Good afternoon, and thank you for joining our main goals and financial targets for the period 2023 and 2025. The first thing that I want to do, to introduce our new Chair, Ms. Chiara Mio, and I would like to give her the opportunity to say a couple of words. Thank you, Giulio. Good afternoon to everyone. Thank you for being here. I am the Chair of Aquafil since last general assembly last April. I am very honored to be the Chair of the Board of Directors of such an amazing, outstanding company. I don't speak a lot because I have the piece of paper to be concise, so don't worry. Just a warm welcome and to explain why we are here. As you know, Aquafil pays a lot of attention to the value creation through the whole supply chain and through the value chain. Aquafil is really an outstanding company dealing with sustainability. I'm very keen on sustainability, and it's really an honor to be Chair of this company. Today, the aim of the day is to share with the financial community the view of Aquafil on its value creation pattern. Due also to the situation that worldwide we are facing, the situation is challenging. We are navigating very turmoiled environment. We believe that it's important to share with you the view of the company. Value creation is a very comprehensive approach. There are several capitals to be keen of. Natural capital, environment as well, human resources, social capital. Today, we will deal with financial capital. Of course, with an eye on natural capital as it's part of the business model of Aquafil and human resources capital. Today we want to discuss, to have this engagement with a specific stakeholder, that is the financial community. These days for you, it's not only the one we will have. We are very pleased that you accept our invitation. Thank you for being here, and again, I hand over to Giulio and then to Roberto. Thank you. Thank you, Chiara. Chiara didn't say, but she is a professor at the University of Venice and expert and passionate about sustainability already since more than 20 years. She can tell us a lot about this very important topic. Today, we will touch some points about the current trading and the expectation for the fourth quarter of 2023, as well as what Aquafil is forecasting for 2024 and 2025. Originally, we wanted to make this presentation last spring, but then unfortunately when after a good first quarter, the second quarter started a crisis that was partially unexpected, we decided to postpone in order to wait for some kind of stabilization rather than giving numbers that would have not been resulted in the reality and in our quarters during 2023. After the presentation, of course, there will be a possibility of asking questions, and I hope that you will ask a lot of questions. How is the fourth quarter going? It is, of course, about the 20th of November, so we have an idea of how the fourth quarter is developing. Overall, we are not unhappy. As I said, after a very difficult April, May and summer period, starting from September, we are seeing a stabilization in the European market because the other two markets, the United States and Asia Pacific, are continuing a good trend. In the European market, we have seen, especially September and October, two months with the order entry and revenues, at least for the carpet yarn and for the polymer business, even higher than 2022. When we speak about United States, luckily the strike of the automotive sector didn't influence much our sales. I remember that last year, September and October were two big numbers, two big months in terms of orders for a number of reasons that I don't have now the time to explain, this year are continuing with a good demand. Asia Pacific is continuing the trend of growth and will conclude another excellent year with regard to revenues and also profitability. What can I say about 2023? Of course, we are not happy with the result of this financial year, maybe I'm here to try to let you understand that, yes, the numbers are not looking great. On the contrary, are horrible. On the other side, maybe are not as horrible as they look like because, of course, there are some exceptional event that will not repeat during the next, let's say, quarters in the next two years. That, of course, will change, in a very important manner, the look of our numbers. The volumes, as a matter of fact, are giving, yes, a minus in terms of 2023 versus 2022, not big minus, something like between minus 3% and minus 4%, even though the product mix has changed. We have sold more polymer and less fibers, which is of course not good in terms of marginality because the value added is indeed lower. There has been, and still there is, during the fourth quarter, a very strong impact related to the high unit value of the inventory of 2022. Unfortunately, starting from the beginning of the year, there was a big acceleration during the second quarter, touching the lowest level during the month of August, our raw material prices went down in an unexpected way. We were forecasting some kind of decrease after the record of 2022 as a consequence of the energy crisis and the logistical disruption in the market, when prices really hit, let's say, records that has never been seen that far. Okay. In 2023, the drop was very big and very sudden. Especially the month of April, May, June, July until August, we have seen, Roberto will give you more colors after my introduction, something that we have never experienced. What are we expecting? You all have seen the numbers of the third quarter. During the fourth quarter, we think that our EBITDA will stay between 45 million EUR and 50 million EUR. Let me introduce a concept, the adjusted EBITDA, that without the strong impact on the inventory, would have been between 68 million EUR to 70 million EUR, which of course is bad in comparison with last year with our, let's say, average performance, but not as bad as it looks like now. The net financial position, it will remain stable with last year numbers. This is what we are going to expect given the current trading of the fourth quarter. As always, when you try to let the system work, it doesn't work. Doesn't work. Key messages. After seeing this big change in our scenario, what are we doing? What was our reaction starting from spring? We have managed, in the best possible manner, our cost. Clearly, this is easier in the Italian system because of the so-called Cassa Integrazione Guadagni that can suspend pretty efficiently the labor cost for a certain number of weeks. When you have a downturn of your demand, you can, let's say, lay off people temporarily without having a big impact on your cost. This is something that it's very, let's say, good in the Italian labor market. This is not possible in other areas. Other areas, I mean, especially Slovenia and Croatia, where we have a high number of personnel, and that, of course, were not suspended in terms of cost like we could make during the same period in Italy. During 2020, there was a different situation because every government granted subsidies in order to keep the personnel at the level of before. If you are making a benchmark or a comparison between the numbers of 2023 with the number of 2020, you should consider that during 2020, Aquafil got more than 10 million EUR subsidies in order to keep the personnel stable. Not to send people at home, as we are doing in this period when, of course, such subsidies are not available. Of course, in 2020, we didn't have the impact on raw material and on inventory that we are suffering during 2023. Reduction in personnel cost. I will try to give you some numbers, but Roberto again will return on this subject. For the year-end, we will have reduced our personnel of about 150 per person, and another 50 are due to be reduced between the first quarter and the second quarter of 2024. Altogether, 200 people less. Please remember that the total employment numbers of Aquafil are seeing 2,800 people. It's a big reduction, including a complete shutdown of our plant in U.K., in Scotland, which was, let's say, there in order to service the local market, but after the Brexit and after the stabilization of, let's say, the borders. Now it is possible to ship materials from Europe to U.K. without waiting weeks for clearance of the trucks. It is possible, let's say, to close this plant and to keep the market as we are doing right now. The plant is now almost completely stopped, and the people will be out before the end of 2023. Rationalization of working capital. This is another point that we have made. Last year, of course, with the global disruption of the logistical system, everybody had to increase the stock level in order to keep the service level to the market at a good, let's say, level. What, of course, we have done this year has been a very strong reduction of our materials on stock, quantity wise. To give you an idea, the stock level in terms of quantities at the end of this year, it will be lower than the one of 2019. We have really hit very strongly this part. Quantity wise, something like -20% of volumes on stock, which of course has also impacted our manufacturing cost because we have sold more than what we have produced. Clearly, we have, let's say, had variable costs that were hit by this reduction. Thanks to our high manufacture capital quality, it means we have made a lot of investments and our equipment is really up to date worldwide. Because of the low saturation level, we can afford a lower capital expenditures during 2023, 2024. 2023, we were still having the, let's say, the completion of the investments launch in the previous years. Now in 2024 and 2025, we will have significant lower CapEx in comparison with the last 3-4 years. What we are not reducing is our research and development continuous effort. We will keep our R&D expenses around to a little higher than 2% of our total revenues, in this case of 2022. It means, in terms of absolute terms, more than EUR 13 million that are still dedicated to keep improving and introducing a lot of new, let's say, solutions to the market. I will not discuss today about this, but I would be more than happy to give some, let's say, answers in case you are asking for some questions at the end of this debate. I'm now handing over to Roberto, who will go more in detail. Thank you very much. As said, we would like to draw your attention on the two key messages that we have just given, which means volumes and stock impact. In relation to volumes for the current fiscal year, as said, we are expecting a decrease in a range between 3%-4%. This variance should be or can be divided by the various business lines in which we are present as follows. First of all, our BCF or carpet yarn business, which I remind you all represents more than 70% of our volumes and revenues, will be substantially stable with a very limited decline of 2%-4%. On the other hand, the textile yarn business or NTF, will be seeing a decrease between 20%-22%. This trend is no news for you and no news for everybody. We saw it coming, we saw it from the first quarter of this year. Unfortunately, this trend is still continuing. The good news between the two yarn or fiber business is that our ECONYL branded products remain stable, proving once again the resilience of this brand or this fiber compared to the more regular or fossil-based one. Last but not least, our polymer business, which includes the engineering plastic business, will be growing between 16%-18%. This, of course, is the result of the completion during 2022 of our industrial factory and industrial production, and the rollover and the ramping up of the volumes that happened during and through the year. Another important item, which is for, I guess, of cumbersome paramount, you choose the way you want to describe it importance, is of course the stock impact. As said, by stock impact, we mean the difference between the high or the unitary value at the end of 2022 of our inventories, compared with the fiscal year 2023 market value. In order to try to explain better what has happened, we would like to, let's say, draw or focus your attention on this raw material, which is caprolactam, that represented for us the main fossil-based raw material that we purchase. As you can see from the graph, historically, the price variance of this raw material has always been in a limited range. What we have seen, though, since the beginning of 2021 until the third quarter, beginning of fourth quarter of 2022, is a constant growth of the price of this raw material. A constant growth that led the price of this raw material to increase by 70% in 20 months. From the beginning of the fourth quarter 2022, we have seen a sharp decline and a drop of the prices, which have brought this raw material to lose 40% in less than nine months. At the beginning of July, the price was indeed lower by this percentage. Maybe said like that is a little bit vague. If you put this in numbers, it means that if you were purchasing 100,000 tons at the beginning of 2021, at EUR 2, your cost would have been EUR 200 million. The same EUR 200 million would have become EUR 340 at the beginning of Q4 2022, to then go back to EUR 200 million at the beginning of Q3 2023. Such a fluctuation, you can understand, that is almost impossible to foresee and also to handle. Unfortunately, as you can see, the drop happened all during this fiscal year, basically. While the building up took almost two fiscal years. What are the updates? As of today, during this quarter, we have seen that it looks like that the spike and the irrational movement of this raw material, it's over or seems to be over. It is getting back to its usual trend and probably is linked with, as Mr. Bonazzi said before, post-pandemic, logistic crisis and so on and so forth. As a result, as you know, at the end of Q3, our EBITDA was EUR 37 million, which is significantly lower compared to last year. This EUR 37 million are including, are embedding EUR 20 million of stock impact. What we are expecting for the last quarter of the year is that this impact will continue, yet with the minor importance compared to the previous quarter. Just to give you some rough number, on the second quarter of this fiscal year, the stock impact was more than EUR 11 million. It looks like it's queuing out, it's finishing, because on one side, the price of the material is getting more stable. On the other one, as we said before, our quantity in inventories are getting lower. We decreased by 27% in terms of quantity our inventories. The end of the fiscal year 2023 will be presenting an EBITDA in a range between EUR 45 million-EUR 50 million. We believe that the real performance of the company should be looked excluding, or let's say, at least taking into consideration this stock impact, which is between EUR 23 million-EUR 20 million, hence bringing it back to an adjusted EBITDA, or if you want a more operative EBITDA, between EUR 68 million-EUR 70 million. Yet again, this slide is just to reinforce this message that this fiscal year has been really exceptional in terms of impact from this inventory and from the trend and the dynamic of the prices of the raw material. When we will be presenting EUR 45 million-EUR 50 million EBITDA, you should actually read EUR 68 million-EUR 70 million, because that's the performance that the company would have had if not such a fluctuation of the caprolactam would have occurred. I leave the floor to our CEO for the view on 2024 and 2025. Thank you, Roberto. What is the view for the future? Clearly, if we have given the same numbers at the beginning of this year, we would have given a more optimistic view. Of course, we were exiting from two years of good sales, of revenues growing and, let's say, also demonstrating our capability of passing through the raw material price increases that we have suffered during the first, let's say, the last two fiscal years. Okay. We have given back to the market. We have not given back margins, we have not reduced more than the drop of the raw materials. We have reduced in the same range of the drop of the raw material, with ECONYL, of course, enjoying a better situation. I will speak about volumes, what is the scenario that we are expecting in terms of volumes during 2024 and 2025, and then we will comment together with Roberto, EBITDA and net financial position. About volumes, we expect an overall volume increase in all product lines between 4%-7% at the group level, which means not yet a recovery for all the business lines of the levels of 2021 and 2022, with Carpet Yan getting closer. This because of, let's say, a situation in Europe that seems to stabilize and also because a growth of market share, which is continuously happening in the market. Nylon textile filament still not recovering, if not marginally less than half the drop that we are suffering. We believe that the inventory level of this industry is still high and takes naturally longer than the one of the carpet business, because the carpet business, the value chain is much shorter and people are not able to build up too much inventories. When it is the moment to react, they react quicker and the inventory decrease lasts shorter than the one of textile. The polymers. It's a business line that we count a lot, especially to keep our revenues in the European market, let's say, with some plus in front, given the fact that, for sure, the fiber market in Europe, generally speaking, is not growing and our market share is still high. It is, of course, more difficult to gain market shares other than some competitors exit from the market. The reason why we have made this investment is because we believe that ECONYL can say a lot of things to the engineering plastic market, but secondly, also because this is an industry which is still growing, not maybe growing as it was growing some years ago, but still with some positive look for the next years. Giving more colors about the geographical development, we think that in U.S.A., we will still enjoy a market growth with regard to the carpet yarn. The NTF, you all remember that we have a subsidiary in North Carolina that we took over during 2019, keeps recovering. In this case, we suffered the biggest loss of volumes during the second semester of 2021, and then a slow recovery, now stabilizing at around 90%, between 85%-90% of the original levels, but seeing some positive trend also because a big competitor in Mexico stopped to manufacture during the previous quarter. We will see some effect in the American market shortly. Okay. U.S.A., for us, is a good, let's say, place where to be. We should keep having a very good result in terms of revenues and also in terms of profitability. In BCF, we are seeing some market growth. We are still gaining shares in the automotive market, gaining shares in the commercial market, and let's say, enjoying the favor of the client. NTF, a partial recovery, while polymers, there are, let's say, new perspectives that are reinforced, especially by the engineering polymer, engineering plastic business, with the investment that we completed at the end of 2022 and that we, let's say, started up during 2023. The Asia-Pacific market, which is represented by BCF, by carpet yarn, plus some sales of textile filament that are going 100% ECONYL to Japan, Taiwan and Korea, so the developed area, keeps, let's say, a good outlook because, of course, it's an area where construction and, let's say, growth, despite the crisis, still, let's say, higher than the one that we are having here in Europe. 25 versus 24, it's similar. Carpet yarn, of course, still we believe that at, let's say, global level, we should post another growth. This also because we are starting to develop some new products in areas where we were not present before. Nylon textile filament recovering, still around 10% lower than the volumes of 2022. This is because certain products and certain markets have disappeared. Basically, with the high prices of raw materials in 2022, especially in Europe, some customers switched to other materials, for example, nylon 6 instead of nylon 6/6. When they switched commodities to nylon 6, they started to buy from China and not buying from local customers. Especially, for example, the Turkish market that was representing not a minor portion of our sales until 2021, presently is, of course, touched by the crisis in Turkey, touched by the export crisis because, of course, Turkey was exporting to continental Europe as well as to the Russian states, which of course are not very strongly demanding during this period. Also touched by the importation of nylon 6 coming from mainland China, which is sold at very low prices, which for us makes no sense to compete. The polymer market, we are still confident that we will keep growing. Please remember that our engineering plastic capacity, we are speaking about 1% of the total market. That we are counting on what? On, let's say, conventional recycled material, so our fiber, which is transformed into recycled nylon for the engineering plastic industry. In this case, it's not ECONYL, mechanically recycled, as well as we are investing a lot in developing a new project with our ECONYL, let's say, first-grade materials, for example, for the sunglasses industry, not only. Again, also in 2025, U.S.A. is, for us, a growing market. This is because there are some contracts with other vendors that are going to expire at the end of 2024. That we have already, let's say, agreed that we will take over part of this contract during 2025. The textile filament business of our North Carolina subsidiary should have completed the recovery. We are not betting on selling more than what we were selling before 2021. We are betting on selling what we were selling in 2021. Europe BCF continues growth in terms of recovery from the past levels. Please remember that if you go, say, some years ago, we were selling much more than what we are selling presently, because after COVID, the European market has never recovered, not even closely the original sales. NTF, still recovering, below the 2022 levels, polymers expansion as I have just explained. Asia Pacific, still a growing market, still the area where we are running at full capacity, still where we are slightly short of capacity. Where we are still planning some minor investments to keep capacity, let's say, in line with the present demand. Good news about ECONYL. We confirm the target of reaching around 60% of our fiber revenues for the end of 2025. We are today close to the 50%. It means that we think we can grow of another 20% our sales in terms of revenues, not in terms of quantities, during 2024 and 2025. We are continuously expanding our sales in Asia, continuously expanding our sales in the North American market, and also targeting some new, let's say, markets here in Europe. Efficiencies. This is just to give you an idea. As I said, headcount reduction around 200 people before the middle of 2024. Of course, we have to post productivity increases through some automation projects and better utilization rate, which of course, this year was also hit by the inventory reduction. A lot of projects about making our system more energy efficient and also cost effectiveness initiatives like saving of raw materials, saving of energy, saving and improving of productivity in every level, including logistics and transportation, which is an important cost factor for Aquafil. Now, I will leave the floor to Roberto, who will go into, let's say, more numbers, more numerical explanation. Let's see if it switch. Okay, thank you. The information that you just received translated into numbers would be basically as follows. Volumes on one side, efficiencies on the other. The two together should provide or should bring approximately EUR 16 million-EUR 22 million additional EBITDA cumulative in the next two years. In terms of volumes, as we said, the total benefit or the total increase in our EBITDA that you are expecting will be in the range between EUR 7 million-EUR 10 million cumulatively. Again, in a nutshell, BCF stable growth, NTF market recovery, polymer is an expansion of our presence in the market where we are still very small, so there is plenty of room. On the other end, efficiencies, as we said, we are targeting the decrease and the optimization of our headcount. At this moment, the target, as you heard, is to arrive to 200 people by mid of next year. At the end of October, we were 144, which means 5% of our headcount since the beginning of the year. Production efficiency, production increase. As we said, during this year, of course, our production efficiency was not at the top level or was not at least our historical level, so we are counting on recovering them. We have started various project in terms of improving our cost structure in terms of, as I said, logistic, transportation, energy. All these elements altogether. Of course, we should not forget that we have already started part of our rationalization of our production structure, at least in Europe, with the closing of our U.K. factory. All these items together should bring in the next two years a saving or an improvement of our EBITDA between EUR 9 million-EUR 12 million. Please, when you see these numbers, always keep in mind the total magnitude of the cost that we are talking about. We are talking about small percentages. It seems to us reasonable to give ourselves these targets. In order to explain you the evolution, starting from our adjusted EBITDA of EUR 68 million-EUR 70 million, we should land in 2024 in a range between EUR 76 million-EUR 82 million, and then in 2025 in a range between EUR 84 million-EUR 92 million. One important item of this presentation is, of course, we are starting from our adjusted EBITDA because our estimation is that in the next year, the no stock impact with the same magnitude of the one occurred during this year should be happening again based on our best estimation and the market information that we have. Last but not least, one item that everyone is really paying attention on, of course, is our net financial position. As said, this year has been a year in which the focus of this company has been in controlling and containing our net financial position as much as possible. I think that the target of year end between EUR 250 million-EUR 260 million, considering the open at EUR 247 million, the distribution of dividends, so on so forth, is a good performance. This effort is here to remain. It is here to remain in 2024, and it is here to remain in 2025, meaning that we are giving as a target to ourselves a decrease of our net financial position in a range between EUR 50 million-EUR 60 million in the next two years. How we're going to do that is pretty simple. After the delivery of our estimate from EBITDA, we are going to invest CapEx in a range between EUR 25 million-EUR 30 million, which is a range lower compared to the CapEx that we spent in 2020, 2021 and 2022. You can check the numbers. Of course, this CapEx will be used to continue to improve our efficiency, the maintenance, and some strategic investments that will allow us to deliver additional profits in the next two years. Of course, we will have to pay interest and tax, unfortunately, also tax. At the end of 2024, we're expecting to arrive in a range between EUR 225 million-EUR 235 million, and at the end of 2025, in a range between EUR 190 million-EUR 200 million, which, just to give you a rough idea, will mean that our net financial position on EBITDA ratio will be in a range between around 3 at the end of next year, and around 2.5 at the end of 2025. Now I hand over to Mr. Bonazzi for the closing. Yes. Thank you. Talking about raw material prices, we expect that 2024 will be flat around the present levels, and there will be a sharp slight growth during 2025. The present situation of our suppliers is very complicated. You have all seen all the profit warnings that have been launched by the chemical industry during the last couple of quarters. This is because, of course, they're suffering low utilization and super low marginality. This is something that cannot last forever. Nevertheless, we are speaking always about a possible increase, let's say, very marginal in comparison with the one that we have seen, let's say, starting from the second semester of 2021. The range that you are seeing, EUR 76 million-EUR 82 million, is basically depending on the development of the volumes that we will be able to reach during the next couple of years. If we are not able to grow anything, we will stay at EUR 76 million. If we are targeting, let's say, the numbers I have just mentioned short ago, the EUR 82 million will be more than achievable. Nevertheless, of course, we will keep an eye and stay very focused in controlling our capital expenditures that eventually can be slightly further reduced without any compromise to our quality, without any compromise to the quality of our assets, nor to the possibilities of, let's say, delivering higher sales and better numbers to our clients. With that being said, I want to conclude this presentation. I'm now ready, we are now ready, Roberto and myself, to answer to your questions if there are. Gianluca, strange, you never ask for questions. Thank you, Giulio. I have, actually, I think three questions. The first one, obviously, you will breach the covenant in 2023, and under your assumption, you will be well below the covenant by 2024. Can you give us some color how you are dealing with both the banks and the proper placement? If we can expect a kind of temporary increase in the cost of debt or anything that you can disclose at this time will be very useful. Secondly, I do not see any cash out in the slide 18 related to the rationalization closing the plant in the U.K., the 200 layoffs. That is because they are already included in 2023, or we should expect something happening also in 2024? Last, but I think it's important. On the previous slide, 17, I just see efficiencies and volume. I do not see price and mix. Price can be a question mark, mix, because of the expected growth of ECONYL to 60%, and because now the polymers have a lower marginality. I do expect the engineering plastic, in due time, to have a better return. Is this number on the conservative side because it's lacking these two components? Thank you. Well, thank you, Gianluca. I will leave Roberto answering to the question number one and question number two, I will answer right now to the question number three. Yes. We have been, let's say, very prudent, but also let's not forget that there is some inflation ongoing. Clearly, we have to consider that labor costs are growing. Maybe this is something that we are not noticing much here in Italy, at least for the time being. It's a real, let's say, factor with regard to the rest of the world. Not only to U.S., where labor prices have doubled during the last three and a half years. Okay? Here in Europe, outside of Italy, let's say salaries are growing in line with inflation. Last year, 9%, this year, similarly. Then, of course, they will start to go down when, of course, inflation process will reenter in the normal pace. In Italy, thanks to, let's say, cuneo fiscale, and thanks to a different situation, for the time being at least, we are not discussing about salary increases in the range of 10%, but nevertheless, certain inflation we have to consider. We have tried to keep these possible cost increases being matched by other, let's say, positive factors that we should enjoy during the coming two years. I will leave to Roberto, because together with Sergio and Gabriele, they are enjoying discussing with our lenders the present situation. Yes. We are currently in process of doing discussion with the various financial institution. The process has started already, it's ongoing. Some of the financial institution were waiting the Q3 results. We're waiting this meeting in order to have a better visibility, and I guess that the discussion are going to go on and on until the end of this fiscal year. Far, we have no reason to be negative about it. In relation to cost, I think it's too early to say. I prefer first to get to the end of the process and then make a quote and give you details if needed on how much the cost is going to be. For the time being, I prefer not to disclose anything about that. Also because there are some financial lenders here, so if we start saying, "Yes, we will pay more," for sure you will pay more than more. Just from my understanding, we should expect the net debt target to go up because they may include the cash outs later in the future? Or in the target you are giving, you are already- Slide number 18. When you see interest, tax, and others, 24 to 29- In the others it is okay. This is significantly higher than the numbers of this year. Okay. In the others there is- Something is already prudentially included. Okay. Thank you. Of course, we try to make a calculation out of it. Second question that you had in relation to headcount cost and so on. Again, we said that 200 people should be dismissed by June 2024. In October, we were at 144. In the end of December, we probably should be around 175. The bulk of it, as well as the U.K. cost, are already in 2023 financial year costs. Thank you. You're welcome. Thank you. Nicolò Storer, Kepler Cheuvreux. Three questions. The first one, if you. It's a standard. Three questions is. Standard, yeah. Two or four? No, three. Okay. On the cash flow bridge, if you can detail a bit on the interest, tax, and other column. In particular, how much are you assuming for interest rates as an average hypothesis? Also, I do not see in the bridge working capital, which probably is included in these items. If you can give us some color also on working capital. The second question is on efficiencies. You are planning 5-7 in 2024, and 4-5 in 2025, but probably those related to layoffs will mostly come in 2024. If you can give us a sense on what's in this number. How much is layoffs and how much is other, and the breakdown by year. The very last question, at the beginning of the presentation, you mentioned that you have enjoyed some benefits from temporary layoffs already in 2023 in Italy. Also, I guess that in 2023 you also had some tail of energy subsidies from the government. What should we think about these items going forward? We do not see them in the bridge, and I doubt that those can be carried over. Thank you. Okay. I will try to reply to all your questions, if I can. For what is related to the interest amount, you should consider that out of this EUR 24 million-EUR 29 million, we're talking about a range between EUR 20 million-EUR 21 million in each year. In relation to the second question was energy. Yes. In the third question, sorry, was energy. Yes, we received EUR 2.5 million during this year compared to 8 point something in 2022. This amount is, of course, we believe that it's going to be recovered by energy efficiency that we're going to make in the next year. It's minor during this financial year compared to 2022. The second question was about layoff. Could you remind me the question? The breakdown. The breakdown of this EUR 9 million-EUR 12 million, you can assume half of it in relation to the head count reduction because we're talking about 200 people. The math is pretty easy. On top of it, you can add the U.K., which is around EUR 1 million, the difference is going to be all the other items that we mentioned before. Yes. There are also, of course, the effect of the investment of 2024 that will result in better margins and cost saving in 2025. Of course, the investments we have made in 2023 that hopefully will bring improvements of our cost structure in 2024. In these numbers of efficiencies, you see also this, of course. Other questions? Three questions I recommend. Just a question from my side. The first one is on dividend. I don't see any dividend payment in the cash flow. Do you expect not to pay because priority is debt reduction? The second one is on the engineering plastic business. Can you give us an idea on how much revenues you expect in 2025 from this division? Thank you. Yes, of course. We are not considering to distribute dividends until we will not return to a ratio between EBITDA and net financial position, let's say in the range of at least 2.5. First of all, we must return to profitability. Second of all, we have to return to a leverage which is comfortable in our opinion. As it happened in 2020 and 2021, we are not targeting any dividends. Of course, 2024 should see some profit, but still not, let's say, in a high amount. Dividend distribution would be in 2025. Clearly, 2024 will not see any dividend because 2023 we will post a loss. In 2025, we are not considering any dividend distribution because we are still re-entering in the, let's say, leverage that we are targeting. We could start discussing about dividends in, let's say, paid in 2026, if, of course, 2025 confirms the 90 level, not if we stay below, and depending also on the net debt reduction that we will be able to reach. With regard to the engineering plastic, presently it is, let's say, I would like to say this. We were already in this business until 2013, and at the time, the revenues of this business was around EUR 90 million per year. We are still now at the level presently, let's say, annualizing the present situation between EUR 15 million to EUR 20 million. Of course, we think we have still, let's say, considerable room for increasing these numbers during the years to come. First of all, transforming our fiber waste that was previously lock up, that we had to sell this fiber waste to the company that purchased our business in 2013. This is now completely finished with the beginning of the next year. Secondly, of course, we are not betting so much in selling, let's say, the products that the big giants like BASF and others are making, or trying to go to the automotive industry, which is, of course, requesting a lot of homologations and the globalization of your production platform. We are targeting more some niches, especially with our ECONYL, with regard to the so-called first grade material. Still speaking about a drop in the ocean in comparison with the size of the market. Just one question. It might be the last one. Do you consider any capital increase in the foreseeable future, or would you prefer to wait until the stock goes back to the old level? Well, we would have considered a capital increase if we are not quite confident to have a strong reduction of our debt during the next month. Of course, this would mean that we require an injection of capital in order to be, how can I say, compliant with the net debt situation. Since we are planning, as we are seeing actually during the last period, a considerable reduction of our net debt and not having exceptional operations in front of us, we don't see why we have to come back to our shareholders and ask for a capital increase. That, of course, could further depress the value of our shares, because at what price are you going to ask to inject capital? At the parity? At a lower level? This could eventually risk to dilute. Please remember that we have a lot of private shareholders of our company, small, medium-size shareholders that could react very badly in case we would go out and ask for a capital increase. We don't see the reason why to, at least for the time being, injecting fresh capital to the company. We have no intention of making any special operations. We have no necessity of making large capital expenditures. We have very modern and up-to-date equipment, enough capacity, and we have already reduced quantity-wise our working capital that will reflect also in better leverage during the coming month. Other questions from here or from outside, from our virtual Bless you. This was not a question. The timing was good, though. The timing on that was good. If there are no questions, I just want to thank you for being here and for having attended to our outlook for 2023 and our expectations for 2024 and 2025. Of course, our IR team, Karim and Giulia and Andrea in the U.S., are always available for coming back and answering to your questions during the coming hours or days. Thank you. Thank you very much