HOCHTIEF ended the period with the balance sheet showing net debt of EUR 390 million at a similar level to March 2022. This is after net M&A investments, during the previous twelve months, of EUR 534 million including the acquisition of CIMIC minorities and Australian natural resources company MACA as well as EUR 130 million in dividend payments to HOCHTIEF shareholders. Adjusting for these impacts and other non-operational items, net cash would show an increase of EUR 714 million year on year.