Good day, ladies and gentlemen, and welcome to the MFE-MediaForEurope 2022 first quarter results web phone conference call. The information for this call is being recorded. At this time, let me turn the call over to your host today, Ms. Sara Bersan. Please go ahead, ma'am.
Good morning, ladies and gentlemen, and welcome to the fourth quarter results of Media for Europe. Let me introduce immediately the speakers for today. Today's presentation will be hosted by our Group CFO, Marco Giordani, and by Matteo Cardani, Managing Director of Publitalia. Now, let me hand over immediately to Matteo for the advertising and audience outlook. Matteo, please go ahead.
Thank you, Sara. Good morning, everybody, and thank you for your attendance. Today, we comment Q1 2022 results with a quick outlook at of ongoing indicators for H1. As a matter of introduction, I would like to share with you a few key elements against the economic and political background that we all know to better understand the advertising dynamics. As you can see from chart number three, despite the macro uncertainty, there has not been the sharp fall in economic indicators we saw two years ago with the pandemic outbreak. We can appreciate this pattern when looking at confidence index monthly evolution that is still positive during the initial months of 2022. Of course, declining after war outbreak in March, but still in the positive field both for consumers and business.
This evolution of confidence indices is also reflected, next chart number four, in actual dynamics of goods and services consumption. That is positive for the whole 2021 and still positive in the initial months of 2022, with a significant different trend between services, +30% and goods +2.7%. Remarkably, all indicators for April are still positive. That means that from an advertising perspective, this resilience is visible also on the advertising spending behavior of our clients. Despite the three witches scenario, the pandemic, the war, and the inflation, at this stage, we have not registered any postponement or cancellation of campaigns. Advertising budgets are still committed in line with our expectations at beginning of the year.
With regard to gross domestic product dynamics after a growth 2021 above 6%, updated forecasts for 2022 are around +2.0 to 2.5%. Moving forward from economic indicators to the advertising market, in chart number five, you can see that the advertising market is slowing down, but it's not falling. It's almost flat compared to Q1 2021, +0.3%. In chart number six, you can appreciate the fact that MFE performance is +2% against a trend of +5.9% in Q1 2021. This performance is definitely 1.7 points better than the market, turning into a further improvement in our market share, +20 basis points.
Last but not the least, in chart number seven, you can appreciate the fact that our track record is the seventh positive quarter in a row. Now, let's try to understand what are the main factors sustaining this positive trend. As said at beginning, there is a very, very rational behavior of companies and advertisers that even in the case of war outbreak, did not react in a panic way, but simply adapted their plans. In the majority of cases, they confirmed their original plans. In a few situations, they postponed part of their ad spending, but without changing the total amount.
We were helped by two main drivers, sector dynamics, where the negative dynamics of some sectors as automotive has been more than compensated by the positive dynamics of other sectors as telco and a long tail of minor sectors. Last but not least, the ongoing positive momentum of our total audience. In terms of linear performance, in Q1, we had the best audience performance over the past five years. On top of this, now we have a total audience data adding up a further increase on top of this positive baseline trend. Let's start with a look at audience performance. Here, during the first month of 2022, the new total audience metrics has been introduced, enabling a more comprehensive view around the attention gathered by TV content, both linear and nonlinear.
As you can see in chart number eight, you see that linear TV audience performance registered another strong results, +4.9% versus Q1 2019. We used a pre-pandemic year as a proper comparable basis. On the solid ground of this linear baseline, we can now have the high single-digit growth on digital screens, so connected televisions, mobile, desktop and so on. This brings the total audience performance to a +6.5% growth rate. I'd like to comment on chart number nine because it's a new kind of chart and a new kind of metrics we can now appreciate thanks to the total audience. On the left side of the chart, you see the additional audience we gain from a digital screen, from second screens.
On average, the average gain is +1.6%, but luckily, this is unevenly distributed. There is a positive bias towards those targets that are defined as the so-called live TV viewers. Adults 15 to 34, first of all, but also very important target for us is women 25 to 54, adults 25 to 54. On the right-hand side of the chart, you see why, this for us is absolutely precious and relevant for the market because, here you have the audience composition on linear television. Here you have the age brackets of our commercial target, 15 to 64, and you can appreciate the fact that the second screen profile, in terms of age group is absolutely complementary to the linear TV. To some extent, rejuvenating the average profile of our total audience.
I'm coming to the conclusion we offer you a deeper look at sector dynamics because we do believe that this will be crucial for the remaining part of the year. I have three chart. The first chart is number 10. Here you see the retail sales trend by sector. So these are value sales. This is not our revenues, just to make it clear, but this is the trend in value sales in the market. You can appreciate the fact that, as we have seen from the other macroeconomic scenario, there is a divergent trend between services and goods.
The graph shows that service-based sectors look to be less impacted by energy cost inflation and raw materials shortage, thus maintaining a better performance year-on-year. On the contrary, goods-based sectors ranging from food, beverage, to automotive are more impacted. Luckily, the second evidence emerging from this guide is that the sectors registering a positive trend account for over 70% of our business. This leads to the following chart, number 11, where you can see the weighted contribution to growth sector by sector. You can see the fact that portfolio is well balanced between sectors with a negative impact on our revenues and sectors with a positive contribution.
Generally speaking, we all know that automotive sector is the most impacted, but you can appreciate the fact that telco and other important sectors, those restarting sectors like travel, leisure, durables, clothing, are more than compensating the sector dynamics. The total average weight result is +2%. Last but not the least, and this is my last chart, number 12. Here you have another representation of our sector dynamics. Of course, we cannot control the general market trend. We can manage the MFE relative performance. As you can see, we are outstanding in almost all key sectors, and our main objective in 2022 is to outperform the market, whatever the market trend will be.
That comes to my conclusion, before handing over to Marco to wrap up. The year-on-year trend for advertising collection was up 2% in Q1 2022, and remained positive over the first four months of the year at the end of April, supported by the excellent performance of the overall audience for the period and the strong value proposition on the different proprietary means of the group. Despite the three witches scenario, the pandemic, the war, and inflation, at this stage, we have not registered any postponement or cancellation of campaigns. Advertising budget are fully committed, and they are in line with our expectations at the beginning of the year. Sectors are performing in line with Q1 trend. Automotive is expected to benefit thanks to the public's incentive that could stimulate advertising campaigns.
In addition to that, we should also remember that in Q2 and Q3, we should benefit from the absence of sport events, the Euro Cup and Olympics in 2021, and so we do expect to increase our market share. Generally speaking, we are working to achieve a positive performance year-on-year in H1, and so far we are on track. Having said that, I thank you, and I hand over to Marco. Please, Marco.
Thank you. Thank you, Matteo, and good morning to everybody also on my side. It's not a long time we have spoken, but today, I'm briefly going to comment our first quarter result and confirming our full year guidance. Generally speaking, I can briefly summarize that the group results are in line with our expectation and budget, and Italian performance is higher on certain metrics, mainly regarding cost, as far as what we have forecasted at the beginning of the year.
We will then see line by line, but generally speaking, we are confirming the guidance that we gave some weeks ago and the solid editorial positioning and solid editorial performance that Matteo just commented are clearly, let's say, giving us a little bit of more opportunity going forward, without forgetting, let's say the very sad performance of the soccer Italian team that 4 million setback for MFE in many cases, another opportunity, comparing with what we forecasted at the beginning of the year. In any case, we closed the first quarter with a consolidated revenue number of EUR 654 million, with a positive EBIT and also with a positive net profit.
Just a reminder, last year we had accounted for an extraordinary net profit in the financial line of EUR 20 million. There was the result of some let's say cashing of derivative instrument on proceeds. Lastly, as far as chart number 14, the net financial position at the quarter end was negative a little more than EUR 700 million with a great improvement with respect to 12 months ago. Stepping into the Italian business, Matteo has just explained everything about advertising performance. The total revenue are EUR 466 million+ 3.6% compared to last year.
Moving to the other revenue lines, the EUR 73 million performance of the third quarter is a +16.8% compared to first quarter 2021. Clearly in this line, there are many non-comparable numbers, but we confirm the guidance for the full year of other revenue lines for EUR 310 million. This difference will be mainly related to the performance of the theater, the movies on the theater. Clearly now, Medusa has just relaunched the new release, but clearly we don't know and the uncertainty about how Autumn will fare there. Confirming the guidance for the full year, EUR 310 million. We move down to cost.
If you remember what we said three weeks ago, the budget of 2022 was composed by two main trends. The first one was a saving performance of almost EUR 60 million in cost that are the result of some restructuring and some changes of organization and processes, more than compensated by higher non-organic cost, largely related to sports rights that was in the range of EUR 70 million. That's the reason for which we gave a guidance and that we are confirming of EUR 1.8 billion for the full year. The impact of the sports rights in the first quarter was around EUR 50 million. That, as I said, was clearly forecasted already in our budget.
Excluding these costs, the first quarter cost base is in line with the first quarter 2021. If you compare that cost base to the 2019, so the pre-COVID, let's say, level, it's less than 10%. It's lower 10% than the pre-COVID level. I mean, we are pretty relaxed in that because we have been able to maintain the cost base under control, reducing the underlying cost base, as I said before, ahead of our budget. We can confirm our EUR 1.8 billion for a full year, and that number is based on the consensus assumption of an advertising revenue growth of 1%.
Clearly, we are living in an uncertain period. We have clearly put all our effort to maintain flexibility in the cost base going forward because we don't know what is gonna happen, clearly. We can tell you that in a scenario of a weaker than expected revenue trends, we would in any case have additional room for further cost cutting with respect to the EUR 1.8 billion I was mentioning before. Thanks to this additional efficiency, we would take a further reduction of the cost base up to 3%. We have headroom, I believe, to face the future uncertainty, even if, as Matteo was saying, we don't see for the time being any concrete element of it.
Moving down to the P&L and going below the EBIT line, the financial charges are negative for EUR 3.4 million in the first quarter. Regarding the associate, on the other hand, the line is positive for EUR 3.4 million. In terms of guidance for the full year, we confirm what we have said. Financial income will be around EUR 10 million, + EUR 10 million. This is clearly affected also by the ProSiebenSat.1 dividends payment that we received some weeks ago. On the associate line, the guidance is confirmed around EUR 15 million, one to five . Moving to investment, no major, let's say, news on that. The number is more or less aligned with last year's performance.
That clearly is a remarkable performance also because clearly Medusa has started again their business in the cinema activity. As for the other guidance, we are confirming the total CapEx flat on the full year 2021. 2022 in line with year 2021. Moving to the cash, last chart on page 18. As far as the cash flow, the company registered a strong improvement, around EUR 50 million more than compared to 2021. That's again an outstanding performance that confirm our cost discipline, let's say, attention. The first quarter cash free cash flow was around EUR 142 million.
Net financial position at the quarter end in Italy was almost EUR 1.03 billion, improved from the last year one by almost EUR 40 million. As far as the full year net debt, clearly we have something, let's say, non-recurring that will happen in the next month. Certainly, the dividend distribution and also the effect on our financial position of the voluntary tender offer on Mediaset España minorities that would require up to EUR 258 million. In any case, also including this figure, we can confirm that our net debt to EBITDA ratio will remain around 1x. That's all on our side. Sara, we can open the Q and A session. Thank you all.
Thank you, Matteo. Ladies and gentlemen, if you'd like to ask an audio question, please press star one on your telephone keypad. Please also ensure your mute function is not activated while inserting switch equipment. Once again, please press star one to ask a question. Today's first question is coming from Fabio Pavan of Mediobanca. Please go ahead, your line is open.
Yes, good morning, and thank you for taking my two questions. The first one is related to the advertising outlook. Was wondering if you can provide some more color on April trends and eventually if you have some visibility for May. On top of this, my second question is related to your outperformance, which has been pretty strong versus the reference market in the first quarter. I was wondering if you can share some more qualitative update with us, eventually on the support which is coming from addressable TV rather than radio or digital assets. Thank you very much.
Matteo, you can-
Yes.
Yes.
I'm unmuting my mic. With regard to the advertising outlook, I can restate again what I have said during my presentation. We have this positive three-month trend, and the trend stay positive also for the fourth month. We expect to be in the positive territory at the end of H1. We don't comment, as you know, each single month, so I don't comment May because it's still an amount to be closed. I repeat, we expect to be in a positive territory at the end of H1 because we don't see any major challenges on that side for the time being.
With regard to the contribution, you know, we don't comment on each single media performance because as we shared the last call, our proposition is actually total media, total video, total audio. This is the winning proposition with clients and agencies. I simply add, let's say, one color on this, coming back to chart number nine with regard to audience profile. You can get from this chart that the audience profile of our nonlinear digital audience profile is definitely younger, upscale, more affluent, and that commands a higher premium price, a higher average revenue per hour of video consumption compared to the linear business. We stand by the fact that the linear business is doing quite well, keeping the baseline.
This is, let's say, the positive sum in the, let's say, the business equation that it's working up to now. I hope to have answered. I thank you.
Yes, thank you very much.
Thank you.
We'll now go to Julien Roch, calling from Barclays. Please go ahead.
Yes. Good morning, everybody. My first question is coming back on advertising. When you say four months positive, do you mean the whole four months, or is April positive as well? Because April could be negative for you to stay positive for the first four months. Wanted to know whether April was up as well or negative in Italy. You gave us some color on Q2, saying you still will be positive for the first half in Italy, but can you give us some color on Spain, either May or Q2? Two questions on advertising.
Coming back on page eight, when do we get the new measurement from Nielsen that measures more than linear, so we can know what your total viewing in minutes is across all devices with a split between linear and on-demand? That's my second question. The last one for Marco, update on timing of tender start for Mediaset España. I think the CNMV has had the prospectus for a couple of weeks now, so I was wondering whether you had a better idea whether they would approve the tender in a week or in a month. Any color on timing would be great. Thank you.
Maybe I'll start from the latter. As you said, we have completed all we could. Actually we are frankly happy in how the process has been carried out in the last two months. As you know, there are no specific obligations or timetable for the CNMV. I mean, we don't have anything else than just perception. We are pretty, let's say, ahead of the schedule we forecasted at the beginning. We don't know. I mean, we think that can be sooner than later, let's say that. I repeat, it is not in our hands and CNMV will decide independently the timetable.
As far as Spain performance, before leaving to Matteo to the other question, clearly, we don't want to comment what is on Mediaset España part. The only thing we can say that April has been pretty negative, double digit negative for the market, for the TV market. It is what we said. As far as April, frankly, a worse performance than the Italian market from our window, let's say. I mean, I don't want to comment May and June, because we leave it to our colleague in Spain to do it. Matteo, you can answer the remaining part of-
Okay.
Okay.
Thank you, Matteo. I'll try to answer the two to three questions. I start from audience. Since total audience, not Nielsen, for sake of clarity, and we will amend our presentation because there is a little not precise data on the sources. These are unaudited data. On top of our linear performance that is around 3.5-3.6 million on average minute rating, we have this additional contribution of 0.6% in terms of digital streaming. As I said, that is absolutely relevant because it is, let's say, it contributes with 80 million additional gross contact each day.
These gross contacts have a very different profile, the one that we show in chart number nine, a profile that is that clients and agencies are looking to for, and they are available to pay premium prices for this. As I said before, the contribution of this part is more than proportional compared to the linear advertising. With regard to our Q2 progression, as you know, we do not comment on each single month. We are very satisfied with April, because we are absolutely confident we are doing much better than the market.
That gives, let's say, the positive momentum also to look to May and mostly June, also because June last year we were comparing ourselves against the Euro Football Championship, while this year the downturn is, let's say, negative factor. That is why we keep saying that for the time being, we expect to be in a positive territory at the end of H1. That's our view on the market. For the remaining part of the year, honestly, we don't have any visibility. We are waiting for forecasts from official sources, but it's quite interesting that all the analysts and operators are quite cautious, and they are not releasing any new forecast for the second part of the year.
The interesting thing is that there has been a client meeting hosted by Nielsen last week, and all the participants, a very, very important advertiser, declared to the audience in a public way that their plans for this year remain unchanged. That gives evidence to our expectation that no major, let's say, changes or disruptions should be expected for the present year. That's it. Hope that answered.
Yes. Thank you, Matteo. Sorry, but the line cut at the moment you were giving numbers. You said linear, you get 3.5-3.6 million minute rating, and then you gave how much was nonlinear, but it cut at that time. How much is nonlinear?
The same that we shared last during last call. On average, we have gross numbers. 3.5 million average minute rating, the linear average minute rating. On top of that, you could add each minute 50,000, 60,000 average minute ratings. That could represent, let's say, a tiny addition from a certain perspective. As I said, they are a positive addition each minute of the day that comes to the 80 million additional gross contacts each day. That 80 million additional gross contacts are absolutely valuable because they are 60% represented by people under 44 years old, and they add additional reach to our linear reach. That is what advertisers are looking for.
One of the key proposition in our connected TV proposal is the fact that we are able to prove clients that any single euro spent on connected TV on digital screens is adding incremental reach to their plans. We are also offering some planning techniques in order to do what we call the negative retargeting. What I mean is that we are able to address advertising contacts to households that we know they were not covered, not reached by the linear campaign. The combination of technology plus data plus audience profile help us in delivering the addressable advertising proposition. We are absolutely satisfied because it's keeping a very high digit momentum month by month notwithstanding the general macroeconomic situation.
That is all I share with you today. Hopeful answer.
Yes.
I thank you.
Okay. Thank you.
Thank you.
We have one other question now coming in from Mr. Harry Head calling in from Goldman Sachs. Please go ahead, sir.
Hi, good morning, everyone, and thank you for taking my question. Just one from me. Looking at the Q1 advertising trends by sector, obviously automotive is the key laggard there. Just wondering if you had any color or data on month-on-year, monthly improvements, whether that automotive spend is sequentially getting better from January up to April or whether it's been flat year-on-year, but any color there would be great. Thank you.
Okay. I thank you for the question. Okay, sorry, automotive sector is definitely important for all of us. Take into account that it represents no more than eight to 10, 8% of our total advertising revenue, as you can see in chart 12. In chart 12, you see that the trend year-on-year is -30%. For us, the relevant thing is that the automotive, let's say, downturn has been going on for nine months, if I remember well, since mid-2021, but we've fully compensated with all other sectors. Even the +14% performance last year was achieved with a negative contribution of automotive sector.
We are very well, let's say, rooted in all the strategic segments of the economy, so standard, let's say, brick-and-mortar retail operators, but also direct-to-commerce and e-commerce operators. Luckily, the incentives on electric cars, hybrid cars, and low-emission cars decided by the government during the last weeks has already given, let's say, new positive momentum to other automotive advertising spend. We do expect an improvement. I don't know, I cannot, let's say, figure out the exact percentage, but early indicators we have on hand. I mean, campaigns, sorry, we are handling in
April, May and June from the automotive sector are quite, let's say, it's reassuring. Of course, on top of this, we are also helped by our football proposition, because having the Serie A, the Champions League final this week, the start of the championship and Coppa Italia in August will for sure help us in the recovery of the automotive sector. I hope to have answered, and I thank you.
Brilliant. Thank you.
Okay.
Thank you, sir. We'll now go to Fabio Pavan calling in from Mediobanca. Please go ahead, sir. Your line is open.
Yes, a quick follow-up from my side. Recently, we heard about ProSieben saying that it's hard to identify synergies opportunity when looking at cross-border deals. Would be interesting to hear your comment on that. Thank you very much.
Thank you. Thank you, Fabio. I mean, very frankly, I don't want to fuel the controversy because clearly it is something that we frequently read in the newspapers. It's a very trending topic on that side. As far as ProSiebenSat.1 is concerned, we have already stated, I mean, they have a plan. They have a plan based on independence, and they've set their target. We are the largest shareholders, and we are happy if they deliver their plan. I think that everything else is not really something, it's not on the table today, so it's completely a theoretical discussion. I repeat it, they have a plan, and I believe that they should deliver.
Moving to the general topic, not regarding ProSiebenSat.1, I believe that generally speaking, the consolidation, let's say, story has been taken by several parts, and everyone is really looking at it in a different way. Clearly the RTL way, the in-country consolidation, it's a consolidation based on cost cutting, and that's clearly to everybody. The French example, it's a clear example. Frankly, on our side, we don't think that the problem of the TV sector and the broadcasting sector is a cost problem. We believe that the broadcasting sector issue is mainly related to revenue, and so it is to revenue that the answer has to be given, not to cost.
Because as we all know, cost synergies are a one-off, let's say, advantage, but if you are in a mature market, your main issue is how to revamp revenue and how to build an alternative, let's say, to the digital proposition that the global internet player are offering. That's, let's say, our view. I repeat it's not time to talk about that, about ProSieben, because ProSieben has a plan, and we will certainly look at the performance of the company in relation to the target and not certainly on other table. I don't know, Fabio, if I answer you.
Yes. Yes. Thank you. Thank you.
Thank you, sir. Today also we have a question coming in from Mr. Stefano Gamberini of Equita. Please go ahead, sir.
Many thanks for taking my questions. Just going ahead on this topic of ProSiebenSat.1, could you just help to understand why are the synergies from an integration with ProSiebenSat.1 by far larger than with Mediaset España that you already quantified? The second question regarding the dividend. You set a dividend of EUR 0.05 in 2021. Can we consider this as a floor in the coming years, considering also that the leverage of the combined entity could be far below 1x EBITDA in my estimates? If this could be also a commitment of the management in the long run. The last question regarding EI Towers. Do you have an update on potential consolidation in the broadcasting towers?
Some steps ahead have been made by the government. If I'm not wrong, something could happen. In this case, is there some interest for your stake in EI Towers from institutional investor funds or not? What is your strategy? You always said that this is available for sale stake, but it should be interesting if something is happening also on EI Towers to finance your aggregation project. Many thanks.
Thank you, Stefano. Let's say regarding synergies, if you remember in 2019, the project of integration Mediaset Italia, Mediaset España was already on the table, and at that time synergies between the two entities were set at EUR 100 million. Now clearly are lower just because in two years, some activity has been carried out and some of what could have been set as synergies at that date, now are already in the process to be taken and clearly cannot be counted again.
That's the reason for which you see now something that cannot be compared with the integration of a further country, because as you can imagine, the consolidation, whatever country you have, gives more value, more country you are aggregating because some of the costs are clearly cannot be or you can avoid to duplicate. As I said, I believe that the main advantage also for the integration with Spain is on opportunity rather than on cost synergies. Because I tried to explain before to Fabio, I mean, the.
Let's say the revenue proposition we would like to offer for the future, mainly to digital, let's say, clients and agencies, it's a proposition that can be, I wouldn't say a competitive alternative, but at least an alternative to the digital proposition that the U.S., mainly U.S., global players are offering. In that respect, the larger you are, it's clear to everybody, the more relevant you can be. It's where we are trying to build a future in the revenue opportunity rather than building structure that can cut costs once, and then maybe will remain in a mature revenue perspective, not so attractive for our shareholder, but also for our advertising investor. That's the main reason. We look at revenue more than cost.
The cost synergies will be there, but they are not the main reason for the deal. As far as the second part of the question, yes, you're right. Clearly, full alignment of interests among shareholders is our first objective. Putting all the shareholders at the same level, meaning at the same level of our controlling shareholder, it's one of the objectives of the voluntary tender offer we have launched in March. All the shareholders will be seated at the same table as Fininvest, and the remuneration to our shareholders is one of our key objectives. Clearly, we look at the balance sheet solidity.
As you said, if we are staying around 1x the EBITDA, clearly there will be room for distributing dividends, not only this year, as already clear, but also in the future year. That's clearly all related to the top line performance. I agree with you that in terms of balance sheet, there will be room for further distribution of dividends also in the future. Again, I repeat it, in full alignment of interest among all the shareholders. That's a clear statement I would like to underline again. As far as EI Towers is concerned, I mean, we have no news. I mean, you know everything about the DPCM approved.
It's not something that will change from day one, the possibility to do anything in terms of consolidation of the sector. There should be other, let's say, intervention by the public authority. As you know, we are minority shareholders. We are not actually active in dealing or seeing about that, so I cannot answer precisely. The only thing we can say as far as our stake is concerned, that for the time being, it's a pretty rentable stake because we are getting, in any case, on our P&L, between EUR 20 million and EUR 25 million, let's say contribution to the profit each year.
We are not really in a hurry to dispose of it, but we will look for the best moment to take advantage of the value of the possible stake. If any kind of deal will be proposed to us, we will revalue in that respect, as both in terms of consolidation, but also in terms of pure sales. That's our attitude. There are no news on that side, but it's the way we are looking at it.
The only thing maybe that I can say is that in the prospectus that will be approved, hopefully shortly by the CNMV, there will be, in any case, a new dividend policy for MFE shareholders that would clear up, I believe, a little bit more what I tried to say. I don't know if I answered all your questions, Stefano.
Yes, just regarding if you see some interest on the stake or it is too early, clearly because nothing is there about the stake in EI Towers .
I mean, the problem is that, as you can imagine, all the new investors are looking for value, that's clear, and the big value will come from consolidation. As the regulatory framework for the time being is not so clear in that respect, we don't think it's the right moment today to sell it because the price will be discounted by the uncertainty of the regulatory framework. Contacts are pretty frequent, but after the first meeting, clearly the uncertainty is generating a too large gap between ask and bid.
Okay, guys. We are running out of time. Thank you, Matteo, thank you, Marco, and thank you guys for all the questions and for the time for the conference call today. As always, we'll be available for any question, information you would like to ask. Have a good day.