Ladies and gentlemen, thank you for standing by, and welcome to Iren's First Quarter Results. I would now like to hand the conference over to the CEO, Massimiliano Bianco. Please go ahead, sir.
Thank you. Good afternoon, everybody, and thank you for attending year end's 2021 Q1 results that in a positive recovery scenario, it reported the highest outcome in absolute and relative terms ever achieved in the Q1. Starting from Page 2, the increase in commodity prices sustained by the recovery in the economy, the contribution of consolidated companies acquired in last year, IBLUE and Unieco, led to about 6% increase in revenues despite the persistence of the COVID emergency that influenced the power and gas volume sold. The EBITDA increased over €39,000,000 thanks mainly to the market business and the consolidation and waste sector. To analyze these results, it is useful to point out the following factors.
As far as the energy scenario is concerned, we reported an overall positive impact of EUR 14,000,000 On one hand, the increase of pump prices affected the electricity production of hydroelectric plants and waste to energy along with the price of electricity sold to end clients. In addition to these, we reported higher margin in gas commodity for €13,000,000 On the other hand, the heat spread decreased, leading to a negative result of €10,000,000 The climatic effect related to the heat and gas segment had a positive impact for €9,000,000 thanks to the cold temperature. The consolidation of Vai Blue and Uniaco allowed us to increase the results of the waste sector for €8,000,000 The organic growth contributed for €11,000,000 mainly for the increase in allowed revenue sustained by higher ARPU, the extension of the strategic network, the positive trend of the energy efficiency line of business and the customer base margin enhancement. I want to spend some words on investment now at EUR 122,000,000 which recorded a slight decrease that will be recovered by the end of the year. All our projects are ongoing.
We are sure to respect and confirm the time line presented in the latest business plan as we have completed all the authorization processes. Starting the analysis of the business unit from the network sector, Page 3, which in the Q1 2021 reported an EBITDA growth of 6%, excluding the nonrecurrent elements, mainly related to a water insurance reimbursement and a gas balance for an overall of EUR 3,000,000, the growth would have been equal to 2%. Through the investment made in the previous years, the allowed revenues increased for around €3,000,000 in this quarter. This impact is not particularly visible due to €3,000,000 of negative related to COVID-nineteen extra costs and other elements. On top of these, we reported €2,000,000 of synergies, equally split between gas and water, thanks to the continuing implementation of the performance improvement initiatives.
The investments are in line with the business plan assumption and slightly lower than the same period of the previous year. The investments, according to our strategy, are allocated for resilience improvement of the energy infrastructure for leakage reduction and the districtization of the water system, which allow for a more active and sustainable management. In the Q1 of 2021, all the district utilization activities have proceeded, adding 28 additional districts and reaching 56% of the network district debt. Despite difficult access to meters for COVID-nineteen, the mass replacement of gas and water by meters continue in line with the target for sea. Because of these investments, we can reduce the water taken from the environment, the network leaks and increase the quality of the water distributed.
As far as the outlook is concerned, 2021 EBITDA is expected to be in line with last year, despite the absence of the extraordinary elements that positively characterized last year. This target will be possible leveraging on more than EUR 10,000,000 of increase in allowed revenues compared to full year 2020. Moving on the waste sector, Page 4. The 21% increase of EBITDA was generated mainly by the consolidation of acquired companies, IBLU and Unieco, that allowed us to increase the waste volumes manager of 26% compared to last year. Going deeper in each activity, the increase in collection activities of EUR 1,000,000 were mainly related to margin standardization.
Activities to increase the sorted waste have been continued, reaching a percentage of 68.5%. These results increased compared to Q1 2020 when it was 68.2% is slightly lower than full year 2020 because during COVID emergency, the volumes of unsorted waste were reduced, impacting positively on the percentage of the sorted waste. The increase of treatment and disposal activities of €8,000,000 depends on the positive contribution of Hebrew for €2,000,000 and Unieco for €6,000,000 later followed by seasonality trend. On top of that, the increase in pump price positively affected the waste to energy electricity produced for €3,000,000 These positive results were partially contracted by lower contribution from rail landfill, currently not available as capacity expansion activities are underway. We expect the extension of capacity from 2022.
The investment made EUR 22,000,000 were 37% higher compared to Q1 2020. CapEx are devoted to improving collection activities and the construction of treatment and recovery plans as we anticipated in our business plan. As regard the outlook, the full contribution of the last consolidated company equal to roughly EUR 20,000,000 compared to EUR 10,000,000 in 2020 will be offset by a reduction in the collection revenues due to parliament exchange tender participation and the minor use of rail landfill around €8,000,000 each. Therefore, the overall EBITDA expected to increase in the range between €10,000,000 15,000,000 Analyzing the Energy Business Unit at Page 5, the EBITDA increase of 7% is supported by a recovery scenario characterized by a growth of energy prices and volumes compared to last year. As far as volumes despite Italian electricity market reported a 2% increase in the energy demand, EON reported a 7% increase in the electricity produced, mainly on hydro and cogeneration technologies.
On the other hand, regarding prices, Altoodone price has increased of 49%, the business unit reported an achieved price rise of 26% because of the hedging policy. Our clean spire spread achieved as an average of gas fuel asset was slightly below the market price due to the management of plants that in this quarter privileged the heat production and the ancillary service market. In fact, it's important to underline that we reported a contribution in the MSNB market of EUR 16,000,000 in line with last year when it was very strong as well. The main drivers reported in each line of business are the following: in the hydroelectric and renewables generation, the growth of €7,000,000 was due to the higher price from €46 per megawatt last year to €58 per megawatt this year. The increase of volume of electricity produced plus 53 gigawatt hour and the increase in green certificate price and volume.
The gas fuel plant profitability was €1,000,000 lower than last year as the overall performances on the MSED market and in the daily high end market were almost in line, while we reported an increase in operational cost. The clean spurs trade achieved in the AI market was €2.1 per megawatt, quite in line with the €2.2 per megawatt reported in the Q1 2020, as we expect to benefit more of the hedged volumes in the coming months. The heat sector reported a negative result for €2,000,000 because the positive climatic effects sustained by the colder temperature recorded in the quarter were partially offset by the reduction of heat bus spread. If on one hand, we distributed roughly 150 gigawatt thermal gigawatt hours since last year, on the other hand, we reported a reduction of more than 10% in the heat price spread. This negative outcome was related to high scenario volatility underpinned by rocketing gas cost per equipment combined with volume sold at a fixed price.
The Energy Efficiency reported a positive result of €2,000,000 thanks to more than 140 activities of rebuilding, management of thermal systems and services to municipalities. The business has a pipeline of about 600 activities contract provided related to Superbonus and Ecobonus. As far the outlook is concerned, the Energy Business Unit will report a 2021 result of around EUR 280,000,000 thanks to the hydro and energy efficiency sector composed as follows. In the hydro sector, we expect an increase of roughly €40,000,000 mainly to the higher coupon price, the green certificate and the strategic choice made in last quarter 2020 of shifting production in 2021 with a positive effect of EUR 18,000,000, which will be visible in the Q4 when extra production volumes allow us to obtain a premium of grain certificate. The thermoelectric production is expected almost in line with last year overall.
The district heating sector will report a positive outcome by the end of the year, mainly led by a further volume growth. Finally, the Energy Efficiency segment is expected to report a remarkable growth of 100% compared to last year, sustained by roughly 400 rebuilding activities in 2021, leveraging on the Superbonus and DecoBonus. Market at Slide 6 closed the business unit analysis. The considerable growth of 34% at the EBITDA level is explained by the growth in the majority of gas sector, which is followed by lower cost of equipment and the use of gas storage in 2020 for an overall contribution of €13,000,000 Along with these extraordinary effects, it's important to highlight a growing gas volume sold, but continued enhancement of clients' margin and the recognition of structural emerging cost equal to €5,000,000 affected electricity and gas sector, mainly linked to the IT system, in particular, cloud solution, marketing and commercial activities. Going more deeper into each line of business, the electricity business reported a slightly positive result because of the increase in margin, thanks to a favorable energy scenario along with a strategic commercial policy.
These positive effects were partially counterbalanced by lower volumes in the business and the small business sector due to COVID emergency worth €1,000,000 and the recognition of our emerging costs for €3,000,000 The gas sector, as I mentioned before, is followed by the gas storage during summer 2020 at very low prices that contribute that contributed for €8,000,000 and low cost gas per equipment for €5,000,000 In terms of volumes, we benefited from lower temperatures slightly reduced by a negative COVID effect. The one off shown in the EBITDA breach are all related to this sector. EURM plus contributed positively to the result, doubling the Q1 2020 EBITDA. Since 2020, we have started a commercial campaign focused on green electricity in order to incentivize the sustainable consumer and reduce the environmental impact of our clients. In this quarter, we sold 200 gigawatt hour of green energy to the end clients.
The continuous growth of our customer base allowed it to reach 1,000,000 and 885,000 clients plus 8,000 of clients compared to 20 year end. The national client stands at 33,000 clients plus 10,000 customers compared to full year 2020. Concerning the electricity clients, 77% are already in the free market and all the new acquisition R and D segment. We are seeing a reduction in the customer base rate of growth that could be split into main causes: the higher competitiveness in the market visible in the increase of churn rate and in the cost to acquire the COVID emergence caused the slowdown of front office engagement and the reduction of physical channels activities. This has reduced the activities of acquiring new customers through traditional channels by making greater use of digital channels, acquiring new customers who are typically less loyal.
Regarding the outlook, excluding more than €10,000,000 of extra return on commodities that have been characterized in 2020, we expect the results slightly above last year. Gas Sector and Biren Plus will drive the growth of the business unit. Finally, I would like to spend some few words about the small businesses auctions of COVID last month. We are waiting to receive the official award of the 2 lots in which we were first classified. This positive outcome allow us to look with confidence and positivity at option for the liberalization of the retail market.
Now I hand over to Massimo de Guarino, U. S. CFO, to explain the elements below the EBITDA line.
Thank you, Massimiliano. Now we are at Page 7. The chart shows the result from EBITDA to net profit. EBIT stands at €184,200,000 It had a growth of €38,800,000 and it is roughly the same increase of EBITDA. This is due to the fact that the growth of depreciation and amortization was offset by the reduction of the provision to buy debt and other provisions.
Going to details and starting from D and A, they increased from EUR102,500,000 to EUR112,100,000 mainly related to the growth of the fixed debt asset and to the extension in the area of consolidation, in particular to the Unileco and I book. Provision to bad debt stands at €14,600,000 compared with 2020 that had a decrease of €7,400,000 The reason are the lower provision related to the expected losses for COVID-nineteen emergency. In the Q3 2021, the additional provisions were EUR 5,000,000 instead of EUR 12,000,000 in 2020. We forecast a further adjustment that will be accounted in the next quarters for an amount of €5,000,000 in addition to the usual provision that we estimate in €35,000,000 to €40,000,000 EBT stands at €180,000,000 It shows a strong increase of €53,300,000 thanks to the positive contribution of €15,000,000 in this section of the profit and loss account. If we go into details, we see that the financial charges for loan bonds were €16,300,000 They had a slight growth of €1,200,000 because of the growth of the average financial debt in this quarter of €170,000,000 That is almost totally completely offset by the lower average cost of debt from 2.2% to 1.8% and to lower interest income in 2020 related to the loan provided to hold until the sale of the stake in February 2020.
The other financial charges that stand at €12,300,000 are positive. They had an improvement of €15,600,000 due to the optimization of Unico debt resulting from the early repayment of the financial liabilities at lower price than the nominal value recorded in the financial statement. It is a positive nonrecurrent event. Regarding the group net profit, it increased by 37 €1,000,000 The tax rate was 29%, a small reduction compared with 2020. But we forecast the tax rate for the full year 2021 that could be roughly the same on the 2020 tax rate.
Minorities was €7,100,000 They had a slight increase of €1,400,000 Now we are moving to Page 8. You can see that the cash flow and the net financial position bridge. The net financial position on the 31st March had a decrease of EUR 33 €1,000,000 thanks to the robust cash generation increased by €40,000,000 compared with 2020. The cash generation offset the net working capital increase, the high level of CapEx that were EUR 122,000,000 and the financial impact of EUR 25,000,000 derived from consolidation of Futura. As regards net working capital, there was a growth of EUR 70 €1,000,000 The increase is due to the growth in trade receivables, linked mainly to seasonality.
Furthermore, trade receivables are still affected by the COVID-nineteen that we're estimating EUR 50,000,000 in this quarter. We expect that the impact on trade receivables will last until the end of 2021, when it is forecasted to be roughly EUR 40,000,000. Above bank buyback, the impact was only EUR 4,000,000. At the end of the Q1, the treasury shares were EUR 17,800,000 equal to 1.37 percent of the total share capital. The derivatives have the positive impact of €9,000,000 related to the fair market value on commodities and on interest rates.
Now we are going to Page 9. You see the interest rate and the debt structures. The first pie chart on the left represent just a moment because it's not changed the I present the breakdown. Okay, now I look at the slide. The breakdown of the gross debt, we confirm the figures reported in the conference call about the 2024 year results.
Indeed, we can see that only 4% of the growth that it is at the higher rate, the 84% is fixed rate and 12% is hedged with swaps. The 2nd pie chart on the center represent the breakdown of the debt structure. The pie chart shows that the even total gross debt is formed by bond for 84%, of which 45% are green bonds, and this percentage is higher compared with the Q1 2020 than to the last issue in December 2020 on the 4th green bond with the size of €300,000,000 and 10,000,000. The other financial sources are EIB funds for 14%, therefore, adding the bonds, we can say that 59% of the year end total debt is composed by green or a simulated instrument. The loan from banks was only 2%.
Moving on to maturities, you can see in the bar chart on the right the maturity until 2026. Looking at the 1st 3 years, the larger maturity will be in 2022, EUR422,000,000 mainly linked to the maturity of a bond issue in 2015. The evaluation of the long term debt is 5.9 years. It was 5.6 years in 1st year 2020. The cost of debt was 1.8% from 2.2% in the Q1 of 2020, a strong reduction of 18% stacked to the new bond issue in 2020 that had a full effect in 2021.
Remember that the first issue was in July for an amount of EUR 500,000,000 and the second, the mentioned green bond in December with a size of €300,000,000 Coming back to maturities and how to finance this maturity, we have to consider that the liquidity at the end of March continues to be above €700,000,000 due to the 2 mentioned bond issues in 2020. At the end of 2021, we forecast to still have more than €400,000,000 of liquidity, and we still have €220,000,000 of committed loan terms credit lines that in this moment are available for an amount an high amount of €300,000,000 All these loans have a maturity of 15 years, amortizing
at a
very close cost. In addition, against the availability of 2 sustainable linked revolving facilities for a total amount of €150,000,000 that in case a need can be drawn. Now I'll hand it over to Massimiliano for the closing remarks.
Thank you, Marcion. The sound results reported in the Q1 facing a very challenging environment give us improved expectation on full year results. First, over the coming months, the supportive energy scenario combined with larger hedged volumes will lead to better performances in the energy activities, which also will benefit of the hydroelectric profitability in the Q4. Of 2 market activities are expected in line with last year, we expect a stronger performances in the overall energy value chain, confirming the value of having a strong position in both generation and supply activities. When it goes to waste activities after the full integration of the last consolidated companies, we expect better performance is thanks to a larger asset base, which is expected to grow further in the future, thanks to the investment we are carrying out in the new treatment facilities.
From the negative, we see some impact from the lasting COVID emergency, which are expected at no more than €10,000,000 on EBITDA, net working capital deterioration for about €40,000,000 and the credit losses up to EUR 10,000,000. Considering the all the previous elements, our improved guidance on 2021 full year is EBITDA at €979,000,000 net debt to EBITDA at about 3.3x, 3.4x, CapEx at €800,000,000 Now before starting the Q and A session, I'm going through the impacts on that P and RR could have on our strategy. The Next Generation EU program includes reforms and investments to accelerate the ecological and digital transition with long term structural effects. The interventions of the PNR articulated over the period 2021, 2026, coinciding with the year end business plan time line can generate a positive effect on the group. All business areas managed by UN, regulated and non regulated, will benefit from general reforms, but above all from sectoral reforms representing a very important element in favor of the implementation of UN Business Plan, strengthening the feasibility and the visibility of the sectorial dynamics in the short and medium long term.
For example, simplification and the speed up of authorization procedures for plants and infrastructure, mainly affecting the electricity distribution grid and waste treatment plants. We expect a clear and homogeneous set of rules working for the entire national territory related to hydro concession favoring the investment plan. Regarding gas distribution, the acceleration of the tenders could take place through measures as procedures simplifications and reimbursement at real value for municipal government asset. Thanks to these opportunities, we can sustain new investment and consolidate our presence in ATEM, in which we are not the single operator. The full retail market liberalization extended to microenterprises and the household clients by 23, accompanied by antitrust cap limiting market concentration and auction rules based on severe qualification criteria in order to promote participation of industrial operator of adequate sites, it will be an opportunity to increase our retail customer base.
We welcome the strengthening of the governance of the integrated water services, which will further stimulate investment. Moreover, the PNRI will also release opportunities in more innovative sectors in which EN has already addressed its developing strategy like energy communities, biomethan, immobility, energy efficiency and building re qualification or in highly innovative sectors such as decarbonization technologies, including hydrogen, that could have a positive impact on UN assets. Moving to Page 12, we've shown you a list of possible sectors that could benefit from the grants and loans offered by the recovery plan in which EURN has a relevant presence. We can leverage our expertise in sectors in which UN is already a national player like the circular economy, the integrated water cycle, district heating and distribution networks to expand our asset base. We also presented some specific projects, including the construction of our waste to chemical plant with the aim of further strengthening our position in the circular economy.
In addition, we can exploit all our capabilities to sustain the goal in more recent businesses like biomethane and energy efficiency in which we have an important pipeline of investment. Finally, we see an opportunity to accelerate the deployment of our operations in energy communities and e mobility sectors in which we have recently started to invest. Now I leave the floor for your questions.
We have our first question from the line of Javier Suarez from Mediobanca. Please go ahead.
Hi, everyone, and thank you for the presentation and for taking my questions. I want to be particularly respectful on the first question, which is that if you have any comment on recent press articles on possible changes in the governance of Iran. Any comment on that could be appreciated. Then the second question is on the increase on the in the company guidance for 2021. I think that, that increase is €10,000,000 If you can help us to understand to which division that increase in guidance is attributable and the underlying reasons why you feel more comfortable increasing the guidance after Q1 2021?
And the third question is on the net working capital evolution. There is a negative impact this quarter of €70,000,000 in the presentation. You are explaining that by COVID and seasonality. If you the question is that you can help us to understand how do we you are expecting to see that number evolving during the next quarter and by the year end? Thank you.
Thank you, Javier. So I start with your first question. I don't have any comment on the governance issue that belongs to controlling shareholders. What I can say is that me, the Board, the whole management are totally focused and strongly committed to pursue the business plan target of the company and the Q1 positive results as well as the increase in full year guidance clearly confirm this. So I first ask Massimo to comment your question about working capital, and then I will answer to your question on guidance.
Okay. Okay. About net working capital, yes, of course, we have a seasonality in this Q1 and also the impact of COVID-nineteen by about EUR 50,000,000, I should say before. During the year, we think about COVID, we can forecast a slight reduction by the end of 20 21. We will have EUR 40,000,000 of impact on pay receivables.
But about the impact on working capital compared with the working capital at the end of 2020 would be a slight about the same as now we have because you have to consider that at the end of 2020, the net working capital was very low compared to previous period.
About guidance, the higher contribution that allow us to be very confident to reach the higher level of guidance we gave is mainly related to the more visible and like better energy scenario that will affect the energy value chain. So, this is the first. In addition, we see higher positive contribution in the waste business over the year. So these are the main driver that allow us to be very confident on a higher level of guidance.
Okay, thanks.
Thank you for your question. We have another question from the line of Erico Bartoli from Stifel. Please go ahead.
Hi, good evening, everybody. A few questions on my side. Sorry to come back to the, let's say, to the point of Javier's first question. There was you are aware that there were some press articles recently kinking and controlling shareholder over here and thinking about the possible change in the management. I was wondering if actually you had any discussion with the shareholders about this matter, if you can give us some color on this.
The second question is related to the possible impact of the TNR. Thanks for this really helpful presentation on the possible details. I was wondering if you can give us some view on, let's say, the more or less the amount of investment that could have an impact on year end in terms of direct investment by the company. I remember from your previous comments that you said that you were expected that mainly projects are not economically viable without these funds would be effective. So not so much in terms of additional returns for the company, if you confirm this view?
Or now that the days are more clear about the plan, if you think that there would be some opportunities in terms of direct investment from the company? And the third one is on the hedging policy for 2021. If you can give us some details on the volumes and prices for the next quarter. And if you can remind sorry, I didn't catch the figures in terms of the average achieved price in power generation in the Q1? Thank you.
Thank you, Henrik. I don't have any additional comment on governance issue that, as I said, belongs to controlling shareholders. And first of all, they have to discuss among them about these days. So about your second question on so called recovery plan, As we said in previous meeting, we, let's say, proposed projects in area of €600,000,000 €700,000,000 of potential gross investment CapEx that could be supported and are consistent with the recovery plan. Of course, right now, it's impossible to say how much of our proposals can be at the end of the process realized.
The single project that is more likely to be done and as a single project is more valuable is the waste to chemical project we have that has a single investment worth a bit more than €300,000,000 as a gross investment. About your third question, the aging policy, 40% of volumes on CCGT and thermal are hedged at €6.7 per megawatt and roughly €50, €55 on hydro volume set €51 per megawatt hour. We expect a supportive energy scenario with an upward trend of prices that will be, of course, on the residual part of not hedged volumes. Thank you. Thank you.
Thank you for your question.
We have the next question from the line of Roberto Ligis from Equita.
Please go ahead. Okay.
Thanks a lot for taking my question. I will not ask you anything more on the governance, but actually just I'm very surprised that for such an important argument, Consolb is not asking you for making a press release of explaining to the market what's going on, which I suggest anyway because it's relevant at point. So coming back to my questions is just asking on the power prices and the benefit on the power gen. So you've been clear that the environment is a positive for you. Can you tell us if versus your expectations, the power prices remains some €10 per megawatt hours above what you actually expected last year in terms of prices for this year.
How much €10 per megawatt hour would improve your profits on a full year basis in 2021 and in 2022. Can you please provide some indication on the guidance for the new EBITDA? Roughly could be an indication on net income, so how much of that improvement translate into the net income? So can you give either guidance on the bottom line? I would like to understand also if also on the energy scenario, the hydro has gone well also in the 1st weeks of the second quarter, because that would add some additional positive or considering that power prices remain very strong also in the second quarter.
So if you can provide some indication on that. And if you can tell us something more on the retail market and the customer base evolution if you are acquiring new customers or if there are opportunities there? Sorry, if you said it already, but if you did it, I missed it. And final question on the M and A side. You said you expect something potentially positive on the waste business side.
Is that meaning some new acquisitions to be done in the year? Or is there anything else more to be done on the M and A? Thanks.
Thank you. Thank you, Alberto. Let's start a bit around inside your questions. So first, about net income guidance for this year, we can expect including the debt optimization that we already accounted for this quarter in debt structure of Unico €250,000,000 for the 2021 full year. About power prices expected for this year and next year, we can assume €60 per megawatt in 2021 and as well in 2022.
About retail market, we expect that, let's say, if I well understood your question was related to addition of customer or the profitability of the supply?
No, no, the volume the amount of customers, so the customer numbers, addition and how it evolves. Okay.
We can as I said, we are seeing an increase in competitiveness that are causing an increase in the churn rate. But in any case, this has an impact, let's say, more on cost side to support the customer base growth. So we are not changing our target in terms of growth, but of course, we are a bit suffering as we think everybody is doing in supporting the growth we expect in terms of cost. And on the other hand, for at least until we last the COVID emergency, we will have a bit more difficulties in the physical client acquisition where we were strong. We are growing a lot in the digital acquisition.
So this could also be positive for the future. About either, as I say, I already said, about M and A, we did it's more than 1 month ago a transaction that is Futura. We bought a stake that allowed us to consolidate starting from 1 month ago a plant that is TMAB plant for recovery, urban waste. And we are, with that company, finalizing the meeting for a new organic waste plant with the production of biomethano that will become the 5th plant we will have in the next future. Additional M and A, we expect to do by the end of this year.
We are, as usually, working on a longer list of discussions. It's difficult to say what kind of business will be impacted because we are working on waste, on energy efficiency and other business clients. So we are continuing to work, and I'm quite optimistic that it will happen. About the Q2, you mentioned we saw a positive April in terms of temperature, and maybe this could support the quarter.
Sorry, if I can, because actually on the power prices, I was asking something slightly different. So because you talked to me about prices, but actually I want to have an indication on how, say, these higher prices translate in higher EBITDA? So €10 per megawatt hour higher prices versus what was your expectation, how this translates in higher EBITDA for the group in 'twenty one and 'twenty two?
I don't know if I'm able to answer right now to your question.
Okay. No, no, no.
What I can ask is Probably, Giulio will do after the call. Thanks a lot. Thank you.
Thank you for your question. We don't have any question at the moment. There are no questions at the moment.
Okay. Thank you very much everybody. See you soon. Bye.
This concludes the conference for today. Thank you for participating. You may all disconnect.