Directa Plus (LSE:DCTA) — 2021 Interim Results

0:01 Good morning, ladies and gentlemen, and welcome to the CLIRECT PLUS PLC twenty twenty one Interim Results Investor Presentation. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Simply type in your question and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, company will review all questions submitted today and publish responses where it is appropriate to do so. These will be available via your

0:31 investment company dashboard, and we'll notify you by email when these are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Julius Cesario, CEO and Giorgio Bonfatti, CFO. Good morning to you both. Morning.

0:59 Thanks, Alessandro. It's a real pleasure to be here to present DIRECTA PLUS latest results and also future opportunities. My name is Giulio Cesario. I founded the company in

1:16 2005. I spent so far thirty five years in graphite and graphene industry, the first eighteen with Union Carbide, the the second part with DIRECTA PLUS. And with me, there is Giorgio Bonfante, who is our CFO, and Giorgio will introduce himself. Yes. Thank you. Good good morning, everybody. My name is Giorgio Montfanti. I'm the new CFO of the company, new because I've joined DIRECTA PLUS in May this year. I have previous experience in the m and a advisory and and audits. I can say that after six months here at the at DIRECTA, I'm very excited about this opportunity and and and and fascinated about the company. I believe there is the high quality technology and that is the right people, the right mix of enthusiasm and experience, so we can achieve great results going forward.

2:16 Thank you, George. And we can really start to drill down on the company with beginning with the mission. But before, let me tell you that despite COVID crisis, 2020 and 2021 are years with record results. And we have significant opportunities ahead. Just to give you two numbers, in 2020, our turnover increase was of 144. And we just announced the first half of twenty twenty one year with an additional increase of 41%. The mission of the company is to make what is possible today with graphene with what is needed by industrial partners and end users.

3:03 And we are getting from the market significant signal of attention on two different areas. The first one, there is a lot of demand on antimicrobial properties generated by graphene. And we are very well positioned and we will see in the next few slides. The other is that the attention seems to be more focused on three main verticals, composite, batteries and environment, and DIRECTA PLUS is very well positioned in all these verticals. We are a nimble, innovative and flexible company with a proven ability to create and deliver next generation products with a minimal input of resources and money.

3:49 And our expectations are underpinned by three main pillars. The first one is building strategic relationship. We are building relationship with marquee partners. And the very interesting point that is also the senior that the company and even the entire industry is at an inflection point is that in the past was very difficult to run after significant partners, market partners. Now these guys are calling us on a regular basis. The second point is that we are keeping sustainability as the backbone of our strategy. Just a couple of numbers and we will drill down later.

4:35 We claimed in Romania on the Black Sea water contaminated by hydrocarbon in a significant way. And we were able to remove so far 6,500 tons of hydrocarbon crude oil and this crude oil has been moved back to the refinery. The second point is related to the fact that our activity on antibacterial and antiviral properties of Tipasgrafin is moving on. And now we are ready by adding green molecules to remove 100% of the bacteria and the virus. But also on this area, we will have a specific slide.

5:27 The last pillar is the significant IP we were able to design. And two numbers. In 2020, we had granted 38 patents. In 2021, we move up to 65, 71% increase more patents than employed, which is still a significant signal. And the other interesting signal is that the inventor are part of the team. I have on my name 53 patents and our Chief Innovation Officer, Doctor. Laura Ricci has 34 patents. So everything is under control and covered in a proper way by the company.

6:16 The business model that is the next slide is driven by this fact that we have a significant technology platform and a strong IP. As I mentioned, we are working on partnership. And I would like to stress to your attention that in the past, we work at the beginning on the forward integration of the value chain. So the idea was not to sell the black powder, mainly because graphene has an incredible plus that is the fact that a little amount will generate very high results. So the idea was let's try to maximize the profitability.

7:05 So a good example is what we did on textile, not selling our graphene to the textile company, but developing a printing and impreniation and other technique to treat all the different kind of textile from natural textile to synthetic textile, and we are selling the semi semi finished product to the the patient industry and and to and to the brand. Now with this increase of attention of the large supply chain, we are in a position to sell significant volume. So and this volume are driven mainly by the battery business, the asphalt and concrete. So we will move from the idea to maximize the profitability in niche area to the opportunity to sell large quantities and also to sign a license contract.

8:02 The proven ability to move rapidly is in front of everybody. What we did for the Comasc is a real example with the anti microbial properties. And by focusing ourselves on COMASK, we opened a completely new vertical that is the vertical of the air filtration, where we are quite active nowadays. Few names of customers, OMV PETROM, ITER KIMICA for the asphalt, L'OVO PIANA in the luxury fashion, Pultonafrag in leather, Lamborghini in Sommeria and Italy Design, who is the former Tugaro that is one of our partner.

8:47 And on the top, we have, of course, Nextech. So as I mentioned before, we are working really with significant companies. Since long time because our first product arrived to the market in 2014. So we learned a lot since 2014 adjusting the production, modifying the final product. But let's go to the production area because it's key for me to explain in which way we produce.

9:24 First of all, it's a real incredible journey between three d and two d dimension. We start from natural graphite. It's a top down process. We get intercalated graphite with different kind of molecules. And then we apply the plasma superexpansion. That is our blocking patent. This is something that is generating major difference between DIRECTA and all the other players because we are just using physics and not chemistry at all. And this was a great idea, also very, very counterintuitive because we are exploding the distance between the layers. And this this imagine that this is a natural graphite particle that after the treatment explode like this. So we have a three d structure made by several two d platelets.

10:36 And the next step is the exfoliation where we really move into the nano arena, and we exfoliate at very, very high pressure pressure in a specific way. So

10:53 we are able to create pristine graphene nanoplatelets like this and to control the morphology. So the XY dimension and the sickness. And the difference between our production unit and some other production idea that are really working on intense mechanical milling, they are changing the structure. And and the final product is is this. We we have several crystalline structure problems. Or they are using because they are not able to utilize our blocking patent, they they are they are using surfactants or arch chemistry. And this ash chemistry is a barrier, for example, in the textile arena. So my idea is to pass this message. During the last ten years, we really built a robust technology platform.

11:58 We designed a unique production process able to make different g plus particles in terms of morphology and physical form. And by physical form, I mean powder, master, batch, ink, etcetera. And working with small partners at the beginning, we learn how to integrate G plus in their process. So we define different recipes. Different recipes leveraging on the demand of different properties from the end user. Now we have a significant advantage. Every new request we are able to identify the morphology, to identify the physical form. We have our recipe and most of the case we know in advance how to incorporate G plus in the matrix because the real secret is to have the proper distribution of our particles inside our customer matrix. So minimum R and D investment and maximum commercial opportunity.

13:04 With the next slide, we will see the properties in different markets. And as you can realize immediately, we are working on a limited number of properties that are the essence of graphene. We are working on thermal conductivity. We are working on electrical conductivity, absorbency and antimicrobial. And these are the one consolidated. We know a lot about how to explore in different situation and answering to different kind of

13:40 input from end user these properties. We are also now increasing our attention on tribology in terms of balance between, for example, friction and lubricant properties of graphene. Good example are brake pads where you have to find an interesting balance or flame retardant, which could open a significant market and where we have already a granted IP. Now Giorgio will give you an idea of our principal market is market talking of the four main verticals we are in. Yes. Here, you you can see that's an overview of our principal markets.

14:30 We have two verticals which which generate most of our current revenues and are the environmental and the textiles. And then we have two additional verticals in which we are at an advanced stage in terms of r and d, and we foresee revenues for for for the future for upcoming years. If we look at environmental, we have GRAPHISORBER, our technology, which is an hybrid graphene based solution for treating water contaminated by hydrocarbons, and it is at least five times more effective than current technologies. It is sustainable, and it is not flammable. If we look at the textiles, we have the planar thermal circuit, which allows to manage the temperature control over over the body.

15:21 And in addition to this, very important, it has antibacterial and antiviral properties. So this is opening to new textile applications starting from the face mask that we produced in response to the COVID pandemic because it inhibits the the spread of of the SARS CoV two. And then, again, the the two the two additional principal verticals, we have the composites, in particular, the the asphalt. Our GPave solution, it is proven to materially enhance the performance of the asphalts by to triple the duration of the asphalts. It is more sustainable. And what what is crucial to us, it has a low environmental footprint, and we will cover it later.

16:07 And then finally, the lithium sulfur batteries. We are developing with our partner, Nextech, a company based in the in The US, a prototype of lithium sulfur batteries, which our with our g plus graphene, it has a superior energy density by three times compared to the lithium ion currently on on the market. So we we have a high quality technology, and we believe we have a strong competitive advantage, thanks to those properties.

16:41 Now let's move to the platform evolution. And I would like to tell you in advance that our mantra since the beginning was to move beyond our comfort zone, breaking conventional boundaries and learning a lot. The most difficult time was at the beginning, you know, two thousand and five, twenty fourteen. In the first part of this time frame was utilized most of my money and the money of the angel investor before getting on onboard a venture capital and before we listed at the stock market. And the attention was on production and products. It is the time where we really put the foundation of the AP and the engineering. And I would like to stress to your attention that we have a continuous sequence of IP and know how that is generating a very solid entrance barrier to anyone who would like really to replicate or bypass just the IP.

17:52 In twenty fourteen, twenty seventeen, we worked very hard on the verticals exploration focusing ourselves mainly on the existing market because our idea was counterintuitive. If you have an AI technology, normally, you go to the future market, the sexy one, but there is practically zero demand. We we told ourselves, let's work on the existing in order to validate our business model. And we were able really to learn and also to open significant business opportunity. Twenty eighteen, twenty nineteen, we really create a different business cases. And we started for the first time to look at a a future market like the leaking sulfur batteries.

18:43 Now it's time. It's really time for DIRECTA to work with different market partners on the industrial scale of G plus Graphene semi finished products. Because I'm sold to the idea that Graphene company will succeed or fail or now they lead or lack partners adopting graphene technology. So we are selecting with a lot of attention, not just the partners in terms of their potential business or dimension, but also on the their attention and desire really to learn and work on co invention with us. One slide on a different subject, but that in the past generated some questions from investors.

19:38 Despite more medium enterprise rarely invest on brand, we decided to do since the beginning for two main reasons. The first one was to try to bypass the resistance to the nano concept that is still in the mind of many end user. And the second, more much more important for us to explain the difference between G plus graphene produced without chemistry, but just with physic and with all the other production trajectory. So we work on the brand with focus on high quality of the technology and the performance and the sustainability.

20:23 And here, me tell you that we are proud to have 28 certificates of no impact on the biological system. You can read all these certificates on our website. And the brand communication objective is really to attract customer able to power the growth of the company by testing and recommending our products. We created the Cosmic Collection, we created the Comask not because we want to start a new dress vertical, but because we want to use the end user as our evangelist. And just let me give you a very simple example.

21:11 Few weeks ago at the Milan Fashion Week, supported a young stylist, Rommel Calzado, by giving air free of charge 20 meters of double face staining treated with our planar thermal silk with and inside with our antimicrobial material. And she designed a very nice denim and incredible, but Naomi Campbell visiting the stand decided to be dressed for the two days. She was in Milano with our product. Small information that generate at zero cost and immense attention on the properties of our GPLUS therapy.

22:05 K. Next page, we have an overview of our IP portfolio. As we as we we said, one of our strengths is the fact that we have a strong technology platform and a large IP portfolio. Currently, we have 65 granted patents and 27 pending, which are grouped in 18 families. And those those patents cover processes like the plasma super expansion or the exfoliation process. They cover products like the liquid g plus or the g plus membranes and applications like the flame retardant or or water treatment. So we have a larger p portfolio covering different verticals, processes, products, and and applications.

22:58 I move to the next section, which we have an overview of our interim results for the first part of of of the year of 2021. Just a few highlights key highlights. As a general comment from from a commercial point of view, we are getting very positive signals from the market. As Julius said before, in the past, we had to look for the partners, and now partners have started to look for us, which is a really encouraging signal from our side. A few numbers. In the environmental vertical, we recovered more than 6,500 tons of hydrocarbons in the first nine months of the year versus 1,500,000 1,500 last year in the full in the twelve twelve months.

23:51 In the textile, we we printed more than 50,000 meters. Printed, padded, laminated more than 50,000 meters of of textile. And then the the the financials. As we said, we we achieved great results, the best in our history with revenue increased by 41% and EBITDA decreased by EBITDA loss decreased by 70%. And then the patent portfolio increased up to 65, as we said, versus 38 patents back in December 2020. So I will drill down on the financial section. And as as we can see from the chart, the top of the page, the the growing trend continues.

24:39 Last year, for the full year, we reached 6,430,000 of revenues. In the first six months of the year, we accounted 3,950,000 of revenues and 4.56 of total income. The increase was driven by all the main both our two main verticals, the two sets. So the environmental, which currently is 75% of total revenues,

25:09 And here, increased by 35%. And here, SECAR is still playing a a key role. So SECAR is the is the company we acquired in Romania back in 2019, and and this result is demonstrating the value of the key acquisition we we did. And then also the textile increased, which which is 24% of total revenues, increased by 72% compared to last year. EBITDA loss, as I said, reduced by 70% at 400,000. It is important to highlight the fact that this result was achieved also thanks to the contribution of 500,000 of one if one one off income in SETCAR.

26:00 This is this was the the result of the release of an undue obligation. But if we exclude this this one off income, the EBITDA loss was reduced by 36%, which is still a great result. The the the loss for the first half was 1,200,000, more than 50% better than than than last year. And then cash. Cash group cash was 5,200,000 in June, and we are progressively moving towards the cash flow breakeven. So we have a positive outlook for for for year end, for sure, to to meet the market expectations, but also for the upcoming upcoming years.

26:47 Okay. So we'll move to to another section for with the commercial review, and Giulio will cover this. Yes. Thank you, Giorgio. I I will cover the four main verticals starting, of course, from environment because we are generating now 75% of our turnover in this area. No doubt that the decision to acquire November 2019 second car was one of the best decision taken by our Board with the support of our investors. Graphisorpe is the key technology that is gaining traction on the oil and gas industry. And of course, SETCAR is closing our presence on the entire value chain because at the beginning, we developed a mobile production unit for graphisoftware, but was not enough. Then we designed a mobile treatment unit to be added to the mobile production unit. At this point, I realized that the missing part was to put the boots on the ground. So we acquired a service company with a significant experience in decontaminating the oil wells area and in working with oil and gas industry.

28:15 And now we own 51% of SETTA and we have 160 people working mainly in the Romanian area, but with some business opportunity also on a global basis all over the world. We announced several orders with regard to the environmental vertical. The latest one was announced in July

28:49 2021, a four year contract for INDEPCOM for a value of €3,200,000 gain to focus is the contamination of polluted water from hydrocarbon. The interesting part is the outlook. We are working on high profile tenders with significant industry partners in this area. And just to give you a number that is very important for DIRECTA because it's also the senior that we are really at an inflection point, the potential of these tenders is for sector above €50,000,000 And this number are not inside any forecast.

29:39 We are waiting to see if we will win the tender and then we will make the announcement and move the number into the forecast. On the top of this, we have a strong pipeline in place for 2021, which is of course vice versa inside our forecast of more than €2,000,000 And we have another portfolio for 2022 that is approximately above €5,000,000 So significant opportunities that are the result of the very long and difficult activity in the area. But more than my words is key and will give you an idea of the potential of our product, a short video that I would like to ask Alessandro to play now.

32:41 Okay. Thank you. As you realize, really, the interesting part is how quick and effective it is and the possibility to squeeze that we solve them several time and recover the oil. And this video was taken on the Black Sea and everything started in terms of gaining attention of on the PETROM, on the COIL and the other big players by inviting them to see this text. But now we can move to the second vertical that is really important for us and is textile. Textile is covering 24% of our turnover.

33:33 Significant achievement, as I mentioned, also at the beginning of our presentation on G plus filter application. Of course, the desire everybody desire is not to continue to sell face mask, but to move seriously in the vertical of air filtering. And we are working with one of our partners since quite a long time on this opportunity for automotive and air conditioning. We launched our brand, as I mentioned, also in terms of performance sportswear, the costume collection. And what we did in terms of achievement was to, first of all, show how effective is our planar thermal circuit solution that is a kind of circuit inside the shirt to the point that with some textile partners, we won four medals in cycling at Tokyo Olympics, one of which was a gold one.

34:48 And we developed also new impregnation technology for lining and dating at the same time. The agreement with major traditional customer start to recovery after the terrible year of COVID, where most of the top luxury brands reduced drastically the demand of product. And in terms of outlook, we have an interesting new technology of coating for automotive, seats and steering wheels, furniture and interior design. We are also working with a major international developer and manufacturer of consumer electronic.

35:39 Unfortunately, I'm not allowed to mention the name, but it's one of the top company. And we are focusing ourself on the touch vibration and touch sensing properties of special kind of textile doped with our G plus graphene. And we have a significant expectation also in this area. New collaboration also is moving on with a significant partner at the global level manufacturer of advanced textile, polyamide, synthetic fibers and Performa Plastics. So also in this area, we are moving to capture new and interesting opportunities.

36:28 The next slide will cover the leaking sulfur batteries. And let me start by telling you that in academia, there are different

36:38 ideas with regards of how fast leaking sulfur will arrive to market. We speak we are not expert. We have to admit we are expert in in designing a proper way our graphene nanoplatelet, but we are totally convinced that putting practice over theory means that we recognize that in a faster future, there is a high cost to wait and planning versus doing. So we decided to support our partner Nextech in order to help them to arrive as quick as possible to the market with a real product that will evaporate any kind of doubt. And with regards to Nextech material, I would like to tell you that there is no doubt regarding the superior energy density, three times practical and five times theoretically versus lithium ion.

37:36 There is a significant cost advantage, more than 50% less mainly driven by no cobalt and no rare earth inside. There is a superior safety profile, which is very important, especially if you're driving an electric car, no thermal runaway and no explosion, and less complex manufacturing. We signed with Nextech a three year agreement, and we are working really to design the proper morphology, again, of our nanoplatelets and to fix these nanoplatelets in a specific way to the sulfur.

38:23 In June 2021, Nextech decide to establish a European subsidiary in Italy. And just a few weeks ago, rented an area next door to our production unit really to try to accelerate time to market. And our activity is to support them with a nice approach, supporting them with local connection and with the proper material, but without injecting and risking any money at this stage of the venture. Last slide is on another key vertical is covering asphalt. Asphalt is a great opportunity, again, in terms of very, very big volumes.

39:16 And we signed three years ago an agreement with InterQimica. InterQimica developed an additive for us for the NG PAVE that has very significant environmental footprint. First of all, on the circular economy, is able to absorb the asphalt added with cheap pave, 18 tons of recycled plastic. And these are not the normal plastic. These are the hard plastic, the very difficult one to be disposed. So it's a plus for all the local authorities in the local area in terms of solving a significant problem.

40:05 There is a total absence of toxicity, no production of any microplastics. Recycling is total, you know, can be recycled infinite times. And the carbon footprint versus the Aqua technology that is the SBS, the butane butane is of approximately less 92%. So there is a significant opportunity, of course, long time to start a business in this area. In our calculation, there are two point five years. We started long time ago with the IRQIMICA. The first trial section was made in Rome on the Ardia Tina Way that was a way to the sea from Rome that had the nickname of the road to cabool for the big potholes.

40:59 And the tire section was applied in at beginning of twenty nineteen. The results and the feedback are very, very positive. And so far, ITERTIMICA defined already 13 trial section ready to move to some real business opportunity. The first one are going to be started in Italy. But out of this cryo section, two are completed in U. K. There are on the top of the thirteen, two further commercial cryo section in Oxfordshire and in Sardinia in Italy, and there are two additional under negotiation in U. K. So we expect to grow slowly, probably also during the first part of twenty twenty two in terms of demand of our product, but we foresee a potential significant increase starting from the second part of twenty twenty two.

42:16 Giorgio now will cover a basic picture on the market outlook. Yes. Final section on on on the outlook. And here we can see the market outlook. The the chart is taken from an external source, and it shows the expected increasing demand in graphene in the next ten years. And as you can see, the the demand in terms of tones of graphene is expected to significantly increase over the next ten years and to double over the next three years. But what is important here to highlight is the fact that DIRECTA PLUS is currently active in the most significant application.

43:06 As as you can see, the batteries, the composites, and the filtration, which is which is part of our environmental vertical, are are the most important. So we are we believe we are well positioned. We are ready to to benefit for from the market growth in in the upcoming years. Just in term of closing comments, group outlook, no doubt that the key objective, my key objective is to move towards EBITDA and cash flow breakeven as soon as fast as possible. And we have laid the foundation of the company on four cornerstones that will allow us to achieve these results.

43:57 Do these results. The first one is knowledge, 15 of R and D and 65 granted patents. The flexibility, I mentioned several time the unique production system for different nanoplates morphologies and also different physical forms to tackle different properties and specific demands from partners and end user. Alliance, lot of focus and attention on marquee partners, and I'm sold to the idea that technology is not lacking. The issue is to pack different technology together and the ability to choose the right partners will be the signal of successful roofing company in next future.

44:50 And reputation, we are working as much as possible to increase our credibility and the, of course, the brand awareness. So we have a proven track record of delivering. I think that we are really walking the talk. Sometimes we have a little bit of delay, but we are delivering what we are presenting to our investor. And in an environment in terms of the graphene industry and of DIRECTA potential that is sending us strong signal that we are really at an inflection point. Thanks for your attention, and we are ready for the Q and A section.

45:37 Giulio, Giorgio, thank you very much for your presentation. Ladies and gentlemen, please continue to submit your questions using the Q and A tab situated in the top right hand corner of your screen. But just while the company take a few moments to review those investor questions submitted already, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard on the investment company platform. I would also like to remind you that your feedback is important to the company. And immediately after the presentation has ended, you'll be redirect redirected for the opportunity to provide your feedback in order that the company can better understand your views and expectations. Giulio Giorgio, investors have submitted a number of questions during the presentation today, and I want want to hand back to you to respond to those where it's appropriate to do so. Could I ask you to read out the question and then who it's from? Thank you very much.

46:29 Okay. Let me start with the first one. You operate in a large number of areas. Where do you see the near term drivers for revenue? And what visibility do you have contractually in these areas? No doubt that the key opportunities are in the environmental for the LECTRA because it's where we develop a significant experience. We have quite a good visibility. I think we covered with this slide. But the other area where we don't have the same kind of visibility, but where the potential is absolutely significant is the battery. And we are trying to learn. We're trying to protect the company without making big mistakes in terms of allocating too much. But without any doubt, we choose the right partner in this area.

47:31 The second question, you want to read, Giorgio, and we we can answer together if you want. With the growth in the battery technology, where do you fit in this space? And are there any issues in the supply chain to service these markets? So, again, we are not expert in this area, but no doubt that if the lithium sulfur technology will demonstrate on the top of the property I mentioned also to have the number of cycles that are comparable with the lithium ion, this will move very fast and substitute.

48:20 In terms of supply chain, my idea and my comments, but I'm not big leverage on our partner strategic decision is to be smart, not to try to target the Gigafactory. My idea is that on a strategic point of view, it's much better to produce the raw material for the Gigafactory. The Gigafactory is an immense investment. We require incredible number of people. It's an immense complexity. But if Nextech, with our support, will succeed in delivering the first few batteries working with the right number of cycle, we will be they would be very, very attractive for this part significant part of the supply chain.

49:16 The next question is how long are the commercial trials of GPay expected to take? What are the subsequent steps to commercialization once the trials are complete, assuming they are successful? Takes you know, this is mainly related to the life of the roads. So the normal life is six, seven years. So I think that probably after half of the life, the amount of data is significant and solid enough to move on. Some local authorities decided to move before, and I mentioned you what ITERTIMICA is doing in Italy.

50:04 And I think that everything will move faster as soon as we have the proper business cases, successful business case to be presented also to all the other global players. So it's a question of digesting this new technology, substituting the SBS concept and leveraging on the sustainability part of strategic solution, which is really significant. Okay. We have a last question. It would be easier to find you when looking for graphene companies if your name is included graphene. Any chance of extending the registered name?

50:53 That's that's a very a very a very good point. We tried unsuccessfully because it's not easy really to extend the name, but we are trying to work on solution that are providing us better better visibility without without any doubt. That's all. Giulio, Giorgio, I think you've actually addressed all the questions from investors today. And, of course, the company will review any further questions that come in and publish responses where it's appropriate to do so. But just before redirecting best feedback, Julia, I wondered if I could ask you for a closing snapshot.

51:38 Thank you. Yes. Thanks to you. I would like to close with this picture. So far, we drove a nice car with a good diesel engine in a narrow road. But as a result of the very good and positive work we did with partners, now we are in a position to move on board the proper marquee partners that will provide gas to the new car. We already changed the engine. Let's make the hypothesis that we have a hybrid very fast engine, and we are ready to move on a motorway and drastically increase the speed of the company.

52:30 Giulio, Georgia, thank you again for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete. However, it's greatly valued by the company. On behalf of the management team of DIRECTA PLUS, we'd like to say thank you for attending today's presentation. And that now concludes today's session, and good morning to you all.