[Operator Instructions]. Our first question today comes from Elodie Rall from JPMorgan.

Can I start with Heathrow and the fact that the Brexit contingency has been reduced? And I was wondering if it would have an impact on the dividend that we should expect for the year from Heathrow? That's my first question. Second question would be on the news that we've seen from the CNMC in Spain, which has opened an investigation into bidding for roads for potential practices that may have restricted competition. I was wondering if you could comment on that news? And my third question would be on Construction. Sorry to ask, I know you talked about that a bit. But can you clarify the guidance that you are giving for H2? And lastly, sorry if I missed that, but do you have an update on the 407 stake sale process? Ernesto López Mozo: Elodie, okay, thanks for the questions. It's four of them, let me go through them. The first one is the Heathrow dividend. Well, Heathrow in their interim report, they reiterated the guidance. They have commented on £400 million full dividend for the whole year. As I mentioned before, the Brexit contingency has been reduced because airlines are more ready to fly. So the impact from passenger should be less than initially expected. And yes, it should be smoother. Let's see how it goes. And at the end of the year, Heathrow will comment on the dividend. One of the things that also could be helping us I said is the levering from inflation that comes with this kind of Brexit uncertainty and the pound devaluation. So no, we don't see risk of dividend payment. We see more opportunity. But as I said, it's something that will be exposed by Heathrow at the end of the year. Then you mentioned on the initial investigations of…

Our next question comes from Filipe Leite from CaixaBank.

Sorry. I have three questions if I may. The first one is regard to Construction. And if you could quantify the additional [indiscernible] impact of negative adjustment at the [indiscernible] work you're doing for the quarter [indiscernible]. If I [indiscernible] correctly, you expect [indiscernible] for construction activity in the second half, is that right? Second question [indiscernible] reported construction during the first half. What is your expectation for full year? In other words, if we can assume that all the construction will be recovered in the second half or not? And last question, [indiscernible] close to €300 million [indiscernible] as was mentioned by the local players [indiscernible] was completed, because looking at net cash of service units [indiscernible] when compared with Q1 and now one additional one from €55 million net cash position [indiscernible] what is the amount [indiscernible]? Ernesto López Mozo: Felipe, the sound was very poor. I got the first one. Probably -- I mean, if you could send an e-mail to the IR e-mail address, that would be great and we could make sure that it gets answered with precision. I mean you were asking about the detail on the results on Construction this second quarter? I won't be specific about the name of the projects, but I would mention some stuff here, right? So we are talking about works in Portugal, for instance, that are -- we are incurring €10 million additional cost. And yes, we expect to be asking for compensation on those. We have recorded the cost, not the benefit. Also, we have some works in Australia. I won't mention the specific project where we are doing works ordered by the client, but not signed off. This is something that we should recover with final certification, as I said, something like €6 million. Then…

We now have a question from Jenny Ping of Citigroup.

Just one question from me, please. I just wondered whether you can talk a bit more about your definition of what is an infrastructure asset, which you're looking at to invest in. Based on my understanding, you recently bid for some power transmission asset in Chile. And obviously, there has been talks about the French and Spanish fiber assets. I just wondered whether you can go into that in a bit more detail on the scope and the size of [indiscernible] outside of the traditional toll roads infrastructure? Ernesto López Mozo: Well, thanks. Very good question. Actually our focus is on transport infrastructure where we could have differential capabilities, and therefore, earn extra return. And you know that the market is flooded with funds dedicated to infrastructure investment. So we need to focus in our differential capabilities. We have differential capabilities in terms of pricing the dynamic tolling in congested areas in the U.S. That's our main focus. When we have the greenfield space, we can combine with Construction, and there is less competition in these projects. So that's a key part in our strategy. Also in airports, we can derive from the know-how also in Heathrow and in our division to look for projects where we could have value added. And the summaries that we are looking for transport infrastructure as the main priority, and that's what it should be. If other projects come that we think make sense, we could look at them, but really, really the focus, and the market should bear that in mind, is assets at transport infrastructure, unique assets where we could have our capabilities put into play. Thank you. I have another written question. Thanks for all that, guys. It's easier than when the line is breaking down. So the -- we have a follow-up question from Stephanie D'Ath from Royal Bank of Canada. It says, could you please update us on timing of Amey disposal? Having done much progress on, could we expect the sale by the year-end too? Well, here, the -- for obvious reasons, there was all these negotiations with the Birmingham City Council. There was only some preliminary work. So the work is at full speed now. And I'm not commenting on timing, because it's [indiscernible] we have to put a lot of information and it should be spilling into 2020 probably. But let's not stick to that specific date. We are working to do it as fast and efficiently as possible. Okay. So I don't have any more written questions. So I open the floor again for the telephone questions.

Our next question comes from Nicolas Mora of Morgan Stanley.

So two from me. And just regarding on Nabil's question on Construction margin. Do you expect the EBIT to be flat into the second half? Obviously, it implies profitable in Spain, profitable in Poland, profitable at Webber. You've got still some pretty heavy loss-making contracts. And again, I [indiscernible] to understand why you are provisioning all this [indiscernible] instead of waiting for the second half to incur these losses? And then the second point is you are teasing us on the dividend from the infra assets? When we look at your starting point at full year '18 where you received €623 million, should we be expecting something more generous in terms of dividends from infra assets to be paid to the infra holdco, i.e., a bit of an effort from 407ETR, from NTE and maybe at the end of the year from Heathrow? Ernesto López Mozo: Okay. Thanks, Nicolas. Okay. Let me take these questions. Regarding the projects I was mentioning, as I told you, the concepts where we are taking the cost and not the revenue, and these projects where we have been asked or ordered to do things, but you cannot recognize in the accounting until you have a final sign off or certification, right? Other are events that we think are subject of compensation, but we are not taking the claim as, let's say, work-in-progress as many other construction companies do, right? So our work-in-progress is very low in Construction. So we don't expect the contracts not to be profitable. We expect them to be profitable, but the timing of cost and revenue recognition are not at the same time, okay? The reason I'm saying neutral is just to take a prudent approach, just in case signing off or claims don't come at the end of the…

Our next question comes from Robert Crimes of Insight.

Just wondering, a bit of a positive surprise on the I-77, €9 million of EBIT here. I thought it was just opened for June in the first half. Can you make some comments on the performance of that asset? And how should we think about it for the full year? Ernesto López Mozo: Well, I will pass that on to Paco, just described, we have something like half of the whole length open. Construction was delayed a little bit for the opening of the remainder. So let me pass it on to Paco for the update on that. Francisco Clemente Sánchez: Thank you, Ernesto. Well, as Ernesto has mentioned, it's only 1 month of operation is still very, very early. But I think that so far, the traffic has grown quickly. We have recovered -- we have recovered the preconstruction level of traffics. The ability to speed has increased 18% on the morning, and in the afternoon 37%. We are, right now, for the first 6 months in a scheduled mode, which means that dynamic mode is still pending to be implemented. It will be done hopefully on November. But so far, the 4 weeks that we saw so far is 20% each of the first week on operation. And July traffic is in the same page. So we are expecting to open the remaining tranche of the infrastructure at the year-end, and it will be something that will improve our traffic. And well, we believe that this roughly our summarizing, we are still very early, but it seems that it's according to our expectation.

But Paco, just with that one month, you've managed to do €9 million of EBITDA? So would it be reasonable to kind of assume at least for the rest of the year [indiscernible]? Francisco Clemente Sánchez: Well, we are getting paid partially from liquidity damages from the contractor. So it's still very, very early to come up with -- which will be the revenues that we are expecting for the rest of the year. So we need more time to see how the infrastructure is behaving. There's still a lot of work underway. This -- we believe that it is this current user, they're preventing them to get use from the facilities. So still very, very early. So it's all we can say in that regard, Robert.

Okay. But it's clean EBIT number. There's nothing funny in that. Ernesto López Mozo: It's clean, Robert. But as I said, they are receiving damages from the construction JV, right? So that is not, let's say, traffic-related profit. It's penalties on the construction delay that they are cashing in.

And can you say how much they were of the €9 million EBIT? Ernesto López Mozo: We'll update you on that. I don't have the exact number now. We'll update you. Thank you. Okay. So next question, please?

Our next question is from Guillermo Fernández of Kepler. Guillermo Fernández: [indiscernible] mine would be on the alternative usage for the cash [indiscernible] thinking about mainly about [indiscernible]. The second one would be your comment on Europe [indiscernible] the appetite for these kind of assets indiscernible]. Is there any another one in your portfolio that you may consider [indiscernible] in the coming 12 months? Ernesto López Mozo: Thank you, Guillermo. The line was breaking down a little bit, but I think I got them. The first question was that if we, though, are not successful in buying these -- taking the 407 that we are pursuing, if we could use the money to increase our participation in some of the Managed Lanes or other of our good infrastructure assets. Well, I don't know if we have the opportunity available, although it would be great if we could, because the dynamics are really positive. But I don't think that we have the opportunity, to be honest. Then the other question is if we have other participations or assets like Ausol that could be subject of sale or reverse inquiries, we are not entertaining anything like that at the moment, okay? So no. Also we'll see then, looking to redeploy the proceeds when we get them. I don't know if I missed anything, Guillermo. Okay. Thanks a lot, Guillermo. So I don't if we have any more call, definitely not in the IR inbox. And I don't know if, operator, we have any other question, then we would be closing the call. Is there any other question?

We have no further questions. I hand back to you. Ernesto López Mozo: Okay, thanks a lot. Thanks for attending the call, and we're looking forward to meeting you in the near future. Thanks. Bye.