto Rico, we would have been able to offer a higher price. So those two assets are very good for Abertis. Now, what's next? Okay, and we'll... But in any case, important, we are going to offer a visibility. So I mean, don't take my words for now, but we will offer the visibility at the time in all these assets. What's next? What's... I mean, for Abertis, we're analyzing Australia, they think. We are analyzing assets in Chile. We're looking at brownfield assets in the U.S. We're looking at other brownfield, and then you have all the greenfield assets that potentially ACS can, over time, pass to Abertis. So that, that's where we believe the future is. Regarding the French one, we need to wait to see what happens in the future, if they are going to tender or what's the plan. We don't have visibility at this stage. Excellent. Thank you. Thank you. We have the next question from the line of Graham Hunt with Jefferies. Please go ahead. Yeah, thanks for allowing. Just one quick follow-up. Just to confirm that, with all these capital allocation plans, you're sort of penciling in, or your base case assumes maintaining or increasing your HOCHTIEF dividend, as it is, EUR 4 last year, and sort of where that could land in 2023, sorry, 2024. Thanks. So, yes. I mean, we will, yes, and we'll continue to... We have dividend policy of the 65% of the net profit. Thanks. Thank you. The next question is from the line of Marcin Wojtal with Bank of America. Please go ahead. Yes, thank you so much. One more question, if you allow me, and this one is on Abertis. Abertis continues to have an important dispute with the Spanish government on the so-called AP-7 guarantee. Could you please provide an update? Is there anything new to communicate? Are there any dates or timeframes that we should be aware of? And what is your current thinking on that process? Well, I mean, we within the next month we should hear from the Spanish Supreme Court. The last date was January, and what we don't know is when they are going to communicate. But I believe that the beginning of January, they are thinking of making a decision, and when they will be communicating to us, that's what is more unclear. What are we expecting? I mean, it's in the hands of the Supreme Court. Our position, obviously, from my perspective, is that we believe we do have a good case, but of course, it's in the hands of the Spanish Supreme Court, and I prefer not to extend further on this topic. Thank you very much. Thank you. There are no further questions at this time. I would now like to hand back the conference to Mike Pinkney for closing comments. Over to you. Okay, thanks, everyone. Thank you for joining us. And yes, and from my side, I mean, I, I always appreciate your, your time and your, your questions, which show that you're really, looking at the company and, and working with us to understand it better. We will continue, to, to pretty much, continue to, to be transparent, to, to offer all the, all the information. And as I said before, we are looking forward to a Capital Market Day time in 2024, to, to make sure that we provide a lot of the questions that you're asking in further detail. So thank you so much. Thank you. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.