Good morning. This is the Fincantieri conference operator. Welcome, and thank you for joining the Fincantieri nine months 2022 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir. Good morning, ladies and gentlemen. Thank you for joining us, and welcome to Fincantieri nine months 2022 financial results conference call. This set of results shows revenues up by 17% to EUR 5.3 billion, in line with expectations and with the development of the backlog. We recorded positive performances across all segments, in particular, the offshore and specialized vessels business increased by 86% year-on-year. This progression streamlines a potential window of opportunity that the wind offshore market may offer in the upcoming years for Fincantieri. EBITDA stands at EUR 172 million with a margin of 3.2%, impacted by first half lower marginality and the persistence of macroeconomic and geopolitical instability. Net of the first semester one-offs, the EBITDA margin would have landed at almost 7%. In the first nine months of the year, we delivered 12 ships from eight different shipyards, highlighting how we are keeping the production pace in operations. Order intake came at EUR 3.3 billion, well above last year figures, up by 41%, thanks to a revamp in cruise vessels demand. Let me remind you that in the sole third quarter, we signed three different agreements with three different ship owners. I will come back to it in a moment. Moreover, since the first half of the year, net debt improved by over EUR 200 million, consistently with what we anticipated and committed to in the last conference call, and in line with production volumes, capital expenditure, and the delivery schedule. Giuseppe will give you further details together with the main financial and operating performances of the period later on. Let's now move to slide seven for some business updates. The first nine months of the year, we witnessed a sound business operating performance. Along with the positive resumption in cruise orders, I will do a deep dive in a few seconds, in the third quarter, we delivered two ships for a total of four in the first nine months of the year. Namely, and chronologically speaking, one for Princess Cruises, two for Viking, and one for Norwegian. On the latter, the Norwegian Prima, first of the six new generation Prima class. It is based on a prototype project to enhance flexibility, ensuring an elevated customer experience, and to set a technological benchmark with a specific attention on energy savings, emission reduction, and high performances. On naval, we are continuing to develop programs for our main clients: the Italian Navy, the Qatari Ministry of Defense, and the U.S. Navy. In 2022, we have already delivered the first and the second PPA multi-purpose offshore patrol ship from our Italian naval shipyards. The program for the Qatari Ministry of Defense is also continuing at full speed with three deliveries in the period, including two OPV, offshore patrol vessels, and one corvette. Earlier this year, the U.S. Navy exercised the option to build the third Constellation-class guided missile frigate for a value exceeding half a billion dollars. In mid-October, we signed with Naviris, Naval Group, and Navantia a preliminary consortium agreement for the development of the modular and multi-role patrol corvette to maximize synergies, long-term efficiencies, and cooperation among European shipbuilding industrials, while avoiding duplication in defense spending. The European patrol corvette will be a smart, innovative, affordable, and flexible vessel designed to meet a wide range of future missions in a continuously evolving global context. The positive business operating performance sets the stone for forthcoming opportunities in our core business. Back to cruise order intake. During the third quarter, we have signed major cruise agreements with three ship owners. The turning point now is the high performance and future-proof quality of the products we are developing and building. Green, innovative, flexible, forward-looking solutions that promptly anticipate the regulatory requirements. We continue to consolidate our relationship with long-lasting clients while exploring opportunities with newcomers luxury brands. We strengthened the long-lasting partnership with Viking with four additional cruise ships. Two are orders and two are options to be delivered by 2028 and designed for hydrogen fuel cells propulsion and equipped with the most modern safety systems. Secondly, the Memorandum of Understanding with MSC, which envisages the construction of two additional hydrogen-powered cruise ships for the new luxury niche brand, Explora Journeys. Four cruise ships out of six will now be equipped with liquefied natural gas engines, which today is the cleanest marine fuel available, and it can contribute to the cut CO2 emissions by up to 25% compared with standard marine fuels. Hydrogen fuel will power a six megawatt fuel cell to produce emission-free power for the hotel operation and allow the vessels to run on zero emissions in port, with engines turned off. Finally, we build the ship for a new client in the sector, Four Seasons, which is entering the cruise industry for the first time with an ultra-luxury vessel offering ultimate privacy and spaciousness in all-suite residential setting. During the first nine months of the year, we delivered 12 vessels from eight shipyards, highlighting the global outreach of our operations. We recorded EUR 3.3 billion new orders, with a book-to-bill ratio at 0.6, up compared to the 0.4 in the first half of the year. Let me underline our execution and the capacity to closely stick to the delivery schedule as agreed with the ship owners are key strengths of our business across all segments, and that outlines the distinctiveness of our franchise. Looking at the medium long term, we confirm our visibility up to 2029, both in cruise and naval. As for the offshore segment, given the fast-moving sector, we are confident it would uphold a potential upside, also driven by energy transition. The backlog coverage ensures more than five years of work compared to 2021 revenues, confirming the operational reliability of our business. Now, I will hand it over to Giuseppe, who will discuss our financial results. Please, Giuseppe. Good morning, everybody. We move on to page 11, where we can see how the order intake came in at almost EUR 3.3 billion. That is more than double what we did in the first half of the year. Of course, with a very positive contribution from the shipbuilding segment, thanks to the order acquired that were mentioned before by Pierroberto. We also had a year-on-year increase of over 40% in offshore. This order intake brings the total backlog at approximately EUR 34.5 billion, the total backlog including the soft backlog, of course, with a backlog of EUR 24 billion. Not only we had positive signals in cruise orders, but as Pierroberto underlined earlier, we're now taking orders for next generation and innovative and greener vessels in a niche sector, the luxury sector of the cruise business. Also for newcomer brands that are expanding their operation into cruise. As with page 12, group revenues were up 17.2% year-over-year with EUR 5.3 billion. This is thanks to a positive contribution across all segments, with a particular raise recorded in the offshore year-over-year. We grew in the offshore and specialized vessels of over 86% compared to the same period of 2021. This result confirms the successful repositioning strategy towards more promising markets like the offshore wind industry. Also, shipbuilding grew by 9.1% thanks to high production volumes in the group Italian shipyards. Within shipbuilding, cruise accounts for 50% of the total revenues, whilst the defense vessel revenues came in at 22% of total revenues. The positive result is also attributable to efficiencies of the engineering and production processes launched in the past years. Of course, naval revenues, as you know, are supported by the Qatari Ministry of Defence program and the Italian Navy construction activities. Also, in equipment systems and services, we had revenue growth of about 25%. This was driven by operations in the mechanics and complete accommodation businesses. Finally, 80% of the revenues were generated from international clients. This confirms the vocation towards exports that our company has, our group has. Some comments on EBITDA on page 13. We ended up the third quarter at EUR 172 million of EBITDA, with an EBITDA margin at 3.2%. This, of course, the nine months have been impacted by the lower marginality in infrastructure and shipbuilding, mainly due to the non-recurring items that we have already reported in the first semester. Of course, we are still experiencing increase. This is focused in the U.S., increase in raw material prices and labor market shortages within our U.S. operations. In offshore, EBITDA margin increased compared to nine months of 2021. This is again due to the good revenue growth and the effective repositioning strategy towards the offshore wind sector. On page 14, the improvement in net financial position compared to first half of 2022 is, of course, consistent with the delivery schedule. We do expect a stable net debt levels towards the end of the year. Of course, this is still affected by the payment extension strategy granted to clients, partly affected. This amounts at EUR 132 million as of September 30th. Net working capital is positive at roughly EUR 1 billion. Main changes are related to the increase in construction contracts and client advances the work in progress. This is due to the delay in the delivery mentioned in the first half result, which we will most likely deliver at the end of November. We also had a slight increase in trade payables, thanks to the production volumes registered in the period. We have also spent EUR 183 million to support further efficiencies and to address the new production scenarios, and this is to scale up Italian and U.S. shipyards. As with the market outlook and the expectations for the end of the year, I leave the word to Pierroberto. Thank you, Giuseppe. Let's just take a look at the markets in which we operate with our core businesses. Starting from cruise. At the end of the summer, 94% of the global fleet was back in operation, also thanks to major cruise lines dropping vaccination and pre-boarding COVID-19 rules. An important point to stress is that in the past few months, we observed a significant value differential between cruises and land-based vacation, shifting further towards cruising. As a result, lately, few hotel brands expanded their business and entered in the cruise sector, as well demonstrated by the recent third quarter's orders. Indeed, the industry is seeing booking trends back to 2019 levels, for some companies at higher net yields, with passenger volumes expected to recover and surpass pre-pandemic levels by the end of 2023. Another crucial part of the outlook is driven by sustainability and innovation, with IMO setting quite stringent requirements. In 2027, 29 ships will use LNG as primary fuel, but this is just a halfway step. As a matter of fact, ship owners are even more interested in green new propulsion systems, in particular, hydrogen-powered zero-emission solutions for a fully decarbonized cruise industry. Over 200 ships equipped with shore side power connectivity, a technological edge, and less impactful functionality are also expected in operation by 2028. These are quite promising signals for a near comeback of the whole cruise market. As for the naval, global defense spending in 2021 was over $2 trillion, given the current geopolitical scenario, it is expected to accelerate in the upcoming years. Needless to say, we are ready to catch further opportunities given our leading competitive position in surface vessels such as frigates and corvettes, and the wide client base. With this regard, we are continuing to collaborate with partners both in Italy and abroad. In this context, let me mention again the preliminary consortium agreement that we have recently signed with Naviris, Navantia, and Naval Group to develop together the European Patrol Corvette that will factor in the expertise and excellence of the European industry. Turning to offshore, as of today, worldwide wind farms are delivering a nominal power of around 55 gigawatts, accounting for nearly 7% of the total wind capacity in 2021. The industry set to reach a total global capacity of 271 gigawatts by end 2030, and more than 400 gigawatts in 2035. Floating offshore is also growing and is set to reach 18 gigawatts by 2030 and over 60 gigawatts by 2035. To give you an idea of the potential capacity, in 2021, only 121 megawatts of floating wind was installed globally, over 75% in Europe. In addition, the pace and breadth of investments into renewables, including wind offshore, as part of the new energy transition might trigger a further demand of vessels. Let me once again remind you that our subsidiary, VARD, currently is the market leader for the production of service operation vessels and for client diversification. We are reaping the benefits of the turnaround strategy implemented a few years ago, that well-position us to size opportunities in the sector. Taking into account that the global fleet of SOVs soon will double and expected to reach 128 out of 154 units by 2035. As concluding remarks, assuming no further deterioration of current macroeconomic scenario for the event, we expect revenues higher than 2021 and second half margins better than the one recorded in the first semester. The net financial position to slightly improve, led by the cruise deliveries during the fourth quarter of the year. This is still affected by the need to finance the production activity of cruise ships to be delivered in first half 2023. We are now thoroughly evaluating strategic guidance and actions to reposition and strengthen the group's business portfolio. We are fully committed and relentlessly enhance our products and operations with a particular focus on the core business, namely cruise, naval, and offshore. We leverage upon the entrepreneurial approach and managerial courage, will concentrate our attention on those projects that highlight an effective and material balance between value creation, risk adversity, and cost discipline. Reaping the green and technology transition is the name of the game to ensure our medium long-term growth. The development of increasingly innovative, sustainable, and integrated digital products such as green propulsion system is key to anticipate the future needs. The new strategic direction will contribute to reduce the group risk profile to the best position to thrive through the market challenges. The solid leadership we gained throughout the years, the well-recognized excellence of our products, the expertise of our people, and our forerunner role in the digital and green transition are trademarks to consolidate even further our business distinctiveness in the international shipbuilding industry. With that being said, let's move to the Q&A session. Giuseppe and I stand ready to answer any question you may have. Operator, go ahead. Thank you. Excuse me, this is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touch-tone telephone. To remove yourself from the question queue, please press Star and two. Please pick up the receiver when asking questions. Anyone who has a question may press Star and one at this time. The first question is from Matteo Bonizzoni with Kepler. Please go ahead, sir. Yes. Thank you and good morning. The first question is as regards the profitability EBITDA, which we should expect for 2022. You have costed EUR 172 million in the nine months. The consensus for the full year, looking at the data provider, is between EUR 330 million and EUR 350 million. You have said that in Q4, more or less, you are expecting revenues in line with Q4 last year, so flat year-on-year. What margin should we expect in Q4? In particular, should we expect a reversal, a write-off of the EUR 62 million charge for the delayed cruise ship, which you have booked in the first half of the year? Second question is, we know that it is still early for 2023, but more or less should we expect next year a return of the EBITDA margin around 7%, which was a sort of normal margin for you for several years? Are you targeting a deleverage for the next year? Can you elaborate on that? Third and last question is on your strategy to reinforce your know-how and footprint in digitalization and energy transition. Is this strategy going to require significant CapEx in the next year? Thanks. Let me start from the end, then I will ask the support of Giuseppe for the initial questions. You want us to give guidance on long-term EBITDA percentage margin and our ideas on deleveraging. Not necessarily long-term, because you are asking about 2023 EBITDA margin. Let me say that our aim is to absolutely go back to the 7% EBITDA margin. Our idea is not only to get back to 7% EBITDA margin, but also to be more and more solid and focused in that direction in order also to do possibly better. Let me say 7% for us is absolutely a target. On deleveraging, we are, in these days, elaborating the new industrial plan. The name of the game of the new industrial plan is absolutely deleveraging and de-risking. There are no other, I would say, titles of the book. How to do the deleveraging? As you know, the net financial position we have today is the consequence of a number of, I would say, exceptional postponements of payments from clients. First of all, the beginning of the deleveraging will be driven by the normalization of these phenomena. I would not give you the numbers today, because I would spoil the value of the industrial plan, but I want you at least to acknowledge that we have, I would say, ambitions, understandable ambitions, either in terms of EBITDA target and in terms of deleveraging. Again, in order to do it, we will focus on core business in terms of products and the financial discipline in terms of processes. I would like Giuseppe to step in for the initial questions you made. Yes. On expectations for the end of the year, I reiterate the message that we gave in our press release. Overall profitability in the second half of the year will be better than what we had in the first half of the year. That's very plain statement, if you wish, if you may. We expect the improvement of profitability to continue also in the fourth quarter. Let me put it this way. As with the expectations on 2023, I believe Pierroberto has given you the answer. Maybe, Pierroberto, there was a question from Matteo on the strategy, on digital strategy, and whether it entails- Very good. The digital strategy is for sure a kind of position that in the short term is a way to attach extra distinctiveness to our product. I strongly believe that Fincantieri large ships and complicated ships are considered a kind of benchmark in terms of management of complexity. I believe that our future-proof strategy is to keep remaining the leaders in the integration of the additional systems and equipment and layers that are to be more and more integrated on top of the platform we already have. The digital is, first of all, a source of distinctiveness in the short term. In the medium to long term, the digital is the way to evolve the business model from being a supplier of CapEx. From being a supplier of a vessel as an investment, we would like to move from a supplier of CapEx to a supplier of CapEx and OpEx. To get into a distinctiveness that is driven by a total cost of ownership, i.e., CapEx plus OpEx, that are distinctive vis-a-vis the competition. I believe that being a leader and pioneer in the digital ship is a way to add a kind of star to the brand of Fincantieri in the short term, while in the medium and long term, it's a way to compete, not in being reckless at the moment of preparing and calculating estimating the price, the lump sum price for a ship, but to procure that the Fincantieri ship is not only at the right CapEx, but it's also leader in the OpEx for our ship owners. That the NPV of the Fincantieri ship is the sum of the CapEx in T0 and the OpEx in the life cycle of the owner. You know my point? That's the way. You are asking about the capital we want to invest in this respect. I believe we have already a lot of solutions in place. I believe that the step number 0 is to procure that is, I would say, distributed set of solutions already, I would say, put together and validated all over the group, are concentrated into a unified offer, a unified offering, and this offering today is ready to be marketable, because today the market is demanding it. The market is increasingly demanding for digital ship kind of services. Needless to mention, the possibility to measure, I would say, precisely, emissions on a ship, and managing emissions on a ship. Needless to mention also all we can do in terms of energy management on a ship. Please acknowledge that on a large cruise ship, the power generation is in the region of 60 MW, six zero. Can you imagine with a base like that, with available technology we have, how we can procure that this cost is optimized using sensors that today are not used, using IoT that today is not sufficiently, I would say, leveraged, using data management on a ship. Adding to the traditional automation system on the ship, a layer of additional, I would say, IoT and data management layers. We have extensive experience in this respect, because we are doing it for the military business, which is another synergy I want the market to appreciate more and more. At the moment of proposing something to our, I would say, esteemed cruise sector clients, we can put together ideas that are already there in the military business. Sensors in the military business are already there. I believe, in this new, I would say, era of the digital ship, Fincantieri is most and best positioned to procure that the digitalization of the ship is not something for newspapers, but kicks in as true industrial innovation. Thank you. The next question is from Emanuele Gallazzi with Equita. Please go ahead. Yes. Good morning, everybody. Two questions from my side. The first one is on the shipbuilding division, which reported a low margin at around 5% in the third quarter. If you can just comment on it. In the press release, you mentioned some U.S. headwinds. Can you quantify the impact of these elements? On the consortium for the European Patrol Corvette, can you elaborate more on the opportunity of this agreement and the potential timetable, if you see other similar opportunity in the Naval segment? Thank you. Let me start for the second, then I will ask the support of Giuseppe for the rest. On EPC, on European Patrol Corvette, in general on the Naval business, let me say that the world is, the Mediterranean first, the world in general, namely the Asia-Pacific region, are increasingly demanding two kind of products. One are the anti-submarine surface vessels, which basically are our frigates that are associated with a sonar system, in this sense, are anti-submarine. The name of the game will be to have well-armed and very efficient surface vessels, ready and capable to monitor submarines, first of all in the Mediterranean, then in the Asia-Pacific region. Let me say that if this the macro trends of the next several years, Fincantieri Naval expertise is unique because probably we are the best in frigates, in anti-submarine frigates. We are, along with Germans, the only one capable to deliver submarines, modern submarines. In a world that would be submarines and anti-submarine surface vessels, I believe we have a lot to say. First of all, in the Mediterranean. Why in the Mediterranean? Because U.S. submarines, understandably, will move more and more from Mediterranean to Asia-Pacific. Whoever has relationship with U.S. establishment will appreciate that Taiwan is the next big concern. Italy and Europe in general, will have to take care of what is called the southern side of the enlarged Mediterranean. Europe and Italy in particular, will have to take care of it, somehow filling the gap that the focus of U.S. to Southeast will increasingly generate This is the name of the game. European Patrol Corvette. European Patrol Corvette is a fantastic example of being ready for European defense spending. A lot of money will be allocated again in the next several years because we are entering a new era in which the defense is no more something to be done for the sake of it, but defense will be done for, react to a new geopolitical order that is very uncertain. In this new era, European Patrol Corvette program is a perfect example of being already set up to spend European defense money. In order there will be specific regulations in order for this European money to be spent, this specific regulation will depend on alignment of more nations on the same requirements. I.e., Europe wants nations to get along in setting requirements. Two, Europe wants nations also to get along in terms of industries. According to this new regulation, in order to be eligible for European defense money, it has to be more than one, at least three nations aligning requirements, and at least three industries participating to the program. Let me say that Naviris is already there. Fincantieri is probably one of the few existing platform, along with Naval and along with Navantia, that can, I would say, embody in the short term these new visions. But this is in term of readiness. I don't think you need more color on EPC, but EPC, we start with engineering of this new model corvette. Money is being allocated on this engineering project. You know that engineering means that you are breaking the ice, and you will progressively then start to envisage the procurement of long lead items, and then, finally and eventually, the construction. The fact that we are breaking the ice with the engineering, it's a further testament of what I was anticipating before with respect to Naviris. But Giuseppe, help me with the other questions, please. As we said in the press release, yes, we are experiencing, as with the third quarter margin in shipbuilding. We are experiencing some increased cost in raw materials and shortages in labor in the United States. As is well-written and well-known, inflation in the States is hitting hard, and therefore, we had some cost increases. That's it. Of course, we will see how things develop in the future, and we expect to, let me say, offset these cost increases. But it's exactly what we've written in the press release. Thank you very much. You're welcome. The next question is from Monica Borghetti with Intesa Sanpaolo. Please go ahead. Good morning, everyone. I hope you can hear me. I have some questions. The first is in the offshore segment and the opportunities in the field of the floating wind farms. Maybe it's too early to ask, but anyhow, would you see possible for VARD the achievement of a mid-high field margin already from 2023? Or should we wait a bit longer to see a profitable margin for VARD? I remember that you told us that in the future, VARD has the opportunity to come back to a double-digit margin in line with the historical level. The second question is for the equipment systems and services. I'm not asking about infrastructure. Let's put in another way. Can you tell us what is the size and the profitability of all those activities which have nothing to do with infrastructures? The third question is for housekeeping. Can you give us a rough indication of the expected CapEx by year-end? Do you still confirm EUR 300 million CapEx that the group indicated in occasion of H1 conference call? Very, very last. Sorry if I insist. The group aims to have 7% margins. I did not understand if this target is really achievable in 2023 or it's just a, let's say, two-year target. Thank you very much. Thank you for your very interesting question. On the offshore segment, let me say that in a sense 2023, it's a kind of moment of the truth. What I mean, in the wind offshore, there is a largely expected positive macro trend that to me, in 2023, need to become visible. It is clear to everybody that the future is there, in 2023, we would like to start appreciating the magnitude of this macro trend. Let me be even more precise. There are two sub, let me say, sub-macro trends. One is in the direction of fixed wind farms, offshore wind farms, the other one is the floating offshore wind farms. On the fixed, I think the trend is there, it's a matter of gaining momentum. This is what I would expect for 2023. Let me also say that, VARD, Fincantieri VARD is already expressing, I would say, a large, even a dominant market share in supply of SOVs, connected with the fixed offshore wind farms. 2023 will be also the year in which we will start a new macro trend to be visible, being the floating ones, the floating wind farms. Which will be longer term, which will be, I would say, more for the following years. Will be there. Floating, it's a world in which, let me say, what I call the Archimedes' law is more and more important, and it's a business in which we could associate what we have in term of competencies in the wind farm fixed with our expertise in whatever is floating. The size will be even bigger. The other characteristic of the floating is that it will be, in term of single investment, higher ticket. That's why 2023 will be a very important year because probably we will experience this acceleration in the fixed and this kind of breaking the ice in the floating. Moving on your second question. Marginality of VARD and double-digit, getting back to oil and gas, previous ones, come on, it's direct function of this 2023 acceleration. The more in 2023 we will see this new macro trend materializing, the more the expectation to get back to a VARD strong performance will follow. That's why let's look at 2023 carefully in this respect. Moving to our non-infrastructure business included in our non-shipbuilding business. Obviously, there you have a lot of captive market because you have a lot of marine interiors business, i.e., our vertical integration in the cabins and in whatever is related with cabins, but also public areas, but also, let me say, whatever is outfitting of our platform. Another big trunk has to do with all the, I would say, electromechanical jobs that we deliver in our ships, but we learned also to deliver for third parties. The second part of this non-infrastructure business, included in that basket of businesses, is related to electromechanical. The more we have a workload, the more they work captive. The more we have already delivered that component on a ship, the more they work out, and when they work outside, they are very disciplined. Let me say, they are accustomed to do electromechanical works for third parties with good discipline. Maybe Giuseppe, you can help us in giving more color. All in all, that is the second component. The third component has to do with what we call Fincantieri NexTech, which is the company that was created in order to get a little bit more into the electronics of the naval business, along with other technologies. There, the business is not that big, but it's interesting because it's providing us with those new technologies I was mentioning before. For example, in the simulation systems, in the combat management systems associated with the ship management systems. Let me say, in whatever are automation systems that are very sophisticated in the naval, that can be imported I wouldn't say tel quel, but can be imported from the naval to the cruise. Those are the main areas, and I believe in the NexTech domain, we will do a lot. We will focus a lot on whatever is instrumental to our new vision of being, as I told, expert in the digital ship. We will focus more and more on that and less on other kinds of technologies that are not instrumental to the ship core business. Giuseppe, can you give us a little bit more of color? Yes. Well, on profitability, given what Pierroberto said, the equipment systems and services without the infrastructure business is in the, let me say, high single digits area at this point in time. Okay. Okay. Thank you, Giuseppe. Sorry. I can't hear you well. You can't hear me well? Okay, I'll repeat. No. I'll repeat then. I have the mic in front of me. This new mic doesn't work probably. Well, I said, the profitability in the equipment systems and services segment, ex-infrastructure, is in the high single digits area currently. Okay? Okay. I believe you also asked about CapEx. We confirm around EUR 300 million CapEx for the year. We have done EUR 183 the first nine months. We confirm the target at this point in time. What else? On offshore, I believe we've answered. That's it, I guess. Okay. Thank you very much, Giuseppe and Pierroberto. Thank you. To you. The next question is from Alessandro Pozzi with Mediobanca. Please go ahead. Good morning. I have a few questions. The first one is on the cruise segment. I was wondering if you can give us more color on where you think the negotiating power is now at this point of the cycle, because we are coming off a few quarters with very little orders. The cycle is started again, and usually when you are in this situation, the clients tend to have more negotiating power when it comes to the commercial discussions around vessels. We also know that the shipbuilding is very consolidated, and there are not maybe many opportunities where the client can go to have basically the cruise ship built. I was wondering, basically, if you can give us more color on the margins embedded in the new orders and whether maybe they are consistent with the margins that you have booked maybe before COVID. The second question is on Greece. I believe you signed an MoU a few weeks ago. Maybe can you give us your thoughts about naval opportunities in Greece? Final question is an update on the deferral that you are supposed to receive from clients or payment deferrals. Thank you. The question is about negotiations and margins. I believe that, needless to say, that this is a tough market. Whoever is not approaching this business being very well trained and very well equipped, whoever is touching this business without having the right muscles, for sure is not easy and I would say comfortable. Having said that, this is a business for very experienced and very, I would say, reliable and fully fledged and fully equipped kind of player. Let me say that Fincantieri worked a lot on increasing the productivity of shipyards. The reason why I'm touching base on the investments in productivity, it is because the only way to be competitive is not to fight, is not to try to be aggressive with your clients, but the only way is to get impeccably into the delivery. The more your shipyards are productive, the more you invest in your shipyards, the more you can approach the delivery with the organization and with the tools in order to be impeccable. If you're not impeccable, for sure your clients will not be indulgent, and if they're not indulgent, your margin will not be comfortable. That's the issue here. The reason why I'm answering this way is because I had the possibility to look into these shipyards, I had the possibility to appreciate how much we have invested in our shipyards. I had also the possibility to get with our world-class client around our shipyards and hearing from them in term of appreciation for the modernization of our shipyard. Let me say, this is the only way to protect your margin. If you don't invest in your shipyard, you will end up having tough clients in front and issues in your execution. It's never finished. The modernization of client is never enough. In Monfalcone, we did a lot. Now we are replicating it in the other shipyards. We will do more and more it also in the naval shipyards as well. This is our strategy. Modernization means change of cranes, change of equipment and whatever is the other, I would say, important tools for the productivity, but also changing the process. Working more onshore, working more before the ship is out of the shipyard. There are a lot of re-engineering in the process on top of investing in equipment. There is a third lever, that is the digitalization of the ship. I believe, we are also pioneering a lot of, I would say, digital instruments. Starting from the engineering of the ship, 4D kind of tools in order to anticipate construction interfaces and typical pitfalls and typical pain points at the moment of getting into the construction phase. I believe that the combination of the modernization already associated with our shipyard, plus the progressive adoption of digital solution, will protect our margin more and more and will procure that we are very effective with our clients. Obviously, we will have to cope with the increase in the raw materials. Needless to say that the margins are also made of external costs. First of all, let's manage impeccably the internal cost in order to deliver. Moving to the visibility on the naval- Yeah. Basically, the orders can support a margin of 7% that we expect maybe, going forward. Sorry, I didn't catch you. Yeah. Basically, the new orders from cruise should support at least a 7% EBITDA margin. That's my take. This is obviously the rule, this is the golden rule, needless to say. Hopefully, there are prototypes, there are repeated ships. Needless to say that we are here to do better than that. On your second question, on the deferrals, as I said before, EUR 132 million of deferrals still are impacting our net debt levels. Plus, as I said, there is the deferral on the delivery that was originally planned. Well, actually it was planned in the third quarter, end of July, but that has been postponed to the fourth quarter. Of course, you will see this effect being offset at the end of the year when the ship will be delivered. Thank you. I think there was a question on Greece as well. On Greece as well? Sorry. Yeah. You take it on Greece? Yes. I was moving to the visibility on naval opportunities. We made no secret that we are in advanced negotiation with a client for their investment in naval vessels in Greece. We are in competition with Naval, which is probably the only, I would say, competitor that can match to the possible extent our product offering in that respect. There is a lot of geopolitical, I would say, matters around, as you know better than me. The outcome will depend also a lot on how the Italian system will support something like that, a contract like that. In term of, I would say, positioning, in term of appreciation of our offer, in term of willingness to buy Fincantieri Naval Vessels, I think we are very well positioned. The last mile in an institutional business as this business is, but the last mile is driven by geopolitics. Obviously, in the naval business, as I clearly said before, there is a lot to do with the Italian Navy. The Italian Navy is a very sophisticated client, a very reliable client. It is the client with whom we put together and validate our products. The collaboration with them is absolutely strong. The Italian Navy is, in a sense, a kind of international partner of Fincantieri at the moment of proposing our products far from home. They are clients for Italy, but they are also kind of system partners in order to promote it all over the world. Even for the Italian need and requirement, as you may have appreciated from the newspapers, there are a lot of discussions going on that could materialize even in the short term. Thank you. The next question is from Giuseppe Grimaldi with BNP Paribas. Please go ahead. Good morning, everybody. I have a few questions. The first one relates to the cruise. We saw a nice improvement in the order int ake into the quarter. You mentioned new operators joining the queue, occupancy ratio improving. My question is: What shall we expect in terms of ordering taking into the incoming quarters? On this, I will add just another follow-up on the negotiation that you're having with clients. Do you plan to include in the further contracts some automatic price adjusting mechanism in order to mirror the change in raw materials that may take place into the execution of the contract? The last one is on financial. I guess you have faced some non-recurring items in your EBITDA into the first nine months. My question is if you can quantify them and also if you can give us some granularity on these cost items. Thank you. Thank you. On cruise and on the recovery of the industry, which is ongoing right now, and all the operators, the fleets are almost fully operating. Roughly 95% of the vessels were in business as of the end of September. Notably, what is good is the signals that come from the 2023 reservations and ticket sales because 2023 is at the level of 2019, if not better, for some operators. The recovery is solid. Now we stand in this, the cruise owners have to repair their balance sheet because they have incurred in billions of emergency debt, let's call it this way. Therefore, they are somehow more selective when it comes to CapEx. By no means we expect to see the booming years preceding COVID. I refer to 2017 to 2019, which we had record levels of new orders. By no means we forecast that. There are a few leads, commercial leads going on, and the conversations with clients is always ongoing for two reasons. First reason is that because we are building their ships in our yards and interacting with them in the context of the projects we have ongoing. Of course, discussions are also concentrated into new ideas. New ideas because there are two trends which are visible in the order intake we realized in the third quarter. Decarbonization, so greener ships, and regulatory trends related to decarbonization. Also the growth in the luxury segment. All the ships that we have signed and agreed upon in the third quarter are with different colors, of course, within the space of the upper premium luxury segments. You see Viking, you see MSC, and you see a new entrant, Four Seasons Yachts. A very well-known brand in the hotelier market making its entrance in new space with a very specific offer. It's really It's really too early to establish a correlation between the recovery of the market and a quantity, a volume of new orders coming in in the short to longer term future, but the fundamentals of the business are back on track. Again, there is a need to be very cautious with CapEx on the side of the owners. Being the fundamentals of the business fundamentals very good, this can spur a new resumption, I would say, of orders that by no means will be close to the trend we saw in the past three years before COVID. That's it. On the possibility of introducing a price adjustment mechanism, I don't think it's a case of reality. What I can tell you is that any new order that comes in right now factors in very conservative cost assumptions on raw materials and also on other items that are, let me say, subject to price increase at this point in time. On the one-off items, I believe we have talked about it in the first semester. We need roughly EUR 200 million of write-offs or one-off items, not write-offs, it's not proper, as the first semester of this year. Thank you. Thank you. Thank you. The next question is from Gabriele Gambarova with Banca Akros. Please go ahead. Yes, good morning. Thanks for taking my questions. The first one is on Indonesia. There was this announcement in June 2021. I was wondering if the talks are still ongoing, if you made some progress on this front, any news, any call would be interesting. The second is on VARD. I perfectly understand the offshore wind opportunity. I was wondering if you can perceive any opportunity even on the old oil and gas segment, it seems that the CapEx there are recovering somehow. The last one is on this write-down you made, the EUR 62 million write-down you made in the second quarter in connection with the delay of the delivery of one ship. I was wondering if there are the premises to maybe reverse this write-down possibly in Q4. Thank you. On Indonesia, the discussions will be developed gradually, depending on the budget allocation, and depending on the, I would say, implementation of the program, depending on the Ministry of Defense and the Indonesian government developments. Obviously, in our business, investments are very large. In order for investment decision to be finalized, there are a lot of political/economical steps to be completed. Let me say that the process is being slow. The contract is there because it's in our soft backlog. In order to be translated into a hard backlog, we need these steps to be finalized, and it's up to the local government to do it. Let me say that we are following it from near. We are pushing hard, but we don't see developments in the very short term. We are positioned. The fact that Leonardo signed some contracts on certain different businesses, smaller and different businesses, it's a sign that the Indonesian spending on defense is moving forward, is touching up. In order for a large contract to be finalized, there are certain internal steps that need to be developed. On VARD, yes, you're right. It's not all about wind farms, supply of offshore vessels. There is the possibility that oil and gas Would pick up again. The Norwegian cluster, the Northern European cluster, it's very rich of oil and gas reservoirs, it makes sense. Let me touch base on also other kind of ships in which VARD is proving to be very strong, which is the cable layers business. Again, this is the era of electrification, the era of electrification calls for investment also in electric cables. Cable layers are very valuable, either in term of value of the ship, but also in term of value of the rentals. It's a market that is developing, it's a market in which VARD is very focused. You did well in touching base on alternative business of VARD on top of wind farms. One is oil and gas, yes, please consider also the cable layers on top of fishery vessels, which is, I would say, a tradition in that part of the world. On, Gabriele, on your third question, on the EUR 62 million write-down, if we expect to reverse it, if and when we will deliver the ship. We'll see what happens. I'd like to take a prudent stance there, of course, we will do whatever the accounting principles allow us to do, as always. Okay. Thank you much. The next question is from Michele Baldelli with BNP Paribas. Please go ahead. Hi. Good morning to everybody. Just to follow up on a previous question. Concerning the costs that are not included in the EBITDA, like the asbestos claims, can you give us an update of how many costs were not included in your EBITDA, please? If I understood well, the question is, what's not included in the EBITDA as a cost right now? The only thing we do not include in the EBITDA is the provisions for asbestos claims at this point in time. During COVID, we did report below EBITDA, the so-called COVID related cost, but we have no more of that at this point in time. The only line item, the only cost that it's reported below EBITDA is the cost for asbestos claims. Okay. This is the amount like with H1, like EUR 15 million, EUR 14 million-EUR 15 million per quarter? On asbestos claims, you mean? Yeah, roughly in that range. Yes. Okay, perfect. Thank you very much. You're welcome. Gentlemen, there are no more questions registered at this time. Thank you. Thank you very much for attending. Let's continue next time. Thank you. Goodbye. Bye. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.