Good day, and thank you for standing by. Welcome to the MFE Media for Europe 2023 nine months results web and phone conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, you can please press star one and one again. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Sarah Benson. Please go ahead.
Good morning, ladies and gentlemen, and welcome to the nine months to 2023 results conference call for MFE Media for Europe. Today, the conference will be hosted by Marco Giordani, Group CFO, and Matteo Cardani, Managing Director of Publitalia. I will hand over immediately to Matteo for the audience and advertising outlook. Matteo, please go ahead.
Thank you, Sarah. Good morning, everybody. Thank you for your attending. We will go over the nine-month 2023 results today, starting with the review of the overall economic situation. The events in the Middle East over the last few weeks have increased the uncertainty, but for the time being, the current situation is unlikely to generate a major impact on the market. On saying this, considering the three main factors that are commodity prices, especially energy. Of course, we had a shock last year when we had the world outbreak in Europe, but for the time being, there are no major changes on this factor. The second factor is inflation.
Again, last year, we all experienced a major increase in inflation, but until now, the inflation rate for consumption goods in Italy has been decreasing month after month since January, and it's reducing from 11%-12% at the end of 2022 to 5% in October. And last but not least, as you can see on slide number 3, the business and consumer confidence indexes are still positive. So for the time being, the business index didn't suffer any particular impact in October. If you take a look at consumption trends on page number four, the number related to goods is slightly negative for the first nine months, while the trend for services remains positive. So the overall trend is still slightly positive.
Last but not least, with regard to gross domestic product, both conjunctural and trend variations for Italy in Q3 are flat, registering the forecast for 2023 anyway in the positive field for both Italy, +0.7, and Spain, +2.4. Both countries are better than the average of the Euro area, around +0.6. So moving from the macroeconomic indicators to the advertising market, both in Italy and in Spain, the nine months register a positive evolution of revenues.
Regarding the Italian advertising market, if you take a look at the slide number five, on the left-hand side, you can see the total market registering a growth of 1.3% year-on-year, with Q3 at +0.4%, benefiting mainly from the growth of media such as radio, digital and out of home, with a good resilience of television, mainly if we compare the TV trend in other main European countries. On the right-hand side of chart number five, you see the progression of MFE advertising revenue on a yearly basis between nine months 2020, index of 100, and nine months 2023, against the total market and total market excluding MFE.
As you can see, there are two different trends over the last over the past three years, we generated a positive gap, and in nine months 2023, the rest of the market is pulling the points away. And we expect by the end of the year, the gap will rise, returning to the levels of the end of 2022, with four or five points of positive competitive edge on our side. Then moving to page six, you can see the MFE performance in nine months, that is minus 0.8% year-on-year, and it is absolutely in line with the company expectations. Then we move to chart number 7, and we start looking at the main drivers and maybe MFE performance.
So the balance dynamics remain the economic sector. You see that the majority of sectors, two-thirds of the sectors, are growing, and we are, let's say, positively impacted by the automotive sector that is performing well ahead of our forecast, with a performance around +20% year-on-year. And this reflects both in vehicle registration, that is around the same growth rate, +20% year-on-year. There is the 24.9% of the advertising investments coming from stable or slightly declining sectors, like retail, tourism, and toys. And the remaining sectors that, over the past nine months, they were still facing challenges. But the positive signs of growth we have in Q4 are spreading throughout sectors.
So, food, automotive, and pharma are still growing, and retail, media, and finance that were suffering before in Q4 2023, we have already October and November in our hands, are having a growing performance, year-on-year. So the general picture of the sector dynamic is quite positive, and this is coupled with a very positive performance in our audience. We, as you can see, in chart number 8, we confirm our leadership of 40.5% audience share. This is total audience share in Italy. And this is thanks to the new autumn season with a very strong programming strategy.
And, if we move to chart slide number 9, you can see what I consider the most interesting thing, because this is really, I would say, quite, quite outstanding, the fact that we have a resilience in the linear audience. You see -0.7%. So this is the strength of our core programming. But, on top of this, we have 2.5% of digital audience, and this delivers a total audience growth of 1.8% versus 2019. So the interesting thing is that we have a good linear audience, a good extended audience of our core programs on digital screens and connected TV.
On top of this, the new thing is that this growth is also supported by a hybrid and digital first content distribution model on Mediaset Infinity+ platform, which has delivered very good results over the last few months. For example, we have a TV series, My Home, My Destiny, that is a top brand in total time spent on demand, and this series has never been broadcasted on linear channels, so it's a digital first content leading the top charts in audience TV ratings. All this strategy delivers to slide number 10 results, as you see the combination of connected TV and second screen keeps adding viewers with a younger profile complementary to the linear TV audience.
And, we always commented the fact that, the younger you are, the higher the CPM you command. And this explain, slide number 11, that we have, with regard to monetization, the pricing upside opportunity on addressable advertising, connected TV and digital, characterized by a higher revenue per hour compared to linear offer. And this is, let's say, what we can say with regards to, Italy. Then we move to advertising performance in Spain for the first nine months. Generally speaking, the advertising market in Spain is, performing better than other European countries. The overall advertising trend was positive, + 2.4%. The TV advertising market is suffering a little bit, in the nine months, is minus 2.3%.
As you can see, our performance is totally aligned to the average of the market. Regarding the sector trend, again, there was some negative performance in some sectors, such as pharma, telcos, and beverage. But as it happened in Italy, they are counterbalanced by the growth of the sectors like personal care and again, automotive, growing with a double-digit trend. So both in Italy and in Spain, the automotive sector is performing well in excess of our initial forecast.
As I said, the NFC advertising performance in Spain was -2.3, same line with TV, and the result was impacted by the general election called in advance at the end of July, and by the political instability that has been continued also after the election period. Anyway, the slide number 13 shows our solid leadership on commercial target, in which NFC is still the leader with a 28% share both last year. We have some problems on individual target, on which we are still working on solving with a new programming schedule expected for the beginning of 2024. The most important results have been achieved thanks to the consolidation between Italy and Spain.
materializing all the opportunities in terms of cross-country revenue, that's only the consolidation process that was able to generate them. So thanks to that, we were able to reach an advertising market share higher than our audience share, so a stronger power ratio. So, having covered with these remarks what's going on in the first nine months, let's now take a look at the Q4 and what we can say about the end or the closing of fiscal year 2023 and initial early indicators for 2024. Regarding Q4 in Italy, as stated in the press release a few days ago, advertising collection in October was up +8% year-on-year.
This is actually the best performance in the month of October, registered over the last five years, and so good health. November is showing a similar progression, and as a result, the overall trend is improving, and advertising collection at the end of November is expected up year-on-year in the +1 to +1.5% range, so +1 to +1.5%. We haven't got yet full visibility over December. However, we expect to close the fiscal year 2023 advertising collection more or less in line with the year-on-year trend we registered at the end of November, so that is to say, with a year-on-year trend up in the +1.0% to +1.5% range.
Just to add some color, the weight of Q4 in the Italian advertising market increased by 5% over the past five years. Last year, in Q4, the advertising investments were, let's say, concentrated in the month of December because of the football World Cup. Our understanding is that in Q4 2023, advertising budgets have been partially reallocated from December to October and November. So this for the closing of current year. Just a few words about 2024.
According to our talks with the media agencies, major advertising clients, initial forecasts that have been circulated on the markets over the past few weeks, we all understand that 2024 will have a positive growth year-on-year, thanks also, for sure, to the most two important sport events that will drive this growth, so Olympics and the Euro Cup. Of course, we will not broadcast these two sports events, so we cannot assume we will increase our market share in 2024. However, we know that the consensus after our press release and current trading is ranging between 0.5% and 1% year-on-year for 2024.
Honestly, at this stage, we don't see any reason why we should not reach these results, assuming, of course, no further deterioration or escalation in the geopolitical scenario. What are the drivers of this great performance in the advertising market? Okay, revenues, I believe, coming from consolidation process, so MFE was the first broadcaster founded in September 2021, an international sales force, MFE Advertising. The results are clear. MFE Advertising was able to sell a unique proposition in a platform-dominated market, create access to content and products anytime, anywhere, looking for the omni-channel experience, and, moreover, accelerate the digital development with a clear approach for any future growth, growth that we are already implementing in Italy and Spain.
On top of this, I do think, I strongly believe that if you are a broadcaster, you have to do and invest on a stronger programming, and this is currently what we are doing. In Italy, TV is healthier than in any other European countries, with a total linear TV audience flat in the May-October period. And MFE, thanks to its strong programming schedule, has also an excellent start to the autumn TV season. We are above our competitor in individuals and commercial targets, and we are continuing to enrich the programming schedule in November and December. And as we commented, we are very satisfied about how digital audience is driving the improving performance of the total audience. So a unique offer in the market with a strategy of selling total video and total campaign that maximizes the total reach of our advertising campaigns.
With regards to Italy, I'm closing with regard to Spain, and thanks for your attention. So Q4 in Spain. September and October results were definitely positive year-on-year. We were around +4%, and so the combined of the two months and the trend of the 10 months has improved compared to the trend of the nine- month. Unfortunately, as you all know, the complexity of the current political situation in Spain, what happened over the past weeks in November projects a shadow of limited visibility in the last two months, with some uncertainties, in particular regarding institutional advertiser subject. Anyway, we are confident that fiscal year performance will be in line with the nine-month performance.
With regard to 2024, as said, we are working a new programming schedule that will go on past to sustain our advertising market share in 2024, and, thanks to the consolidation with Italy and Spain, we are materializing all the opportunity in terms of the cross-country revenues that only the consolidation process was able to generate. And as said, we reach an advertising share in the market higher than our audience share. So in 2024, we'll continue to sustain our advertising market share. So, I've covered, so nine months, Q4, expected closing for current fiscal year, and initial expectation for the next year for the two countries. So now I hand over to Marco. Thank you.
Thank you, Matteo, and good morning to everybody, and let's start with an overview of the group result, page 15. Let me start saying that the first nine months of 2023 have been pretty difficult from the macroeconomic backdrop, characterized by a sharp rise of inflation and energy costs, and also interest rates clearly affected a lot our operations. In any case, a pretty strong discipline in cost management allowed us to achieve better or larger savings than forecasted, so that we were able to compensate these multiple headwinds. Clearly, the progress achieved in the integration process has contributed to the cost reduction. Frankly, we were prepared to the merger, but we were faster than expected in realizing savings, mainly in everything related to technology and innovation.
That helped us to increase our profitability, and EBIT went up by almost 1%, compensating the fact that the revenue, as Matteo was saying, was actually lower than last year. Looking at the numbers, we were, as I said, slightly below last year in terms of revenue. This decline is mainly due to the Spain area. In the advertising, Matteo already explained the reason for it. On the other revenue line in Spain, we suffer from some seasonality, let's say, discontinuity comparing 2023 and 2022, and so that we are expecting to recover in the fourth quarter, the level of last year on the other revenue. As I said, EUR 98.3 was the EBIT for the nine months.
As I said, higher than last year, and as I said, this is a remarkable result, because clearly on cost, we suffer, as I said, for many cost increase coming from the macros element. In terms of net profit, we ended the nine months with EUR 71 million net profit, a little bit lower than last year. On that number, clearly, we were affected by the ProSieben contribution that, all in all, was lower by EUR 35 million in 2023 than in 2022.
As I said before, we got also almost EUR 11 million of higher financial expenses, due to the interest rates increase, because as you have appreciated, the level of the net financial position is stable, both on comparing it with the beginning of the year and also comparing it to end of September 2022. Entering in a major detail, Matteo has already explained the trends, as far as the advertising revenue is concerned. We got on the other revenue line, EUR 17 million less than last year. As I said, that's a seasonality, let's say, effect, as we are confirming our guidance to have for the full year the same level of other revenues than last year.
As you know, this is a pretty, let's say, conglomerate, I would say, line, in which many items are contributing, but as I said, we are confirming our guidance for a full year in line with last year. Moving down, and I'm going to repeat a little bit more, but I mean, we generated EUR 98.3 million EBIT. As I said, the integration with Spain, between Italy and Spain has been a strong contribution in the savings. As you can see, we got in the nine months almost EUR 38.6 million lower cost than last year. It will be less than 2.1% year-on-year.
And as I said, let's say, I would like to repeat the fact that in Italy and Spain, CPI was pretty strong, 5.3 in Italy and 3.5 in Spain. And so this -2, it's clearly something that was not expected, and it's also pretty surprising. Integration, as I said, was faster than expected. More than half of the announced cost synergies target has already been achieved, and that's clearly something that helped us in reaching the nine-month result. And in terms of guidance for the full year 2023, full year, we're taking down the guidance to EUR 2.46 billion, a little bit less than the last guidance.
Clearly, we have not yet completed the budget exercise for 2024. Very difficult to estimate the impact of the CPI on our number, because clearly, we have a pretty short visibility on that. We are going to complete the integration between the Italian and the Spanish business to unlock the last synergies, and to implement also the innovation project we have in mind. In any case, as Matteo was saying, the quality of content is important in Italy and also in Spain, and so we keep the quality of our spending in PPI also in 2024.
In any case, in trying to summarize all, all I said, we think that 2024 cost base will be flattish on 2023 level, with a little bit less cost in Italy and with Spain slightly higher than 2023 for the reason we already explained. Moving then to, let's say, below EBIT. Clearly, we can appreciate on the financial line the effect of the lower dividend paid by ProSieben in 2023 compared to 2022. That was pretty, pretty strong, and frankly, not expected at the beginning of the year. But the improvement we got from the operations helped us in maintaining the net profit at EUR 71 million.
Associated line, clearly, it's also accounting the EUR 3.9 million contribution in the third quarter, coming from the new consolidation, let's say, technique, and coming from ProSieben. So 3.9 is the effect of the, let's say, equity accounting of ProSieben stake for the third quarter of 2023. Stepping in the two geographical areas, again, in terms of revenue, Matteo's already explained, let's say, almost everything. At the EBIT level, in Italy, we registered a better performance than last year, mainly due to the lower cost base. As I said before, the savings in Italy were EUR 28.3 million, almost 2.1% lower than last year.
Again, I'm repeating it, more than what the inflation and the energy cost took to our accounts. Similar situation in Spain with again, a -2.1% in cost. That helped to compensate the decline of the other revenue lines that, as I said, would be then compensated in the fourth quarter 2023. Moving to page 19, CapEx. I mean, in that respect, no big news. We are confirming the guidance of EUR 410 million for the group, which 270 for Italy and 140 for Spain. Moving to investment, so to cash flow, we closed the nine months with EUR 413 million cash flow generated.
In the line of equity investment, you can see the effect of the merger with Mediaset España, with the withdrawal right payment, and the cash out for the increase of the stake in ProSieben. And in the incoming dividends, you can appreciate the lower in cash incoming from Germany. All in all, for the full year, we can confirm the guidance of 1x EBITDA for the net debt at the end of the year. That's a stable performance compared to last year, but it's important to remind that in this number, we are also, let's say, paying up, paying out the dividend of EUR 114 million paid in summer.
As I said before, the investment in ProSiebenSat.1 and the consolidation of Mediaset España, let's say, activities.
... In practical terms, free cash flow generation was able to cover shareholder remuneration and also investment in development. I think that now it's time for the Q&A session, and so I'll leave the floor to you. We are here to answer your question. Thank you.
Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, you can please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced. Thank you. We are now going to proceed with our first question. The question's come from the line of Fabio Pavan from Mediobanca. Please ask a question. Your line is open.
Yes. Hi, good morning, and thank you for taking my questions. I would like to focus on the advertising performance you have recorded in Q4. I was wondering if that is in line with your expectations or it's above your expectation? And the second part of the question is, it was mainly driven by the good results achieved in audience terms or thanks to your multi-channel approach in the advertising sale. So any color would be extremely helpful. Thank you so much.
Thank you for the question. So what about our Q4 performance? Honestly, it was a little bit higher than our expectation. We projected a good Q4, but the start of the Q4 was better than expected. To be honest, and to answer, is a combination of the two main factors that you were mentioning. We benefited from a positive audience trends. I mean, generally speaking, in terms of TV audience trends, so the whole medium is in good health, both in terms of linear and digital audiences. And on top of that, we gain audience share in a stable market.
And then for sure, the cross-media, let's say, selling proposal that we built over the past three to four years is absolutely, let's say, well, accepted by the market. And thanks to the combination of a stable Linear TV, plus a growing Connected TV and digital offer, plus radio and all our portfolio of media, honestly, it is a winning proposition. All this combined also with the benefit of the consolidation with Spain, we started more than 12 months ago working together, the Italy and Spain team. And a clear improvement is in the generation of innovation, mainly on the digital side.
We have been launching new products in both countries, very well accepted by the market. So these are the main drivers explaining a good performance, a little bit above our expectation, but not so far from our positive expectation for Q4. So thank you for the question.
Thank you.
Thank you. We are now going to take our next question. The question's come from the line of Andrea Randone from Intermonte. Please ask your question. Your line is opened.
Thank you, and good morning to everybody. My first question is about your European plans, in particular about the recent interview to Mr. Stefano Sala, and he was commenting rumors about interest also in Portugal or other regions. If you can provide us with more comments on this point, also in light of pretty good results and outlook you commented today, leaving you good resources in terms of financial items. And the second question is about the benefits coming from in the integration.
Again, if you can provide us with some examples, and about the cross selling opportunities, and also if you can elaborate on 2024 of the continuation of this benefits you can expect at the moment. Thank you.
Yeah, thank you for the question. I mean, as far as the first part, so the, let's say, possible-
... Let's say, investments outside the two countries, actually, the three countries we are covering, now. What I can tell you is that we are receiving a lot of interest coming from several geographical areas because what Matteo was explaining. So the new approach in advertising collection, the new integrated approach is certainly reaching also, let's say, other geographical area. And so we are receiving a lot of interest about the rationale behind the pan-European project we are trying to execute. But in terms of substance, there is nothing. And so, as I said, I'm repeating a lot of interest, but nothing really operative. So, we have nothing to announce in the coming weeks or months in that respect.
Regarding integration, as I said, I mean, we were explaining already in spring, the rationale behind the integration with Spain. I mean, we have disclosed at that time, EUR 55 million benefit coming from the integration, mainly half of it in cost and half in revenue. So regarding cost, the main area of integration were clearly the technological part, so clearly integrating or using the same platform, where in the past, the two companies were using two platforms. And so that's clearly a process that we were preparing already before the merger, together with the Spanish team. So now that the organization is unified, clearly it's much, much easier.
There is one CTO that is clearly deciding what kind of technology the two countries or the two regions to use, and that's clearly the rationale behind the savings. And as I said before, in the cost reduction, there is already, let's say, half of the savings that we were projecting in three years has already been achieved in less than than six months. So that's clearly... The rest of it will be achieved by next year, again, faster than expected. As you can imagine, when you are talking about technology, you need to plan, so you cannot really get savings just changing contract. You need to migrate technology. It's not easy, but I'm repeating it.
We are faster than projected, and we are also finding that just sharing best experience, we can also get benefit on the decline. Clearly, Spain was much more efficient in specific area. We are importing their way of doing in Italy, and that, that's also a way to, let's say, not create synergies, but just spending less. That's more or less all. So I hope that I've answered the question, and thank you.
Yeah, indeed. Thank you.
Thank you. We are now going to proceed with our next question. And the question comes from the line of Stefano Gamberini from Equita. Please ask your question. Your line is opened.
Morning, everybody, and thanks for taking my questions. I have four of them. The first is regarding the breakdown of advertising from linear TV and addressable TV. You underline that there is a difference in price of 70%. Could you please give us what is the total share of addressable TV and digital to the, your total, advertising collection? And, if you remind us, what is the target of advertising from addressable TV in the next years? The second, regarding the audience share, more or less the same trend, you have great benefits from digital audience, we can say. Could you give us an idea of the total number of viewers, including both linear and digital?
What is the total number of viewers year-on-year, just to understand the underlying trend in absolute figures. Then I have two further questions. The first is regarding dividend policy. If I'm not wrong, you have a payout of 50%. Could you confirm this payout also this year, and how you set this base of earnings? What I mean is, regarding the consolidation of ProSieben, now equity and not any more through dividends. This will be all included in the base of earnings to set the payout, and as well as how you define, how you set the non-recurring items, if there are any in this space. Lastly, my usual question regarding the integration of EI Towers and Rai Way.
Do you see some changes, or do you expect some novelties in forthcoming months? Many thanks.
Okay. I'll start answering the dividend policy question. I mean, I think that our dividend policy target is pretty clear. We said that we are going to distribute at least 50% of the reported net profit, and so that will be, let's say, we go on. We are not really changing anything.
... the contribution of ProSiebenSat.1 to this net profit will be then accounted in the full year numbers. Unfortunately, we have no visibility on the last quarter. We are just following what the guidance coming from ProSiebenSat.1, but we clearly, we don't know what the contribution will be. But, I'm repeating, we are confirming the dividend policy of at least 50% of the reported net profit on the full year. So whatever yearly we take, 50% of it will be distributed. As far as eight hours, Stefano, it's a pretty ordinary and question, because every time you are asking it, frankly, I'm confirming the, the answer. I mean, there is nothing, in my opinion, a lot of rumors.
Sometimes you got some interview on Sole 24 Ore, that maybe seems to accelerate the process. Frankly, I don't see any acceleration. I'm pretty, I'm pretty clear on that. We are flexible. We are ready to do whatever the majority shareholder will take to the table. Clearly, always looking at the value of the investment. And I'm repeating, we are not having any other, let's say, element to take to the table than it is the value. So we will do whatever it is needed to facilitate a deal that, in my opinion, will not happen shortly because other are not really so keen in doing it. So that's my answer. And it is what the reality is given to me.
Okay, I'm taking the questions about mixing linear and addressable offer and the audience share trend. As you know, for the time being, we don't give details and disclose the mix of our revenues under these two segments. Anyway, with regard to audience wealth, if you get back to the chart number, let me see, nine, you have a clear evidence of the contribution of the total audience to the linear audience. So is adding 2.5% in positive growth rate. The real thing is that the pay out from revenue per hour, that is definitely higher in addressable advertising. And so the revenue contribution of digital and connected TV is more than proportional compared to the audience contribution.
So it's definitely a positive sum game because we have a base business with a linear audience, with a flat trend, a fast growing audience in digital. And we monetize with a better exchange ratio compared to linear. And this is also due to the fact that in digital and connected TV, we can deliver good performance on live TV viewers. So the most difficult audience group to reach, and the market is available to pay a premium price for this added value delivery. On top of this, anyway, our proposition is a total video proposition.
So what we are offering is a unique selling proposition, and we are also innovating both in Italy and Spain, with new audience measurement tools for us evaluating campaigns and the total contribution. So we are sharing this with top clients and top media agencies, and we are going to launch new innovation products in the next Future of TV Advertising conference in London, beginning of December. Paola Colombo, our Chief Digital Officer, is talking about this together with our Spain colleagues. So this is the mix that the market is recognizing as a positive mix. So I hope to have answered. I thank you.
Thanks.
Thank you. We are now going to proceed with our next question. The question comes from the line of Marianna Sick-Smith, from UBS. Please ask your question. Your line is opened.
Good morning. Thank you for taking my question. Just one from me. Just looking at the sector performance, it looks as though there's strength in grocery and autos, slight weakness in telcos and media. And I just wanted to check, at its peak, what percentage of the client base was autos, in both Spain and Italy? And the same question for telcos and media as well, please. Thank you very much.
I thank you for the question. They are two strategic sectors. Both of them account more or less for 10% each of our total revenue performance. They are definitely strategic from our point of view, but thanks, we are not so dependent on them. This could be appreciated if you see that, over the past three years, when the automotive sectors was, strongly affected by, the sector crisis, we limited the impact on our revenue. So let me say that again, our strength is the diversification among sectors, and we have a sort of a positive leverage gain. So we follow the market, so when we have growing sectors, we are the first to get, let's say, the positive contribution of this sector.
And again, I like to say that Spain and Italy, from many regards, are a sort of twin countries, and the fact that the two marketing teams are working together, we are ready to get early indicators coming from one country and spreading to the other. And so we are, let's say, get ready to get any sector adjustments. So we have just to give you each two weeks meetings together, so taking care of the sector dynamics in order to understand, okay, automotive is get back, pharma is down, fast moving is up, and so we move accordingly, relying also on an integrated database of cross-country revenue, cross-clients and cross-media. And so we leverage on this in order to develop integration under the perspective of cross-selling opportunities, cross-country and cross-sectors.
I thank you.
Thank you. Once again, as a reminder, to ask a question, please press star one and one on your telephone and wait for your name to be announced. Thank you. Once again, it's star one and one on your telephone and wait for your name to be announced.
Okay, I think we can close this conference call. Thank you very much, Marco, and thank you, Matteo. And thank you, guys, for the time and for all the questions. We at investor relations department, we'll be available for any question you may have. Thank you. Bye.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.