Maher Al-Haffar: Yeah. I mean, on the growth side — yes, on the growth side, as you saw in ’22, the growth component contributed a little bit over $100 million in incremental EBITDA, and that’s a variety of projects that we’ve announced during the course of the year. For this year, for ’23, we’re expecting a little bit more than that. We’re expecting about $125 million contribution to EBITDA. And we have a very important pipeline. And the pipeline is made up of, as we’ve said always, bolt-on investments in some acquisitions. And on the bolt-on side, in addition to a number of projects, which I can give you some examples of, we do have some completion of some legacy projects in terms of cement production that is probably in excess of 4 million tons of additional capacity.
Most of our investments are going to continue to be focused on the U.S., Europe and, to a lesser extent, in Mexico. The areas where we are continuing to focus on are aggregates, supply chain, sustainability. And sustainability, really the big part is the substitution of alternative fuels and the ability to improve the fuel efficiency in our kilns. Operational efficiencies are also an area of investment and Urbanization Solutions. And so those are the areas that we’re going to be continuing to invest in. These are going to be tending to be fairly smaller projects, although the transaction that we did recently, the aggregates transaction that you saw in the U.S., it’s not that big but it’s quite material. It increases our aggregates reserves by almost 20%.
And we’ve done something like that in Germany where it’s almost doubled our aggregates business there. So that’s kind of the focus. And we’re quite confident because of the diversification of those investments and because of the fact that they’re in very known markets, complementing known footprint and existing business positions. We’re fairly confident about the IRRs that we are expecting to get, which are — which continue to be well above 20%. And with quick paybacks, probably the quickest paybacks are in the sustainability area as it relates to alternative fuel consumption and/or complementing our fuel consumption with hydrogen. These are — these tend to be much shorter, much higher paybacks, especially in light of the escalation in fuel costs that we have seen.
So I don’t know if that gives you — if that’s adequate kind of response to the question. If you have any follow-up, I’ll be more than happy to deal with that.
Anne Milne: Okay, Great. Thanks very much. Very helpful, Maher.
Maher Al-Haffar: Thank you very much, Anne.
Louisa Rodriguez: Great. Thanks, Maher. We appreciate you joining us today for our fourth quarter webcast and conference call. If you have any additional questions, please feel free to contact Investor Relations. And we look forward to seeing you again on our first quarter webcast that will take place on May 2. Many thanks.
Operator: Thank you for your participation in today’s conference. This concludes the presentation, and you may now disconnect. Have a good day. Good-bye.
