To select your chosen language, please click on the arbitration button at the bottom of your screen. You can then choose your preferred language. Additionally, please note there will be an opportunity to ask questions at the end of the presentation. In order to do so, please use the raise hand function on your screen or for those dialing in, it's 9 on your keypad. For the interest you showed in the results of our company. I'm glad to give the floor to Giovanni Constantino, our Founder and CEO. Good afternoon, everyone. Thank you so much for being so many attending this meeting. I would like to have a quick review of the main results for this very important financial year. As you all know and you are well aware, due to the general overall worldwide events and so with the conflicts ongoing. 2024 was a very tense year, notwithstanding all of this. And I would like to thank the whole team of the Italian Sea Group. Well, thanks to their efforts, we were able to achieve in this very difficult year the results that we were expecting, namely EUR $4.00 5,000,000. We analyzed the worldwide market, addressing our reference customer, namely the ultra high net worth individual. Notwithstanding the overall tensions that are present worldwide, we can record an exciting figure. We see that so good. Global figures are from North America to Europe to Asia, So The Middle East in general, Africa, Latin America and Australia have recorded and registered a very homogeneous data with growth up to 2028 by about 30% of the ultra high network individuals all over the world. This data is aligned and further corroborates, confirms our strategy and our positioning relating to the product we deal with. I would like to remind everyone, even if you already know us, well, I think it was reiterating the strategy that our group has in place, namely consolidating the positioning in this market segment, which means all yachts above 60 meters with a custom made logic underneath. So this client base and client positioning, so it's not renouncing or giving up, so the uniqueness and the exclusivity of its product. I would like to remind you and stress out that our positioning, as you have already heard from four different sources, our positioning is technically very difficult. That's the reason why there are several European players probably just so they tried to work for a lower segment, so relating to the size of the yachts and also in terms of volumes, so series production, mass productions. And as you've heard, so this big size yachts, it's a dangerous segment. It's dangerous that it's not worth investing or answering. Well, this is what people say. The current situation, the current scenario confirms our strategy. It has been, still is and based on the data that we can see on this slide, it further confirms our clear sideness in the structure or structuring our business model. I would like to highlight a very last item and then I will move on and talk about another subject. I would like to say that the strength of our strategy lies onto two main pillars. The first being the soundness of our customer, So the resilience they have on the one side, on the other, the fact that so the manufacturers of big yacht cannot work by creating the premises for production on that seat. To do so, you need a long story, a huge heritage. You need to have a so clear path with so many yacht and boat launches with the highest precision level. That was better and better and that's what we did in our path. Given the current market trend and so the total debacle of boats under 35 meters, you will see you know that there is a huge disaster in that yacht positioning, but there are going to be people that will love or will have, so the intention to move to our segment, the one in which we are leaders. We are not worried about that in terms of products and results because it's not enough to start saying, okay, I will start building an 80 meter yacht. No. It takes a long time. It takes at least ten years to prove that you are able to do so and that you have the right results to achieve this goal. So the ultra high net worth individuals of the world with a net worth over $500,000,000 Well, you can see how many individuals there are with such a net worth. And there is a large room for business. So there is a possibility for business and production. We need so that the overall intentions and contractions all over the world that are disturbing, so this calm environment, so in the dialogue between so the customer and the manufacturer, we can also have a human relationship tensions. Our customers, even if there is an ongoing work, they are not going to detect or perceive this kind of tension. We need to have the right relationship to take back the push that has already restarted, resumed in a very strong and tenacious way. It's almost as strong as in the past COVID era. We see that there is a real recovery based on the analysis that we made and it's also thanks to our product positioning and especially in that segment. We can also remark over here that the new yachts are increasing more in higher sizes, so in so yachts more than 30 meter long and less in lower sizes. And we have so many players over there, so it's crowded with players. It's the same between thirty and sixty meters, but this is reaching just a few authoritative manufacturers that are able to create big size yachts just like the Italian Sea Group. There is another interesting date, namely the growth that we can see in this slide, seeing the increasing growth in global yacht chartering, so SEK 7,740,000,000.00 in turnover. We can see that there is a constant growth in this segment, in this sector. We have a CAGR growth that from now to 2027 will increase by 10%, fifteen%. This is pushing towards the manufacture of new yachts that as we are currently seeing among our customers, so investing in mega yachts almost exclusively for the chartering business. In the current portfolio, if we have a look at the yards for which our customers invested in the charter sector, we have four orders measuring more than 70 meters in size. I was talking about it a while ago and here you can see so the market insights. So this is what the typical owner is looking for. He wants to have the right exclusivity, the uniqueness that go hand in hand one within the other. And in this uniqueness, you are not just finding the product itself, but we can also find the purchase experience and that's specifically there. So in the purchase experience, so we are first in the world we are actually the first in the world to have a defined established in our level and in our business model. So we have created it in the first place in our business model. We are able to manage our ultra high network individuals, and we are the only one able to do it like that. You can do it if you are part of the luxury world, if you are part of the jewelry world and the fashion world in our sector. Well, I can tell you and I'm sure we are the leaders under this respect. Our customer needs to have security as well. So for his deal. So he needs to see we are part of a family, so that is going to have an important purchase in this case. So we need to see not only a very united team that is very reliable and serious, but they also need to see a family leading the project that is actually skilled on what they do, guaranteeing the project like what we actually do on a daily basis, my son and I, from 06:30 in the morning, pretty much until 10PM. We actively devote ourselves, so with our mind, body, soul and expertise to this business. We are not doing anything else. So we are full time dedicated to also the beauty and growth of the Italian Sea Route. Our customers can perceive it and are rewarding this kind of approach with all the different orders that we have ongoing. So we have the right feeling with our customers coming from all over the world and from different cultures. We have no litigations. We have not had litigations for years now, to be honest. Let's go on and have a look at the financial results. The revenues amount to $4.00 4,000,000 with a very impressive plus 11% compared to the last financial year, so namely 2023. Well, you could say that maybe based or compared to the goals that we had in mind, there are a couple of million less. It is not our fault. So I feel that we have achieved a great result, especially if you compare it to the whole global nautical sector and also of thinking about what is actually happening or happened in the world. So we did great, to be honest. Not only good, but great. We can see here an EBITDA growing to 69,700,000.0, so with plus 13.5% more compared to the previous financial year. And this allows us to have a wonderful, a really wonderful 17.4% of margin on revenues. The order book amounts to DKK 1,240,000,000.00. Over the years, we made the investments needed amounting to SEK 9,000,000. We have a net financial position equal to minus SEK 12,500,000.0, but I was talking about this with our President of the Chairman of the Board of Statute Auditors. And these negative results come from the fact that some customers that had to, well, to give so 17,000,000 or 18,000,000. Well, they didn't come on the right moment, so not on the thirty first, but some day later. And we could not include it directly into the financial year of the 2024 results. Otherwise, the net financial position could have been better. Let's talk about so the profits and the dividends. Dividends are equal to EUR 13,000,000. Talking about the ongoing negotiations, they correspond to several hundreds of million euro. This allows me to tell you with strong determination that the outlook for 2025 is between EUR410 million and EUR430 million. You could say, well, you said that, well, there was, I think, million or, but to be honest, we declared something that is actually real and also this implies growth compared to so what we expected for next year. Well, this comes from what happened in 2024. We have such a wide order portfolio, and we didn't want to listen to the provocations of some of our speech leads to our customers. They knew that the market was slightly down and they were trying to make their lifetime deal by proposing, well, unacceptable prices. We are sound as a company. We have a lot of work to do. That's why we didn't accept these provocations and we preferred to wait what we are actually managing right now, nowadays, with great satisfaction. And some of the contracts have already reached the company, and they are at the final signature stage, so on subscription. We have so we have two yards with impressive dimensions. We expect an EBITDA margin for the next year always thanks to the attention we pay to the order margin. And we expect to have that margin between 17.518%. We're talking about the EBITDA, of course. Let's have a look at the positioning. So this is the luxury finance and well, you can see that our positioning is that the top of the marketing pyramid together with Ferrari. We are very proud of it because on top of the pyramid, you have two Italian brands. Both groups, well, had one had in the past and right now also the other still has it. So they were founded by people that are very tenacious, determined, passionate, so available and committed to do great sacrifices needed to reach amazing results. Let's have a look at the stock performance. So you're all into finance, but I'm very proud of this data. So I really like to delve into them and have a look at these graphs. As you can see, the luxury segment talks about the Italian Sea Group. And so we have plus 48% since August 2021, so plus 48%. The luxury index recorded plus 26%. We are well above that. So we have better performed, so and as you can see, we are ranking fourth after the three of them. If we go on and have a look at, so the stock performance versus the peers and the FTSE Italia Star and the FTSE All Share, we can see here that we are better performing than the indicators. Well, the shareholders followed the trend of the market, the overall trend of the market. But I must say that, well, I'm proud of these results. I'm a bit sad because I think that we deserved even in the last month to get much more than this. Let's see our positioning in the world. If we think about, so, the manufacturing of custom made yachts above 55 meters, we see that we were ranking third last year. Right now, we are ranking second with thirteen fifty six meters in production. And if we have a look at the leader, so the first one accounts for fifteen twenty five meters. So I think that that very company is building for the reference shareholders a big yacht and I think it's 165 meters for a given customer. And if we do not consider, so the yacht that they are doing for their own property and ownership, well, I think that we could be ranking first as well. So equally first. We are very proud of this. And here you can see, so a picture of the very last 78 meters that we launched in the very last days of December. I think it was the twenty second December last year. Well, it's I said that the ranking was for boats over 55 meters, but it was over 50. Let's have a look at the launches we did last year, Enadmiral 66 meters and Enadmiral 78 meters, but also the other 78 meters that we launched on the very last days of last year. So let's have a look at the yard launches we'll have in 2025. We had 78 meters, as I told you, belongs to the last years, the last days of last year. So the Admiral sold 55 meters that was launched one month ago. We then have a Perini Navi motor yacht of 59 meters that was launched one month ago. We have another Perini Navi measuring 58 meters that was launched almost three weeks ago. The seven twenty two meters admiral by Giorgio Armani that is going to be launched on the April 23. We have not mural, 50 meter panorama. So and our very first semi custom that is aluminum made. So we are not working on glass fiber. So no. We are never gonna do this because our environmentally sustainable culture forces us not to do it. Then we have 60 meters boat, so a yacht by Perrin Inavi. So for the Oracle CEO, it was launched one week ago, and it's going to be delivered by the June this very year. Then we have a pickyacht boat, so measuring 24 meters that it's going to be launched in May. And also so always the Bahraini Navi, so catch 56 meters that is going to be launched by the end of the year. As you can see, this is an extremely challenging year, so we worked a lot. And all this work is going to accompany us to the most important event relating to our positioning, namely, so big sized yachts. I'm talking about the Monaco Yacht Show also in Monte Carlo. And we are going to show the so five different yachts, five products. The Admiral by Giorgio Armani measuring 72 meters. The Admiral, 78 meters that was launched on the December 22. So the Admiral, 55 meters. Aperini Navi, 60 meters. And so by Oracle, so for the Oracle CU and Piccati, gentlemen. So but we also have so our mascot, so the, Guatemala for Lamborghini. We are going to include so many other interesting Volusians and products. Let's have a look at these wonderful masterpieces. Here we have, so, the 72 meter by Giorgio Armani, so the 78 meters and so 55 meter. And we have the 60 meter catch and the 24 meter so by Picchiotti. So it's a true masterpiece and afterwards we have the iconic Lamborghini yacht. Let's have a look at the commercial activities. So we are continuing to have them. We are present in all markets with very authoritative interlocutors and players. We have made the first Vision Brokers Day one week ago. We had so the 10 international brokers of reference taking part in the event with approximately 60, brokers, the most influential one. So as you can see, we had so many exchange update activities, and we had the chance to pay visits to so the shipyard and so our premises. We had the chance to take a look at the different activities we performed so we hop into the yachts and the interlocutors coming from all over the world So, congratulate us on the great achievement. They could touch by the hand, so our very high quality. Thank you so much for your attention. Right now, I would like to give the floor to Mr. Felipe for an update about the important activities that we are carrying out for our environment. So I will try to summarize some key aspects that you can see in this slide. Even if the sector is not one of the easiest, are to be green and have so the right ESG rating, the company has done several activities in 2024. So we increased the rating. So the server the rating agency allowed out to become A, so passing from BBB to A. So we improve the gender equality, the management of the supply chain, the neutralization of the scope one and two emissions. You are going to see that this very year, we will publish, also, our sustainability reporting. So it's the very first one made in compliance with CS RD regulation. And you will see that from these, there are some other items coming from the double materiality analysis, and it's going to be part of an update that we are going to share with all of you with so our plan relating to ESG. We will fine tune it over the next month. Right now, I would like to give floor to our CFO, Marco Carniani, for an overview of the results of our financial year 2024. Good evening, everyone. Welcome. Let's have a look at the figures of the Italian Sea Group. Going back to introduction by our CEO, let's have a look at the revenues for 2024. We had an increase by 11% compared to the same period of financial year 2023. The EBITDA grew from SEK61.9 million, so in 2023, to SEK70.3 million in 2024, with the highest EBITDA margin percentage ever recorded, namely EUR 17,400,000.0. The net profit slightly decreased compared to last year even if we had such a high growth, but it was influenced only by a review of the tax benefits of the Patent Box. And from 2019 up to 2023, we focused it on the NOAO asset and so we had sold the self liquidation as so the regulations are stating. So in this case, we had this kind of impact. And together with Agencia del Intrati, so we had a look at the benefits and it was reviewed the impact of such benefits. So after identifying the facilitated or assets that trigger and determine the patent book's advantage. So we from 2019 to 2023, we recovered it and we also had the non monetary effect of so the benefits compared to deferred taxes. The net financial position, as we said before, goes from 1.5 to minus 12.5. It is influenced by the dynamics that you all know. So and it's due to the big cash in that we had in between the two years. So and if we have a look, so at revenues and the breakdown between shipbuilding, we can see that we have an increase in this division. We have an improvement in Americas and Europe. And as you can see, the percentage of revenues is concentrated above 50 meters. So we have seen that this is the core business of our group. We can see a regular progress of the WIP and we focus on emission and so and the larger dimension, but also in the introduction of semi customs. Let's talk about refit revenues. They are in line compared to last year. We exploited our shipyard production capability. We always focus on big dimensions and sizes. We had the opportunity and the possibility to show the highest EBITDA level, namely million. You can see that the EBITDA margin is 17.4%, and this comes from the focus on the operating costs. So on the internalization of the supply chain activities or providers and a good mix. We are always willing to increase, so the sales of our yachts, especially thinking about our own positioning. Going on and thinking about the CapEx, so the investment plan that led us to increase the production capacity of our shipyard, so the one in La Spezia, so is decreasing. And in 2024, we have invested EUR 9,000,000 to improve the production related part, so investment in the steelworks, so in interior business units and the extension of commercial offices in Marina De Carrara headquarters. These are the main investments made. So let's have a look at the visibility of the backlog. So million 241 and 433 and so gross and NASS. And you can see that it's pretty much divided all over the world. You can see that the Italian C Group can reach all the ultra high networks, individuals all over the world. Admiral is the brand representing for us the peak or the top seller, but even the other brands are our own focus because this way we can have also a very wide and complete offer. Let's have a look at 2025. So revenues of EUR $410,000,000, EUR 4 30 million. We have an EBITDA margin of 17.5%, eighteen%, so a further growth. So for the distribution of the dividend, so we have between 4060%. So and we also have the chance to perform new acquisitions to leverage even more on that because our fee is neutral. I would like to thank you so much for your attendance, and I'd like to leave the floor right now for Q and A moment. Thank you to the management team. We now have an opportunity for questions. The first question today comes from Francesco Brili. Please, Francesco, the floor to you. Francesco, I see that you're currently on mute. I kindly ask you to unmute your line. Yes. Should I post the question in English or in Italian? In Italiano? You can ask your question as you prefer. Just remember in your selected channels. So the Italian channel, if it's in Italian, and the English channel, if it's in English. Thank you. Okay. Thank you. Thank you so much for accepting my question. I have three questions, if I may. The first is a more general question. So can you give us an update relating to the current negotiations, so the negotiations in place? And some ideas about also the order intake that you foresee for next month. Can you give us, so an idea of the negotiation timing and deadlines? The net backlog, by definition, is variable in the turnover. So the one that still needs to be so included and embedded is in line with the guidance of course in for 2025. So we know that the backlog is divided among several years. And so we expect that there is no other intake expected of a significant amount during 2025. So I would like you so to give me some more explanation about this. Here I have a second question. The second one relates to the net financial position to be expected at the end of twenty twenty five. Can you please provide us with some more details about the fact that we don't have the tax part into the net financial position? And if there must be some other figures included also considering these variables relating to 2024? And the third question is also about the NFP 2025. And I read also and notice that you could be interested in M and A, so during also next month. So I was wondering, so what's your focus in this topic on which part of the value chain you're going to focus your efforts and this interest into? Thank you so much, Mr. Brilli, for the interesting questions that you've asked. I'm starting from the two that fall within my expertise, and then I will give the floor to the CFO relating to the NFP. The negotiations in place, well, started last year. And as you know, large dimensions need working paths and journeys that could last even for a year time. We have approximately 20 negotiations at a pretty advanced stage. So we go from 40 meters in so the latest, a semi custom, the very first one of the series has already been sold last year. And so we also reach a very challenging negotiation for which we had already signed some intent, and it's for about over 100 meters. So these type of negotiations and these sizes allow us to talk about an overall value of the negotiations coming close to EUR 1,000,000,000. My experience and, well, as the founder of this company sees me pretty confident. I think that we could reach at least 50% of the negotiations in place with timing going from right now. So the very first one has already been subscribed and signed. So it was signed by the customer. But we have the very last indications and studies to go to the Board of Directors on Monday and have the final signature. And this is pretty much it relating to the negotiations in place. And I can tell you that it's a very colorful chart, so we see it in very positive terms. Talking about acquisitions, we are started since the beginning of this year to consider couple of acquisitions, maybe three. And we look at the specificity of our own product business on one side. And on the other, we consider the activity extension looking at the typical character of our customers. We believe this to be extremely bright and valid to further confirm our luxury positioning and give our customers a continuity feeling, especially in the relationship with our shipyard and our professionalism. I would like to give the floor right now to Mr. Carniani relating to the net financial position. Talking about, so the NFP, I would like to say that even if in 2024, we had so dynamic of working capital in positive terms after being for several years extremely negative, So the average or the end year result, as you can see, if you consider the last three financial years, is always in between. So slightly negative or slightly positive position like it was the case last year, but it's always linked to WIP. So and even if we had production progress with so many executions that allowed to have at the beginning of the year all these deliveries and launches, with cash out, no problem at all. And it's going to be the same for 2025 because at the end of the year, so the forecast tells us that we will be able to remain pretty much in the same area without considering the effects that exist on the order intake. It allows to fund the yacht, so the customer is funding it, and it has a huge impact on the cash availability. So within the NFP, we also have all the different grants financing and funds for tax burdens and the recovery in this place. If you are talking about so the patent box impact, well, considering this, so the impact has been recovered in January, so it's not going to have an impact anymore. I would like to make a precision on this topic. It seems clear to me, but I also prefer to specify it even more. The 2025 guidance with its revenue goal, namely NOK $410,000,000 or NOK $430,000,000 does not takes into account the growth in consolidated items through acquisitions. So what is going to be achieved through acquisition is on top of the guidance that we have confirmed today. Thank you. Thank you so much. I would like to know something about the NFP, and I was thinking about, so what is written in, so the notice that was delivered. So that is the main point of it. Thank you, Francesco Fuertes. We now have a question from Niccolo Sore. Please, Niccolo, the floor to you. Can you hear me, miss Antiete? Yes. We can hear you. Please remember to just speak the language of your channel. Thank you. Thank you so much for accepting my question. So I'm relating to the backlog you had at the end of twenty twenty four. Can you give us an idea of the way in which this backlog is going to be executed during this very year and next year? So we are talking about 400,000,000. And do you think that half of it is going to be so dedicated or devoted to this year and the other half to next year? Or do you need or do we need to consider a different split compared to this? Well, it's a bit different compared to this because among the new orders, well, these are not going to account for NOK 200,000,000 over the year, but something less than that, to be honest. And so the rest is going to be diluted like it is the case it's always the case in our business over the portfolio years. Every single year, we feel the need, just like any other company, to so have new orders. This year, we are going to reach the revenues needed to meet also the guidance. So I want to make sure that I got it right. And so you are pretty flexible, but your idea is to reach more than half of what you already have. Yes. Thank you. Thank you so much. Thank you for this. We now have a question from Yves Franco. Please, Yves, the floor to you. Hello. Yves, please remember to unmute your line. Thank you. Can you hear me now? Yes. We can hear you. Thank you. Good afternoon. My first question is regarding the, is regarding the impact of the tariffs, the tariffs imposed by the US government specifically and also the retaliations coming from other countries. You will start us on on European products, in in what in what way does it impact your business, you think? Thank you. Based on the data that you have and on the observation that we are making at the international scale, at the moment, we are not seeing any risks or issue. So we are actually living in a situation in which rules do not exist anymore. But we are not worried, at the moment, at least, because if it was ever the case, if also there was to be a percentage increasing the cost of our products, I don't think that a ultra high net worth individual wouldn't change his opinion or mind of the purchase of the product. Okay. But at present, there is no tariff impact from the recent announcement. Recent announcements made by the government of the US. For the moment, the inputs is non existent. There is absolutely no impact at all. Okay. Very clear. Thanks. Thank you for this question. We now have a question from Anna Frontani in the chat. Her question is, thanks for the presentation. Two questions, please. First one is, can we have some details on the deliveries done in 2024? The second one is, how much of the net backlog is related to 2025? Thank you. Twenty twenty five. Covered the yachts that we saw before. I would like to go back to them because I don't remember all of them by heart. So in 2024, we also delivered 66 meters and 78 meter yachts. In 2025, we are going to deliver the first seventy eight meters admiral. So we are going to deliver the second fifty five meters admiral. Then we will have the 59 meters per by Perini Navi, as you can see in the second line. So we are going to have in May or the June the 58 meters by Perini Navi, and we will deliver in June the 72 meters by admiral, Giorgio Armani. At the end of the year, we'll deliver the 50 meters panorama admiral. Then going to the third line we will deliver the 60 meters by Perini Navi, and this is a sailboat, and we also deliver, so the picotti twenty four meter yacht. The very last Perrine Navi is going to be launched at the end of twenty twenty five and is going to be delivered in 2026. As you can see, 2025 is an extremely challenging year, so full of different activities. Thank you for this. Our next question is also in the chat and it's from Noeli Mendez. The question is, how far along are the negotiations to continue maintaining an upward guidance in 2025? Evidently, the market does not trust their prospects of maintaining growth in 2025. What can you say to convince the market? On this occasion, they have not given a two year guidance. Has this lost its medium term visibility? Are you preparing some acquisitions to stimulate growth with the net cash? Regards. Thank you. I would like to start from the very last question. So acquisitions are made in a synergic way compared to the business in general and not based on the revenues. We want to perform acquisitions because we must be more and more luxury oriented. We want to play a more and more important role, so especially under the eyes of our pipe customer. We want to reach this mission that diversifies and make us stand out compared to the other players in our same sector and positioning. So it's clear that this is going to stimulate also revenues and net cash as well. Talking about the commercial activities of incoming orders. So as I said before, we have several activities in progress. And we see, so the moment of the negotiation, so it's difficulty to be considered. So we will see some orders that so will enter right now as it has already been the case and are going to be continued until the end of the year with, so the period after Monte Carlo. So it means October or November, let's say. And these are the negotiations, so the last and the newest compared to the ones that we already have in the pipeline right now. Thank you for this question. We now have a question from Matias Paladino. Please, Matias, the floor to you. Good afternoon, everyone. Thank you so much for the presentation. I've got two questions. The first is about the Patent Box. Can you tell us which is the amount that can be attributed to the re termination of the tax benefit? So I think that it's pretty much NOK26 million. And afterwards, the second one is about what I can see in the presentation. We have an M and A strategy, but you have already replied to it. But we also have the CapEx part. Is it so an investment in new warehouses or shipyards or other developments? I would like to start replying to the second question. So talking about CapEx, we are going to be, so below €5,000,000 that are going to be needed to complete the extension of our offices. We are going to calibrate this activity based on the several activities we are actually performing. You have seen that we have so many different launches and deliveries over the year. We don't have the need for new offices in the shorter term. It's necessary for the development and the growth, but if we had to finish, so the extension in 2026, that would pose no problem at all. We have it, let's say, in our mind and in our, let's say, calculations. We will see if we need to push this year and to try to finish it by the end of the year or to postpone it to next year. Talking about acquisitions, so we started assessing all of them, and we will see so the different opportunities. And so as to try to understand the value of the global investment, but it's going to be included in the guidance that we have already set for ourselves relating to so the patent, so from 2019 up to 2023, so we had a recovery around the 5,000,000, so minus of 4,000,000 for next year. And it's not cash because this is so the active deferred taxes for the moment. Our forecast for 2025, well, I want to state it clearly because we had a very deepened analysis with Argentina del Intrata so as to understand the real amount of the benefit and keep what our know how is giving us. For 2025, our tax rate by the end of the year is going to take advantage of the last part of the patent box, and we are entitled to keep it. And it's going to be around 26% against the 27.9% that is the tax rate for Italian companies. So we have benefit for 2025, '20 '20 '6. It has already been certified and verified by Agencia del Lendrate without any problems. So we are going to have also this impact and in 2024, which was pretty visible as you can see. Thank you so much. Thank you. Thank you, Matias, for your question. Our next question now is from Francisco Carloni. Please, Francisco, go ahead. Francesco, I can see that you're currently on mute. I kindly ask you to unmute your line. Thank you. Good evening, everyone. Thank you so much for accepting my two questions. The first one relates to the negotiations that you have ongoing. Can you give us an idea about negotiation? Are you also negotiating the sale of sailboats branded Perini? I've seen in the presentation that you have a two motor boat by Perini to be delivered in 2025. And I wanted to know if it is due to the rebranding, a repositioning of Perini brand, so compared to the motorboat. So they are going to be delivered, so they have maybe started, so the process a long time ago? Or maybe you are selling motorboats even with the Parena brand? Thank you so much for your question. So I would start from the second one. So three Verini deliveries for this very year. So one is 60 meter catch and two fifty eight and fifty nine meters are going to be motor yachts. These yachts have been completed up to 55% of their work in progress, and they come from the previous ownership. So they still belong to the previous ownership. After the purchase of Perini Navi assets, so the ownership the owners of these two yachts came to us for completion. So the previous ownership had already informed or, in this case, felt the need to move to this kind of aspect. So Perini Navis were renowned all over the world, and they wanted to go in the direction of motor yachts. They felt the need to do so. So after completing, so our assessments on the sailing or sailboat sector, we thought that it was a good idea to go on in that direction. So these two yachts are the first two following some other or the three that have already been delivered over the years. And this allow us to extend a Perini Navi range from a strategic point of view. We are moving towards, so motor boats and not just, limiting ourselves to sail boats. Here we have a teaser, so sneak peek over next month. So we're going to have, so some other news delivered. We're going to have a press release in the Monaco Boat Show in Monte Carlo. We will introduce the new fleet with unique characteristics and features in the motor yacht world. We will have a new model, so a motor propelled that is, so in between the passion of the sailor and the simplicity that one can have. So in so sailing over the seas, thanks to the motor port. We think that it is going to give extra success to Perini Navi. And the fleets that we are presenting start from 35 meters of length up to 65 meters. This is the current situation. We are going to increase this dimension even more over the future. We always talk about noble materials. It's part of our DNA. So we have aluminum in the smaller sizes and steel for, so the hull, so where we have the typical structure of a sailboat, we are not going to have yet with three or four decks. There is going to be the logic of a motor sailor in or schematic configuration. So it's a motor sailor without the mast. Thank you. Thank you so much. Thank you for your very interesting question. Currently, we do not have any questions. I will give the word back to the management team for any final comments before bringing this presentation to a close. Thank you. I would like to thank you all for attending. There are so many attending this event. We are glad of it. Very warm greetings and see you next time in this brand new year. So so exciting. Thank you so much everyone. Bye.