Hi, good afternoon. Welcome to this conference call, in which we are presenting the full year 2021 results. My name is David Gómez, Head of Investor Relations, and as usual, I would like to welcome to this conference call Silvio González, CEO, and Fernando Costi, CFO. We will go into the highlights of the period and we will move on to the Q&A after that. Without further delay, I will hand over to Silvio González. Hello. Good morning to you all. Thank you for being with us to share this moment with us. Well, as always, I will give some highlights about the full year 2021. Let's begin with, I think it's been an excellent year for Atresmedia or whatever indicator you should analyze. The advertising markets, both for television and radio, perform well. Television grew by 8% and radio by 11% year-over-year. The digital ad market increased by 14%. I mean, all the three markets performed quite well. But also if we analyze the audience market, I think this year has been this very, very good year for Atresmedia. Atresmedia as a group, we have delivered a total audience of 27.3%, which means that we improved by 1 point, the figures we got in 2020. This means that we led the prime time slot in total individuals with audience share of 28.2%. Also, Antena 3, the channel Antena 3, reached 13.8%, which means an increase of 2 points compared with the previous year in total individuals, and we led the prime time with a figure of 15.5. We were also the most viewed channel in Spain in the last quarter of 2021. That's for Antena 3. If we go to La Sexta, also excellent results. La Sexta obtained a share of 6.4% in total individuals, which means an increase of one point versus with the main competitor with this Cuatro. If we analyze the commercial target, the result was 7.5%. The very good results for LaSexta as well. The accumulated audience of all the, what we call the complementary channels, has been 7.1%. That's about, let's say, the conventional world. If we talk about digital, we consolidated our leadership among all the national audiovisual players in terms of unique users. The average of the year has been 27.4 million users daily. In the case of our SVOD platform, Atresplayer Premium, we've finished the year with a number of 427,000 subscribers, which I think we are by far the best OTT platform, the Spanish OTT platform. That's the overall view. If we go to the financials, total revenue has been EUR 963 million, which means an increase of 11.2% on a year-on-year basis. Talking about the audiovisual part of the business, the total net revenues has been EUR 901 million, which means an increase of 11.5% also, of course, in a year-on-year basis. The market share for Atresmedia has been 41.7%, which means an increase of nearly 1.6 better than the previous year, which means that we outperformed the market. Also please, having in consideration that Euro Cup 2020 was aired by our principal main competitor. It means that even with this event, we were able to overperform. Of course, we maintained the highest share of the market. The net advertising revenues for the period has been EUR 720 million with an increase of 9% compared with 2020. The digital net advertising revenue has been EUR 67 million, an increase of 30.9%. This has been driven mainly because of the overperformance in all our digital assets, meaning the AVOD, SmartAd, Smartclip, HbbTV, and also by the inclusion of in the perimeter of the influencer marketing company, H2H, that we acquired in summer 2020. In the case of the content and production and distribution division, the revenues has been EUR 79 million with an increase of 5.3%. The main drivers has been SVOD platform, Atresplayer Premium, and also the recovery, let's say that, about the cinema production. Although cinema is still far from what it was before the COVID-19. In the rest of the group, the revenues grew by 66.3% up to EUR 35 million, which means that we are returning slowly to the activities, to the normal activity levels previous to the pandemic that has affected all of us. About radio, the net advertising revenues has been EUR 71 million, which is an increase of 8.3%. OPEX, total OPEX for the group, EUR 791 million, which means a small decrease compared with 2020 if we include the severance payment scheme. On a pro forma basis, the increase has been 4.7%. The EBITDA has been EUR 172 million, which is an increase of 132%, which means EBITDA margins of 18%, very much in line with the one we obtained in 2019. Very good. I think it's excellent results if you analyze that we are still very far from 2019 in terms of revenues of the advertising market. The net profit has been EUR 118 million, 5x better than 2020, and at the same level as those we obtained in 2019. The total net debt has been EUR 13 million, which we compare with the 117 that we got at the end of December 2020, which is the lowest level since 2005. I mean, we had, as you know, a board of directors yesterday, and we will propose the assembly meeting a complementary dividend to be paid in June 2022, which of 0.24 EUR per share. Which means that if you add up with the one we prepaid by the 1st days of December, which means that the yield of the company will be 12% if you took the price that we got yesterday. With this means that we will stick to the, let's say, the policy we have always had, which is pay the 80% of the profit obtained by the group. I think these are the main highlights of the figures that we obtained in 2021. As wrapping it up, I think it's been a very good year. Even though, as you know, the advertising market also ended with 80% of the growth. The beginning of the year was quite tough, and we have not obtained yet the levels of 2019, I think which are one of the rare European market which is still far below 2019. Let's talk about 2022. Although, I mean, the news that we are involved now, which is the war between Russia and Ukraine could affect everything, and we cannot now envisage which will be the effect in terms of cost, inflation, and whatever. I mean, let's take that apart because I cannot even imagine what could happen. If things were as it were before that, before this event, we expect 2022, a year that should go well in all our activities. We do think that the television market should grow, let's say, mid-single digits, 4%-6%. That's what we foresee for television in 2022. We do think that radio and digital will perform better, which means high single digit. We do think that it should grow between 8%-10%. That's for television and radio and digital. On the content production area, it will be flattish on a year-on-year basis, and that is because there will be 3 of the areas that will grow, which is cinema, the Atresplayer Premium platform, our OTT, and international channels. We do think that all related with sale of contents will be slightly down because we will try not to sell our product to the other OTT platforms, but still keep them for our platform, for Atresplayer Premium. That's why we say all in all will be flat because of that. Looking at OPEX, we do think that the cost level will be very much in line with 2021, except all those costs that are linked to revenues. As you know, all the what we pay to the media buyers, all the things that are related to the revenues, the variable costs, they will increase at the same pace of revenues. But the rest of the cost will be flat. Of course, I mean, commodities, it would depend on what's going on with Ukraine and all. You know, if all the costs go up, there could be an effect. I mean, without that, I think that the cost will be flat. I think that we could maintain the commitment we gave at the end of the year that every revenue on top will means at least 50% of EBITDA level, so we will stick to that. On the net issue, I do think that by the end of the year, we will finish with debt, which would be in the range of EUR 50 million-EUR 60 million, assuming, of course, the payment of the dividend as usual. Well, I think I gave a quick view of what's going on in 2021, what we foresee for 2022, we are now open to your comments. Thank you. Thank you, Silvio. We move into the Q&A session, please. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press zero one on your telephone keypad. We kindly ask you to one question at a time. Thank you. The 1st question comes from Juan Peña from GVC Gaesco Beka. Please go ahead. Hi. Good afternoon. Thank you for taking my question. It's only one question about costs. You explained that in 2022, you expect 50% increase of EBITDA based on the increase of revenues. In 2021, this performance has been quite impressive because the increase of cost has been lower than your distributional guidance of 50% of the revenues. Have you seen some extraordinary things in 2021 that had to have to this increase in EBITDA, or what do you see in 2021 that you don't see in 2022 to maintain this good trend seen in 2021? Thank you. Well, 2021 was an impressive year, and I like it to be conservative. I mean, there's, I mean, I don't see that things could be changed. Let me be conservative in this case. As you know, I don't want to promise. I want to achieve. That's our Okay. Our thing. That's what we always say. Okay. Thank you very much. Thank you, Juan. We move to the next question, please. Thank you. The next question comes from Fernando Abril-Martorell from Alantra. Please go ahead. Hello. Thank you for taking my questions. I have 3, please. First, on the TV ad market, how does the year start according to your estimates in January and February and what do you expect throughout the year? I think you've mentioned you expect 4%-6% growth, and then high single-digit growth in the other businesses. That meaning, radio and digital. Then, 2nd question is with regards OPEX. How could Ukraine affect costs? I mean, I would understand that it could affect the market, but I don't know why there should cost inflation with regards this. Any clarification would also be very grateful. Then last question is with regards the OTT. I don't know if you have any target with regard to your pricing and subscribers by year-end. Yes. About the 1st one, I think I mean the beginning of the year has been good for us overall for both months, you know, January and February. We have grew by nearly 4%. In the case of radio, I mean we have grown by 15%. In the case of digital, it will be something like 3% for both months, January and February. That's why I think the market is not being that good, but we have overperformed the market. We expect that from now on, the market will recover. That's why we say that by the end of the year, the market will grow by 4%-6%. Of course, I mean, all of this should be accompanied by the price increase that we all, as you know, we always go for that, for the price increase. We are negotiating a price increase by 4%-6% with all our customers. That's it. In terms of OpEx, well, I don't know which would be the effect on gas and petrol and all that, and if it does affect all the other sectors, and we are affected by, you know, this cascade of price increase. So far, if nothing happens, there should not be no increase in the OpEx of the company. About the OTT, I mean, I will not disclose to you which is our price policy, of course. Our target is to be very something like 800,000 subscribers by the end of 2025. That's our goal for the OTT platform. I think the trend is good. We are confident about what's going on. I think the growth is good, the offer is good, and we will go on increasing the prices of the platform. I mean, that's something that we will manage as we see the evolution of the market and all the new platforms. Thank you. Yes. May I have a follow-up, please? Yeah. Yes, sure, Fernando. I guess with your OTT, can you remind us what is the economics? I mean, with the results you have had in 2021, how has been EBITDA, if you've made breakeven and with your 2025 targets doubling the subscriber base. I mean, it was the EBITDA was positive by the end of the year. It was due to the price increase we did in mid-June, and it was expected to be done by the end of the year. That's one of the reasons that this year has been EBITDA positive. We will invest more money in terms of content. We do think that by the end of 2021, I mean, the effect will be flat. As we're indifferent to the effect, it will be flat. We are trying to build a platform, so we are not very much concerned about today's results. Also, of course, we look at them, but what we want is to build the future. By the end of the plan, which begins in 2025, with these 800,000 subscribers, it will be extremely profitable. We will have a platform that could be, of course, the local hero of the Spanish market, which is our aim, which is our goal. Thank you. Okay. Thank you very much. Thank you. Thank you, Fernando. Thank you. Ladies and gentlemen, let me remind you again. If you wish to ask a question, please press zero 1 on your telephone keypad. We kindly ask you to make one question at a time. Thank you. The next question comes from Fernando Cordero from Banco Santander. Please go ahead. Hello, good morning, and thanks, or good afternoon. Thanks for taking my question. I would like to review a little bit the moving parts in order to understand your TV ad market outlook. In that sense, you are guiding or you are trying to implement a price increase between 4% and 6%. If you are also guiding to a similar level of ad market growth, I would understand that in terms of volumes, you're expecting flattish performance. Which at the end of the day could be the result of increased audience year-on-year offsetting the lower TV consumption. In that sense, just to check with you if this is the underlying scenario within your outlook. No. I mean, what we see is that the audience level will be very much like we have obtained this year. The way we can grow is by increasing prices. That's what we are looking for, and that's where the negotiations we do with our customers is what we do. But that's what we think that would happen this year. Price increasing policy in the range of 6%-8%, which is what we now are looking for and what we have obtained in January and February. All right. Thank you. Thank you very much. Once again, ladies and gentlemen, if you do wish to ask a question, please press zero 1 on your telephone keypad. The next question comes from Fernando Abril-Martorell from Alantra. Please go ahead. Sorry, there are no further questions. I have only one more, please. With regards to the net debt you expect by the end of the year, which is pretty low, even with the dividend payments. Are you targeting any other capital allocation that, meaning M&A? I mean growing organically the digital business or buybacks? I cannot give you any color about that. Of course, we are always looking to any opportunity we could see if it was good for the company, and it makes that we grow in the right sense and have profit out that. We analyze everything, but I mean, I cannot give any color about which will be the next steps we will go in the future. Okay. Thank you. Thank you, Fernando. Thank you. The next question comes from Enrique Yáguez from Bestinver Securities. Please go ahead. Hi. Good afternoon. Just 2 quick questions. The first one regarding the net debt. You aim to increase your net debt from EUR 13 million in 2021 to EUR 15 million this year. Where do you expect it to increase? Is that for the working capital, rental or is there anything else? Secondly, regarding NAR. Last year you underperformed the market, and this year you said that you will outperform it in January and February. Could you explain why you think of any trends and what are the underlying reasons behind this claim? Thank you very much. Enrique, the sound was really bad. We understood the 1st one, I think, in relating to the net debt and the reasons why the net debt was so low. Just please confirm that was the question, please. Enrique? Enrique? Oh, he got disconnected. Okay. Well, I will answer Enrique now and directly. Yeah. No problem. Thank you very much. Ladies and gentlemen, if you have any comments or questions, please press zero one on your telephone keypad. Thank you. There are no more questions. Dear speakers, the floor is yours. Okay. Thank you very much, everyone. If you have any other further questions, please contact the Investor Relations Department. Thank you very much. Bye.