Good morning and thank you for joining this first half results presentation. As always, we'll briefly analyze the key aspects of our results, which were released yesterday followed by a Q and A session. As we did in the Q1, we are referring growth rates to the 2020 pro form a figures that is with Industrial Services reclassified a discontinued operation after sale in Tubanci and accounting for our 50% slaking fees as an equity method in both years. At the operating level, in this first half of the year, sales decreased 3.5% to $13,300,000,000 affected by the currency headwinds, especially the U. S.
Dollar that had depreciated 9% year on year. FX adjusted sales remained stable. The backlog stood at 64,000,000,000 growing 1.6% or 3.3 percent FX adjusted, supported by a recovery in the order intake during the first half. EBITDA reached $737,000,000 increasing by 14.6%, thanks to the positive contribution from Abertis. Likewise, EBIT increased by 24.8 percent and reached $482,000,000 The group net profit with €351,000,000 growing by 4.8%.
Net profit is affected by a non cash impact from and market value changes in certain financial matters mainly delivered instruments in ACS. As of June 30, 21, the group had less than $3,000,000,000 net debt, slightly higher than a year ago due to the non inclusion of the net cash from Industrial Services business €859,000,000 at year end 2020 after the sale agreement with Vansim. In this last quarter, we have been able reduce net debt by more than $700,000,000 backed by the good performance of the working capital as we'll see later on. Sales breakdown by geography. Our business strategy has focused on strengthening our presence in the main regions where we operate, maintaining the balanced distribution of activity.
Currently 90% of our sales come from our main three markets 60% North America, this is U. S. And Canada 90% from Australia and 11% from Spain. The remaining 10% comes from Germany 3% in the rest of Europe another 3% and the rest of the world which represents another 4% of the overall sales. Continuing with the first half performance.
The North American market reached €8,000,000,000 in sales and the significant FX impacts on the dollar depreciation plus the slowdown in the activity compared with the first half of twenty twenty with a strong Q1 not yet affected by COVID during the year on year sales decrease. However, Q2 performance of 2021 shows a positive trend. In Australia, sales increased by 6.2%, FX adjusted, where currency tailwinds drove sales higher. Meanwhile, Spain experienced 10.5% sales growth to 1,400,000,000 Okay. Operating performed by activity.
In construction, sales reached $12,300,000,000 with an EBITDA of 6 €17,000,000 Margin decreased of 30 basis points basically due to a more balanced risk profile of the Brent portfolio, high weight of cost plus and similar contracts. Continuing with the 2020 trend, especially in the other group margins came down from 5.5% compared to 5.8% in year end 20 with targeted similar margins for the rest of the year. And on the other hand, in Concessions, EBITDA increased to positive €55,000,000 from a negative €32,000,000 driven by traffic recovery in average concession. And lastly, services, sales and operating margins returned to regular levels recovering. Net profit by activities.
Construction net profit amounted to $158,000,000 up by 4.3% supported by lower tax rate in HOCHTIEF and the capital gains in the disposal of Continental Rail. Concessions net profit raised to $42,000,000 driven by $25,000,000 contribution from our LT. Industrial Services reached €270,000,000 31% higher than the previous year. This increase mainly due to the net accounting impact $23,000,000 or different energy asset transactions as well as non depreciating the asset after the said agreement with Vansy. Service net profit reached €14,000,000 fully recovering from COVID impact.
And finally, ACS headquarter accounted for a negative result of €132,000,000 affected by non recurring financial results related to change in the market value of derivatives, dollars 94,000,000 negative having no cash impact. Overall, the group's net profit as of June 2021 reached $351,000,000 4.8 percent higher year on year. Can we get any slide? Okay. Avertis results.
During the first half of twenty twenty one, Abertis had an average daily traffic volume growth of 22.4% in concessions with positive performance in all operating regions, thanks to the normalization of health restrictions as you can see in this slide. I hope you can see it because we don't see it yet. Traveling is approaching pre pandemic levels, decreasing by 6% in average compared to in 2019 with some countries having reached pre pandemic traffic levels U. S, Mexico and Brazil. Therefore, Abertis operating revenues went up by 26% and EBITDA up by 40%, supported by incorporation of Arceo in Mexico and release a strong river crossing in Virginia since the mid-twenty 20.
The inclusion of these new assets strengthens Abertis growth platform in North America and facilitate the analysis of future opportunities. Moreover, Abertis continues to explore new investment opportunities in brownfield projects to diversify its transition portfolio and sources of revenue. Meanwhile, Abertis net profit per PPA amounted to $262,000,000 for the 1st 6 months, an increase of 95%, driving Abertis profit contribution to ACS to €25,000,000 In addition, last April, Abertis proceeded with the dividend payment of €301,000,000 287 corresponding to the group ACS. Q2 recovery trend. During the Q2 of the year, we have seen recovery trend in KPIs.
Sales grew by 4.1% in Q2 versus same period in 2020. I don't see the slides in the screen. I don't know if you can see them, but if you don't know Tim, we'll fax them to you after we finish the presentation.
And it's available in The CMB. It's available in the CMB.
Okay. Sales grew at 4.1% in Q2 versus the same period in 2020. This positive performance is shown across core different markets, particularly in Europe and Australia, but also in the U. S. If we adjust FX impact.
Also EBITDA increased by 36.4 percent in Q2, thanks to the positive €31,000,000 contribution from Abertis versus negative €39,000,000 in Q2 2020. Likewise, the operating activities experienced margin improvements both in HOTIV America and Services. In addition, cash flow levels improved significantly in Q2 of the year, supported by good working capital, positive €135,000,000 versus negative 36 €3,000,000 in Q2 2020. Consequently, net sales from operations generated almost €500,000,000 more then reaching up to $666,000,000 Therefore, in this last quarter, we have been able to reduce net debt by more than $700,000,000 Last 12 months net debt evolution. At the end of June 2021, The group had a net debt of less than $3,000,000,000 This figure is affected by non inclusion of the industrial services cash €859,000,000 at year end 2020 after the sale agreement reached with Van C and is therefore excluded from the group's net debt balance in 2021.
Now considering this fact, consolidated net debt has decreased by more than €100,000,000 over the last 12 months supported by the group's solid cash generation and the good performance of operating working capital in our activities, improving by €304,000,000 since the first half of twenty twenty. The good performance has been especially remarkable in Q2 and when we have been able to reduce the group net debt in more than $700,000,000 confirming the positive trend showed by our activities. We look forward to continuing the second half the positive evolution of working capital, aiming to recover part of the amount invested over the past years. Backlog evolution. As of June 21, total group's backlog amounted to $64,000,000,000 3.3 higher FX adjusted.
By core country, we sum up over 80% of the backlog. In the U. S, backlog grew by 4%, up to 27,400,000,000 Australia, while stood at $19,800,000,000 4 percent like for like and Spain reached nearly €5,000,000,000 remaining futures in neutral. This positive evolution is backed by the strong order intake during the first half of the year of over $70,000,000 equivalent to a book to bill ratio of over 1.1 times. Among those relevant awards in the period, we can highlight the construction of the 3 lane twin tunnels on Northeast Link in Melbourne, construction of Stage 1 Sydney M6 Monoway, CopperStream 2.0 project, high voltage emission network in Queensland.
The lane widened from 110 to 116 from U. S. 60 in Arizona, the revamp of Anderson Dam in California as well as 2 Amazon logistics warehouses in Spain, in Zaragoza and Panasurias among many others. Furthermore, we have positive outlook based on the stimulus plans and green deal agreements as part of the crisis response from government. Some of them have been already announced but the current project pipeline including infra PPPs provide us confidence in the future.
Just to finish, I would like to highlight the group's first half results confirming the resilience of our business backed by a strategic decision to focus in the most developed markets and activities that render higher visibility and a more balanced risk profile. Key takeaways of the group performance in Q2 2021, sales recovery trend across core markets with profitability levels returning to base recovery, significantly improving the free cash flow generation and a solid backlog underpinned by a strong order intake. This set out haphazard recovery trends in profitability, gas flow and backlog position for the group and we are on track to meet the 2021 target. I apologize for the
Thank you. The first question comes from Bosco Ojeda from UBS. Please go ahead.
Good morning. I have a question on your industrial services activities, those that you would keep after the Vansi disposal. Contribution to EBITDA was nearly $50,000,000 in the first half. That's quite high with a very high margin. If you could give us a bit of detail what is that exactly, why the high margin and where that is sustainable.
Also on Dragados, the margin was a bit weak this quarter. You could give us a bit of color on the outlook. And finally, on reinvestment on the cash you will get from 1C, if you have advanced or make any progress on any potential Your reinvestments. Thank you.
Thank you, Oskar. The National Services Activity obviously is in a transition because we're having accounted for held for sale most of the assets and when it's going to be being transferred. We report only the net profit of the activity we're going to sell and we incorporate a fully consolidated the ones we're going to give. This is where as you rightly said, it's been an increase in EBITDA from in the Q1 from $10,000,000 to $50,000,000 in the Q2. I guess basically a couple of things.
First of all, There has been the acquisition of a smaller stake which we are trying to get in the gas plant in Kakua. Now we consolidated by full integration and this is basically $20,000,000 on itself, which we did not account in the Q1 and due to the fact that we had a 5% stake, which was preventing us to consolidate. And second, We also have a portable type PV plant, which started to be working. The previous quarter were negative €2,000,000 and now it's basically positive almost €5,000,000 So you got €7,000,000 there. And in the Thermo Solar plant, We had basically 0 negative $1,000,000 in the Q1 and then we got 12.45 percent, so 12,500,000 So altogether, you got there $21,000,000 here and $20,000,000 in the full consolidation that explains you basically the $40,000,000 difference between the two.
Obviously, the assets we're going to be keeping, regardless of the fact that we might sell some, But in the winter, we are terminating the development. Some of them were and still are under construction. We'll try to keep them in an operating level whether we sell them or keep them. So this is basically the reason why this change. 2nd, you asked for the margins in Dragados.
Well, Dragados is changing the risk profile on this contract. Basically, as you see, the margins on the industry relatively low. I cannot absorb the risk than Turnkey contract are proposing, so basically is shifting its operating focus into more Open book type pre development agreement type where the risk are either shared with a client or significantly and review because you actually contract most of the units before you actually offer them to the client. That reduces the margins a bit, but This is the volatility of results tremendously. And this is the direction in which the market is going.
Mostly, you see the Anglo Saxon market U. K. And Australia and it's becoming also in the U. S. This is basically the loss of the land.
Clients acknowledge that it doesn't make any sense to pass on all the costs, all the risks to the contractor if they want to have a competitive pricing. And The
capital allocation.
And the capital allocation, I guess, we've announced everybody that our intention is to focus the resources more in the concession type of investment. Obviously, a lot of things are going on. And I think trying to be faithful to this policy, we'll be contemplating transaction on these lines. We're working on some, but we have still some time to go, not necessarily need to match the investment, we need the divestment because we'll start one or the other, but the direction would be pretty much investment in concessions.
Okay, clear. Thank you.
Thank you. The next question comes from Alejandro Pizil from Westinver Securities. Please go
ahead. Hello, Luis. Thank you for opportunity of making these questions. I have one question about your For a joint venture with VanSie in renewables, if you can give us any color how is this joint venture Working if you have already some projects under discussion, any color will be helpful. And the second question is about the dividend.
Dividend has been very important for the ACS Group so far. Do you see your dividend sustainable at this The current levels, taking into account the current 8% dividend yield? Thank you.
Okay. The two questions are very easy to answer. The first one, you asked about how the joint venture is working with ANSI. It is not working at all. It's an agreement that we have, which obviously when the transaction complete, we have the agreement of creating a new co where we will they will contribute the asset and the renewable asset that are going to be developed by the VANSI Group, which is the ones that our people has been developing and we have the chance to invest 49% of the market value of But obviously, nothing has happened because the pipeline is working at the beginning of its process.
And it will happen when transaction completed and it will be a recurrent event. Assets when they will be completed will be transferred to the new co and we'll have the chance to invest. And the second question on dividend, you've made a comment which is it has 2 fold interpretations. Obviously, I think the dividend yield will not be able to maintain that we're having. But not because we're going to reduce dividend, but because I hope the value of our shares will increase significantly.
The 65% payout is what we have is nothing cast on stone. I mean, it's been the practice of the group. And obviously, we believe We have grocery and the value and that is why the dividend yield appears to be so high is so high. But we think when the value recovers, We'll get a more reasonable dividend yield.
Okay. Thank you. May I just Follow-up on also on the treasury stock that is close to 10%, which is going to be your policy in terms of treasury Stock going forward.
Well, basically we have we as you know, we offer this dividend I'll turn it to the dividends mostly because most of our investors look for it. 60% of our dividends as being requested in shares. And what we do is we keep on buying because we have to repeat. And the pillars of the group is that the shareholders do not get diluted by the discrete dividend. So we cancel exactly the same amount of shares we have to issue for the year.
And in order to cancel those shares, we have to acquire them first. And we try to buy them throughout the year, but with a heavier emphasis in the period where this looks to be cheaper. But so the policy is basically that.
Thank you.
Thank you. The next question comes from Luis Prieto from Kepler. Please go ahead.
Good morning, gentlemen. Luis Pietro here. I had a couple of questions. The first one is that the Chairman Recognize group complexity, if I recall correctly, in the full year presentation. And I would like to know if You can provide us with any granularity in terms of what solving group complexity could imply.
If any measures have already been analyzed, then what we could expect over the next 12 to 24 months. And the second question is a follow-up on the Draguardos de risking.
Please repeat the last question because your voice was cut off. The last question.
Yes. It's regarding the Dragados de risking that you commented just a moment ago. I'd like to know if you have already detected Cost inflation pressures in your business. And regarding this derisking, what sort of actual mechanisms are you using to reduce the cost Sensation pressures. Hochtiv the other day provided or yesterday provided some insights on the different mechanisms that they're using.
If you could provide us with something similar for Dorado, would be very useful.
Okay. To start with the complexity, I mean, you don't need to do SuperMBA to see that we accomplished we have 3 companies which are listed one on top of the other. We've got different stakes in different ones. Obviously, this makes a bit more difficult to follow in the direction of the group. And we agree that group complexity is something that the shareholders do not like.
And We have in mind to reduce complexity, but as we've always said, not at the expense of reducing profitability. So this is something which will happen when we see opportunities for it to happen. And I couldn't tell you more because People say, are you going to now that you don't have cash, are you going to buy back all the free floating HOCHTIEF? That is not our intention. And that was also manifested.
So but through this complexity is something that we have to do creating value for the shareholders rather than destroying value. I wish I could be more precise, but we do not have yet a set plan for that. You really have to be playing by the moment as opportunities appear. And the risking Issue with the Rados, I think it's something which we've manifested, but it's probably something which has happened in the industry worldwide. We look at different competitors, Basically, everybody is following the same approach.
Probably, we have the possibility of looking at it in more wide angle view, because we are presently many of the different markets and really important in all of them. In America, in Australia and in Europe, we operate 1 of the largest contractors. And that is a trend which the industry is going through. And it's very little that anybody could do to change that. The margins are the result of competition pressure and as a consequence with the margins which are dictated in the industry, you cannot absorb the risk that traditionally were passed on the contractual rules.
And how do we cope with that? Simply saying thank you very much. I'm not going to be for this job. And this has happened several times in many jobs and in many markets. But it's not an HCS practice.
I mean you see most of our competitors doing the same. When you see risks that cannot be absorbed in the ordinary industrial performance, something like for instance geological risk or legislative risk when changing legislation You have to bear the results of it. Things which are not certain is something that you simply say, if these are the rules of the game, going to pass on this bit. Now in terms of cost inflation, this is something which is happening recently with quite some aggressivity. In the short term jobs, mostly construction of buildings which take 1 to 2 years that is normally taken care of in the bidding process.
You make an assumption. And obviously, not only make an assumption when you read, but when you get the job awarded, you basically buy most of the stuff and have an allowance for price variations, but it's not so much important. In the more in the infrastructure work in the civil works in the quarter appears. I guess in most of the civil works contracts, you get close escalation clauses, price escalation costs, simply because in a job which is 5 years, you're going to absorb the evolution of the world market prices, Mostly, if it is a concession, which requires to have a set investment amount. So either you get a clause, which allow you for price escalation and also the developer makes the provision to take care of that possibility.
But it is As we were saying with the risk, it's something which construction companies cannot leave with the price variations we were seeing now. And obviously, we're trying to build precautions in the contract. It's nothing new. And when I finished college, I recall the price escalation clauses in the Ministry of Public Works, You were assuming a yearly increase about 20%, 25% per year. And roads were built and dams were built.
So Basically, you develop a mechanism to tackle with that. The problem now is that it has come so inadvertently, which appears something which has never happened. But there's a lot of practice of handling this issue.
Thanks. Thanks, Marco.
Thank you. The next question comes from Martin Wojtawa From Bank of America, please go
ahead. Yes. Thank you very much for taking my questions. I just wanted to ask for a clarification about your strategy of growing in concessions. So Can you confirm that you are mostly interested in transportation infrastructure concessions or you also see some opportunities for the company outside of transportation.
And when it comes to transportation, are you focused primarily on motorways Or you could also maybe look at airports or car parks or rail or some other types of assets. Thank you.
Okay. Well, basically, there is not a major departure from what our tradition has been. Basically, we're focusing developing transportation concessions and this is what we've been doing most of our recent history. It is true that we've done a project 25 years ago, developed the harbor concessions. We don't see so much coming in the market.
You can do other smaller concessions, social infrastructure, hospitals what have you. But if there are opportunities attractive opportunities we'll pursue them. The only reason why we focus on transportation quantification volume wise normally takes the lion's hair. So basically, If you want to simplify, we'll say we'll develop mostly transportation concessions without saying that we would not do any of the other. But Volume wise, this will be the case.
Now you said roads or railroads. Again, that depends very much On market conditions, the philosophy is the same. It requires a physical infrastructure, which we are able to build with our construction capacity. It's a financial performance and makes no difference whether it's a road or a railroad. So It appears to be new and interesting opportunities in railroad that they always will be considered.
But the bulk of it now we can say it's road and transportation concessions.
Okay. Thank you. And if I can have a follow-up. I mean, these investments, are they likely to be done via Abertis with your partners that you've got there? Or this is more likely to be done directly from the ACS level or perhaps both, if you could hear the color?
Thank you.
I guess basically our philosophy always has been and our presence in Abertis now is not different than what we have when we created Abertis in 2003 or 2004. Basically, We are we develop infrastructure and the first thing we did is okay when we're going to develop infrastructure. Our partner there was La Caixa. Both of us have controlling interest in the company. And We started we developed the greenfield ourselves.
And after the greenfield was developed, we offered it to La Caixa to Abertis. And if they wanted to buy and they bought it, they had kind of a right of first option. Most of the concessions that Abertis has we built I guess probably only 15% of the ones we offer, we did not agree on the price and we simply said, well, We think this is not the market price we sold it outside. So that was the philosophy in the past history. Now the partner we have is an industrial operator.
We don't have any problem to do both green and brownfield with them. Obviously, the philosophy will be the same. We will be scouting investment opportunities through our scouting arm which is Iridium. And we will see in this concession a greenfield concession which appears to make sense. From our standpoint, we will offer to our partners if it can be done by Abertis or Abertis interested.
If they do not have the same view that we have, We'll continue doing this ourselves with the financial partners of any kind. But obviously, the first call will be for So Iridium will continue doing things on its own. It might be that in some instances Albert is mindful, I'm interested in the asset, but when you say in a brownfield stage, well, that is also perfectly valid. So we have a pretty open flexibility because we can live with both environments and doing it through Abertis or doing it ourselves. And in the best interest of the group will be to do it in a manner which creates value for the group, which is If Abertis wanted through Abertis, which has the balance sheet prepared for that or if not, we'll do this directly ourselves.
Okay. Well, thank you very much.
Thank you. The next question comes from Joel Zafara from Banco Santander. Please go ahead.
Yes. Hi. Good morning. Thank you for taking my questions. I have three questions.
The first question was Just to have, I mean, your view regarding the pressure in raw material zone and how this could
Say that again, I did not hear you at all. Say that again, if you please.
Yes. And is it better now? Yes. Okay. So, yes, going back to the raw materials and I wanted to add your view on If you've seen or you're starting to see any clients, well, let's say delaying some projects Sorry, adding second thoughts about going through with some projects given the current raw material and expected forecast of raw material in the next at least in the next year.
Is this going to be do you think this is going To be an issue or something that you're pretty, I mean, comfortable with at this point in time? So that would be my first question. And the second question would be just if you could give us a bit more color on the evolution of working capital Specifically in this quarter, what was the main driver there for the positive working capital in the quarter? And then the other question would be, I guess, the follow-up question On the Industrial Services, the businesses that you retain from Industrial Services, at some point you gave us I'd say an estimated valuation, if you could update us on what's that valuation? And also if you could give us a bit of an idea on how The sale of these assets will proceed in the next couple of years to understand if you're retaining most of it for the next couple of years or if you expect to be out of this business, let's say, in the next 2 to 3 years.
Thank you.
Okay. Well, to answer you with the first one, raw material Escalation or concerns over the escalation, it's never been an issue. As I said, we've been living with 20% inflation a year and we've done a lot of things and we'll leave with negative inflation as well. We will obviously have to incorporate close escalation, but that depends very much on the different clients. And clients might like to do it in a manner or the other.
Just to Put a very simple example, if a client for its own sake cannot take any price variation, you have to build yourself an allowance, which is probably going to be more expensive for them than they were to take it, because obviously you need to build yourself a proportion. We don't want to gamble here. So historically for the government has been much more efficient to have a close escalation than to have the builder create his own precautionary cushion for to help the escalation. So I don't think it will be an It is a concern, but it's a concern that we dealt with at the business stage in the pricing and in the content stage with the client. Now the working capital, I think we basically improved in HOCHTIEF, but also in ACS.
Dorados has been particularly good in working capital. I think we hope as you know, we try to be neutral through the year. And the Q1 is obviously the worst. Then we keep on going up and try to improve it. The idea is to get neutral, but that you never know how close to the objective you get until the end of the year.
But We have good estimation that the work average is going to keep on being reduced. And in terms of the industrial services, The value of the Novoibiras, I think we have not really reevaluated that. The assets having completed. Some of them were not even operational. They were under construction.
Some of them are operational. As you saw, there was an asset that we were consolidating by equity method with a small shareholder. We bought them out because it was U. S. Much more flexibility to have 100% owned.
And ideally, We will sell these assets. We're not going to have outside of Evangi joint venture. We don't plan to have a very large platform of energy assets. It depends very much how things go. If we believe then we're able to achieve The market price that we perceive, we will sell them.
And if not, we'll wait because they are all income producing, adding results to the group. So we don't need to depend on how the market evolves and whether we're able to meet our expectations. But it's not something that we're Now paying much attention to it, because we're basically trying to complete the transaction with Marci in where we put all the emphasis.
Okay. Thank you very much. Thank
Thank you. The next question comes from Beltran Palafuelo from Santalofir. Please go ahead.
Hello. Good morning, Angela, Luis. Thank you for the detailed presentation. I know you said it, but what is the timeline? What month do you think the 1 C proceeds will enter the bank account?
I know it's not all in your hand, but just to see. And then regarding the pipeline of infrastructure in ACS, if you could give us a little bit more detail on geography, And also to Abertis, more pipeline of when do you think another operation Can happen to keep adding value. And regarding it was a very interesting thing. You said that you expect your dividend deal to go down not because We are going to lower dividend because you expect your share price to let's say be closer to the sum of your parts. As is HCS always Has been very good in capital allocation.
Is it in the cards of, let's say, reinvesting part of all those proceeds In your own company buying more shares because at the end of the day, you would be buying more Abertis, which is more infrastructure, let's say, at maybe minus 40
Okay. Thank you very much. First of all, the timing for Valcy, What we have in the script is towards the end of the year. We are shooting to get it done in December. And when we talk to AVEVA, now we're in a purely bureaucratic stage.
It's basically trying to get all the non competition approvals competition approval from 40 different markets. And obviously, the European community is already been expedited. It's a month and a half period and it's very easy. But you've got 40 other markets where you have to go through. So we've got both the lawyers hired by Bansi plus our geographical delegation pushing in those administration to expedite matters.
It looks like we're going to be able to achieve it. So I will be very happy we are able to get the cash by year end on our bank account, but it's something which only time will tell. Obviously, if there is something which is still pending small percentage we can do it. But if it is In 30%, we'll postpone the closing. But we think that it is very likely that within the year the transaction will happen.
Now You said that
Pipeline of
the Pipeline, yes. Yes. We've got Basically, you've got a strong pipeline of price to be tender and avoiding key markets, Approximately, dollars 600,000,000,000 in 2021 and thereafter, Asia Pacific has about 50% of it America 39% of it and Europe 11% of it. This is basically what you get when you look at the different regions, what do they have in their drawings, in their blueprints. Obviously, in some markets in more and more active and more expeditious in implementing them in others less.
I must say that for instance, the Australian government is It's particularly strong in getting mobilizing the stimulus package, getting now a 4 year plan to take into the market, which they want to stimulate the economy very strongly. So we think it's going to be significant coming there. The U. S. Also and Spain, we need to see.
I mean, it's basically the one which is less clear. I think the European funds are going to facilitate the inclusion of some projects which are approved, but are waiting to get funding. And with this fund, probably I think they will move on. But and that depends very much on the marketplace. As I said, €600,000,000,000 pipeline in euros expecting to be done.
So even if we're able to get a small percentage of it, they'll take care of us.
On Abertis, the brownfield, the pipeline of Abertis potential investment
No, but this €600,000,000,000 is also included in the private property. No, you also asked But what about if we would invest some of the capital we're going to get into Asia shares? I guess this is something which we've done in the past. So it does not preclude the whole year in the future. I think we need first to wait to see how the whole investment portfolio appears and we'll take decisions later on.
At this stage, We keep all the options open.
Okay. Thank you very much for the detailed answers and for the hard work. Thank you.
Thank you very much. There are no further questions in today's conference call. Dear speaker, back to you for the conclusion.
Well, thank you very much again. I apologize for 2 things. First, because some slides did not show up properly. And second, because my lousy voice is a consequence of a cold, which created by the air conditioning and I've not been able to speak so clearly as I would have liked. So I wish you a good holidays and you know that you can Call us if you have any question you want to clarify.
Thank you very much.