Hello, good morning to everybody. Thank you for coming. Let's move to the presentation. Look, we normally go to the numbers. This time we'd like to take five minutes of your time in order to confirm with fact what we have been promising for the last three years. We have two videos which are presenting the 50 m, some of you saw at the Elite Day at the launching. Now, the boat is in the water, has been used for the month of August, will be introduced to the Monaco Show, and we will have a press conference the first day of the Cannes show next Monday. So we'd like to show you the fact of having produced the first yacht with methanol reforming to hydrogen to produce electricity for the batteries. The second video is the fantastic tender for the America's Cup, that, as you know, we produce for American Magic, the New York Yacht Club, and for Orient Express, the French Syndicate. We are very proud because the tender is running at 50 knots on foil with hydrogen engine, so no thermal engine is on board. Zero. There are two tenders today in Barcelona following the main sailboat, which is doing the race. Let's go. The future takes the shape of those who design it. Where there was nothing, now a trace remains. We are pioneering in a sustainable way. 50Steel is the first Superyacht with a carbon neutral generation system dedicated to the hotel area. Thanks to Siemens, to their technology- A technology that will move thinking. The 50 Sanlorenzo is going to change the paradigm of yacht building for the future. The 50Steel is also a project of pure architecture. With an innovative concept called HER: Hidden Engine Room, that breaks down barriers and create a new boat layout. We do it, and we are proud to be the first. It's a proof of the value of this company, and we hope to push the rest of the industry to do the same. That will be really the goal. Welcome aboard the future. We made a promise. Water shaped our ideas. Each part of the BGH is tailored to the sea. BGH is a game changer. Every line is designed to mix speed and stability. Two technology in one: sailing on one side and power boat on the other side. BGH is a composite of advanced engineering, innovation, and ambition, creating a new form. We use the most refined technology and the material existing now. The same material that we are using for building the America's Cup boat. Our engine is powered by hydrogen. Fly on the sea at 50 knots and zero emissions. Battery works together with a fuel cell, and at the end, we have steam. That's all. You have to understand the water before dominating it. This boat is not just made to float, but to rise above everything. Science, it's our art. It combines the peculiarity of a boat and the airplane. Foils are the BGH wings. BGH foils have a full titanium and stainless steel body, the strongest material for the lowest water resistance. BGH doesn't just follow the wave's rhythm, it predicts it. I led an amazing crew to create a new hydrogen-powered vessel able to support America's Cup teams during the next America's Cup. ... An international team of experts selected to obtain the maximum know-how, and we made it. Thank you for your attention. It has been a big job for all the company in the last three years, and we were pleased to confirm to you showing the real product on the water. You can see, just to remember a little bit, the road to 2027, and furthermore, 2030. Above you have the experience below 24 m, which is the tender of America's Cup, which has been done. The boat is in the water since August. Then in the future, we will have for 2027, in the water, the first yacht, which is a catamaran, a multi-hull coming from Bluegame. BGM65 is a 20 m with hydrogen, with the same package of the technology of the tender, plus hybrid, which will have the boat will have the first IPS Volvo engine hybrid on board. That means we can go to zero emission for 10 hour at 8 knots, which is 80 miles of range. Below you see the project above 40 m. The 50Steel is in the water since July, June, July, and we apply the Siemens fuel cell reformer system. The future will be for 2027, our promise is to have the first-ever Superyacht equipped with the bifuel engine and generators, capable to go on the sea and to produce hotel load at 80% of reduction of emission. That means we will have the boat bifuel engine burning 80% of methanol, which will be green methanol, and 20% of fuel. That will give a final reasons of this important research and development project of Sanlorenzo. We remember to you all that we are the first in the world to do both of these experiments, and no other boat builder are doing it. There is Feadship, which is number one on the gigayacht, which is building a 119 m at hydrogen. Now, I pass the floor to Ivan, which is following with the news about the business. Good afternoon, ladies and gentlemen. I thank our Executive Chairman for letting me guide you through some of the developments that we have been executing since the start of the year. First of all, one of the pillars of our business strategy, one of the pillars of the business plan we presented at the beginning of twenty twenty-three, which is direct distribution. So at the moment, we constituted, we formed what we call the Sanlorenzo Med, headed by Ferruccio Rossi in his new role. Ferruccio has been with the company, he's for many years, for ten years, and you remember him as the former general manager. Now, he took this new initiative, which is very strategic for the group. So we putting together the European direct distribution offices and lounges that we have been investing in. Of course, Palma is long dated, but now Palma is joined together with this network in Cannes, Côte d'Azur. Extremely strategic for the yacht division, the Bluegame division, but in general is one of the main squares for international yachting, European yachting, and Monaco, particularly strategic for the Superyacht Division. The strategy we are certain of the benefits it will bring in the medium long term, especially in terms of financially speaking of margins and strategically speaking to reinforce and expand that Sanlorenzo club of connoisseur. That is one of the main intangible assets of the group, given the loyalty and the proximity of the clients to the group. Of course, in the short term, this encompasses is a shift in distribution way, the way we distribute our product. So it will take, let's say it's not apples with apples, the comparison for a few months, as long as the new strategy is fully implemented. I will move to the other key investment we have been doing in the last twelve months, actually, in this case, in March, which is Simpson Marine. Simpson Marine, as we explained during the acquisition and after we completed it, is a cornerstone for a broader coverage of the APAC region. We started with a presence, a capillary presence in Southeast Asia in seven countries. We opened in June in Australia, a very important and promising market. And in July through a partnership, we opened in Vietnam, which is very interesting also given the development of marinas in the country, along the coast of the country. Again, within this direct distribution strategy and in the logic of the Sanlorenzo club, we held in May the Elite Days event, where we literally transformed the shipyard, the La Spezia shipyard, into a blooming garden, as that was effectively the title of the event. And we had all our most loyal customers and closest brand representatives around the world coming for this two days event that we enjoyed together, again, reinforcing the relationship with all our customers. A few words on the Swan acquisition, as you most probably have read from the press release we published on the 2nd of August. The terms, so the acquisition is 100% of Nautor Swan by a split in two phases. The first closing already happened on August the 2nd, for a 60%, with an equity valuation of EUR 80.9 million, which was determined starting from an enterprise value of EUR 90 million. The payment of this first closing, and also will be of the second closing, possibly, is in two-thirds cash and one-third in shares. The one-third in shares is paid through a dedicated capital increase. The second closing, then the same equity value of the first closing will be the floor for the second closing, of course, with a pro rata of 40%. De facto, whether nine times EBITDA 2027 will lead to a higher valuation, that will be effectively similar to an earn-out given by the seller to the seller. I hand back the floor to Mr. Perotti for further considerations. Thank you, Ivan. Just one more word regarding the product line, just to give you a brief recap. It is four product line, is Swan, which is the classic, production from 48 ft-78 ft. Then there is the Maxi Swan, from 88 ft-128 f t. This boat range are built in, Finland, and they will remain in Finland. We will have, in the future, a larger Maxi production, because we consider the market above 40 m will grow considerably in the future. So we will start the production of 40 m- 60 m, metal boat in aluminum in La Spezia, between La Spezia and Viareggio, where we are building already the super yacht of Sanlorenzo. That will be a adding business to Swan, in the near future. The third line of production of today company is ClubSwan. Nautor Swan has a ClubSwan, which is a racing sailing yachts. It is a monotype. As you probably know, the following weeks, from the 16th of September to the 21st, there will be the 40th anniversary of the Rolex Swan Cup in Porto Cervo. For the last 40 years, Rolex combined made a co-marketing with Swan related to the Swan Cup in Porto Cervo, in Costa Smeralda. The last business is refitting. We have a company which does refit with a fantastic team of people based in Spain. As you can see below, 83% of the revenue is coming from the building of a sailboat, and 17% is coming as revenue for the refit. In the future, we will probably open a new division, which is already existing, which is Nautor Italy, producing motorboat. But that will be always a niche market, probably no more than 10% of the business of Swan. We think that is a good business, there is a demand, and we want to be there. But for sure, the Swan heritage and DNA will remain safe and boosted in the future with more product. Soon, we will be able to give you some color regarding the program we have for the next three years. Now, I'd like to move the floor to Attilio, our CFO, which is giving you our financial update. Perfect. Thank you, Massimo, and welcome to everybody. Now, we can start with the H1 2024 highlights, with the first half shows solid and consistent result for Sanlorenzo Group, continuing its expansion in line with our guidance 2024. Performance are strictly connected with the unique Sanlorenzo business model and ultra luxury positioning of the brand. We can analyze figures, and in particular, net revenue new yachts grew 6.9% at EUR 450.1 million, led by an excellent performance by Superyacht Division and good result of the Americas and EMEA regions. EBIT increased nine point seven year-on-year at EUR 74.2 million, and EBITDA margin growing by 50 basis points at 17.9%. EBITDA benefit once again by increasing selling price and better product mix. EBIT at EUR 58 million increased 9.1%, sorry, year-on-year, and margin growth of 30 basis points. Group net profit grew up 11.6% year-on-year, with a total amount of EUR 43.7 million, with a margin of 10.5% on net revenue new yachts. Organic investment, you can see at EUR 20.5 million, mainly related to the increase in production capacity and new product development, with an increase of the incidence, for a total of 4.9%. Finally, the net financial position, you can see with the amount of EUR 102.2 million net cash, end of June 2024, with a cash absorption of approx EUR 38 million year-on-year. That is linked to the acquisition of Simpson Marine, with an impact of around EUR 24 million, and other effects included the increase paid dividends of about EUR 12 million. Now, about the figure more in detail and in particular of the top line, you can see that the revenue evolution shows consistency versus the 2024 guidance, with a growth of 6.9% year-on-year, and then with a thoughtful and sustainable growth rate. We had a strong performance by Yacht Division, Superyacht Division, + 17.6% year-on-year, driven by a SL line and its SX range launched in 2023. Bluegame grew by 13.1% compared to the first half of 2023, thanks to the BG54 model, the bestseller of the range, and then the BGM liner. Then the yacht division generated revenue substantially in line with the H1 of the previous year and in line with the target for 2024. The breakdown by geography confirms the expansion in the markets as EMEA and APAC region, except Greater China, particularly interesting areas in terms of potential for growth, future growth. The America's show important sign of recovery, with Europe, in this case, show a flat evolution, considering a tough half-year comparison basis for 2023. Now, backlog. You can see that our top-line evolution is driven by this solid backlog that reached the level of almost EUR 1.4 billion last June 2024, consolidating a previous year record of EUR 1.4 million. The order intake, H1 2024, amounts to EUR 323 million, just below the first half 2023, is affected by temporary lag discontinuity due to the recent shift to direct distribution in APAC and key Med markets, as anticipated by Ivan. Furthermore, long delivery times for Superyacht, considering the backlog is still at record levels, representing a temporary resistance to grow Superyacht order intake further. The solid backlog give to Sanlorenzo an extraordinary visibility for the future in terms of result, with a portion of EUR 741 million related to 2024 and EUR 623 million for 2025 and beyond. Furthermore, backlog is very consistent and high quality. You can see that it is sold 80% to final customer, yachts are made-to-measure yachts. With the solid delivery to and up to 2025, 2026, 2028, respectively for Bluegame yacht and Superyacht Division. Considering the order intake is still in a normalization period after the post-pandemic exceptional phase, the backlog visibility level remains high, and it is substantially affected by the current cyclicality of below 30 m yachts. In addition, the historical evolution of half-year order intake shows for 2024 the same level of the coverage of the full year guidance on net revenue new yachts of 2019, pre-pandemic phase of you can see 36%. Now, the H1 2024 net backlog of EUR 950 million covers approx 1.1 full year revenues, then well above the average level of 0.8x, 0.9x. So we can see a net backlog stabilization, but at a high level, even with the deliveries up to 2028 after the last exceptional expansion. Now, about the profitability, the increased marginality is reflected in all P&L levels, arriving to the bottom line, you can see. In fact, the EBITDA margin grew by 9.7% and reached the 17.9% on net revenue new yachts, plus 50 basis points year-on-year. Considering the rigorous focus on profitability for the group and the ability to sell with higher price and execute successful project, controlling costs. The EBIT increase is 9.1% year-on-year, also considering the significant investment in 2023, 2024. The group net profit grew up 11.6% and 10.5% on net revenue in yachts, and benefit also by robust and financial income, considering an increasingly optimized treasury management. The profitability is on track with the midterm expansion targets. About CapEx, you can see net organic CapEx reached the amount of EUR 20.5 million, end of June 2024. Approximately 90% related to expansion in new production capacity for EUR 10.7 million and new product development for EUR 9.5 million. Overall, the investment, considering the change in perimeter, was EUR 33.1 million after the acquisition of Simpson Marine Group in APAC, with an impact of EUR 12.6 million, consistent to the direct distribution on the strategic market of Sanlorenzo. The incidence of organic CapEx on net revenue in new yachts remain light at 4.9%. About the net financial position, the evolution of the net financial position for the first half 2024 highlights a cash absorption year-on-year, considering two main effects. The first, the completion of the acquisition of Simpson Marine. You remember, around EUR 23.9 million. Without the effect of this acquisition, then the net financial position in June 2024 will be EUR 126.1 million. Second, the normalization of the net working capital, now you can see neutral at EUR 2 million, considering the intensive fitting activity on yachts, just partially offset by deliveries and the normalization in order intake H1 2024, with low compensation after effect from advanced payment on new contracts and new orders. Therefore, the net financial position remain particularly robust even after a distribution of EUR 1 per share, for a total of more than EUR 34 million dividends, organic investment of over EUR 20 million, and the acquisition just mentioned of Simpson Marine for EUR 24 million, and a significant but certainly not recurring reabsorption of the working capital. Then considering the H1 2024 result and the evolution of the business, including the solid backlog end of June, the organic guidance is confirmed. And now I leave the floor to Massimo with the Swan contribution. Thank you, Attilio. Yes, I think there is a bit of emotion from my side because, as you know, it's these more than three years that I had in mind to acquire an important brand in the sailboat sector, and we think we got, number one, the best of the best. As you can see, the five-month consolidation is also giving us some good news. We have approximately EUR 35 million-EUR 40 million revenue, with EUR 4 million-5 million EBITDA, and what is very important for us is the double digit of EBITDA margin, between 11% and 12%. Everybody knows that the sail business is less profitable than the motor, the engine business, but we are very happy to start to consolidate to a level which is already above 10%. Of course, we will work hard in the three years plan that we are preparing to be introduced to you in order to grow the EBITDA margin. We will probably not reach 19.5%, which is our goal for 2025 in the engine business, but for sure, we can hope to increase to something in the middle between 11% and 19%, which will be a fantastic result. You see on the side the consolidated guidance expected for 2024. Happy to say that the increase, including five months of Swan business, will be again a double digit to 11% growth. We are also happy to announce that probably the EBITDA margin will be around 19%. So including the Swan business, we still keep the 19% EBITDA margin of the group, and as well, the EBIT margin will be around 50%. We cannot go more in detail because we are studying and understanding the business in Finland. We like to see September, which, as you know, is a very important month, because next week we have Cannes, and the following week we have Genoa, and the last week of September we have Monaco. So we are preparing the three-year plan. We are preparing the final result, including the net profit, CapEx, and the net financial position that will be announced to our next quarter with more detail on the Swan deal. What I like to say has normally happened with the top brand company, when we work with the high-end brand positioning, they are not very much sensitive to cyclicality or to downturn. In the last two months, we sold four Maxi Swan, one 88, one 98, and two 108, which is having around EUR 75 million of new order, for a total of EUR 160 million of backlog. EUR 160 million backlog is 1.5x the revenue over here. The acquisition of Swan, we are acquiring a company which has, let me say, a backlog, a net backlog, which is bigger than Sanlorenzo, which is good, promise for a good 2025, which should round figure with Sanlorenzo to a good point. As you know, we have been discussing the matter and the deal for 14 months because there was many things to be checked. The company has one share of the business in Finland, another share of business in Spain, and it was not easy to do the due diligence in different language with the faraway most important part of the company. That's it. I think that we give the floor to you now for any question. Yes, good evening. Good afternoon. Oriana Cardani, Intesa Sanpaolo. Thank you for taking my questions. The first one regards the dividend policy. During the presentation of the three-year business plan, you gave a guidance of 30%-40% payout net of extraordinary acquisition. Considering the acquisition of Swan, can you provide us a new guidance or confirm the previous one? My second question regards the- ... Regarding the current trade. What is your feeling on the demand, especially in Europe, for yacht? And what is your expectation in Q3, compared to last year in terms of order intake coming from Cannes and Genoa? Thank you very much. Okay. For the first question- Yeah ... I I pass the floor to Attilio. Yes, Oriana. About the policy for dividends, in this moment, we do not have any reason to change this policy, so it remain the policy already indicated in our business plan documentation. Good. Regarding the market, as you can see at page 11, can we go back to page 11? There is a little change in the percentage of distribution of our sales. Europe is reduced 10%, and that was expected. You know, the increase of interest, the war in Ukraine, German economy, which is not shining as normally in Europe. And we consider that a normal movement of the market. We still have 55%-56% of the market, which we consider the domestic market. In the last few days, I'm talking about last week of August and the first week of September, which is just quite an important period before the Cannes show starting next week. We sold 2-3 yachts, all in Europe. So we may see a kind of good boat show season starting in Cannes, but of course, we will be more clear at the end of September after the boat show. We have good numbers for the Arab market. As you can see, we more than double the business. The Middle East is not really feeling much the situation of the war in Palestine. There is quite a strong demand there. I would say America is a good result. Probably, the America result is also coming because 2023, you remember I declared it was a difficult year for the United States. We decreased our business in America in 2023, so there is a normal rebounding of the market. So in America, we have quite a good result with + 10%, 9.2. I would say probably the most critical, if I can say, market, in the last months and probably in the next months, is Asia Pacific. Please don't get me wrong, we have a very little market in China. As you know, we produce around 70 yachts in Sanlorenzo, and we sell two, averagely two yachts out of the 70. So our market share in China is very, very, very small. Nothing to compare with the luxury or soft luxury situation with, 30%, 40%, 50% of the business in China, so it's very minimal. Probably, the difficult situation of the economy in China is affecting a bit the Southeast Asia as well, so that, we are not getting the normal orders that like we used to have in 2023 and 2022. So if there is a market which can be a little more troubled, it's probably the Southeast Asia, where we had our investment in Asia, in Simpson Marine. You see, the split of the market is something that we like because we have more than 55% of the domestic market, and then averagely, something between 12% and 16% in America, upper and EMEA, which is quite a good balance altogether. [Foreign language]. Good afternoon. The first one is on the intake of Q2 or H1. You discussed your breakdown by of the revenues. But I was curious in understanding the breakdown of your intake by yacht category. So yacht, Superyacht, and Bluegame, and possibly within yacht, a breakdown between below 30 m and above 30 m. The second question, I think that everyone on the line is positively surprised in seeing a double-digit margin for Swan. So I was wondering if this EUR 4.5 million that you're indicating for the five months you are going to consolidate Swan, are reported numbers or adjusted numbers. If these are reported numbers, if basically this is the base level we should expect also for 2025 and onwards. Thank you. Thank you, Storer. Regarding the breakdown of our order intake, unfortunately, we do not give that number in the past, and we are not prepared. But generally, you should consider that there is more difficulty for the boat below 24 m. So if you ask me, what's the situation of the order intake below 100 ft and above 100 ft, I can immediately tell you. Below 100 f t, we suffer a little more. Above 100 ft, we consider quite a good result. Now, I cannot give you the number, but in short, I think as soon as we go back to the office, we can for sure make a phone conference or a phone call and give you exactly the number. Sorry for that, but it's something that we can see in page 13. Maybe let's see the page 13, which is giving you a little bit of the situation between the three business unit. And you see, we have the value of the boat ordered below 30 m is EUR 223 million, and the level of boat ordered above 30 m in the yacht division, which is boat from 24 m- 40 m, is EUR 269 million. So we have 55% above and 45% below. If you move to the super yacht as well, you have above 500 GT, which is more than 50 m. You have 46% Sorry, below 50 m, we have 46%, but above 1,000 gross tonnage, which is 57, 62, the bigger boat, we have 54%. So in all kind of splitting, if you can say, bigger boat are reacting better than smaller boat, generally. Regarding the other question, I ask- About the- - Attilio to reply. Yes, thank you, Massimo. About this one, EBITDA, consider that, it is indicated the adjusted EBITDA, but the difference versus the reported EBITDA is just only around EUR 0.5 million. We can confirm, Storer, our aim, goal, and, you know, when we try to do something we normally do, is to keep as a minimum the result you have for the five months, 2024, to keep it for 2025. If possible, this is our goal, to be a bit better on the EBITDA margin. Remember, it is a business that we have not the same experience we have in the motor yacht. I have been working in the motor yacht for 42, 41 years, and we have colleagues in the company who have a lot of experience in sail. They did Olympics, they are racing, so we do not lack experience in the production of a sail boat. Swan has a fantastic team of technical people, more than 66 years of experience in the North Baltic Sea, with hard and rough water. So, this experience is in the company, Swan, and also in Sanlorenzo. We do not have a long-term experience from the market. So we like to spend September, October to do the boat show and then to come back to you with the budget and the plan of the next three year, in order to give you also some color on what kind of developing we are starting. Of course, we did it already before buying the company, but we would like to check the market and the situation during the boat show. A fact is very important, as I say, that in the last two months, probably also for the effect of having Sanlorenzo acquiring the company, we sold four Maxi. Of course, the deal are done by the Swan people. But this is good starting because we can count on EUR 160 million of backlog, which is a good, nice things to have for 2025 and 2026. Sorry, the EUR 160 million includes the EUR 75 million you mentioned for the four Maxi Swan? Yes, sure. Sure. Okay. And maybe I have two very quick follow-up on Swan. The EBITDA you are mentioning is coming from both refitting activities and shipbuilding, right? Yes, sir. You can see at the page of the Swan presentation, the number of the total revenue is split at 83% on new boats and 70% of refit. And between the two, the refit is the portion with more profitability. We are- More or less more? Just to have an idea. It's like a couple of points. Okay. Uh- The other question, very last, probably you talked about that before, but I think I missed it. Are you gonna keep, given that it's not shown in this slide, are you gonna keep the Swan Shadow line, or you are gonna drop it? No, no, no. We did not put that line in the show because it is very minimum. It's a matter of one boats. So one boats is not really giving you a number which is of any consideration. The motor boat segment is something that we are going to expand because it's also our nature, our expertise. We have a dealer network of Sanlorenzo, which is also asking for these boats. We need just the time to design the range, to expand the production capacity, to start a good business. In the future, our aim could be to have around 60% 65% of the business with the existing sailboat, around 20% of service, and around 10%- 15% of motorboat. We would like to keep as strong as possible the tradition of Swan, the heritage of Swan. We did not buy the company to move most of the business on motorboat and forget the sailboat. We believe very much the sailboat will be important business, especially on the Maxi and Super Maxi in the future, also due to the more sensibility of the markets related to sustainable product. For sure, the wind is the best element in the world for related to sustainability, better than electricity coming from the sun or coming from anything else. [Foreign language] [Foreign language] Good afternoon. I have a question from my side. Can you hear me? Yes, sure. I have actually a clarification on the order intake. Basically, is there any difference in the number of Superyacht that you have sold, basically this year compared to the number that you have sold last year? Because basically, since it's very big boats, this matters a lot when it comes to the year-on-year comparison. I think that the Superyacht is keeping more or less the same numbers of the past 2022, 2023. So if you go to page 15, can you see the situation of the net backlog? No, sorry. We go to the order intake situation, no. We have one page showing that. Yes, this one. Page 14, sorry. Page 14. You see that the order intake is of the H1 is very similar to 2023, which is a good sign, because for sure, the geopolitical around the world, interest rate, the situation of the new election coming from America is, I would say, poisoning the air around us a little bit more. The purchase of a Superyacht or an important yacht is emotional, so if you feel that you do not have war around, it is better when you decide to buy a boat. But you can see that the result of 2024, June 2024, is perfectly in line with June 2023. We have a reduction in respect of 2022 and 2021, which 2021 and 2022 should be read as an average in relation to 2020, which was the COVID. Whatever we did not sell on the 2020, we recover on the 2021 and 2022. If we can see a slight reduction in respect of 2023 and a bigger reduction in respect to 2022, that is coming more from Bluegame and Yacht Division, more or less the Superyacht Division, the bigger boat, especially around 50 m. It's the boat around 500 gross tonnage, not the gigayacht or the megayachts, but I would say the Superyacht business is pretty much stable in the order intake. Thanks a lot, and maybe a follow-up still on Swan. You mentioned before that you want to launch new models basically in the motor. Is it possible at the moment for you to share in which segment, basically in terms of length, that you want to launch this model? Yes. Our idea is to remain between 42, 43 ft- 75 ft, which is already the two model built by Shadow and Arrow. If you go to the site of Swan Motor, you know, you see that they build a few 43 Shadow and Super Shadow. Shadow. They build one Arrow, which is 75 ft, which will be at the Cannes show. We will remain within that range between 12 m- 22 m, which is related to the concept of the chase boat of the Maxi or Superyacht. Our intention—we have no intention to build a big range of motor yacht with Swan name. This is for sure. We don't want to be in competition with Sanlorenzo, you know. Our philosophy will be to treat Swan and Sanlorenzo as two important, not in competition, mono brand. You will not have the boat show with all the boat together, or we will not have one office with three, four trademarks showing. We really think that the mono brand approach is better received from the market, and therefore, there is no reason to combine Sanlorenzo as one. The customer of Swan wants Swan, wants to get in the office and discuss a nice Maxi or a nice sailboat, and he doesn't want to have anything to do with Sanlorenzo, and the same with the Sanlorenzo customer. We will search and get, for sure, a lot of synergy from point of view of logistic, production, technical, research, and development. What we are doing with the 50 m, a lot of you have been already on board of the boat, and you saw the machine which is transforming the methanol to hydrogen to electricity. That machine is giving five kilowatts, so we are using 20 machine in the 50 m to get 100 kilowatt. In the near future, probably a couple of year, Siemens is promising to us, and we have an agreement, an exclusive agreement with them, moving it this project to 2027, to build a machine which is 1 m high with the same dimension of the smaller machine of today, producing 50 kilowatt. So if we put two of this machine, 50 plus 50, we can run a Maxi of 88 ft Swan at 8 knots. So the research and development, the knowledge of this sustainable product we have already in the company, will certainly be used in order to implement the Swan boats to be more and more sustainable. And then if we combine hydrogen, methanol, hydrogen, and wind, we may get the 100% sustainable product, which will be something very important for the future of yachting. I'm talking about three, four, five years. Everything is related to the logistics, the distribution of methanol, of green methanol, but as you know, there is more and more investment to build ship, to build engine, biofuel engine. So the automotive industry with engines and the ship industry are really investing a lot on methanol. So we do expect the methanol distribution will come in the next three, four, or five years. Thanks a lot for the clarifications. You're welcome. Good afternoon. Maybe a quick question from my side. On Swan, could you please elaborate a bit more on the synergy and the timing of the delivery of those synergy? And a bit more granularity if you have on the backlog of Swan. Thanks a lot. I'm sorry, I didn't understand the second question, please. [crosstalk]. The synergy timing is a couple of year, twenty-four months, and we already making a project of producing a new plant on the north side of Italy in order to increase the production of the motorboat, and eventually, but this is still to be discussed internally how to do it, and eventually the small sailboat below 60 ft. That will be an important synergy because the place of production is in the same location where we build the Bluegame today. So the Bluegame is one of the top quality product in Italy, and quality is a key point of Swan, which we cannot lose, we cannot, we cannot reduce in the future. Because the Swan customer is paying quite a premium price, more than 50% than the competition, so they expect the top quality. So we have to keep the promise. But there is already investment done in terms of project. We will start. We bought the land, we did the project, we have to start the construction. We will do it probably early January or February- Nice ... 2025, because we need a little bit of time, as you know, to get the permit. But starting the new plant January 2025, we expect to have the plant finished by the first or second quarter of 2026. So I would say half of 2026, we will start to have important synergy pushing the business of Swan. Another important synergy is with the purchasing of material. They buy Volvo engine, they buy Kohler generators, they buy carbon fiber, furniture, resin. See, all material that we buy since almost seventy years, and Sanlorenzo has quite a strong position with supplier. So we will move our price, our cost, we say, cost of material in favor of Swan. We do expect to get back something around two to three point of EBITDA margin only for purchasing, improving the purchasing. And the improvement of the purchasing is a matter of the next one or two quarter. This is something we can do immediately. Of course, it takes time to get the delivery of the new material, so we do expect that to be in place, making the effect of increasing the EBITDA margin for 2025, for sure. If it's not, the full year will be at least three quarter of the year. And, uh, Sorry. Oh, dear. Sorry, I was muted. On the backlog, could you give us a bit more color on the split between the different model, if there is some mix effect by model? And how is it split across the different upcoming years? I cannot really give you a lot of detail because I don't know them too much. For sure, in the last, let's say 24 months, there has been a shift of order intake from the smaller boat below 70 ft to the Maxi, which is above 80 ft. How much? 20, 30%, which is quite relevant. The business below 70 ft in sale is soft right today, so we do not expect to sell a lot of Swan boats in the next six months below 70 ft. Fortunately, the production is very flexible. We do not have a big line of production, because we build altogether 25 sailboats. So it is very much in line with the philosophy of Sanlorenzo and Bluegame as well. So we are not building thousands of boats, so if we do not sell a 58, we do not have to stop a line of production with a lot of troubles. We will move the people to build an 88 or a 98 or another Maxi. So the flexibility of production is a key point of success of Swan. Very clear. You're welcome. Do you have any other question? No other question? Thank you very much to your timing, and we see you soon. We have a market day organized for the 19th of September in Genoa for the starting of the Genoa Show. At that day, we will have the 50 m with the the Siemens methanol reforming hydrogen fuel cell. So if you like to come to see the machine working, to have to touch it, to have really a feeling of what we did, it will be very nice. If you want to see the tender, they are both in in Barcelona for all September and October to do the challenges and then the final. Okay? [Foreign language]. Welcome. Bye. Thank you. [Foreign language]. Bye. [Foreign language]. Bye.