Thank you to everybody. Grazie a tutti. Siamo in Italia, quindi almeno grazie a tutti, fatemelo dire. We have people here in the room, but also on the web, on the telephone. It is not the best day to do these meetings, you all know. I would say we always have the duty to change bad moment to good moment, and I really hope you to spend the hour to see some nice forecast for the future in order to forget what is happening in the stock exchange in Europe. Let's go to see what happened the last three years from the IPO to today. La quotazione di Sanlorenzo alla Borsa di Milano di oggi è un passo fondamentale. Dobbiamo avere il coraggio di continuare a progettare, a costruire le barche più belle del mondo. Barche tutte italiane, fatte su misura. Dobbiamo far leva sulla reputazione del nostro marchio, sui dipendenti Sanlorenzo, tutti insieme, con il coraggio di sognare e di scegliere, svilupperemo la Sanlorenzo del futuro. Grazie a voi tutti. It's a big emotion for me because I can see the future of Sanlorenzo starting. Thank you very much. First, the management team. I am here with Ferruccio, which is the General Manager of Sanlorenzo S.p.A. and the Head of the Superyacht Division. As you probably know, in our business, the most difficult work, the most difficult job is to grow and to be profitable in the superyacht, because above 40 meters, it is really a challenge. I have to say he's one of the few that managed to do it. Bravo, Ferruccio. Thank you. Grazie. Carla on the side, the CEO of Bluegame. You know, we started Bluegame as a game, a little game, very little. We thought to remain very little but with Carla is not possible. Everything you do has to become exclusive, eh? Attilio, everybody knows him, he's the CFO of the company. Now let's move, we will speak about a little introduction of the numbers, the result. We thought to present to you the three-year plan, going to the pillar of our quiet luxury to explain what will be the main goal of the next three years. These are not number, really the philosophy and the strategy of the company. A little touch of the Maison Sanl orenzo, remembering what was really important for the last 10 years to develop this company, because we were pioneering a new language in yachting. Back to the numbers and the closing remarks. The first point, the result, w hat we did. The last three years, 2020, 2021, and 2022 is a strong performance. The revenue grow 17.6%. The EBITDA by two. The EBITDA margin grow 3.1%. That was an important promise we did at the IPO. We keep it. The net profit by 2.7, 40% grow, CAGR, EUR 109 million of cash generation, including EUR 31 million on dividends, and +58% of people. The numbers are very good. What is important is a promise I made at the time of the IPO. A lot of investors were asking me about a problem of yachting business, which is the cyclicality. This is a proof of what I was promising. I was saying Sanlorenzo business model is different. We produce 70 yacht for EUR 700 million. Our average price is EUR 10 million for each product, therefore we are very resilient. We managed to get these numbers in spite of a pandemic, which stopped the world, and a war that everybody knows. In three years we had on 2020, the pandemic, on 2022, the war, and the numbers are these ones. The resilience factor is a proof of the value of this company. Next, t he next two years, back to the promise again on the IPO, a tactful growth. We don't want to grow 20%-25% every year like we did in the last two years, is not possible. We have the quality of the product to support. To build the very high quality and new design and innovation in the yacht industry, you need time, you need skilled people. Therefore, our promise again is a high single digit for 2004 and 2005. On 2023, we have the guidance, which is between EUR 810 million-EUR 830 million, which is 11% growth. We are expecting an EBITDA between EUR 150 million-EUR 155 million. Net cash position around EUR 120 million-EUR 128 million. For the next two years, high single digit revenue. The second promise of the IPO, again, focusing on margin. In reality it's expected 20, we didn't want it to say because that is too easy to remember. I know that everybody will remember 20, if we do 19.5 will be somebody asking the thing and say, "You told 20, now you're doing" - equal or more than 19.5. This is remarkable because it is a difficult business to be very profitable. A net cash position of around EUR 200 million. Forget the number and keep the concentration very alive because it's coming for me, the most important part of the presentation. The pillar, sustainability and technology for a shift in the yachting paradigm. This is very important, we are very proud of it because we hope to push the rest of the industry to do the same. Product pipeline, shaping the future, a new position offering high-value service to Sanlorenzo customer, direct distribution in key markets, production capacity and supply chain. I will do the first point. Then I will pass the floor to Ferruccio for the next. The world today is waiting the industry to solve a problem, which is a real problem. The sustainability is not an option anymore. We have to do it. Let's start from a page which is showing that all shipping of everything, and this is all the shipping, is in only the 1.7% of the total emission in the world. Very little. Within the shipping, you have the bulk carrier, chemical tanker, container, very big. Yachting is here, 0.22%. If you multiply 1.7 by 0.22, you have 0.40 before having the number, so it's nothing. Yachting is not needed, and therefore we have more responsibility than the rest of the world. Next, what happened? Sustainability is no longer an option. Why? In 2008, the IMO, which is the international organization which is ruling the shipping, said we have to do something, and they signed a green line to consider zero emission in 2100. On 15th December 2022, the world change and they say, "No, it's the red line." They anticipated the zero emission of 50 years, 2050. What is more important is that the red line is touching the point line, which is 50% of the emission in consideration of 2036 for the industry is behind the corner. The first picture was yachting is nothing. The second picture is showing that there is a serious problem. Now we are working with two direction 50-meter yacht. We will be number one worldwide to launch a 50-meter with a reformer of methanol to fuel cell. Is a project we are doing in agreement with Siemens Energy to produce the first super yacht with the hotellerie 100 kW produced in a zero emission situation. We have a video for you to understand what we are talking. Oh, sorry. Light is life. Light is energy. Our light is called fuel cells system. It is a carbon neutral power generation system dedicated to the hotellerie and designed by Sanlorenzo and Siemens Energy. We use green methanol to generate clean electricity. A mix of methanol and water is transformed into hydrogen to produce up to 100 kW of carbon neutral energy. An innovative, safe, barrier-free system. Get ready for a new dawn. We will be the first to bring it in 2024. My name is Lucretia Löscher. I'm working for Siemens Energy, I'm responsible for industrial solution business in Europe and Africa. Siemens Energy is the energy technology company that puts sustainability in the center of its strategy. The yachting industry is really the part where we see they are spearheading this movement. Sanlorenzo is the front runner, is the most advanced, and I'm happy that we have a long-lasting relationship. There is, of course, more development to come with hybrid propulsion and at the end fully electrified propulsion. There is a long innovation journey that we are going onto together with Sanlorenzo, and I'm happy to have them as a partner. If two companies like Siemens Energy and Sanlorenzo work together, there are a lot of synergies. If I want to put our collaboration into three words, it's Italian-German partnership. June, July 2024 is really tomorrow. We will have the first yacht which generates electricity for hotellerie from methanol transformed to hydrogen, and then with the fuel cell have the electricity. It is a new paradigm. Siemens is building the fuel cell since 20 years with the submarine of the German and Italian Navy, so it is not something that has to be tested. It's something that is working already. What we are doing, we are applying this system to the yachting. In the meantime, our research and development people is designing this project. Aside of it, we have Lloyd's Register, which is the top-class certification company in on the other side, on the other room, writing the rules how to do it for the future. This is the kind of research we are doing in this business. Second step, which is even more important than this one, is the goal to build the first 20-meter zero emission with the hydrogen and the fuel cell. This project is possible thanks to an idea of Carla Demaria to participate to the next American Cup and producing the tender that is a must. Every syndicate has to have a tender, which is a 10-meter boat, foil, and fuel cell which runs 50 knots for 180 miles of range. This boat has no thermic engine on. Let's see what we're talking about. Building a team, risking, being guided more by emotions, being at the cutting edge. They are accomplished professionals driven by an impressive passion. Yes, a boat, but she flies. Concept boat sailing at 50 knots, flying in silence, an incredible achievement. It will be the most technologically advanced boat sailing in the world. BGH-HSV, Hydrogen Support Vessel. It will be the first boat, not a sailing yacht, that will sail totally emission-free. Almost 200 miles of range. Foil, hydrogen-powered fuel cell, electric motor, batteries, composite boat, hydrogen powertrain, software for controlling the boat flight. HSV is tied to how much we believe in the future of the multi-hull, to the philosophies of both Sanlorenzo and Bluegame. It is truly a revolution for the world of pleasure yachting. This boat will sail with the New York Yacht Club American Magic during the next America's Cup. The package, all the syndicate, there are five syndicates, they all must have a tender with this characteristic. It is in construction. We will launch this boat on July 2023, and we will have 14 months to test it in order to be ready for October 2024 for the America's Cup. The hydrogen tanks, the fuel cell producing the electricity with hydrogen and oxygen, the batteries to collect the electricity, and the electrical motor, which is connected to the propulsion. When we talk about 50 knots with a 10-meter boat and the foil, which are big like this, you can imagine the problem of flying on the water with the movement of the, of the sea, with sensor which has to react in - Millisecond. Millisecond in order to adjust the direction. It is difficult. The team we put together are the eight, nine people, the best in the market. The guy which is doing the software to keep the boat flying is the guy who did it for the New Zealand, which was the winner. We have good chance. What we do with all this experience, we're going to have the first 20-meter, the first boat worldwide in 2026. Will be the second BGM. You know that the first multi-hull from Bluegame is coming in the market June, July 2023, which is a 75. The next one will be a 65, 20 meter. At zero emission, we will go with the fuel cell for 10 hours for eight knots, which is 80 miles. From Viareggio to Corsica, we have 65 miles. 80 miles is really a way of going in vacation at zero emission. If you need to go faster or if you need to go longer with a Volvo hybrid engine, which is a pilot installation Volvo will do with Sanlorenzo, you can put the clock down, and you can go 20 knots for longer. If you want to be sustainable, you can go at zero emission. These two project are really putting Sanlorenzo as pioneer in the world for achieving a new way, a new paradigm of construction of yachting for the future. We must do it. In the next years, the young generation, which are very careful about it, will be our new customer. They will accept to make a poisoning of the air if we have to build an hospital because the hospital is needed. Maybe it is not needed a yacht going for a swim. Our business must really react to the future, and we are proud to be the first in doing it, and we hope that all our colleague and competitors will follow, and I think they will. That's why I wanted to start our three-year plan. Why? You talk about 2026, 2028, 2030. Yes. If we manage to get that goal, it's because on the 2023, 2024, and 2025, we will work hard to do it. Our three plan project is really very much concentrated to this. The timing, as we said, 2023, we launch the tender for America's Cup. On 2024, we will be in Barcelona with American Magic, the New York Yacht Club. On 2026, we will have the first 20-meter with a fuel cell and Volvo hybrid engine. Above 40 meters. On 2024, the first 50-meter with Siemens fuel cell for the hotellerie. On 2028, that is the final goal, thanks to the agreement with MTU, part of Rolls-Royce Company, they will produce the engine burning methanol instead of fuel. This will be the first superyacht, which we can call it carbon neutral, because we will burn methanol, green methanol for the propulsion, and we will have, from the fuel cell, the electricity for the boat. The methanol will be produced green methanol. When you produce green methanol, you collect CO2, the carbon from the air. When you burn the methanol in the engine, you produce CO2. It's neutral because the amount of CO2 produced and the amount of CO2 taken from the air is exactly the same. This is the final goal. We do it thanks to the agreement with major player, Siemens, MTU, Rolls-Royce, Volvo, Alden, which is the company which is producing the fuel cell for the small boat. We sign exclusive agreement with them for the next 24 months in order to apply their product in the yachting industry. Bravo. Grazie. Thank you. Good afternoon. This is one of the most important insurance policies to deliver on our promises, to deliver on our business plan. Because the new product development is at the core of our profitable growth. Because of course, by introducing not just new models, but new product range, we are enlarging our potential clientele. At the same time, we are improving our margins because we typically offer less discount on new product. This is really very important to support our high single digit and profitable growth to reach the famous 19.5% EBITDA margin in 2025. How we can achieve it without diluting the brand? This is a very, very important point for us, is a fine balance between innovation and tradition. Max spoke about innovation. Of course, that will be the driver for our development. At the same time, we need to keep a very high coherence with our roots, because we still do our boat by hand. No machinery can do it, only people, only people can do, and people driven by passion. This is what characterizes Sanlorenzo people, Bluegamers. We are passionate about what we are doing. It took almost 50 years to fine-tune the concept of our original product range, the SL line. 50 years, hand by hand. In 2007, the second range, SD. 50 years and then a second range. SD90 was the first one. After 16 years, it's a classic. People are looking for the SD90. Now, SD is one-third of our yacht business unit. Following another, you know, five years, in 2017, the SX. The SX was a totally new line, that line was possible because five years before the SD was introduced, because there is a coherence in introducing every single new range. That is why it took first 50 years, then 10 years, and then only five to introduce in 2022, the SP110 the first of another range of the yacht business unit. Every single new product is enabling us to reach a new clientele. It's like in the automotive to start with the sedan, and then the station wagon, and then the crossover, and then the coupe. With the very high coherence with the DNA of the brand, high-end product, unique new concept, new technology. The SP is starting again, this new tradition is gonna be the fourth line of the yacht division. Another driver is, of course, dimension. We like to follow the need of our clients. In this case, 73-meter, because the clients of the 58-meter, they thought that was a little bit too small for them. We are building a 73-meter. This is basically the origin of the superyacht division 15, 16 years ago, to support the need of our client to keep them in the family. We are the only company in the world with such a broad range in composite and metal. There is no other brand in the world that has such a wide range of product because of the very strong coherence with the DNA of the brand. We don't only follow the needs of our clients, but also the dreams of our clients. In the case of the 73 meter, I show you what we are building inside the boat. This is a botanic garden inside the yacht, and the tree is the same tree under which the daughter of our client is telling him her secret. They will have the same kind of feeling on board. This is something that Sanlorenzo can craft, and there are not so many places around the world where this can happen. The story is repeating itself with Bluegame. Bluegame start in 2004, and then in following our acquisition in 2018, in just one year later in 2019, we introduced the second range: the BGX, alongside the historical BG. In this year, in 2023, Carla will introduce the BGM multi-hull. That is, you know, even beyond what Sanlorenzo is doing in terms of innovation because it's a multi-hull, it's the first high-end multi-hull in the market. Lower consumption, incredible space, beautiful line, very, very sophisticated interiors. Again, we at Sanlorenzo, we are replicating again the same story, keeping the very high-end positioning and diversifying the product range, attracting even more client year after year. That's why we call it the insurance policy to deliver on our performances. I leave the stage with Carla talking about service. Thank you. Thank you Ferruccio, also for the words from the BGM, I appreciate it, so I stay here. Before entering the subject, I will just precise it's not me that decided to go to America's Cup. I am crazy enough, but not at that point. The idea came from Luca Santella, the genial founder of Bluegame. I was crazy enough to say yes in five minutes after he presented to me the idea, and then together we developed this really a dream for Bluegame. Now high-end services. In the strategy of Sanlorenzo, in its business model, of course the beautiful, timeless yachts we have seen an expression of the maximum technology, increasingly sustainable in our company is the key factor. Our reputation, our positioning comes also from other factor, like for example, that is proven by the loyalty of our client is the relation we have with them. We decided with the high-end services to enhance the proposal to our client to go even further in this perfect relation. Actually is a peace-of-mind offer to them, never seen before, a package, a complete package never seen before that is a 360 degrees, and in few second I will tell you. Which is the reason behind and because we have a lot of benefits. First of all, this will add a competitive advantage in our value proposition to the client, not only Sanlorenzo client, to the market. The second thing is, as I say, the level of loyalty. When I enter Sanlorenzo, I was impressed by the level of loyalty of the client. Some of them not even goes to see the other boats in the boat show, this will enhance and give another step in the loyalty of our client. Of course, at the end will help our brand positioning, that is very important to us and for the investor too, at the top-end luxury segment. Today, this will be, of course extended, we have a 360- degree premium service package starting from charter. Charter is a high-potential proposal in our, in the market never suffered even during the deepest and longest crisis, the market was responding very well for charter. Client was even buying charter weeks instead of boats. May I have some water? Due to the fact that this is a special, very particular business, we decided to do this properly, we acquired a few months ago, in October last, the company, a very reputed company on the market, it's called Equinoxe. Thanks to the fact that, in 2018... Grazie. I had to do this before, eh? Due to the fact that, in 2018, Sanlorenzo opened Sanlorenzo Academy, we will use the Sanlorenzo Academy to train the crew of the charter boat and also crew for our client, very important critical point. We are working with our main banks. An offer for tailor-made offer of financing, leasing, and insurance. The last one, but it is not the last in term of importance, is the maintenance and refit of the yachts. Why maintenance and refit activities is very important? Because it has a high potential in the market, and also because in some way is an countercyclical activity in the events of downturn of the market. What we see here, we will start with maintenance, so we will extend our offer to 3, 5 years to our client. The true goal is to start the refit activities. Why has so high potential, the refit activities? Because we have the addition of two positive dynamics. The first one you see here is the constant increase in yacht fleet. Never stopped. Here you see that was pandemia and also the war, never stopped. From 1986 to 2021, they have a constant average growth of 5.4%. We are talking about boat over 30 meters. The most important growth has been during just four years, what experience the market of refit. 16.4%, big growth, and consider that in the market, the average size of boat is higher and higher, 40 will become soon 45 and then 50. The addition of two is an enormous potential for us, and we have strategic ideas to go through that. It's very interesting because it's considered an upside to our plan. Nothing of that is included in the plan. Thank you. Thank you, Carla. We have spoken about high-end products and high-end services, how to distribute them throughout the world. The idea is, alongside our independent brand representative, to have some, in key markets, a direct distribution. We already are in direct distribution in the Americas through Sanlorenzo Americas. We already have in Palma, in the Balearic Islands, Sanlorenzo Baleares, and during 2023, we will launch Sanlorenzo Monaco. We have already started our Sanlorenzo lounge in Monaco. We will soon celebrate the opening of it, and also Côte d'Azur. We are gonna to have a direct presence in Côte d'Azur as well, 'cause Monaco and Côte d'Azur are key market together with the Balearic Islands. We want to be present directly to control 100% how to present the product and the services to the final client. Similarly, we would like, in 2023, to develop a direct presence in Asia-Pacific. Asia-Pacific currently is distributed through Simpson Marine, is a company established in 1984, and they are our partners since 2014. They are present all around Asia-Pacific through offices, many, many years of experience, and that area is for sure, in the medium to long term, the area with the highest potential of development in the entire world. That's why it's strategic for us. Our aim is to operate directly those showrooms. An example of those showrooms is this one. This is the Singapore one, is a ONE°15 Marina, is already mono-brand Sanlorenzo. We are already there in to present ourselves in the correct way. The idea is also to be - to have Simpson Marine part of Sanlorenzo Group in order to be fully in control, to incorporate also this additional margin, but more importantly, to be ready to tap the high potential going forward of that market, because we expect the wealthy Chinese more and more to spend the money in China rather than around. The good sign is that in Hainan, in Sanya, there is an area where, like in Hong Kong, you can keep the boat, use the boat without paying the import duties, differently from the rest of China, where you have mostly 45%, roughly, of import duties. This is a very strong sign from the government of Xi to open the local market. We want to be there, we want to be there directly and tap this opportunity. At the same time, we want, of course, to deliver in terms of manufacturing. This is a slide showing you our current utilization of our capacity, that is around 100 sq meter right now. In the business plan, in the next three years, we already factored the CapEx in order to reach around 125,000 sq meter, so +25%, which will correspond to 85% saturation in 2025. At the same time, in areas that are already owned by us, we already have developed a project that we will start to implement in the second half of 2025 in order to increase for another 20%, so around 145,000 sq meter, our capacity to deliver, so to support our growth or even beyond 2025. This is something that give us some flexibility and margin to grow the top line. At the same time, we are securing our strategic supply chain by direct strategic equity investment in key suppliers, in key competencies because we want them closer to us. It's a win-win because the entrepreneur is still running the company, but he has the support of Sanlorenzo in terms of management, in terms of forecasting, in terms of control of the cost. Of course, the dimension of us will support them in many other aspects from HR to IT to finance. We are drastically reducing the cost of financing for them with our partnership. That enable us also to have a very secure source of supply, to have, of course, know-how that is very rare. The Carpensalda is building our metal hulls. Is very something unique. Is a piece of art and is done by hand as well, not by machinery. Duerre is doing the interiors, the wood interiors. Again in Tuscany, all of them are in Tuscany, actually, because there is this ecosystem of small enterprises that is critical for the success of Sanlorenzo. Closer and closer relationship with them. Last but not least, the due diligence is completed. We hope to close by end of March with Sea Energy, that is electric system, because electrification of our product will be a key driver of our product development, so we want them to be closer to us even in the early stage of development of the new product. Arbatax in Sardinia, where we are concentrated all the small part of fiberglass that today we are spread around Italy, eight different places. Now they will be only one place. That will increase efficiency and also will contribute to an area that is historically economically depressed in Sardinia, and we are creating jobs in that region, and we are very proud of doing so. I leave the stage to Carla talking about the Maison. Thank you so much. Yes. Thank you. Bravo. I claim to be a balanced person, I go just to prove this. Maison Sanl orenzo is quite interesting because this. We will talk about Maison Sanl orenzo, then another point we call it from sustainability to responsibility. Is not a romantic way to see that, but it's something is a different culture that we want to talk about. Maison Sanl orenzo. Yes, since the origin and the foundation of the company. Is not us using for the first time this definition to describe Sanlorenzo, but sometimes has been used by research from analysts and also on the press in articles to, in some ways, testify the dynamic of the brand, the Sanlorenzo brand moving increasingly from only the perimeter of yachting, but to be more and more closer to the top-end luxury market. You can imagine this for our positioning and also the value of the company is very important. Why this? We think that the business model of Sanlorenzo, we don't stop to say that is different, but really is unique. During the year, very consistently, of course, we have introduced the innovation, but also true changes, we can call sometimes disruptive ideas on the market. Staying really very close, very faithful to our DNA of a unique, exclusive product, strictly tailor-made, excellent quality, and then targeted for very, very expert client, what we call in our presentation, the connoisseur. This really set a new language. A big change, one of the biggest, was many years ago, an idea of Sanlorenzo to bring on board of our yacht for the first time, designer, interior designer, architect, coming outside our sector. There was a revolution. I said myself, "Max again did something that is changing the world and is a step further." Was very interesting because not just one, but you see here Piero Lissoni, that in 2018 became our art director, due to the success of the ideas, but also other, Studioleggero, Citterio, Dordoni. Dordoni was the first one. Patricia Urquiola last year with the 90. The fact that Piero Lissoni entered as our art director extended this language, this style, different use of spaces and interior, but also changes in our communication at the point that this was enlarged to all our image activities. Here just an example, because our stand are recognized to be truly different, so they stand out in all the fair around the world that we take part, and this come from a Lissoni design. This is just an example. From design, the contamination to the art was very natural. We did a let's call a further step from the interior design and architecture, we naturally led into the world of art. We have partnership, exclusive partnership between Sanlorenzo and the main institution. Since 2018, we are a partner of Art Basel and exclusive for the yachting sector. We take part with the installations sponsored by us in Art Basel, in Hong Kong, in Miami, and most recently with the addition of the Paris Art Basel. Also we have been from 2018 to 2022, also partner of the Guggenheim Museum in Venice. We have also, very important not to forget, because we consider this a step further, last year at La Biennale di Venezia, as you have seen in the video, we were main sponsor of the Italian Pavilion at La Biennale di Venezia. We have also our own installation. For example, here we have few example of what we did in the Milan Design Week in 2022, 2019. This one, top right will be the one you will see if you come to visit us at the Milan Design Week in few weeks. It is called the Macchina Impossibile, the impossible machine, because is a great big structure with different gears moved by a fuel cell from Siemens. This is the proof of what we are saying, and this, and it's a size that can be really, we can realize how important then could be the possibility to get this in the boat, because we'll be, according to what they told us, smaller and smaller. That means an higher and higher generation of power. This will be simply a fuel cell machine, one, and just leaving few drops of water. This is the future today, will be in Milan next week. Now what I say is not a romantic vision because we consider this very important. Is our approach to sustainability, and in which we believe a lot. I personally believe enormously. Our belief is that the company should go beyond what they have to do, what is required by law, by regulations. We want to be beyond our commitments that are, that we declare to our shareholder, that we measure, and then we report in our non-financial declaration. It's something that is an higher concept. Is a new culture that embrace all the stakeholders and that we want to have them in our journey. Sanlorenzo honestly started before some example, before being becoming public. That means that was an idea that must come from the need. We have to prove what we do to make our shares more interesting. Here just a few example, and we want to implement over the year. Training, Sanlorenzo Academy. Sanlorenzo Academy is a very interesting subject because is very useful to us because we train the people before they goes on board, so they are already prepared. Also we give the possibility to find a job to the people attending the course. We started with the blue collar. It was very successful. We went to the white collar. As I just said, we will train the crew there. Is a multifunction training tool. Normally, we have between 50 and 60 target graduates in a year. The average, that 60% are hired after they have been trained. That is very interesting. Another point. That was in 2018. In 2021, we engaged. We wanted to engage ourself and support our supplier. As Ferruccio said, this is a critical point. We say, "What we can do more?" If we want to embrace them in our sustainability journey, we have to do something really practically. They have access to Sanlorenzo Academy for free. Some of our, the person that we train, we offer to them in order to hire as much as people we can. Very important, change because this is working since more than 1 year now. They get a lot of benefit using a very structural platform we did with our banks, the main banks we have, in order to finance them, their companies. We came this year, a few months ago, Attilio signed an agreement. They even can do this automatically by themselves. If they need money, they can advance money in our invoices. This comes from an idea of the Perotti family, the wish was to have a foundation in order to do something practically helping out of the works of the company. Fondazione Sanlorenzo has been founded last year, the idea is to foster young people education path, but not only. The idea is also to support and promote the development of the Italian minor island. With this foundation that found a house in beautiful house in Venice, we will be many. We have a lot of ideas about the possibility to develop. In the minor island, the people stay there because there is a development there. This is just some idea of what we want to call really responsibility rather than just sustainability. Thank you. Okay. Okay. Talking about numbers, Attilio will show you our numbers. Because of the unique business model that Massimo Perotti develop, we are delivering the best performance in our competitive arena. At the same time, we are moving into a very positive market scenario. Looking at our potential client that are the ultra-high-net-worth individuals, you can see that there is a very strong increase in their numbers through the years, but also an acceleration. In the 10 years between 2012 and 2021, there was an average of 18,000 new ultra-high-net-worths in the world, ultra-high-net-worth individuals. According to some projection, in the next 5 years, the number will increase by 24,000 per year, so there is an acceleration. There is a concentration of wealth, that is for sure. The number's gonna be 385,000 by 2026. At the same time, the entire population of shipyards in the world over 24 meters are delivering roughly 1,200 yacht. You can see that there is a big difference, a huge potential between the addressable market and what is the actual penetration. Actually, Deloitte in 2019 did a research by which around 3% of the ultra-high-net-worth individuals, they were owning a yacht. They are just about to present a new release of it, where despite the growth in the number of yacht, the penetration went down to 2.5% because of the increase of the ultra-high. The market potential is very big. What is going on in the mindset of those guys? The mindset is changing too. In the five years before the lockdown and the pandemic, in superyacht, the average age was 56 for our owners. In the years following the lockdown, it went down to 48 years. This is a huge difference, and there is a huge difference in the utilization of the yacht. Typically, now they are using double the time, from 60 to 120. What happened? A different mindset. People are looking for a better balance of life between work, business, but family, friends, living, because they realize that life can be unpredictable. At the same time, new technology is enabling people to work from not in the office, maybe in a yacht, if you can afford it, and they are doing so. It's typical to have a green room. They are doing video call and they are spending more time with the family. It's happening. Thanks to Elon. Elon Musk with Starlink is enabling to do it very, you know, also offshore, 200 kilobyte per second, so you can have Netflix and your football match in the middle of the Atlantic. This is huge change. This really reshaping our industry strongly. If you combine that with the Sanlorenzo loyalty, they typically change the boat every 4.5 years, and roughly 68% more expensive is the next one because they are looking for something, you know, because there is never enough space in a boat. This is a very favorable trend in our opinion that is supporting our projection that Attilio will show you. Thank you very much. Thank you. Thank you, Ferruccio. Now we can finally analyze the numbers, figures that are strictly connected with the vision of Sanlorenzo for 2030. Again, they are strictly connected with the strategy we are put in place for 2023 and 2025. In addition, you can see we have a robust backlog. It is a record number end of December, EUR 1.1 billion. More important is to consider the quality of the backlog. In fact, you can see we have more than EUR 617 million that are related to 2023 and these cover the target by 75% of the guidance 2023. More important again is to consider that we have more than EUR 450 million that give us visibility to 2024 and behind. Is again important to see that the stock on the market and on our brand representative is very limited considering the strong market we have in this moment. This is for new yachts and also for second-hand yachts. This solid backlog help us to manage in this specific, the top line. You can see that the increase for the next three years are based on the selling price increase, average 3% year-on-year. In plus a better mix for our yachts to larger yachts in all the three operating business unit. Again, important to consider the consistent organic growth that is very efficient and always with a mono-brand logic. In this context, you can see that the revenue can grow in 2023 in the range between EUR 810 million-EUR 830 million. Then high single digit CAGR for the subsequent year. The mix in terms of breakdown by division, you can see remain stable. This is positive for the margin structures that can remain consistent for the three years plan. By the breakdown by region, you can see that shows us that Europe remain the major market. At the same time, we have an increase in the APAC region considering the direct distribution we are planning over there. At the same time is important the increase in the Americas region, considering that Americas and in specific North America is the most important market for our sector. More important is the focus, rigorous focus on the profitability. You can see that we are very, very concentrated on this path. The profitability is based in particular on the better mix in our product to larger yachts in each business unit. At the same time, we have the direct distribution that help us to consolidate the local margin of the local distributor. The same time, we can have a higher absorption in fixed costs considering the higher volumes. Is consistent and aggressive the increase for the superyacht considering the increasing selling price that reduce the gap for price list, yeah, of the superyacht compared with the players of North Europe. In this context, you can see that the EBITDA can grow in 2023 in the region between EUR 150 million-EUR 155 million. This is +17% year-on-year, where the revenues are increasing +11%. More important is the increase in 2025. You can see that we can reach the EBITDA margin that can arrive equal to or above 19.5%. The evolution for the net profit is consistent with the EBITDA. You can see we can arrive in the range between EUR 84 million-EUR 86 million. Around 10.5% on the net revenue new yachts. We maintain the concentration on the cash generation and remarkable is the cash conversion. You can see, this is through a disciplined approach for CapEx. We have around EUR 50 million of CapEx in the 3 years. Can reduce the incidence on the net revenue yachts, around 5% in 2025. At the same time, we have a very efficient networking capital considering that it is quite neutral and this is connected with our unique business model. The net cash position have a good benefit from this situation. We can have more than the double of net cash, considering the 2022. This is the final picture, Massimo. Quick to the end in order to give you some time for the Q&A. I like to remember my promise at the IPO. Dottoressa si ricorda. Focus on margin. From the first year, 14.5%, 15%, 16%, 17%, we promised the guidance 2023 to be between 18.5% and 18.7%, and at the end of the trio plan, close to 20%. This is, I would say, the best way to show you, we are consistent when we promise something and we keep it. Second point was the net revenue new yachts. We have a big jump after the pandemic. In spite of pandemic and war, the 2023 will be +11%, back to our promise, a single-digit quiet luxury. The remaining point is deriving from the above numbers, 150-155 EBITDA. 84-86 net profit. EUR 50 million in CapEx. EUR 120-128 million in cash, with the goal to go close to EUR 200. The closing remarks. At the end of this meeting, it is important to remember the strong, explained by Ferruccio, the strong acceleration to the super rich. This is something we count a lot for our plan. Leader in sustainability journey. We are paneling the future, 2030. Progressive expansion of our production capacity. It is not easy. Every time we expand our volume, we have to build new plant and unfortunately at the sea, because the size of our boat cannot be transported. Solid visibility, the backlog, very strong. Our strategy is always driven by profitability, and that will be forever because we think that that is the key point. As I said at the beginning of my presentation, confirmed resilient of our business model, and this is the real difference from the rest of the industry. Robust cash conversion. How we will spend our cash? This I think will be the first question when I give you the floor. We keep the idea of a 30%-40% dividend, excluding extraordinary CapEx and M&A. If we will do a special investment, we will not give a dividend. Probably because I'm from Torino but I'm very solid on the floor. If the company has to spend money for M&A or for extraordinary CapEx, then it's better to keep the profit in the company. We have ideas on M&A, always based with the consistent criteria related to our brand positioning. Probably faster than the M&A, the infrastructure CapEx. There are some opportunity coming, especially from USA. As always in life, if you have a bad things coming, the banks on the West Coast, you may have a good opportunity as well. Thank you for your attention, the floor is yours. Ce l'abbiam fatta. L'abbiam fatta. Bene. Con il tempo? Tempo perfetto, no? Super. Abbiamo corso. Signor Storer. Lui. Okay. Good afternoon. Thanks for the presentation. This is Remi Grenu from Berenberg. A few questions on my side. The first one is on the refitting activities that you mentioned during the presentation. I mean, from my understanding, it uses quite a lot of space to launch that kind of activity. Could it be an opportunity for you, for example, to engage in M&A to add that kind of activity? You mentioned it as being purely upside to your plan. Any quantitative flavor on what kind of upside we are talking about would be appreciated. Maybe I've got a few, but maybe I can do it one by one if it- I go? Vai. As I said, it's an upside of the plan. We have already a project on this of course, because we are extremely interested to enter in this additional activity. There is plan possibility and maybe through some M&A. Sure. Okay. Maybe a second question on the acquisition you've announced today is on Simpson Marine. If you can share with us maybe an idea of the total consideration and maybe a little bit of the underlying financial of that company in term of revenues, profitability, and what you think are the low-hanging fruits in term of integration, the synergies you can extract from that deal? Yes. No questions. Definitely. The total consideration is in between EUR 15 million and EUR 20 million. We are talking about a business that is generating around EUR 90 million to EUR 100 million with a 9%-10% EBITDA margin. As we were saying, the idea is to develop a much stronger collaboration because being part of the group, we can have of course the ability to bring the latest product in that region where there is very high potential and therefore to be able to tap even better than in the current situation, the potential of the market. Because as I said, there is the... What we have seen about the new ultra-high-net-worth individuals, the highest number is in China, and that is definitely an area that is of our strong interest, and we want to monitor and particularly inside China, as we said. That is the reason why we are targeting this deal because we expect a strong potential and therefore by being part of the group, we can invest, we can bring both even, you know, to show to the client and therefore to create more potential for sales. I would add that, there is a totally different approach from Mr. Xi Jinping, the President of China. When he stepped in, it was 2015, he started immediately an anti-corruption program. As you can imagine, if you have a jewelry, you put under the mattress, the Ferrari you put in the garage, but the yacht, there is no way to hide it. The yacht business was collapsing in China. We did was in Southeast Asia, not in China. This is totally changing. In the last year, we have two sign of this. One is the Hainan Island, which is considered the Monte Carlo of China, become a free tax zone. The Chinese can go to Hainan and buy a yacht without paying tax. Big achievement. Second, there is a program from the government to increase marinas from Hong Kong to Macau. These two sign, you know, they are really giving to their economy direction. We know that they will collect this direction and we expect quite a big growth in Asia Pacific. In order to be ready, buying Simpson Marine, which is the oldest retailer and the largest retailer of the place, will be an opportunity for Sanlorenzo. Just maybe one last question on my side. You've very consistently increased the profitability since the IPO. It seems that you're going to be on the same pace for the next few years. Do you see this 19.5% or 20% EBITDA margin as the long-term target for the business or do you think you can do more than that? It's quite difficult to reply. We don't know. I think that it will be remarkable and consistent if we will be able to achieve it because you see what happened in the last four days. Nobody was expecting a bankruptcy of a bank in America. It happened. It's changing the world. You have always to consider that the times are not easy. The geopolitical situation is quite complex. I think that we have been very courageous to declare the 19.5%. I will not tell you what I think further. Of course, my hope is better, but it will be out of logic to promise anything else. Thank you very much. Very clear. Okay. Thank you. Oriana Cardani, Intesa Sanpaolo. Regarding the production capacity, can you give us an idea of the increase of the breakdown of the increase between the division, so yacht, super yacht, Bluegame? Okay. Basically the business plan that we developed, 2025 is of course by business unit and the CapEx is to support the growth. We don't expect a huge change in the breakdown of the 3 business unit through the three years, as Attilio said. Yeah. Therefore, the CapEx is quite well spread between particularly La Spezia for superyacht and of course, Ameglia for Bluegame and partially, Sanlorenzo and Viareggio. The point is that our CapEx plan is driven by, of course, the top line, therefore, we don't expect a huge difference in the breakdown, therefore the CapEx is in line with that. Okay. Thank you. Yeah. Also the upside is divided for the three operating divisions. Correct. Yeah. Yeah. The upside? The upside for a new capacity. Additional 20. You have seen that we have. Additional EUR 20. Side of plus 20% in industrial capacity. This information is divided for the three business unit. Okay, thank you. Another question regards the service. Is this a component inside the 25-year business plan in the sense that re-refitting is an option? The other part of the service will be a weight input weight in 25 in terms of revenues? In our business plan, you have seen that the services are a special link to the positioning of the brand Sanlorenzo and Bluegame. In our revenues, we have in 2022 around 1% of revenue that are related to the services. In 2025, we have around 2% of the revenues that are related to services. We have an important upside that is linked to the charter monobrand and also to the refit, as mentioned by Carlo. Okay, thank you. The last question regards the M&A activity. This potential extraordinary investment. You're asking me or somebody else? No, sir. Yes. Just an idea of potential areas of interest that you have got. Of course, we have the idea but I think that I cannot reply you too precisely, but I will give you indication. As we started our three-year plan talking about sustainability technology, we think we are in front of a technology step up in the world. We are pioneering this technology for the future. Our M&A goal, our M&A attention will be to product which will benefit much than others regarding this step up of technology. We are not going to make M&A on product that we already built because we don't believe in it. We believe very much on our mono-brand strategy. As we did in the past, we are entering a new segment with our brand. There will be a new segment that we are very interested that can benefit and capitalize on this new technology. It will be probably within one year. It will be quite quickly. Thank you. Yeah. Good afternoon. Niccolò Storer Kepler. The first question is on profitability, yacht and superyachts. At the time of the IPO, if I remember well, superyachts were less profitable than yachts. Over time, we have learned that you have been able to increase prices on superyachts, but which is as of today the profitability picture for the two division? Has the gap between the two narrowed? Where we are? As Attilio said, the superyacht is contributing in a positive way to the improvement of the overall profitability. But I have to say that the yacht division is also improving its margin because of the volume, because of the new product and Bluegame too. It's a race, very difficult, I have to say. Honestly, right now, every single business unit is contributing and is not diluting our effort to improve margins. We are all going in the right direction. May I add a logic? Consider that the backlog is much longer on the superyacht division. We know that our competitor as well sold a lot of yachts in the superyacht division. There will be a shortage of offers. The shortage offer is considering, of course, an increase of price. We are expecting a better and improvement of the margin of the superyacht also thanks to the strong market and not really easy supply improvement increasing because, as I said, to build a new plant is not immediate. Okay. The second question is on CapEx. You plan to spend around EUR 50 million per year, which is a peak level, at least compared to your recent past. Where is this CapEx directed to, and how much of that will be spent for increasing capacity? Yeah. We have about 50 million EUR per year, as just seen. This is of course, on a like for like basis. Consider that we have around EUR 25 million per year that are dedicated for new industrial capacity and around EUR 20 million per year for developing new ranges and new models. The rest are other investments for corporate activities. Okay. Last question is on new models. You mentioned before four new models for yachts, one for super yachts, and five for Bluegame. Are these new ranges or new models, so the extension of something which already exists? We are continuing the extension of the ranges because Bluegame is introducing the BGM, and soon after, a second model will enter the game. Yacht is the same with SP 110, with SP 92 and SP 80 to follow and also superyacht. Basically, we are introducing and enlarging the model range. X-Space 44, we will have X-Space 50 meter in superyacht. Basically, the idea is to introduce new ranges and then to offer different option within each range. That will enable us not to dilute a single product. We want every single product to be scarce, to have scarcity, not to be immediately available. Client need to wait because this is supporting our brand position. That is the reason why we are enlarging, because at the same time we are reaching more clients, but at the same time we are keeping exclusivity and scarcity. Let me add that for Bluegame, as we said, the original BG, Bluegame was the original range, then BGX, X stand for crossover. Then BGM, M, he was very afraid because he thought it was M for megayachts. It wasn't. It is for multihull. We will add an additional, in the three years, we will add an additional range called BGF. F stand for foils. We strongly believe in multihull, and also we believe in foil. Whatever will be our experience, whatever is possible to keep from the experience from America's Cup will be brought into a serial product. We will have at least two model with foil multihull and the max. Not hydrogen, because it's a problem of supply, but the advanced structures, the foil with this very advanced control, et cetera, will be put in a serial production. Because being from Torino, as Max say, we want to maximize the investment, so we do whatever is possible to recover from that. Thank you. Thank you. Just a second. Prova? Grazie. Hello again, Massimo. Alberto Mariotti from Vela e Motore Magazine. You explained us a lot about carbon neutrality in the yachting sector. There is also could be a chance to promote sustainability in the production process of the yachts. Yes, of course. We are focusing now on the product because we think that we have to show to the world that there is a way to go yachting in a sustainable way. In production will come soon. So far, we have been working a lot regarding the production of the molds. We are producing the molds of the boat in a way that can be destroyed quickly in a sustainable way. For instance, there is a new idea which is coming strongly to have the lamination of the fiberglass boat, instead of using fiber, using lino, which is giving more or less the same structure, but it is much more sustainable. We are doing tests, and we have to develop that. With Patricia Urquiola, we - she designed and we build the last SD90 using 30%-35% of recycling material. Instead of putting marble, we are using a component of the shell, breaking with resin. There is a lot of research, a lot of push. We will follow all this, what was important for us today to show you that the key element is the proportion with either below 20 meter, 20 or little below 20 meter with zero emission or above 40 meter with the green methanol, which is the two important solution. That will be really the goal of this industry. Thank you. Also in the CapEx plan that you have seen, there will be the equipment of all our sheds with solar panel, so that we will be independent. Autogeneration. Exactly. This is also part of the investment that are factor in the business plan. Yeah. I'm Matteo Zaccagnino, Top Yacht Design Magazine. Mr. Perotti, I'd like to know the market share of, in all the range of Sanlorenzo, of the repeaters clients or if you attract also newcomers and with no experience in the yachting, I mean, industry? Yes. Around 60%, 60, 65%, it's two-third of our customer are repeated customer, which is a very strong element of our business model. I have to say that after the COVID, after the pandemic, as you remember, Ferruccio said from 56 to 48 years old, that means newcomer. There is younger people who are making lots of money in the new technology, in other business, that are approaching the yachting also thanks to a change of mindset, they are using more the yacht, not only one or two months, but three, four, five months, because they can work in smart work. Is a new way which is confirming our three-years plan. We have totally super rich growing, but we have also a new mindset of using our product, we think that we have a good chance. Last question. You're talking about services. In this chapter, you also include the idea of brokerage. I'll be more specific. The second-hand market, limited to the Sanlorenzo, to keep the values higher also in the second part, in the second market, could be a strategy to be approached or is not so interesting for you? Well, today we have two yachts in second-hand, so is a market which is absorbing a lot the boats and so we are not planning to do any strategy on that. In the past, when there was a bad time, we used to have more second-hand boats, and we started a strategy of making special maintenance to the used boat in order to present the used boat, Sanlorenzo used boat in the market. We were calling pre-owned in order not to use the word used boat. As always, we have to adapt to the market. Today, there is no problem. We do not expect a problem in the next two years, but in the long-term future, maybe. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. Thank you. If you don't have more question, I think we do not have any question from the telephone. I thank you very much. Grazie molte. Thank you. Grazie. Carla. Thanks to all the team, eh? Hard work. Grazie.