Welcome to Schneider Electric's 2022 full year results with Jean-Pascal Tricoire, Chairman and CEO, Hilary Maxson, Chief Financial Officer, and Amit Bhalla, Head of Investor Relations. Thank you for standing by. At this time, participants are in a listen-only mode until the dedicated question-and-answer session of today's conference. At any time, you may press star then the number one on your phone to poll for a question. If you need to withdraw your question, press star and two. I would like to inform all parties that today's conference is being recorded. If you have any objections, you may disconnect at this time. I will hand you over to Amit Bhalla. Good morning, everyone. Welcome to our full year 2022 financial results. We join you this morning from Paris, joined with our Chairman and CEO, Jean-Pascal Tricoire, our CFO, Hilary Maxson. All of the presentation and release is available on our website as well. Without further ado, I'm gonna pass it to Jean-Pascal to talk about our 2022 results and our new governance structure. Thank you, Amit. Delighted to be with you. We've got to be with Hilary Maxson to comment on 2022, speak about 2023, and make a few important announcements regarding the governance of the company. I'm gonna go straight into looking at 2022, which has been a very intense year. If you look at the central part of that slide, we've been facing no surprise because of what we do. We've been facing a very strong demand on most of all of our markets. It's been putting pressure on the supply chains, especially as Schneider Electric is extremely digital nowadays. We've been able to deliver a strong year whatever those pressures. We've also made our EUR 1 billion of structural cost savings that we completed in the period of 2020-2022. We come out with our all-time high results in revenue, in operating results, on the net income, but I'll comment more later in this presentation. The second big element of 2022, it's been a very intense year of strategic transformation. Of course, the integration of AVEVA into Schneider, putting all of our agnostic software, neutral software on the roof of Schneider allowing us in the future to build a complete company in software, which actually a EUR 2.6 billion company in software. We've also, in 2022, completed our disposal program, reaching EUR 1.7 billion of revenue that will exit Schneider as being less central and less strategic to the future of our Schneider. Of course, 2022 has been also a very intense year, disturbed or not disturbed, but really collided by the Ukraine War and gave us. We really paid a lot of attention, and we took care of our people in Ukraine and also divested our Russian operation, which was closed in October, to our Russian employees. A very busy year, strong delivery, but dealing with external factors like the Ukraine War on driving forcefully the continuation of our strategic transformation. Here are the figures. For the first time in our history, EUR 34 billion of revenue, 18% of current growth, 12.2% of organic growth. Both energy management and industrial automation are growing with strong dynamics. Industrial automation bit below, most impacted by supply chain, being more electronics, more impacted by the issues of disruption. Both profitabilities of business growing. That drives us to an adjusted EBITA margin of 17.6%, an improvement of 40 basis points, that means that our adjusted EBITA growth is growing by 14.4% in organic at the top end of the revised target range. Hilary will speak about that in detail, what is really comforting is that Q4 was stronger with 16% of growth in organic, which shows the easing and the unblocking of the supply chain happening. These are the highlights. EUR 34 billion, highest ever in sales. Adjusted EBITA, EUR 6 billion for the first time. Adjusted net income, EUR 4 billion for the first time. Free cash flow, EUR 3.3 billion, growing by 19%. Which means that we are gonna propose at the AGM a dividend of EUR 3.15, an increase of 9%. If you take a little bit of distance and look at those figures, in 2022, we're gonna have added EUR 5 billion of revenue. That's 18% growth. We're gonna have added EUR 1 billion of profit, up to EUR 6 billion. We're gonna have added EUR 550 million of adjusted net income. We're gonna have added EUR 500 million to our free cash flow from EUR 2.8 billion to EUR 3.3 billion. This dividend at EUR 3.15 will sign 13 continuous year of progressive dividend to the shareholders of Schneider. This includes, of course, the employees of Schneider who are shareholders. Well, this is a year also where the specificities of Schneider were once again recognized around our meaningful mission, around sustainability, electrification, digitization. About our complete commitment to be in the most inclusive workplace in the industry, and also our unique structure, our multi-hub structure, empowering all our regions to innovate, create, manufacture, and react fast to the characteristics of the market. That's about 2022, and don't be worried, there will be plenty of details by Hilary later in the presentation. I come to the very important announcement that we do today, which is putting in place a new governance for Schneider. We had, if you remember, announced, two years ago at the renewal of my mandate, a dissociation during the time of my mandate. We announce it today, and it's gonna be effective at the AGM in May 2023. On the board and myself, unanimously, I've chosen Peter Herweck to succeed me. Peter is coming as a natural candidate to do that. He's got 30 years of experience in our industry, of deep experience in our industry, in both facets: energy management and industrial automation. He was trained at university as an electrician, then worked in Mitsubishi and Siemens, part in energy management and in automation and digitization. He knows very well Schneider because he joined us 7 years ago, and he's been exposed to the experience of a CEO in AVEVA, where he drove a triple transition at the same time. The transition of business model to subscription, a technology transition to one platform, and especially one data hub platform, and finally, the integration of the largest acquisition that AVEVA has done in software, which is the integration of OSI. Strong experience in our industry, very strong technology background, both in energy management, in digital, and in software. A very global career. Peter lived in Japan for long, sit in China, in the U.S., and of course, being German, in Germany, and spending in the past years, many years in France, and truly committed to the fundamentals of our culture in terms of inclusion, diversity, and a commitment to a multi-hub and multi-regional hub. I'm personally delighted about the choice of Peter as he comes with a strong experience and a strong direct exposure to the world of software. I tell you, after 36 years in the company and 20 years at the leadership as a leader of Schneider, as CEO and CEO, I'm really excited to go into that new phase in a new role, supporting, helping the team to develop its strategy. I'm gonna be more helping on the strategy on technology and more as a coach, and really, I'm excited to support the whole team, and especially Peter, as we go forward. Few elements to be more precise. We announce this today is gonna be, as I said, effective after the AGM. The process of selection has been a 4-year process. It started by using external consultants, where a whole row of internal candidates were reviewed. Actually a diverse row of candidates were reviewed. We looked also, the board looked also outside of Schneider. The board came to the conclusion that the candidates of Schneider were the strongest among all of that, which allowed us in 2021 to announce the dissociation, that we are ready. Of course, 2020, 2021, 2022 were pretty disturbed years, as you can all remember, as we can all remember. I think now is the right time, because Schneider is in a very strong place on a very strong market. With the acquisition of the minority shareholders of AVEVA, we have a clean house in software, and that closes the cycle, and I'm really, again, enthused to go into the next cycle with Peter and the team and to serve in a different manner. Usually, when we go into the yearly result presentation, I normally make a presentation, a strategic presentation of what happened in the past year. Today, with an exception, you're gonna have a much bigger package because we're gonna extend that one year to the past 20 years and look at how the transformation of Schneider that happened over the past 20 years explains what happened in 2022 and the perspective that we have in 2023. Before I go into that rewind and explanation, I want really to thank you on the phone, for the long partnership and your patient listening to my explanation for the demanding dialogue. I can confess that many of the strategic orientations that I gave to Schneider were actually originated in many of your demanding questions or insightful discussions that we had about our industry. I think we're all passionate about the industry and that really was very helpful for me. Devising, creating, and building the strategy of Schneider for the past 20 years. Let's go into that transformation. We've positioned Schneider, really in the past 20 years, to be really benefiting of all the major megatrends in our industry. COVID-19 and the need for reshoring expressed by many governments, the incentives to reshoring are boosting to a new level the need for digitization. The combination of the energy crisis and the climate crisis are pushing all of our customers to have an agenda for sustainability, and therefore for electrification, which is the only way to decarbonize. When we meet customers today, we always speak about their two main agenda, which is sustainability and digitization, and facing in some parts of the world the energy crisis. What we've done at Schneider in the past 20 years is be prepared for this inflection point. Now let's look at the transformation of Schneider, what we've become. We've multiplied over the past 20 years our revenue by 4, our net income by 9, our R&D spend by 3.6 which gives us much more firepower to innovate and pioneer the major inflection of our industry. As a result, and thank you for believing into that transformation, our market cap has reached a new level and has been multiplied by 7. In direction of our shareholders, we've been serving you a progressive dividend as a sharing of that progress, of that development for the past 13 consecutive years. What I'm gonna detail afterwards are the main markers of Schneider. A technology company leading in the triptych of sustainability, digitization, and electrification. A true global player with a true local footprint, multi-local footprint. An impact company because we are one of the few companies in the world who has completely aligned strategy with sustainability. What we've done has been actually to transform completely the portfolio. Multiply by 15 our digital sales to a level of EUR 15 billion. Multiply our leadership in electrification by a factor of 4 to EUR 26 billion, and reach today, as we speak in 2022, EUR 25 billion in what we call sustainability impact revenues. That means revenues that we do with our customers that help them on their trajectory to net zero. On our journey to digitization, I want also to point out that we have built, and I said that in my introduction, a EUR 2.6 billion agnostic software portfolio, AVEVA, ETAP, RIB, IGE+XAO, Planon, our strategic participation into Planon, which creates actually a reference platform in the connected industry. With that, we have now a clean house in the field of software that we can accelerate and keep developing as we go forward. The whole transformation has been to acquire more in digital and at the same time to dispose of the companies that were not as central and strategic in our portfolio. We, at the end of 2022, we finalized our divestment program with the objective to, for our customers to connect everything in their facilities, their buildings, their industries, their data centers, their infrastructure, thanks to our IoT platform, EcoStruxure. Get all the data gathered, repositioned, federated, contextualized in our data hub, our PI Data Hub, to enable the whole ecosystem of our people or the people working on installations, the developers of software, the users of factories, buildings, the suppliers like utilities and all the software developers to apply analytics, intelligence, and enable optimization on installation. Our project is one software with one data, one customer experience, and one digital twin for our customers. At the same time, for the past 20 years, we've kept reinforcing our world leadership in products. We are in our industry by far the company that works the most with integrators, with distributors, with people who put our technology together to offer local solution. At the same time, we've built a longer cycle, a business with longer cycle by developing our system business, and with that grew our ability to deal with mission-critical applications in all segments, industry, infrastructure, data centers, the greenest building in the world. That has reduced our cyclical exposure by balancing our exposure towards industry and infrastructure. At the same time, we also created new growth driver around services, software, and sustainability. You see that now those business that you have supported us in building are representing a very significant part of our business and really rebalancing the equation of Schneider in a very nice manner in terms of growth capability, of course, but also in terms of resilience. We've not forgotten that we are a technology company, and we are very proud of the products which is for us a world-leading franchise. We work every day with thousands of partners around the world who put together those technologies to build complete solutions. With in energy management to industrial automation into the integration into EcoStruxure, build revolutions in our industries which have pioneered and led the change, the transformation of what the whole industry is doing. I want to mention, for instance, what we are launching today with AirSeT, which is a full range in medium voltage without SF6 or EcoStruxure Automation Expert, which is a completely open platform for automation. These are just examples of what we keep doing and why we keep ramping up the amount and the investment we put in R&D. Another big marker of us has been the will to create a global company. Over the past 20 years, multiplied by close by to 2 our business in Europe, by 5 our business in North America, and by more than 8 the business we do in Asia Pac on an international role. All of this is based on our unique multi-hub structure, whereby our leadership is spread out into the geographies where we have the biggest business, the biggest potential, and the largest pool of talents, and where we empower regions on their capacity to innovate, to react, to be fast, and to respond to their customers as a local player benefiting from the backup of a global company. The great thing is that our shareholders have supported this globalization or this internationalization. As a European company, we are today more exposed than most European companies to North American shareholding, which is our largest business in the world. The U.S. business is our largest country. On a Greater Asia Pacific exposure than all direct peers because there again, Asia Pac and North America are roughly at the same level in terms of business exposure. I'm very attached to keeping on going with that dialogue in North America and Asia Pac and bring the shareholding to the level that these regions represent in terms of business for Schneider. Want also to mention one thing I'm extremely proud of is that we are one of the stocks most widely held within ESG fund. We are actually the third one, all industries included. We are the number one security, all within ESG fund among the industrial sector. That drives me to my next chapter. We are a company that has completely aligned sustainability and strategy. We develop technologies for sustainability, and we are doers in sustainability. We come to our customers with practical solution based on digitization for efficiency and based, of course, on electrification for decarbonization. We drive that dimension to all our stakeholders, our suppliers, the communities around us, and the value proposition to our shareholders, where we have engaged to increase even our sustainability impact revenue as we go forward. We've taken very ambitious target in this field. We got them certified by SBTi, which not too many companies have done. I know that is the object of debate, but we measure on benchmark by external agencies that rank companies in their performance on ESG. Where we are today, there are only two other companies in the world that get that level of ranking and level of recognition. It's not an easy thing, and we combine internal objective and external objective to measure our progress in all the dimensions of ESG. Finally, probably the thing which makes us the most distinctive is our culture and our operating model. Peter is clearly very supportive of that, of that difference, coming from a different environment originally, and he's seen which kind of difference it can make. We're gonna be both really pushing on developing this, which is probably the biggest or the strongest asset of Schneider today and as we go into the future in a world where empowerment of people is probably the most important. Looking back also, you've supported this project, you've supported this transformation. Schneider has grown from the 19th rank in the CAC 40 to 2003 to the seventh rank in the CAC 40, and we entered the Euro Stoxx, and we are now number 16 in the Euro Stoxx. I want once again to thank you, to thank our investors, to thank all the analysts who have followed us for the robust dialogue, demanding dialogue, for the patience in the time when we are building strategically the company, and there was some plateau in our performance because all of this needs a lot of effort. I want to thank you for having supported this journey across the transformation and around value creation. Patience has paid, but I remember every year of the way and remember every of the discussions we've had. Again, many thanks for the time when you supported us in those times of transition. Want also to mention that this value that we brought to shareholder, we brought it to our employees also, who own close to 4% of the shares and have benefited of that collective performance that realized and that has been recognized by the stock exchange. Just to close, to say that we have positioned Schneider to be the natural partner in sustainability of customers with practical solutions, clear leadership in electrification on one of the leadership position in the field of digital with an incredible portfolio, you know, the five integration that I've spoken to you many times in enabling the integration in a digital twin for our customers of their company. We see a lot of potential. We see a lot of potential in mature countries around the energy transition, Electricity 4.0, Industry 4.0. Everything will get connected, everything will get retrofitted, we see a lot of similar packages like the IRA, not only that, but in other parts of the world, stimulating this investment on the market. At the same time, new economies will remain the very center of urbanization, industrialization, and digitization. We see as a very important mission for us to bring clean electricity to the 2 billion people who don't have access to reliable electricity. We see also that in the next cycle, the resource-driven economies will benefit of a lot of resources to modernize every part of their infrastructure. Our strong place in Asia is a great asset for Schneider, as today in 2023, 75% of the GDP growth will happen in major Asian emerging market economies, and it's still only 25% of the revenue for Schneider. Still a large runway for progress as we look forward. Concluding, nothing has changed. We came to CMD recently to tell you this is a play. We are focused on electric and digital. We are developing new growth engines around service, software, and sustainability. We are very attached to the key parts of our DNA, the integrated but focused business model of Schneider. The partnership, we are the most partner-oriented company, the multi-hub, and ESG embedded everywhere in the company. Thanks for the journey. I'm even more excited about the next steps of the journey that I will accompany from May in a different sort of role. With that, I would like to go into the details of 2023 and hand over to Hilary. Hilary, the floor is yours. Thanks, Jean-Pascal. I look forward to continuing to work both with yourself and of course with Peter in your new roles. Turning back now to 2022 specifically, I'll start with some key financial highlights for the year. As Jean-Pascal said, we finished with record revenues of EUR 34 billion, up 12.2% organic, record adjusted EBITA of EUR 6 billion, and record net income of EUR 3 billion. On that net income, that's despite around EUR 300 million charges from exiting our Russia business. We also drove resilient gross margin in a very complex year, characterized by strong demand, strong inflation, and supply constraints. We continued progression in our adjusted EBITA by 40 basis points organic and drove some improvement in our cash conversion ratio. All of this translates into good progression on our ROCE. Turning to some details on our full year revenues, we finished the year at EUR 34 billion, up 12.2% organic year-over-year. Around 2.5 points of that was due to volume, driven by a strong pickup in volumes in Q4, with the rest due to the agile pricing actions we continued throughout the year. Sales and volumes for the full year were adversely impacted by around 0.5 points from Russia. Sales were relatively stronger in Energy Management, where we have lower exposure to supply constraints, up 12.9% organic for the year, with Industrial Automation up close to double-digit organic for the year at +9.5%. Both businesses finished with strong backlog, and I'll speak to that in a moment. Scope remains relatively immaterial. FX impacted the full year positively, driving reported revenues up 18% for the year, mainly due to appreciation of the U.S. dollar and Chinese yuan against the euro. As you can see in the footnote to this slide, based on current rates, which are fairly volatile in a couple of places, we'd expect that positive impact from FX to reverse in 2023, with revenues adversely impacted by around EUR 600 million-EUR 700 million and around -40 basis points impact on adjusted EBITA. We report on our backlog on an annual basis. You can see here the progression in that backlog over the past few years with a big uptick in 2022 due to supply constraints. We finished the year with record backlog of EUR 16.5 billion or around six months of sales versus an average in the past of less than four months. As we've spoken about throughout the year, we continue to believe this backlog is healthy. We don't see any uptick in cancellations, it reflects the continued strong underlying demand across our portfolio. Of course, this backlog will contribute to our growth in sales in 2023 as supply constraints continue to ease. Moving to the full year details of our strategic growth pillars, more products grew strongly at +13% organic, driven by underlying demand as well as price and backlog execution across many of our product lines, supported by a significant pickup in volume in Q4. In software and digital services, our agnostic energy management software business and our digital services grew double digit for the year, while AVEVA continued to drive positive sales despite our acceleration to subscription there. AVEVA finished the year with +12.3% ARR growth, the key metric we're following to track the transition at that business. We'll provide more detail on AVEVA's results when they finish their fiscal year at our Q1 2023. Field services were up high single-digit for the year, impacted by supply chain constraints, particularly as we chose to prioritize supply to our partners, with an as-anticipated strong acceleration in the second half and strong double-digit demand at year-end. Our sustainability business also finished strongly with more than 20% organic growth for the full year. I'll note here an exciting update in our Energize program, a unique collaborative effort managed by Schneider of more than 15 leading pharmaceutical companies with the goal to proactively engage with their suppliers to address Scope 3 across the industry. In November, Energize announced the formation of buyers cohorts in both the U.S. and Europe, who'll go to market together for renewable energy to begin to address the emissions from more than two terawatt-hours of electricity demand. This is a great example of the significant changes companies are driving in sustainability worldwide to meet their decarbonization objectives. 2022 was also the first year of our Capital Markets Day story, where we introduced another step change in our path towards building a hybrid digital company with a shift in our Digital Flywheel of connectable products, Edge Control, and software and services from around 50% in 2021 to around 60% by 2025. In 2022, we made good progress towards that goal, landing the year with 53% of our revenues now in the Digital Flywheel, driven by +20% organic growth in connectable products and +13% growth in Edge Control, both growing above the overall group. Software and services remained at 18% of group revenues, where we have effectively three dynamics. First, AVEVA, where we're transitioning to subscription and focused on double-digit ARR, that won't translate into revenue growth at those same levels in the near term. Second, our field services business, which is accelerating towards double-digit growth now. Third, our energy management software businesses and digital services, where we already have sales growing above that of the group. Our recurring revenue, another key transition goal from our Capital Markets Day, now stands at 36% of software and services revenue, driven by our focus on driving further recurring revenues, including our transition to subscription at AVEVA and our focus on driving recurring revenues and services, both through momentum in our digital services and recurring contracts in our field services. Overall, a very strong year in our transition journey. Turning now to our own sustainability performance, we achieved a score of 4.9 in our Schneider Sustainability Impact in 2022, outperforming our target of 4.7 and putting us well on track towards our goal of 10 by 2025. Key drivers of our performance for the full year were, first, our SSI number 2, where we target to help our customers save and avoid 800 million tons of CO₂ emissions by 2025. There we've hit 440 million at the end of 2022, with an acceleration to almost 100 million tons for the year. Our SSI number 5, where we achieved 45% of our packaging transformation goal to eliminate single-use plastic and shift to recycled cardboard, and our SSI number 9, where we've now provided access to green electricity to around 40 million people cumulatively since 2008, well on track towards our target of 50 million people. Turning now to the fourth quarter top line, we were up a strong 16% organic to EUR 9.3 billion in revenues, with around 5 points of that due to a strong uptick in volumes and the rest driven by continued agile pricing to offset inflation. In scope, you can see the impacts from the exit of our Russian businesses. Similar to the full year, we have a positive uptick due to FX, primarily driven by the strong U.S. dollar. Specifically on energy management, we were up +18% organic for the quarter, with particularly strong sales in North America, up 28% organic, with both U.S. and Mexico up around 30% and Canada up double-digit. This was partially driven by backlog execution, particularly in residential building, where we've experienced supply constraints and by strong demand across product lines. Field services also accelerated strongly. Western Europe was up 15% organic, with strong growth across all of the major economies, again, partly driven by an easing of supply constraints, but also supported by continued demand across product lines, but with continued softer demand for residential buildings and distributed IT. Asia Pacific was up 10% with China up low single-digit, despite the impacts there from COVID in the Q4 and supported by demand across most end markets, with the exception of residential building and backlog execution. The rest of Asia Pacific was up double-digit with particularly strong growth in India, driven by the good dynamics there across the portfolio. Rest of World was up 14% with both Middle East and South America up over 20% organic, with strong demand in almost all geographies across product lines. Turning to industrial automation, sales were up 11%, driven by some unlocking of constraints in electronic components and demand. North America was up 9%, but with double-digit growth in the U.S. in both discrete and process hybrid offerings, offset by industrial software, where we have the acceleration towards subscription, particularly at AVEVA PI or what was OSI. Canada had very strong growth in all offers, whereas Mexico was impacted by a strong baseline in process automation in 2021. Western Europe was up 18% for the quarter, supported by backlog execution and a continued strong demand environment in both discrete and process and hybrid. Process automation is now positive in all key geographies in Western Europe, excluding the U.K. Asia Pacific was up 7% for the quarter, despite China being down low single-digit, impacted by COVID-19 and a strong base of comparison there from last year. The rest of Asia Pacific was up over 20%, driven by growth in discrete and process hybrid automation, offset by industrial software. Rest of world was up 11%, with growth still relatively stronger in discrete, but with continued acceleration in process and hybrid, and again offset by negative growth in industrial software with the transition to subscription. Turning now to our P&L, we finished the year with record adjusted EBITA of EUR 6 billion, an organic growth of 14.4%, driven by our top-line growth as well as an expansion in our EBITA margin of +40 basis points organic to finish the year at 17.6%, also a record, and with a strong acceleration in H2 as supply constraints eased. This strong finish in a complicated year was driven by resiliency in our gross margin, as well as a decrease in our SFC to sales ratio. You can see here, despite that positive progression in our cost profile, we still stepped up our R&D to sales ratio by 30 basis points organic, focusing on innovation for our future and to drive our digital flywheel. To give a bit more detail, starting with gross margin, we finished the year with gross margin of 40.6% in a highly inflationary year or -50 basis points organic. You can see the impacts from inflation in a number of the bars of the chart, with EUR 470 million impacts from raw material appearing in our net price calculation and an additional EUR 605 million headwinds from freight, electronics, and other inflation impacting our productivity. We more than offset this inflation of around EUR 1.1 billion, as well as some additional inflation in production labor with pricing on products of EUR 1.8 billion. Given the tight supply chain environment, our industrial productivity was quite a bit below average at around EUR 148 million, but with a good pickup in H2, and we'd expect this productivity to continue to normalize through 2023 as supply constraints ease. Mix was also lower than in prior years due to the pickup in the long cycle business, as well as AVEVA's transition to subscription, with positive progression in our systems margins more than offsetting this. The second key driver of our adjusted EBITDA performance is our operating leverage, where we successfully closed out our structural savings program, and I'll speak a bit more to that in the next slide, as well as focused on strategic investments, particularly in R&D, as well as our own digital transformation and in commercial investments to support our growth. We'd announced an accelerated restructuring in 2020 with a target of EUR 1 billion in structural savings over three years. We finalized that program successfully in 2022, having driven just over EUR 1 billion in savings, with restructuring costs of around EUR 870 million, quite a bit below our original estimate of EUR 1.15 billion-EUR 1.25 billion. For 2023, we won't stop focusing on our effectiveness and particularly on digitization and simplification, but we don't currently have plans for another major restructuring program. Instead, we'll focus on ROI from the strategic investments we're making to ensure Schneider is future-ready. As a result, we'd expect our restructuring costs to decrease towards our target of around EUR 100 million per year starting in 2023. Turning now to net income, including scope and FX, our adjusted EBITA is up 21%. Below the line, our other income and expense was adversely impacted by EUR 287 million charges related to our Russia exit, aligned with prior communications, and a EUR 75 million write-off associated with the disposal of transformer plants. Restructuring costs were EUR 227 million for the year, similar to 2021, and I already mentioned the decrease we expect there going forward. Amortization of purchase price accounting intangibles was around flat year-over-year, and we'd expect these costs to remain at similar levels in 2023. In financial costs, we had a small step up in 2022 due to an increase in interest rates, and we'd expect this to increase by another around EUR 200 million in or up to EUR 200 million in 2023, with around 70% of that due to new debt to fund the buyout of AVEVA minorities. Our effective tax rate was 25.7%, including the impacts from the Russia charges. Excluding Russia, the ETR is 24.6% within our expected range, with the year-over-year increase primarily driven by geographical mix of business. This all results in a net income of EUR 3.5 billion, up 9%. Our adjusted net income, which excludes OIE, was up 16% and adjusted EPS is at EUR 7.11 per share, both at record levels driven by our strong results. Our operating results translated strongly into our cash flow from operations, driving it to EUR 5.4 billion, an increase of 21%. We did have a small uptick in CapEx in euros and as a percentage of sales as we invested for resilience and in capitalized R&D, and we'd expect some uptick there to continue. Working capital remains adversely impacted by the supply chain constraints, but with a strong improvement in the second half. Our days inventory outstanding decreased by two days, but remained elevated, aligned with our focus on serving customers. Continued management of our days sales and days payables also supported the improvement in second half cash flows. Free cash flow finished at EUR 3.3 billion, a cash conversion ratio of 96%. I'll mention here we've fully accounted for the AVEVA transaction in this year's accounts, which, with a purchase commitment impacting our equity offset by an increase in net debt. Despite this step up in balance sheet net debt, and we are funding the AVEVA acquisition primarily through new debt, so this is an okay proxy, our balance sheet remains strong, with net debt to adjusted EBITDA of 1.6x. This is historically a bit high for Schneider. However, based on our strong free cash flow generation, we'd anticipate this to normalize over time, similar to how it did post-OSI transaction. Driven by our results from operations, we continue to have a step up in our ROCE. Just to note here, we've now simplified our ROCE calculation to be calculable directly from our reported accounts with no adjustments. We finished the year with ROCE at 12.2%, an increase of 40 basis points. In terms of portfolio evolution, I'm also happy to announce we successfully completed our portfolio disposal program with businesses with EUR 1.7 billion of revenue sold. While we won't announce a specific new target for disposals, we'll continue to perform ongoing portfolio reviews on a biannual basis to identify businesses that aren't aligned with our strategy. Of course, we successfully completed the acquisition of our outstanding minority interest at AVEVA in January. In terms of our overall capital allocation, our priorities remain unchanged, with a focus on shareholder returns over the short, medium, and long term. As a part of this, we've proposed a progressive dividend for the 13th year in a row of EUR 3.15 per share. With that, I'll turn back to Jean-Pascal to give an update on our 2023 full year expectations. Thank you, Hilary. When we look at 2023, we see a continuation of strong and dynamic market demand, which is supported by the accelerating trends of electrification and digitization, accelerated by stimulus packages, accelerated by, as I said before, the concomitants of climate crisis and energy crisis. We coming from high levels, the demand in consumer-linked segments will continue to decelerate from the highs of the COVID time where people were always at home, particularly in mature market, but it's not a big part of our business, let's say 15%-20%. The government incentives across the world are centered around energy transition, around decarbonization, on improved energy efficiency, will support further growth. We have a high backlog that will support also the perspective. The supply constraints have started to ease in Q4 as we saw in the jump of organic growth to 16%. Improving supply environment should also support stronger underlying industrial productivity. I would say a normalization of the way we run the supply chain. We gonna be back in 2023 to a normal way of managing supply chains. We expect some deceleration of inflationary pressure after an exceptional year of 2022, with some pockets of inflation expected to remain. With that, we give a guidance of an adjusted EBITA growth of 12%-16% organic that will be architected around a revenue growth of 9%-11% organic for obvious reasons, due to the traction we have for the offers, the softwares, the services we deliver on an adjusted EBITA margin up by 50 to 80 basis points. Another year of 2023 dedicated to profitable growth and completely in line, actually above the line of our through the cycle target that we described in our CMD. With that finishes our presentation. I think I will hand over to Amit for the Q&A. All right. Thank you, Jean-Pascal. Thank you, Hilary. We move to the Q&A. We'll attempt to take question from each analyst if possible. As always, you know, be precise, try to be one question per person, and we come back time permitting. Operator, let's move to the first question. The first question, sir, is from Ben Uglow of Morgan Stanley. Good morning, everyone, thank you for taking the question. This feels like the end of an era. Before I begin my question, thank you very much, Jean-Pascal Tricoire, for maintaining a very consistent and open dialogue with the entire investor community. My question is kind of about the new governance structure. Can you give us a sense in terms of your own responsibility, what actually changes day to day? What are you doing differently? Is there any change in your locations? In terms of your responsibility, what do you expect to do more or less of? If I think back to the chairman and CEO relationship when you took over with Mr. Henri Lachmann, can you... You know, that was a sort of successful partnership for a number of years. Can you give us any sense of your timeline on this new structure? You know, are you... Is this essentially gonna be a co-role for some period of time? Thank you. Yes, thank you, Ben. I'll start by reciprocal thanks for the dialogue, the interaction on. I hope we stay in touch, right? We've been through so many things of this industry life over the past years. On governance, you know, I think one of the very strong element of Schneider recent history of the past 40 years is to have had three different chairmen in 40 years. This continuity has allowed to deliver performance and to be demanding on the short term, but at the same time to develop a long view of the destination of the company on the strong support to the transformations of the company. I've been personally through the two forms of governance, dissociated, associated, but when it was associated, it was always with a strong leading independent director, namely Léo Apotheker, Fred Kindle. They've been. We've had a very productive relationship beyond the era of Henri Lachmann, who was the dissociated chairman or he was chairman of the supervisory board as we are in a different form of thing. The way I see it is that my role will change a lot, right? I see Peter will be in charge from May. That means he's CEO, he has to propose a strategy, and he has to delineate the strategy. He will manage a team, he will respond of the results. He is in charge, like I've been in charge of Schneider actually since I was appointed as a CEO. My role will be to assist and advise on key elements like strategy, technology, on something I'm very attached to, is the human capital and the quality of leadership. I immodestly think I have an eye on that, and I can bring things because I have a deep knowledge of this industry, and I have a deep knowledge of Schneider. The other part of my role, but that's going to be as a support, will be to help on the contacts and the representation of Schneider, but that will be when needed. I'll keep a very special role in Asia, where I've had a frontline role over the past many years, actually, almost 30 years. From that point of view, I'll stay based in Asia as Peter will be based in Europe as main base. Then I'm going to be taking care of the board. A strong element of Schneider is the diversity and the competency of the board. Look at our board, it's probably one of the most diverse, and I would say brings a lot of expertise in software and digital as we look into the future on new energy, on sustainability. We are announcing a new arrival at the board today, Giulia Chierchia, who comes with strong expertise in sustainability on the energy world. She's one of the other example of a board which is extremely diverse if you compare to the other boards in our industry or the other boards in France. I'm gonna be in charge of animating this. Those are the main points. I'm gonna engage selectively on when needed and coordinated with shareholders when there is a specific case or a specific subject to review. You know, I've spent 36 years in the company, 20 years leading the company, building a great team, right? You know many of them. I want them to succeed. I want Peter to succeed. My role is to really support that success. I'll, I'm sitting here with Hillary who wi ll keep the journey with Peter, and feel so proud of what we've done together, driving through three difficult years and looking forward to the many years in front of us. All right. Thank you, Ben. Next question, please. The next question is from Phil Buller of Berenberg. Hey, thanks for taking the question and also best wishes, Jean-Pascal, in the role of chairman, of course. It's, it's probably a bit unfair to ask you to front run the capital market today as chairman, especially as it will be Peter's first. Strategically and from the chairman seat, is there any pivots or change needed strategically as we, as we think about passing the baton to Peter? It feels like capturing the market growth is, you know, well in hand. I'm wondering if strategically, if that's the key focus or if perhaps M&A may be a more important leg of the story going forward? Thanks. Luke, thank you for the question. I think what I explained is that it took us 20 years to pivot the company into where it should be, in terms of positioning. Very strong traction on electrification. The world will be electric. You are speaking about multiplied by 2 or 3 in terms of electricity in the mix of energy in the next coming 30 years. It's a true inflection point. On the Internet of seeing big data on the AI has just started. Priority is to execute on the base. The reason why we operate this transition now is that we are exiting 3 years of polycrisis, on high intensity crisis, and I feel we have now gone through them actually with a lot of agility, resilience, and we have a very strong position. With the acquisition of the minority share of AVEVA, I would say we've put the house in order. We've got under one roof all of our software that will keep autonomous, but we can really grow synergies on development to a much higher pace as we go forward. I wanted this to be done before I would transition. As I said, we are just on the right topics in the energy and digital world at a time where all of our customers have those double agenda at the top of their priority, digitization and sustainability. Priority is really to growth, organic growth, and to develop and to scale out what we have assembled. All right. Thank you, Phil. As we mentioned, the CMD is later in the year in Q4. Next question, please. The next question is from Andre Kukhnin of Credit Suisse. Good morning. Thank you very much for taking my question. Of course, many thanks from my side as well to Jean-Pascal for this fascinating journey over the last few years, and welcome to Peter. I have a few more kind of topics to cover on the CEO change, but I think I'll change gears and maybe ask about AVEVA, and come back to the purpose of that full integration and what you now see the business can do for the rest of Schneider Electric portfolio from the energy management side. Maybe is this kind of the sign of the for the management change in Peter's background, being more industrial automation and software-focused? Is this a signal of your kind of anticipation of maybe the buildings and construction world finally moving ahead into the digital and software era? Yeah, that's a very good, that's a very good point. First let's speak about AVEVA. We've said it already, so I won't be too long on that one. We are very attached to the autonomous model or the agnostic model of AVEVA as well as the other neutral software companies that we've assembled, the ETAP, IG, RIB, and so on. Everything that goes beyond the data layer or at the data layer has to be inclusive of all the controls on all the way on the market, and this is why we want a specific governance at AVEVA. Actually, today, Peter will be replaced at the head of AVEVA by the chief revenue officer, announced in it, Caspar Herzberg. Peter will be the chairman of AVEVA that he knows very well to ensure the same sort of continuity on the triple transition I was mentioning. The objective for us to bring everything under one roof is to accelerate on the transitions. Transition to subscription, transition to one platform. That doesn't mean that we want to integrate everything. We have to keep the specialization of the franchise, but our customers want one customer experience, one data hub, and of course, one digital twin, where we are the only company to be able to bring all over the life cycle of installations, the thread of process, electric cores, and energy on building into one repository. We won't change the essence, the autonomy, the agnosticity of our software companies. They will keep their specialization, but we'll drive faster subscription and convergence of those three elements, experience data on digital twin. That's it. Peter brings an overexposure, I would say, or a higher exposure to the fields of digitization on software. We see that what happened a long time ago in industry through Industry 4.0 is actually will happen and will drive that in Electricity 4.0. Making sure that all of our energy systems at a time where energy efficiency is, and energy resiliency is front and center for everybody at our customer, making sure that everything's connected, that data is reported, aggregated together with the process data, and that we offer tons of analytics on AI to analyze and optimize what's happening from the smart grid into smart homes, smart buildings, smart manufacturing, smart data centers, and smart cities. That knowledge and that capability has to spread everything into with our customers, and we see a terrific potential. Take where I am at the moment in France. France is all focused on decreasing its energy intensity. Only 6% of the buildings are equipped with intelligence. That's not uncommon even in countries like France. We've got a lot of runway there, and Peter comes with an exceptional experience in that field. All right. Thank you, Andrea. I know it is beyond the hour, but we will keep the call running so that we can take a few more questions from the other analysts. next question, please. The next question is from Gael de-Bray of Deutsche Bank. Thanks very much. Good morning, everybody. Look, Jean-Pascal, energy management is or has been your historical franchise for so long now and has clearly been the main growth driver for the group in the past few years. I was wondering if the appointment of Peter as new CEO could actually lead to a greater, you know, focus or strategic emphasis on automation, in the future. Also on the M&A side, I mean, we've seen some of your competitors moving into, specific fields, you know, including EDA, low-k test and measurement, metrology, supply chain management services, for example. In very, you know, multiple different directions. I'm curious to understand if and, well, what is in your M&A pipeline, in terms of new, visionary, potentially game-changing technology additions? Thank you very much. Gael, thank you for your question. First, to correct the perception, Peter has been exposed as much to energy management as to automation. Especially when he was in China, he was directly in charge of energy management. Not for Schneider at the time, I still remember it. So I can tell you he knows the sector very well. From the strategy I described from very early on, probably 20 years ago or 15 years ago, I don't see a silo or a separation between automation and digitization on energy. We see everything in energy being connected. Everything that we are coming out, even small objects, will be connected because it's the only way to optimize energy. It's the only way to make energy safer. It's the only way to make energy resilient. The great thing is that we have a huge presence in the key objects that control energy, the breakers, the contactors, the drives and so on. We are super passionate in making sure that everything gets connected from the design to the build to the operation and maintenance. Everything when it's in industry and infrastructure, the cockpit of that convergence of energy and processes, industry automation. When we are in the other application data centers, buildings, and even homes, the cockpit or the core of the nexus of that is our energy control centers. We've got everything, and we've got everything integrated from long time. Even it conditioned the whole way we design our organization. We don't have vertical divisions for energy or automation. We integrate at the level of our customers, everything into our customer and sales organization. On M&A, I might repeat myself, but we have the portfolio. We have what we need, and we have just finished a very strong investment to accelerate AVEVA, a very high investment, and we see the future in scaling out what we have assembled. Our portfolio is reoptimized for what we have to do. We put here and there some adding. Some as you saw more recently, we had been more with early cycle, startups that we help developing, but they are small, respect to what Schneider is. What we want to do is to scale, the huge, the fantastic portfolio we've put together. All right. Thank you, Gael. Next question, please. The next question is from Jonathan Mounsey of BNP Paribas. Thanks very much for extending the call and fitting us in. Thanks to Jean-Pascal for all the years and communicating so effectively the strategy and also executing on it. The company is really in good health as you hand over to Peter. In terms of questions, just really wondering in terms of the guidance, obviously impressive on the top line. I wonder if maybe Hilary could give us a bit more color about what that means for free cash flow conversion in 2023. I guess when you grow that quickly, often, actually, we saw one of your rivals, well, I mentioned it, Siemens, having a very poor cash flow in calendar Q4 on the back of very strong growth. Is your growth likely to impact your free cash flow this year? Are we likely to see some sort of drag from working capital to deliver that kind of top-line growth, or do you foresee a very solid performance in 2023? Sure. Thanks. Obviously we don't give free cash flow guidance, and I don't think we'll start today. We have a couple of dynamics in the free cash flow. I'd spoken at the EUR 3.3 billion that we had in 2022. We're still below the around 100% cash conversion that we think we should be at, even in a growth environment. In 2023, we'd foresee a couple of things. First, still some regularization on the inventory side. Like I'd mentioned, we're still not even including the addition in safety stock we'd like to have on a going-forward basis, we're probably not where we'd like to be. That's an opportunity for us from a working capital standpoint. While at the same time, of course, we would expect, not in days, but in absolute EUR, that we're going to make some investment in order to support the demand going forward. Overall, I would say no reason to believe that it won't be a strong free cash flow year. In 2023, we'll continue to target the around 100% cash conversion that we talked about in the Capital Markets Day over time. The one point I would make there is that in CapEx, I did note we expect to have a little bit of an uptick, and we've talked about that as we focus on resiliency and we focus on capacity associated with the demand. Net-net, I don't think any reason that we would feel uncomfortable with the cash conversion that we usually target in 2023. All right. Thank you, Jon. next question. The next question is from James Moore of Redburn. Yes. Good morning, everyone. Thank you for the time. Jean-Pascal, it's been so many years. You taught me a lot. Thank you very much. You've been a visionary, real leadership on so many topics, data centers a decade before others, energy efficiency, sustainability. As you know, I've always been pushing you on the margin and the ROIC, so I don't wanna stop now. On the margin, one on this year and one on the longer term. On the scope, Hilary, you mentioned EUR 750 for disposals and a 30 basis points negative impact. I think that implies EUR 230-40 million of EBIT for that disposal, a 31% margin, which seems strange to me. Can you say what the margin is of the revenues going? Jean-Pascal, on the longer term picture beyond the current target frameworks, where do you think the margins and returns of the business can get to in the longer term steady state? I'll go first on the -30 basis points. If you recall, you know, at least around half of that, if you recall, is we exited our Russia business in 2022. Not part of our planned divestment program, obviously. That was a company that performed at actually around the same or even a bit better than the overall margin of the group. As expected in my mind that we'll have the, we'll have the scope impacts there. The rest is associated more with some earlier stage acquisitions that we've talked about in order to make the company future ready. Net-net, we have that -30. But of course, in terms of organic progression, that's something that, you know, we're looking at both our organic progression as well as the overall, adjusted EBITDA that we forecast for the year. Now in terms of margin, I think 2022 was a very special year where we faced a surge in costs, which was exceptional. I think two years we've been facing EUR 2 billion. Of course, it's never happened to that magnitude. We've given in the CMD our perspective, not our perspective, our commitment, to improve the margin every year as we keep growing more accretive part of our portfolio. Refocusing the company, sometimes, we are divesting very profitable part of the company, but that makes us better because in the future we're gonna be more focused and we get the cash of it, of that. Of course, was not the case in Russia, which is a very different case, which was, which is a war. That's the choices that we are operating. Otherwise, we want to develop software, which is gonna be accretive. We have the biggest franchise in products where we keep investing in R&D on connecting things, which is creating value. You've seen the increase of connected products in the Digital Flywheel that Hilary has shown. It's quite impressive in one year. That means both the unlocking of the supply chain on electronics, but it means also that customers are ready to buy that and pay for it. Once it's connected, it's creating a recurring flow of business. You've seen also the jump from 30%-36% of recurring revenue in software on services, which are also very promising for the future and what we can create on the top of that. That's what I would say. We stay committed to our objective of every year increase of our profitability, which is both due to what we do in operations, cutting costs and getting better on delivering more productivity. At the same time, changing the mix of our business, the mix of our business model towards more services, more subscription to get more profitability. What we see in 2023 is that while we are not yet there, we should be coming back to a more normal regime for our supply chain. Our supply chain, when it's running in the right environment, is delivering a very solid productivity. All right, next question, please. The next question is from Daniela Costa of Goldman Sachs. Hi everyone, this is actually Ethan on Daniel's line. Just a quick question on pricing. I just wonder, in your guidance for organic sales growth, how much pricing implied there and also for the margin guidance as well? Thank you. We have, in terms of pricing, we have, good carryover into 2023. We wouldn't expect the similar year of pricing like 2022, 'cause we mentioned, we expect a deceleration in inflation. We expect a number of points of price carryover that would reflect in the top-line guidance, but we also expect an easing in the supply constraints as well as continued good demand environment. In all pieces of that top-line guidance we've given, we would expect the bigger majority in terms of volume contribution versus price, again, with a healthy carryover of price in 2023. In terms of margin, you know, at the moment we're in an inflationary environment, so as you could see on the gross margin line, quite a bit of the pricing that we're doing is more associated with inflation, so that's not really impacting our bottom line per se. In 2023, while we expect some deceleration in inflation, we have some acceleration in other places. Again, net-net, I think the pricing that we're doing there, is primarily in inflationary. All right, probably take another 1 or 2 questions, if there still are. Operator, do we have another question? Yes, sir. The next question is from William Mackie of Kepler Cheuvreux. Yes. Good morning. Thank you for the time, and I can only echo the many comments of what an amazing journey over 20 years, Jean-Pascal. My question comes to the Asia. During your introductory comments, you again highlighted 75% of GDP growth from Asia and 25% of Schneider's footprint, and you said lots of scope for expansion. Could you perhaps elaborate, given your extreme knowledge of the region, where you see Schneider's growth potential and path in the next stage of the journey, and perhaps more specifically into 2023, how you might anticipate China to recover from the challenges of 22? Thank you very much. Yeah, thank you. Look on Asia, I don't want just to state the obvious, but 60% of the world population, 50% of the world GDP, biggest cities on urbanization progress at the moment, on the real sensibility to pollution and on climate change because it becomes really, really visible and tangible in the life of the people. We've developed an incredible presence in Asia. China is our second-largest business, but I'm very proud of what we did over the past 20 years in India, who is now our third-largest business. We do a lot and we develop a lot in Southeast Asia. You had a question about China. China has been really impacted by the Zero-COVID policy on a number of factors in 2022. Our China is still positive in 2022 and recovered forcefully from the lockdown. I have to share that our workers in China spent six weeks in the factory to keep it working, whatever the difficulties, to give you an example of the commitment of the teams. What I see, it's still difficult to read, but what I would forecast in China is that China will be a strong contributor in 2023 to the performance. I forecast a slow Q1, which was already impacted in January by Chinese New Year. As it was the first time in three years that people could travel, that Chinese New Year be a bit longer than usual. Actually, a very positive sign is that in Chinese New Year is always a test of the commitment of people to economy, that people are back from their hometown after Chinese New Year sometimes. In other times, they will have a rate of return that was variable here. They all come back. They want to participate to the restart. Since the consumer, Chinese consumer, is eager to consume, and that will trigger a lot of trickling in the economy to go out, and probably more domestically at the beginning than internationally, but international will follow. I think the new government of Li Qiang, who comes from economically thriving provinces, speak about Zhejiang, Fujian, and Shanghai, will be keen on stimulating the economy for a stronger development of the GDP. We see a recovery in China as we go forward with a reservation on the first quarter because we are still in the sort of aftermath of Chinese New Year, Zero-COVID, and so on. Very optimistic about India. Actually on my way to India after this call, because we have a very strong presence here. On which country is better for Schneider than India, where you have huge need for electrification on development and at the same time, probably the most apt country in the world at scale on digitization. Bringing those two equations together, and we have plenty of partners on very strong franchise on the very, well, deep penetration of Indian cities, Indian places. We are very local in India. 60% at least to 70% of what we sell in India is developed in India and has Indian characteristics. It tells you about the level of localization we've affected in India. I'm also very bullish about everything which is happening in Southeast Asia, where we have very strong countries and very strong presence in all aspects, right? Industrial, commercial. Southeast Asia had been really impacted by COVID-19 policies, and now they are emerging out, and I see quite a lot of potential here. I'm not forgetting here North Asia with Japan, where we have big partnerships and strong R&D present in the country. Taiwan, where we as a region which participates also which has been developing a lot around semiconductors and we participate to that development. I see a lot of potential that stays in Asia and Asia has really understood that combination of digitization and electrification, and they are submitted to the pressure of imported energy at high prices. There is a strong push there to evolve and to transition the model. All right, thanks. Well, I'll probably squeeze in one last question if there is, please. The last question is from Eric Lemarie of CIC. Yes. Good morning. Thanks very much for taking my question. Just one question on China, with all of this geopolitical news we get nowadays. What can you do at Schneider to deal with an embargo in China? Can you relocate some production, adapt your supply chain here? What would be your option there? Actually, what is the percentage of cost of goods sold at Schneider today supplied from China? Look, we have structured very early on China for China. Really what we produce, what we manufacture in China is dedicated to the China market. More and more of our products in China are done China for China. Our digital space in China is mostly China for China. Consider China is a continent, and it's such a large economy, to a point it's the same as what we do in the U.S., that the overwhelming majority of what we do in China is designed in China, manufactured in China, supplied in the China. We've very early on not counted on China for our global supplies. That's what we've put into place. My personal opinion is that if there is an embargo in China, then it's a completely different world, and Schneider is autonomous. I think all the other supply chains would be a compromise. I don't think it would be very reasonable. Let's stay cool and calm. In the case of Schneider, because of the size, the scale, and the growing difference in innovation, in digital spaces and everything, we've structured from very early on China for China. Take the past three years, China borders were sort of closed by COVID, and our teams managed China beautifully, and they manage it from themselves, with themselves, with their own forces, and will keep doing like this. Well, all right. I think, I just wanna thank everyone for their patience with this longer than normal call. You'll see on the slide that, you know, we have a bunch of events and meetings lined up. This basically takes us through the first half of the year. We're gonna embark on the road show soon after in the coming weeks. Look forward to seeing many of you, and please reach out to us if you have any further questions. Amit, if I may, there were plenty of nice words, I thank you for those nice words. I have as many nice words for you all for the discussion with you all, analysts, investors. Again, many thanks for the patience for my accentuation of English, for my direct speaking, it's always been a pleasure, you've been a source of inspiration. In the next coming two weeks, I'm gonna be meeting some of you during the roadshow. On his side, Peter will be taking the next two months really to relearn Schneider and transition properly AVEVA. You're gonna have plenty of him from May, and I'm gonna make sure, and I'm gonna be supporting with all my forces a very successful transition with him and with the team. Look forward to seeing you and stay in touch. Thank you. Thank you all.