Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the Webuild Full Year 2021 Financial Results Conference Call. Our call today is hosted by Pietro Salini, Chief Executive Officer, together with Massimo Ferrari, General Manager, Corporate and Finance. 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. Please go ahead, sir. Thank you. Good morning, everyone, and welcome to our conference call dedicated to Webuild 2021 results. I'm Pietro Salini, Chief Executive of the group, and I will give a few words about our performance during the year and perspective before letting Massimo Ferrari, our General Manager, go into further details. Let's start to say that we are here after a long two-year period of COVID activities. We had impact in our lives, in the way we run our business, in the way we travel, in the way we live. We had impact, too, in our turnover and EBITDA, in the way we organized, in the way we run and control operations. But after two years, we can say we are experiencing how resilient we are. All included, including extraordinary items, even the one that we are examining in this conference call, we can say that, our business has produced a sustainable growth. Our net equity and even the net equity per share has increased. All included, including the extraordinary items that affected our net result this year. We grow in obtaining the best net financial position ever. We are EUR 450 million net cash. We reduce our gross debt by almost EUR 1 billion. We grow in size. We increase our turnover. We increase our organization. We are now 80,000 people working together. We are working to better the future of our world. More than 87 million people use our infrastructure, the one we build. In the future, we are also growing. We are targeting, notwithstanding all that, a sustainable growth. We look into future with a backlog, which has been hit by a record order intake this year. In the first months of 2022, we had added another almost EUR 4 billion of new order intake for the one we already obtained, making the future very visible. More than 92% of the total turnover for the next three years will be coming from the actual backlog and the orders we received in 2022. We continue to grow, I say, to give opportunity to the young and to the people that are coming with us. I want to thank all the people of Webuild for the extraordinary effort they have done these two years, and particularly in 2021 and up to now, for what they are doing in these difficult times and in the difficult times of COVID. I go back now to the highlights of the year on slide three. In 2021, we saw a strong rebound in operations. Revenues grew by 40%, and our EBITDA jumped by 95%. This is despite the fact that the pandemic and its effects are still with us. We had an extraordinary year in terms of financials, registering the best financial position ever. We closed 2021 with EUR 467 million of net cash. Gross debt went down by more than EUR 900 million. We also have a lot of liquidity with EUR 2.4 billion of cash on hand. We are fully on track to deliver our cost efficiency plan, which aim to create benefits for EUR 120 million by 2023. Thanks to the action put in place in 2020- 2021, we have already reduced our overheads for about EUR 30 million. We had a record intake in new orders totaling EUR 11.3 billion. We're distributed in low-risk geographies. This led to our construction order backlog also hitting a record, totaling more than EUR 37 billion. The market in general is an upswing. Countries are increasing their investment in infrastructure, especially those which we consider core to our business for their low-risk profile. Countries like Italy, United States, Australia, and Northern Europe. In Italy, the number of contracts that were going to tender have increased a lot since 2016. That is one of the main reasons we are now refocusing our activities in the country. More is to come. Given the fact that we are the largest player in our domestic market by far, we have a central role in the implementation of the National Recovery and Resilience Plan, known as PNRR. We expect EUR 24 billion to go to tenders in the next coming months in Italy. We continue to deliver our de-risking strategy. Our exposure to low risk country came up to approximately 75% of our construction order backlog, and more than 80% of our revenues. We have drastically changed our approach to bidding, being year by year more selective based on a thorough, dedicated and risk management analysis. Another important element of de-risking policy is the active management of contracts. We have been able to change the quality of our assets, resolving contract amendments in countries that have been riskier. One example is Ethiopia, where we solved a claim for EUR 450 million, totally cashed in. We completed the acquisition of Astaldi and have integrated its activities in our own. We are now focusing on extracting synergies at every level. Within Progetto Italia, we also concluded the integration, of course, in construction and CD overseas. They are now focusing on a non-captive markets and could help the group to enter in the maintenance business. For Progetto Italia, we have grown in size, expanding our expertise and increasing people at our disposal and capacity to invest in health and safety. Lastly, in terms of sustainability, we have achieved great results. 92% of our contracts contribute to the achievement of Sustainable Development Goals. Our revenues are quite totally aligned with the new taxonomy published by the European Union. Slide four has our financial highlights. Our book-to-bill surpassed by far our target for the year of 1.0x, arriving at 1.8x. Revenues were in line with our guidance at EUR 6.7 billion. EBITDA margin widened to 6.7% as expected. As Massimo will explain later, in 2021, we experienced some extraordinary costs for about EUR 31 million. If we exclude these, the recurring EBITDA margin stands at 7.2%. You have to take into consideration the impact of the pandemic and projects still not working at full speed. As I said earlier, we have a positive net financial position of more than EUR 460 million, some EUR 860 million better than the guidance we gave to the market. A remarkable result, the best since the creation of Salini Impregilo, the predecessor to Webuild. Total equity stands at EUR 1.9 billion, constantly growing versus 2019 level. Our global workforce continue to grow, reaching approximately 80,000 directly and indirectly employed. We expect this number to grow along with our business. Following this strong result, we are proposing to the shareholders meeting a dividend of EUR 0.055 per share. Slide five gives you a breakdown of our record order intake, which stands at EUR 11.3 billion. This is an incredible jump from 2020 when the amount was only EUR 2.6 billion, or from 2019, where it stood at EUR 8.1 billion. If we include the Texas High Speed Rail project, new orders will total EUR 25 billion. You will see from the map how Italy is a booming market. At EUR 5.6 billion, the value of order here for us surpass that of any other market that we are present. Then you have Australia for EUR 2.2 billion and Europe for EUR 2 billion. In the first few months of 2022, we registered EUR 4 billion worth of new order. Our commercial pipeline remains strong, standing at more than EUR 51 billion. The figures include contracts for which we are awaiting an outcome for approximately EUR 10 billion. Slide six illustrates the positive rebound of the sector in Italy, as the government is investing in public works with funding through the PNRR. The increase in volume of infrastructure contracts assigned is notable. In 2016, it was EUR 7.4 billion. In the first 10 months of 2021, the number doubled, reaching EUR 16 billion of contracts assigned. Since we are the largest builder in the country, and we are best placed to invest in health and safety, innovation, and sustainability, we are developing more than 70% of the infrastructure projects financed by the PNRR so far. Just to mention some of these projects, we are working on high-speed railways between Milan and Genoa, and between Verona and Padua. They are projects worth a combined EUR 24 billion that will go to tender in this year. The EUR 24 billion comes from the funds earmarked by the government, as well as the PNRR. You can imagine the potential that this market has for our group. Slide seven gives you a better idea of our backlog. They represent one of the reasons for the robustness of the group. Total backlog reached EUR 45.4 billion, of which EUR 36.08 billion is a construction backlog. The construction backlog is up 10% on the year. 75% of our backlog comes from low risk countries. This shows how successfully we have been in shifting our focus to countries where there is stability and visibility. True to our commitment to sustainable development, nearly all of our backlog is dedicated to United Nations goals. If we look at just the construction order in the backlog, Italy represents 44% of them. That is an increase from the 37% in 2020. Australia also grow in importance, making up 15% against 10% in 2020, and is growing. It is very important to emphasize that the company has achieved remarkable results, not only from an economic financial point of view, but also from the industrial one. In fact, we have delivered in the last three years 16 large infrastructure. From big American highways and important bridges, such as the Gerald Desmond Bridge, subways, dams, and water and wastewater treatment plants, for an overall amount of EUR 13 billion. On slide eight, we want to illustrate our commitment to environmental, social and governance, commonly known as ESG. The products that we are developing now, whether they be for water, energy, and transport, will benefit nearly 90 million people across the globe when they are completed. They will provide the infrastructure that will improve their lives. They will also help avoid the emission of up to 24 million tons of CO2 every year. Climate transition is a fundamental part of our strategy. Nearly all of our revenues, and how they were generated, are aligned to EU taxonomy, a new classification system for sustainable corporate activities. Our commitment rank us among the best in class for different ESG rating agencies. On slide nine, we want to show you how we were performing in terms of our ESG targets. We recorded progress on all targets set by the ESG plan. Injury rate recorded a reduction of 31% compared to the 2017 baseline, with a target of -40% in 2022. These are very important KPIs for our sector. Health and safety to our people is at the first place of our priorities. Emission intensity rate recorded a reduction of 50% compared to the 2017 baseline. It is noteworthy to take into consideration that the 2021 level reflects the completion of some large projects and the start of recently acquired projects, the ramp-up of which will be reflected in emissions in the next few years. The share of women included in a succession plan of key positions stood at 20%, reaching the expected target in advance. This gives us the opportunity to raise the bar to 25% by 2023. Additional investment in innovative projects amounted to approximately EUR 8 million, with a target of EUR 30 million by 2023. Reaching the record over EUR 111 million of investment in innovation made in the last five years. Finally, by the end of 2021, we formally submitted a Science Based Targets initiative, new targets to reduce greenhouse gas emissions by 2030. Meanwhile, the group continued to reduce its overall emission, which in 2021 registered a -7% compared to 2020. On slide 10, let me give you the strategic drivers we are continuing to pursue. Execute a large backlog, which covers more than 92%, sorry, of the revenues for the next three years, with strict control over cost and contract management. Continue to expand our presence in the home market that we expect to account for 44% of our revenue in 2024. Our greater scale that will allow us to manage better fixed costs. Continue to focus on low-risk countries. Complete the cost control program. Focus on strong cash flow generation. New business opportunities as maintenance in Italy and financial closure of Texas and origination in other countries. Go to slide 11. We have our 2022 targets and the trajectory of the business for 2024. At a constant exchange rate between the euro and U.S. dollar, and assuming no worsening of the COVID-19 situation and no negative impact resulting from the military conflict in Ukraine, we foresee an average book-to-bill of more than 1.0x. Sustainable revenue growth ranging between EUR 7 billion and EUR 7.5 billion in 2022, and up to between EUR 8.2 billion and EUR 8.5 billion in 2024. An improving margin up to more than 8% by 2024, thanks to rigorous project management and cost efficiency. Stable cash generation, which could allow us to maintain a net cash position. Those figures do not include the impact of Texas and the strategic option I explained earlier, and Massimo will go into further details. I now let Massimo take you through the details of our financial results for 2021 and some other highlights of the outlook for the coming years. Thank you, Massimo. Thank you, Pietro, and good morning, everybody. Before I go through the numbers, let me remind you that as is customary, we are presenting adjusted figures in order to represent the recurring performance of the business. You can find details of the adjustments we made in the appendix. We can start in slide 13, that shows how both revenues and margins are back to pre-pandemic levels, even higher. Revenues amounted to EUR 6.7 billion against EUR 4.8 billion for 2020, and EUR 5.3 billion for 2019. An increase of 40% year-on-year. This increase is due to the resumption of activity on construction sites, as well as the Astaldi acquisition. As explained earlier by Pietro, activities are still impacted by some inefficiency on construction sites due to the pandemic. If we exclude any impacts on our business, we would have reached EUR 7.4 billion. Just to make you an example, Australia has been impacted by limitation on personal and material circulation, limiting our activities in the continent. Recurrent EBITDA, which excludes some one-off items for EUR 32 million, related to Astaldi, mainly to Astaldi integration, jumped to EUR 483 million with a recurrent EBITDA margin of 7.2%, fully in line with the original guidance targets. Recurrent EBIT was about EUR 230 million. The increase of margins is remarkable, also thanks to the efficiency plan we will discuss later. Let me just add now that we have room to extract more value from savings and efficiency. In slide 14, you can see the geographical breakdown of our revenues. In light of the major investments being made by the Italian government, our home market has surpassed North America as our primary market to represent 32% of total revenues. What is important to note here is how much Italy's contribution to total revenues has increased in recent years. In 2018, it represented only 10%. As said by Pietro earlier, we expect it to increase by up to 44% in 2024. As regards the conflicts in Ukraine, let me tell you that we do not have any exposure to that market. We do not have any operational activity in Ukraine. The only thing we have is a credit, after having won a legal dispute at the ICC in Paris over an old highway contract. That credit is worth a little more than EUR 60 million, and it will be impaired starting from first half 2022. In terms of projects contribution, the main ones are the high-speed railways between Milan and Genoa, and between Verona and Padua in north of Italy, the hydroelectric projects, Snowy 2.0, and the various projects being developed by our strategic subsidiary, Lane Construction. Our 10 biggest projects are responsible for 41% of revenues, almost in line with 2020 results. On slide 15, we have the P&L below EBIT line. Financial expenses were at EUR 190 million, against EUR 156 million in 2020. This includes some non-monetary cost for EUR 55 million, mainly related to devaluation of financial asset and expenses for inflation adjustments. Taxes amounted to EUR 111 million, compared to EUR 60 million in 2020. When it comes to net income, the reported figures include some extraordinary items, such as EUR 71 million for the amortization of the positive bargain we registered in 2020, following the PPA allocation process. EUR 77 million of taxes on the positive resolution of a claim, of the claim in Ethiopia, mentioned by Pietro before. As explained during our first half result call, the claim recognizes to Webuild some EUR 450 million in extra cost, resolving all the disputes on the matter known that 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. EUR 140 million for the resolution of a long-standing legal dispute on the high-speed railway between Milan and Turin which we inherited from Impregilo. Works on the line were terminated in 2008 and 2009. Net of taxes, the impact is EUR 100 million. This does not have impact at the cash flow level, as we have reached an agreement with the client, RFI. On the next slide, we have reported the cash flow figures, and we will see the positive results registered in terms of net and gross debt. We beat all the expectations from the market, and let me say, our own expectations as well. Our operating free cash flow is around EUR 1 billion. In addition to the operational results, we greatly succeeded in extracting cash from our working capital, cashing in important contract amendments with clients, and collecting EUR 1.4 billion of net advanced payments on new contracts and projects in backlog. Let me clarify one important point. The advanced payments that we have received will be gradually, of course, returned during the life cycle of the project, while in 2022- 2023, we expect to obtain other advances from new orders. It's also important to notice that advanced payments represent a structural part of our business. All this comes to a positive net cash of EUR 467 million, an improvement of more than EUR 900 million, versus the previous year, 2020. Looking at gross debt, we reduced it by more than EUR 900 million to EUR 2.7 billion. In addition, we want to underline our strong liquidity position, that is much better than the one in 2020. We have around EUR 700 million cash held at headquarters. After the bond issue done in January 2022, which we will explain in a few minutes, we have been able to negotiate a new revolving credit facility that bring total undrawn facilities to EUR 900 million. In slide 17, we illustrate some highlights on our corporate debts. In January 2022, we successfully issued a bond for EUR 400 million. This was the first issue of a Sustainability-Linked Bond for us, and it demonstrates our commitment to fully integrate sustainability in our business, including our financial strategy. Let me thank all the banks that helped us to successfully issue the bond, and of course, all the investors that trusted us. Following the successful completion of this bond issue, we do not have any major maturities until 2024. The pro forma data after the bond issue show also how we have more than 85% of our long-term debt at fixed rates. If we look at the cost of bonds issued since December 2020, we immediately see a great reduction by 200 basis points. The success of the Sustainability-Linked Bond placement confirms the significant appreciation for the strategies that we build as posted in recent years, and confidence in Italy, and its ability to achieve PNRR goals for infrastructure. On slide 18, you can see how the targets Pietro shows you earlier are developed over time. Revenues and margins are supported by all the strategic actions that we have put in place in recent years. The current backlog covers 100% of our planned 2022 revenues, and more than 89%, close to 90% of combined 2022-2024 revenues. The remaining part will be developed thanks to the order intake we forecast to get in the future. More than 80% of 2022-2024 revenues will come from low-risk countries, out of which 40% from our domestic one, in line with our main international peers. Our de-risking policy will continue to be at the core of our commercial activity. At the end of 2024, more than 80% of our construction backlog is expected to be in low-risk countries. This selective commercial strategy, coupled with our cost efficiency program that I'll explain more in details in the next slide, will support also our margin. Going to slide 19. As we announced in 2020, we are pursuing an ambitious cost savings plan for about EUR 120 million. This entails improving efficiencies within the group, as well as capturing synergies that are coming from the acquisition of Astaldi. Thanks to the action put in place, we have been able to achieve EUR 30 million of efficiency. In the case of our corporate and branch offices, we have already put in place some other action to achieve a further EUR 15 million in efficiency for the year 2022. This is mainly thanks to the reorganization of staff according to spans and layers methodology and branches rationalization. As for indirect costs, on our construction site, we are standardizing processes and procedures to optimize costs. We are automating the back office with the creation of a hub to centralize services such as administration, procurement, legal, and HR. This is expected to lead to saving of about EUR 30 million already in 2022. We expect total additional saving for EUR 45 million in 2022, including direct and indirect costs. On slide 20, we want to focus on some potential upside to our target. Cossi, one of the Italian companies we acquired under Progetto Italia, has helped us enter a new business line by recently winning contracts to repair and maintain several stretches of highway in Italy. We are now in discussion with Italy's main sector operators to eventually operate as general contractor for larger lots. According to our estimates, we can add about EUR 1.5 billion in revenues with a high single-digit margin in the coming years. We continue to invest in innovation and green solution. It is important to understand that being green is not just a question of following the latest trend, it directly impacts on our business. Solutions that provide energy savings, such as green TBMs, or that help customers improve infrastructure monitoring, such as the robots installed on the Genoa Bridge, make it possible to create efficiencies for the construction company and for the community in general. In 2022, we also want to help Texas Central achieve financial closing on the Houston-Dallas High Speed Rail project. We plan to do so thanks to our experience in high-speed rail projects and with the support of selected infrastructure funds. We are in discussion with some of them to form strategic partnerships and identify interesting projects from an economic and financial point of view for both parties. Finally, we are working with clients and governments in order to develop projects currently not included in our commercial pipeline by offering our expertise in planning and engineering. These have represented in the past a strong source of business for us. We have a few initiatives we are following, which we hope we can soon unveil. I thank you for your attention, and now we leave open the floor for your questions. Thank you very much. This is the Chorus Call conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time. We will pause a few minutes as callers join the queue. Please stay connected. The first question is from Matteo Bonizzoni of Kepler Cheuvreux. Please go ahead. Thank you. I have some question. The first one is on the improvement of your net cash position, of your net financial position, which was around EUR 900 million. Analyzing your balance sheet, this primarily came from EUR 1.2 billion increase of your contract liabilities, so basically advances. Can you just split Italy versus not Italy? And what are overall the key driver, including the application of Decree 207 of 2020, which increased the advance payment in Italy from 10%-30% on a selective basis? This is the first question. The second question is as regards this more than EUR 100 million, let's call it one-off, related to the high-speed Milan-Turin that you inherited from the former Impregilo. I guess it should be as such, a write-off of a claim. On claims, I would like to know the amount of claims which you had in the balance sheet at the end of 2021, and if you could divest. If you are assessing the possibility to divest some of your claims to a specialized financial operator involved in non-performing loans. Then, if you can also provide an update on Texas, because there is clearly some delay compared to what we were expecting. We have read in the local newspaper that there are also some hurdles, but overall we have not achieved the financial closing. We understand that you are helping your customers to get the financial closing. Do you have any expectation about the evolution of this Texas contract? Then the last one, guidance 2022 with a margin of 7%-7.5%. Can you comment broadly on your external environment as regards the cost inflation, which is clearly a key topic? What are the expectations to pass we should have to pass, including progress in Italy coming from the recent decree? Thanks. Thank you, Matteo. It's Massimo speaking. Probably we missed some question, but I start from the first that you mentioned regarding the advances that we got, around 80% come from Italy and 20% from abroad. Nine hundred of that comes from. No, less. I'm just asking to. The decree that increased it to 30% amounted to EUR 900 million. Without, we made a calculation, without the decree, we should have get the guidance that we gave in terms of net financial position that was around EUR 300-400 net debt for 2021. The second question regarding the Khartoum claims, you are right. It's not a financial, doesn't have a financial effect right now, but it will have in the coming year, net of the positive cash in that we can get from the litigation and the agreement on solve them that we made with RFI. Regarding Texas, the first update, then I leave the floor to Pietro. We didn't include Texas in the 2022 projects target and also in the trajectory for 2024, just to make Texas as a full potential upside. We are working on that with some very large infrastructural funds. We are following very strictly the plan on the traffic in order to calculate the total return that in our opinion can be very attractive both for equity and bond investor. I don't know, Pietro, if you have any other update on Texas. On Texas, of course, this is not taking into account the estimate for the future. If Texas were there, of course, it has a transformational effect on our U.S. franchise and could have an impact of around EUR 2 billion-EUR 3 billion of turnover per year. It is something that changes a lot, either the value of the company in U.S. or either the dimension of the company in U.S. This is very important. We are working hard on getting this financial closure. We hope for the end of the year to achieve this and to conclude it. Of course, we do not factor in that because it's so large that would have an impact to make no sense of the figures without. The other important thing we were imagining, Matteo, if you remember, when we did the merger with Astaldi, we increased significantly the size of our net equity. As a matter of that, you remember that we were saying that due to the size of the net equity, which is not necessarily needed for the business at the actual level of turnover, we could envisage also some equity dynamics in the sense of looking at our, let's say, long-term revolving credit or claims to see if we could improve our cash position by making some settlement. We are looking at that as exactly as you hear from the market. Of course we did that, in, for example, in the claim in Ethiopia, obtaining a prompt payment. The claim has been completely paid through some discounts we made to the client. The tax that you see there are the an additional result. Of course, there has been an impact also in the P&L that, notwithstanding that, achieved a substantial number meeting the guidance that we gave to the market. Apart from that, the other non-recurrent- Items. ... items of EUR 50 million that were included into the figures. I think that's all. Matteo, if you have any other question or if I missed something. No, we have to answer to the inflation of raw materials and energy prices. This is an important matter because it relates to everybody and especially to what is the outcome for all the industrial company in and around the world, in Italy in particular, and the impact of the war and the impact of the COVID on logistics on those materials. Of course, we are working with the government because this new war situation is something that goes beyond the capacity of any company to handle. This is something that the government has already taken in consideration in two decrees, partially covering these sharp rises in prices. It's also now working to a new decree that will of course take care of the new rise in the cost of energy, especially in the cost of some raw materials, in the cost of steel, in the effect of the missing activity of trade with Ukraine and Russia, which is now one of the outcomes of this war. Transportation costs that are affecting, of course, all the raw materials coming in Italy through the different routing that we're using Russia or Ukraine or their sea or their land to pass through. There are a lot of impacts that the government is actually taking care of. We think that a new formula for revision of price will be decided by the government in the next coming days in order to take care of this rise. So far, we've been covered by the decree that have been given by the government. Of course, the new scenario for the future has to be taken into consideration. Of course, this regards Italy, because most of the portfolio for the foreign contracts is already hedged by the clauses that are in the FIDIC International Federation of Consulting Engineers standards. We are very confident that also Italy will align to the international standards on that very important issue. There are other questions from Matteo that we missed? No, I think we are fine. Thanks. Thank you, Matteo. The next question is from Alessandro Tortora of Mediobanca. Please go ahead. Good morning to everybody. I have, let's say, four questions. The first one is, let's say, clarification on the previous question on the level of advances coming from the, let's say, in Italy, coming from the implementation of the decree allowing for up to 30% of the advances. If I understood well, what you are telling us is that in a situation where we would have considered the old condition, basically, the company would have collected an amount of advances that would have been lower by EUR 300 million-EUR 400 million. Just a confirmation that this is what the reasoning, okay, you made before. The question is, do you have visibility for, let's say, how long it will stay in place, this new rule? If this is something you think is, I don't know, a new standard or will it come back at a certain point to, let's say, a normalized level of advances also for Italy? No, it will remain for 2022. Beyond 2022, we should think about the same... To the standards that are on average in Italy, around 20%. Okay. Thanks. Sorry, Massimo, on the first question, the calculation you were making before would mean like, I don't know, EUR 300 million-EUR 400 million extra, let's say, advances, thanks to this, let's say, to this new decree. Is it correct? Yes, it's correct. Okay. The second question is on a comment you made initially on the start of the year with a strong, let's say, order intake. You have the EUR 4 billion project. Honestly, I didn't, let's say, collect- Mm-hmm. Yeah, please. You missed something because we just announced more than EUR 1 billion, if I not remember wrong. We have the best offer in two main job, and we are just waiting for the authorization from the client to announce it. They come outside Italy. It was like, let's say this bid that... It's already around EUR 4 billion. Okay. The third question is on Texas again. On top of clearly the time related to getting the financial closing, are there any reason like, I don't know, remaking the calculation due to an inflation scenario which is clearly stronger now for the project? Just understand if there are also some reason behind the economics of the project that has to be rerun in order to get the financial closing. No, something that has to be clear. The construction contract in Texas has been signed and is effective. What we are waiting is only for the financial closure. The contract, all the details, the design, whatever else, is ready. Includes the potential adjustment for changes- Of course. ... in raw material prices, people and so on. Okay, yeah. This is the question, okay. This is the point was referring to clearly compared to, I don't know, two, three years ago now when we start to discuss a lot of the project, clearly the scenario, even the wage, you know, increases significantly. That's the point. The last question was on, let's say, the CapEx side. Can you give us, let's say, or remind us an idea of a level of, let's say, normal CapEx clearly in a normal year, hopefully this year? Sorry, can you repeat? The question was on CapEx. Yes, yes. It was a level of CapEx for this year, because clearly, I guess that last year probably was not, let's say, the best assumption to assume EUR 150 million per year CapEx for you. Thanks. CapEx in the period 2022-2024 are expected on average around EUR 500 million yearly. Of course it's very difficult to forecast this amount as we experienced it in the past many years. Because we tend to overestimate the total CapEx also because it's very important the timing of the investment during the year. Of course it could be impacted by the timing of the mobilization of the newly awarded contracts both in Italy and abroad. Okay. Just to understand, you said EUR 500 million per year, Massimo? Sorry? Yes. Yes. This year we had EUR 270 million, isn't it? EUR 230 million. EUR 230 million as CapEx this year. 2021, I mean. Okay. Thanks for the answer. Thanks. Okay. Thank you very much. The next question is from Stefan Chappot of Swisscanto. Please go ahead. Good morning. Thank you for taking my questions. Most have been answered already, but the one thing that's unclear, did I hear you during the call say that you have no exposure to Russia? Or if not, can you comment on what that might be in terms of current activity or backlog, please? Thank you. We don't have any contract in Russia. Absolutely. We don't have any contract in Ukraine. Of course, like all European countries and companies working in Europe, we will have some effect coming from this war in terms of, let's say additional complexity in transportation, in raw material provisioning, in the difficulties that are inherent with the situation. But I don't think that a counter-cyclical company like we are, that is, working on contracts on hand, that gives a span of visibility of 5.7 years, if I'm not wrong, in terms of backlog, could have a significant impact out of that. I think that if we consider that all our plan is based on contract on hands and that the revenues coming from the next coming years are coming from contract that already are on hands, 92% of the total turnover of the plan up to 2024 included, it is coming from contract that we are already. I think that this is the best sign of resiliency, a resilient company that we are and that we are experiencing in this difficult turmoil that coming before by COVID and now with the war with Russia and Ukraine. Let me add that we took some general contingencies for this kind of risk as usual for our budgets, both for our budgets and our ten-year plan 2024. Also in the guidance we of course consider some additional difficulties. It is of course an exercise of forecasting some additional difficulties without having the possibility to quantify it exactly. It has been a matter of a top-down exercise in terms of reduction of turnover, impact on EBITDA, just to be prudent in making prudent assumptions. Okay? Yeah, that's perfect. Thank you so much. Good luck. Thank you. Gentlemen, there are no more questions registered at this time. Thank you very much to everybody. Have a good day. See you soon, of course. Of course. Thank you very much to everybody. Thank you very much to all of you. Have a good day.