Good morning. This is the Chorus Call operator. Welcome to the conference call presenting GPI's full year 2022 results. Let me remind you that all participants are in listen only mode. After the presentation, a Q&A session will be held. If you want to be assisted by an operator during the conference call, press star and zero on your phone keypad. Let me now turn the conference over to Mr. Lorenzo Giollo, Investor Relations Officer. Good morning to all of you, and welcome to the conference call presenting our full year results for 2022. You can follow the call by using the material that is made available on our GPI website. 2022 was a one of a kind year where we've been expanding strongly abroad and consolidating our position in Italy, and we've been strengthening technology areas. GPI is more and more at the forefront when it comes to healthcare digital transformation. We were set up 35 years ago in Trento. Now we have a franchise in more than 70 countries to provide our products and services to more than 3,000 customers. We aim to be leaders in the digital transformation of healthcare. We have the well-being of people at heart. We operate with skills and responsibilities to provide the best care. We use technology, software and services to help healthcare operators to take care of their patients. Let's now move on to page three in the presentation. Let me remind you that at the end of the presentation you will be given the opportunity to ask questions. Let me turn the conference over to our Vice Chairman, Mr. Mora. Good morning to all of you. My name is Andrea Mora. I'm the Vice Chairman of GPI. I'm very happy to be here as every other year to make this presentation. As Mr. Giollo said, it's been a one-of-a-kind year. It's been transformational somehow in the history of our company, of our organization for a number of reasons. As you could see on slide page three, we had a lot of one-off transactions in 2022 that were very important both for investment in human capital and in other items to be transformational. We refinanced our credit facilities, EUR 190 million, EUR 130 refinancing and EUR 60 to support M&A transactions. We acquired Tesi Group. It was the largest acquisition we've made in this industry. We are serial acquirers if you wish. We've done a lot of acquisitions over the last few years. It was a 65% acquisition, roughly about EUR 90 million. We opened up to a foreign market with products that we did not have in our portfolio. We also made a very important capital increase, EUR 140 million. One of the main contributors was the Cassa Depositi e Prestiti Equity and the Manzana family that invested sizably in the capital increase. What was very satisfactory is that we had some contribution from third parties as well, and we even exceeded the capital available. We were very successful in that. Cerved rating was reconfirmed. That enables us to be, we are rated A3.1. We are a very welcome type of investor. As to our operations, Riedl, which in the automation system entered the Japanese market, and we've started to approach Japanese pharmacies as well. As to the GPI for blood part, we have completed new contracts in Greece with important hospital, Estonia, Saudi Arabia, in the amount of EUR 14 million. In Italy, we were granted the Consip tender that was officially started with telemedicine and the EMR, it's a consortium that's led by GPI. So far we've gathered about EUR 104 million worth of direct orders, and we have a stake of 37% in the consortium. Our amount, our share is EUR 82 million. We've completed 55 new contracts. We've entered into EUR 55 million new contracts and EUR 27 million new direct orders. We have the Electronic Medical Record for Lombardy, EUR 12.5 million. Pathological Anatomy software for the Veneto region, EUR 5.9 million. The telemedicine platform, the first one in Italy for about EUR 1 million. Indeed very meaningful results as far as we are concerned, but also in terms of sustainability and supporting our future business, which is of paramount importance. Let's now move to page four, where we have a summary of our figures. We have more than 7,000 employees worldwide, we've made investments over the last six years worth about EUR 200 million in M&A deals. We have more than 3,000 customer clients, and we 67% of our revenues are recurring. Let's move on to the fiscal year data. As Tesi was only acquired in November, December, we deemed it appropriate to devote a part to pro forma figures as GPI would be had we had Tesi for the full year because, of course, the fiscal year is completely being accounted for under Vittoria. As to the revenue part and EBITDA part, of course, the first 11 months were not to be factored in as far as Tesi was concerned. We've got EUR 300 million-EUR 360 million worth of top line, up 10.2% versus 2021. If we were to factor in pro forma-wise with Tesi, we would have had we would have exceeded EUR 386 million. That is to say, growth or in excess of 18%. EBITDA-wise, our EBITDA is adjusted, revenue adjusted because we have different pools of companies. It's EBITDA adjusted would be around EUR 54.2 million. That is to say 15, up 15.1% on non-adjusted revenues and 16.4% on non-adjusted. Considering the Tesi acquisition and factoring it in, our overall EBITDA would have been EUR 61.8 million pro forma, with an EBITDA margin of 16% on non-adjusted revenue. With adjusted revenues, it would have been in excess of 17%. We have been constantly growing. It must be said that in 2022, our growth, organic growth, EUR 360 million, without factoring in the M&A growth driven by Tesi, would have been 10.2%. We have two very important strategic business areas, software and care, and then two smaller one. Here we have three columns. As you can see, we have a pro forma that including also the Tesi acquisition. We have full year 2022 without the Tesi acquisition, with Tesi only accounted for in the last month of the year. EUR 360 million worth of revenues, 10.2% growth, and 8.7% organic growth. On a pro forma basis, it would be EUR 386 million and up 18.1% organic growth. All areas have been growing, although in different ways revenue-wise. Software is up 19.5%. Care is up 1.6%, and other strategic business areas are up 18%. We are a software company. Therefore we tend to grow more on the software side, even though Care is very important to us. It's not our main focus. EBITDA-wise, in absolute terms, we land at EUR 54.2 million. On a pro forma basis, it would be EUR 61.8 million. Seventeen percent on a pro forma basis, and 16.4% on an adjusted revenue basis. Software is EUR 37.6 million. Care is EUR 6.5 million, 4.7% on adjusted revenues, and other areas are 20.1%. EBIT landed at EUR 26 million. On a pro forma basis, it would be EUR 31 million. We have about depreciation and amortizations and provisions that are EUR 28.2 million. Net profit is EUR 9.9 million. On a pro forma basis, it would be EUR 13.4 million. The tax impact is about EUR 6.9 million, up EUR 1.4 million. We have net interest expenses at EUR 9.2 million. That is to say up EUR 2.4 million, mainly due to the increase in the interest payables and the expenses we had based on the transactions we had. Proposed dividend as of the previous year is EUR 0.50 to really keep or to reward somehow shareholders that trusted our capital increase. On page six of the presentation, you have a revenue breakdown by SBA. You can see how growth also on a pro forma basis in the software area is to be reported. Now it's very similar to the SBA we have for care, that has, however, a different profitability. The acquisition of Tesi has a very big impact on this SBA. It contributes more than EUR 26 million worth of turnover. We are ranked between first and second player in the area. Another area that is growing mainly. There we have lost some tenders. Then we have the end of one-off operations due to COVID. Other SBAs have been performed well. Automation of pharmacies, for instance, has been growing, is up 25.2% revenue-wise. Pay went up 20.7% through the extended adoption of e-payment system. ICT also optimized, maximized the existing contract, there was a growth of 10.6%. The overall revenues would go from EUR 360 million- EUR 386 million. Page seven, here you can see more clearly how the EBITDA is broken down by SBA. EBITDA went up in absolute terms, went up EUR 4.6 million versus 2021. If we look at it on a pro forma basis, it went up EUR 7.6 million. care profitability slightly declined because of the CapEx of the investment we made. We had corporate costs that had a higher impact on the different SBAs. Therefore, an SBA with a lower profitability still has to bear costs due to the investments we made, capital increase, et cetera. That affected by about EUR 2 million the EBITDA of this SBA. Other SBAs performed above expectations and above the levels that we had in the previous year. Automation and ICT were at a very good performance in absolute terms. On a pro forma basis, on non-adjusted revenues, we would have had a margin of 16%, EBITDA margin of 16%. A 0.7%, it's a 0.7% that would make us closer to our target, that is 18% by 2024. Let's now move to page eight, which is indeed a much more detailed analysis of the different performance levels. Software SBA goes from EUR 116 million to EUR 140 million revenues, and EBITDA is from EUR 33 to EUR 37. Next to it, we have the pro forma data with including and factoring in Tesi. We go from EUR 106 million to EUR 166 million, and profitability going from EUR 8.3 million- EUR 27.2 million EBITDA-wise, but it's fully in line with what we were expecting. Also, due to the impact inflation had on a number of services because it's yearly software contracts, so there might be benefits kicking in starting from 2023. The care business margins went down because of corporate costs that have affected the SBA. As you can see, the revenues are practically unchanged between 2021 and 2022 adjusted revenues. EUR 132 million- EUR 138 million. There was no revenue increase there. Having more than 50% of services rendered in Italy, it's no longer possible to grow any further. We are more focused on software than on care, SBA-wise. Automation went from 19.9%- 20.7% profitability. ICT was the most satisfactory SBA, went from 7.9% to 10.8%, again, profitability. Pay went down a bit, mainly due to higher costs of electronic components that affected the company in the first half of the year, and that we could not recoup in the second half. Corporate costs we had affected the overall EBITDA, mainly as far as the M&A costs were concerned, because we made a very big acquisition, so higher costs also for security and IT, and in addition to an impact of inflation on some of the costs. Let's move on to page nine. Here we see the financial highlights. We see how we have an increase in fixed assets, which is mainly due to the investments we made for the acquisition of Tesi, and investments CapEx we made for R&D and of course, the reduction in the relevant D&As. Net working capital went up because we increased our top line, and also we had a lot of inventories left. Many of the components had to be stocked for the deliveries. Some of them could not be delivered at the end of 2022 and were delivered at the beginning of 2023. It's about up EUR 5.1 million. We had a top line increase, a sizable top line increase, considering that we went from EUR 360 million to more than EUR 386 million pro forma. We think that the working capital is in line with expectations. Other assets and liabilities, again, are flat. Shareholders equity, of course, has increased thanks to the capital increase of about EUR 140 million. The cost we have to bear it was about EUR 2.5 million. The actual capital increase was EUR 137.5 mil net financial indebtedness. We will give you a breakdown later on. We can say that it mirrored our CapEx, our investments and the capital movement. We are around EUR 142 million. Let's move on to page 10. You have a bridge of how we built our net financial position, and we moved from EUR 155.4 million to EUR 142.6 million. Therefore, the NFI bridge is improving. You have to factor in dividend payout, capital increase, and other meaningful items. The CapEx, we made more than EUR 120 million for the acquisition of Tesi, IOP, Esakon, sorry, Tesi, IOP, Esakon, et cetera. We also invested in a venture capital vehicle working to identify startups. It's an investment that will be made over five years. Of course, we present here the entire debt item. We think it was satisfactory, definitely. As to investments, we have CapEx investment, tangible and intangible items, and we had an increase in interest payable because of the increase in interest rates, and therefore an increase also in working capital and also non-financial items. If you move on to the next page, you see the small bubbles there. There's no more room for any more of them. We've made so many acquisitions. We've acquired a majority acquisition of IOP, Oslo Italia, 100% was increased. They overperformed versus the expectations. We also factored in Accura, Gbim, and Peoplenav. In 2023, we've made another small acquisition of a business unit from a Rome company that enabled us to be a leading player in master data management in the region of Lazio. I think that's it for this slide. Let's move on to page 12 instead. Here you can see that the increase in turnover led to having an export share of 10.8% versus 90% of Italy. Year-over-year we had a 24.4% growth in export. We are not factoring in Tesi in this picture. That will lead to higher values in excess of 15% of export on the pie chart. Very much in line with our outlook, and our willingness to be a more and more global player to get to 2024. That's when the end of our business plan time horizon. We want to achieve more than 20% export versus the Italian business. On page 13, you see our guidelines on M&As. If you know, as I'm sure you've heard about them already, this is what we've been focusing on. We are looking for at a national and international level, companies that are providing software and services that we are not yet providing. Software it's quite difficult, but for the areas and geographies in there, it means acquiring clients or pooling clients together. The transaction, the deal we made in Rome was one of the first examples in that sense. Here again, we have quite a dense pipeline. As to foreign transactions, we're looking for companies that are working or are active in blood management and LIS. We want to find targets that are in this area that have a big advantage to have the same paradigms, the same conventions, the way the different tests are read. That leads us to being able to unfold synergies. As to the companies we're looking for, we're looking for companies that have at least EUR 20 million-EUR 30 million worth of turnover with their own software and a strong franchise in their geographies. Again, if we are in the LIS area and products that are good for hospitals and also the social and medical care part. We're not investing right now in care or service companies. If we move to page 14, let me remind you of our 2024 targets when we approved our business plan. If you remember, on the right-hand side, the target was to get to 2024 with more than EUR 500 million worth of turnover, 8.5% of CAGR, and a growth in excess of 15% between organic and inorganic, and an EBITDA in excess of 17%. We are now in 2022, we got to EUR 386 million revenues. We're close to EUR 400 million. Again, it's still a pro forma result. Organic growth is 8.7%, of course, in line with the CAGR we have as a target, and pro forma revenue growth up 18.1% versus 2021. It's in line with the 15% we had given ourselves as a target. We have an EBITDA margin of 16.4%, so we are gaining ground to get to the 17% target. We are sure that 2023 will be just as satisfactory performance-wise so that we can move ahead towards our targets that we think that are not unreachable. Page 15. It's an quick take on investments, we have more shares from EUR 18 million- EUR 28 million thanks to the rights issue. Capitalization is EUR 380 million. Our analysts and the research work that is where the on target price is in excess of EUR 17. Market is not rewarding us right now, I've said that many times. You see the shareholding structure has changed in a sizable way versus the previous year. Manzana family with the FM holding are below the psychological threshold of 50%. We had the addition of Cassa Depositi Equity, so it's an institutional long-term investor. We have the market that is 34.6%. The free float is very interesting. We would like to get to 35% and then move on to the STAR segment on the Italian Stock Exchange. The Manzana family is still retaining voting rights, so we have a strong shareholder that is, however, helped and supported by an institutional shareholder such as Cassa Depositi e Prestiti and the market that also represents investors that have been supporting us sizably. That's it for my part. Let's now open questions on your part. Thank you very much again for joining us. This is the Chorus Call operator. We're now opening the Q&A session. If you want to ask a question, please press star and one on your phone. To be removed from the Q&A queue, press star and two on your phone. Please use your handset to ask your questions. First question comes from Mr. Gianluca Bertuzzo with Intermonte. Go ahead, sir. Good morning to all of you. Thank you very much for your presentation. The first question comes from the or is on the 2022 results. One-off costs when it comes to Tesi acquisition and the capital increase, could you elaborate on that? If it's one-off costs, will they disappear in 2023? Second question, Tesi contribution EBITDA wise in 2022, could you give us an absolute value? It's clear the one on revenues, but in absolute terms, the one on EBITDA. Third question, 2023 outlook, what are your expectations in terms of organic growth? Where are we at when it comes to the expense limits for the Consip tenders on the telemedicine and on the ARM. Good morning to all of you. I'll answer the questions one by one. Well, one-off costs for Tesi and capital increase, it's about EUR 4 million, of which EUR 3.6 had a direct impact on our income statement, and the other instead, the other part had also an impact on our equity. The acquisition process we have in store, we have in the pipeline, and the investments we want to make, it's, we won't have reduction in cost because we will keep on acquiring targets and companies. That cost is gonna stay flat somehow. We see it as an investment that will stay flat. I don't think there'll be a reduction of these one-off costs. Let's call them one-off, they're not really one-off, because every year we are acquiring one or more companies, we're still gonna have those costs going forward. The bigger the players, and especially if they are foreign players, and we are acquiring, of course, we need law firms to help us. We need accounting specialists and auditors to help us in the process. As to the Tesi contribution on, not just the results, it was about EUR 1 million on EBITDA and about EUR 3.9 million on revenues. As to the 2023 outlook, the company deems it will keep its organic growth around 8.5% organic, as I said, and hopefully, we'll be able to comply also with the non-organic part with further acquisitions. As to the potential costs on the Consip contract, about EUR 900 million now. Well, about EUR 100 million new contracts were issued, and so there's still a huge potential for about EUR 800 million. Thank you. Next question comes from Andrea De Vita with Banca Akros. Go ahead, sir. Well, good morning. As to the Care business unit, compared to what we've seen over the last half years or years. The second half is still declining. Is there a different seasonality affecting this SBA that has been declining? Would it allow you to recover on the revenues versus last year and margins? Do you think it will lead to a further decline in the EBITDA margin? Talking about the, referring back to the question that was asked by the colleague. Talking about one-off costs, were they spread according to the, on the different SBAs, or were they allocated to a specific SBA, such as software, for instance? What can we expect in terms of working capital absorption going forward? For instance, maybe, you started working, but you have not yet issued bills. What will be the absorption, the working capital absorption this year? How will your net financial position improve over the course of 2023? Thank you very much. As to Care, the Care SBA, the seasonality component is not really meaningful. As to inflation effects, there should be benefits in 2023 because of course, the effect, it's a drag on effect from 2022- 2023. The benefits we should feel them in 2023. What we've lost tender-wise or the contracts we were not awarded, that was because the margins were not suitable according for us. Care for us is just a gateway. It's an entry door, but we're not forced to stay there. If the contracts are not profitable, some of the contracts were left on the table because margins were too low. As to one-off costs, they were spread equally on a pro rata depending on the top line of each SBA, because otherwise it would have been difficult to account for them in a different way. Working capital absorption, indeed, we had a major Consip impact at year-end because more than EUR 14 million of work done and not yet billed, but it was only on Consip contracts. The evolution towards the digitalization of healthcare means at times we have to bear these initial costs. As to the decline in working capital absorption, there should be a decline in absorption if I were no longer to take home Consip tenders. If, as I hope, we'll get more Consip tenders awarded, we'll get the invoice and the cashing in of what we started in 2022, it won't happen because we will start more things in 2023. Consip tenders take very long times from when they start acquiring the order and then from when we actually deliver and complete. By complete the order, I mean, also send the bill for it. The Net Financial Position, what's your for 2023, do you expect it to slow down? We're gonna generate cash in 2023, indeed, because this year too, we billed about EUR 20 million more than the year before, and that's what we mean by generating cash. The real issue is that if we take in more top line, more revenues and Consip tenders that are indeed meaningful and profitable, on the values we see here. There'll be no reduction of networking capital. If we had no top line increase and no Consip tenders factored in, I could tell you that we would have a reduction in networking capital. As we keep on growing, and we want to keep on growing, if we don't go abroad, but we go in Italy because Consip tenders are all Italy now, all in Italy now, we will probably retain the same level of networking capital that we had. Okay. Will there ever be a moment of balance between cash burn and revenue increase to offset these two items, these two factors? Right now we don't, because when we can invoice, we discount everything and it's without recourse. The moment we bill, it's cash. We had EUR 20 million more turnover than we had last year, and foreign business helps us in that respect. We don't see any tension among these two items, between these two items. The refinancing transaction led us to have a lower capital need when it comes to repaying debt. We have a bullet over six years because we want to run the business as we are doing now. From the moment we get the order reference, the moment until when we can actually invoice for that, a long time elapses, sometimes a few months. That's why we always have a mismatch time-wise, timeline-wise. This year, we also have EUR 20 million worth of investments. Between investments, interest payable, taxes, and also the willingness to pay out a dividend, this year it's gonna be around EUR 14 million. Last year it was EUR 9 million. As we want to revolve or reward shareholders and mainly the market, because without investments, we would never have gotten to be awarded the Consip tenders and be able to manage it. Without investing in acquisitions and taking home more products and more services, the Veneto, for instance, the Veneto tender was won with some of the products we'd acquired. The tenders in the United Arab Emirates, we won them with the blood products from the acquisitions we'd made. Acquisitions enable us to grow, and we are in a market where payments take place over a long time frame. We started with the first concept products in September, October, and up to now, we have not yet issued one single invoice. Six months have elapsed in the meantime, if you see what I mean. I didn't understand the answer on the first, to the first question. I understood what you meant by seasonality, healthcare and the net balance between the tenders you won or, and the ones you lost, plus the inflation multiplier, can EBITDA increase? Can revenues further increase, or are they gonna be flat? I don't know whether you mean the margin, the EBITDA margin or revenues. From EUR 160, do they go up or down? The EBITDA margin from 4%, that is, does it go up or down? That was the question. I want to be conservative in. Therefore, I would retain it as it was in 2022, in the range of 2022, and the turnover as well, the revenues as well, because the contracts will be Istat adjusted. We understand that they're trying to say, we don't want to provide you with the Istat adjustment. It will not be granted probably. We don't know. I think it's gonna be flat, if I have to say right now. That's why we are focusing more on software than on healthcare. 'Cause hopefully, as of next year, our software position will be much higher than care and much bigger in size as well. At corporate level, it really takes up a lot of our. Those who work in care, our people who work for the Care SPA, have to be managed. Even people who manage employees at corporate level are very meaningful. That's why the margin, it plays a big role. It's never suitable. The margin is never suitable. When we see that through the tender, we could have higher margins, we get a competitor taking the price down, we made a decision. We're not taking the price down in case we give up the contract because it's not a rush towards decreasing prices. Instead on software, sometimes we've managed to introduce software services where we already had a presence for care. Maybe because there are people who work with lower margins, it's cooperatives, we don't want to compete. We don't want to further decrease our prices. We don't want to make an effort in a business that is not providing satisfactory results. Okay, that's understood. It's very clear. Thank you very much. Next question is a follow-up from Gianluca Bertuzzo with Intermonte. Go ahead, sir. Very well. Based on what you've just said, I see that your commitment on the Care SBA might decline, might be reduced going forward. What if there are one-off transactions that become available? Then financial charges, another question. What is the level you expect in absolute terms for 2023? Thank you very much. Well, as to the Care SBA, we want to stay stable, flat, if there, well, if investments, if there be opportunities for investments, we'll make them. On financial charges, you will find more details in the whole handout. We had increases. Our indebtedness, our bank debt is around EUR 190 million. If you factor in the rates, you can make a calculation. Bonds and financing interest were about EUR 8.2 million. Considering that most of our investments are fixed rate, most of the financing, 50% of the funding is fixed rate. There should be no major changes unless rates keep going up at a meaningful pace. We have a fixed rate on the both on our bonds and on the financing, so we have a major coverage there, and I don't think there'll be major differences. Of course, we have to wait until we've finished, we've completed our refinancing because until then, there was a variable to come to grips with, but not now. Thank you very much. Let me remind you that if you wish to ask a question, you may press star 1 on your phone keypad. For further questions, you may press star one on your phone keypad. Gentlemen, there are no more questions in the queue. Very well. If there are no more questions, I would like to thank you very much for joining us. Let me hand it over to Mr. Giollo, who can give you more details should you need to get in touch with us directly. Or through the web. Thank you very much. Thank you, Andrea. In the last slide, you have all of our contact data, our investor relations data. You can get in touch with me via email or our colleague, Fabrizio Redavid. I would like to thank you very much for your attention. Should you have any questions or further questions, please get in touch using the contact details on the on page 16, and talk to you soon for further details. Thank you very much.