Good day, and thank you for standing by. Welcome to the Enel Q1 2023 Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Monica Girardi. Please go ahead. Thank you. Good evening, ladies and gentlemen. Welcome to our Q1 2023 results presentation, which will be hosted by our CEO, Francesco Starace, and our CFO, Alberto De Paoli. In the presentation, Francesco will provide some highlights of the period, while Alberto will walk you through the operational and financial performance of the group. Following the presentation, we will have the usual Q&A session. We ask those connected to the webcast to send question only via email at investor.relations@enel.com. Before we start, let me remind you that media is listening to both the presentation and the Q&A session. Thank you. Now let me hand over to Francesco. Thank you, Monica. Good evening, everybody. Let's start with the highlights of this period. 2023 starts with a very strong operating and financial performance that offers ample visibility on the evolution of the rest of the year and proves the solidity of our business fundamentals. EBITDA is up high double digit versus 2022, has reached EUR 5.5 billion benchmark on the back of a less volatile environment that is allowing the group to show in full its industrial growth potential. FFO is robust and accounts for almost EUR 4 billion with an EBITDA conversion into FFO at around 70%, well above the historical trend for the Q1. The execution of our EUR 21 billion strategic repositioning program is well on track, with deals closed in 2022 or agreed more recently, totaling around EUR 11 billion, of which around EUR 4 billion still to be cashed in. This positions us early in the year, already halfway through the completion of the target. The solid operating performance, the strong FFO conversion, and the progress made on the group strategic repositioning underpin ample visibility on the evolution of the coming months and supports our strong confidence that 2023 targets will be achieved. Operating delivery came in quite strong as well. I am now on page three of the main business KPIs. Our developing machine continues to de-risk Enel's generating capacity. This has increased 4,500 MW over the last 12 months. The share of renewable capacity on total is now close to 70%, providing further support to our integrated business commercial strategy that can benefit from the high share of sales covered by our own production, which now stands at around 90%. The electrification trend continues to accelerate, leveraging on new services and infrastructure. Storage behind the meter is up 1.3x versus previous year. Public charging points reached 23,500, up to 1.2x. Our effort in the digitalization of the distribution network resulted in grids of higher quality, with the average interruption rate down by more than 14%. Now I will hand over to Alberto, that will walk you through the details of the operating and financial performance. Please, Alberto. Thank you, Francesco. I will now start with a snapshot on our investment in the period. I am now on page number five. In Q1, we deployed investments for around EUR 3 billion. In particular, EUR 1.8 billion was allocated to support our integrated strategy, with renewables accounting for EUR 1.4 billion and the remaining portion to customers' development. EUR 1.2 billion were allocated to grids. From a geographical perspective, around 70% was devoted to Europe, with the lion's share spent in Italy and accounting for around 54% on total, followed by Spain and the remaining 30% in LATAM and United States. Around 65% of the total was spent in core countries and in continued operations, while the remaining portion, worth around EUR 1.1 billion, is mainly associated with investments in non-core countries and on assets included in the strategic repositioning program, it's not impacting net debt after their disposal. Let's now move to the main drivers of the EBITDA evolution on slide number six. As you can see, we posted an EBITDA of EUR 5.5 billion, marking a sound 22% growth year-on-year. Looking more closely to the components of this growth, the management of the integrated business stood at EUR 3.3 billion, EUR 750 million higher than the same period of last year, marking a notable 27% growth year-on-year in a normalizing external context. In particular, generation is up EUR 400 million, driven by EUR 300 million growth in renewables on the back of 3 TWh increase in volumes and higher hedge prices, partially offset by the clawback measures implemented in Italy. EUR 100 million contribution from conventional generation, mainly associated with the higher thermal margin in Iberia, partially offset by the effect associated with the deconsolidation of the asset in Russia and Brazil. Customer activities killed the remarkable EUR 900 million growth year-on-year, driven by the retail operations in Italy and Spain, which are now benefiting from the increase in volumes recorded last year, and from the rebound of all the negative dynamics that affected 2022 evolution. Finally, portfolio opt-optimization is down EUR 600 million as a consequence of the stabilization of the price environment. Networks stood at EUR 2.2 billion, up EUR 500 million versus last year, benefiting from the recognition of the higher cost recorded last year in Romania, the tariff indexation, and higher volumes distributed in Latam, excluding the perimeter effect from disposal and the higher regulatory remuneration in Italy. The non-recurring component associated with the stewardship business model is negative for around EUR 200 million, as in the Q1 2022, we recorded the gain from Eufinet disposal. I will now dive into the EBITDA evolution of the integrated business by geographies. We are on slide number seven. As you can see, the result of the integrated business is EUR 3.3 billion in the Q1 2023, with an increase of 27% versus the Q1 of the last year. Italy is down overall EUR 200 million, as I will comment in the next slide. Iberia, here the integrated margin contributed positively EUR 700 million. This is a result of the recovery of the retail free market segment, the positive contribution from the renewable generation, and the higher contribution of the conventional generation and trading on the back of improved thermal margins and the positive impact from the portfolio of gas contracts. Latin America is up by around EUR 100 million, mainly as a result of renewable volumes, which are up by 14%, thanks to the new capacity built over the last 12 months and the indexation of the PPI- PPA contracts. North America is almost flat year-over-year, while rest of Europe increased EUR 100 million as a consequence of the positive resolution in Romania of the regulatory measures that have impacted 2022. Let's now deep dive into Italy in the next slide. I'm on page number eight. In Italy, the EBITDA associated with the integrated business stood at EUR 1 billion in the Q1. The main moving parts were as follows: Power-free recorded a remarkable increase of EUR 600 million on business dynamics that I will detail in the next slide, and which are mainly associated with the retail business. In light of the underlying evolution, we see Power-free in Italy at the end of the year to land in the EUR 4 billion-EUR 5 billion range, in line with our plan. The item of power regulated proved flat year-on-year on the back of a stable contribution of the regulated plans and retail. Gas recorded a positive EUR 100 million increase associated mainly with the last year price review of some contracts and the higher marginality of the retail segment. The positive dynamics of the Power-Free and gas segments were offset by the commodity portfolio management, accounting for minus EUR 900 million. These negative results is mainly associated with two main factors. One, the normalization of the commodity price environment we observed in the first three months of the year, and roughly EUR 400 million of purely accounting effect of the fair value of derivatives on commodities contracts, which will be fully reabsorbed in the coming quarters. Let's now deep dive on the Power-Free dynamics, which, as said, accounted for EUR 600 million increase in the Q1. I'm now on page number nine, where you can see that the positive performance was mainly driven by a normalization of the price environment and a more balanced position between sales and generation. Fixed power sales stood at around 12 TWh, almost in line with last year. This level of sales was covered almost in full by our own generation, in particular, 7.4 TWh were covered by thermal sources, four by renewables, and purchases on the market accounted for a mere 0.4 TWh, 1 terawatt-hour less than 2022. Despite the 1.6x increase in the cost of sourcing due to higher commodity costs, the repricing executed last year and the management of our hedging strategy allowed us to expand 3x the unitary integrated margin, which is now moving to a more normalized level. Churn rate came in at 9%, lower than our expectations. I will now dive into the EBITDA evolution for grids on slide number 10. Ordinary EBITDA for networks stood at EUR 2.2 billion, a 29% increase versus last year. Going in details by country, Italy increased by around EUR 100 million, thanks to higher regulatory remuneration, mainly associated with the higher RAB contribution and the tariff indexation to CPI. Iberia is flat year-on-year. Romania contributed positively for almost EUR 300 million due to the recognition of the higher costs accrued in 2022 needed to cover network losses. In Latin America, contributed for EUR 100 million, mainly thanks to tariff indexation, mainly in Brazil, and higher volumes of energy distributed in Brazil and Argentina. I end up this part on business performance with some operating achievements of the grids on slide number 11, where you can see that excluding the perimeter effect from the sale of Goiás in Brazil, volumes of electricity distributed would have been flat. Our effort to quality and efficiency resulted into a remarkable progress, with SAIDI down across all grids by around 14%. Activities on network remain centered on the digitalization of the networks with the installation of further 600,000 smart meters in the last 12 months, resulting now in more than 60% of our end users digitalized. Let's now continue the analysis of the results with the earnings evolution, and I am on slide number 12, where you can see that ordinary group net income came in at EUR 1.5 billion, increasing 2% versus last year. D&A are up year-on-year for around EUR 100 million as a consequence of higher amortization on higher investments deployed while bad debt proved flat. Net financial charges increased by around EUR 450 million year-on-year, out of which EUR 160 associated with an accounting effect of FX dynamics on LatAm currencies. The remaining EUR 290 million splits as follows: Around EUR 110 for higher financial expenses on debt due to the increase of around EUR 7 billion in gross debt versus March 2022. Around EUR 80 million related to a worsening scenario on interest rates environment affecting the unhedged part of the debt, roughly 20% of our total debt. Finally, around EUR 100 million in other financial expenses because of a higher amount of charges related to the temporary managerial action implemented to stabilize working capital dynamics on the back of a higher turnover that we have registered last year because of the energy crisis. For the coming quarters, we expect financial expenses to soften and landing at the levels in line with the plan, thanks to a decrease in the level of gross debt and the reduction already visible year-to-date of the cost to manage working capital dynamics associated with the normalization, we said the normalization of the energy context. Income taxes are slightly higher versus previous year due to better results achieved. Finally, the higher level of minorities is associated with the improved contribution from Iberia and rest of Europe and LatAm, compared to the result recorded in Italy. On the minorities evolution, we see a progressive pickup of the Italian operation, as a consequence, we see here a level of minorities on total group income decreasing in the next quarter from 26% at the end of March to roughly 15% at the end of the year. I move to the cash flow on slide number 13. As you can see, FFO stood at EUR 3.7 billion, showing a sound EUR 4.3 billion increase versus the Q1 of last year, thanks to the improvement in working capital dynamics, which are now back to a recurring evolution. The quarterly cash conversion was around 70%, stronger than the historical Q1 trend of around 50%. Deep diving into the working capital, the dynamics underneath the can be summarized as follows: Government and regulatory measures had a positive impact for around EUR 2.2 billion, also thanks to an initial reinstatement of system charges into the bills in Italy. EUR 400 million impact is from the energy market context, showing an improvement versus last year, thanks to the said stabilization of the price environment. CapEx seasonality and other items stood at -EUR 3.4 billion, in line with the historical trends. Overall, we expect this item to be reabsorbed in forthcoming quarters by at least 50%. Finally, financial charges paid increased versus previous year by around EUR 200 million, mainly for the rise on interest rates, while taxes were slightly higher versus previous year. Before we move to the net debt, let's take a closer look at pending government measures that have still to be collected. I'm now page 14. Over the course of 2022, working capital, as you remember, was affected by the pileup of measures to tackle the energy crisis in Europe, which at the end of the year accounted for EUR 5.4 billion. As of Q1 2023, this number reduced to EUR 3.2 billion, mainly associated with system charges in Italy for around EUR 1.6 billion, the coal and gas stock for around EUR 500 million, and the gas price cap in Spain. The reduction versus 2022 is driven by Italy with a decrease of around EUR 2.3 billion versus the end of 2022 after the partial restoration of system charges into the energy bills and the reabsorption of the impact deriving from the equalization mechanism on the back of market price evolution. In Iberia, we recovered around EUR 300 million, while the EUR 400 million worsening in Romania is driven by the cap on the supply business. We move now to the progress on the group repositioning on slide number 15. Following the leap forward of our simplification effort in 2022, as expected, we are off to a strong start in 2023. LATAM restructuring is running ahead. We have sold the thermal generation asset in Argentina, and we have agreed the sale of distribution, retail, and Enel X asset in Peru. From a multiple perspective, worth to highlight that the sale in Peru was agreed at around 14 times the EBITDA, signaling the high quality of the assets. Based on current exchange rates, the two deals have been agreed for a total consideration of around EUR 2.8 billion and a positive net debt impact of EUR 3.2 billion. Eastern Europe, we agreed the sale of the asset in Romania to PPC for a total consideration of EUR 1.3 billion and an impact on net debt of around EUR 1.7 billion. The closing of the deal is expected by the third quarter 2023. Now looking to execution of the broader disposal plan, I'm now on page number 16. Deals already closed or announced year to date accrue for a total of around EUR 11 billion net debt impact, positioning us more than halfway through the EUR 21 billion disposal foreseen for the 2023-2024 period. Out of the EUR 12.2 billion planned for 2023, EUR 5 billion have already been announced. EUR 2.8 billion will come from deals that are currently under advanced negotiations that we expect to announce by the first half of 2023. The rest is associated with deals that are already ongoing and at various stages of progress, that we expect overall to be announced by the third quarter of the year. All deals are expected to be closed and cashed in by year-end. Let's now move on to net debt on slide number 17. Net debt stood at EUR 58.9 billion. Over the period, CapEx was fully funded by FFO, recording a positive difference worth around EUR 700 million. It is worth to highlight that assets under disposal are included in the CapEx figure and account for around EUR 1.1 billion in the period, whereas their contribution to the FFO is limited. Dividends paid in the period amounted to EUR 2.1 billion, while foreign exchange dynamics were only marginally positive, recording an impact of EUR 500 million. Active portfolio management contributed only for EUR 1.2 billion as the bulk of the deals announced so far have yet to be closed. Accounting for the agreed financial terms, the pro forma net debt would have stood at around EUR 55, down EUR 5 billion, versus full year 2022. The debt management, coupled with the strong economic and financial performance, resulted in an improvement of credit metrics, with FFO on net debt over the last 12 months at 23% versus 15% of the last year, and net debt to EBITDA at 2.9x well on track to reach the 2.4x-2.5x at the end of 2023, in line with guidance. The stage of completion of our repositioning plan, coupled with the visibility over the underlying dynamics of the business plan, bodes extremely well for the target landing point of EUR 51-EUR 52 billion we have in our guidance for 2023 and that we see comfortably at reach. Financial solidity was instrumental to the extreme volatility of 2022. It improved further in Q1 2023. We are now on slide number 19, where you can see that along 2022, the group had to financially manage three black swans at the same time. Margin call requirements triggered by severe commodity fluctuations, the measures introduced by governments, as well as the impact from the broader energy market context. All these factors peaked in August last year when we recorded around EUR 21 billion impact. The financial discipline followed in 2022, allowed the group to remain unscathed by this unprecedented situation, which has instead severely affected other players, leveraging also on our ample available liquidity. In the last quarter of 2022, the impact was reduced by EUR 6 billion. In Q1 20233, this has further decreased by additional EUR 6 billion, thanks to a sharp margin call reduction, the removal of some government measures, and the evolution of energy prices. Our total liquidity as of Q1 2023, stood at more than EUR 30 billion, almost in line with December 2022. Worth to highlight, that this does not include the EUR 12 billion credit line signed with SACE, that can be used in case of a further increase in margin call requirements. On the back of what we have observed and managed, let us turn to full year guidance on slide 19. The quarter of the year has progressed in line with our expectation, and the visibility we have for the rest of the year allow us to be fully confident in reaching the targets provided back in November 2022.\ As a matter of fact, the evolution of the business proved strong in a normalized environment, and the business growth translated into strong economic and financial results. The strategic repositioning program is well on track, so we confirm EBITDA to land in the EUR 20.4 billion-EUR 21 billion range, net income in the EUR 6.1 billion-EUR 6.3 billion range, net debt in the range of EUR 51 billion-EUR 52 billion, and FFO on net debt at 28%. I'll now hand over to Francesco. Thank you, Alberto. As you observed, the turbulence of 2022 is receding. The strength of our business model is vindicated by the results of this quarter. You know that the inertia of this cycle provides great visibility going forward in the year. Strategically, Enel is positioned to benefit from the ongoing accelerated trend toward decarbonization and electrification of the main economies of the world. The nine years I have passed with you on this job have been all very satisfying. They've been all full of excitement for the wonderful development of this group, and I am convinced that the next years will be equally satisfying, and wish you all the best success with following the evolution of Enel. Thank you again. Monica, it's up to you now. Thank you, Francesco. Before moving into the Q&A session, let me clarify that I will pick up all the questions related to financials, that any questions related to governance and the functioning of the upcoming AGM will not be answered by the management. I'll start with the set of question that arrive through our email address, all for Alberto. The first one is on guidance. It is a set, actually, of question on guidance. The first one is on 2023 targets that have been confirmed. Can you walk the market through the moving parts to reach the EBITDA and net income that you target? Well, as we said, we have an ample visibility, so to be in reach of the target we set. If we start from the Q1 EBITDA at EUR 5.5 to reach the guidance we have to account for around EUR 15 billion-EUR 16 billion of cumulative EBITDA in the three quarters. As of today, we see the integrated business that will perform in line or better than the Q1, where we accounted for EUR 3.3 billion. We can achieve easily a EUR 10 billion increase in the next three quarters. Also because Power Free will continue to recover, and this recovering will also offset some negative impact from hydro availability that we are experiencing in the Q1. grids, will see a more normalized evolutions versus the Q1, because in the Q1, we have accounted some asset, that will be the consolidated, at the end of closing. Some, like in Romania, some results, related to the recovery of the losses of the last year. The visibility we have that is driving us to have a full confidence in reaching our targets. For the group net income, we see no deviation from expectation, and therefore in line with EBITDA dynamics, we can easily confirm also the target levels at the group net income. Thanks. The market is pointing to potential upside to target. What needs to happen to have an upgraded guidance? Well, I think you saw that the business is performing strongly, particularly in the integrated business. This is leaving an upside potential. Said that, we still see a lot of moving parts which made at the end played out differently than expected. For example, the hydro production, government's interventions. As of today, we can therefore confirm the numbers we shared with the market in November. Adding, as I said, that they are highly visible and achievable. Okay. Net debt for 2023 has been confirmed at EUR 51 billion-EUR 52 billion. What are the possible upsides that could bring that further down? Well, I can confirm that EUR 51 billion-EUR 52 billion we have in our guidance for 2023. We see this level, comfortably at reach. Upsides, if the underlying dynamics of the business continue to be as good as in the Q1, if no new government intervention come, and the reabsorption of the past years intervention will continue in the next quarter, we might probably see some upsides versus the target. Next question is on financial expenses. Financial expenses appear to be higher than expected. Can you provide more color on the driver for the Q1? What is the projected level for year-end? I'll reply what I said in the presentation. Yes, financial expenses are up versus the Q1 2022. Because mainly for an, a higher level of gross debt versus the Q1 of last year. This is coupled with a worsening scenario of interest rates that are affecting our unhedged portion of debt that is roughly 20% of our total debt. Looking at it for the year-end, clearly now we are so bringing forward our strategic repositioning, and this will contribute to the reduction of the gross debt. We expect for year-end financial expenses to be on the in the range of EUR 3.1 billion. Worth to highlight and stress in 2024, the steep reduction in debt, that will combine with the normalization of the interest rate and energy price that will affect, then our total turnover, will drive a cost of debt down and in line with what our strategic plan envisages. Okay, the next question is on the level of minorities in 2023. What is your expectations? This is another reply. In the Q1, the impact of minorities has been 26%. That is approximately EUR 500 million. We expect this 26% to going down to 15% at the end of the year because of different geographic mix of our results expected for the next quarter. This 15%, that is roughly approximately EUR 1 billion for the whole year, will drive to a lower impact on net income, so will drive now our net income up. Disagreed. Sorry, set of question on disposals. Disposals are showing higher multiples versus plan expectation. Will you end up doing more than EUR 12.2 billion, or you will still stick to the number, and cancel some of the ongoing transactions? Well, yes. First of all, blended multiples have been, as of today, better than what we put into the plan. This leaves us with a certain degree of optionality. Now, given that most of the deals are still under negotiations, we have not still have enough visibility today to change what was originally planned. Okay. About the business, CapEx is up year-on-year. What is the expected level of CapEx for 2023? Well, we do confirm we will have a CapEx plan of around EUR 13 billion, as said in during our capital market day presentation. Okay, we move to rest of Europe, which benefited from the regulatory agreement in Romania. How much more is expected to come from this settlement in coming quarters? Well, we are not expecting any other changes in the regulatory framework. We will continue to apply the current regulation in distribution by capitalizing into a specific RAB portion. The negative differences in price resulted from networks losses acquisition versus recognized. Regarding supply, all the customers are capped until March 2025. We expect to recover the overdue related to the support scheme implemented by the regulator in the upcoming months. Italian EBITDA have set a number of question here. Can you provide more color on the EBITDA of the renewable segment? Well, first of all, performance of the renewable segment or performance of Italy must be seen first within our integrated business, that, as I have shown in the presentation, saw a sevenfold increase in the Free Power segment. With regards to the specific question, so the negative EBITDA of renewable segment, if we isolate the still negative performance, we can highlight two impacts. First, the persisting low hydro production, which caused increasing cost in electricity purchasing made by the renewable segment to fulfill the missing part of production. Second, the application of the claw back mechanism that, as you know, is not linked with the margins accrued, being applied only on the price offered, so being applied only on the revenue level. Power. You mentioned the power free market in Italy. Unitary margins are up by 3x, and costs are up as well. How do you expect this to play out for the rest of the year, and what is the level you expect for 2023? You saw a big margin improvement in the Q1 2023. We have, as we have shown in the presentation. This is still halfway to what we achieve in a normal year. Now, with the commercial policy we are adopting, we will see along 2023, a progressive realignment to historical levels. Worth mentioning that we have temporarily extended also our commercial offering to include indexed pricing offers also to residential customers that in 2023 will offer a natural hedge against potential exogenous volatility. Okay. Well, retail, we stay in Italy. What is the level of bad debt in Q1, and how do you see it evolving in the next quarters? Bad debts in the Q1 had a little increase versus previous year, remaining well below our expectations. Overall, the share of that debt on billing is around 1.5%, in line with forecast. Currently, there is no material worsening on in unpaid levels, as we maintain a strong focus on unpaid and credit evolution, especially in Europe, and we are ready to support, if and when necessary, customers with dedicated installments plans in order to manage the payment obligations. What is the expected negative impact from lower hydro availability? Well, hydro production at Group level amounted to 13.5 TWh in Q1. That is an increase of around 11% versus last year, this mainly thanks to a strong recovery in Spain and a good performance in Latin America. In Italy, production was 2.7 TWh. It was 8% up versus previous year, still pointing to the expectation of a dry year. Based on current observation, we can estimate a lower hydro availability for around 2.5-3 TWh versus a standard year. Considering the economic impact, our projection assumed already low hydro resources. Worth reminded, any additional negative will be partially mitigated by the corresponding avoidance of application of the clawback mechanism. Clawback measures, you just mentioned them. What has been the impact in the Q1? Is it confirmed that clawback in Italy has not been extended to the second half of 2023? As said, clawback application amounted to around EUR 100 million in the Q1. As of today, we have no evidence that the clawback will be extended further to the official expiry of June 2023. I stay with the taxes. An analyst is asking, what is the figure expected for the extraordinary solidarity contribution in 2023, referring to the EUR 322 million impact as a difference between the ordinary and the reported. Windfall tax in Spain is EUR 208 billion, plus EUR 14 Romania, which have been already recorded in Q1. EUR 322 is discontinued operation effect. The impact of this extraordinary contribution is EUR 222. I move back to general financials. What is the expected level of FFO for the full year? we expect an FFO of around EUR 14 billion- EUR 15 billion. This is based on a basic 65% EBITDA conversion, and initially recovery of the government intervention that affected FFO in 2022. Net working capital, can you provide some details on the reabsorption of the impact from government measures? As you remember, we said that along 2022 we have been affected by a stock of EUR 5.4 billion of, at the peak, of regulatory intervention that affected our working capital. This went down to EUR 3.2 billion in the Q1 of 2023. As said, reduction mainly is driven by Italy, that decreased EUR 2.3 billion. This is a partial restoration of system charges in the range of EUR 600 million, an initial restoration, and the reabsorption of the impact deriving from the equalization mechanism. This is on the back of the fact that the market price evolution and the price reduction, so drove this further reduction in the equalization mechanism. In Iberia, we are also in Iberia recovering part of the regulatory measure implemented last year. This is a recovery of around EUR 300 million in the Q1. Can you share an updated number on margin costs and expectation of the evolution for the rest of the year? At the end of March, we had an amount of around EUR 3.8 billion, as said in the presentation. If we take the current price level, this amount is technically expected to decrease by year-end of around 70%. Because of technically, because it's related as to the expiration of the existing derivatives contracts. There is a question around the level of carbon intensity that we expect to reach at the end of the year. If the level we are expecting to reach a level of 148 grams per kilowatt hour, triggering potentially a step up for our sustainability-linked bond. Too early to answer. We have a lot of moving parts because now thermal production is down. As I said, we have a low hydroelectricity on the other side. While we got the mandatory production on coal, if needed for the next two quarters. We have to understand that it's mandatory if it will translate in mandatory production or only an early call to stay with plant ready. Clearly, it's difficult to predict. Clearly, we are working to stay within the target, and that's it. At the end we will account, or we'll do if we will pass or not. In the case, we will pass the target, we will pay, as said already, the step up, included in our bond contracts. There is a clarification around the EUR 400 million of derivatives fair value adjustment. I think the one that we booked in Italy. Possible to provide more details around this and reverse during the rest of the year or expand into the future? It's a technical aspect, so we have to account mark to market of a specific class of derivatives. Because they provide an edge on the commodity as well as others, at the time in which the contract will expire, this will be regained in the final results. Sorry, I'm scrolling down all of the question. I think we are actually going close. Okay, sorry, there is one on the discontinued operation again. What are the assets included into the discontinued operations? For 2023, these are assets in Romania and Greece following the Russia exiting that triggered the discontinued operation of the East Europe for the group. Okay, I think I scrolled down all of the question related to financials. Before closing the call, I need to pass the voice of people who want to thank Mr. Starace for his past years at Enel, appreciating his incredible industrial view and knowledge, creating value not only for the financial market, but for all of the stakeholders. On behalf of investors and analysts, thank you, Francesco. Thank you. It's been a real pleasure and honor to work with all of you. With this, I end the call today. Thanks everybody for participating.