Fernando Gonzalez: I think the outlook that you described continues being valid. Of course, it is — another way to put it is that it is clear that order books for the next three to six months are still not capturing that type of volume, but things are moving forward. So we do expect that for the, let’s say, late this year, that will start showing up. So we don’t have additional info or color that we can observe in the market.
Maher Al-Haffar: Fernando, maybe sorry, I was just going to add, unless you want to…
Louisa Rodriguez: I was just going to add two points. Certainly, in contract awards for our footprint, we’re seeing double-digit increases both on the infrastructure side as well as the industrial and commercial, which I think is very important to note. And the other thing that we haven’t talked about much on the call is the impact of weather in fourth quarter. We have seen residential slowing a little bit in some of our markets, particularly in Northern California is the one that we’ve been citing the most. But weather had a very large impact in our results, which were still very good in the U.S. And I think that’s important to note. We attribute about an $18 million EBITDA headwind to the weather impact in the quarter. So that is not slowing demand so much as it was weather disruption. So I wanted to be clear about that. Sorry, go ahead, Maher.
Maher Al-Haffar: Yeah. Thank you very much, Lucy. Gordon, I just wanted to stress one thing is that our performance in the U.S. has been, despite the fact that we’ve seen slower-than-expected spending on the infrastructure side, and it’s good and bad, right? I mean, we wish we had higher spending and better volume performance. But on the positive side is that, that should bode well for the U.S. business for the next couple of years because there is a very material pent-up fiscal stimulus in many ways, both because of the infrastructure bill, because of the CHIPS and innovation bill. And so for the next couple of years, the outlook should be quite positive for volumes. And if we take a look at what’s happening in industrial and commercial, which has been the sector that has been the best performer for us, it’s growing, in the fourth quarter, almost 9%.
It’s because of all of this reshoring that is taking place with massive projects that are being constructed in several of our markets. So you’re right, in 2022, the contribution of infrastructure in terms of growth was not necessarily there. But as Lucy said, the contract — the pent-up demand in contract awards is very healthy. The amount of unspent numbers under those contracts is quite material. And also, very importantly is the health of the states that we’re in, fiscal health of the states that we’re in is also very positive. And so we think that going into ’23 and ’24, it should be contributing. We’ll have to wait and see what happens.
Gordon Lee: Perfect. That’s super helpful. And I guess just, it’s still fair to say that in your footprint in the U.S., sort of the sum of your non-residential segments is still around 70% of volumes, right?
Maher Al-Haffar: Yeah. I mean, if residential was 35% in ’22 and industrial and commercial is about 15% and then infrastructure is about half — is the remainder is half.
Gordon Lee: Perfect. Thank you very much.
Maher Al-Haffar: Thank you, Gordon.
Louisa Rodriguez: Thanks, Gordon. And I think we have time for one more question. I believe Anne Milne, you’re on deck from Bank of America.
Anne Milne: Thank you. Good morning, Fernando, Maher, Lucy. Okay. What hasn’t been asked yet. Can you hear me?
Maher Al-Haffar: Yes, we can. Hi, Anne.
Anne Milne: Yes. Okay. Hi. So I wanted to ask you, I think what your future expectations are for some of your new bolt-on investments. I think you indicated that previous ones added about $100 million in 2022. And was wondering if you have a range of what you think in the future. And as part of that, you just made an announcement recently about a fully electric vehicle joint venture with Volvo, and what your timing is for the rollout of that. Can that be something you do more globally?
Fernando Gonzalez: Hi, Anne. Let me take the second part. I will ask Maher to take the first one. As somebody asked before on CEMEX Ventures and are we excited because of what’s going on, Volvo is one of those partnerships agreements, collaboration agreements for us to integrate a number of technologies that traditionally has not been part of the cement or ready-mix technologies, meaning we think we know how to make cement and ready-mix and aggregates, but for sure, we needed to learn about how to use and to design and to use electric heavyweight vehicles, the same way we needed to learn about solar energy, the same way we needed to learn on hydrogen to be used in combination with RDF. So many technologies in which we are not the experts but there is knowledge, experience and scale we can apply to other parties, other partners that are interested in working with us.
So in the case of Volvo, I think, is one of those examples. We put our experience in ready-mix. They put their experience in vehicles and electric vehicles. And at the end, they ended up producing these more than 20 tons vehicle fully electric, being able to work all day long with 1 battery charge. And of course, we are excited of that type of examples. Now having said that, the electric ready-mix truck is not the only solution we are working in, and it’s not perhaps the short-term solution. The short-term solution is what we are already doing, which is switching from diesel to natural gas. That will reduce our CO2 emissions in Scope 3 by about 30%. So we are trying a number of different options, some of them commercial and available in the market, some others needing some additional development before being available for our use.
So that’s what I can comment on that part.
Anne Milne: Thank you.
Maher Al-Haffar: If I can complement — sorry, sorry. Anne, did you have a follow-up to Fernando or can I go ahead with the growth?
Anne Milne: Please go ahead.
