Good morning, this is the Chorus Call Conference Operator. Welcome, and thank you for joining the doValue First Quarter 2024 Financial 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, let me signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Daniele De La Seta, Head of Investor Relations of doValue. Please go ahead, sir. Good morning, and welcome to doValue's Q1 2024 Results Conference Call. I'm Daniele De La Seta, Head of IR at doValue, joining you from Rome, along with Manuela Franchi, our Group CEO, and Davide Sospietri, our Group CFO. Today, we are at a pivotal moment, as the quarter is our first since unveiling our industrial plan for 2024, 2026. Additionally, we are in the final stages of a significant acquisition of Gardant, which we announced on March 21. As we go through the group and market development since the year began, along with our financial performance for the quarter, I want to emphasize the importance of today's focus on our results. While we acknowledge the high interest surrounding the potential acquisition of Gardant, we aim to concentrate today's discussion on our quarterly results. Rest assured, we will soon hold further discussions with analysts, hopefully by the time we are ready to announce the signing of the acquisition. At the conclusion of our presentation, we will be pleased to address any questions you may have. Let me now hand over to Manuela to get started. Thank you, Daniele. It's both a great pleasure and honor for me to present our first quarterly results following the capital day and the appointment of our new board of directors. I was originally trusted by the board to take the role of CEO last August, and now with the recent board appointment, I'm committed to servicing in this capacity for the next three years. I feel a sense of responsibility and feel excited to embrace these challenges. I'd like to express my gratitude to our shareholders and the board for their trust, and I must also extend a thank you to doValue employees for their dedication and support. I'm fully cognizant of the challenges and objectives outlined in our business plan. Rest assured that I'm committed to doing my utmost to achieve our targets. The board of directors and board of statutory auditors has undergone a significant change in its composition. While we thank you, the previous board members, for having assisted the company in its first phase of growth, we welcome the new board with many international participants for the contribution that they give to the value in its new trajectory of diversification as laid in the new business plan. Let's now get started with the presentation. We delve into the Q1 2024 business highlights on page three. This quarter has demonstrated that our ongoing efforts to deliver on our strategic plan are on track, showing promise to results across key areas. We are already working on all strategic pillars, with some results already visible and tangible, such as revenue diversification, new ventures, operating model, and IT improvements. Starting with our financial performance, our gross revenue has remained robust, aligning closely with last year's figures, showing only a modest decrease of 3.3%. Notably, we have seen a positive development in Italy, where revenues increased by 7.5% in our ancillary, which surged by 33%. This stable performance is underpinned by long-term agreements with FCTs and banks, ensuring a steady revenue stream, even in subdued markets, for new NPL transactions. Few businesses can boast such stability in revenue, especially when new business volumes have decreased by two-thirds. Our EBITDA, excluding non-recurring items, has maintained stability compared to last year and excluding positive one-off impact of release of CFO variable compensation of EUR 6 million. This stability, in the middle of economic fluctuation in which inflation reflects the strength and resilience of our operational management. Assets under management remain steady at EUR 116.9 billion, compared to EUR 116.4 billion at the end of 2023. We also made significant strides in managing our operational costs. Through targeted efficiency measure and discipline cost management, we reduced our cost by 5% or EUR 84,000, despite facing a 15% wage inflation in Italy after the renewal of the national banking contract. In terms of leverage, we kept it at manageable level of approximately 2.9 times the EBITDA, when including also the cash received at the beginning of April for the arbitration against Apollo. This is a slight increase from 2.7 times in Q4, which primarily reflects payments for Altamira earn-out related to Cyprus, the seasonality dynamics in our financial structure, and some temporary working capital mismatch stemming from disposal transaction in Greece. Taking into account cash already generated in April for those transaction for EUR 11 million, leverage stands at 2.8 times. Lastly, I know we had expected to close the transaction by end of April. I want to assure you that the Gardant deal remains active and is moving towards closure, pending the finalization of transaction and financing documentation. We are already working with the Gardant team to make a faster transition to a combined entity. We look forward to this acquisition as a strategic announcement to our business plan, and we expect to update you by the end of May with a targeted presentation. Turning our attention now to our guidance for 2024 and our progress today in Q1, let's take a detailed look at where we stand on page 5. Starting with Gross Revenue, we have achieved EUR 97 million in the first quarter, keeping us on track towards our annual forecast of between EUR 480 million and EUR 490 million. This performance is well aligned with our expectation and seasonal trends. In terms of Gross Book Value, our collection rate stands at approximately 4.5% against an annual guidance of around 5%. This indicates a stable performance, although it has not yet fully reflected the anticipated higher performance from our new operational model. We expect to see the full effect of these operational improvements in the second half of the year. Regarding our EBITDA, excluding non-recurring items, we posted EUR 25 million with a margin of around 26%. On an annualized basis, this comes short of our FY guidance of EUR 160 million-EUR 170 million, with an approximate margin of 59%. However, the disturbance in the first Q was already foreseen and expected, as wage inflation impacts in Italy from renewal of the new contract scaling year. However, as our new operating model gains traction, we expect a pick-up in profitability in the second half of the year, which will bring profitability back on track, as previously indicated in the Capital Markets Day. Lastly, we reported financial leverage at 2.9x EBITDA, in line with guidance, which anticipates a range between 2.7-2.8x for the year and before Gardant transaction. In April, we were already at 2.8x, even after payments of EUR 22 million of amounts related to Cyprus. We anticipate to reach the target for net leverage in the coming quarters towards the end of the year. As we continue to navigate through 2024, these metrics will guide our strategies and operational focus, ensuring we meet or exceed our set targets. Moving now to page 6. As we progress with our 2024-2026 business plan, I'm pleased to highlight our substantial advancement across the five pillars that support our strategic direction. Pillar one: enhanced client-oriented approach. We have strengthened our client-centric strategy by hiring senior management for product development and business development, effective from the first quarter. This move ensures our organizational strategy and structure align with our goal to better serve and understand our clients' evolving needs. The new business development structure is almost at target level, enhanced by the creation of new advisory, which has enabled to offer financial services to banks and investors starting from April. Pillar two: growth and diversification beyond servicing. Our business is diversifying effectively with a share of non-NPL business now representing 54% of our portfolio. We are also excited about the upcoming launch of our mortgage broking business, Insto, set for July 2025, and the establishment of our new advisory unit in Greece, mentioned above, further broadening our geographical and service reach. Pillar three: reengineered operating model. In Greece, we have begun deploying a digital platform designed for automated contact and self-forbearance, modernizing how we interact with customers. Additionally, our discovery initiative in Spain targets both banking and non-banking customers, allowing enhanced operational efficiency across the board. Pillar four: leadership in technology and innovation. We are leveraging AI to our Stage 2 management system, powered by the exclusive support of Cardo AI. This integration marks a significant step forward in utilizing cutting-edge technology to streamline operations. Furthermore, our teams for contact center solutions have been fully integrated, setting new standards in customer interaction and service delivery. Pillar five: inclusive and sustainable culture. Finally, our commitment to fostering an inclusive and sustainable work environment is evident from the satisfactory results of new survey conducted by Best Places to Work. This reflects an ongoing effort to create a workplace where diversity is embraced and sustainability is prioritized.... Moving to page seven. I want to show the KPI that we will constantly monitor to see how we compare to our goals set in the business plan. It's clear we are on a promising, promising trajectory to meet our long-term objectives. Market share in Southern Europe. Our target is to achieve a market share of 15%-20%. As of Q1, even in a very subdued market for NPL, we have been able to keep our market share on new mandates, thanks to our franchise and trust of our customers, setting a solid foundation as we continue to expand our footprint across the regions. We expect to overperform this target in 2024 in Greece. Share of gross revenue from non-NPL. We aim to diversify revenue stream with a target of 35%-40% from non-NPL by 2026. Currently, we are at 54%, nearly touching our initial milestone. This indicates a successful shift in our business model towards more varied revenue sources. As the new initiative will start the startup phase, that KPI will move definitely towards 40%. Employee satisfaction. While our goal is to be leader in employee satisfaction, this ongoing process is vital as we strive to make doValue a top place to work, emphasizing the importance of motivated and satisfied workforce, especially in the context of a changing revenue mix and new, capabilities to be introduced. Automation. We aim for more than 30% automation in our processes to enhance efficiency and scalability. Currently, we are at 20%, demonstrating significant progress in integrating automation technology into our operations, thus there is more work to be done. Moving now to page eight. Let's explore now our outlook for NPE production, focusing on the trend illustrated in the graph on this slide. On the left-hand side, we see the NPE ratio reducing over the years. From 2019 to 2023, there has been a significant decrease in NPE stock. This reduction is primarily attributed to effective servicing and initially high levels of NPEs, which required aggressive management. While some may view the lower NPE ratios with concern, fearing the potential shrinkage of the market, it's important to recognize that this reduction reflects the normalization of the market from previously elevated levels. It's a positive indicator of the effectiveness of our servicing industry and market recovery. Now, turning to right graph, which shows the cost of risk, a proxy for future NPE production, the situation appears different. The cost of risk hasn't decreased as sharply as NPE stock, suggesting that there's still ongoing risk and potential for new NPE generation. Notably, in some regions like Spain, the cost has actually increased, indicating a faster generation of new NPE than anticipated. This contrasts with the growth stability seen in other parts of the European Union. Italy and Greece have shown different trends, with Italy performing below the EU average, largely due to government intervention and specific market dynamics, which are temporary. In contrast, Greece, though improved, still sees a significant risk cost compared to the EU average. These variances highlight the diverse market condition across Southern Europe, suggesting that while the immediate risk landscape has stabilized, underlying risks are persisting and sustaining a need for our services. Thinking about evolving market dynamics and the need for continued vigilance in the NPE sector, let's now delve into our current and future GBV intake and market pipeline. As of March 2024, we have successfully onboarded 1.8 billion of GBV across various regions, reflecting our robust intake strategy and operational excellence. Noteworthy contributions come from both new and existing clients, with significant inflows of EUR 300 million from Italy, primarily through the Luzzatti Cooperative Bank portfolio, and EUR 50 million from Spain. In the Atlantic region, we have seen a remarkable inflow from the Omega and Gemini transactions, contributing EUR 550 million. This is a testament to our strategic positioning and effectiveness in regions showing a high NPE ratio reduction. On top of this, we also have EUR 1 billion new mandate increase to be onboarded and recently announced. Now, with the standing limited transaction in the market, we were able to onboard EUR 1.1 billion new GBV, an additional mandate of EUR 1.1 billion, consistent with our annual target of EUR 60 billion of new mandates. The pipeline ahead of us looks healthy, with over EUR 58 billion in the next 18 months, including the government project which we are developing in Italy and a robust GBV intake in the Atlantic region, which will materialize in transactions which will be appointed and signed by the second quarter. Moving to page 10. We are excited to delve into the partnership with Cardo AI, which marks a significant leap forward in our credit management capabilities, particularly within the Stage 2 loan segment. This partnership is crucial as it aligns with doValue's strategic objective to diversify beyond NPL and leverage technologies to drive efficiency and innovation. We observed that Italian Stage 2 loan volumes are on the rise, with GBV reaching EUR 211 billion. A significant portion, roughly 75% or EUR 175 billion, comprises loans under EUR 5 million, demonstrating a vibrant market segment ripe with opportunities. The estimated revenue for managing these loans range between EUR 300 million and EUR 400 million, highlighting the potential profitability in the sector. Our partnership with Cardo AI focuses on harnessing advanced AI technologies to manage these Stage 2 credits more effectively. Cardo AI brings cutting-edge data management, predictive analytics, and AI-driven monitoring solutions. This collaboration not only enhance our services offering, but also position doValue at the forefront of financial technology and innovation. Stage 2 loans feature a heterogeneous risk profile and are highly sensitive to macroeconomic factors. Managing these loans necessitates high coverage ratios compared to Stage 1 loans, and requires sophisticated monitoring to minimize default risk. The use of AI and machine learning in early warnings and risk assessment helps in significantly reducing the probability of default, which in turn has a direct impact on the bank's balance sheet and profitability. Our move into Stage 2 loans signifies a strategic shift to diversify our revenue stream away from traditional NPL servicing. This segment offers stable and scalable opportunity as it involves performing or underperforming loans that do not qualify as NPL, yet requiring rigorous management to prevent future defaults. Before moving to financials, let me give you some updates on ongoing processes and disputes on page eleven. Arbitration with Altamira Holdings. First, concerning the arbitration, there has been a crucial update. We have received a payment of EUR 22.7 million following a favorable court decision in April. This action has been challenged by Altamira Asset Management, aiming to annul the arbitration and the payment, but the process is ongoing. We anticipate the Court of Madrid to issue a final verdict in May. We are optimistic about the outcome, expecting the court to reject the action, which will have a positive impact on our net income with an extraordinary gain, adding 0.28 per share, offsetting the extraordinary loss registered in 2020. This outcome has already positively impacted our net financial position in April by the corresponding amount. DoValue Portugal. In Portugal, we are currently negotiating an SPA with an unidentified buyer, with the aim to conclude the negotiation by June. This development is expected to have a neutral impact on net debt, while positively influencing our profitability and enhancing cash generation in the future. These moves align with our strategic focus on expanding our market presence and operational efficiency in Portugal. Ádsolum by Altamira. On another front, we have reached a collective dismissal agreement to Ádsolum by Altamira. This agreement completed in April and resulted in all employees exiting by end of the month. While this will have a temporary negative impact on 2024 cash flows, which was already included in the estimate, is expected outcome and part of our broader strategy to optimize our operational framework and focus on core profitable areas. Now let me hand over to Davide to cover the financials in more details. Thank you, Manuela, and good morning to all of you. So let's dig down with the financials this quarter. Moving to page 13, we have here a summary of the financials for the quarter. As already mentioned by Manuela, the quarter was in line with our expectation and partially affected by the normal seasonality of our business in the first part of the year. Gross book value has remained stable since the beginning of the year, while it declined by 2.7% year-on-year. Our collection performance year-on-year has proven resilient, with collections of around EUR 1 billion and improved collection rates. As usual, given the growing importance of the secondary transaction in Greece, our collection profile is lumpier and more concentrated towards the end of the year. Gross revenues remained in line with the first Q 2023, with a small decline of 3.3%, with a good performance of Italy and ancillary revenues compensating the lower fees from disposals in Greece. In general, the new business intake remain low due to unfavorable market dynamics, with higher cost compared to margin. That is why we have been extremely proactive in managing our cost base, with both downsize exercise and efficiency measures. Thanks to that, EBITDA has remained stable if compared on a like-for-like basis. This mean excluding from 2023, the positive effect of the release of provision for the former CEO's variable compensation. This is happening despite a significant wage inflation in Italy for the renewal of the national banking contract. The decline in the EBITDA drove the net income decline, which for Q1 2024 is better than the budget, but is slightly negative versus the positive result of EUR 1.3 billion in the previous quarter. Moving to page 14, here we present the components of our GBV movement in the first quarter. Overall flows amounted to EUR 700 million and 23% drop with the corresponding drop of the last quarter, but still in line with our guidance for the current year of EUR 2 billion. On top of that, in the first quarter, we recorded EUR 1.1 billion of new mandates. Redemption collections stood at about EUR 1 billion. As you can appreciate, disposal came to EUR 300 million, which is a low level compared to the normal disposal activity. This was caused by delayed transaction in Greece, which will pick up in the following quarters. Finally, you may notice that the write-off is almost equal to zero. This is due to positive contribution from Italy, whereby positions are recalculated in the first quarter, taking into account increased default interest. Moving now to page 16. Here is the most detailed breakdown of our gross revenues by region. Gross revenues were overall stable at EUR 97 billion, that's EUR 100 billion. I remind you that we are not considering revenues from Portugal for both FQ 2023 and FY 2024, as we are getting the sale of that business unit. In Italy, gross revenues were higher than 7.5% year-on-year, mainly due to ancillary revenues and better collection for both UTP and NPL. In Atlantic region, gross revenues declined by 6.3% year-on-year, dragged down by lower transaction activity on the European portfolio and delayed sales on half portfolios. These negative effects were only partially compensated by continued growth of the real estate business. We are really proud about the prospects of this real business in Greece, which was a mere startup and now is growing in a very promising market, becoming a relevant business unit for the region. This is also part of our cross-acquisition strategy at the time of the acquisition of the value beliefs. Moving to page 16, we continue to proactively and effectively manage our cost base, both in terms of personnel cost as well as the IT and SG&A. Operating expenses, including NRI, have remained broadly stable year-on-year at EUR 61 billion, reflecting a slight increase of 1.7% from EUR 60 billion in first Q 2023. The stable costs come despite the significant one-off aspects, which reduced the HR costs in the first Q, 2023, stemming from provision release for the former CEO variable compensation of about EUR 6 million, and despite wage inflation in Italy. Overall, we have maintained strong cost discipline across the group, particularly in Spain, where we achieved a -70.5% reduction in operating costs, preserving profitability despite declining revenues. In terms of HR costs, there was an 8.2% increase, mainly driven by the one-off positive effect from the release of provision for the former CEO's variable compensation and significant wage inflation in Italy, that is +60% for the renewal of the contract, all compensated by stringent cost control measures across other countries. However, HR costs, adjusted for the CEO variable compensation component in 1Q 2023, show a decrease of -4.7%. This was also the result of 84 FTEs and 39 external asset managers exited as of 1Q 2024, resulting in a run-rate saving of EUR 6.8 million. For Italian staff and SG&A, the reduction in cost is primarily related to the ongoing adjustment in Spain post-Altamira. In summary, we are confident that our ongoing transformation program will enable us to achieve our target for EBITDA margin in the coming quarters. Moving now to page 17, EBITDA and NRI for the group achieved a decline of 20% year-on-year to EUR 25 million in 1Q 2024, which remains stable when excluding the positive effect from the release of provisions following the CEO's resignation in 1Q 2023. The slight improvement in the figures demonstrates our ability to manage costs effectively, despite the overall decrease in revenues. NRI components were around EUR 35K, showing limited impact on EBITDA figures. The EBITDA margin for the last region was notably impacted by lower NPL collection rates, which decreased by 6.6%. Despite this, we have managed to partially offset this effect with savings in operating costs... We expect the EBITDA margin in Greece to likely restore to around 50%, with an increased focus on disposal in the coming quarters. In Italy, despite the ongoing wage inflation and other economic challenges, we saw a resilient performance, thanks to substantial savings on HR costs and increased revenues from higher NPL resolution, leading to an EBITDA margin growth. For Spain, the first quarter traditionally showed weaker performance in terms of EBITDA, which remains in negative territory. However, thanks to the cost discipline post-RM and the late adjustments, we are starting to see improvements that are expected to compensate for the lower revenues moving forward. Moving to page 18, here you have summary of our regional performance on by segment basis. We are particularly satisfied of our collection performance in the legacy region at close to EUR 400 million. All in all, the group collection rate increases to 4.4% versus 4.1% in the last year. Our EBITDA at group level continues to be strongly supported by performance in the Atlantic region. Moving to page 19, net income was affected in the first quarter by the decline in EBITDA. Again, the comparison with the first Q 2023 is affected by the one-off related to release of funds variable compensation of the ex-CEO. Without that component, the net income would have actually improved. As we progress with the current year and summary stronger quarters, we count on bringing the bottom line back to green. Moving to page 20, we observe a decrease in cash flow from operation, which stood at EUR 3.9 million in the first quarter of 2024, lower than this year, EUR 22 million to EUR 1.1 million. This decline is largely due to the change in net working capital, which was linked primarily to a delay in the closing of certain Greek disposals. When normalized for fees cashed in April, net working capital absorption was actually 0. Free cash flow was also negatively impacted by the payment of the earn-out, completion of a share buyback, and the acquisition of Team4. On the earn-out payment, the amount paid of EUR 22.3 million to Altamira Holdings was cited by the Court of Madrid and reimbursed to Well Spain in the first part of April. Moving to page 21, we discuss our net debt and leverage position, which reflects our commitment to a conservative financial strategy. Our leverage has slightly increased, influenced by the payment of an earn-out of EUR 22.3 million and interest on bond amounting to EUR 11.6 million. Despite these costs, our leverage has remained well within our target range, standing at 2.8 times as of April 2024, compared to 2.7 times in December 2023. Significant cash inflows were noted in April related to arbitration with Altamira Asset Management, which brought in EUR 22.7 million, along with the collection of our fees in April. This inflows helped to offset some of the larger outflows tied to earn-out payments, refinancing activities. As of April, the company had cash of around EUR 100 million and undrawn RCF of 76.75 million, giving the liquidity buffer of 177.67 million, enough to handle short-term liabilities and investment. Looking ahead, the financing of current maturities will be addressed in the context of the upcoming M&A transaction, ensuring that our financial maneuvers align with our strategic goals and acquisition plans. This approach keeps us on a solid footing for pursuing our strategic objectives and managing financial challenges effectively. Thank you for your attention. We are now ready for the Q&A session. Thank you. 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 touchtone 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 Simonetta Chiriotti with Mediobanca. Please go ahead. Hi, good morning. Just a couple of questions from my side. The first is a clarification. Is it correct that you said that something on the Gardant acquisition should be communicated by the end of May? So did I understand correctly? And the second question is on Spain. There is an improvement in the quarter. Do you expect this geography to reach breakeven during the current year? Thank you. Thanks for the question, Simonetta. Yes, we confirm that we are progressing well. It's taking a bit longer to finalize all the items, but we have already anticipated the work also with the management team, and we are fully aligned to deliver, you know, by the end of this month, when we will have an additional call on this topic. The terms will be similar to what we had indicated in terms of structure, so no news, different news on that front. ... regarding Spain, yes, we aim to have a better profitability than last year on the full year. And this is driven both by the additional cost activities we have done over the last four months. Basically reducing the workforce by another more than 80 people and also exiting Ádsolum, which was providing a negative contribution. Both activities have been already done and completed by April. On the positive side, we have seen an increase of volumes, not only from our traditional client which is Santander, but also, and more importantly, from the new clients on the banking side, which are first Sabadell and CaixaBank, where volumes have doubled. Also, we got advantage of the weakness of our competitors in the Spanish market. And the type of loans that come from these contracts are smaller tickets, and here, the acquisition of Import has really been effective, because this is their specialization. And internalizing these activities, so not adding the network, but doing them inside, allows us to retain the margin from this business. Thank you. The next question is from Davide Giuliano with Equita. Please go ahead. So good morning. Thank you for taking my question. I have just three. The first one is on Greece. Can you give us more color on the decline in UTP revenues due to the restructuring activities on Eurobank portfolios? And do you expect the decline to continue during the year? The second one is on Italy, on GACS. A recent report by the Bank of Italy reported that approximately 10 securitizations are significantly underperforming recovery plans. I was wondering to what extent those securitizations weigh on your total GACS GBV in Italy? Do you see any risk in this regard? And the third one on cash generation and RCF. Can you please remind us the gross RCF amount as of first quarter 2024, so the sum of drawn and the undrawn part? Thank you. So, hi, Davide. On Greece, we have this reduction on UTPs because, as of today, the portfolio of Eurobank has slightly decreased, because we manage UTP mainly for Eurobank, is why the reduction. As soon as the new flow are coming, we expect this could recover. It will depend also on the strategy of Eurobank to save part of the portfolio, because when they say portfolio securitization, we manage as NP, and we don't have any more UTP, but we transforming NP revenues. So, we expect that as soon as the inflows from Eurobank will come during the year, we will again have more UTP revenues. On the Italian GACS, we... There are certain GACS which also include other players. For example, Siena, which is the original NPL, large transaction of over EUR 25 billion. This was a very early stage GACS, pre-COVID. So it's obviously it's clear that the underperformance is common for everybody, and we don't see, you know, optionality or risk to change servicers there, because all the servicers in the country are involved. On a relative basis, our GACS are performing better than our competitors. This is also recognized by the public sources. The payments of the notes, it's not something that we expect to trigger in the short to medium term. So in our expectation, there is nothing in that regard. So we are optimistic around, you know, the performance relative to the broader spectrum of GACS. On the positive side, we have one GACS, which is probably the only one in the market, which has fully repaid the senior notes, which is in FINO 1, which is more than the EUR 10 billion GACS. And on the others, as I said, we are comfortable with the current position. They represent less than 10% of the Italian revenues, those that have a higher underperformance. But the expectation on the performance are already included in the business plan, so it's not something new to us. On RCF, as of end of March, we have around EUR 992 million. So we are using just the RCF increase of around EUR 25 million. This is why we have cash on our balance sheet, and we have cash pooling to optimize it. Only Greece, we don't have the cash pooling for tax issue, so we have the RCF locally, and we use it also to reimburse it is a company loan we have with Greece also to pay dividends. But in general, we are cash positive, and we're also negotiating another RCF of around EUR 16 million with the primary bank. So we'll be probably more than EUR 100 million of RCF of May. In general, we are also reviewing this policy in the transaction we are having with M&A. We are also trying to have a more favorable RCF in a longer period with three years probably. ... Thank you. The next question is from Fabrizio Bernardi with Intermonte, please go ahead. Hi, everybody. I have one or two questions. The first thing is about the Gardant deal. If you can give us your color about what can go wrong in the deal, in the sense that the market is now penalizing doValue, and the stock was down 6% because of let's say, the lack of new information about the deal, while we were expecting some numbers. So this is the first question. The second question is that, if you can give us a... I know that there are two capital increase ongoing in the pipeline. But if you can give us your assumption about the bottom line of doValue after the Gardant deal, once the Gardant has entered into the, let's say, the financial statements of doValue. Thank you. Thank you, Fabrizio. On, we understand, you know, the market expectation as we have anticipated, we were going to announce by the end of April. Honestly, we don't see at this stage, you know, anything which will block the transaction. We just want to do the right things in all the details needed, taking into account that, as part of the transaction, we, we have several regulatory approvals. We don't foresee an antitrust approval condition, but we will like to get the approvals of all the of Bank of Italy, of Bank of Greece, of Bank of Cyprus, because of the of the new shareholder, Elliott, in the structure, which will be a relevant one. And, also there are certain other conditions that will have to be satisfied. We are positive that this will happen in the month after the signing. But still, the preparation to have all the details to start soon after the application to the relevant authorities is something we want to do upfront, rather than waste time later. So, So, sorry, it is only a question of bureaucracy, of, let's say, green light coming from the regulators. It's not a problem for financials and pricing, let's say. It is correct. We think that- Okay ... the structure we have put in place is a good one also for the regulator, to feel them even more comfortable about, the overall, you know, structure. But you know, they usually don't opine much on the structure, although we have seen it for other deals. It's much more about the regulatory framework around, you know, the combined entity. And as you know, we have a regulated entity in Italy, from Bank of Italy, which is doNext, and Gardant, too, which is Gardant Master and the SGR business. So, even if we understand the drive of the share price today, we are confident that when we announce the full deal, it will be positively perceived by the market, and the downside will be recovered. On the two capital increases, just to remind the structure, and then on the numbers, we have to give you the details on that presentation. That will not be too much far in time. The first one will be a dedicated capital increase to Elliott, for a share price allocated to the value, which is significantly above current market price, where the current shareholders of Gardant will receive 20 million shares, so i.e., 20% of the total consideration. Gardant represent just above 80% of that, so their pro forma share is around 18%. After that, there will be a capital increase in the market. After closing, that will include the backing of the three main shareholders, being Fortress, Bain and Elliott, and a part which is obviously reserved to the market. In terms of the financial impact of the numbers of Gardant, given it's not a listed company, we will, you know, provide them when we announce the transaction. Well, thank you very much. Thank you.