Good morning. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Webuild first half 2021 financial results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Pietro Salini, Chief Executive Officer. Please go ahead, Sir. Good morning. Good evening, everyone. Welcome to our conference call dedicated to Webuild first half results. I'm Pietro Salini, Chief Executive of the group, and I will give a few words about our performance during the first six months of the year before letting Massimo Ferrari, our General Manager, go into further details. Let's start with some highlights on slide three. In these first six months, Webuild achieved markedly positive results, despite the persistence of global uncertainties linked to the pandemic. We accelerated our de-risking process, following three main pillars. First, we acquired a record on new orders. We're talking about EUR 9.6 billion. We focus on low-risk markets, such as the European, U.S., and Australian market. Linked to new orders, we significantly increased the overall backlog in low-risk areas. Finally, we reduced risk on the financial side. Our net and gross debt were better than historical trends and beat market expectation. We resolved some important claims and improved the quality of our assets. After a year of disruption, inefficiencies, slowdown, and site closures, we can now have a more positive view on the future of the construction sector. For most of the developed countries where we operate, the recovery post-pandemic will pass through great investment in infrastructures. Our revenues and margins grew in these months, not only thanks to Astaldi acquisition, but also for the reorganization of the operations that allow us to have less impact due to the COVID-19. Looking at the 2021 targets, based on the current situation related to the pandemic, we can confirm we are on track to achieve them. Obviously, these targets may be subject to changes as a result of the predictable nature of the COVID-19 pandemic. As you remember, in November 2020, we completed the acquisition of 66% of Astaldi. Now the integration is accomplished. Astaldi going concern is merged in Webuild by the August 1st, tomorrow. When it comes to sustainable development and the innovation behind it, our numbers show how committed we are to it. More than 90% of our construction order backlog now comes from projects dedicated to reaching sustainable development goals. We also launched our ESG plan for 2021, 2023, setting targets that are tied to the reduction of greenhouse gas emissions, safety, gender diversity, and innovation. The graphic on slide four will give you a good idea of much we have accomplished in the first six months of the year. In January, we issued a tap bond for EUR 200 million. It was the last of series, bringing the total amount raised to EUR 750 million, which we used to refinance our debt, increasing the duration with limited impact on the total cost of the debt, as Massimo will explain more in details later. As I said, the governments in many countries, Italy in particular, investing in infrastructure to help the respective economies recover from the pandemic, we have been well-positioned to seize a number of important contracts. In Italy, we won contracts to improve the railway between Messina and Catania in Sicily, to develop section of the high-speed railway between Naples and Bari, and to work on the high-speed railway between Verona and Brenner. Outside Italy, our biggest accomplishment was the signing of the final contract for the Texas Central Railway. In Australia, our consortium was selected best bidder for the tunneling package of the North East Link project in Melbourne. In April, we launched an ESG plan. What is more, we were listed among Europe's Climate Leaders in a ranking published by the Financial Times, so our efforts are being recognized. During the same month, shareholders of both Webuild and Astaldi approved the plan to combine the two companies. The results achieved also led to the leading rating agency confirming the rating on our debt and improving the outlook for our group. Let us now move to slide five, that presents our new orders in greater details. The EUR 9.6 billion worth of orders in the first six months is a record. These are orders that have been acquired, are in the process of being finalized, or for which we have been identified as best bidders. The first front is Italy, where the government is making major investment in infrastructure to support the economy. The second front is the group of countries with low-risk profiles where we are expanding, United States, Australia, and Europe. Briefly put, over 95% of the new orders come from low-risk countries. Italy is responsible for order worth about EUR 5 billion. This is more than half of the total value of the orders we have won so far this year. The strong order intake was partly thanks to the attention given to the technical aspects of our offer, which we, in some cases, developed with Italian partners. On projects like the Naples-Bari high-speed railway, we were able to win contracts to build more than one section of the same railway, thanks to the fact that we already had people and machinery on the ground there. Also worth to note that the country's government has made effort to reduce the time it takes to get a project started, from the assigning of the contract to the start of the construction. As for the other markets, in Australia, we have been identified as best bidder for the tunneling package of the North East Link in Melbourne. This is not only the largest road project in the state of Victoria, but also the largest private-public partnership for an infrastructure project in Australia. We also had good order intake through our subsidiary in Switzerland, CSC Costruzioni. In the U.S., we have the Texas Central Railway worth EUR 13.1 billion. This contract is not worthy not only for its size, but also because it will offer the first true high-speed rail service in the country. Our book-to-bill reached 1.7x, 7.8x when including Texas, and the contract for which we have been identified as preferred bidders. Slide six shows how substantial our backlogs is at EUR 43 billion. What is more important is how diversified these projects are. More than 70% of our portfolio is in countries like the United States, Australia, Europe, and of course, Italy. Of the total, EUR 35 billion are for construction projects. That gives us visibility for the next five years, based on expected 2021 revenues. If we include the Texas contract and tenders for which we have been identified as best bidders, the total backlog comes to EUR 52 billion. That would be more than double in respect to 2020 year-end backlog. The impact that this Texas contract will have on our group is so transformational that it would add between EUR 700 million and EUR 800 million to our equity value. Italy make up the biggest part of the backlog. Part of it will be developed under the National Infrastructure Plan, the so-called Piano Nazionale di Ripresa e Resilienza. Next Generation EU. In slide seven, you can see a geographical breakdown of our revenues. In light of the major investment being made by the Italian government, our home market has surpassed North America as our primary market, with 31% of total revenues for the first half of the year. What is important to note here is how much Italy's contribution to total revenues is increasing in recent years. In 2018, represented only at 10%. The United States is our second biggest market. You will see that Europe is also becoming important, at 19% of the total, as we expand mainly in France and Switzerland. We've been successful in steadily reducing our reliance on our 10 biggest projects as part of our diversification strategy. They have become responsible for 40% of revenues. At the end of 2018, they represented nearly 50%. The revenue figures also emphasize how much we remain committed to our goal to promote sustainable development. The pie chart indicates sustainable mobility projects like high-speed rail make up 68% of total revenues. Our operating performance, of course, has been impacted by restrictions the government has implemented to stop the spread of COVID-19. Some production inefficiency persist at some construction sites, mainly in the Middle East and Australia. We are also doing our part to protect workers from getting infected. In the second quarter, we started vaccination campaigns at construction sites. On slide eight, we want to remind you the last happenings regarding the integration of Astaldi and Webuild. As you know, in March, we started the process for the partial and proportional demerger of Astaldi in favor of Webuild. As part of the plan, Astaldi shareholders will receive Webuild ordinary share in a number of 203 every 1,000 Astaldi shares. The effectiveness of the demerger was primarily subject to the Court of Rome issuance of a provision certifying the execution of the Astaldi composition with creditors. As communicated to the market, it was published in these days. Therefore, the process could be considered as accomplished, and the effective date of the demerger is on the August 1st. As a result of the demerger, Astaldi operation in the building, infrastructure construction, engineer, design, maintenance, and facility management, which are included in the going concern perimeter, will be transferred to Webuild. Astaldi will only keep the assets and legal relations transferred to the separate business, patrimonio destinato, for the creditors, set up by it on May 24, 2020. In the meantime, we continue to work for the alignment of the core process, information technologies, bidding, procurement, operation, and so on. Going to slide nine. In the first month of 2021, we kept investing in our commercial activity. Indeed, infrastructure investment is going to be the model of economic growth and social development in the post-pandemic world. The huge sums that government plan to invest convinces us of that. The U.S., Europe, Australia, and other developed economies should keep providing strong demand for our services. We have in our commercial pipeline more than EUR 34 billion, of which around EUR 7 billion of tenders, for which we are awaiting an outcome. In line with our de-risking strategy, most of our tenders are concentrated in the U.S., Australia, Italy, and other European countries. Slide 10 will confirm our optimism for the Italian market. The total value of the high-speed railway network included in PNRR is around EUR 24 billion, of which EUR 15 billion financed directly by PNRR. The map shows the railway included in the plan. The one in which Webuild is already involved includes Fortezza Verona, Milano Genova, Naples, Bari, and Palermo, Catania, Messina for around EUR 10 billion. Over 70% of the project awarded year to date. Other EUR 10 billion are still to be tendered, such as Orte-Falconara, Salerno-Reggio Calabria, Taranto-Battipaglia, and Roma-Pescara. On top of this, the Infrastructure Ministry has added another EUR 10 billion, mainly to complete the Salerno-Reggio Calabria high-speed rail line. Our group is prepared. The same strategic thinking behind Progetto Italia has seen us dedicate resources and expertise to the domestic market, also by creating a new entity dedicated to the Italian market. To respond quickly to the need to improve the country infrastructures, especially in sustainable mobilities, as evidenced in the National Plan of Recovery and Resilience, and to optimize in indirect and overhead costs by centralizing it in a shared service center and using back office automation. In this way, the head office is a center of expertise that can play a supporting role for activities throughout the world. I will now let Massimo take you through the details of our first half 2021 financial result. Thank you, Pietro, Good morning to everybody. Before I go through the numbers, let me remind you that as is customary, we are presenting adjusted figures that include the effects from work under management, which are the JVs of our U.S. subsidiary, Lane Construction. In addition, the figures for the first half of 2020 exclude the effect on the P&L of the settlement agreement with Condotte d'Acqua concerning the transfer of ownership at Cociv, the consortium responsible for the so-called Terzo Valico dei Giovi, the Milano-Genoa high-speed train. Finally, our first half figures for 2020 do not include Astaldi, which was acquired by Webuild in November of that year. We can start from slide 12. Revenues amounted to EUR 3.1 billion against EUR 2.2 billion for the same period last year. This 42% increase is the result of the Astaldi acquisition, as well as a resumption of activity on our construction sites. As Pietro explained to you, notwithstanding a great recovery compared with the same period last year, our business has been still affected by some government restrictions aimed at fighting the spread of COVID-19. These restrictions remain and could have an impact on our business. As things stand now, we are on track to achieve our targets. EBITDA jumped to EUR 198 million. EBIT was about EUR 99 million. It excludes amortization and depreciation of EUR 38 million from the PPA process carried out following the acquisition of Astaldi. Both EBITDA and EBIT margins widened by more than one basis point, although they are still affected by suboptimal efficiency on some sites due to COVID-19 restrictions, with an impact of around 10%-15% on EBITDA, front-loaded restructuring cost of approximately EUR 15 million related to Astaldi's integration to create future synergies already starting from 2022. Marginal short-term squeeze to the raw material cost inflation. On this point, let me remind you that most of our international contracts include clauses to pass through to clients any price increases. In Italy, the government is working on a new decree that would increase safeguards for general contractors against strong rises in raw materials prices. This decree would likely be retroactive, so as to include the cost incurred by builders in the first half of the year. On slide 13, we have the P&L below EBIT line. Net financial costs were at EUR 54 million against EUR 49 million the prior year. This include bond charges for EUR 5.6 million, mainly related to the temporary overlap of the 2021 and 2025 notes. In June, we repaid the 2021 notes. We will not double this cost in our full year figures. We have also to take into account that we are consolidating Astaldi's financial expenses, which are mainly bank debt charges, financial cost on guarantees, and the devaluation of some financial assets with additional cost for around EUR 20 million. Taxes amounted to EUR 54 million compared to EUR 27 million. The tax burden was determined by the positive resolution of a claim in Ethiopia. This claim recognized to Webuild some EUR 400 million in extra cost, resolving all the disputes on the matter known thus far. In any case, these taxes, based on current legislation, could be potentially deductible in the coming year for taxes to be paid in Italy. Meanwhile, adjusted net income, which excludes some one-off items, which discussed earlier in the call, like the front-loaded restructuring cost related to Astaldi integration, the amortization from the PPA process, and the tax effect on claim settlement, was positive for EUR 41 million, and better than the one for the same period last year, for about EUR 90 million. On the next slide, we have reported the cash flow for the first half of 2021, and you will see the positive results registered in terms of net and gross debt. We beat all the expectation from the market, and let me say also, our own expectations. Many thanks to all the people that achieved this extraordinary target for the first half of the year. Our operating free cash flow is around EUR 70 million. As evident, the main contributor are the higher EBITDA and the cash-ins from working capital. We greatly succeeded in managing the seasonality of our working capital, which in the last years affected our first part of the year, with around EUR 300 million-EUR 350 million, according our estimates. The record number of new orders in the first half of the year allows us to collect more than EUR 500 million of advance payment on new contracts and project backlog. At the same time, we had to pay back to clients and partners some EUR 280 million. The net effect of the advance payment on the working capital improvement was around EUR 220 million net. Not all advance payments have been cashed in. We are still waiting for approximately EUR 1.5 billion of advance payments, of which some EUR 400 million, EUR 500 million of contractual advance payment, expected to be cashed in the second part of 2021, related to the contracts awarded in 2021. The remaining amount is coming from the Italian government's relaunch decree, the 30% target that we already commented. In this month, we also reduced by around EUR 330 million, the total amount of outstanding claims for additional consideration. The one on GERD Dam and the one on Forrestfield-Airport Link have been cashed in. They were in our balance for many years. All this comes to net debt reaching EUR 540 million, a decrease of EUR 560 million versus the previous year. That is a reduction of more than half. The negative effect with respect to December 2020, is mainly due to Panama litigation cash out. Looking at gross debt, we reduced it by more than EUR 590 million, around EUR 600 million. In addition, we have EUR 300 million in revolving credit facilities that remain undrawn, that could be used in case of an extraordinary shock, as happened last year with the COVID-19 outbreak. Moving to slide 15, we see the maturities of our corporate debt. In June, we completed the repayment of the 2021 note for EUR 237 million. Now we have no long-term debt maturity until the second half of 2022. In January, we issued a tap bond for EUR 200 million, which was consolidated in the 2025 bond issued a month earlier in December 2020. This was used to refinance some bank debt. The January issue also helped lower the average cost of the entire 2025 bond. The average cost of the medium to long term, corporate debt is around 3.5%, and the duration is much higher than before. It's around 3.5 years. At the end of June last year, the duration was around three years. Let me say that we could profit from the favorable situation in the debt market, starting from September, also in order to anticipate the maturity that we will have in 2022. Now, I will leave the floor again to Pietro for some closing remarks. Thank you, Massimo. On slide 17, I would like to go over our strategy with you. As discussed earlier in the call, we are consolidating our presence in Italy, our home market. We are quickening the pace on projects that were part of our backlog, such as the Verona-Padua high-speed railway. On this project, we signed five months ahead of time the agreement with the client to start work on the second lot of the Verona-Vicenza section. It is valued at EUR 1.6 billion. The outlook for the Italian infrastructure sector is positive. We are riding a wave of investment that the government is putting in place. As we have mentioned in previous occasion, there is also a new line of business that we are looking at developing. It is road maintenance. Through our subsidiary, Cossi Costruzioni, and the integrated business of Astaldi, we are awaiting the outcome from approximately EUR 800 million tenders in this segment. Discussions are also ongoing to introduce a model where Webuild could be involved in the role of general contractor throughout the whole maintenance chain, from monitoring to intervention engineering and execution. When it comes to strengthening the value chain, or in other words, increasing our in-house expertise, we could consider a small tactical acquisition in areas such as foundation works. The third point of the slide refers to our program to save EUR 120 million by 2023. We continue to implement our cost efficiency program, which was began in 2020. As of today, we completed the first tranche of measures, the so-called crash program, launched in 2020 during the pandemic. Further measure include reducing and reorganizing costs at the head office and external branches, reducing and reorganizing the indirect cost of our construction sites and consortia in Italy, so as to improve the margins on our projects. Lastly, we started generating synergies from our Astaldi acquisition. We are on a good way to increase our cash generation, thanks to a number of factors. As discussed earlier, more and more of our project comes from low-risk markets, which provide better payment certainty and visibility. We are obtaining greater operational efficiencies, thanks to our cost savings program. The terms of payments for our projects in Italy are improving, and we still have great opportunities coming from our balance sheet to cash in outstanding receivables and monetize our assets. Going to slide 18, we have the targets that we set in March. As we all know, the virus has grown exponentially in some areas of the world. In some areas, like Brazil, we have little to no presence. In others, like the Middle East, we do have a presence, and our activities might be impacted. At a constant exchange rate between the euro and the U.S. dollar, we foresee revenues ranging between EUR 6.5 billion and EUR 7 billion in 2021. The current backlog covers more than 90% of combined 2021, 2023 revenues, excluding the Texas Rail contract. A rebound in profit margin in the second half, leading to an EBITDA margin of about 8% for the full year. Improved net debt between EUR 500 million and EUR 300 million. These targets, for the situation of uncertainty still caused by the unpredictable nature of COVID-19 pandemic in the countries where the group operates, might be subject to changes. On slide 20, you can see our sustainability strategy practice and performance have been recognized by the major ESG rating agencies. We keep being ranked among the best performing in the construction industry by international agencies such as Morgan Stanley, Capital International, ESG, Vigeo, and CDP Climate. In the last few months, we received three important sustainability awards, the Europe's Climate Leaders 2021, the Italian Sustainability Leaders 2021, and the Royal Society for the Prevention of Accidents Gold Award 2021 for the construction of the new Genoa bridge. The Financial Times ranked us among the companies on the forefront of effort to fight climate change, designating us as a Europe's Climate Leaders for 2021. We've been able to reduce the intensity of our direct greenhouse gas emissions relative to revenues by 9% year-over-year between 2014 and 2019. I thank you for your attention and now leave open the floor for your questions. Excuse me, this is the Chorus Call Conference operator. We will now begin the question and answer session. Anyone whos wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. We kindly ask you to use a handset when asking questions. Anyone who has a question may press star and one at this time. The Call Conference operator. We will now begin the question and answer session. Anyone whos wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. We kindly ask you to use a handset when asking questions. Anyone who has a question may press star and one at this time. The first question is from Matteo Bonizzoni with Kepler. Please go ahead. Yes, thank you. Good morning. I have some questions. The first one is related to the guidance which you have confirmed both on the P&L and on the net debt. Looking at the trend in the first half, it seems that on the P&L side, the guidance on the margin particularly could be probably little bit, let's say, aggressive, or in any case, having posted a 6.3% EBITDA margin in the first half to get to 8% in a full year could be, I mean, not a joke. Can you elaborate on that? On the contrary, on the net financial position, can you a little bit elaborate on the working capital trend, which you expect in the second half? Because the first half was totally different from the usual seasonality, you have already commented. Starting from a net debt, slightly more than EUR 500 million, it seems that you could even potentially exceed your debt guidance, to deliver better. I just want some color on that. The second question. Yeah. Just let me go through this one. Maybe you put the second question a little bit later when we finish. Is okay, Matteo? Yeah. Let's say that the second half for us, it will be the starting of a number of contracts, either in Italy then abroad, that will develop a lot of revenues, let's say 30% more than what is envisaged in the first half. This is due to the condition of- Acceleration That we had and the acceleration we are putting on all of that. We will have an increase in revenues coming from the second half. Of course, we will not double the upfront cost that we paid for the reorganization of Astaldi and then some other extraordinary cost and non-recurrent cost that you see into the first half. I think that you cannot simply double the figures for the second half, taking into account what happened in the first. All of that is, as I say, conditional to the fact that we do not see any other, let's say, effect of the pandemic, because this is a world we cannot control on that respect. As I say, there are some effects spread everywhere, we have an impact on our revenues, even for the condition of the pandemic that we sustain in the first half. We foresee that we will have and continue to have an effect also in the second half. Of course, this will not take into account any other burst of expanding of a pandemic that someone is maybe thinking will happen, but we don't see it at the moment. Let's say this is the first thing. The second thing you have to consider is on the cash aspect. When we talk about the advance payment law that in Italy gives the ability to get up to 30% into the new contract, especially the one included in the Next Generation E.U. plan. They are not all factored in inside our estimates for the guidance. We took a very prudent assumption on that respect. These are the two first answers to your questions. Please go on with the others. Sorry, Matteo. Let me add on the first point. As you remind, we put usually as a conservative approach, the starting for the production of new order 12 months later. According the various PNRR around the world, there is a strong acceleration made by the client. We are very confident to start much earlier than our old assumption considered. Second question from you. Yeah, very quick. Financial charges in the first half, including associates, were minus EUR 72 million. I just want to have, if you can provide, an indication for the full year. As regards if I made raw material. You said, if I understood correctly, that the key issue is in Italy, no? Abroad you have, in several cases, indexing- Really in Italy. Where we are, because it seems that the government now is speaking about EUR 100 million to cover all the sector, which is a low amount, clearly, compared to the amount of jobs and the extent of the margin. What is your sensitivity on that? Last very quick question. I have understood correctly that you can assess, consider, let's say, acquisition in special foundation, and in this case, I wonder, is it Trevi? No, not only acquisition. We put acquisition, but also could be strategic partnership with them. We are also considering some potential acquisition in some very important continent where we are, but, for a small amount of money employed by us. Coming back to raw materials, you are right. The first initiatives coming from the government is not sufficient, not only for us, but mainly for the hundreds of companies that work as suppliers or subcontractors. We need a very different approach in terms of legislation. That could be retroactive and could consider, of course, like in other market, just the raw materials included in the project that we are working on. We believe it is possible, because the interest of the government is to realize in time, as promised to the European Commission, the infrastructure that are in the list. Okay. On the financial charges for the full year? Okay. Let me ask to my colleagues that I see in the video, because I remind we put Alessandro or Amarilda. In a range of EUR 110-EUR 120 total financial charges. Okay. Thank you. Thank you. To you. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Alessandro Tortora with Mediobanca. Please go ahead. Yes. Good morning to everybody. I have three questions, if I may. The first one is on the initial part of your speech on the presentation, talking about Ethiopia. If I understood well, probably you mentioned, let's say, a claim that you solved. If you can help us to understand, I guess, the impact, because in a certain way you unlocked probably a receivable or a credit you had on that project. The second question is on the Texas Central contract. Clearly, now we are a step ahead and before the financial closing. I would like to understand if you can share with us some thoughts on the economics of the project, or at least some qualitative indication on margin, but also very simply, also your, how can I say, back that you put into this contract, because I read some article where you also gave some indication on some NPV for the project, considering the long duration. The third question is on the integration cost of Astaldi. If you can give us, let's say, some sort of guidance for the integration cost for this year, but also for the next two years. Thanks. Let me start and then I leave the floor to Massimo for those last questions. Texas Central, we didn't factor in inside our portfolio, because we wait for the financial closure of it. This project will give a very high quality backlog, in that specific country. Will give us substantial revenues and cash and liquidity coming from the contract for a considerable number of years. It's very transformational. That's why we wait to put these things, let's say, for scaramantic reasons, until the financial closure will take effect. We expect the financial closure to take effect quite soon. The positive conclusion of the Biden boost of the economy infrastructure, it's going to the right way for U.S. to start a serious program of improvement of their infrastructure, and especially for the sustainability of the mobility, that infrastructure is particularly interesting. This is the first thing for the Texas. What was the other question? Sorry. Ethiopia claim. The Ethiopia claim. We made a settlement over this claim, recognizing as EUR 400 million. That was part of our request, let's say, that was inside our request. Of course, we had to pay the taxes for that in Ethiopia, because they do not charge on cost-to-cost basis, but they charge it on the invoicing, which is different from the system we adopt, as you know, for the cost to cost in terms of revenues accounting. Let's say that we have this amount paid already for what it is fully invoiced to the client. Due to the law in Italy, we can offset these amounts, using it for tax purposes, only if we have a net profit of, let's say, a substantial ratio between the external and the internal. I will not go into details for that. Let's say this amount paid in foreign countries, you can utilize it when the ratio of net profit done in Italy is higher than the one we have actually. We can recover that amount in the future, having that boost in our profit done in Italy. If I'm not wrong, we cashed in some amount in 2021, some amount. We will cash in in 2022. 2022, okay. Let me add, I will not disclose the figures and the numbers, but we made our own calculation on Texas. If we are able, together with the other partner and the sponsor, to close the financial side, the cash generation added to Webuild, will be in the high range of many hundreds of million euro. Of course, we just started to work with them. We will work also in August. Happily, we are the only one that will make some vacation in Texas. They will work. We hope we can have some news by the end of 2021. Not in terms of closure, but in terms of processes, financial institution involved, the role of the federal government and so on. Okay. There is the last question on integration cost. I have a follow-up on another topic. Thanks. The question was the total amount of the saving that we expect from the integration, right? No, Massimo, it's on the cost in order to achieve it. As you mentioned before, in the first half, there are some, let's say, one-off cost related to Astaldi integration. Just to understand, what's your view on the three-year plan cost, okay? We expect to be in line or better for some millions in 2021. The full deployment of these initiatives will be on 2023. The last point, so was on the maintenance business. Can you help us to understand how is the, let's say, competitive environment? I don't know if there are some, let's say, non-Italian players potentially interested in offering these services, or it's just, let's say, a sort of a competitive position the company has in Italy and you are the main counterpart in order to provide these maintenance service across Italy. Thanks. Of course, the dimension and the role of Webuild in Italy is now very important, I think for the country, as I released this interview this morning. We are at the service of the country for boosting the capacity, let's say, of production into those projects, which is huge. You should remember that in Italy, in the last years, the level of the investment has been reduced a lot. This means also that the industrial capacity has been reduced. The welcome point is that Webuild is coming back to be the backbone of this new plan based on infrastructure, for the part which is based on infrastructure. We do not see competition as an issue, because we think there is work sufficient for all of the industry in Italy. There is a boost in the economy that passes through the organization of this model of economy, which is, as you remember, we disclosed that figures, we had more than 7,000 companies working with us in Italy now, and 15,000 companies, mostly Italian companies, working with us all over the world. I think that this system, this Italian industrial system, will receive a large benefit from this investment plan. Of course, Webuild can be a strong organizer and partner, especially in the role of general contractor, as is foreseen by the new decree that the Governo Draghi has done, and "contraente generale," as it's called in Italian, which means exactly this role of organizing and putting all the industry at work. This, I think, is a positive issue. We will find this thing everywhere in the world, because of course, we do not have to forget that this thing of relaunching the economy is not an Italian issue, is a worldwide issue. We will have a strong demand on the sector of construction. We will see a lot of investment done all over the world of large dimension, because this is easier to launch larger projects than thousands of smaller projects. This is exactly the market that we are looking for. That is exactly the market that we want. We are able, we have capacity to organize and to put the entire filiera, as they call in Italy, at work. This is also why we want to be local, as is said, in the main continent where infrastructure are booming. Mm-hmm. Okay. Thank you, Alessandro. If there are no other questions, otherwise, we are always available, as you know. Are there any other questions? The next question is from Enrico Coco with Intermonte. Please go ahead. Yes, good morning. Just one question from my side is about the cost inflation on raw materials. I would like to know if you could add some color on the isolated impact, if you want, of the raw material price increase, and if this was partially offset by the, for example, release of provisions on some contracts. Thank you. It's very recent. The approval of this law was in the past weeks. It takes into account specifically the sharp increase in some materials, like steel and cement, due to the extraordinary situation worldwide for demand of these materials. This is a particular law that takes into account only a specific situation. What is needed in Italy and what it is now under examination by the ministry is a more specific revision price formula, which is more similar to the one that is used worldwide. Instead of taking into account an actualization of prices based on the cost for family and for workers, that is the Istat, they call it adeguamento prezzi, with the prezzi, which is different. This will bring the sector more close to what is used in Europe and worldwide. In Italy, you know that this thing of price revision has been very sensitive in the past for the excess, in some case, of the use of this revision of prices. Now, of course, they are going back to what is simply the rationale of price revision used worldwide. This is it. Of course, this will benefit a lot. The sector as a whole will make things easier. It is very easy to understand that no one can obtain at EUR 100, if the current price of the same material is EUR 250. Trying to obtain it is only a waste of time, because at the end, either the sector collapses or you do not get the infrastructure done. This is very significant on the fact that we have to complete the part of the Next Generation E.U. financed by those funds in less than six years. We have to be very pragmatic and realistic, and I think this feeling is now well understood into this government. Thank you. Thank you, Enrico. The next question is from Carlo Del Grosso with Swiss Re. Please go ahead. Hi. Thank you very much for this opportunity. I have two questions. The first one is probably to Mr. Ferrari and is about the inflation. I would like to understand if Webuild has hedging strategy in addition to the clauses about inflationary events, in order to mitigate this increase in raw material prices. No, we don't have it. Just because, as explained by Pietro, we have a natural and contractual hedge in all the countries, and we expect to have the same kind of protection also in Italy. All right. Thank you very much. The second question is about the P&L. Because despite the clearly strongly improved results in revenues and the EBITDA, the bottom line is still reporting a negative sign. My question is about 2021 year-end. Do you believe that with this operational efficiency program you mentioned, worth about EUR 120 million by 2023, this program will already help the 2021 fiscal year-end results, avoiding a negative sign? No, the program is just started, as you know. This is a program over the three years. Yeah. You know that we just received the ongoing concern of Astaldi. It will be delivered to us tomorrow. Let's say this program is already effective. We already obtained some of the savings that was related to our own organization, and we are, of course, working also on the Astaldi organization, which will be ours tomorrow. Of course, this is the start of a process, so we will have the full effect until 2023. I remember that this EUR 120 million of savings that will, of course, give a boost to the profitability. We can obtain some of those savings already in 2021, but of course not the full scale of it. Thank you. The next question is from Roland Vetter with Praxis Partners. Please go ahead. Hello. Good morning, gentlemen. Sorry for coming back to the topic of material prices. We saw an article that quoted that in Italy, the law that they want to put in place, that the first 8% increase still has to be borne by the contractors, and that the total amount is limited to EUR 100 million for the country. Is this correct, or what are the details of the law? Up to now, it's correct what you mentioned. It is not still a law because it was just approved by one of the two chambers. From what we know, what we understand, the government is working to a different approach, more similar to the one that is in place in other countries. We expect to have the same approach very quickly. Okay. Then abroad, when you have big lump sum projects, do you have a full automatic pass-through of all the material prices, or how are these contracts working? Typically, when it's a lump sum, it's not so easy to pass through material prices, I would assume. What is the mechanics of these contracts? Sorry, I don't know if I got your question, Roland. I think that maybe there is a misunderstanding. The contracts in Italy are already having a formula. What we intend is to boost that formula to neutralize all the effects. We already have a formula, which is less covering than what happens abroad, there is still a formula inside the contracts in Italy. What is our issue is the one that covers the full extent of this extraordinary cost, it is partly being approved by one part of the parliament. It will be approved from the next, before the holidays. We expect to have that in place immediately. The second thing is a full revision of the contract in order to have a best metal covering revision price. This is only, let's say, a technicality for the segment. It is not something that changes numbers inside the balance sheet. No, that's clear, Pietro. Thanks. Outside of Italy, when you signed in other countries lump sum contracts, do you have a full indexation to material prices in these contracts, or is there some risk of some margin reduction? Abroad, Roland, we have a full formula, which is based on the FIDIC contract, and this covers normally everything that is inside the contract. Of course, it's specific for each contract because it's done on a parametric formula and covers the different materials which are inside that particular contract, the plant depreciation or whatever else. And sometimes it also covers the exchange rate. There's a neutralization for the exchange rate. It's something more that covers more than what is simply the material prices. Okay. No, that's positive. That's very clear. The last question, if you don't mind. You had a very nice improvement in net debt. That's very positive. Can you tell us how much of the improvement is coming from advances of prepayments? It's a very big order intake, which is excellent, as I would expect with that. As Massimo told you before. 120. 120 net. Okay. Net of the advanced payment, the cash in, and the ones that we gave back to the client. Okay. Perfect. Thank you. This is something which is ordinary. Remember that, Roland. What we are talking about, the extraordinary part of it is when you collect the 30%. If you do not collect the 30%, this means ordinary business. When it's a normal advanced payment, this is what you usually do when you take new orders and then you repay back that contract during the time of execution. Now, this is absolutely normal. What is extraordinary into this new law for offsetting the effect of the pandemic and the slowdown of the economy, was the law that put the advanced payment to 30%. That impact is EUR 120 million. Still to collect the large part of the amounts that are envisaged. Up to now, we only have the effect of ordinary business into our accounts. Okay. The extraordinary part is foreseen to be obtained because it's slow, we are factoring, as I told you before, only a part of it. It's not fully taken into consideration into the guidance and into our figures for the budget. Okay. The 120 is the ordinary, and the extraordinary is still to come. Yeah. Okay. Wonderful. That's very clear. Thanks a lot, Pietro and Massimo. Some boost into the cash position and into the net financial position, if the government will release those funds, accounting, for instance, for the Next Generation E.U. accounts, because this would be financed. A large part of those contracts that we got this year, when we talk about the EUR 9.6, a large part of it are included inside the Next Generation E.U. or PNRR of financing. It means that those contracts will be financed by the E.U. and not by the Italian government. This means that those funds can be released in reality without having a burden on the accounting of Italy, apart from the debt. Okay. Excellent. Thank you so much. Really appreciate it. Thank you, Roland. Thank you. Bye-bye. Once again, if you wish to ask a question, you may press star and one on your telephone. For any further questions, please press star and one. Gentlemen, there are no more questions registered at this time. Ladies and gentlemen, happy holidays to all of you. Happy August. Of course, we are at your disposal for any questions. Any need, we are always available. Thank you very much. Thank you very much. Bye-bye. Bye-bye. Have a good day.