Good morning, and welcome to our presentation of Applus' results for the 2022 financial year. I am Aston Swift, Head of Investor Relations. I will now hand over to our CEO, Joan Amigó, and our CFO, Julián de Unamuno, who are going to take you through our business and financial review before we move to Q&A. Thank you, Aston. Good morning, everyone. Today, I'm pleased to share the details of our strong full year 2022 results as we continue to progress in line with our strategic plan and remain confident of meeting our 2024 financial targets. Starting with the highlights. Against a challenging macroeconomic backdrop and the unexpected ending of our contract in Costa Rica, we delivered a strong financial performance, largely due to good execution and the close alignment we have to the global mega trends driving growth in our addressable markets. We had good top line and EBITDA growth, leading to a strong cash flow and reduced leverage year-on-year. This continues to support the financing for our portfolio evolution strategy, with 5 acquisitions made in 2022 and 1 already made in 2023, while we also made 2 disposals recently. We also completed our first-ever share buyback in 2022, and we are in the middle of our second. Finally, our improving portfolio of higher quality businesses supports growth directly linked to supporting our clients' environmental and social objectives. These revenues now represent half of our group revenue. Supported by our strong management team and our highly engaged and skilled employees, we remain fully committed to delivering on our strategic plan with solid, profitable growth and enhanced returns to shareholders. Moving now to financial highlights. Revenue and adjusted operating profit were both up 15%. Organic revenue growth was 8% and consistently strong across the year. Our adjusted operating margin remained flat as good margin improvements in Energy & Industry and IDIADA were offset by the unexpected ending of the automotive contract in Costa Rica in July 2022 and higher energy costs. Cash flow is very strong at Applus+, 2022 was no exception. It helped to support the investment in the business and return to shareholders while maintaining high levels of liquidity and reducing the leverage. Earnings per share at EUR 0.81 is the highest we have ever had, and it's up 24% year-on-year. This was driven by our strong profit generation and the completion of our share buyback program. Now I will hand over to our new CFO, Julián de Unamuno. Julián started only last month, but I have been already impressed by his quick adaptation and his understanding of our business. Some of you have already met Julián, and I expect the rest of you will very soon. Thank you, Joan, and thank you all. I'm really happy to be here today on my first earnings call as Applus CFO. As you know, I joined the company on January first. Beginning with the financial slides, I will start with the revenue bridge. The solid revenue growth trend seen up to the third quarter was maintained to the end of the year, giving a total revenue growth of over 15% for the year, driven by 8% organic, 3.3% from acquisitions, and 4.1% from positive currency impact, mainly coming from our long exposure to the US dollar, which is around 18% of our earnings. On a pro forma basis, considering the announced divestments of our business of Auto in Finland and in the U.S., revenue growth rate would have been a touch higher at almost 16%. For Q, total revenue growth was slightly lower than the first 3 quarters at 12.9% due to a slightly lower inorganic growth, less positive impact from Forex, and a slight lower organic growth rate of 7.6%, but still a good growth rate. Inflation remains a key topic. We have been able to pass on most of our wage inflation onto our customers. Out of the 8% organic growth rate, we have estimated that around 2.5% is from price and the rest is volume. In 2022, we made 5 acquisitions for a total consideration of EUR 66 million. The 2 largest in revenues were Lightship Security, a cybersecurity testing business based in North America, and K2 Ingeniería, an environmental inspection and consulting company in South America. On to the adjusted operating profit growth rate in slide 8. We also had 15% growth in the year in line with revenue growth, with almost equal contributions from organic, inorganic, and Forex. Margin was therefore stable year on year at 9.9%, with EUR 202 million of adjusted operating profit. The pro forma margin, adjusted for the 2 out of businesses divestments, Finland and USA, is 10 basis points higher at 100 figures. As ever, there are a lot of moving parts behind the stable margin. The main positives that we saw in 2022 were the strong increases in margins in both Energy & Industry and IDIADA business. These were offset by the reduction in margins in automotive and Labs. Joan will explain the individual business margin changes in detail. Of course, cost inflation is also in here. Our price rises in 2022 were enough to offset wage inflation, but ultimately not enough to offset cost inflation, especially energy costs that jumped in 2022 that particularly affected laboratories. Before we move on to the income statement, I want to add that in my first two months here, I have seen a real focus on improving the margin and delivering on the strategic plan target. I will present at the end some initiatives that we are executing to deliver on the margin improvement, but first, I will present the income statement, cash flow and net debt. Slide number 9, income statement. Starting at the top, we have already covered revenue, but we show here the margin of 10.1% excluding the EBITDA accelerating depreciation, which I think you are all familiar with now, and amounts to EUR 5.8 million in 2022. EUR 1.6 million higher than the previous year. As you know, this contract is currently due to end in September 2024 and is subject to retender. We are depreciating all the existing assets plus the annual CapEx until September 2024. Below the adjusted operating profit line, we have the PPA amortization of EUR 67 million, slightly higher than in 2021. Other results of EUR 9.6 million, which are mainly one-off costs related to the restructuring under the operational excellence plans and the costs associated with the acquisitions and divestment transactions. Net financial expense of EUR 28.9 million is EUR 3 million higher than last year, mainly due to the slightly higher arts net debt plus higher interest rates. The average real cash interest rate on net debt was around 2.4% in the year. This year, we also have one-off impact of EUR 4.8 million related to the final price of the acquisition of the Auto Galicia minority stake. 2023, we would expect the higher interest rate impact to affect by around EUR 10 million additional on our financial expenses next year. The tax charge of EUR 29.5 million is at a rate of 32% of the profit before tax, but ease on the statutory results. The more minimal figure effective corporate tax rate on adjusted profit before tax was 26%, similar to last year. Non-controlling interest or minorities were EUR 13.5 million, EUR 4.5 million lower, mainly due to the acquisition of the referred 20% of the Auto Galicia, due to the only seven months of the Costa Rica contract that we have. For 2023, we should see an slightly lower figure by EUR 2 million-3 million that consolidates this impact on a 12-month basis. Adjusted net profit of EUR 111 million was up by 19%. The adjusted EPS was up by 24% to EUR 0.81. Being the almost 19% increase in the adjusted net profit plus the additional 5.4% effect of the share buyback programs. The first 5% share buyback we started in February and finished in May, and these shares all have been canceled. The second 5% share buyback started in November and is still ongoing. Moving on to next slide, cash flow was very strong with adjusted operating cash flow of EUR 238 million at a conversion rate of 73%. The net working capital outflow of EUR 22 million was good result, leaving the working capital to sales figures of around 4% at a similar level to the previous year. CapEx of EUR 66 million was at the normal rate of 3% or 3% of revenue. It also includes some growth CapEx, mainly in the Auto business. Taxes and interest both increased as we have commented. The adjusted free cash flow was EUR 181 million at 41%. Dividends paid to minority share interests have helped due to the acquisition of the 20% of the Auto Galicia and the ending of the Costa Rica contract. Acquisition cash flow, sorry, acquisition cash outflow of EUR 66.2 million relates mainly to the payments made to acquire five acquisitions that we did in 2022. Total cash invested in the share buyback programs in 2022 amounted to EUR 64.8 million for a total of 9 million shares, of which 7.1 million related to the first share buyback and 1.9 million bought to the 21st of December on the second buyback. Far, we have executed around 50% of the second program. Overall, a solid year of strong cash free generation, this is allowing us to invest in the business and in enhancing returns to shareholders. Leverage and liquidity. We have a solid and stable balance sheet that allow us to cover the financial needs of the business. The leverage ratio of net debt to EBITDA reduced slightly to 2.6 times, perfectly manageable by the business and well below the 3 times level we set up in the strategic plan presentation. Our total net debt at the end of 2022 was almost EUR 670 million, and as you can see, we do not have significant maturities until the middle of 2025. We monitor continuously the market conditions, and we will decide to start to roll over some of the maturities as market conditions stabilize. We also have plenty of liquidity available, totaling EUR 493 million of cash and loan facilities, which give us ample room to cover the liquidity needs of the business. In conclusion, good cash generation with a slightly lower leverage ratio and high liquidity. Now for my final slide, where I want to talk a little bit about the operational excellence plan we initiated already in 2022, and that we will continue in 2023 and 2024. The objective is to increase the margin between 50 and 70 basis points by 2024. This implies around EUR 15 million of total cost savings without affecting revenue and will incur on a cost of around EUR 7 million-EUR 9 million to achieve, implying 0.5-0.6 times year payback. The plan already started in 2022 and will continue throughout 2023 and 2024, with the total margin benefits from this plan being one-third in 2023 and full in 2024. In 2022, we have registered a marginally positive effect. There are four main aspects of the program, from reviewing the support processes from head office to the regions and countries, focusing on accelerating the integration process of acquisitions, digitalizing the front line operation as far as possible, and optimizing all the back office functions, IT, procurement, travel, leases, and general expense. That concludes the financial slide. I will now hand you back to Joan Amigó. Thank you. Thank you, Julián. On slide 14, we demonstrate the continued progress we are making to achieve our portfolio mix towards higher value-end markets that are aligned to the global mega trends of energy transition, electrification, and connectivity. Indeed, we are increasing our exposure to the higher value laboratories business, where we see good growth, margins and return on capital. Within Energy & Industry, we are investing into renewals as well as power generation and distribution, and also civil infrastructure growth, which is coming from a step up in government and private investment, especially for more energy efficient transportation networks and buildings. For oil and gas, we are still committed to this business line, but we are focused on being only in the areas which are more long-term and resilient and where there is a high added value and we can generate better returns. Oil and gas is now 26% of our group revenue, the same as it was last year, considerably lower than what it was in 2019 and before that. Our inorganic strategy has proven to be successful, as you can see on this slide. In the 3 years since 2020, we have made 15 acquisitions in total at a cash cost of EUR 366 million. This has added 12% to 2022 revenues, approximately one-third each in Energy & Industry, labs and Auto, and at a total average EBITDA margin of 17.3%. The return on capital employee, calculated on the first full year after the acquisition has been made, is 9%, which is 30 basis points higher than for 2021. As these companies grow and can increase their margins, therefore, this return increases to above our target of 12% within three years. As you know, so far, we have made two divestments. We sold our Auto business in Finland and the U.S. Auto is a core market for us, but only in locations which are growing and where we have the sufficient scale and capacity to make good returns. The EUR 38 million total net cash proceeds we receive from these disposals goes back into the company capital and is effectively recycled to generate better returns. There will be more acquisitions and disposals to come. By the nature of these things, we can't predict the exact timings. Of course, they will always be done with due regard to our financial targets and our value creation strategy. I now want to explain it a bit in more detail, the progress we made on our ESG roadmap. We successfully reinforced our Applus+ Ventures arm as an innovation tool through which we join Klima Energy Transition Fund, which invests in mature startups based in Europe and the U.S., supporting the energy transition. Through our partnership with Klima, we have access to a qualified deal flows of hundreds of fascinating and innovative companies with whom we can partner to accelerate our continuous efforts towards more sustainable and digitalized services for our clients. We have also joined the United Nations Race to Zero campaign to eliminate carbon emissions by 2050, and thereby aligning with the 1.5 degree centigrade trajectory limit of global warming above the industrial levels. Our plans and objectives that include the near-term target in 2030 have been validated by the Science Based Targets initiative during 2022. We remain strongly supported by rating agencies and third parties as Applus+ was rated as sustainable by Standard Ethics. ESG has been at the core of our business for many years, and we have specific annual and long-term targets which are now directly linked to bonuses and long-term incentive plan. We remain fully on track to deliver on our 2024 targets, which you can find detailed in the appendix. In this slide, I want to spend a bit more time on, so you that can appreciate that the extent to which a large part of our current strong growth and future growth is due to our close alignment to performing services that have a positive environmental or social impact. After a deep review of the impact of our portfolio of services, we have defined the scope of activities that have a direct positive impact on society. Combined with our portfolio of green services disclosed previously, this gives us our full sustainability services revenue. In 2022, this was just over EUR 1 billion of revenue, up from EUR 877 million in 2021, an increase of 20%. This is materially faster than the rest of the group growth rate and at 51% of the group revenue in 2022. It provides a lot of confidence to us for future growth. On this slide, we have listed the major contributors to this scope by division and the portion of revenue in each division that is sustainability services, so you can better understand the drivers. I will now go on to present the key financial and operational highlights in the four businesses, starting with the largest business by revenue, Energy & Industry. We had an excellent performance in 2022, which was broad-based by end market and region. There was a rebound in oil and gas CapEx services, strong growth in oil and gas OpEx services, and also strong growth in the other end markets. The 8.7% organic revenue growth for the year was strong, with a slightly lower growth in the second half at 7.5% organic against tougher comparables. We ended the year strongly with an acceleration in the fourth quarter. We expect 2023 to be another year of good growth. Our AUP growth of almost 37% was even more impressive. Almost half of this come from organic, leading to an increase of almost 100 basis points in margin to 7.2%. I'm very happy about the positive margin trajectory of the business, given its impact on the group numbers. We have decided to move the aerospace inspection business from Energy & Industry to Laboratories, where there is a similar volume of testing for the aerospace industry. They will allow to generate better efficiencies and build a stronger client proposition. You can find more details in the appendix. I'm pleased to say that based on 2022 results and what we expect going forward, we are on track to hit the key financial targets for 2024, listed at the bottom right-hand part of the slide. We have added an extra slide for each of the four businesses to highlight our key strengths and strategic priorities to deliver on our plan. Through our strong reputation and innovative portfolio of services, we remain very well-positioned to benefit from global mega trends, especially energy transition, with substantial investment going to new ways of generating and then the distribution of these new energy sources. The division is approximately 70% exposed to existing infrastructure, supporting our resilience to economic cycles. As highlighted previously, our key priorities remain to build on our current momentum to accelerate our portfolio evolution and further increase our margins. Now, moving to automotive. The division has performed extremely well, especially in the second half, impacted by the lost revenue and profit after the ending of the contract in Costa Rica. Indeed, the margin was maintained above 20% in the second half, thanks to our increased efficiencies and technology. We expect these offsetting dynamics to continue to slow our margin progression at group level in the first half of 2023, with the second half expected to show improvement. A very positive development was the purchase of the 20% minority in Inversiones Finisterre. It is the minority that remained with the sellers after we bought 80% in 2017, and they exercised their put option for us to buy it. Most of the last concession renewal have now passed, and we retain a strong visibility as the next big concession to be renewed is in five years, the one in Galicia that ends in December 2027. Of course, we expect it to continue beyond 2027. Before that, we have the smaller renewals which we also expect to win. On top of the strong visibility of our current portfolio of operations, we are continuously analyzing market opportunities. We have recently started operations in Mexico, Ecuador is ramping up, and we have larger opportunities in emerging markets that we are currently analyzing. Looking at the key strengths for the division, it's a highly recurring revenue with high margins and resilient cash flow streams. It's totally regulated market, and inspection is 100% mandatory, so completely defensive in economic downturn. As mentioned, we have good visibility on our revenue until the end of 2027. In fact, we have strong visibility on more than 90% of the division revenue for the next five years. For those contracts that are due to the renew, our track record speaks for itself. 12 out of 13 tenders entered were successful in the last 6 years. Finally, there will be changes to the road transportation industry with more electrical vehicles, car sharing, but also the development of the commercial transportation industry and a wider range of personal transportation vehicles. All of this will also need regulating for safety, and Applus+ is best placed to do this, both in the developed markets as well as in emerging markets where accident rates are much higher. Moving on to laboratories. We have delivered strong revenue growth in all business units with organic at high single-digit% and a significant contribution of revenue from the last 5 acquisitions made in 2021 and 2022. Electrification and connectivity continue to be the main drivers with high demand for services related to electrical safety and electromagnetic compatibility. We are also growing well in structural, mechanical, and fire testing of building products, transportation, and industrial products. We have added a lot of capacity over the last few years to capture this growth, and we are seeing the facilities fill up, giving us good operational leverage. In addition, the acquisitions we have been making over the years have added more capacity spread out in regions like in Europe, where we can therefore get better laboratory utilization rates by moving samples around if necessary. There was also a contribution of price increases in the low single digits. Of course, we also had inflationary cost increases, including the energy costs that impacted in the second half of last year. While our AOP margin of 14% for the year remained solid, we expect it to be higher going forward as it was affected by the lockdowns in Shanghai in the first half of the year, and then the jump in energy cost in the second half. These two factors combined had an impact of almost 200 basis points. I would also like to highlight that we have a new divisional head, Mauricio Úbeda. Mauricio is a strong manager who has been with us for 20 years, and instrumental in driving the growth and development of the Laboratories Division. Labs is a high added value business, highly technological, and with high barriers to entry. Almost everything we do is under an accreditation scheme, either from government, the industry, or the customers themselves. Projects can be complex and lengthy. We look for acquisition opportunities that allow us to tap into these accreditation schemes and open doors to customers in regions where we don't exist or have a low market share, reinforcing our global value proposition. There is a strong margin potential for the reasons I have already given, mainly as a result of operating leverage, but there is also scope on overall efficiencies and further use of digital. The last of our, of the four businesses to present is IDIADA. Similar to labs, we saw a very strong performance all year, driven by the increasing electrification of the vehicle industry and manufacturers striving to improve safety, efficiency, and comfort of their cars. The organic revenue growth of 21% in the year does include a very large one-off customer project that although will continue into 2023, will be considerably less. It accounted for around half of the revenue growth in 2022. As you can see, excluding accelerated depreciation, we are at 12.8%, which is back to the levels we saw in 2018 and 2019. In 2022, there was a charge of EUR 5.8 million for this accelerated depreciation, which is the depreciation of historical fixed assets and those that we purchased in 2022 to the current end date of the concession, which is September 2024. In 2023, this amount we expect to be around EUR 10 million. As you can see on the right-hand side, our margin target for this division in 2024 is 12% before taking into account of the accelerated depreciation. We were already above this in 2022, and we expect to maintain it over the target in 2023 and 2024. The business continues to win new contracts outside of Spain, with two new proving ground contracts won and started in 2022. In the Czech Republic, we won the contract to manage a proving ground on behalf of a well-known European car manufacturer, and the same customer also awarded us the mandate for another one in Germany. Our contract in China with a tire manufacturer continues to work well and generate very high returns. Final point is on the tender for the renewal of the concession for another 20 or 25 years. We are waiting to hear from the Catalan Government as to when they will launch the tender. The timing is not in our control, although our position is the same, that when the tender does eventually come, we think we are in a very good position to win. IDIADA has similar characteristics to the labs business. It performs high value-added service that are technological and complex, with projects that can last several months. Barriers to entry are high, requiring regular investment in new equipment and to expand the facilities. Our state-of-the-art facilities and global presence make IDIADA ideally positioned to capture further market opportunities and expand margins. Whilst we remain a trusted partner for traditional OEMs, we are investing to get opportunities with new players in developing countries, as well as technological startups which have no capacity for testing and rely on outsourcing. As we do across all our businesses, we are leveraging technology to provide our customers with a wider choice of services like using simulators to supplement the physical testing. This bring us to the final three slides of the presentation. As you can see, we remain fully on track to reach the 2020 2040 financial targets we set out in our strategic plan. We expect to continue with mid to high single-digit organic revenue growth, while I will detail on next page how we intend to reach our margin target. As for average cash conversion, return on capital employee and EPS growth, we are on track to hit or exceed these targets too. As mentioned previously, we remain fully committed to our ESG targets, which are listed in the appendix. These two bridges reflect our roadmap to the key financial targets. On the revenue side, we remain confident in delivering continued organic revenue growth and mid to high single-digit on an improved quality portfolio of businesses. For the margin, you can see the different moving parts, which will allow us to reach 12% excluding the accelerated depreciation, while most of the upside will be visible in 2024. Indeed, as mentioned before, we expect organic improvement and operational excellence benefit to be offset by Alicante and the remaining impact of Costa Rica in 2023, while fully contributing to the margin upside in 2024. That represents 80-120 basis points of total margin improvement from the organic business. Looking at our inorganic levers, let's look at the disposals. We continue with our plan to divest some non-strategic business. The businesses divested so far has contributed in 10 basis points, and we estimate that the remainder disposals should take us up to 70 basis points. We are expecting 30 basis points accretion from acquisitions, which I'm confident we'll achieve in the next couple of years. In 2022, for instance, M&A has contributed in 20 basis points. This bring us to my final remarks. 2022 was marked by a strong financial performance in a challenging year, reinforcing our positioning for future growth. We saw good margin progression in Energy & Industry and IDIADA. Our portfolio evolution strategy is progressing well, and we are confident that more will happen going forward. We remain fully committed to enhancing shareholder returns with our 2 share buybacks programs while increasing our dividend payment. As for the guidance for 2023, as detailed earlier, we expect mid to high single-digit organic revenue growth and stable margins on the current portfolio. Acquisitions and disposal to drive our portfolio mix shift will represent additional upside. I'm energized and motivated to continue the good work done until under my predecessor and take Applus+ onto the next stage of its journey. I am focused on delivering a strong financial performance in line with our strategic plan. I now hand you back to the operator who will manage the Q&A. Ladies and gentlemen, we now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one and one on your telephone. We are now taking the first question, so please stand by. The first question from Pedro Alves from CaixaBank. Please go ahead. Your line is open. Hi. Good morning. Thank you for taking my questions. The first one on the organic growth guidance for this year. The mid to high single digits looks indeed reassuring, perhaps, would be also useful if you could provide additional color on the split between pricing and volume growth and also perhaps on the growth rate trend by division. The second question is about the margin outlook for 2023. Just to be clear that the margin guidance is the 10% pro forma, after the Auto disposals on slide 8. Then perhaps if you could provide some more granularity on the moving parts. You are expecting a mid to high single organic growth, which has some natural operating leverage gains, plus the one-third of the operational excellence gains to be captured this year. This will be fully erased by the loss of contracts in Auto. This seems to have a material impact on the margin. Perhaps if you could quantify the margin impact of this contract losses would be helpful. Thirdly, just to be clear that we understand. If you could please repeat on the operational program, the cost savings, the one-off costs and the payback period to implement the program. Thank you very much. Thank you. Thank you, Pedro. Yes, regarding the revenue growth for next year, this mid to high single-digit%, this is also including part of pricing. Difficult to say how much will be the price increase in 2023. What I can tell you as an average is that in 2022, more or less, has been around 2.5% across all the divisions. What we estimate for 2023 is that could be slightly higher. I would say Labs and IDIADA will be more in the high single-digit%, whereas Auto obviously will suffer due to the losses of Costa Rica and Alicante. Right now I see Energy & Industry more in the mid to high, and we'll see, depending on, you know, how it was the year, if finally is a high single digit or mid-single digit. Regarding the margin, yes, I confirm that the, obviously the margin is a stable margin, the guidance, based on the current portfolio that already includes the investments of the Auto US and Auto Finland. Regarding the operational excellence programs. Yeah, the operational excellent pro-program is, the cost is between EUR 7 million-EUR 9 million, with a total savings figure of EUR 15 million. The cost will be incurred more or less two thirds in 2023 and one third in 2024. The margin recovery will happen the contrary, one third for 2023 and two thirds in 2024. That basically gives you a payback between 0.5-0.6 on a run rate basis. Thank you. Thank you for your question. We are now taking the next question. Please stand by. The next question from Enrique Dupuy de Lôme from Bestinver. Please go ahead. Your line is open. Hi. Good morning, Joan and Julián. Thank you for the presentation. I have three questions. The first of all is regarding capital allocation. Could you be willing to implement a new share buyback, maybe in the second half of the year, if you are not able to achieve the acquisitions for the size provided in your strategic plan, which was around slightly above EUR 100 million per year? Secondly, on IDIADA, I know that it's difficult to give a specific timeframe, but do you think it's still achievable to know the outcome before year end? Finally, on the operational excellence program, if you could provide some examples or the areas of the organization where you are making those efforts. Thank you very much. Thank you, Enrique. Regarding capital allocation, what I can assure you is that capital allocation is the priority of the Board, obviously is constantly analyzed at Board level and at least every quarter. Share buyback, it's an option and will be analyzed. On the other hand, where we are convinced that, you know, this M&A adds a lot of value to the company. The reason why in the strategic plan we decided that we wanted to invest a little bit more than EUR 100 million per year, finally, for instance, in 2022, we have done EUR 65 million, is because we are analyzing this capital allocation. Depending on the situation, et cetera, we decide. For instance, in 2022, we decided to start the second share buyback rather than continue investing in share and M&A. It means that we are trying to do correct balance. Right now, I cannot tell you if we'll decide to do another share buyback because we have not decided, but obviously this is something that is on the table, we are constantly analyzing. Regarding IDIADA, honestly, we cannot control, and this is what I say, the timings of the Catalan Government. What I can tell you is that they are working on that even right now, that they have already approved the budget for 2023, coalition with different political partners. This is some of the things that they have on the table. The final outcome, this 2023, difficult to say. I cannot control the agenda. What I can assure you is that this is one of the priorities of the current Catalan Government, and they are working on that. Yeah. Julián? Thank you. Regarding Enrique, the Operational Excellent Plan, basically we're gonna be attacking not only the head office, but as well the regions and the countries. We'll also be looking at basically support functions, back office, IT, procurement, I mean, moving on the travel expenses, the leases, I mean, an overall support function analysis. On top, focusing more on the IT and the technology, if we can improve on our inspections at the field, some of the processes we do today physically through the digitalization processes, that would also help us to reduce the number of hours that we apply. It's an overall program that comprises the whole company, not just specific segments, businesses or geographies, but it's an overall exercise that we're doing. Thank you very much, Julián and Joan Amigó. Thank you for your question. We are now taking the next question. The next question from Pablo Cuadrado from CaixaBank. Please go ahead. Your line is open. Yes. Hi, good morning, everyone. Just a few questions on my side. First one is, if you can update us a little bit with the view on the working capital. I think, last year it was pretty much controlled. This year you are still forecasting, you know, good healthy level of business growth. You can just hint us a little bit on how we should expect the working capital movement during this year. Second question as well, just looking the movement on the interest rates and your debt structure and also looking the deal that you're closing for with the buyout of minorities, it will be highly appreciated if you can guide us a little bit on the P&L effects on the minorities and interest expenses for 2023, if that's possible. The last question is on this margin bridge that you have been commenting on, clearly I reckon, about, you know, the new guidance for 2023. But we just, let's say with the disposal that you have announced, I mean, the back of the envelope number is around probably 10 basic points of margin improvement. You have there, 70 basic points for next year in order to reach the target. That will mean that you still need today to make 60 basic points during this year in terms of disposals, in order to make that aggressive move. Don't you think that that probably, you know, well, we still have the other 12 months in front of us, we're probably, yeah, we have more time because if we look this to an annual basis, we'll move to December 2024. How is that process advancing? I may recall last year, and there was some expectation that probably something more on the Energy & Industry portfolio was supposed to happen, but nothing has we have seen. if you can update us, which are the steps that you are taking in order to make sure that those disposals are happening? Thank you, Pablo. I mean, regarding working capital, as you know, we're maintaining, we're trying to maintain discipline in the business as we grow along. That discipline is gonna be maintained on 2023. Basically, if you see, we are basically around 4% of our revenues, basically, on working capital. For next year, I would assume similar number of invested working capital that we have had this year. It may well have some ups and downs, but that should be a reasonable figure to assume. In terms of interest rates, it's difficult to say today what the Euribor is gonna be. You know that, basically, 60% of our debt is in variable terms, and that is linked to the Euribor. I would make an assumption saying that our interest charge, cash interest charge for next year should be higher, around EUR 10 million, okay? That figure. We're working in order to minimize the impact, but it's hard. As we explained in the presentation, we still have lengthy maturities, so we will not be going to the market at this stage. We're monitoring closely how we do and how we do it. It could be, as I said, EUR 10 million. Depends on the Euribor, it could be slightly higher. We will monitor that, and we will be providing the guidance along the way. In terms of minorities, basically on the P&L, you see that we had already accounted for the divestment of, sorry, the acquisition of Galicia and the loss of Costa Rica. For next year, you should assume around EUR 2 million-3 million less in minorities in the P&L. Pablo, regarding your last question about margin bridge and the upside of the disposals. In 2022, we initiate three processes to divest some businesses. Two of them we have already achieved to close, and the other one we are working, and also we have certain backups in case that for any reason something happen. We are working on that, and I think we are fully committed and are motivated to do it, and we expect to do in this 2023. This is the reason why we are fully committed that we'll be able to achieve this additional margin upside due to these potential divestments. All right. Thank you. That's very clear. Thank you. Thank you for your question. We are now taking the next question. Please stand by. The next question from Kate Carpenter from Bank of America. Please go ahead. Your line is open. Hi, everyone. Thanks for taking my question. just a few from me. On the M&A pipeline, could you give a bit more color around what you're seeing in terms of underlying dynamics there, whether you're seeing any evaluations starting to come down, or if competition for some of these assets remains fairly elevated? Then also on the IDIADA tender, appreciate it's far out, but in terms of if the process would end up getting delayed to September next year, just what would happen if there's no final decision by the time the contract ends? Would you continue to operate and continue to collect revenue, if they're still deciding on the contract terms? Any color there would be helpful. Thanks. Thank you, Kate. regarding the M&A, you know that what we used to do is this kind of bolt-on acquisitions. For us, it is quite important, the relationship that we are able to create with the former owners. In some of the acquisitions that we have done, maybe we have spent more than three or four years, talking with the management, et cetera, before that, finally, we initiate to process to acquire. What I mean is that normally we don't really go for typical, you know, different tenders with other competitors, et cetera. We try to get certain exclusivity, you know, and to explain the former owners the reason why, you know, can add a lot of value to join Applus+. This is the reason why we are able to get very good prices, quite competitive. Between 8 times, 9 times maximum EBITDA, depending obviously the business, can be different, but this is, you know, our strength. Obviously, you know, we cannot compete with others like private equities or et cetera. This is the kind of thing that we can do. This is the reason why we feel comfortable that going forward, we should be able to continue to acquiring companies at a very competitive price. Regarding your scenario about IDIADA. Honestly, you know, based on what we have been discussing with the Catalan Government, I think it's quite unlikely that this happens. In case that for any reason, you know, they were not ready at the end of September 2024, I don't know, but I suppose that they can manage in a way to extend in some way the contract. I think up to now, based on the conversation that we have had with the Catalan Government, it's quite unlikely. Okay, perfect. Thank you. Thank you for your question. We are now taking the next question. The next question from Álvaro Lenze from Alantra Equities, please go ahead. Hi, good morning. The first question would come on the guidance that you have provided on organic revenue growth. You have indicated that in 2022 prices increased by about 2.5% and that you expected a little bit more than this. This, however, seems significantly less than the inflation that we have seen in 2022, and we would expect wages to increase roughly with inflation when the bargaining negotiations take place during H1 in 2023. My question would be if you are increasing prices by low to mid-single digits and wage inflation, which is your main cost increase much more than this, what is the main reason for the flat margin guidance? Is it that you expect to raise wages less than inflation, or is it that you are achieving some savings or operating leverage in other areas? If you could please clarify that, it would be very helpful. The second question would be that if you could give us some indication on the impact of accelerated depreciation in IDIADA in 2022 and in 2023, and how this should affect margins. The last question would be on the operational excellence plan. These 50, 70 basis points of margin improvement is the expected savings in gross terms. What I'm trying to look at is whether you are going to reinvest some of the savings into lower prices to become more competitive, or if these 50, 70 basis points is all margin improvement that you expect to retain. Thanks. Okay. Thanks, Álvaro. Let me start with the first question. Our objective is to pass, you know, to our customer, the price increase, at least the same cost increase that we are having in all the costs, labor and in other costs. This is what we have been able to do in 2022. More or less in pricing, as I said, we have had an increase around 2.5%, whereas in terms of cost has been slightly higher. More or less in absolute figure the price increase offset the cost increase. However, obviously this is something that impact negatively in terms of margin. Inflation, that doesn't help in terms of margin. For 2023, our goal is to do the same. All what we have in terms of potential labor increase, our goal is to pass to our customers. We cannot do it in a different way. Regarding, you say the labor increase, et cetera. The reality is that across all the businesses and across all the countries, the situation is completely different. Despite is that, the inflation is higher, mainly for instance, here in Europe, et cetera, you know, in other geographies maybe it's a little bit lower and we can negotiate in a different way with our employees. The goal is the same. You know, the cost increase that we have, this is what we will try to pass to our customers. What I see is that for 2023, in both cases, price increase will be slightly higher than in 2022 and obviously in labor cost and all the rest of the cost, we estimate that in 2023 will be also a little bit higher than in 2022. Regarding the impact of the accelerated depreciation of IDIADA for next year, the figure should be more or less double what we have this year, so around EUR 10 million-EUR 11 million. Regarding the margin expansion we expect from the operational excellence plan, it is assumed to be margin improvement 100%. Okay. Thank you very much. Thank you for your question. We are now taking the next question. The next question from Oscar Val-Mas from JP Morgan. Please go ahead. Yes, good morning, everyone. Two questions from my side. The first one, just on IDIADA. You talk about two new contracts in the Czech Republic and Germany. Can you quantify how large they are for the group? The second one is into the E&I division. You talk about mid to high single digit organic growth. How much do we expect in oil and gas? Should that still be double digit like it was in 2022? Thank you, Oscar Val-Mas. I think regarding the two new contracts to operate certain proving grounds in Germany and Czech Republic in IDIADA, it will not be very material at least the first years in terms of revenue. Just a few EUR million. For us, the important thing is, you know, all the value that these kind of things provide us in terms of the relationship with the customers and reputation, rather than thinking that this will be a significant change in our PNL. I think the important point is, you know, the value that we are getting in this kind of relationship with the customers. Regarding oil and gas. Difficult to say. I feel much more comfortable saying a global guidance for the Energy & Industry of mid to high single digit. The reality is that I feel comfortable that next year, sorry, in this 2023, in terms of the OpEx businesses will continue growing in a, I would say, close to high single digit. In the case of CapEx, for instance, in 2022 there has been several one-off contracts in some countries such as Canada or even Australia, et cetera, that I don't know exactly it will be repeat or not in 2023. Up to now, I cannot tell you exactly what will happen with oil and gas. For sure, oil and gas OpEx, that is the most important thing for us, is quite resilient and will continue growing well. CapEx, it will depend on certain potential one-off contracts that we could get. Great. That's very useful. Thank you very much. Thank you for your question. As a reminder, if you wish to ask a question, please press star one and one on your telephone. Star one one to ask a question. There are no further question. I will hand back to speaker for closing remarks. Thank you. Oi. Thank you, operator. Thank you for all the questions. I hope you got the answers you needed. Otherwise, please contact us Aston Swift, our Head of Investor Relations. Thank you everybody for listening to the call. Have a good day. Thank you.