Good morning, ladies and gentlemen, welcome to NHOA Group Investor Call on full year 2022 results and 2023 highlights. The investor call will be opened by Carlalberto Guglielminotti, CEO of NHOA Group. We have the pleasure to have with us today also Nelson Chang, Chairman and CEO of TCC, and Chairman of the Board of Directors of NHOA Group. With Carlalberto Guglielminotti and Nelson Chang to explain all details about the full year 2022 results and 2023 highlights will be Alessio Caruso, Deputy CFO of NHOA Group, Giuseppe Artizzu, CEO of NHOA Energy, Stefano Terranova, CEO of Atlante, and Gabriele Tuccillo, Chief Integration and Strategy Officer of NHOA Group. Guglielminotti will open the call with the main 2022 results and 2023 guidance, then we leave the floor to Nelson Chang for his overview. Afterwards, we'll go deeper in the results by global business line with Guglielminotti and Artizzu, followed by the financial analysis by Alessio Caruso. At the end of the presentation, the management team will be available to answer any questions you may have. Please note that this investor call will be recorded. If you could not attend the whole call, the webcast and the presentation will soon be available on our corporate website and on the dedicated page. Please note that all participants will be in listen mode. If you wish to ask a question, you may raise your hand or write in the Q&A chat if you are connected via Zoom, or if you are connected via call, enter the queue by pressing star one on your telephone keypad. Before we begin, I just want to point out that any forward-looking statements made during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement, which is included on page two of today's presentation. This also includes the risk that the transactions discussed during today's call remain subject to standard conditions for these type of transactions, as well as any other risks and uncertainties associated with the execution of transactions of this type. As customary, the call will be governed by that language. With that, I will leave the floor to you, Carlalberto. Thank you, Chiara. Thank you very much. Good morning, everyone. It's a real pleasure to be here today to talk about our results and what has been another turning year for NHOA as a group. To sum up quickly all the amazing achievements of this year, I would like to show you a quick video that I think summarize in less than 1 minute what we have done this year. Thank you for that. Enjoy the video. Thank you. I think with this video, you can already grasp in just 1 minute what an exciting and eventful year we had at NHOA. As we already talked about during our Q4 2022 trading update, we all know how complex 2022 has been for... from both a social and economic perspective. Because the aftermath of the COVID-19 pandemic and the war in Ukraine, along with the related difficulties affected the whole world on many levels. NHOA Group was no different to this equation. In terms of raw material procurement, in terms of cost of financing, and components for procurement for all our three business lines. Thankfully, we could count on our main shareholder, TCC, and I take this occasion to thank you directly, Nelson, for the help and support you give every day to NHOA. With TCC, we have the same long-term vision. We share the same values, and we have a broader commitment towards our people, towards our planet, and towards our future, and all our stakeholders. Our results must be read in this context, I mean. EUR 160 million revenues, almost five times compared to 2021. The backlog in purchase orders totaling between Free2move eSolutions and NHOA Energy over EUR 360 million. I mean, 2022 has been a turning point for all our business lines because in energy storage, which is, I mean, the undisputable growth engine of the NHOA Group, we reported more than nine times revenues year-on-year, a EBITDA of over EUR 2 million, order intake of EUR 240 million, and eventually a backlog at year-end of EUR 300 million with a 1.4 GWh projects under construction in all continents and over EUR 1 billion pipe. E-mobility has been a difficult year, with supply chain issues and the reorganization started just in early November 2022. We know that the OpEx structure increased. 2022 has seen essentially immaterial revenues that turned into a huge loss in 2022 and several write downs. Several write down that we have carried out in a very disciplined way, the same discipline we used to assess with the forensic investigation what happened, the same discipline we applied in changing almost the entire the management team, and the same discipline we had in reshaping the whole internal control structure and make the restatement we already announced with the Q4 trading update. With the new CEO, Mathilde Lheureux, Free2move eSolutions eventually reached at the very beginning of 2023 and collected approximately EUR 60 million of purchase orders that drove clearly the trajectory towards 2023, which will be the first year of real growth that will start officially as planned from the 2. Then we have the EV fast charging infrastructure. I think it's slightly more than one year of activity closed 2022 with 2,000 fast charging points online under construction. Let me anticipate an obvious question. Yes, almost the majority is already online, so close to 1,000 are already online, which represent approximately the aggregate of the whole Italian network installed by major utilities all together in the last five years. Not to mention the over 2,700 new sites in the pipeline that are giving a clear trajectory towards an acceleration of Atlante allow between 2 and 3 times in terms of speed compared to the Masterplan 10x announced a year and a half ago. Thanks to these amazing results, we can reconfirm the guidance we presented already during our Q4 trading and operational update. Revenues at group level ranging from EUR 220 million to EUR 280 million. NHOA Energy will be not only EBITDA positive, but starts to generate positive cash flow and the EBITDA between EUR 5 million and EUR 10 million. Atlante will push further the development of its network even further, reaching over 3,000 points of charge online under construction by year end. Acceleration indeed. Acceleration that's. I mean, I saw this morning some comments by some brokers talking about a loss-making Atlante division. Sorry, this is not a business line loss-making. Sorry for that, I have to clarify that. I mean, loss wasn't Free2move, yes, and we have been very disciplined in carrying out actions to ensure that in 2023 this would not happen anymore. We've been extremely transparent and extremely disciplined in treating what happened. Again, I do not see any loss-making division in Atlante because as long as NHOA Energy is EBITDA and cash flow positive, generating ca sh, which is a unique play in the market because I would like to remember to everybody that all pure plays in energy storage that I know are not EBITDA positive. While Atlante is again not a loss-making division, but rather is investing into a core infrastructure that is crucial for the future of NHOA and the future of our planet. In this direction, I think we are on the same page, as a management team, and even most importantly, with our Chairman, Nelson Chang. I'm really honored to now leave the floor to Nelson Chang, our Chairman, that today is with us in our Milan headquarters to share with, you all his vision behind our results and the vision that we fully embrace at NHOA, and the vision that is guiding our daily efforts in accelerating what we're doing. Thank you in advance, Nelson. This floor is yours. Thank you, Carlalberto. Buongiorno. Good morning, everyone. I'm so happy to be here in Milan. It's such a wonderful weather in Europe, but with the wonderful, comfortable spring weather in Milan, we must not forget there are many extreme weather conditions still happening rest of the world. We still firmly believe that together, NHOA and TCC, our contribution to the energy transition. Yes, Carlalberto just mentioned that 2022 is a transition year. It's actually, it's more than transition, it's actually pivotal year. Again, he made the thing sounds very easy, but reality 2022 was a extremely harsh year worldwide for not only the weather, but almost important of all, that the Russia-Ukraine war triggered a slew of energy bumps. This ensure us to know that energy transition in the world is utmost important to meet not only the climate challenges, but also for the social as well as economic improvements of human society as a whole. Last year, the energy spike across the world, almost on every sector of energy supply. Despite that fact, also we're looking at quite a bit of supply chain issues, I think the NHOA management, NHOA team did a fantastic job. Under such harsh condition, we met our projections on top line as well on bottom line. I'd also like to say to enhance what Carlalberto just said, Atlante is important. We cannot look at it very short term. We're looking at the infrastructure play has to be a long-term look, as infrastructure play, we need to make investment first. This is not a service organization, you can see immediate returns on investment will take a little while and deployment. I think Stefano has done a fantastic job on positioning our POCs and rolling out our POCs. As you can see on the previous summary that Carlalberto had shown you, this year we will have about 3,000 POCs either live or under construction, the speed is growing. I must tell you that I'm extremely happy with Atlante's movement. Of course, you know, Giuseppe's work in NHOA Energy, able to deploy storages across the world under different aspects of different grid strategies. He's also done a great job for the company, also to Earth. The weak point, unfortunately, is Free2move. I think Carlalberto has just mentioned before that we're already making some major adjustments in the Free2move area. Hopefully this year we will see some major changes. Q1 already we see some ordering coming in for Free2move. We do see a positive direction for Free2move. 2022, a difficult year. We did a good job. I need to commend again of the management team and everyone in NHOA. 2023, ending of COVID-19, but unfortunately the last couple of weeks we start looking at some fluctuations and uncertainties happen in the capital market. I want to assure all the investors, we have already spent several days working with the management team, with Carlalberto, to plan out the future of NHOA under such fluctuating capital market scenarios. We will put the concept together and plan together. Surely we will come up with some suggestions, and I'm sure all of you will see it. I'm almost very comfortable about 2023, despite the fact of the fluctuations in the capital market. We, TCC, as a major shareholder of NHOA, we continue to share our belief in the energy transition vision of this business, and we also continue to share our belief that through energy transition, we can reduce the climate risk for the world. This is something that we are very happy to be part of it, and we are also doing our best to supply our technologies, our abilities to help NHOA to move forward in Europe and as well for the rest of the world. I believe that, later on, when we deep dive in all the numbers, you will see what good job the NHOA team have done in 2022. Of course, we have some very good beginning for 2023 to report to all our investors. Thank you very much. Looking forward to your questions. We continue today's presentation. Please, Carlalberto, please proceed. Thank you very much. Thank you. Thank you, Nelson, for your inspiring words, and, as I already said before, it's really a pleasure for us to have you here in Italy, and it's always a precious occasion to understand how our shared values are important for our company. Let me now quick touch on NHOA Energy, and then Giuseppe will deep dive further commenting our financial results, along with Alessio. NHOA Energy, I mean, is reconfirmed once again the main growth engine on the group in terms of financial results with a series of iconic successes achieved in 2022 and a strong pipeline of new projects for 2023 and onwards. In 2022, NHOA Energy was awarded, among others, the flagship Blyth Battery Storage project by Neoen for 200 MW, 400 MWh in South Australia. The supply of around 100 megawatt-hours of energy storage capacity in the Americas, as well as over 100 megawatt-hours of capacity in Asia with TCC. Over 300 megawatt-hours of capacity were under or nearing commissioning at year-end. The company industrial plants in. We can now move on to talk about Free2move eSolutions. That despite the challenges faced in 2022, Free2move eSolutions, led by Mathilde Lheureux has taken steps to advance in development potential of the EV markets. We are making progress in restructuring our operations and prioritizing the sale of eProWallbox to meet the needs of Stellantis customers. Stellantis that still is an unparalleled potential for Free2move. As you may read by our update on February trading, Free2move eSolutions has already received approximately EUR 60 million in purchase orders, that's a very good signal for 2023 growth. As you can see, Free2move eSolutions eProWallbox anyhow, is always close to Stellantis for new EV launches. Like in 2022 with the Alfa Romeo Tonale, the new DS 7, and the new E-Doblò of Fiat. Last but not least, Free2move eSolutions will also partner with Maserati and Alfa Romeo, providing them with charging services in their dealership. Same also for the future launches like the Jeep Avenger, which recently received the title of Car of the Year 2023. A clear commitment of Stellantis, then obviously we have to wait till the 2nd quarter to see the first results in financial terms. That hopefully will translate also in revenues and margins inverting the direction of 2022, very clear. Now passing from EV charging solutions and devices to our EV fast charging infrastructure. Let's move to Atlante. Atlante just started its operation a little more than 1 year ago, with set up with legal entity, with Stefano Terranova leading the role of Chief Executive Officer in taking the role in October 2021. If you think about it, Atlante reached already unthinkable results, forming partnership and setting up charging stations in iconic locations. At the end of 2022, Atlante already had over 2,000 charging points online, under construction through Southern Europe. Approximately 1,000 already online as of today, including well-known stations, such those at the Rome Fiumicino Airport, the Misano World Circuit, the Milano Linate Airport, in collaboration with Free To X. All service areas in the Milan highway, you can see with your eyes the construction sites, are almost completed. The first station in Spain, then the first in France in 2023. Atlante was granted also and was awarded with EUR 23 million grant from the European Union, and then acquired the majority stakes in Portugal KLC, becoming fourth largest operator in Portugal and the first one in fast charging. We secured tenders for the creation of innovative hubs in Padua, in the Milan metropolitan areas. Eventually, in the very first two months of 2023, Atlante inaugurated the first fast-charging stations located within dealership at Stellantis network. Acquired the Ressolar mobility business unit, then for increasing significantly the presence in northern Italy. In the March this year, we already announced an exclusive partnership with To Dream to electrify Turin right at the end of the A4, which is the most important... one of the most important highways in Italy, with over 130 charging points, including fast and ultra-fast, fast charging. Last but not least, the charging points in Saint-Denis in France went online, and this week we also announced the new design of our station along with the Bertone design that is an iconic design that will characterize all stations of Atlante in the coming years. Atlante now employs over 100 professionals, including many young talents, and has set successfully operational platforms in France, Spain and Portugal along with Italy, all accomplished in just over 1 year. An unparalleled rollout, an unparalleled acceleration, 2-3 times faster than expected, if I may. Now with that, I will now leave the floor to Alessio Caruso, our Deputy Group CFO, to go deeper in the financial analysis of our results. Alessio, floor is yours. Thank you, Carlalberto. Going into the full year 2022 numbers, starting from the top line, the group registered EUR 166 million of revenues this year, which is an amazing result as we meet the high-end guidance and then exceed also the upgraded guidance of EUR 160 million, with a gross margin of EUR 50 million, which is around 9%. In terms of personnel costs and operating expenses, we have a EUR 31 million personnel cost and EUR 17 million operating expenses that led to an EBITDA of minus EUR 33 million. Let's give some color about this number because, of course, our business is composed by 3 different global business line, which are in 3 different stage, let's say, of the business. If we look at the storage business, as you anticipated, we had an amazing result re-reaching EUR 2 million positive EBITDA for the year 2022, while we suffered with the Free2move eSolutions business, which registered an EBITDA negative for EUR 19 million, for which we can deep dive later on. In terms of below the EBITDA line results, we had D&A for EUR 7 million, payment and write down, as you anticipated, of EUR 6 million, and non-recurring items for EUR 3 million. Overall, concluding with an EBIT of EUR 50 million. In terms of backlog for the next year, for the energy storage business, we have EUR 301 million backlog spread all over Asia, Australia, Latin American, mainly, and new mobility purchase orders backlog of EUR 60 million, which is mainly located in U.S. If we move to the other slides, we have revenue, another income deep dive for which I would like to spend a bit of color on. Compared to 2021, we have an increase in revenues of 4.5 times. We went from EUR 30 million to EUR 166, which allows us, together with the backlog, just presented to have guidance for 2023, between EUR 220 million and EUR 280 million. In terms of CapEx, the 2022 year, EUR 42 million investments, which are spread mainly in the EV infrastructure and the V2G-ROiSTER project within the Free2move eSolutions business line. Which is almost double number compared to 2021, where we have a EUR 23 million CapEx. Again, coming back to the EBITDA, it's important to give more color. The spread is the below, EUR 2 million for the energy business, minus EUR 19 million for Free2move eSolutions, and then the obvious minus EUR 10 million for Atlante, which is in an investment phase. For 2023, we foresee a guidance between EUR 5 million-EUR 10 million positive EBITDA. Of course, the group has been growing in numbers also in terms of headcounts. We almost doubled our people. We went from 136 people to 451 people, which is of course a reflection of the effort we are putting in in our growth. If we look at the net financial position, we moved from EUR 75 million positive cash position to a EUR 4 million cash position, which is natural effect of our effort we had in 2022. Namely, the investment we had in Atlante, the natural working capital absorption at NHOA Energy level, as well as the funding we had at Free2move eSolutions level. Therefore, given the results just shown, we have a decrease in equity to EUR 64 million. Now give the floor to Giuseppe to deep dive a bit more on the energy business line. Thank you, Alessio. Good morning, everybody. The 2022 was the year that put us in the map of the global energy storage system providers. Our revenues went up by 10 times and we achieved positive EBITDA. The EBITDA number is important because this was achieved despite 2 things. First, the project portfolio mix was of a lower marginality compared to what we have in our backlog because we price aggressively part of our scope of work. This is something that we already told market in the past, but this is not recurring. Second, as you see from the geography breakdown, this is mostly the result of our projection into the Asia-Pacific regions, of which we are proud, and we thank TCC for providing the platform for that. At the same time, you should consider that for us, it's more expensive to deliver in Asia-Pacific. Projecting into Asia-Pacific for a European company, for an Italian company is not trivial. A balancing of the portfolio, which we foresee in the future toward Europe and North America will help also from a profitability perspective. Again, we achieved a positive EBITDA despite the fact that we had an unusually low margin project portfolio delivered in the year. Second, that the geographic spread of our portfolio is challenging from a logistic perspective. We multiplied by 10 our revenues, and despite that, we increased by 50% our backlog. We not only replaced the backlog conversion into revenues, but we amplified our backlog. We closed the year with over EUR 300 million of backlog, an order intake of EUR 250 million. 2022 was not a one-off. It is the start of something, as you can clearly see from our backlog trend. Pipeline stays around EUR 1 billion. We are more and more disciplined in the definitional pipeline. We see from the diversification of the geographic diversification of the pipeline, it already shows a more geographically balanced portfolio. From a cost perspective, our story is a story of operating leverage, the ability to deliver larger projects with a cost structure that becomes more and more efficient. We closed the year with 171 people within NHOA Energy. As you see from the personnel cost evolution, the personnel cost, the core personnel cost went up only marginally. That is partly also to do with the fact that we have capitalized more in R&D, but it's also a matter of discipline in the way we are growing our engineering phase. From a research and development perspective, we significantly increased our research and development effort, even though in proportion to revenues and marginality, is going down very significantly from a percentage perspective. Again, this is an effect of operating leverage. Still, in absolute terms, we are increasing our research and development effort mainly for 3 reasons. The first one is from a product development perspective, we are looking into optimally positioning to exploit the opportunity of the Inflation Reduction Act and the Green Deal Industrial Plan in Europe. We have a very flexible product source and mix, and therefore we are ideally positioned to capture those opportunities. Frankly, we love a global supply chain, we are not enthusiastic about strategic decision-making or product development to be driven by industrial policy. Still, we are optimally positioned to build on the opportunities coming from industrial policy decision. Second R&D work stream is around circularity of our supply chain. Everything that has to do with battery reuse and battery recycling on our own and with partners. The third one is, again, maximizing operating leverage. Everything that has to do with operational efficiency on both on-site activities and on aftermarket services. Digitalization, reduction in on-site activities and everything that has to do with maximizing operating leverage. This is the story, this is a story that is only at the beginning. Back to you. Thank you, Giuseppe. Going to the e-mobility global business line, deep diving a bit into the numbers of 2022. We see in 2022 a decrease of around 20% in revenues compared to 2021. We registered an EUR 11 million revenue that has to be coupled with the intercompany revenue from Atlante, totaling EUR 19 million. The revenue mix is deriving mainly from Stellantis Group. In terms of volumes, the business sold around 30,000 residential and B2B wall boxes and around 350 public AC and DC chargers. Of course, the results, if we think about the EBITDA, the EBITDA level reached by the company is heavily affected of course, by the cost structure. Even though for 2023, as we said, we already have purchase orders for EUR 60 million that give a, let's say, a brighter light for 2023 results. The team has been growing accordingly to 163 employees, mainly focused on the business side, of course. For CapEx as anticipated, the main part is deriving from the Vehicle-to-Grid project. If we go to the Atlante slide, of course, it has been a year of big investments in both infrastructure and the operational engine of the company. Even though this was the focus, we had the first phase of around EUR 0.6 million and an obvious EBITDA of minus EUR 10 because of the phase of the company. As for the CapEx, the important message here is the EUR 14 million of investments in ADC under construction and online out of the EUR 19 million shown in the slides, around four countries. Together with this investment plan, of course, we grew the numbers in terms of personnel, reaching 92 people, for coming from four countries. Mainly in Italy, but as well we have now established presence in France and Spain as well. I would then give the floor back to Carlalberto. Thank you, Alessio. Thank you very much. I think we can now move on our Q&A session, together with Giuseppe, Stefano, together with Alessio, in case of a question, obviously also our chairman, Nelson Chang, we are ready to take any question you may have. Clara, the floor is yours to open the Q&A session. Thank you very much. We are now ready to open our Q&A session. Remember that if you wish to ask a question, you may raise your hand or write in the Q&A chat if you are connected via Zoom, or if you are connected via call, enter the queue by pressing Star on your telephone keypad. We already have some questions coming. I will ask to Mr. Pozzi from Mediobanca to open his microphone. Mr. Pozzi, the floor is yours. Thank you for taking my questions. I was wondering if you can give us perhaps a bit more color on the evolution of revenues and profitability for e-mobility during 2023. I was interested in maybe knowing how much of the EUR 60 million orders are likely to be booked as revenues in 2023, and perhaps some are in 2024 as well. A second question on net cash position. It was down to EUR 4 million from EUR 74. I was wondering what are your CapEx investment plans in light of the reduction in net cash for 2023, and whether potentially this year could be the right time to find partners for Atlante, given that you already have 1,000 charging points already operational and a lot more to come in 2023? Thank you. Thank you. Thank you very much for your questions. Essentially, if I can sum up, those are 3. On revenues and profitability for Free2move eSolutions, and orders book, and what I can tell you is that certainly vast majority, we do expect the vast majority of this order book will be converted into 2023 revenues, and the marginality as well. That's the, that's the good news. Then, the first start of booking those revenues will be in the 2. We hope to see in the starting from the 2... By the way, as announced during the November trading updates, if I'm not wrong, the Q2 you will see the revenue recognition of the order book we already get at the beginning of the year. On the cash position and CapEx plan, I mean, the CapEx plan was already announced in with the Masterplan 10x. We expect to invest approximately EUR 100 million in aggregate over the horizon of the plan for Atlante. Main CapEx are for Atlante. Obviously, Atlante is an infrastructure division. And frankly speaking, this will depend from the speed of rollout, but we have not slowed down so far. That's the reason why you have seen in such a decrease in the cash position. This was obviously planned, and this is in line with the current strategy that we are deploying. On the question related to the partners for Atlante, again, let me just reiterate what we have declared publicly many times. We are absolutely aware of the fact that we have significantly accelerated the rollout. We have declared many times that we're not excluding, and we were actively assessing all different financing opportunities, including during the press release in the press release that we released today. We are exploring different financing opportunities, being fully aware of the speed of the rollout, that is currently in place. On that specific aspect, the process is ongoing with the support of TCC. We're, you can trust the management that situation is fully under control. We know what we're doing, and, this, the cash position evolves as planned. Just a follow-up on the mobility order. Can you give us maybe more granularity, how much of that comes from U.S. versus Europe or versus maybe, by customer type or by product type? I can say almost entirely, from U.S., the order book that we announced. We have not announced any order book, in Europe. We are actively working to restart the European operation. You have clearly seen, in our slides, in our announcement that the eProWallbox is close to any new launch of Stellantis cars. Okay? You might easily understand that from the launch to the order and then to the booking of the revenues, there is a lead time, which is absolutely normal. It was. Okay. I think I lost you for a second, but thanks. Also, just a follow-up on CapEx. Have you finalized the CapEx plan for 23 at the group level? Yes. Indeed, the CapEx plan has been analyzed also at the group level, even if, again, the vast majority, the strong majority of the CapEx is related to Atlante. I mean, if you analyze even the 2022 CapEx for NHOA Energy are absolutely modest compared to the one we're gonna deploy in Atlante. At the same time, what I can tell you is that at Free2move, in the context of the current reorganization that is ongoing, we applied an extreme discipline in CapEx deployment, a discipline that we implemented after the October and November announcement at Free2move level. Please do not expect major CapEx at Free2move level. CapEx at the NHOA Energy level will be essentially in line with the ones that we deploy in 2022, while the real CapEx impact in 2023 will be Atlante, obviously. Versus 22, is it flat to slightly up, the CapEx for Atlante? The CapEx for Atlante, the current plan with the current stage, obviously in terms of CapEx, will be higher. Okay. Thanks. Thank you very much. I'll send it back. Thanks a lot. We also have other questions coming from Mr. Moreau from Société Générale. I will just ask him to open his microphone. Yes. Hello, can you hear me well? Yes. Thanks a lot. Okay, good morning. Thanks for taking my questions. I have a lot, I have five questions here written down. First off, could you tell us approximately how much of the EUR 19 million, negative EUR 19 million, e-mobility EBITDA in 2022 was recurring? Second question, a bit of follow-up on the first one, essentially looking at the amount of cash that has been burnt in the second semester, an understanding that the majority of the funding requirements come from the infrastructure division. Should we expect as well financing requirements on the other divisions, namely at the NHOA Energy level, for 2023? Third question, will be on energy storage. Given your still high dependence for the 2023 guidance at the storage level, could you comment on the execution from the ongoing projects? Moreover, could you let us know how are you positioned on your close to EUR 1 billion pipeline? Last question will be on the ongoing internal investigation at the e-mobility division. What should we expect from potential impacts on other divisions, and particularly thinking about the still quite young infrastructure business, what should be the consequences for the other businesses inside NHOA? Thank you. Thank you, Guillaume. Let me take the first and the second and the fourth, and I will leave to Giuseppe the third one. EUR 19 million negative EBITDA is Free2move, how much is recurring? Zero. Zero. What happened in 2022 cannot happen again. I think I have explained very, very clearly the discipline we applied after the October events, and then I will comment on the investigation, which was your fourth question. Essentially the only reason why, and then I leave to Alessio maybe to give you more color, but let me anticipate that the only reason why there was a negative EUR 19 million EBITDA was because of... It's not the only one, Alessio will be more precise, but the main one was the fact that the top line was not there. The OpEx structure was there, the top line was not there. As a result, as a mathematical result, this had a huge impact on EBITDA. Alessio if you can elaborate... Yeah. Very briefly, of course, the main reason is the one you just explained. We're missing revenues and therefore we're missing in gross margin. As for the EUR 19 million, of course, it will also, it is also affected by another structure compared to the results in terms of revenue. For 2023 year, which needs to be transformational for Free2move, we are also trying to reshaping our operations in order to have it, let's say more comparable, with a more light structure and so more comparable to the revenue coming from the business. Indeed. Thank you, Alessio. On, on the cash burned of the infra division, again, let me be, let me clarify again, this is not cash burned, this is cash invested into assets, okay? Having said that, the question was, do we expect no more cash burn in the other division burning cash in 2023? Absolutely no. NHOA Energy is EBITDA positive, was EBITDA positive, will be EBITDA positive. We announced a clear guidance, and is also cash flow positive. Obviously we will have working capital fluctuations and volatility, which is absolutely normal, having over EUR 300 million of backlog of orders. Working at capital sign, NHOA Energy will not require any cash and will be cash flow and EBITDA positive. Let me be very precise on that. I leave to Giuseppe to comment further. Before leaving the floor to Giuseppe, I take your fourth question, that was on the Free2move eSolutions investigation. Do we expect consequences on other business line? Not at all. That's the firm answer to your question. Not at all. Just for sake of prudence, we have clarified once again the investigation is ongoing. For many internal reasons, we decided to communicate very transparent on that to the markets. In terms of accounting, the consequences have already been factored in, into the restatement we have made that is almost immaterial on our results, as you might have noted, and as we already announced, by the way, with the Q4 trading and operational update. It's a pure internal investigation. We do not expect any consequence on other business line. There is no reason for that. No propagation of defects and at the Free2move level in an event, all accounting impacts and outcomes of that investigation has already been taken into account into the restatement that again, is absolutely immaterial in our financial results. I leave to Giuseppe on your third question related to the execution path and pipeline positioning. Giuseppe, the floor is yours. Thank you, Carlalberto. In terms of status of execution, we are absolutely on track. In a month time, we'll provide our quarterly update on execution, but I can anticipate that the Hoping one project in Taiwan, 300 MWh is in commercial operation. Our New Caledonia, the expansion of the New Caledonia plant, the 10 MWh expansion is in operation. We have completed the testing of two of the three Fast Reserve projects in Italy. They will come in commercial operation within a few weeks. We have mechanically completed the project in Massachusetts. Importantly, the Synergy project in Western Australia, 200 MWh, is transitioning from cold commissioning to hot commissioning, so it's fully built. The rest of the portfolio is under construction or in the case of light, we are in the engineering phase. We will provide a granular update in a month time, but definitely, we are progressing at full steam on the execution side. From an origination perspective, the EUR 1 billion pipeline, also on that we will be granular in a month time, but we are either shortlisted or preferred bidders on between 5 and 10 project with a strong diversification geographically. In terms of contribution to 2023 growth targets, we don't need much more. This is already looking forward to growth in 2024 and 2025. The degree of visibility that we have for 2023 is already extremely strong. The pipeline management and conversion is more related to further building up our prospect and our ambitious targets for 2024 and 2025. Okay. I think, we answered to all your questions. yes, thanks, I was on mute. Thanks for the very detailed answers. Just two quick follow-ups. The first one was on Alessio comment regarding the lighter or making a lighter structure at the e-mobility level in 2023. Most particularly, what does it, or a leaner structure, what does it mean? Secondly, for you, Carlalberto, to make things clear and here recorded, I understand that the message hasn't changed, and that the funding requirements of Atlante are independent from the rest, completely independent from the rest of the group, right? On the lighter structure, obviously I confirm what Alessio said. What does it mean? Many things. An OpEx structure which is... A CapEx investment which is in line with the current stage of the company and the current ability of the company to transform investments into revenues. Therefore this was the overall concept behind the concept of discipline that I mentioned, okay? Lighter OpEx, lighter CapEx, in line with the potential of generating revenues, and therefore we will have this ability as a management team, starting from the 2. Certainly we will not overstructure our OpEx, certainly we will try to lean as much as we can our OpEx, certainly we will carefully dose the CapEx this year with a very disciplined approach. On funding, yes, let's have this comment and my answer recorded. On the funding requirements, NHOA Energy does not require any specific funding on top of working capital needs, obviously, like any company that has EUR 300 million of backlog of orders. Certainly is not burning cash, and will not burn cash. The Free2move, we are supporting at the group level with intercompany loans. Given the current backlog of orders and the current expectations, as I mentioned, revenue recognition starting from 2Q, and majority of the backlog of orders transformed into revenues and default margins, starting from vast majority booked in 2023, sorry, we do not expect any further financing need. I think I took all the. Many thanks. Very clear. Yeah. Thank you. Thank you very much. We also have questions coming from Mr. Paul Desforges by Bryan, Garnier & Co. I will just ask him to open his microphone. Yes. Could you hear me well? Yes. Perfectly. Thanks. Thank you very much. Three questions for me. The first, regarding storage. You mentioned in the press release that margins had been affected by an unusual contribution of lower margin civil works and interconnection activities not expected to recur in the future. I just would like to understand why these activities are not expected to recur in the future from a technical aspect. My second question is that, I don't know if you can disclose it, but you mentioned your EUR 60 million purchase order for Free2move eSolutions. Would it be possible to know how much could be accounted as revenues in 2023? My final question is on Atlante. How do you see competition evolving in Italy, France and Spain? If you could give us some comments about your main competitors, in those countries. Thank you very much. Thank you, Paul. Thank you for your question. In the right order, question on storage. The margin evolution interconnection, I leave to Giuseppe to elaborate on why we do not expect interconnection activities will be recurrent. Thank you, Paul, for the question. Actually, this is. I may express myself not correctly during the conversation. The point is not that we are not going to take a scope of work that includes civil work on interconnection. Actually, from a strategic positioning perspective, we do confirm our determination to occupy the last mile. We want to own the client, and in order to own the client, we must be ready to deliver also interconnection and erection and civil work activities as a scope of our supply. What is unusual, what was unusual in 2022, was that since both in terms of commercial strategy, aggressive commercial strategy, and the fact that we were relatively untested for that kind of ambition, we bid very aggressively. I mean, we didn't put a material markup on that scope of activity because we were aware that, while we know how to do it, we are not necessarily somebody who brings value added on this. It's a strategic decision to do it, but it's not technology or know-how driven. Therefore, since we had to prove ourselves, we priced it with a modest/relevant markup. We will continue to do it, but with a markup. At least half of the project that we have in backlog for 2023 have that kind of scope of activity, so cover those activities, but they cover them profitably unlike in 2022. This is the fine-tuning of the answer. Okay. Thank you very much. It's, it's very clear because, I was worried about, you not taking, into account, those activities because we know they are strategic. You confirm that you will cover, you will take care of, civil work and interconnection activities for your storage project? Absolutely. This is a distinguishing positioning against most of our competitors. Most of our... We have deep engineering roots, and we are building on those engineering roots. We think it is absolutely critical to in order to own clients, to be able to occupy the last mile. We want to occupy the last mile and being able to package, to wrap, civil works and interconnection work is a necessary building block of that kind of strategic position. Okay, thank you. Okay. On your second question, on the EUR 60 million purchase order, in reality I already partially answered, and that's the level of color that I can give you now. I mean, we do expect that significant majority of those EUR 60 million purchase orders will be recorded and recognized as 2023 revenues. I can tell you that, you will see the first start, we do expect to see the first start of that revenue recognition starting from the Q2 this year, we will keep you posted on that obviously. On the Atlante competition, competitive landscape in Italy, France, Spain and Portugal, I think Stefano, even if he has lost his voice, can operate a bit on that. If you're able to do it, Stefano, feel free. Yes. Hi. Yes, thank you, Alberto, and apologies for my voice. I yesterday, I had lost it almost entirely. Just let me start from Italy. It's easier to comment since we have started the deployment of the network in Italy. In Italy, we have Enel through the brand Enel X, more specifically Enel X Way, as the incumbent. We have BeCharge that has been, as you probably well know, has been acquired by the Eni group. They both have, let's say, very established positions. Although both of them focus on both slow charging, AC charging, as well as DC charging. They do not have a specific focus on fast charging on the go as Atlante has. Those are the main incumbents, I would say, in Italy. Moving to France. The environment in France is more segmented. Main names are the likes of Fastned, pure- play, very important reference for Atlante, the likes of TotalEnergies, who have both the focus on slow charging, also fast charging, and they have the network of petrol stations to electrify. Some of the utilities in France, like Engie, have started some activities, but we don't see a gigantic focus or let's say the ability to move as fast as maybe some new incumbents, some new entrants are trying to do. In Spain is relatively is the less mature of the markets, almost at par with Italy, but even a little bit less mature, I would say. Endesa, which is Enel, in fact, again, with Enel X brand, they are doing quite well, and they are one of the incumbents together with Iberdrola. Both of them, same situation as in Italy, not a specific focus on fast charging. Overall, again, there are other players such as Repsol and Cepsa, who are in the petrol station business, and they are electrifying their own networks at a slow pace, I would say, overall. Then, if you go to Portugal is a market which is amazingly active in many ways, especially in terms of having managed to sell more cars per capita than Italy, for example, more electrical vehicles than Italy, almost twice as many in relative terms. Therefore it's a very quite advanced market. That's why we have decided to purchase a company, KLC, which is in the process of being rebranded fully as Atlante. KLC is number four. Number one is EDP. Then, we have, I forgot their names. Powerdot is one of them. I forgot the other two before us. In any case, in Portugal, we have the advantage of having the largest network when it comes to fast charging, we are well positioned. There are, I should mention two other names, Ionity and Tesla, present in all of the geography. They have a very strict focus on serving their customer base. Tesla is the reference, of course, in terms of fast charging. They have been the first. They have at least a 5-year advantage over the rest, they have a very narrow focus on serving the customer base. Ionity is slightly similar, I would say not in the same league as Tesla and certainly I wouldn't consider as a reference for Atlante to go towards Ionity. In the pure play market, Allego is also trying to enter some of the markets where we operate in Italy. They're trying to do business in Italy and Spain. I don't see them right now as a major competitor. Of course, they have a gigantic base in the Netherlands, especially, and a little bit more in France and the UK, and they have also, again, a gigantic base of AC slow charging. That's the overall picture. Overall, of course, if you put all of those existing competitors and some of the smaller ones together, there is still massive room for more. We would expect the new entrants to try and get into the market. Of course, right now the barrier to entries are high, but not gigantic. The barriers of entries will increase very fast as the connection to the grid will be, let's say, will reach saturation, and that is gonna happen very, very fast in our opinion. If you consider the present, the fastest charges that we're installing are 300 kilowatt of power, and that in Italy, Spain and Portugal, that's the equivalent of connecting 100 flats, 100 households, I would say, in one single point, just to give you an example and a feeling for how fast the interconnection constraints will become a limiting factor and an entry barrier, which, as you know, we intend to overcome by the use of storage. Again, apologies for my voice. No, no. Thank you very much for your very for your complete answer. I just was surprised that you did not mention Zunder in Spain. Is it because they are too small? No, that's right. I was just mentioning the largest one. Zunder, of course. Yeah, yeah. have started very well. We like, by the way, this type of players that are pure play. They have also done a capital raise, so they've been quite proactive and yes, for sure we will be competing on certain public tenders, also private, on the fight for private sites. As we have been competing with many others, many other players. You're absolutely right, Zunder is another player that is real competitor in Spain. Thank you very much. Thank you. Thank you very much. We now have other questions coming from Mr. Paternoster, from Clairfield. I will just ask him to open his microphone. Yes. Good morning. Hello, everybody. Can you hear me well? Perfectly. Thank you. Thanks a lot. I would have 3 questions, if I may? The first one would be on the cash Atlante, as I understand that the funding is independent from each other. Are you able to provide us with a picture of either the amount of cash that you have at Atlante or the CapEx for next year? The second one would be on the pace of profitability improvements that you expect for e-mobility in 2023. As I understand that most of the EUR 19 million loss at EBITDA was one-off in 2022. The third one would be on the number of stations that are currently live for Atlante at the moment, not the PLC, but the number of stations. If I may, a last one regarding the monetization of Atlante and your search for a third partner, where are you on this matter at this stage? Thanks a lot. Thank you for your question. On the CapEx for Atlante 2023, we have not disclosed precisely the CapEx. We have just confirmed our intention to continue the speed on the rollout and at the same time, we have disclosed the fact that we are assessing different financial options for Atlante. Therefore, as long as we will clarify what these financing options we have will be pursued, we will be also at the same time, but at that time, clear to the market on the precise CapEx deployment for 2023. As a matter of prudence, let me say. On e-mobility, yes, I confirm once again that the EUR 19 million EBITDA is a one-off for the reasons that have already been explained particularly by Alessio. I reconfirm also the extreme discipline we will apply in 2023 in managing OpEx and CapEx until the time which we will have clear visibility into our books on the revenue generation capacity of Free2move. How many stations are live? I maybe have not been clear. Approximately 50%, which is 1,000. Which is almost the entire fast charging network installed by all major players in Italy in the last five years. 1,000 points of charge. Yes. Online, as of today at Atlante, out of the 2,000, over 2,000 under construction and online that we have announced to the market. On the monetization of Atlante research for a partner, I already replied with the first... W-while replying to the first question, right? So the, the current stage, uh, uh, of the process, uh, and our assessment and our evaluation, I can just reconfirm that is ongoing. And, uh, uh, once we will have more clarity on that, we will, uh, communicate, uh, with, uh, uh, more details on our CapEx, uh, on our CapEx, uh, uh, intentions for 2023. Carlo, may I interject a couple of lines concerning this? Sure. Absolutely. Okay. I've seen that, you know, in addition to, you know, what's happening in e-mobility, there are a number of questions concerning Atlante. I think everyone is clearly know that Atlante is an infrastructure play, which means that it requires investment. Which means that, we are certainly, between the management and the major shareholder, cognizant of the capital needs required by Atlante. We have already proceeding looking at options, as Carlalberto said several times, and we are in the process. We have not finalized it, but, we have definitely a number of alternatives, not precluding the several large infrastructure fund has expressed their interest as a partner into Atlante as well as other financing opportunities. The reason we cannot at this moment, at this investor call to express this because we are still working out the details. I want to make two things very clear. Number one, that we are, as a company, NHOA, and as a company, TCC, fully aware that infrastructure play requires investment, which requires financing. Therefore, financing structure has to be looked at in detail. To be honest with everyone, when I'm here, was here a few days ago, we actually sat down, several detailed meetings and explored the possibility of where we're going for NHOA financing or Atlante financing, or a combination what, several ways with consideration of existing, weak, capital market as well as just saw, people are less, patient about NHOA Energy, NHOA as a company, which, yes, I just saw that the somebody drops on stock prices. I can assure you, everyone on the call today, that we are fully aware of the situation, and that TCC is also fully behind in the structuring of the future financing and the needs of Atlante and therefore as well as NHOA. I just want to assure you that we are on top of it, there are several options exist and which will you have visibility in a reasonably short period of time. At this moment, we cannot make it clear at today's meeting. This is very unfortunate, I just want to assure you that we are aware of the funding issues, we are planning the best solutions for both Atlante and NHOA. I hope that answered some of your questions, because I've seen they're coming in, mostly coming in financing. I guess, given what's happening in the U.S. banks as well as European banking situations, people are concerned. We are fully appreciate it. I also want to say to you that we are in business for a long time. We do know the importance of a financing plan, and we are on top of it. We will, in a very reasonable short time, we will let you, share with you the options, we're looking at. Hope that's sufficient an swer. Thank you. Thanks alot very clear. Very clear. Thank you very much. We have also received other questions, written questions, actually, that partially cover some parts of the ones already answered, too. We received one by Mr. Carlos Remacha from Covalis, who writes us, "Dear team, congratulations with the strong results." Thanks. "I would like to clarify financing view from the next year. Next net debt close to zero now. Could we see a scenario with equity issuance to finance growth? If not, how are you thinking to finance the VC and growth over the year?" At the same time, we received also another question by Stefano Fabiani, which cannot speak with us because of problems with his microphone. Who writes, "Will the capital needs of Atlante be resolved at the level of Atlante, or could they lead to a capital increase of NHOA? Could you exclude it? The stock performance is clearly pricing capital needs at NHOA level. There I see a bracket also saying that the capital stock performance very weak also today. I think Nelson already replied to that very, very clearly. Let me just comment on those two questions. First, on working capital, which was the main growth, which was the major points raised by Carlos at Covalis, and the capital need, and then again, the potential capital increase of NHOA mentioned by Stefano Fabiani. First, on working capital. On working capital, in principle, working capital is not funded with equity, but is funded with credit lines. I think that you have in front of your very eyes that historically, since the TCC acquisition of 65% of our corporate capital, historically, NHOA benefited from massive amount of credit lines to fund working capital, fund performance bond for our projects, and all those credit lines have been awarded to NHOA and granted to NHOA, thanks to the immense support of TCC. Okay? This is what historically happened. Therefore, I'm not personally, certainly I'm not particularly concerned about that because these were the ability given the current P&L of NHOA Energy, which is EBITDA positive, which is now cash flow positive. Frankly speaking, we are assessing different financing options, as Nelson mentioned, and I would not be worried about it for the reason that this is working capital. We know very well the working capital is funded through credit lines. Historically, we have credit lines to fund our working capital needs, thanks to the support and the immense support of TCC, and thanks to the credibility in the financial market, in the banking industry of this. On the clear, let me say in bold question of Stefano Fabiani on the, if this might lead to a capital increase or not. Let me just reiterate what Nelson said. We have many options. We are assessing. This also one of the reason of the physical presence of Nelson Chang here in Italy. We are fully aware. Let me just reiterate the fact that at NHOA, also TCC, I feel free, Nelson, to further comment on that, we are fully aware of the fact that an equity capital increase now is something that our investors are not looking for. Okay? Nobody wants to have capital increase at the NHOA level, let me reiterate that concept, because of the current market conditions, because of the stock price performance. We know that the reaction commenting on the Fabiani brackets on our very weak stock performance also today that is clearly pricing, to use your words, capital needs at the NHOA level. This is not. Maybe the stock performance is clearly pricing that. As a management team, we have been clear, and we are clear also today that we know that a rights issue or a capital increase in the current market conditions is to be considered the very last resort. Considering that we are assessing right now many options, as Nelson Chang mentioned, I will try to give trust to the management team and to the immense support of TCC and to be patient because we will communicate in due course as long as we will have more visibility on the decision we're gonna take. Again and again, we are fully aware on the fact that an equity transaction now will not be in the best interest of the company, will not be in the interest of our investors. No decision has been taken because we have no intention to do it as long as we will have other options. I don't know, Nelson, if you want to comment further on that, but I try to be as much clear as possible to give comfort to our investors that this is not what we're looking for, at least today. To some extent, what's happening in the finish today is very good because the people are selling our shares and forget about to have a long-term view or medium-term view. They only have a short-term view, because we already assure everyone we are assessing, the best financing possibilities for NHOA and of course, therefore for Atlante. Atlante has tremendous positioning in the European energy transition market. It has fantastic future. Of course, at this point, as you know, infrastructure play requires capital and therefore requires some structuring of financing. We have been studying this, and we will come up with something that is beneficial not only to Atlante but also to the NHOA shareholders. Again, if our shareholders are all trading on a daily basis on, you know, a tiny news and, you know, small amount of shares, I think it's a good time for us to. I know this very rarely in European investor call will say this: We need to have investor in a company that has at least a medium term view, rather than trading on daily basis on the, you know, EUR 0.50 differentials going up and down on shares, okay? Because NHOA as a company, Atlante as a company, will have a significant position in energy transition, and we know clearly energy transition is a major business sector in the future economic development. We are TCC as a company, major shareholder in NHOA. We are very comfortable with the strategy. We are very comfortable where the company's going. We are also very comfortable to come up with some, how should I say? Efficient financing instruments that take care of the business, and with the cognizant of the fact that, in my quote word, is that the, how should I say that? The current equity financing stock performance is weak. We are aware of that. Please remember, TCC is one of the oldest company in Taiwan. We are the first listed company. Therefore, we know shareholders, and we do take care of our shareholders. For those of you who are not aware of the Asian market, TCC has approximately half million shareholders. Trust me, we do realize and try to take care of our shareholders to our best ability, okay? We do not sacrifice shareholders at all, so be assured. For those who are very short-term minded, please continue to trade, and you'll be sorry. Okay. I'm sure, Carlo, I'm sorry, this may not be normal in the investor call in Europe, but you have seen the investor conferences I have held elsewhere. I'm very straightforward person and I answer the question, I call it what it is, what it is. I hope you forgive me for that. No, Nelson, this is super appreciated. Let me say. We're full on the same page, and I think you gave the most important message you gave, and I hope that our investors, as long as they have At least a medium-term view, as you correctly mentioned, would have register your message that we do care at NHOA, we do care at TCC of our minority investors, and we have clear in mind what they are looking for. Certainly we're not planning anything that would be against their interest. You have been very clear on that, and thank you again for that. Chiara, do we have any- Yes. We have one last question by Renaud Tassin, I think from Anaconda Invest. The question reads, "How is competition?" Then they mention Alfen. Okay. On this one, I can leave the floor to Giuseppe because I have no memory of Alfen in my global tenders globally. I leave to you, Giuseppe. Thank you, Carlalberto. That's fundamentally correct. Alfen is not really a competitor, but is a highly respected product company with very deep roots in conventional grid equipment, meaning transformers, switchgear, and that have expanded into mostly charging equipment. They are somehow a competitor of Free2move for a portion of their business. From a storage perspective, however, they occupy a niche and are largely a regional player, so we do not find them on the market. It's a completely different company. Our competitors are Fluence, Wärtsilä, Nidec, Sungrow, Powin. These are the companies that we find again and again, and we are taking market share from thanks to our business model, strategy and focus, and profitably. Thank you, Giuseppe. In a nutshell, we play another championship, if I may, in energy storage, which is a global one, and with a bulk of, let me say 2, 3, 4 players that are acting globally, like NHOA, and that are taking the global market share and the global competitive context. Nothing, a different play from Alfen. Chiara? We have no more questions. I think we can close this call. Thank you. Thank you, Chiara. Thank you all the team. Thank you particularly to Nelson Chang to be present in person during this investor call. Thanks you all for your time and look forward to our next investor call that is scheduled on May the second to comment on our Q1 2023 results and beyond. May I also express my thanks to all those that participated this morning, and especially for those who actually ask questions about the future of NHOA, because it means that you very much care where we're going, and clearly you are a long-term, at least medium-term investor. Again, let me extend our appreciation, because what we need is medium to long-term investors looking at things rather than, you know, trading ten shares at a time and looking at the consensus differences. Okay, thank you very much. Appreciate it. Also thank you. I've enjoyed your fantastic spring weather in Milan. Take care. Ciao. Thank you, Nelson. Thank you, Romain. Thank you, everybody, and have a nice day. Thank you very much. Thank you. Thank you.