Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Leonardo first quarter 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 Ms. Valeria Ricciotti, Head of Investor Relations and Credit Rating Agencies. Please go ahead, madam. Good evening, everybody, and thank you for joining us today on our first quarter 2022 results conference call. I'm Valeria Ricciotti, Head of Investor Relations and Credit Rating Agencies. Today, our CEO, Alessandro Profumo, will take you through our progress during the first quarter of this year, and then our CFO, Alessandra Genco, will take you through the Q1 financial results and our outlook for the full year. We will then welcome your questions. Before leaving the floor to our CEO, I would like to announce our first ESG Investor Day that will take place virtually on the fifteenth of June. Additional details will follow shortly. With this, I will now hand you over to our CEO, Alessandro Profumo. Many thanks, Valeria, and many thanks to all of you that are joining us for this first quarter presentation. Good evening, everybody. Let's start with the key points about our first quarter results and our recent progress. We have made a good start to the year and in line with our expectations. Although first quarter is normally the smallest contributor to the year, we have continued to achieve very good results. We said to you in March that we are back on a growth path. We are progressing well with our plans and doing what we said we would do. First quarter orders of EUR 3.8 billion, up 10.8% with no jumbo orders included. Group backlogs at over EUR 36 billion has supported growing revenues of EUR 3 billion at 7.7%. EBITA of EUR 132 million is up 39%. Profitability has improved to 4.4%, up from 3.4%. Our cash flow is growing with a year-on-year improvement of EUR 300 million in the quarter, in line with the plan. Yesterday, which is very important, Standard & Poor's revised Leonardo's outlook to positive from stable based on the recognition of the improving credit metrics. We are on track and reconfirming the guidance we set out recently for the full year 2022. Yes, we have seen rising and concerning geopolitical tension during the first quarter. We continue to monitor closely the crisis and conflict between Russia and Ukraine, and we share everyone's concern for the people affected. What is very clear is very important purpose with Leonardo. Providing essential security and protection, preserving peace and security, contributing to the defense and safety of people and nations. It is still too early to assess fully the wider impact that this tension and ongoing conflict will have on our industry and us as a company. There may well be opportunities, but their impact for us will likely go beyond this year and more in the medium- to long term. In the first quarter of this year, we have seen continuous strong demand from defense and governmental markets. We are continuing leveraging on our exposure in key domestic markets, and we are seeing good continued demand in export markets as well. We can also be very confident of our key businesses, strengths, and fundamentals. We are well positioned in markets that are committed to growing their defense spending. We are very well positioned in the European defense arena, and we have been moving towards closer European cooperation. We remain cautious on the civil side, but we have a clear but gradual recovery path in our structure, as we talked about to you in our recent full year results. Airbus programs production is showing some sign of recovery. We are also already seeing slight improvement at the year. We have resumed deliveries to Boeing under the 787 program. All these factors give us good confidence in the medium-term growth target, and we set out for you recently in March. We also continue to make good strategic progress and steps forward in important areas. We announced a few weeks ago the sale of Global Enterprise Solutions for $450 million gross of taxes. GES is part of Leonardo DRS, and is a major U.S. provider of commercial satellite communication to the U.S. government. Last week, we also announced the disposal of our 50% stake in our joint venture, Advanced Acoustic Concepts. The closing of both deals is targeted for the second half of this year. These disposals are in line with our stated strategy and are again delivering on what we said we would do. They will help optimizing our portfolio and make us more focused on our core businesses. The disposal also supports the execution of our disciplined financial strategy. Both in the financing of the 25% acquisition of Hensoldt, being funded in part by disposal proceeds and in part by cash generation. This disposal support progress towards achieving our financial strategy target, including the goal of achieving investment-grade rating. As I just mentioned, the revision of the outlook to positive from Standard & Poor's, which is a step forward in this direction. In summary, a good starter to the year, and we are on track to meet our target. Thank you, and I now would like to hand over to Alessandra to talk you through our first quarter results in more detail. Alessandra? Thank you, Alessandro, and good evening, everybody. It's a month and a half since we spoke to you in the detailed full year 2021 results presentation. As you know, although Q1 is important to us as we look to start the year in the right way, it is, as always, our smallest contributor to the full year, and it is important to bear this in mind. We had a strong end to last year 2021, and we have made a good start to this year, continuing our solid path on growth, improvement in profitability, and strengthening of cash flow. Q1 results are in line with our expectations when we recently set out our guidance for the full year. Continued strong demand for our products on the defense and governmental side has supported both our order intake and growing top line. We're leveraging on our strong backlog of EUR 36.3 billion with an order intake of EUR 3.8 billion, stepping up 10.8% on Q1 last year and with no jumbo orders included. Growth in revenues at EUR 3 billion, up 7.7% year-over-year, with improved profitability and group EBITDA higher at EUR 132 million, up 38.9% year-over-year, and higher across the group. Free operating cash flow is growing in line with plan at this stage of the year, at -EUR 1.1 versus -EUR 1.4 last year. This is confirming what we have said before about both the improving trend and the improving quality of our cash flow. We confirm our strong liquidity position and our full-year guidance. Now, let's look at the key group metrics for Q1. First, new order intake. We're pleased with our continued commercial momentum, EUR 3.8 billion of new orders in Q1, a step-up on last year, and nicely distributed across the group. Plus, looking forward, we continue to see an attractive pipeline of opportunities. Helicopters won new orders in Q1 of EUR 863 million, fundamentally a consistently good commercial performance with a good mix of new orders, including the first order booked for the AW609 tiltrotor. Good continuous commercial momentum for the AW139 and an order for the AW189 from the Rescue and Salvage Bureau of the Ministry of Transport. We're seeing strong signals of recovery in the civil market, especially in VIP and utility. Defense electronics, again, performed well. In Europe, it was especially strong with new orders of EUR 1.5 billion, which was, in itself, a very strong performance, considering especially the Q1 of last year benefited from the postponement of some activities from 2020. We were particularly pleased with the excellent commercial performance in defense systems and with important new orders for new platforms and for upgrades. DRS also continues this good commercial momentum with additional orders for the mounted family of computer systems for the U.S. Army, as well as orders for vehicle protection equipment and systems. In aircraft, order intake rose to EUR 781 million, up 31% year-over-year, and included an important milestone with the order for the design phase on EuroMALE, a program which will also benefit defense electronics and aerostructures. We also saw a new order for the C-27J for Slovenia. Aerostructures saw an increase of EUR 94 million, with increased orders on the Airbus A220 and A321 programs, despite the current very tough environment and position of major customers. Overall, a good commercial performance with EUR 36.3 billion of backlog, covering 2.5 years of equivalent production. Now, moving on to revenues. In first quarter, revenues were EUR 3 billion, up 7.7% year-over-year, confirming our growth path and with good performances across all divisions except aerostructures. Helicopters delivered revenues of EUR 923 million, up 16.5%, growing strongly, executing well on its backlog, driven by deliveries on the NH90 Qatar contract and increasing total deliveries in Q1 to 19 machines versus 13 last year. Defense Electronics Europe showed solid growth, with revenues up 2.6% to EUR 955 million. DRS showed good revenue performance. DRS had good revenue performance on track, facing a very high comparator last year, which had benefited from an earlier order delayed from 2020. Aircraft increased top line revenues by 12% to EUR 571 million, growing again as expected and with a good contribution from EFA Kuwait and other EFA activities, and a stable contribution from other platforms. Aerostructure revenues were EUR 123 million, an improvement on last year of 10.8%, while we're seeing solid levels of activity on the Airbus platform, but still reflecting the current tough environment. Overall, a good top line performance in Q1, reflecting how we have again been delivering well on our solid backlog and continuing our top line growth path. Moving on to EBITA and profitability. I'll explain the drivers by business in a moment, but the key points are Q1 EBITA was EUR 132 million. That's an increase of 39% over last year, with higher volumes and improving profitability and ROS at 4.4% versus 3.4% last year. This was an increase in all business sectors as well as the improved contribution from all strategic joint ventures. Despite we are no longer classifying COVID costs below the line. Let's look at it at business level. Helicopters showed an increase to EUR 36 million on track with expectations, and note that its margins reflected higher pass-through activity where we are acting as prime. Defense electronics delivered a good positive performance. In Europe, increased EBITA to EUR 91 million, up 15%, driven by higher volumes and significant improvement across all segments as per our plan, and particularly in defense systems. DRS delivered growth in line with our margin expansion plan, with EBITA at $62 million, leading to a return on sales at 10.1% in the quarter. Aircraft increased its EBITA to EUR 52 million, up 10.6%, with return on sales of 9.1%, with a strong performance on the defense side, including two further EFA Typhoon deliveries to Kuwait. Losses in aerostructures were flat year-over-year at EUR 46 million, reflecting the expected continued reductions in volumes leading to production sites running at lower capacity. ATR showed a slight improvement with negative contribution of EUR 10 million compared to negative EUR 14 million last year, and two aircraft delivered in Q1 versus none the previous year. We are expecting to see an increase in deliveries later in the year throughout 2022, above 2021 levels. In our space joint ventures, there was a better result in the quarter with confirmed good results in space services and improved manufacturing performance. Our MBDA missile joint venture improved its contribution from EUR 13 million to EUR 16 million. A good performance, and we are seeing a high level of interest in MBDA products also in the context of the Ukrainian crisis and conflict. Overall, in Q1, we have grown EBITA and improved profitability for the group, despite the continuing impact on the civil side. Now, moving to the below-the-line items, you can see we have benefited from a higher EBITA. EBIT is up 64% to EUR 123 million. In the quarter, there were EUR 9 million of non-recurring costs related to COVID-19, now accounted for above the line in EBITA. Restructuring costs and PPA were in line with last year. Financial charges were EUR 30 million and taxes EUR 19 million, all giving a net result of EUR 74 million positive. As we recently said in our full year results, cash generation is a key management focus. Our plan is to step up cash flow in 2022, and in Q1, we have been able to do that. Our Free Operating Cash Flow in Q1 progressed in line with plan and showed the impact of our focus and discipline. You can see a year-on-year positive increase in Q1 of EUR 329 million. At -EUR 1.1 billion, it is an improvement and step forward, not just in its level, but also in its quality, with better balance in seasonality. You have seen in Q1, we have made a good start to the year and we are on track with our expectations. Our main businesses on the defense and governmental side are delivering strongly, and the year has started well, especially in order intake, revenue growth, higher profitability and improving cash flow. As we said in March, we are going through a time of high complexity and volatility deriving from the geopolitical situation, combined with increasing pressures related to supply chain, raw materials and other input prices, all of which we're monitoring very closely. That said, we have made good progress, and we are confirming the full year group guidance that we recently gave you in March. You can see it here on the slide. Continuing good commercial momentum and strong order intake. Top line growing as we leverage off a solid backlog. EBITA improving despite the civil softness and some continuing COVID effects, and growing cash flow driven by the defense and governmental business, more than offsetting the cash absorption in aero structures, which is itself gradually improving. We continue to be cautious on the civil side. We're pleased with the good progress on Airbus platforms and the positive signs we're seeing with ETR. While the B787 program still faces tough short-term challenges, as Boeing is working towards resuming its own deliveries to customers. Our recovery plan is still working towards our stated targets in reducing the cash absorption over the medium term and break even by 2025. You have heard of our strategic progress earlier, and we're confident of maintaining a solid financial capital structure post the 20.1% HENSOLDT acquisition, and confirming our earlier guidance of net debt at year-end 2022 of EUR 3.1 billion, supported by the announced disposal of GES and AAC at DRS level. Now to conclude, we're pleased with the start of the year. We are on track, and we're delivering our plans in line with our full year guidance, despite the highly complex and volatile external context. While remembering that's early in the year, as it's only Q1 and our smallest quarter. Thank you all, and now I will hand it over to Q&A. This is the Chorus Call conference operator. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 Virginia Montorsi with Bank of America. Please go ahead. Good evening, everyone. I actually had three. First one would be on defense orders. I know you said it's gonna take a little bit of time to see the new orders coming through, given the new budget environment. Would you be able to give us a bit more color in terms of the midterm? Are we talking next couple of years? Do you think it's gonna take a little bit more than that? That would be my first question. Second question would be the dividend from joint ventures and how should we think about that, particularly MBDA, that you just mentioned in the call, for this year. The third one would be inflation and what kind of pressures you're seeing right now and where, how are you managing? Thank you very much. Many thanks, Virginia. We'll start with the first question. The timeframe, I think the two years is enough in order to understand. We hopefully will be even shorter, shall we say 2033, to have an idea on what will be the allocation of the funds by the different countries. As we know, there are always quote, unquote, "bureaucratic processes," which are very understandable, because in other countries there are approvals by different authorities and so on and so forth. I think that the time you were talking of is the right one in order to have a good picture on first of all, what will be the amount that will be allocated on a longer term perspective. For instance, you know that Italy declared that we wanna go up to 2%. Italy is relatively small for us as a market, more or less 17%. But they said we go up to 2% progressively in order to will be at this level in 2028. Clearly, this is something very important to understand the distribution of the money and then which will be the programs on which this money will be allocated. On this, the other two questions, I leave the floor for Alessandra. Thank you, Alessandro. Virginia, on the dividend from joint ventures, what we expect for the full year is to see an increase versus last year, with a resumption of dividends from the manufacturing space joint venture, Thales Alenia Space in particular. On MBDA, we continue to see the right fundamentals for a dividend distribution. Nothing fundamentally changing in the picture of dividend distribution for us. Inflation remains a very hot and daily topic to manage. We are seeing price pressures on all goods we are buying, goods and services we're buying. What we have done since I would say half of last year is to put in place mitigation actions, including extending terms of contracts with suppliers in order to contain the impact of inflation on our purchases. Evidently the situation we're all facing before with the post-COVID recovery in the economy. Now you know the Ukrainian and Russian crisis, as well as what's happening in China with lots of ships stuck in harbors is making the whole world more complex. Thank you very much. Very clear. The next question is from Monica Bosio with Intesa Sanpaolo. Please go ahead. Good evening, everyone. I hope you can hear me, and thanks for taking my question. The first one is on DRS. After the disposal of Global Enterprise Solutions and AAC, which have been done at least the first at very good multiple according to me. Would you see reasonable for the assets reorganization at the DRS level or any further potential disposal? Are you fine with the current organization? In terms of net debt, I know that it's just the first quarter, which is the smallest of the year, but given the sound execution on Global Enterprise Solutions, would you see room for a bit of improvement going forward in your net debt guidance? The last one is on the financial charges for Alessandra. I was expecting something higher. Maybe if Alessandra can share with us a rough indication of the financial charges by year end. Thank you very much. Many thanks, Monica. First of all, we are quite happy with Leonardo DRS. This disposal in order to have a more focused portfolio, we don't see other disposal because these were the two activities which were not fully integrated. One, the second one, AAC, it was not even consolidated, is a business which we already own with Thales. So we had a put and call option. For us it was by far better to receive the call by Thales. The other one is a business, a good business, but challenged by the players similar to the one that bought the business. Clearly, the fact that there is a relative scarcity of such kind of business, the player were very interested because they are doing a vertical integration. Mm-hmm. For us, I think that the timing has been really good because the idea was that this business, well performing, should become under pressure during the time by the players like the one that bought GES. Today, the business is very clean. We are really strong in sensor and similar things. We continue to work on the business. It is very important to say that, you remember last year when we were discussing the potential listing in February of DRS, one of the skepticism of the market was on the return on sales performance? Yes. Today you have seen the number are even better than the one we were talking of one year ago. Really, DRS is performing very well in the expected way. It's not a case that they have achieved these results. Alessandra? Sure. On net debt, what do we see on net debt? Well, you know, the figures that we have disclosed on sales proceeds from sales that you were mentioning, Monica, the GES and the AAC, are gross of taxes. The bridge towards the net guidance that we're confirming is mainly associated with that element. Mm-hmm. Uh, on- Okay. On financial charges where we do see continued improvement in financial charges versus last year, you know, the quarterly trends are as usual not always telling us the full story. In particular the hedging element is the one that is going to impact us in 2022 versus 2021. We confirm the guidance that we have provided a couple of months ago on full year financial charges. No news after this quarter. Okay. Thank you very much. The next question is from Alessandro Pozzi, Mediobanca. Please go ahead. Oh, hi there. Thank you for taking the questions. I have three, and the first one is on the free cash flow improvement versus last year. I don't think that was driven by working capital. I think working capital probably increased even more probably than revenues year-on-year. I was wondering, I think that's probably a division that is delivering a better cash conversion based on the electronics, but I was wondering if you can maybe give us more color on that. The second one is on Cameri. I think it's been on the news recently for potential increase in production capacity going forward. I was wondering whether you can confirm that. Also maybe if you can give us this good time to remind us what is the revenue opportunities for the F-35 at the moment. I think it should be in the range of EUR a few hundred million, but was wondering how that is going to get improved in the next few years with the production of more F-35 and deliveries to Europe. The third one on semiconductors. I was wondering if that is going to be a critical item for you in the second half of 2021. A number of automakers are saying that basically the shortage of chips might continue for 2022. I was wondering how you are coping with that. That's all for me. Okay, Alessandro. On cash flow, cash flow generation is mainly the result of higher cash-ins, net cash-ins, because the level of factoring has gone down in Q1, consistently with the path that we have seen throughout 2021. We have also accelerated payments to suppliers. The effect that you see on working capital is mainly driven by the combination of the fact that supplier accounts payable has gone down because of accelerated payments made to suppliers. There is an increase in accounts receivables due to the fact that we are invoicing more. A portion of those invoices has already been collected in Q1. Another portion will become due in Q2 and Q3, depending on, you know, exact timing and payment terms. You see that. You know, we're taking a picture at a point in time which is when we are stocking up on the balance sheet to then liquidate and monetize. We missed your second question on increase on production capacity. This was on the F-35. Okay. The F-35, clearly the fact that in Europe there are many different options that are in the process of being finalized, Finland, Switzerland, Germany, is an important step for us. As you know, there is a negotiation between the governments of this country and the U.S. government on where the production will be. We are sure that Cameri will be importantly involved. It's also very important to say that Cameri, we have always to remember, is a three business lines activity. One is wings, where we have a stable production, quite profitable and quite good. Then a second business line is the final assembly line. Today we are assembling aircraft for Italy and Holland. There are already discussions between the governments for having other countries assembling the aircraft here. Last but not least, which is very important, Cameri is and will be but more and more the MRO center for European-based aircraft. This will become, during the time, the more aircraft there are, the more they fly, the higher is the business. This is clearly very relevant. I will answer the third question, semiconductor. Yeah. Semiconductor. Sorry? Could you quantify how big could become the F-35 opportunity? No, because first of all, we have never quantified what is the turnover and the profitability of this business line. As I said, there are not yet defined numbers. Even for Saturn I, F-35, we have never provided- Yes. The revenue line. You see the aircraft business is an important component of the aircraft business. Semiconductor is clearly an area of concern. Our people did, I should say, a fantastic work on that, because we have analyzed carefully. More than semiconductor, we are buying components that have at the base of the core that we have in the radar and in the sensor. These components, which technically are semiconductors, but are very differentiated components. We have a very good base on the needs. We have a forward-looking perspective. For this year we don't have any impact. We are working on 2023. We are very confident that we manage scarcity on one side, but as well, the price component on the other side, as Alessandra said before. All right. Thank you. The next question is from Andrew Humphrey with Morgan Stanley. Please go ahead. Hi there. Thank you for taking my questions. Just a couple if I may. Firstly, you clearly had a stronger order performance in Q1 than I think the Street was anticipating. I know you've said there were no jumbo orders in the quarter, but can you quantify if there was a larger inflow from prepayments than you were expecting? And if so, you know, how much of that you'd view as exceptional? And I also wanted to ask about DRS, whether the sale of GES in the U.S. kind of changes any of your thinking around longer term strategy for that business? Sorry. The first question is on, Prepayments. Any kind of exceptional prepayments in Q1? Prepayments. The largest order we received is EUR 360 million. That's EUR 367 million. Technically with an incredibly small prepayment because it's a national order. There are no major components of prepayment. DRS, we are not changing the long-term perspective. On the contrary, we wanna be focused in order to be more and more strong. Great. Thank you. The next question is from Martino De Ambroggi with Equita. Please go ahead. Good evening, everybody. The first question is on the Italian recovery plan. If you have any update for the contribution which could come from the recovery plan in Italy. The second is always on M&A. You answered just now on DRS, but I just understand that the IPO is something that is still part of the potential optionality for DRS or after selling some assets is removed. The same question is on the OTO Melara and WASS optionality. I understand it is all frozen. Last on the guidance, could you confirm what would be the pro forma guidance for the current year, excluding the divested asset in terms of sales, EBITA, and free cash flow in particular? Listen, shall we start from DRS? DRS, the answer is still one of the optionality which is always there. As you know, we update continuously the S-1 form in order to be ready in the case. Second question, Martino was OTO Melara always in M&A. I'm sorry. M&A. OTO Melara is not frozen. We are awaiting some answer from the other governments on in European programs. Today we have to understand what the French and the German government will say potentially on the Main Battle Tank program. There is a question on PNRR. We have done an update today with our board. We have presented many different projects. We are not yet capable to quantify the amount of money we can receive, but we are following very carefully. Today we are still. We are always saying that we confirm the plan we have presented. In the plan there are no numbers for the PNRR. In that case there will be an upside. As you know, has to approve the programs. That there is a tender. It is a process which is not short. The guidance, I'll take the last one, Alessandro. The guidance pro forma for the sales, it's really unchanged, Martino, because AAC was now consolidated, and it was a joint venture with Thales, so not consolidated in DRS. GES also has a certain impact, but we also have to wait for the portion of the year when closing will occur, which is going to be Q3 or Q4. You know, at the end of the day, we're not talking about any material changes versus the base guidance. No. Okay. Alessandra, I was asking if it's possible, in other words, to have an idea what was the contribution of these assets in order to have a clean starting point for the full year once they are fully divested. Yeah, well, you know, at the end of the year, I think we'll be in the best position to provide all the details, Martino. Okay. Okay. Thank you. Thank you. Thank you. The next question is from Christophe Menard with Deutsche Bank. Please go ahead. Yes, good evening. Thank you. I had three quick questions. First one is on helicopters. You mentioned on the call that you're seeing some civil market recovery in utility and VIP. How should we be thinking about the mix effect going forward, and when do you think there could be a positive impact on margin? That's the first question. Second question is just housekeeping, but did FX play the role in the strong growth of helicopters in Q1, notably pound versus euro? And if so, how much? Last question on the F-35, to bounce on the earlier questions, when do you think that F-35 margin levels could be at par with the aircraft division margins? Is it when MRO will start kicking in, or could it be before? I will start from the last question, Christophe. Clearly, the F-35 in terms of margins is very different from the other components of the division. Because if you take a Eurofighter, it is also very different, we have three different components of the Eurofighter. The national Eurofighter, which had a certain margin. We have to see if, with the increase of the expenditure, there will be other national EFA that could be both. The second macro area is Kuwait, which clearly is different from the Eurofighter when we provide pieces, important pieces, but pieces to BAE Systems or to Airbus. Said in other words, the margins on for us on Qatar, Kuwait, national orders are different. It is always a mix of this different component. There is a second area in the division, which is the own platform, M-345, M-346. And again, the margins are different. The M-345 is a newborn aircraft where typically the marginalities are lower than with a more stable, stabilized aircraft. Even all this words in order to say that it's different, difficult to position the F-35 vis-à-vis the other elements. In any case, this division, as you have seen, is a division with double-digit margins, which is stable. The other question was on helicopters on civil market. No, in production. The civil market is really giving positive signs. The 169 is in China for emergency medical services and VIP helicopters, so are clearly important. Again, the marginality of the helicopter division is also related to the weight of the Qatar delays. Because the Qatar program, we have to remember, is a program where we have slightly more than 40% in terms of prime role. So, on the 40%, we have certain margin on this, the remaining portion, we have a completely different margin. We are playing the role of a prime. We are not absorbing capital. The more we have this program weighing on the division, the more the margins are diluted, the higher is the return on capital invested. You know that I'm really critical on the return on sales, because you can be very profitable but incredibly small, while we like to be prime with strong orders. We do the role of prime, and the margins are partially as a partner. We have a fee as a prime, but because the capital is reallocated to any different project. The positive sign on the civil market are giving us the confidence on the fact that this market that we were saying will recover in 2025 as pre-COVID. We think that this recovery will be shorter. On FX effects, did it have any impact in terms of pounds, in terms of the translations? Not materially, Christophe. Okay, thank you very much. The next question is from Harry Breach with Stifel. Please go ahead. Yes. Good evening, Alessandro, Alessandra, Valeria. Thank you for taking my question. Can I maybe just continue a little bit on Christophe's theme of FX there? Do I remember well, Alessandro, did you say on the last call that the impact for every 100 basis point change in the euro dollar spot rate would be between EUR 10 million and EUR 15 million of EBITA? Second question was just about helicopters really. You clearly understand the issue of the margins dilution from the Qatari NH90. I was impressed though, in the first quarter it seemed as if, you know, margins were pretty stable year-on-year. Is it just a question of the phasing this year of when we'll start to see more dilutions coming in? Any idea you can give us on that would be helpful. Then my final question, maybe more for Alessandro. Alessandro, please forgive me if I didn't hear you clearly when you spoke earlier on about the declaration, the intention in Italy to increase defense spending to 2% of GDP. First question, did I hear you say that two percent target was for 2028? Then secondly, are there any sort of indications on any sort of priority areas within that yet? Thank you. Okay, Harry. On the FX sensitivity, we confirm what you have summarized. Yes, that's fundamentally the same effect. You know, it's all translation effect by the way because we're translating the results of our U.K. and U.S.-based controlled entities into euros, therefore we are benefiting from this effect. Otherwise, all the rest of our non-euro exposures are hedged as per the standard policy that we have in order to minimize slash eliminate financial risk and focus on industrial management. Yes, I said exactly what you are repeating, but this is not my declaration. It is an official declaration that Italy today we are at 1.54, if I remember correctly, not considering a piece of the military expenditure which are allocated to the minister of industry. So in reality, it might be higher. The prime minister said we will go to in 2028 up to 2% will be a progressive growth, which is extremely interesting. We don't have yet a clear view on how this will be allocated because they are starting to discuss within the defense system, within the MOD, the allocation. We are sure that in any case that will be interesting for us, because, as you know, we cover three domains, and so we cover as well the space and the cyber side, so five domains. We will have a clearer view, we think, in the next 18 months-24 months. Alessandro, sorry, just to be very clear, the 2% of GDP target will include the spending on defense programs for the Ministry of Defence, as well as the Ministry of Economic Development, as well as anything that is elsewhere, maybe in the Interior Ministry? We assume yes. You know better than me that usually it is important to give a sense of direction. It is a very relevant amount of money in this case because then we stabilize at this level. It is important because in many cases for us what is relevant is that a program is in the multi-year financial plan. The fact that there will be this growth will allow us to receive orders for a longer period of time in terms of deliveries, but you have the order, you have booked the order, so you have a stable future. It is very, very important. The amount of money, it is not easy or even to spend all this money. Understood. Thank you very much, both. The next question is from Gabriele Gambarova with Banca Akros. Please go ahead. Yes. Good evening to everybody. My first question is on tax rate. I saw that it was just 20% in Q1, so I was wondering what could be the tax rate for the whole 2022. The second question is more strategic. I was wondering if, let's say, the new situation with, I mean, the recent geopolitical evolution, the Russia-Ukraine war in Europe makes the European industry consolidation, let's say, an easier scenario or it becomes more difficult to discuss potential tie-ups and mergers or creation of a consortia. Finally, if I may, the last one is on the AW609. I was wondering if you can update me on the timing for its introduction on the market, and possibly the size of the backlog, and if you think it can be, let's say, a driver for growth for the helicopter business. Thank you. Okay, Gabriele, I'll take the first question, then leave the floor to Alessandro. The tax rate for the full year, the guidance is unchanged around 25%. Clearly, to see this number on a quarterly basis is always very difficult. Because it's similar to return on sales. There is a certain volatility, but it depends on which program you book, what you deliver, the milestone. There are many elements. European industry consolidation. I think that you have seen that all the political leaders have said, we have to spend more, but we have to spend also better. Better means with European programs. I think that this situation will increase the number of European programs as during the time are the days for further consolidation. We have to start from more European programs, which is very relevant also in order to spend better. In this perspective, Leonardo is incredibly strong because we are part of all the main programs. FCAS next year. Okay. Okay? Thank you very much. Good. Thanks. Thanks to all of you. Thank you, everybody. This was the final question. Thank you for being with us today. For any follow-up, the IR team is always available. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.