Welcome, ladies and gentlemen. It's a great pleasure doing the conference for the media investors and analysts, the subject of which is the full year 2022 financial results of TAURON Group and also for Q 4 last year. The host of today's meetings are Mr. Paweł Szczęszek, the President of the Management Board, TAURON Polska Energia, and Mr. Krzysztof Surma, the Vice President of Management Board responsible for Finance, CFO. My name is Łukasz Zimnoch. I will be conducting today's conference. The presentation, ladies and gentlemen, traditionally is being conducted in Polish, along with the simultaneous interpreting into English. Apart from the broadcast, you can always listen in to today's meetings using the teleconference mode of operation. I'd like to invite you to ask questions right away using the form of a broadcast. The only option to ask question is to use this form, which is available on the broadcast website. I can see that you've already started sending questions. Mr. President, let me hand over to you. T hank you very much. Ladies and gentlemen, it's a great pleasure for me to welcome you to the conference, the subject of which is to discuss the full year 2022 financial results of TAURON Group. I will be presenting my part, the key highlights, the final situation of the group, and the events that took place since our last meeting. On the other hand, Mr. President Krzysztof Surma will present the macroeconomics situation, the financial results posted, and the outlook for 2023. One of the main important events of 2020 was the adoption of a new strategy of TAURON Group, which assumes several fold increase of installed capacity in renewable energy sources and reducing carbon emissions by 80%. In 2022, we acquired two wind farms, one photovoltaic farms. We commissioned two wind farms, one PV farm, and we acquired five products of the total capacity about 200 MW. In 2022, we completed the process of the sale of the shares of TAURON Wydobycie, TAURON Mining, to the State Treasury. In parallel, as you know very well, there is a process underway to spin off the generation assets into the National Energy Security Agency. Let's move on to slide number two. Number one, excuse me, the key data for full year 2022. On this slide, we are presenting the financial results and operating data obtained or generated by TAURON Group for the full year 2022. It was a very challenging year. We've had to face the war in Ukraine and the energy crisis and the commodity crisis that followed. The situation on the energy and fuels market also had an impact upon the financial result of TAURON Group. The strong growth of energy prices, electricity prices, gas and coal prices were reflected in a much higher sales revenue year-over-year. On the other hand, we also reported a very strong increase of operating expenses, cost of operations. As a result, the EBITDA result was flat versus 2021 and slightly above PLN 4 billion. At the net profit level, we posted a loss of PLN 134 million. This loss was due, among others, the fact of booking the impairment charges and an increase of financial costs. The 2022 capital expenditures went up by 35%, approaching PLN 4 billion. This is the result of a Green Turn of TAURON and the acceleration of investments in the renewables. The volumes that the group generated with respect to electricity distribution and production were. Distribution was close to 2021 results. We can see much lower renewable energy sources output, which is due to the less favorable weather conditions. Beginning of last year, we had to face a drought, which had a negative impact upon the volume of production at the hydroelectric power plants. On the other hand, the Q4 was characterized by the unfavorable wind conditions. The average temperatures in 2022 were lower than in 2021, which was reflected in the lower volume of the heat generated. On the next slide, we are presenting the data that covers only Q4 last year. Similar as in case of data for the full year, we can see an increase of sales revenue, increase of the operating expenses, and a negative net profit. The net debt to EBITDA ratio at the end of 2022 remained at a safe level of 2.9. With respect to the operating data, we experienced a very strong decline of the volume of electricity production from renewable energy sources, which was due to the unfavorable wind conditions that we faced in Q4 last year. We also observed the decline of electricity distribution and the retail electricity supply volumes, which was the effect of a weakening of economic sentiment, economic downturn, and the growing number of prosumers. Thanks to the launching 2 new coal phases and good geological conditions, we increased by about 10% the production of commercial coal. Let's move on to the summary of the most important events, the highlights of 2022. On this slide, we are presenting the most important events that occurred in 2022. The majority of them already covered when I was doing the previous earnings calls, let me focus on the most important strategic events for TAURON Group. In view of a geopolitical and market changes that are the aftermath of Russian Federation's aggression against Ukraine, the key issue is to ensure the safety, the security of national power system. In this context, the green transition process is even more important. Departure from the fossil fuels and increase of renewable energy sources. In response to these challenges in June, we adopted the new strategy of TAURON Group for the years 2022 to 2030, with an outlook until 2050. Our goal is to accelerate the Green Turn of TAURON, and by year 2025, we will be having about 1.6 GW in total capacity in renewables. 2030, it's gonna be 3.7 GW of installed capacity. We are planning to achieve climate neutrality in 2050. Ladies and gentlemen, 2022 was a major step towards accomplishing our strategy. We commissioned the Majewo and Piotrków wind farms. We also completed the second stage of constructing the Choszczno PV farm. We started working on the Mysłowice PV farm. We started acquired the SPVs in Brzezina, Warblewo, and Gamów. Also the PV farm in Proszówek. At the stage of advanced analysis, we have several other projects, both wind farms and PV farms, with a total capacity of 800 MW. In comparison to the previous year, the CapEx in the renewables segment went up about 5 times. We are steadfastly implementing the process of departing from the coal assets. At the end of 2022, we spun off, we divested to the State Treasury 100% of the shares in TAURON Wydobycie, TAURON Mining, which includes coal mines Sobieski, Janina, and Brzeszcze. We're also completing the works aimed at spinning off to the National Energy Security Office, the hard coal generation assets. This is the most important strategic process conducted over the last years. We should be able to complete this process in the Q2 of this year. Let me hand over the floor to President Krzysztof Surma, the CFO, who will continue the presentation, will present to you the financial part. Please. Ladies and gentlemen, moving on to the macroeconomic and market situation. Last year, we're dealing with a gradual slowdown of the economic growth rate, GDP growth rate, which had an impact upon the decline of electricity consumption, especially in the H2 of the year, but mostly in the last quarter of last year. At the same time, Poland still produced more electricity year-over-year, which was due mainly to the situation in the neighboring countries. In the neighboring countries, the electricity price was higher than in Poland. Poland was a net exporter of electricity. The production of electricity year-over-year was higher. With respect to the distribution of those production, first of all, the renewables were the main beneficiary of this growth, among other due to the large increase of the PV installations, including the prosumer-based installations. In terms of the gas-fired installations, we faced a major decline, which is obvious, because worldwide, the gas prices went skyrocketed. Therefore, there was a major reduction of production based on gas. In terms of production based on coal, one may say it was almost flat year-over-year. However, there was certain allocations. There was a decline of electricity production from the hard coal-fired power plants. Here, we're dealing with a major increase of the price of hard coal in the year. Also, there was a limited supply on the hard coal in the market, and some of the generation was shifted to the lignite-fired units. If we move on now to the situation directly of TAURON Group, we were dealing with a major increase of revenue year-over-year, more than 40, almost 46%. However, let us remember that this growth was caused by a major increase of the price of electricity, gas, and coal on the market. At the same time, we had the same impact, sort of the same impact on the cost side of the company, the OpEx. Net profit, a major impact came from the impairment charge related to coal assets that was mentioned, but were divested to the State Treasury and had an impact on the loss, led to a net loss for the full year 2022. If we look at the EBITDA, comparable EBITDA year-over-year, well, also, we were dealing with a decline. We faced difficult challenging market conditions that the CEO mentioned also. The group was affected by them, the comparable EBITDA year-over-year dropped by 16%. This adjusted EBIT that was impacted by the one-off events that took place both in 2021 as well as 2022. We are talking about one-off transactions on the CO2 emission allowances, carbon credits, we were also dealing in both years with provisions for onerous contracts. If those one-off events, we strip them out from the reported EBITDA, we would arrive at the adjusted EBITDA, as I mentioned, year-over-year, it was about 16% lower. If we now move on to the data for Q4 alone, this data is similar to the full year data. The quarter-over-quarter growth on the revenue side is a bit lower, still high, about 36% of revenue growth rate. The reasons are exactly the same. Here in Q4, you can see the cause of net loss. This is this impairment charge related to the coal assets that took place last year, was actually implemented in Q4. In terms of the comparable EBITDA alone, quarter-over-quarter of Q4 2022 versus Q4 in 2021. Here, the main one-off events, these are the provisions for onerous contracts. After they, if you strip them out, the EBITDA year-over-year is lower also in Q4. We now move on generally for the full results of a segment. Traditionally, our key segment is the distribution segment, stable result year-over-year. For many years, more than 70% of EBITDA is generated in this line of business. Here, good earnings also were posted by the renewables segment. Very weak earnings were posted by the generation segment, which I will expand on that later, elaborate on that when I discuss the segment. Worth to note, to emphasize good earnings of the mining segment. Historically, historic high. I will elaborate on that when I discuss individual segment's situation. We move on now to the Q4 alone results earnings, here we can say that a bit weaker earnings posted by the distribution than typically. Please note and the fact and when I mentioned the general situation in the country, so the decline of electricity consumption mainly took place in Q4, and this has immediate impact upon the distribution segment. At the same time, Q4 is the best quarter in the history of the mining subsidiary as part of TAURON Group. If we move on now to the segments and comparing the reported EBITDA year-over-year here. This reported EBITDA, as you can see on the slide, comes out worse in the generation segment. It's worth remembering that in 2021, we continued to be dealing with a cost-plus contract between TAURON Polska Energia and Nowe Jaworzno. That's probably the last time I'm mentioning this topic during the earnings call, but to understand correctly the comparable results, I have to remind this fact once again, about PLN 1.25 billion. That was the shift between the supply and the generation segments. The generation segment also was negatively impacted by the hard coal prices. Here also, we have a certain transfer shift between the two segments, between the mining and the generation segment. I will elaborate on that when I discuss the individual segments. Q4, here also we are dealing with a similar situation. The mining and the supply segments show major increase of contribution to the reported EBITDA, while the generation segment here, also the distribution segment, bring about a decline of EBITDA year-over-year, talking about the comparable 2021 versus 2022. Here, as I mentioned, talking about the distribution, it's a matter of volumes. In Q4, let's remember in 2021, we still had an accelerating economy and an growing volume of electricity consumption. Q4 in 2022, we experienced a decline of consumption. That's why we have such varying results, earnings in the distribution segment. Whereas in the generation segment, let's remember that the part of the results in the context of the reported EBITDA is already addressed in the provision for the onerous contracts in the earlier quarters. We move on now to the distribution segment, our flagship segment, our key segment, as I mentioned before, let me start with negative factors. The decline of the volume, this is the effect that was visible in Q4. The second negative factor that had an impact upon that was a growing cost, both labor cost as well as growing taxes on real estate. In addition, we are seeing the negative factor here, the issue of balancing difference costs. However, let us not forget that this cost or the cost of grid losses is impacted by several factors. The one that had a negative impact in 2022 is the issue of higher price, increase of price that we had to pay for electricity to cover the grid losses. Whereas the grid losses themselves, in terms of their volume, were lower, in fact, than in 2021, and the upward adjustment also balance was positive. Therefore, this, bar should be combined to the first one, and this is the main, the key positive impact upon the distribution segment, namely the increase of the tariff, increase of rate for the distributed electricity. If we combine both factors, both bars of increase of grid rate and the increase of the cost of purchasing electricity to cover the grid losses, those two bars combined, the outcome is positive. We have a stable, flat earnings of distribution year- over- year, despite the fact that in 2021, we faced major positive volumes and a large portion of the result was also on the regulated account, which will be settled over the coming years. We look at Q4 alone, here we can see that this volume that basically during the year was lost or, which the declined one year- over- year was occurred mainly in Q4. A still greater impact of visibility of that loss, greater magnitude of a loss on the volume. At the same time, in terms of cost of grid losses, here the volume of grid losses was comparable year-over-year, and thus you can fully see the effect of increase of prices year-over-year in terms of the cost of purchasing this service or this electricity to cover the balancing difference or grid losses. If we move on now to the metrics, key metrics is good piece of information. All the quality metrics were met. Of course, we're talking about the quality metrics set by the President of the Energy Regulatory Office. There will be no negative impact on the tariff for not meeting the quality parameters. If we now move on to the renewables segment, here the main factor determining the earnings is of course the price on the market and the volume. In terms of volume, as the CEO has already mentioned, those volumes were lower year-over-year. Here, first of all, we're dealing with a much lower generation from hydropower plants. We're dealing with so-called hydrological drought. Therefore, the volume of electricity generated by the hydropower plants was lower year-over-year. At the same time, on the market, we were dealing with an increasing price and all the transactions that was covered by the hedging before could have been also sold on the spot market at higher prices. Therefore, we got a major increase of EBITDA year-over-year, which was basically driven by the increase of prices on the market. If you want now to Q4 alone in the renewables, here situation is similar. However, the similar as for the full year, volume is lower year-over-year. We have a major decline in the wind energy generation. The generation of electricity by hydropower plants was almost flat, whereas we dealing with a much worse weather conditions regarding winds, so we generated much less volume of electricity, so this is reflected in the earnings. The price effect itself was not sufficient to make this EBITDA recurring year-over-year. It was even more. We were dealing with a decline, the prices of the rights to the so-called green certificates. Those prices were lower quarter-over-quarter and therefore, this also had an impact upon the lower earnings of the renewables segment in this respect. If we now move on to the generation segment, here this segment brought the weakest results out of all the segments in our group. As I mentioned at the very beginning, to offset or make it comparable, to compare 2021 versus 2022, one would have to transfer about PLN 1.2 billion from the generation segment to the supply segment. Still, that loss, if it were to turn out, even if we brought about this comparability, we would still be dealing with almost PLN 1 billion worse earnings year-over-year. This was mainly impacted by two factors. The first factor is the shutdown of the unit, both in the H1 of the year from January 2022 to April 2022. I'm talking about the 910 MW unit in Jaworzno as well as in August 2022. Let's remember in August 2022, the price of electricity were highest on the market in Poland last year. During that time, TAURON had to buy back electricity that was contracted for this unit. This is the first key factor of a significant loss. The other component, the other factor is the growing household prices, which also led to the situation where the profitability of the contracts that had been signed in the previous years was negative to a large degree. If we move on to Q4 alone results, here again, we are dealing with this effect of a cost-plus contract. Just to make it comparable, one would have to strip out about PLN 550 million out of this bar, opening bar, so the 2021 year. Here again, we are dealing in Q4 with the higher coal prices effect. Here, the increase of the coal prices affected this quarter most, and this quarter, as a matter of fact, our earnings in this quarter were had the biggest impact, negative impact, because of, excuse me, due to the growing, rising hard coal prices. This, the rising coal prices had the biggest impact upon this quarter. If we move on now to the supply segment, here the situation is reversed. As a matter of fact, the PLN 1.25 billion that I mentioned before should be transferred to, into the earnings for 2021. Therefore, if we adjusted these earnings with, we will get very comparable, almost flat earnings year-over-year. Of course, they're a bit lower because of not the gas tariff and the G tariff not fully covering the costs and the difference that we are referring to year-over-year would probably come in at about PLN 100+ million. However, we need to emphasize at the same time that we had some allocation, the supply segment between the entities. The part of the segment of this allocation was between the supply companies operating on the domestic market and the Czech company, Czech subsidiary. Historically, good results, good earnings. The Czech subsidiary was taking advantage of the difference in prices between Poland and Czech Republic and generated the best earnings in its history. If we move on now to Q4 alone in this segment, supply segment, here the situation looked also very similar. As I mentioned, if we stripped out those PLN 550 million from the generation segment to the supply segment, which was due to the contract concluded between Nowe Jaworzno and TAURON under the cost-plus formula, the earnings for the segment would be almost flat year-over-year. The effect of gas tariff not fully covering the cost was not that relevant, not had so much impact as for in case of a full year results. Here we are dealing with a clear decline of the volume of electricity sold, the same as in case of distribution. This also in case of supply segment, this Q4 looks worse in terms of the electricity sold to the customers. It is also different versus the distribution due to the growing increase of the prosumer installations and the electricity that is accounted for as part of the production by the prosumers installations. Now, let us move on to the segment that we are showing probably for first, for the last time from the TAURON Group's perspective. Here, as the CEO mentioned at the beginning, the coal mines were divested, were sold to the State Treasury, so we'll not be showing the mining segment in our subsequent earnings calls. At the very end of its operation as part of TAURON, the segment posted very good earnings. This result is to a large degree a reflection of very high hard coal prices. Hard coal prices year- over- year went up by more than 100%, both on the market of the coal sold to individual consumers, to the heating plants, as well as to the district heating plants. We are dealing with major increases in all parts of the market. It had an impact upon very good earnings of the mining segment and a large sale of a large lump coal and medium-sized coal. It also carries large margins, so it generated better earnings for the segment. At the same time, the negative impact came from the increase of the labor cost, increase of the electricity energy cost, and the increase of the cost of materials. Those factors will also have an impact upon the earnings of that segment in subsequent years. Whereas the coal price in the subsequent quarters will be declining, but this will not have a direct impact upon the earnings of TAURON Group. If we're talking about the Q4 earnings for mining segment, you can see even a stronger price effect. In Q4, we are dealing with accumulative impact of increase of coal price and this effect, an impact upon the bid that was high. At the same time, it was combined with a very good production effect. At the time, practically all the coal faces, all the long walls that are available at the coal mines of TAURON Mining. The volume effect combined with a very high price, generated the highest earnings in the history of this subsidiary. If we move on now to the debt, the debt year-over-year went up. Let us remember that during that period, the timeframe TAURON repaid or re-redeemed or bought out the shares from PFR and paid the liability. That liability was paid in 2022, that originated from the previous periods. Other important things is the fact that the leverage ratio, net debt to EBITDA ratio is 2.9, which is high, but at the same time, still at a safe level. What is important, it's worth to note that in 2022, TAURON signed a large new program that refinance the previous debt. It was a PLN 4 billion worth program signed in July last year. It allowed us to push forward the maturities. In 2023, in the current year, we don't have a major maturity of a major debt coming in. Here it's worth to indicate the heading of a portfolio. You combine the fixed rate, including the IRS, so the hedging instruments, the instruments that convert effectively floating rate into the fixed rate. About two-thirds of the portfolio, credit portfolio of TAURON is hedged, so about one-third of the portfolio, the portfolio of TAURON is exposed to the floating rate risk. We talk about the capital expenditures, here we were dealing with a major increase year-over-year. Our CapEx came in at about PLN 4 billion. The majority of CapEx, as every year, took place, was spent in the distribution line of business. We also experienced a slight increase year-over-year. The main issue is installing new connections, new customers, connections to the grid and implementing new power lines. We had a five-fold increase of the CapEx in the renewables. It's a major qualitative increase in line with our strategy. At the same time, we were also dealing with an increase of CapEx in the more conventional generation segment and in the coal mines. Here, let us remember that the majority of that spending is also related to the heat line of business, especially in the generation part. This segment will stay with us, and it's related to the gradual decarbonization in this area. If we now move on to the outlook that we face, that we have ahead of us, let me start with our key segment, namely the distribution segment. We are expecting our earnings to go up in the distribution in 2023. This is due to the increase of the tariff set by the President of the Energy Regulatory Office here. The WACC, weighted average cost of capital, based on which the return, rate of return in the distribution segment is calculated, will go up from about 5.8% to around 8.5%. This will lead to a major increase in this segment's earnings. Also, it's worth to note certain risks and certain things that we are already aware of in terms of risk. It's a matter of volume here, depending upon what is the level of electricity consumption in Poland. This will, to a certain degree, determine the earnings generated by the distribution. The second factor that we are aware of is the settlement of regulated account. As I mentioned, in 2021, the regulated account was positively fair, so we had funds due to the volume that was higher, that we had covered by the tariff. Those funds will have to be settled this year and will have an impact upon the EBITDA in the distribution line of business. Nevertheless, we still expect the EBITDA to go up in this line of business. Regarding the renewables segment, I mentioned when I described the earnings, it's volume and price, two determinant factors. Volume, we expect an increase of volume generated in this line of business year-over-year. In terms of the price, here it will be impacted by the new regulations and the regulations related to the limits of transferring funds to certain funds to the fund, as this will have a negative impact upon the earnings in the renewables line of business. Therefore, the earnings year-over-year, we expect to be lower. In terms of the next segment, following the weak results last year, it's not a big surprise for us to expect an increase. We expect EBITDA to be positive. It's not gonna be just grow, but it'll actually translate into a positive EBITDA in this line of business. Among the positive factors, we expect a stable operation of the Nowe Jaworzno units. At the same time, we assume that the total of the contracts combined with signed in the previous years, in the previous year, in the current year, will generate a positive effect in terms of the margin of the first degree. Overall, we expect a positive EBITDA in this line of business. Of course, the segment will still be impacted by the higher coal prices from last year and the growing fixed costs. In terms of a supply segment, here we expect stable earnings year- over- year. Of course, here the segment is, to a certain degree, its earnings to a certain degree, are regulated by the charges to the funds and a certain risk that comes up. It's a matter of volumes of electricity supply, very strongly tied to the overall economic situation in Poland. In terms of CapEx, we expect the CapEx to go up. However, basically, this CapEx will be highly correlated to the financial capabilities of our group. What's worth emphasizing, the key spending will happen in the distribution segment. There's nothing, no surprises. It happens every year. The second key spending area would be the renewables. These two segments, basically, in these two segments, the key CapEx will be focused. In terms of debt, the key is to maintain the safe level to be in line with all the bank covenants, and our goal would be to maintain the investment grade rating. That's all regarding the outlook for the coming year. Thank you very much for the first part of the presentation, and let's have a Q&A session. Yes. Thank you very much for presentation to the President of Management Board. We've had some questions. Some of the questions are very multi-threaded questions, so I'll not be reading all of them coming from a single author. I will try to split them into a few ones to make it easier to answer. The first question came from Mr. Chojnacki from WNP. How much was in December 2022 the charges to the WRC fund, and how much would be those charges in Q1 2023? The price difference fund. In terms of the charge in December 2022, it clocked in at PLN 18 million. In terms of the charge in the first quarter 2023, we'll be publishing this information as we are presenting the earnings for Q1. Next question from Mr. Chojnacki. Until the end of 2023, 15% of TAURON's customer distribution should be equipped with remote readout meters. How is the process moving? Will this milestone be achieved? Well, the installation of the meters is progressing gradually, but just remember that the majority of the meters on the territory covered by the TAURON Distribution was installed in Wrocław. That's a large portion of customers. As of now, we are not assuming any deviation in this respect. That's the last question from Mr. Chojnacki. As of the end of 2022, TAURON Group had renewables with total capacity of 659 MW. How much capacity in renewables will be added in 2023? What technologies? As we announced in our strategy, after less than a year of implementing the Green Turn of TAURON strategy, this increases it to 1.6 GW and 3.7 GW by 2030. In 2025, are not in jeopardy. It's difficult to expect that this will be linear growth year by year. As of now, our approach is very optimistic. Our view is very optimistically, and the progress of our works and projects does not indicate that we'll not be in line with our plans. Even the other way around, we will achieve it earlier than we had planned originally. A few questions from Mr. Bartłomiej Sawicki from the Rzeczpospolita Daily and the Parkiet Newspaper. First question regarding the talks with Rafako. What is the reason for the extension of the talks with Rafako? TAURON Generation segment is conducting talks with Rafako as part of a mediation with the aid of legal counsel of the Republic of Poland. As you know, recently we published the assumptions for the settlement agreement. Today, we are working on how to formulate the content of this agreement. I think we are on the right track to come to this agreement. The next few questions are regarding Łagisza. The biomass-fired unit in Łagisza is posting losses. What are the reasons? When can you expect the tender for the gas-fired unit in Łagisza to take place? Regarding the earnings of the biomass-fired unit in Łagisza, the reason for that is the cost of biomass and difficulties on the commodity markets, raw materials market last year. The planned tripling of renewables capacity over seven years will be possible to shoulder by TAURON Dystrybucja. How large CapEx should be there? Let me come back to our strategy that we announced in June last year, which assumes an increase of CapEx on the distribution up to PLN 24 billion by the end of 2030. This is about 50% increase. Let me note that our activities regarding acquisitions or construction of the new capacity, new installed capacity, is taking place not only on the territory covered by TAURON Dystrybucja. I will adjust to add, because it's also worth adding that the increase of capacity, because the question, are you talking about the tripling the capacity over seven years in the national power system or in Poland or in TAURON Group? Here it's clear that regarding TAURON Group alone, its distribution is not responsible for expanding capacity in terms of the national power system. We are showing a clear increase of CapEx year-over-year in distribution, preparing for being able to connect the new sources. This is the joint in the renewable. The joint strategy, common strategy with the President of the Energy Regulatory Office. I have a question, how much were the charges to the price difference fund last year? The answer was given to the answer, PLN 18 million. What are the forecasts regarding the CapEx in 2023, especially regarding renewables investments? How much and in what is TAURON planning to invest this year? Well, focus of this year are about PLN 4.6 billion. Regarding renewables, this is almost PLN 1 billion. In terms of renewables alone, of course, the key, as I mentioned before during the presentation, the key is the distribution line of business and the majority of CapEx will be spent in this segment. In terms of renewables, basically there's gonna be the similar investment direction as up to now. Wind farms and PV farms onshore. Of course, some maybe beginnings of spending in offshore, but let's remember that we are at the stage of a licensing process now and not at the implementation stage yet. Can we expect a lower EBITDA year-over-year in 2023, taking into account the fact that in the current year, as much as 20% comes from the discontinued operations segment? Well, let us remember, for 2022, a number of factors had an impact, starting with the most unexpected one being the aggression of Russia against Ukraine and the major volatility on the commodity markets and electricity markets. The impact on the individual segments of the operations, which we could clearly see, especially in the generation segment and the mining segment. We are expecting, as we indicated when we talked about the outlook, we expect growth both in the generation as well as the distribution line of business, flat earnings in the supply and a bit lower earnings in the renewables segment. We expect that EBITDA year-over-year will be at least flat. Answering the question, we are not expecting that due to divesting one segment, that our EBITDA year-over-year will be lower. A few questions related to the National Energy Security Agency, how this issue of transferring the assets to the agency, NABE agency and the liabilities related to that. In other words, what level of assets will be transferred to NABE, split into fixed assets and current assets, and how much assets will be shifted in terms of the distribution or division into the interest-bearing and non-interest-bearing assets? Well, of course, regarding the works on the NABE agency, the process is still underway. As of now, no one has assumed so far any detailed spinning off of assets. Splitting the companies into fixed and current assets and the spin-off process. As a matter of fact, the entire TAURON generation subsidiary will be spun off and the capital group around it in 2022. Let me remind you that first we shifted, let's say, the shares from two subsidiaries, TAURON Serwis, Bioeko Grupa TAURON, from the TAURON Polska Energia level to TAURON Generation, and TAURON Generation was became an almost 100% owner of those subsidiaries. At the same time, we merged Nowe Jaworzno Grupa TAURON with TAURON Wytwarzanie with TAURON Generation. We have a single subsidiary, TAURON Generation now. We're talking about splitting assets, we are talking about the transfer of the entire subsidiary. In terms of the debt, the valuation is the key, based on the valuation, we could discuss the split of the debt. Let us remember that at TAURON, we don't have any external debt that is strictly tied to the coal part. We don't have it like that. It's our intra-group debt, depending upon the final agreements reached and the agreed upon valuation will be adequately, accordingly allocated and repaid either through the direct transaction or later by NABE themselves to a certain degree. The time has come for the last questions, ladies and gentlemen. Well, are the breaking earnings due to the windfall profits? Should it be taxed? What is the advice or as advised by the European Union and the International Energy Agency? This is a question from Mr. Jakóbik from BiznesAlert. Well, in terms of the TAURON Group's earnings, it's difficult to speak about the record-breaking earnings since we have worse earnings year-over-year, not only reported, not to mention the adjusted earnings by about 16% year-over-year. Additionally, you must remember that there were charges to the fund that were introduced that also affect the utility of energy groups. We are talking about the windfall tax or windfall profits issues. Here, we are talking probably about other groups other than energy groups and utilities, electric utilities. I think this question is no longer applicable directly to TAURON. Thank you very much, Mr. Presidents, for your presentation. Thank you for answering the questions. Ladies and gentlemen, let me now invite you to our next meeting, right after we publish the Q1 2023 earnings. We will give you, w e'll forward to you information in a traditional way about the date of the conference. Thank you much for the meeting. Have a nice day. Goodbye.