Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the doValue first half 2021 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Alberto Goretti, Head of Investor Relations of doValue. Please go ahead, sir. Good morning, ladies and gentlemen. As the new head of investor relations, I'm proud to welcome you to doValue's first half 2021 financial results, presented by our CEO, Andrea Mangoni, and our Group CFO and General Manager of Corporate Functions, Manuela Franchi. Andrea will take you through the latest developments on doValue's business positioning and economic results before handing over to Manuela to discuss on our financials. Following the presentation, we will be glad to answer any of your questions. Now let me pass it through over to Andrea. Thank you, Alberto, and welcome on board. Good morning, everyone, thank you for joining us today. Starting from page two of the first half of 2021 result presentation, I would like to comment on the positive developments we have achieved in the recent weeks. As well as to remind some of the thinking behind our vision for doValue as a leading and reliable servicer for the financial industry. At the very start, 2021 was all about rebound and the normalization of business conditions after an unprecedented crisis which struck the society on a global scale. Nevertheless, we never stopped focusing on business development and organic growth, working in positioning doValue as the go-to servicer for banks and investors even in a post-COVID world. As you know, we expected that despite a strong rebound of the GDP growth, the weakest sector and segments of the economy will be still struggling to cope with an uneven recovery and the end of supporting measures from the governments. This is why our forward flow contracts across four countries continue to underpin our asset under management, adding EUR 2 billion of GBV despite several moratoria still in place, reaching the target of the full year six months in advance. New mandate winning stretch is very satisfactory with EUR 5.2 billion of new business, especially in Italy, where we command a solid 75% market share on the new GACS assigned to third party servicer. Attestment of our leadership and quality of service, growing our market share in the sector. Taking into account forward flows and new mandates, we are adding EUR 7 billion of GBV, which is more than enough to replenish collections and write-off for the first half, stabilizing the AUM without any extraordinary transaction. We are participating in a consortium with Fortress and Bain, which has been selected as the preferred bidder for the Frontier portfolio. It means EUR 6 billion with an exclusivity window, which will likely lead to a binding agreement very soon. Financial results and operating results were also satisfactory. Gross revenues stood at EUR 245 million, and EBITDA ex NRI at EUR 73 million in the first half of 2021, with a strong growth year-over-year, respectively of 54% and 104%, driven by the consolidation of doValue Greece and a pickup of the collections activity, which was severely impacted in the last 15 days of March 2020 and the whole second Q last year. Also on a pro forma basis, good growth is confirmed. We are particularly proud of the results of doValue Greece, which is showing better than expected collections and higher profitability than buy side case. Net income is also growing along with EBITDA, despite higher D&A and financial charges related to acquisition, highlighting the financial sustainability of our M&A strategy. On the back of these results and favorable market condition, we worked rapidly to improve our financial structure by issuing new EUR 300 million notes to refinance our existing banking facility to sustain the average duration of our debt structure. We are very proud of the strong interest drawn from this deal, which added top-tier institutions to our investor base. Cash generation continued to be sustained in second Q, even after a partial reversal of net working capital, low seasonality, and payment of EUR 2,001 million dividend. 21. EUR 21 million. Sorry. It was an [audio distortion], but it's just EUR 21 million. Okay. In fact, we further reduced our leverage ratio from 2.6 times at the end of 2020 to 2.4 times on the back of stable net debt and a pickup in LTM EBITDA, a trend which will continue as we head toward the end of the year. On page three, we show a focus of the new AUM coming from forward flows and new servicing mandates in the first half. As you may remember, we forecasted a conservative target of EUR 2 billion for 2021 to account for moratoria and other debtor relief measures still in place in our market, whose lift-off and effects were not predictable yet. First half ended with forward flow of EUR 2 billion, already reaching the full year target, highlighting how signs of distress are still lingering in the economies as certain supporting measures are being rolled over. The shock caused by COVID will have long-lasting consequences for the industry, and we are seeing our major clients keeping on carrying out their de-risking process with important transactions where doValue can claim a leadership position. First half 2021 ended with a solid intake of EUR 5.2 billion of new mandates, adding to the onboarding of the Icon portfolio for EUR 2.6 billion. We're on track to reach the target of new mandates of EUR 7 billion-EUR 9 billion for 2021. New GBV was especially good in the Italian GACS market, where we have been awarded with over EUR 3 billion in Q2, a 75% market share on the new GACS mandate from year-to-date. We are particularly proud of this result as the Italian GACS market is considered one of the most competitive. While in the past we felt pressure on margins owing to new entrants, we are now reaping the fruits of a consistent strategy aiming at keeping the bar high when it comes to quality of services and performances. As the consolidation of the banking sector in our key market is taking place, we will see more disposal of portfolio and possibly favorable developments for doValue as our partners are solid institutions with acquisitive strategy in the consolidation game, which could add additional flows for doValue in the future. On Project Frontier, as you have known from the press, we are partnering with Fortress and Bain. Our consortium has been selected as preferred bidder with major chances to be awarded the contracts in the coming weeks. Project Frontier would represent a game changer as this is the only major hubs of transaction in Greece, which will be awarded in the open market without any exclusive agreement or platform sales. On page four, we want to give you some updates on the ongoing normalization process of our collection operations. In the left part of the chart, you have monthly collection for 2019, so pre-COVID, 2020, affected by COVID from March onwards, and 2021 in Italy and Spain. Greece has been excluded, being difficult to have constant and comparable perimeter within that time frame. In Italy, collections in the first half are up 23% versus the same period of 2020, but still down 50% against the pre-COVID level of 2019. Social distancing measures are still affecting the normal functioning of courts, and the moratoria on evictions and foreclosures is preventing us to collect properly certain secured portfolio. With this respect, one very positive development has been the sentence of the Constitutional Court, which has declared unlawful the freeze on evictions, paving the way to a healthier environment for collections on secured portfolio from July 22nd. The vaccination campaign is allowing to increase the number of hearings due to more limited social distancing measures. As per Spain, REO sales are less affected by court activity and foreclosure. That's why collection has recovered and exceeded year to date 2019 by 8%, while they are up 76% from the same period of 2020. In the right side of the slide, we resume the status of the supporting measures in the jurisdiction where we operate. The legislation is still very favorable and supportive for debtors, although in a less widespread and more silent way. Moving to key financial figures on slide 5, you will notice how the post-COVID recovery is consolidating with a solid accelerating growth in both revenues, EBITDA, and net income. Gross revenues were up 54% to EUR 254, was + 47% in Q1. While year-over-year is benefiting from comparison with a semester which include only one month of doValue Greece, even performing first half 2020 for the acquisition of doValue Greece, results are showing a positive trend with gross revenues up 40%, thanks to doValue Greece, which is performing ahead of business plan. The profitability in first half was good, with EBITDA amounting to EUR 73 million and a healthy 29% EBITDA margin over the semester. As collection will grow further, leading to seasonally stronger quarters, we think this is a solid base to reach pre-COVID profitability levels. Net income items growth significantly, swinging from a negative result of EUR 8 million to a profit of EUR 14 million, despite higher financial changes and D&A originating from our acquisitions. This is thanks to our healthy approach to M&A, with financial sustainable and accretive acquisition, even with a very conservative approach when it comes to purchasing price allocations. If sequential and year-over-year growth will stay the same in second part of the year, supported by further relaxation of distancing measures and pickup in economic activity, we will be well on track to reach consensus figures for 2021. Moving to slide six, I would like to point out how the positive cash generation feature of 2020, which is resulting from a shift to professional investors, customers, and consolidation of doValue Greece, is continuing to underpin our balance sheet. In the first half, operating cash flow was at EUR 37 million, and net cash flow in first half stood at EUR 23 million, bringing our leverage ratio on a pro forma basis to 2.4x with EUR 388 million net debt, even after payment of 2001 dividend. Sorry, 2021 dividend. This is a further improvement versus 2.6x net leverage ratio as March 31st. On the back of these results, we further strengthened our financial structure with the issuance of EUR 300 million notes refinancing our banking facility. The issuance, which draws significant interest and was 2.7x oversubscribed, will allow us to be more flexible to deploy our M&A strategy and to remunerate our shareholder. Still within the parameter of a very prudent financial policy, which distinguishes us from a more leveraged and riskier player in the credit management sector. As per M&A, after the first investment in a Brazilian fintech named Quero Quitar, we are reviewing other interesting targets in the PropTech and big data. After digesting our Greek and Spanish acquisitions with leveraging eating south of 2.5 times, we will monitor closer in market consolidation opportunities in Italy and Spain. M&A is not a purpose in itself. Our main filter will always be shareholder value creation, and we will not pursue external growth at any cost for the sake of deploying capital. I will now hand over to Manuela, who will take you through the first half of 2021 results in more detail. Manuela, the floor is yours. Thank you, Andrea, and good morning, everyone. Starting from page eight, we are pleased with these results, which show a consolidating recovery path and the start of a sustained growth in profitability. With our leadership position in the most attractive markets of credit management and a sound balance sheet with access to that capital market, doValue is ready to fully benefit from a post-COVID environment, with the first half bringing already tangible results. In 2021, GBV reached EUR 159.5 billion, making us the clear number one independent servicing in Southern Europe. GBV substantially stable despite strong collection in the semester, with new mandates and forward flows stabilizing asset under management, with balance in flows across all countries and asset classes. Adding awarded mandated to be onboarded yet, GBV would stand at a record EUR 163.7 billion. Gross revenue are up 54% to EUR 254 million, sustained by continuous pick up of collection and a larger consolidation perimeter. The cost base is increasing due to the larger perimeter, including doValue Greece, but is slower on a relative basis, thanks to the ongoing cost reduction program. EBITDA e x NRI has reached EUR 73 million, with a + 104% growth year-on-year, and an EBITDA margin of 29%, up from 22% of the first half 2020, and in line with the EBITDA margin of first Q21, despite seasonally weakness of first half. Bottom line is healthy, with net income x NRI at a positive EUR 8.5 million, driven by higher EBITDA and partially offset by higher D&A and financial charges. On D&A and bottom line, let me remind that we allocate much of our purchase price to the SLA contracts, which depreciate in a predictable and planned way. This is a non-monetary item of EUR 38.3 million in first half 2021. Cash flow generation continues to be strong. After payment of a EUR 21 million dividend, despite an expected reversal of the positive net working capital dynamic, which is normal in the first half following advanced payment cashed in first Q 2020. The leveraging has been above expectation, with net debt to pro forma EBITDA on a reported basis limited at 2.4 times from 2.6 at 2020. On page nine, we describe the moving parts of our GBV. On the positive side, we have added EUR 2 billion of GBV coming from forward flow agreement, automatic transfer of NPL and early arrears coming to us each month from our four main banking partners. Having already reached the EUR 2 billion target for the full year, despite the extension of the moratoria and measures to support the economy in Europe. We will definitely exceed targets for this component. First half 2021 ended with a solid intake of new contracts of EUR 8.6 billion, including the onboarding of the Icon portfolio for EUR 2.6 billion won in 2020, EUR 1.9 billion of contracts onboarded and won in the last semester, and EUR 3.4 of secure contracts in the first semester of 2021, yet to be onboarded. This makes the target of new mandates won of EUR 7 billion-EUR 9 billion to 2021, within reach. Please remember that these targets does not include Frontier, we don't include in this target contract already won in 2020 and onboarded in 2021. New GBV was evenly distributed across countries and asset classes with EUR 1.1 of new NPL in Spain coming from Spanish banks, EUR 3.4 billion new mandates in Italy, mainly GACS, and EUR 200 million in the Hellenic region. Andrea has already mentioned Frontier, which would bring total GBV under management very close to EUR 170 billion mark. Collections were at EUR 2.7 billion, picking up pace in the third quarter, while write-offs were at just EUR 0.9 billion, and sales by banking clients at EUR 1 billion. In conclusion, Gross Book Value under management continues to develop positively, topping EUR 163.7 billion when including won mandates to be onboarded. On slide 10, we summarize the key certification of our AUMs. Year after year, we achieve greater diversification by market, asset class, and client, while maintaining the distinctive features of being one of the most secured corporate portfolio in the industry. We now cover all the most attractive markets in Europe, while also being diversified. Italy is under 50% after the recent developments in inflows. In our client base, you find the top systemic banks and investors in the region. This should translate not only the ability by doValue to capture a significant portion of new mandates in the market, ensured by the recent market developments, but also to establish a long partnership with shareholders such as Fortress and Bain. We believe that to have clients which are consolidators in the banking industry will have also benefit to our future inflows by eventually consolidating the inflows of the targets. With this respect, please note that the GBV size is not necessarily a good proxy for value at stake, as different portfolio carry different profitability. We received a lot of inquiry on the Sareb contract, and we can now announce that the renegotiation process has officially started at the end of July and is expected to complete by the beginning of 2022. On page 11, we look at the main components of revenues. On the left-hand side, outsourcing fees are stable. On the right-hand side, we highlight a key point of our business model. Base fee are up 1.4x in absolute terms compared to the first half of 2020, thanks to the inclusion of doValue Greece, and slightly down from 39%-35% as a% of total gross revenue. Thanks to our exposure to markets such as the Iberia region and the Hellenic region, with much higher average fees, the base fee component is now a significant part of our P&L, which smooth volatility not only in downturn period, like COVID, but also seasonality different quarters. A focus on cost on page 12. We have built an operating platform based on skilled asset managers and a scalable IT platform, meaning that our cost base is mostly fixed with high degree of operating leverage. With collection volume growing dramatically versus 2020, we can deploy operating leverage with a sleeker platform and reduce the impact of HR and SG&A cost. On relative term, every cost item has reduced comparing to first half 2020. HR costs are steady as a percentage of gross revenue compared to the first Q. Our outsourcing partnership with IBM is continuing to yield its results, implying lower IT costs. On slide 13, the main results by geographic area, although Andrea already commented on the monthly collection. Collection rates, which are on an LTM basis, continue to increase in 2021, following up on the recovery trend started in the second half of 2020. Stock collection rate for the whole group increased from 3.3% in Q2 to 3.7% to H1. Please note that the data on the stock collection is impacted by the inclusion of the Alpha portfolio in Cyprus of EUR 4 billion, which is now computed as stock GBV due to the decision of Alpha to dispose it in 2022 and present structurally lower collection rate compared to other portfolio in the Hellenic region. One key element stemming from this slide is the accretive contribution of doValue Greece in group margin. In the region, we are already at 46% EBITDA margin, continuing to grow profitability in line with our acquisition business plan. Next, on slide 14, the working capital and net financial position. Working capital has increased slightly by about EUR 8 million in first half, lower than expected due to concentrated advanced payment at year end 2020. Net of this effect, our operation continue to show very low net working capital requirements due to a structural client shift to our investors and by international expansion in Greece, where a portion of our fees are prepaid quarterly. Regarding the debt, I would highlight that leverage is developing even better than our expectation in this semester. Now that we have refinanced the banking facility with another high bond issue, we have all the flexibility and headroom to weather temporary drop in EBITDA or fund M&A transaction without having to ask for waiver. On this, let me point to slide 15, where we show an updated debt capital structure. We have no cash outlays and no refinancing needs, until 2021, when our first EUR 2,016 million bond will expire, and 2026, when another bullet payment for EUR 300 million in 2026 will come due for repayment of our second bond issuance. Even after accounting for recent cash outlays for the repayment of the Spanish tax claim and the dividend, our cash position stand at EUR 156 million Complemented by undrawn RCF for approximately EUR 85 million. Let me remind you the reason for the refinancing of our banking facility. Rationale for senior facility agreement refinancing in 2021 were, first, as noted, the removal of the financial maintenance covenants associated with the banking facility, which allows for more flexibility still within our financial policy for M&A and dividends and reduced liquidity risk in case of a sudden drop in the EBITDA. Second, market conditions were really good, and we managed to significantly increase the duration of our debt while only increasing the cost by 65 bps. As a result of no principal payment until 2025, we will be able to pile cash to deploy for M&A transaction, or if an opportunity will come, for dividends. We managed to obtain a tailored structure which would become unsecured and unguaranteed automatically if the next year upon refinancing of the SSN 2025 allows for further flexibility. We keep strong relationship with our banks through our RCF lines. A comment on net debt on page 16. Just highlighting our healthy cash flow generation of EUR 23 million in the semester. Capital expenditures stood at EUR 7 million, in line with expectation, and historical average in relative terms to our sales. We already talked about net working capital. Net debt at the end of June is negatively impacted by the payment of the dividend for EUR 19 million cash out, and positively by the divestment of certain securitization notes, both at 2020 and subsequently sold with a capital gain in February 2021. Thank you to everyone. We are now available for questions. Excuse me, this is the Chorus Call Conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Borja Ramirez of Citi. Please go ahead. Good morning. Thank you for your time. I have two questions. Firstly, there seems to have been an improvement in the collections during the month of June, which is very encouraging. Could you provide more details on this, and also for the outlook into the second half of the year? Linked to this, if you could kindly provide any indications for revenues for the year, as the consensus expectations could possibly not be capturing all of your potential. My second question is, you beat your forward flows target for 2021 already and have potential to beat the target for gross book value flows from new contracts for the year. Also given the bank's plan, the NPL disposals that have been indicated in the recent Q2 results. Do you expect the new mandates for the second half of the year to be better than the EUR 5.2 billion achieved so far? If this is the case, could you provide any updated Gross Book Value inflows target? Thank you. Good morning, Borja. Going back to your question on improved collection in June. This is due to several factors. One, as highlighted in the chart where we show the performance of Spain. Spain is now out of restriction in terms of limitation onto activities in the courts. Also, the vaccination has probably started more efficiently than in Italy. Therefore, the number of hearings and the activity on the legal side has been very strong and trying to recover also the past, so 2020 performance. On the REO side, as mentioned before, this was not affected by those measures. All in all, the results in Spain on the REO and collection side have been outperforming our expectation. Greece has continued on the over-performance that was already there in the first Q, while Italy has been more aligned with budget, given that the measures on vaccination and on the first half mortgage have only been effective at the end of June. We will see a stronger improvement after June on the Italian side. In terms of outlook for the year, while we confirm a bit that consensus, we think probably the mix between the revenue and the cost could be a bit of higher revenue and slightly higher cost confirmed the net levels we have said. On the cost side, the only points we would stress the attention are well-known in the sense that we have flagged in the past, but we still see analysts probably underestimating a bit the HR component. Considering that in last year we had benefit from EUR 3.4 million for furlough schemes in Italy, which reduced the HR cost by that amount, and by a significant reduction in the variable HR cost at 6% for 2020 over total HR cost base, compared to 16% in the year before. Obviously these line items will go back to similar levels this year without the EUR 3.4 million addition. Moving now to your second question. We are confident that the EUR 7 billion to EUR 9 billion target will be reached. We don't feel like going over giving additional estimates on top of this, because taking into account that, as you have appreciated now for some time, our business in terms of mandates won takes time up to the revenue recognition. It starts with the phase of pitching, winning the business, preparing the transaction, which takes, especially for GACS, four to five- months, and then the onboarding phase, which can, depending on the client, depending on the type of portfolio and the complexity of the file, can take between two and six months. Taking that into account, the activity that was done in the first half has proven very successful. We have a pipeline still for the second half, and we have Frontier, which is not an easy execution, in case we achieve a successful outcome. All in all, these two items would bring the positive and extraordinary results of 2021. Let's stress on Frontier why it's a complex execution. You are moving a portfolio from a bank which has never been securitized before, has never done securitization before, to a new servicer, and also to new investors. We are also doing here an IT change. Completely moving also the core banking platform to a new one, more efficient and in line with Italian IT platform. To have a common platform on the core banking side across the three major countries, Italy, Greece now, and Spain next year. To leverage and improve and reduce the IT cost for next year, reduce the cost to manage it, and the positive consequence of the case. All in all, from an operating standpoint, quite challenging, but rewarding at the end of the journey. Very clear. Thank you very much. The next question is from Nicholas Binda of Intermonte. Please go ahead. Good morning. Thank you for the presentation. I have three questions. The first one is looking at the early repayment of a banking loan. I was wondering if this will generate some one-off on P&L in the second part of the year. The second one is on the net financial position. I noticed that change in other asset liability generated EUR 20 million negative impact in the first part of the year. I was wondering if you could provide us some colors on this and your expectation for the remaining part of the year. Finally, on the Project Frontier, I was wondering if the potential benefit derived from the Project Frontier will start from 2022, or there could be some impacts also in 2021 given the complexity of the business and the project? Thank you. I will take the last one. No, Frontier will have no impact this year in terms of EBITDA. We can have some onboarding costs in the last quarter of the year, but it will be not material. The impact of the project on the EBITDA will start First Q of 2022. Going to your other two questions. By the earlier repayment of the banking facility, we don't have prepayment costs, so no cash effect, because our facility was pretty flexible, so that it allowed early repayment with no transaction cost. The only non-cash item you will see is around EUR 5 million related to the amortized cost of the facility. As you have noticed in the past, we used to have, in the interest cost line, two components. 1, the actual cash interest, and two was the initial cost to set up the facility, which was sustained in one case in 2019 and the other in 2020, which is cashed out in the year the cost was taken, but it's amortized over life. This obviously disappears with the dismantling of the facility, and the non-cash effect is the one I mentioned. The net financial position impact related to assets and liability, it suggests a reference to the upfront fee increase. As you know, increase we receive at the beginning of the quarter, the upfront payment for the base fee. In the specific case, it's actually paid at the end of the previous quarter. It's paid at 31st December 2020. The impact of this effect in 2021 is captured by these line items. Thank you. The next question is from Andrea Lisi of Equita. Please go ahead. Hi, good morning. The first question is on the relation between collection and revenues. In particular, we saw a significant increase in collection year-on-year in Italy and Spain, looking at the first half of the year, that in some way was not completely known or not equally reflected in increase in revenue. I am just wanting to understand better which are the drivers, and in particular, if based on the figures of collection, this is a strong basis to then accelerate on the revenue side in the second half, and then reaching the target of EBITDA. The second question is if you can provide us an update on the fee level of the new mandates you got in Italy and Greece, and if it is consistent with your estimates and with the historical level. The third question is on the EBITDA margin in Italy, that in the quarter was still below 20%. I think that there is still some seasonality here, what do you expect for Italy in terms of EBITDA margin for the full year? The third question is on Greece. If I look at the data on collection, I see some slowdown in the collection quarter-on-quarter from EUR 400 million to EUR 300 million. Just wanted to understand which are the drivers, if there is a seasonality reason for that. Very last question is on D&A, if you can provide us an update of the amount of D&A in the second part of the year. Thank you. Good morning, Andrea. Going back to one by one. The Italy and Spain collection, and how they play into the numbers. Take into account that, obviously, with a shift to some of the banking portfolios to being GACS portfolios. GACS portfolio have profitability fees which are lower than banking portfolio, and this is captured in the indemnity we sometimes receive when clients are already ours. When you instead onboard the new clients only with a GACS contract, the GACS have traditionally lower fees. What we are experiencing is actually an improvement in the new GACS, which are awarded at prices which are above those awarded in the last two years. The same applies to Spain. In Spain, we have two or three contracts that have been added, both in the first Q and in the second Q. One represented a shift from Banco Santander to an investor, which has added on top additional stock that Santander was not managing with us. All in all, obviously, the fees of investor are applied rather than Santander fees, which are a bulk contract, obviously they yield a higher profitability. Going back, though, to your second question on fee level of new mandates. Actually, if we look to vis-a-vis GACS mandates 2021 versus 2019, or investor mandates 2021 versus 2019, 2020, the fees are growing. They cannot be compared to the fees you earn on banking portfolios, which come with the acquisition of a platform with the price paid up front, therefore they have inherent a higher fee scheme. On the EBITDA margin of Italy, take into account that Italy has also the holding cost. We have created a group structure where we moved, tried less to buy from the market, but rather to utilize our internal workforce and people who have certain expertise to move them to the group functions. Obviously, we are shifting, therefore, some costs from countries to group. We see improvement in the EBITDA margin of Italy to around 30% margin. This is due to the fact that obviously, collection are seasonal, so the first half has lower collection, while the cost base is pretty much stable over time. Italy, vis-a-vis other country, has the highest HR cost base. This is the result of the fact that we inherited employees from banks, Intesa and UniCredit, from the original Italfondiario and UniCredit transaction, which have an average cost higher than the average cost of employees of the Iberia region and the Hellenic region. I hope to have fully explained this aspect. Moving now to the quarterly collection trend. If you look last year to this year, last year in the second quarter was a particular effort by the courts to push for cash release, which usually happens in normal times at the end of the year. This was because the courts could not do other activities, so they focused just on relinquished cash out of the procedures which were already closed to the lenders. This activity has not been done in the second quarter of 2021, given that courts are doing their normal activities, i.e., to do trials and to try to close new procedures rather than relinquish cash from the old. This will happen as traditional in the second part of the year. This explains to you the second quarter to second quarter distance. In terms of D&A, the guidance for the full year is on page 32. The indication is around EUR 50-EUR 70. Obviously, this is for the full year and takes into consideration the fact that we have now closed also the PPA for the Greek acquisition. You know that this can be closed within 12 months from the acquisition date that was June 2020. Obviously, the range is broad, but I would point to the middle of this range. Probably, we are talking about another EUR 25 million on top of ordinary D&A for the second part. There is a range, as you might recall, we have a D&A that is linked to the collection. We have the value of the contract that goes down with D&A by how much collection we do. It's a curved trajectory. More we do collection in the second half, higher will be the D&A because the consumption of the portfolio will be higher. Okay. EUR 50-EUR 70 now is right? I would say mid of EUR 50 to EUR 70 is the guidance. Okay. Thank you. The next question is from Andreas Markou of Berenberg. Please go ahead. Hi, everyone. Thanks very much for the presentation and for taking my questions. Two of them. The first one is on the collections, especially in Italy. For Q1, this was 1.9%, which increased to 2% for H1. Can you first confirm that you expect to get to 2.3%-2.4% by the end of the year or beginning of next year? Thank you. Yeah, the pickup in the second part is important because of the things we said before, Andreas. The court activity with the ability to accelerate on first out redemption and auction is a very important tool to close some transactions. The number of hearings is speeding up. The European Court decision is quite extraordinary. Not only Italy was due to end the moratorium, the auction already at the end of June, the Court was even saying it was unlawful, the fact that you have stopped banks from being able to recover. You should now speed up on the activities that have been stopped so far. That's why The cost should be incremented there than in number of trials and auctions. Andreas, as Manuela said before, the main driver of our expected growth in the second Q will be, first of all, the acceleration in the productivity of the costs. This is crucial. The second point, the second driver is about restriction. Even if the regulation will stay stable in the second Q, with a significant acceleration in the cost productivity, we will reach our target because we are significantly increasing our performance. We are confident. Again, the main point is the acceleration in the productivity of the costs. Okay. That's very clear. Thank you. My second and final question is on Spain. Profitability. If we look at collections for Q1 versus H1, if I remember correctly, the collection rate in Q1 was something like four-point something percent. This has significantly increased in Q2, you're now very close to 5%, I believe. You also mentioned earlier about all the positive dynamics in Spain. However, margin is actually stable to the Q1 and H1 margin. When I was looking at the breakdown of the cost, it looks like personnel costs are also relatively high for Spain. Can you maybe discuss a little bit on what's going on in Spain, profitability-wise, and if there is scope for margin improvement? Thank you. You are fully right, Andreas. The point is, our performance in Spain in terms of collections revenues is positive, but we are late in reducing our fixed cost base, mainly personnel. We are working hard on it. I think you can expect some better results from Spain in the second half of the year in terms of cost reduction. Okay, great. Thank you very much. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Ms. Franchi, gentlemen, there are no more questions registered at this time. Thank you very much for your attention, and we wish you all good holidays. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.