Good morning, everybody. I'm very pleased to be with you today to present to you the first six months results of GTT for 2023. I have with me Virginie Aubagnac, CFO of the company, Anouar Kiassi, who is at the head of our digital activities, Jean-Baptiste Choimet, with the managing director of Elogen, and Jean-Baptiste Boutillier, who is our VP Innovation. I have also Jean-Baptiste Garnier, who is the investor relations of the company. Immediately, the key highlights of our presentation. First of all, the new orders. We received 43 new orders in these first six months. It's a very large. It's very important for such a short period after a year, year 2022, which has been exceptional. It, it demonstrates that the market is still very eager to have new LNG carriers. Another figure which is also very impressive, it's the new liquefaction facilities which have been decided. 40 million ton per annum, it's a lot. It's a very high figure for just such a short, short period. We could, we could say that if we look at these two figures, the combination of these two figures, we can see a strong flow of orders and also a strong flow of new projects which are decided. This market is profoundly sound, is profoundly looking at the future, is looking at new developments in terms of liquefaction facilities, in terms of ships, and we will see in some other aspects. Well, without entering to, too many details, now, I just would like to say that we have two, three new directors at the board level, and that is largely a consequence of the fact that the directors of Engie are much less as a consequence of the sale of a large part of their stake. If we look at the order book, just something to say, 287 LNG carriers to deliver. Never, ever we had such an order book. So it's it's very impressive, and without no spoiler justice, it has consequences, very, very significant consequences on the secured turnover for the next years, including it has consequences on not too distant years, but we are going to see that later on. You are used to the Ammonite, and we are keeping on working on LNG carriers, on our containment technologies. For LNG, we continue to improve them. I would like to spend a minute on transformation, where we are working on transportation of liquid hydrogen, as you know. We are working on electrolyzers, we are working on carbon capture, we are working on ammonia compatibility for tanks, we are working on gas management, we are working on equipment for re-liquefying gas, named Recycool. Well, we are working on many things, new things, and we are really working on making the company ready for a zero carbon future. Many projects. We will talk about that in a moment. Now, I would like to hand over the mic to Jean-Baptiste Boutillier, for a look at our R&D and innovation activity. Thank you very much, Philippe, and good morning to everyone. The purpose of innovation is to support GTT strategy by first maintaining the leader position on core business, but also by developing innovative solution to diversify activities at GTT and to enable the energy transition. To maintain leadership on the core business, in addition to development of new technology for containment system, GTT is convinced that we should improve the global efficiency of the vessel, and to do so, we are working on innovative design of LNG carrier. We developed such an innovative design with a 3-tank LNG carrier, while traditionally, the vessel have four tanks for the same capacity. For this development, we received several Approval in Principle from several classification society, and the last one has been received from Lloyd's Register in May this year. This innovative design brings added value to all the stakeholders, to shipyard, to ship owner, and also to ship operator. For LFS market, so LNG as a fuel market, GTT received several Approval in Principle from various classification society applying the GTT membrane technology to new type of vessel, new vessel segment, such as VLCC, very large crude carrier. For this, we received Approval in Principle from BV, together with a shipyard, a Chinese shipyard, SWS. We also worked on a smaller design of tanker, a Suezmax tanker, for which we collaborated with Marine, and we received Approval in Principle from DNV. Going further into diversification, GTT is engaged and continue its development of a cargo containment system for liquid hydrogen. The purpose of this development is to allow transportation of liquid hydrogen over long distance in large quantity, in a safe condition. For this, GTT is working with several partners. We are engaged in a joint development project together with TotalEnergies, with LMG Marin, and Bureau Veritas. Purpose of this joint development project is to develop a liquid hydrogen carrier of large quantity, of large capacity, sorry, of 50,000 CBM. Within this joint development project, GTT will design the membrane containment system, while TotalEnergies will define the vessel specification and will define the operating profile of the vessel. LMG Marin is responsible for the concept design or the basic design of the vessel to take into consideration the specification from TotalEnergies and to take into consideration the constraint of the tank design or the tank shape. The job of Bureau Veritas within this joint development project is to conduct a risk analysis and to review and assess the design and at the end, we target to receive an Approval in Principle from Bureau Veritas. Last year, regarding Approval in Principle, we already received one from DNV, and in July this year, we received Approval in Principle from a ClassNK, so the Japanese Classification Society, for the design or for the containment system of liquid hydrogen, for liquid hydrogen. After this, brief and short overview of all the innovation within GTT, or the main activities of innovation, I now leave the floor to Philippe. If I'm... Yep, sorry. For the strategy and activity. Strategy and activity. Well, first of all, the, the LNG prices, they are softening. We can see on this graph that, they've been very volatile, as a consequence of some weather events, and also as a consequence, of course, as of the war in Ukraine. Now they are back to normal, while the war in Ukraine is continuing. It demonstrates that there was a volatility due to some kind of emotion, but also some kind of unpreparedness from the buyers for facing such a situation. They were rushing for buying cargos, and prices were very high. They were very high also before the war, due to some weather events in Europe, Northern Europe, or in Texas at some points of time, showing that the more you rely on renewables, the more you need gas. Back to normal, it's a very good sign for the LNG industry in the current conditions because it facilitates the decisions for new facilities, and it's what we see since the beginning of the year. The importing capacity in Europe have increased. There is thanks to FSRUs. There is a need in Europe for additional importing capacities, and we can see that with the rate of utilization of the existing terminals, which is very high. That will open new gates for energy to come into Europe in the coming years. China has resumed its increase of imports. You know that in the past decade, China was, was growing very much in terms of energy imports. The, the Covid, the lockouts have slowed down this trend, but now we are back to something normal and we expect that in the years to come, this increase will continue and China will take back its position as the first LNG importer in the world. Other South Asian countries are going to continue their imports, in the case of Korea, in the case of Japan, in the case of Taiwan, in the case of India. If we look at the long-term contracting, we can say that it remains dynamic. We can see that in the first half of this year, it was about the same as the first half of 2022 or the second half of 2022. We are on, on this dynamic, which is demonstrating that the LNG market is profoundly sound. It's generated by a true need of additional quantities of LNG, and buyers are there. If we look at who are the buyers, we can see that Europe is an important buyer. It's not a surprise, but it's not the largest buyer. The largest buyer, that's the portfolio players. It means the big LNG companies, the TotalEnergies, the Shell, the Chevron, and so on, and other traders. These players, who are savvy enough, who are who have enough acumen, are analyzing that in fact, the long-term contracting from from some countries, from some buyers are not large enough to satisfy the demand in the years to come. They are investing heavily in long-term contracts, and they will resell these quantities to this buyer. There also, it's a sign of confidence from these players in the long-term development of the industry, in the long-term need for energy from various countries. If we look at the projects which have been decided, we have a 40 million ton per annum of projects which have been decided since the beginning of this year. We could say that Qatar is in a in-between situation, with significant long-term contracts which have been passed already, but no announcement have been made. We are on a very positive trend. Behind that, or beyond that, we can see that there are many American projects which are ready to be decided and which may be decided in a not-too-distant future. Talking about the new environmental regulation for the shipping industry, we can say that they are there. In fact, the trend is to further constrain these regulations. In any case, there are at least 228 ships which are steam turbine, with too high CO2 emissions, which are on the block, which are concerned, directly concerned in the short term by these regulations. So that is also fueling the LNG carrier demand in the short term. Now, let's look at LNG as a fuel. We continue to consider that LNG as a fuel is the only available solution to reduce the emissions. So we had a very strong year, 2022. Year 2023, up to now, has been a little bit disappointing. As a consequence of the high LNG prices last year, some owners have been detailed to choose LNG, as the economics were not fitting well. They preferred to look at some other solutions. Now, LNG is back to normal, some owners are reconsidering their choices. We announced recently that LNG and our membrane tanks have been selected for 10 very large container ships. It's a good sign. We, we still think once more that we are the appropriate solution. Even though during one year, some owners have considered methanol as the solution, we... Methanol is generating more CO2 than LNG. Why do they choose an even more CO2 than m arine diesel oil, the current fuel used by vessels? Why are they choosing methanol? They are choosing methanol because they believe or they bet on the fact that there are going to be bio-methanol or e-methanol at a certain point of time, and they are going to be able to mix, to blend, their fossil methanol with these new fuels. About 70 ships in the world, which have selected that, very large ships, and we don't see how there can be enough bio-methanol to fuel these ships. For us, there is already a capacity problem, which will prevent these vessels to use this fuel. If you begin to look at biofuels, you can have biogas. It exists today. It exists. It's already on board. There are some owners who are blending their LNG with bioenergy. We are already in this situation where we can further reduce the CO₂ footprint from the LNG, thanks to bio-LNG. I would like to pass the mic to Anouar Kiassi, who is going to present to you our digital solutions. Thank you, Philippe. Good morning, everyone. Digital activities is a combination of software and hardware that we use to optimize the operations of ships, to reduce the costs, mainly the energy, improve the safety of the assets, and also reduce the emissions to comply with the regulation. The digital strategy is deeply associated with the other innovations that we work on today, and also with the rest of the strategy of the group. A key highlights for the this first half year, it's a combination of innovation to build the long-term competitive advantage, but also commercial or key commercial achievements. If you look at the first one, which is the approval by DNV of the what we call the ShaPoLi, which is a solution to monitor the power limitation, which will be a part of the future solutions to reduce the emissions in this industry by lowering the speed or the power. This solution will help the shipowners comply with this new rules or limitations if their ships are old. The second item we would like to highlight is this commercial achievement and this large shipowner that is adopting our solution for the fleet. We're talking about 30 vessels here, but actually there are options that will be activated probably late this year or early next year. It is a recognition of the quality of our solution and the value that we provide to these key players. By the way, these shipowners use our solution to develop their ESG strategy, and they communicate about that. We have seen lately a communication from Navigator Gas, which is the largest gas carrier in the world, using our solution to comply or to execute their ESG strategy. The third item is predictive maintenance, and this is very much linked into the core business strategy because it increases or reduces the total cost of ownership of the membrane. Our aim is to make this solution a industry standard, associated hopefully with all the membrane tanks, because it helps extend the survey or the inspection period of the membrane tank, which is every five year by regulation. With our solution, we can extend that beyond five years, and that increases the value of the assets, and also in terms of by reducing the cost of maintenance, but also increasing the value a charter can get from the ship by increasing the running time or the uptime. One of the also major innovations we are working on is the weather routing or the route optimization. The objective here is to incorporate all our optimization feature or advice into the, what we call the route planning. It's a key feature because it allows to align the stakeholders, like the navigational, let's say, crew, and of course, the people on the shore responsible of the operations of the sea, and by of the ship. By answering the concerns of the crew regarding safety, by working with them on the planning and incorporating the optimization features, we are sure to make our customers getting the best out of these tools, because we are aligning key stakeholders on the shore and on board in order for them to implement the advice. How does it work? We have ship modeling, and this is one of the key, let's say, competencies of GTT. Also that we enhanced by the acquisition we have made. We help the crew plan and execute the voyage, and also, we integrate there a lot of, let's say, deep knowledge we have for the ships from energy- from GTT, but also, artificial intelligence, mainly brought by our subsidiaries. Now, I leave the floor to Jean-Baptiste to talk about Elogen. Thank you, Anouar. Good morning, everybody. I will now share with you the latest developments at Elogen. First, let me give you a set of key figures for this first semester. We achieved a revenue of EUR 2.2 million, which represents an increase of 26.2% in comparison with the first semester of 2022. We expect an acceleration of our revenue growth in the second half of this year. EBITDA losses are controlled at -EUR 7.7 million, compared to -EUR 4.8 million last year in the first half, and we expect to reach EBITDA breakeven from mid-decade. Our commercial initiatives are paying off with new flagship contracts, which I will present in a moment. Thanks to those, our order book increased by more than three in comparison to the end of the first semester of 2022, reaching a value of EUR 20.3 million at the end of June. Our strategy relies on three priorities. One, be efficient, because electrolyzers efficiency is key to make green hydrogen competitive in the long run. Two, be reliable, because this is what hydrogen producers need from us. Three, be ready, because we do what is necessary to structure Elogen to deliver our products when in mass, when the market truly accelerate. To deliver this strategy, our team is focused on pursuing the structuration of the company. We continue the development of our R&D activities with a particular focus on inventing new materials and developing large-scale electrolyzers. We prepare the scale-up of our production, in particular with our Gigafactory project, which benefits from the support of the Hydrogen IPCEI. We continue the development of our network of local partners to support our commercial expansion in the world. We limit our cash consumption by managing our costs, but also by selecting the contracts that are of interest for the company, either in terms of reference or in terms of acquisition of experience. Now, I would like to share with you more details on the contracts that we won since the beginning of this year. First of all, in January, we were awarded an order from CrossWind, which is a joint venture between Shell and Eneco. Under this order, we will deliver a 2.5 MW electrolyzer suitable for offshore operations, as it will be installed on a platform and coupled with a wind farm located 20 km off the coasts of the Netherlands. The purpose of this demonstration project is for CrossWind to perform peak shaving, storing hydrogen when the wind is strong, and using it to produce power when the wind is weak. This contract started in January with an engineering phase in order to adapt our design to this offshore environment. We performed this phase to CrossWind's satisfactions, since they gave us the notice to proceed with the implementation of the electrolyzer at the end of June. In the last few weeks, we were awarded an order for a 2.5 MW electrolyzers from our Korean partner, Valmax. This system will equip one of the first two sites selected in South Korea, aiming at developing the country's hydrogen production, in this case, for mobility purposes. This success proves the case of our strategy, which in countries far away from our base, is to first secure a partnership with a local industrial company before nurturing commercial prospects. I thank you for your attention. Now Virginie Aubagnac will present the financials for this first semester. Thank you, Jean-Baptiste. Hello, everyone. I will now comment the financial results for the first half, 2023. At the end of June 2023, GTT's core business order book reached an all-time high level with a total value of nearly EUR 1.8 billion, for a total, for, for, a total of 302 units, including the 43 orders received in H1 2023. This record order book offers visibility up to 2027 and beyond. It will contribute EUR 343 million in 2023, EUR 529 million, with 70 units delivery in 2024, EUR 600 million in 2025, with 87 units delivered. That shows the increase of shipyards capacity, and EUR 372 million, with 78 units delivered in 2026. Already above 2023, and almost as EUR 100 million in 2027. This offers GTT an unprecedented visibility. A few comments on GTT's first half consolidated revenues. In H1, our consolidated revenues stood at EUR 177.8 million, up 23.3% compared to the first half of 2022. Our new build revenue amounted to EUR 163.5 million, up 25.2% versus H1 2022. The increase in royalties from LNG carriers and ethane carriers reflects the acceleration in orders from H2 2021. They amount to EUR 147.2 million, up 30.6%. Royalties for FSU amounted to EUR 2.4 million, down 76.3%. The second and last FSU in the order book, having been delivered during the second quarter. Royalties on onshore tanks and GBS amounted to EUR 2.5 million. Royalties generated by LNG fueled activity were up sharply, +921.22%, benefiting from the numerous orders received in 2021 and H1 2022. As mentioned by Jean-Baptiste Choimet, Elogen booked a revenue of EUR 2.2 million in H1, up 26.2% versus the same period last year. An acceleration in revenue growth is expected in the second half of the year. Services revenues amounted EUR 12.1 million in H1 2023, an increase of 2.1%, with assistance for vessel in operation and activity in Athens, Marorka, having more than offset the decrease of design studies. Two main comments on the evolution of our cost base over the first half of the semester. TotalEnergies external costs were up EUR 8.7 million over H1 2022, mainly due to the increase in activity, with a greater use of subcontracting and high travel expenses for our on-site representative. Staff costs were up EUR 7.2 million versus H1 2022, with an increase in headcounts, mainly in our subsidiaries, and the impact of the overhaul of GTT SA compensation scheme. In H1 2023, GTT booked an EBITDA of EUR 104.2 million, up 30.7% compared to H1 2022, benefiting from an increase in revenue from core business as well as non-recurring items, the most significant one being the reimbursement of the KFTC fine. This translates to an EBITDA margin of 58.6% compared to 55.3% in H1 2022. Net income amounted to EUR 84 million, translating into a net margin of 47.3%. Change in working capital increased sharply by EUR 43.5 million, thanks to an increase in deferred revenue linked to new orders. H1 2023 cash position reached EUR 253.2 million at the end of June. Regarding the interim dividend, GTT's board of directors decided to distribute an interim dividend of EUR 1.85 per share, up 19.4% on the 2022 interim dividend, and representing approximately 80% of H1 net income. As I mentioned earlier, GTT further increased its visibility on the royalties coming from its core business over the first half of the year, with a total amount of EUR 1.8 billion of revenue to be booked over the period of H2 2023 to 2027. In this context, and in the absence of delays of significant cancellation of orders, we confirm our objective for 2023 financial year. That means revenues within a range of EUR 385 million-EUR 430 million. EBITDA in a range of EUR 190 million-EUR 235 million, and the distribution of a dividend for 2023 financial year, corresponding to a minimum payout ratio of 80% of net income. I will now let Philippe Berterottière conclude the presentation. Thank you. Now we are going to answer to your questions. Good morning. Good Good morning, Guillaume Delaby, Societe Generale. My question relates to slide 17. If we try to project ourselves regarding long-term order intake for LNG carriers, i.e., your core business, if we try to project ourselves maybe post the next 18 months, where you are going to have still a lot of orders. Basically, there are two approaches. First, if I look at, I don't know, LNG demand in 2030 of 600 MTPA, this would suggest that the LNG carrier market is now starting to be relatively well balanced. This would be, I would say, the bottle half empty. If I look at your slide 17, especially about regulation, you are mentioning that between 2030 and 2040, there might or there could be 400 additional units, which could turn to be E, i.e., to be replaced. My question is, how confident are you in your analysis that effectively, I know this is very long, long time ago, long time ahead, how confident are you that those 400 additional units will need to be replaced at some stage? Well, more fundamentally, we can see that now when we talk about exporting, transporting internationally, gas, we talk about LNG. That is a consequence of 2022. We can see also, and we've seen that on the graph about the volatility of prices, that the more you rely on renewables, the more you need energy. We can see also that industrialized countries, let's say Western countries. Western countries, it goes from from Western Europe to to Korea, going West. They, they have the intention to rely more and more on renewables. We have and this is the sense of the decisions which are taken, you know, 40 million tons over a 6 months period. I did not look at that in the past, but I think that we never, ever had such a high level on such a short period of time. There is a very strong confidence in in energy development. We we use to rely on external analysis on that. From what we see, because we don't devote huge resources. But what we can say, the the the feeling we have from the industry, talking with utilities, talking with LNG companies, big LNG companies, talking with shipowners, we can see that there is a a very strong confidence in in this energy. The energy of the transition, which will allow to reduce very significantly our reliance on coal. The world, in the world energy mix, coal, it's 30%. If you stop coal tomorrow, if you switch to LNG, you reduce the CO2 emissions by the worldwide CO2 emissions by more than 15%. It's huge. Nothing else can do that, it's feasible. The more it goes, the more we are going to become serious about LNG, the more about global warming, about energy transition, the more we are going to discover that we have a solution ready on the table, which is LNG. The regulations, as far they are concerned, they are going to be implemented. In fact, the discussions, as we can see them in the International Maritime Organization, are leading towards reinforcement of these regulations. We do think that these ships will have to be replaced, not only because they are not compliant in the short term, but because there is a long perspective that a lot of people refuse to see, as they believe that renewables are a solution which is feasible. In fact, we see that we are in a, in a, in a certain way, in renewables, due to with thanks to Elogen. We saw the contract with CrossWind, which is a landmark, combining an electrolyzer with a windmill farm, which is a great idea, with the confidence, the the the vision of Shell about that. The way of using this electricity is to combine that with electrolyzers. All that is going to take time, and meanwhile, the world will have to continue, and we'll have to rely on LNG. Another question? Yes. Good morning. Thanks for taking the questions. The first one will be related on Elogen. By the way, thanks a lot for the granularity that you provide in terms of performance for, for this division. The question is more related on the strategy that you will implement on this entity. I'm struggling to understand, based on the recent communication that you have on order, if you want to be a stack producer or an electrolyzer producer with the balance of plant. If you can give us some color on your strategy that will be implemented, if you want to focus on the stack or if you want also to provide the balance of- ... That will be the, the first question, if I may. The second one is on the liquefied hydrogen. You just announced that you received the, the, an Agreement in Principle for the technology. What's the journey here? Is it a technology ready for 2025? What are the next steps now that you have the first Agreement in Principle? The last one, you confirmed the guidance, and it's still assuming that there are no significant delay at yard, et cetera. Any update from your side, looking at the production of the yard, are you fearing something, or you now are much more confident today than six months ago because you see the yard producing very well? Thanks a lot. Thank you, Kevin. Thank you, Kevin, for these questions. The first one is stack or BOP. Well, we are clear about that. We want to concentrate on the stack. We want to develop a very efficient, in fact, the most efficient electrolyzers in the world. We are already at the best level, but we are not alone. We would like to be alone. You know, that the cost of the green hydrogen is mainly driven by the cost of electricity, and so the less you use electricity, the better you are. That we work on that, we concentrate on that. Finally, we found that it's fitting quite well the internationalization of the of the perspectives, as we can get partners locally, we're going to produce the balance of plant. It's what we do, as Jean-Baptiste Choimet said, in Korea for the very recent contract we obtained. It's what we intend to do for some other contracts. We are getting ready for that through a network of partnership that we announce from time to time. We look at these installations. It's something which is made in some other industries. Of course, we think about the oil and gas industry, but it's something that we can we can drive, which will render us much more flexible and much more asset light, and which will allow us to concentrate on the heart of the electrolyzer, which is the stack. On liquefy hydrogen, yes, we obtained an AIP from ClassNK. Japan is very interested by importing hydrogen. It's a very large industrial countries. They need a lot of hydrogen for steel mills, for glass industry and for some other industries. They would like to import hydrogen, and they look very much at these kind of ships. That's a country also of shipbuilding. That's a country which has ventured already in building a very small liquefied hydrogen carrier. They know, they know, and they are very interested. For us, it was a very important milestone to have this approval in Japan. Our journey, our journey is to have the technology already in the second part of the decade. There are a lot of discussions. You can see that through the contracts we are passing with Shell, with TotalEnergies, for different kinds of ships. They are looking at different applications. People, the industry is weighing what are the possibilities, what are the difficulties, and we are here to say, it's feasible, and it's confirmed by classification societies. It's confirmed also by the, the, the, the investigations from these energy company, energy companies, in what we do. We-- Of course, there are some other issues. You need to produce very large quantities of hydrogen. We would like to see that also for, for, for hydrogen. You need to liquefy this hydrogen, and then you need to transport. We are on some of these pieces. As far as the liquefied hydrogen carrier is concerned, we are continuing to work. I, I cannot tell you when it's going to be really needed, and it's really what is driving the, the, the, the project, because more time we have, the more we can refine, further refine the technology. We are we are in a situation where, once more, by the second part of the decade, we are going to be ready. Your third question is about production in shipyards and possible delays. As a consequence of the orders we received in 2023 and 2020, and 2022, year, second part of 2023 is going to see the, the, the start of many constructions. While we are, we are, just a little bit cautious about that, it's a ramp up. We've always been amazed by the capacity of the Asian shipyards to cope with such strong ramp ups. I will say that a little bit of cautiousness cannot annoy us. We know that supply chains may be troubled from time to time, so we better be on, on the safe side. Thanks for that. Another question? From Richard Dawson from Berenberg. Please go ahead. Good morning, and thank you for taking my questions. First question is on margin. How do you see EBITDA margins progressing during the second half of the year? Just considering the ramp up and activity from the core business, but also in Elogen. First half margins versus when you strip out that one-off right back of the KFT position there, more or not in year-on-year. Second question is on shipyard capacity and demand for vessels is clearly high, and that order book can be very strong revenue visibility. How confident, confident are you on the capacity additions of Korean and Chinese shipyards? Are they sort of in line with your expectations for that growth? Finally, just on LNG as a fuel, freight rates have significantly fallen year-on-year, potentially reducing the amount of cash that ship owners have to spend on new builds. When you talk to customers, are you seeing some hesitation for new LNG as a fuel orders? I'll leave it there. Thank you. I have to say that I've had quite a lot of difficulties to catch the question, but I will, I will try to answer to questions that have not perfectly heard. I understand that there is a question about the demand of LNG carrier. While we expect that as a consequence of the new decisions which have been taken this year, and which are going to be taken as a consequence of all the long-term contracts, SPAs passed by buyers to sellers, the demand is going to remain very strong in the next years. It goes with the, the, the need of LNG in many countries for their for coping with their growth in terms of energy, in terms of electricity, but also coping with their will to reduce their reliance on coal. You know, that LNG is burnt mainly in Northeast Asia, where countries are still very heavily relying on coal. We think that it is going to remain important, and we can see that shipyards are making sure they can further increase their production in order to satisfy the demand as it is today, and as they expect, we expect it is going to be in the years to come. I think I understood that you had some questions about the fact that the market was fairly strong 1 year ago and is not that strong anymore. We think that LNG is coping quite well with shipping, and we can have significant reductions of the CO₂ emissions, and we can have also reasonable size of tanks. We can have logistics, which is something important. All that is demonstrated, is working, it's proven, while other solutions are not working, are not demonstrated, which is of course something very important for owners. They would not like to be surprised by a dysfunction. We, we can see that the market is coming back to LNG as fuel solutions. We expect that with fairly quiet LNG prices, the, the, the interest of this solution will be further demonstrated. Thank you for that. I'm hoping you can hear me a bit clearer. Just also a quick follow-up on EBITDA margins and how you see those progressing in the second half of the year. Thank you. Well, EBITDA margin for the second part of the year, we gave a guidance for the second part of this year. It's part of probably the overall approach we have to the 2023 figures, 2023 guidance. We don't expect really bad surprises, but there is a certain cautiousness in terms of ramp up in the shipyards. We talked about it. We are controlling our costs, and you can see that through the inaudible figures. You can see that also through our figures, and we cope with the increase of activity through a fairly important subcontracting activity, which is giving us flexibility. Otherwise, our internal costs have increased reasonably. When we take into account the change of structure and basically in the remuneration scheme we have for our employees. All that is very controlled. We are confident in our guidance. That's very helpful. Thank you. Another question? Question is from Daniel Thomson, from BNP Paribas Exane. Please go ahead. Hi, good morning. Thanks for taking my questions. I just had two initially. Firstly, I read in a consultant's report published earlier this year that a fire at a key supplier of yours earlier this year, in South Korea, threatened to cause delays at the shipyards. Then secondly, just looking at the order book, looking at 2025, we've got, we've got 87, core business orders to be delivered, with roughly EUR 600 million of, of revenues expected. I mean, should we be seeing that as close to sort of peak capacity, revenue potential in the absence of any more shipyard capacity coming online? Thank you. On the first on the first questions about possible delays and issues with some subcontractors in Korea. There were, there were some some some issues, but there were there were some fires in some facilities, but finally, they were limited, and they've been able to fix that without consequences on the construction programs. It further demonstrates, in fact, the the the fantastic industrial capacities of these shipyards, where there is a dysfunctioning in the supply chain, and they are able to cope with that. They they are able to catch up with that. We've been called to see what we could do, whether other facilities could be homologated for providing materials, what are the solutions they, they can put in place, and whether it would be acceptable by GTT. We are at the heart of that, and these dysfunctioning have not led to any delays. It's a very well-oiled organization, well-oiled entire supply chain, including GTT, and everybody is sticking together when it comes at addressing those kind of issues. 2025, we c- we, we see this figure. We are, we are still looking with the shipyards at what can we do in order to to facilitate to increase the production in mind that we want an excellent quality of production. All that has to be assessed, considered, and obviously, with a very high energy higher prices, they are interested. We are looking at that, and I cannot tell more. It's decisions which finally have to be taken with them, including the capacity of the supply chain to cope with these perspectives. Because they are engine manufacturers, equipment providers, and so on and so forth, and you've got to be sure that everybody is in line with these perspectives. Just an additional comment on the figure for 2025. It's the core business, so it does not take into account the energy as a fuel business, it does not take into account our digital activities, nor our service activities, nor our inaudible activities. Another question Question is from Jean-François Granjon from Oddo. Please go ahead. Yes, Jean-François Granjon from ODDO BHF speaking. Good morning. The first question concerns the, and thank you for the figures. What do you expect for the full year or next year? Do you expect some more losses due to the development? You target the breakeven for in 2025, 2026. For this year or next year, do you see a decrease or more losses due to the development or not or not? The second question concerns the Gigafactory. Could you give make an update on the current situation for the bit of the on the Gigafactory and the ramp-up you expect for this for this plant? The third question concerns the KFTC, the decision. Do you see any risk regarding the negotiation with your customers to split, in fact, the services? The last question concerns the guidance. After the pretty good first half, what do you not improve the guidance and the high end range? On, on what are you more, more, more cautious to the fact that the first half was pretty good? Thank you. Thank you very much, Jean-François. Elogen, full year losses, I would say that, Jean-Baptiste passed on this message, it's controlled. You can see that the losses in the first half of 2023 are in line, if I may say so, with the losses in 2022. Even though we increased significantly the turnover, even though we increased the the number of contracts with we signed and the the size of the contracts we signed, the losses are still the same. One message, it's controlled. On the Gigafactory, we are in the permitting process with the with the the city of Vendome. We expect to get that to get the full permit quite soon. We know that there may be some weak courses on that, so we have to make sure that there are no weak courses. Then we start the construction of the facility probably by the end of this year. Obviously, you're going to be concerned. I would, I, I, I would like to say that we are on track. We are in line with our plan to have some time, probably sometime in the second part, or late part of 2025, a Gigafactory in Vendome. Meanwhile, we have our facility in Les Ulis, which is producing stacks and where we have a quite large capacity of production, as we can produce up to 160 MW of stacks in a year. Which Which should be enough to go to up to the time the Gigafactory is going to be operational. All that is well planned and well on track. As far as the KFTC is concerned, we did not receive a request for splitting our contracts. Well, I cannot say more. We are in this situation. I would say that in the relationship we have with shipyards, currently, the issue is how to produce more, how to face the demand. It's, shipyards have increased by, let's say, 45% their prices in the last couple of years. They would like to produce more, and how GTT can help them. That's the substance of the discussion. On our guidance, why we don't guide you for the upper part of the figure, the guidance we gave you in February. I would like to say that, and I said it a little bit, it's cautiousness. We, we, we can do that. There are a lot of... There is an acceleration in the second part of the year in terms of construction. I've said several times that shipyards are, are fascinating for their capability to face these phases. The entire supply chain has to be in this situation. We are going to see, but we cannot be different from what we are. We are going to continue to be a little bit cautious. Thank you. Any other question? Last question from Jean-Luc Romain from CIC Market Solutions. Please go ahead. Thank you. I, I think my, my questions in the beginning were, were not actually asked. My, I had two questions. One relates to the orders from the Qatari project. Do you estimate you have received already all the orders or there are still many to, to come? Second, the second question relates to the margin of the new builds. If we take into account the provision which was taken back and the loss of Engie, I write to a calculation of a little more than 63%. Is that a correct assumption, please? Well, on, I have to say that the audio, audio conditions are becoming tougher and tougher with some public works in the street here. Well, on Qatar, we received orders, and we consider that there are still a large number of orders to receive, as Qatar is going to further extend its liquefaction facilities on the North Field. On the margin, well, you can compute. You have the figures. You can go through that, and you can make your computations on that. We cannot. They are, they are fairly clear on that. You can see that finally we are still fairly in a fairly strong position there, which demonstrates that the various points are quite controlled. Another question? There are no other questions. I would like to thank you very much for all your questions and for your attendance this morning to this presentation. Thank you. Bye-bye.