Hi. Good afternoon. Welcome to this conference call, in which we are presenting the results for the full year 2022. Probably we'll go into the highlights of the period. It will be presented by Silvio González, the Executive Vice Chairman. He will answer also all the questions you may have after in the Q&A session. Without further delay, please, we start with you, Silvio. Well, good morning. I mean, let's get a brief summary about 2022, which isn't so far away. Well, I obviously say that, I mean, it has been a tough year. Although our, I think our group has overcome all the difficulties that arise in 2022. In our most relevant global markets, radio and digital, as it will, has increased, the advertising has increased by 8%, which is a great result. Nevertheless, the TV ad market decreased by 5% during this year. Good and bad news at the same time. If we analyze the audience, I think this has been an extraordinary year for this area. Our total audience has been 27.2% in terms of audience share, which means that we have been the leaders by far against our competitors. Also prime time has had a very good result with an audience share of 27.5%. Antena 3 has been the most viewed channel in 2022, with an audience rate of 13.9% considering total individuals. We have also led prime time with an audience share of 15.1%. This means that we have been leaders for the second year in a row. Also, our second channel, La Sexta, has had a very good result, which means that it had a 6.1% share considering total individuals and 7.2% in commercial target. In both cases, we are well ahead our main competitor, Cuatro. The audience of the complete channels have been 7.2%, which means an increase of 0.1% compared with 2021. The good thing also is that what has been our commercial policy during the year. You can tell that we have increased price by fee by 5% in overall comparison with last year. It has been driven by the, our audience leadership and also our excellent commercial position. For 2022, our price, pricing pace has been 5%. I think we have always worked during the last few years in the consolidations of our leadership dominion. I think that it's clear that we are the clear leaders in unique users. We have had more than 26 million in 2022. I think that our performance in the subscription video, ATRESplayer PREMIUM, has been very interesting. We closed the year with a number of subscribers up to 430,000 subscribers. I think we have had also very good figures in that field. Let's talk a little bit of financials. I mean, the total revenue for the group has been EUR 951 million, which means a slight decrease of 1.3% on a year-on-year comparison. If we analyze the audiovisual, the total net revenues has been EUR 884 million, which means a slight decrease also of 1.9% on a year-on-year comparison. Our market share in the television market has been 42.5%, which means that we have outperformed 2021. It has led to our net advertising revenues to EUR 699, which means a decrease of 2.9%, which means we have outperformed the advertising market in an overall. On the digital field, the net advertising revenues have been EUR 75 million, mainly driven by AVOD and Connected TV. We have also outperformed the market by more than three points. Our content and production division, the content and production and distribution division, the revenues has been EUR 21 million, a slight decrease of 10.3%. That's mainly due of the new policy that we are lowering content sales because we want to strengthen our SVOD platform. Let's see, this is not a commercial problem, it's that we are getting more focused on SVOD because we want it to be a real original platform. That's why this decrease has been explained. In all the others divisions, others revenues, we have the revenues has been EUR 40 million, which means an increase of 12.5%. Covering the levels we had previous to the pandemic disease. In our radio, our radio has performed very well. Total revenues has been EUR 76 million, which is an increase of 6.9%. It's more or less in line with the, with the radio market. Talking about the OpEx for the whole year has been EUR 778 million, which is a slight decrease compared to 2021, 1.6%. This has been mainly driven by savings in the programming costs. The ARPU for the year has been 173, which is a bit slightly better than what we obtained in 2021. That means that the EBITDA margin has been 18%. Net profit is EUR 113 million than 2021, but it's because of the change in the legal, in the legal framework that the rate, the minimum rate, which will be 15%, and the average rate we had in the past was something like 13.8%. I mean, that's because of the change of the law. Net debt at the end of the period was EUR 24 million, which is, I mean, just one point, I mean, net debt against EBITDA. I mean, a very, very strong financial position In terms of dividends, we maintain our policy of distribution, nearly 80% of the net profit, which means that we will distribute EUR 95 million in the, in 2022, which means a dividend yield, an implied dividend yield of 13% for our shareholders. I think it's quite good personally. As we always do, I mean, we try to give you some hints of what we think about the, about the future. 2022, performed in a large change way. I mean, January and February were two good months with an average growth of something like 5%. Things shift after in March and April. That's why by the end of the year, there was slight recovery in October and November, was this, in terms of television, this decrease of 5% in the advertising market. What do we respect for the 2020, 2023? It's difficult to say this. I mean, as you know, we always say that there is a very low visibility, which is difficult for us to know what's going on. We are now, we have done our budget with television market with slight increase between range of 2%-3%. That's what we expect for the whole year. We expect video to do better than that with a growth of something like 4%-5%. We expect digital also to be in the same similar. In terms of audience, we do think that our actual leadership position will be maintained. There's no any anything that we can envisage that could change that in short term. On this area, we do think that we will maintain leadership in the whole group, in all channels. I mean, there will not be any significant change there. We have also, which is important, we expect TV consumption to decrease in the range of 5%-7%. In case of here, same more or less in the beginning of the year, in 2023. Which yeah I think is the most important thing is that we have changed our commercial policy. After analyzing the whole environment, because we think there's been something unfair in the sense that when a customer decides how to allocate their investment in the audiovisual world, let's say that, they could allocate in television, in linear TV and in whichever video you could think. That the way to measure the different investments are different. Television was measured in terms of GRP, while all the digital investment was measured in terms of CPM. I mean, we thought that there's no reason for that. The only way to real compare with the efficiency of your investment is to make the same comparison to the same investment. That's why we have moved, and now we are selling instead of selling on a Gross rating points measure instrument to going to the CPM measure instrument. We will begin that in the month of April. We have communicated the new policy to all the media agents and all the customers. On top of that, what we are doing is thinking that we have a real premium content, which is El Hormiguero, we are changing the way we are selling it. We are selling it more in the line of a digital product, which is with two big roles. We think we are pricing it at a price which is considered because it's a real premium product. With this, with this policy, what we do think is that we could overcome the viewing time decrease and at the same time give value to what it has to give. I mean, we know television is by far the best. We think we should be considered as that media you should need to pay more if you want to be with us. Well, it's a real test in terms of, of pricing policies. Well, we do think that we have the strength in this very moment to go with it, and we do think we will succeed. Remember that we did a movement more or less the same when we put in practice the joint inventory bundle, and we got it. We succeed with it. I don't have any doubt that we will go for that. At the end, the strength of television is backing us, and we will put television in the point we do, we do think it should, it should be. Regarding radio and detail, we do think these two sectors will be positive. Radio will be in the range of 40% increase. Detail, we will also think it will have a good performance more or less in range as it has in the group. Talking about OpEx, what our commitment is to maintain the margins we have had in the past. We are talking about the margins in sales of something in the range of 15%. That's our challenge, and that's what we want to get. In terms of our financial position, I think that is pretty strong. We think we could have finished the year with a net debt of something like EUR 50 million considering that we have to pay the dividend of company. Yes, to end, we had the board of directors yesterday, and we have approved to pay a complimentary dividend of EUR 0.22 per share, which means that for the whole year, we will pay something like EUR 0.41 per share. That's. That's all. Thank you. Thank you very much. We We move into the Q&A session. If there is any question, please go ahead. Ladies and gentlemen, we will now begin the Q&A session. If you would like to ask a question, please press star five on your telephone keypad. If you change your mind, please press star five again. Please ensure that your device is unmuted locally before proceeding with your question. Our first question comes from the line of Enrique Yáñez from Bestinver Securities. Please go ahead. Hi. Good afternoon. I have three quick questions. First of all, regarding the evolution of the television market, how has been going through the first months of this year? Specifically regarding from the automotive delays to return to the market, are you going to raise the expectations of recovery in the automotive sector for this year. Secondly, regarding the strategy of the PREMIUM, what do you expect from it this year in terms of the potential evolution of subscribers and your pricing policy taking into consideration the competition. Finally, if you could give some further insight about the evolution of net adding in the last quarter, which has been much better than can be expected. Thank you very much. Well, the first question was, which has been the evolution of these, January and February. I mean, they have had not very good performance. I mean, market has been down by 8%. We do expect it. I mean, now we are negative to March, and we do think that for the whole quarter, the market will be down in the range of 6%. January and February were two not very good months, but March is recovering a little bit. We expect for the whole quarter the market will be down by a range of 6%-7%. The automotive sector was more active by the end of 2022. Now, they are still a little bit quiet. They are not investing a lot. Well, there are two sectors, autos and automotive and also finance, that are not very active in the very beginning of the year. Once we talk to them, they say that they are going to invest because, I mean, they have a lot of different models they need to launch to the market. So far they are not able to invest to see what's going on for the future. After the auto premium. Well, as you know, it's a very active market with a lot of movements. All the platforms change their strategy in a very short time. I mean, what our path was to increase prices by midyear. As we are moving to two different tiers, one is with the actual price including advertising and increase the price for those who don't want advertising in his movie. We do expect by the end of the year to be something around 500,000 subscribers. Which means that we increase nearly 100,000 subscribers for the year. We will release something like 12 new original fiction per year, which means you have a new fiction once a month. Well, I mean, our experience so far is very, very good. The churn rate is really low, it's around 8%, and we have more than 90,000 subscribers which pay for the annual subscription. I think it's quite a strong platform in terms of financials. Also, it's quite a strong platform in terms of which is the reception of the subscribers. As you know, for us, it's not just a subscription platform. It's a window where we can manage how to exploit our content. That's the way we see television, AVOD and SVOD. It's not different platforms. I mean, it's a way we face how to exploit our content in the different windows in order to make more money out of them in order to be more profitable. The last question, I pass it to you about net debt as well. The last question is regarding the net debt solution at the end of this year, the fourth quarter. It has been an improvement versus nine months because basically the cash generation was higher due to the much fourth quarter than as you said, the market has improved, has improved in the fourth quarter, has been stronger. We, you know, we got more cash than expected, and that made the debt move to the levels of this EUR 48 million, sorry, EUR 34 million at the end of the year. It was nothing special, but the evolution of the market. If so, Enrique, I know you have more questions. There is some time for you. The next question comes from the line Fernando Cordero from Banco Santander. Your line is open. Hey, good afternoon. Thanks for taking my two questions. The first question is related with your media connectivity activity. In that sense, I've seen that you have EUR 10 million profit this year. Also you have seen the cash flow around EUR 12 million and actually good from this over that this coming from media quality testing. Do you have any plan and what is going to be the activity the group may going forward on the content that you spend the operational earnings with private companies to enter into that? The second question is related to the new commercial strategy that I agree is very relevant especially into the roadmap. In that sense, you have already guided for the coming 3 years an uptick from between 2% and 3% for the full year. What is the spread that you expect to obtain as a direct market performance thanks to your new commercial policy? First one, you know, I mean, when we began this policy, which was something like five, six years ago, it was to get advantage of the unsold inventory we had in the company. We maintain the same thing. It's what we try to do is if we have some inventory cannot sell to the, let's say, regular advertising, we can get the money out of this media equity investment decisions. We will go for the same strategy for the future. In the case of Fever, it was different because, I mean, when we analyzed Fever at the first time, we thought that there were some angles which converge with our business. This was something related with the events with advertising. That's why we put some cash into the company. I mean, it has evolved into be such a big company that we have changed and now it's always it's a financial position. It's doing quite well. We are quite happy to be with the company. We follow our policy that if we can, let's say recover the money that we invested in the company, we do it the very first moment we can and let's see what's going on with the company. That's why we have sold these 4 million shares, which means that we have reduced our stake there by less of one point. We have obtained a profit of EUR 9 million because of the investment. Our media equity policy remains as it was. Fever is a special case that should be analyzed in a different way. About the commercial policy. I mean, the good news about the about the actual situation and pricing policy is that before we have launched the new policy, prices has been up in this quarter by roughly 12%, 13%. That's the good news. I mean, we are now really giving television the value it should have in the past. That's very important for us that our competitor has finally understood that the only way to really manage the actual situation is increasing prices. That's good news. The actual new policy, we do think that we could increase prices even more than that. That's why we are doing that. We do think our product is more valuable, is worth more than we are getting from the advertisers, that's what we do think it will work. It's difficult to now to foresee the visits which would be the effect. What we do expect is that we need to overcome the viewing time, the decreasing viewing time. Also we do need to move money from the digital world to television world. That's why we do want to compare with the same key drivers, CPM, we do think that the main result will be that some money that is allocated in the digital video will come to our world, to the television world. That's it. Okay, thank you. Fernando, do you have more questions? As I remind you, if you would like to ask a question, please press star five on your telephone keypad. The next question comes from the line of Fernando Abril-Martorell from Alantra. Your line is open. Hello. Good morning. Thank you for taking my questions. Just a follow-up on the market. You've said that the market is down by 60%-70% more or less year-to-date in Q1, but expect it to be 2%-3% in the full year. You are guiding for almost flattish market April onwards. I guess based on your commercial policy. Also you were guiding to 7% deconstruction fall in the year. Roughly speaking, what you are targeting with these new commercial policies to raise prices by high single digit. Is this correct? Second question is with regard to your net debt. You are almost going to net cash. I don't know if you are thinking of, you know, extra dividends or acquisitions growing any of your businesses growing inorganically as well in this year or nothing new on this front. Thank you. I mean, to your first question, yes, it is. I mean, we do expect increased prices in the high single digits. We are already doing that because, I mean, the increased two first month and what we expect in March is that we will increase prices by more than 10%. We are in that, in the right path, and we are getting that. It doesn't look it will be difficult to get that. I do think that with the new commercial policy will be even easier overcome and to get, and to really get that goal. Uh, on the, uh, about, about the evolution of the market, uh, 27, um, the, the 2022, I mean, in the, in the first months where we were with, with, with a certain effect of the Ukrainian war in the, in the, in the market. So the point is very difficult to com- to compare now from year against year because of the different situations that we have, uh, lived in, in, in the past. What we do see is that in twenty-twenty two, January and February were two good months because, I mean, the, the overall growth for these two months was something like four to five percent. And in this very year, we have had a, had a, a worse performance because, I mean, uh, we, um, we decreased in something like seven to eight percent. I mean, we are just in the beginning of the negotiation of March, we now do see how is evolution of the market, and we do expect March to be much better than March. It's still negative, but it will be ameliorated by something like 2% to or 3% to 4%. At the same time, March is a bigger market. On the overall, the performance for the first quarter, we expect to be at in the range of 6% negative. That's what we see. We do expect for the rest of the year. I mean, in the case of April, you should consider Easter. It's not also, as you know, the negative effect because, I mean, it's like you have a week less in the month, more or less the effect of Easter is a week. From April on, we do expect that the market do recover this, and it gets. By the end of the year, we'll expect the market to be negative in a range of 2%-3%. That's what time we do think. I mean, when we deal with the budget in the month of October and November, we need it top down and also from the bottom to the top. It's both things. We talked with the media and their buyers, so we've talked with the advertisers. Because all these conversations we do, I mean, that's what we thought at that moment that the market will perform like that. I mean, it's very early in the year to change that position. We think that although the beginning of the year has been positive, we do expect that it will recover so that by the end of the year it will be a slight negative. About the, yes. We are. As we do always, we are analyzing everything in order to see if it makes sense to make investment in whatever things that we do think that it would make the company bigger and better, can be better. There's not any plans now in this moment. In terms of dividend, there's no plan also to increase the dividends in this very first moment. Let's see what's going on, and perhaps if really the cash situation changes that much of it's expected to be, perhaps there could be a movement or not. At this very moment, there is no any strategy or any idea neither to apply companies or invest more to increase the dividend policy. Okay. Thank you very much. Okay. Thank you. We move to the question if the case. There are no further questions at this time. I will now hand back to David from Atresmedia. David, your line is open. Okay, thank you. We end here the call. Thank you very much for your attendance. If you have any other any other questions, please just refer to the exploration department to answer any queries you could have. Thank you very much. Bye. Thank you.