Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Aquafil Group's third quarter 2023 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be a Q&A session. For operator assistance via web call, please press the headset icon on the bottom left. For conference call assistance, please press star zero on your telephone. At this time, I would like to turn the conference over to Mr. Karim Tonelli, Investor Relations Director of Aquafil. Please, go ahead, sir. Thank you, operator. Good evening to all, and thank you to join us for the Aquafil video conference on our first nine months result. Before going ahead, let me remind you that this presentation might contain certain statement that are neither reported financial result nor other historical information. Any forward-looking statement are based on Aquafil current expectation about future events and are subject to risk and uncertainties that would cause a result to differ from those expressed by the statement. For a discussion of the risk and uncertainties, you should review the disclaimer in the presentation we issue today. Said that, allow me to leave the floor to Mr. Giulio Bonazzi for his remarks. Thank you, Karim. Good evening, and thank you again for attending our traditional video conference. The third quarter confirmed the trends that had already emerged from the comments of our first semester results 2023. In EMEA, September witnessed a reversal of the previous month's trend, with positive signs in terms of demand for both textile flooring fibers and polymers. In fact, they were back in line with the performance reported in the same period of the previous year. By contrast, the weakness of the fibers for garments product line continued. In the United States and Asia Pacific, the reference markets remained substantially stable in the first nine months. Volumes sold of regenerated ECONYL-branded products in the first nine months of 2023 proved once again to be resilient, exceeding the previous year's levels. The engineering plastic projects continued to grow, confirming the achievement of the preset targets by year-end, with excellent development opportunities for the future. The temporary effect of margin reduction, already witnessed in the second quarter due to the high unit value of inventories stocked in the previous year, continued. Considering the temporary effect, the company started the procedure to request credit institutions to temporarily suspend the covenant verification. The actions to contain the net financial position and to enhance industrial efficiency still represent a strategic priority for the company, which remains strongly committed in their implementation. The recent launch of the process to discontinue Aquafil U.K.'s operations, combined with initiatives to rationalize the Group's operations, will lead to significant savings. The Q4 performance is projected to be in line with the one of September. Accordingly, in EMEA, demand for textile flooring fibers and polymers is expected to be higher than or in line with the same period of the previous year. The product line of fibers for garments is forecasted to remain weak, as it was for the first nine months of the year. Volumes sold in the U.S. and Asia Pacific are expected to be in line with those reported in the fourth quarter of 2022. We also remind you that on November 21st, we will be pleased to present our outlook for the next two-year period. We invite you all to attend this important event to share with you our idea of the future. We are now open to your questions. This is the Chorus Call conference operator. We will now begin the question-and-answer session. To enter the queue for questions, please click on the Q&A icon on the left side of your screen. Please make sure to enable your audio and video connection. If you are on the phone instead, please press star 1 on your keypad. The first question is from Carlo Maritano of Intermonte. Please go ahead. Good evening, everyone. I have three questions. The first one is related to the U.S. In the third quarter, there's a quite important decline also in terms of volumes compared to the previous quarter. I was wondering if you could provide us some more color on this performance. The second question is related to the strike of our car makers in the U.S., if you expect any impact in the fourth quarter from these strikes. Finally, the third question is related to EBITDA. In the presentation of the first half, you said that around EUR 13 million was related to the impact of a higher unitary cost of raw materials. I was wondering how much is in the nine months instead. What's the additional impact in the third quarter? Thank you. Thank you, Carlo. In reality, in U.S., the third quarter of this year is substantially in line with our expectations. If we confront it with the third quarter of last year, that was super record ever, there is true a decline, which is due partially to a market which is, of course, less demanding, even though for what we are seeing recovering. Also already considering the possible effects of the strike of the workers trade unions for automotive. True that this strike started during September and partially ended in October, but the industry started already to prepare for this strike during August. We have been very slightly impacted because luckily few of our models, or better the models where Aquafil is nominated were hit by the strike, and this helped to contain the situation of the American demand. With regard to the fourth quarter, we are not expecting a further impact of the strike because the strike is apparently going to an end. With regard to the EBITDA of the first nine months, the amount of the unit price of the raw material is around slightly below EUR 20 million. The next question is from Dave Storms of Stonegate. Please go ahead. Good morning. I just have three questions as well. When it comes to the higher unit cost inventories, do you have a sense of how long it will take that to normalize? With regards to the savings that you expect to see from the U.K., do you have a plan on reallocating those funds? Just around the covenant verification suspension, can you give us a little more insight into what the logistics are and how you expect that to play out? Thank you. Well, thank you. How long? We are still impacted also during the fourth quarter. We will give you more color during the meeting of the 21st of November. We are not expecting major or, let's say, if not normal impacts from next year. 99% of the impact of the high unit value, it should be completely absorbed during 2023. It's a temporary, let's say, effect. That's why we are asking for a covenant holiday to our institutions that should be lasting from 31st of December and the first semester of 2024. We should not have any request for the year 2024. Again, we will give you more colors during the 21st of November meetings. The saving plan. The Aquafil UK saving is of course important, you have to know that immediately since the crisis started, Aquafil operated in order to keep operational cost at the right level. Presently, we have already achieved, in Aquafil UK, we are speaking about a 30 headcounts, but altogether we have already achieved in the group a reduction of personnel of around 100 person, and we count to arrive between 120 to 125 before the year end, with also some reduction during 2024. The reduction of personnel continues and is not only related to Aquafil UK, but also to our Slovenia, Croatia operation mainly because, of course, as we said, Asia Pacific and U.S. are okay. Also European BCF, which is partially in Slovenia and partially in our Italian operation, have returned, let's say, to healthy levels already during the month of September. The next question is from Niccolò Storer of Kepler. Please go ahead. Thank you. Thank you for taking my questions, three as well. The first one on EBITDA, in the nine months. If we consider the EUR 20 million impact from inventories, we would move from EUR 37 to EUR 57, and we would still be some EUR 16 million below previous years. Can you tell us the reason of this EUR 16 million decline and maybe a split between the volume effect, or maybe the mix effect, or other things that might be in the numbers? The second question is on your net financial position bridge on slide 10. If you can comment on other cash cost item minus EUR 20.1 million, what is this item including? The last one again on covenant suspension. Do you already have in mind how much this is going to cost you? Thank you. Hopefully nothing, I answer you for the third question. Okay. We have already received the first acceptances without any request of penalties or touching the interest rates. We will see when we will complete this operation. It's a relatively short holiday period, the one that we are asking, and due to very special circumstances, which is the reduction of inventory. Without this, we would have not needed to ask any covenant holiday. For the question number two, I will leave Karim or Roberto to explain. With regard to the question number one, EBITDA of the first nine months, yes, there is a difference in comparison with last year, which is partially due to lower volumes. Again, during the 21st meeting, we will give you a little bit more colors about how much lower volume or what this lower volume means. Please, don't forget the subsidies or the returns that we have received last year from different governments because of the incredibly high energy prices that the European industry had to face as a consequence of the war between Russia and Ukraine. Let me also give you and explain this. Someone has asked me to compare 2020 with 2023, asking me a question of why is it 2023 worse than 2020. This is exactly wrong. If in 2020 you apply not even a similar incredible decrease of the value of inventory, but some inventory decrease that we didn't suffer during 2020. You deduct the subsidies that were granted on that occasion because the continuation of the working contracts that we had in Italy, United States, Slovenia, and even China, the result of 2020 would have been much worse than what it showed. 2023 is a much better year than 2020. Sorry if I took a little longer to explain this. Now I will leave to give you exact explanations of this other cash cost item that are on page 10. I would say that the main item, just to give you the main one or the other cash cost, it includes interest cost that we are bearing during this financial year, which are penalized by the increase of the interest rate and held start at the end third quarter of 2022 and are going to continue until third quarter 2023. That would be the main bulk of it. We can provide you later on more details, but that's the main part of it. Just to give you an idea, it's more than 60%, around 60% of that cost. Thank you. You're welcome. The next question is from Gianluca Pediconi of Momentum. Please go ahead. Good afternoon, gentlemen. Just a couple of questions. The first one is on ECONYL, where the growth is coming from. What I'm interested to understand is if the current customers are buying more or if you are winning more customer for ECONYL branded products. That is the first question. The second question is regarding the covenant holiday. You mentioned a credit institution. Are you talking only to banks, or it's also involving the private placement to the bond? Of course, it is involving also the private placement, which is a process that has already started some weeks ago. We are now during the reiteration of providing more data. Clearly, sometimes it's a little hard to provide more data until we communicate them to the market. Today it will be easier to give them some additional information. After the 21st, we should complete the picture that we will deliver to our, let's say, lenders. With regard to ECONYL, we are winning, let's say, market shares as well as gaining new customers. The new customers are both in the BCF or the carpet flooring market or the fiber for flooring, as well as in the nylon textile for the apparel or garment application. In the future, of course, we will start developing ECONYL also for the engineering plastic and for the polymer market, which we have just started. A lot of ECONYL is now winning attention also in the automotive sector, both for carpet flooring as well as for, let's say, textile application. Of course, carpet flooring, easy to understand what is the application. With regard to textile, we are speaking more about car interiors and car seats, where we have got some nominations, some of them very important from a marketing standpoint, like Maserati, because as you can imagine, they will not sell millions. I wish them, of course, to sell millions of cars. Others that are more on Geely and on other car makers are delivering more volumes. Thank you very much. Welcome. As a reminder, if you wish to register for a question, please press Q&A on the left bar and raise your hand or press star one on your telephone. For any further questions, please press Q&A on the left bar and raise your hand or press star one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you. Thank you to all to stay with us for our conference call, see you the 21st of November in Milan for our events. It is, of course, be physical and also virtual for those who are not able to take a plane or drive a car and to come and see us in Milan. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your devices. Thank you