23 INSIGHT | Focus On Over the five-year timeline, we are thinking of allocating this capital firstly with a focus on bolton acquisitions, to better capture the main market drivers, both in terms of business and geographies. For this, our business priorities are Power Grid, Specialties, Optical Cables and Connectivity, and our geographic priorities are North America, the Middle East and the consolidation of specific markets with a good profit pool. At the same time, we plan to initiate a share buyback program in 2024. In total, capital allocated to bolt-on acquisitions and the share buy-back is expected to be within 55-60% of the €3.2 billion of cash flow generation. We expect to see a ca. 10% annual growth in the dividend compared to 2023 as a baseline, starting from 2024. Total dividends for 2023-2027 are expected to be about €1.050 billion. We are also expecting to further deleverage and see a decrease of about €300 million in the Net Debt compared to 2022. We are very keen on the investment grade rating that we recently acquired, and that we regard as a key strength, particularly now in these increasingly difficult financial markets. The capital allocations will be released progressively and in strict accordance with the real achievement of our plan. There is no way that it could unbalance our financial structure, we will release it step by step. How would you summarize the new goals for the next five years? They are ambitious targets, but also realistic, because they are based firstly on a very strong and long visibility in the renewable transmission segment. They are also based on an assumption that the price normalization in North America will further continue to the end of 2024 and last but not least, they are based on quite reasonable assumptions that we have made in terms of volume growth versus particularly strong markets. 3.2$ billion Cumulated free cash flow expected 2023-2027 to better capture the main market drivers. PLANNING THE FUTURE 55-60% of which to be allocated to bolt-on acquisitions
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