Good morning, everyone. Welcome to the 2021 results presentations for ACCIONA. I'm José Manuel Entrecanales, Chairman and CEO. On my left, I have Pepa Chapa, Investor Relations. On my right, I have José Ángel Tejero, Chief Financial and Sustainability Officer. In the room to give you a better understanding of some of our businesses, I have Andrés Pan de Soraluce, who's the head of our property business, real estate. Carlos Sotelo behind him, who's the head of our mobility business. Luis Castilla on my left, who's the head of our infrastructure business. Quique Pérez Plá, head of Bestinver. Juan Muro-Lara, who you all know as the Chief Corporate Development and Strategy Officer. With that, I will start my presentation and, after that, the presentations from my colleagues, we will go into a Q&A that will be dealt with written questions that we'll be answering gladly through the screens. Thank you very much. Okay. First of all, I'm aware that the timing of this presentation may be somewhat at odds with the bleak developments in Eastern Europe, which are obviously everyone's concern right now. My condolences to the people of Ukraine, particularly to our partners and employees with whom we talk on a daily basis and fortunately are all well. Let us hope for the best. Today, for the first time, I'm presenting ACCIONA's results without a detailed focus on our renewable energy project with the renewable energy industry. I'm going to devote most of my attention to the other businesses. We focused on ACCIONA Energía yesterday at ACCIONA Energía's results presentations as an independent company, naturally. Now, we have set ACCIONA Energía firmly on its path as a successful listed pure-play renewable energy company. I want to take the opportunity to put into perspective where we come from, what has shaped ACCIONA over the past 25 years, and the long-term mission as a contributor to some of the key transformative changes that our world requires. Some 20 years ago, we began developing what has undoubtedly been ACCIONA's most successful business project, ACCIONA Energía. Its IPO, I believe, marks the beginning of a new era for ACCIONA as it will reinforce our capacity to continue developing our long-term strategy. At approximately the same time, we enter a new chapter of our century-old infrastructure business as we explicitly shifted all our focus on sustainability. The energy project was then a mere component within our global strategy. Despite the enormous changes the world has experienced in that period, many of our strategy-inspiring predictions have fortunately or unfortunately proven right. Back then, we were already talking about climate change and the need to reduce emissions. We warned about the growing need for fresh water. Against a generally negative investor sentiment, we persevered in pursuing our skills and global footprint in the infrastructure and the real estate sectors for the crucial role they play in the development of society as a whole. We are far from solving these colossal challenges. If anything, the needs have become more urgent. In 25 years, a minuscule period in history, emissions have grown by about 50%, water availability per capita has declined about 31%, and the need for resilient mitigating and adapting infrastructure has grown exponentially. It is frustrating that so little progress has been made, but at the same time, from the perspective of the transformation that's required, our business model has never been more relevant, more contemporary, and more in demand. For the past 20 or 25 years, we have played a key role in the transformation of the energy industry, pioneering almost every innovation in renewables, whether energy storage, PPAs, hybridization, blockchain applications, floating solar or green hydrogen. In infrastructure, where we have a long list of patents, proprietary pioneering construction techniques, and some of the most iconic infra projects in the world. In the water sector, where we invested, heavily invested in reverse osmosis desalination 20 years ago, when the need for a less energy-intensive technology to address water scarcity was not at all obvious, as obvious as it is today. Despite these accomplishments, we are as active and eager to improve as ever, because what we achieved is grossly insufficient. Particularly in relation to climate change, we have barely another 25 years to reverse the trend of ever higher emissions. We need to redouble our efforts. The next generations will live with the consequences of the decisions we take as a society today. This includes decisions about the way we produce and consume energy, how we plan urban infrastructure and transport, how we conserve and treat water, or how we reuse or dispose of our waste. Transformation is a must, and we will continue to play a leading role in making that happen. A huge global effort is required. To give you a quantitative idea of the challenge, only in decarbonizing the energy sector, global CapEx has to grow from about $6 trillion current annual investment to over $9 trillion. That's about a 50% increase in annual global investment. We will also continue to take part in the transformation of urban spaces and mobility already underway. We expect this sector to attract about $38 trillion in global investment only this decade. This is dollars I'm talking. We see urban spaces shifting from being car-centric to becoming healthier and more inclusive human environments. We will see fast changes in mobility with new means of transport and new business models, some of which ACCIONA is already involved with. Living and working environments will tend to blend in with their surroundings, with more natural light, cleaner air, flexible space, and materials designed from and for circularity. At this point of environmental damage and CO2 concentration, it is essential that we go beyond a do not harm approach onto a regeneration strategy. Unfortunately, carbon storage is not yet a sufficiently viable scale, so ACCIONA's regenerative efforts will mainly be focused on water. We will be at the forefront of providing new clean water and sanitation infrastructure. In the coming years, this is expected to attract three times the current level of investment, and in large parts of the world, the availability of water is set to become the essential limiting factor in human development or the main competitive advantage. We will work to give finance a prominent role in this transformation with a new approach to value investing that goes beyond the current ESG ratings. It is not only a question of prioritizing one sector over another, but more about developing or helping develop business projects that enable promising positive impacts. At ACCIONA, we like to say, maybe somewhat pretentious, but we like to say that we're giving rise to a new sector in the economy, sustainability. We believe investing better has a role to play in this objectives, both by enhancing investor awareness and both a challenge and a promising opportunity while offering them socially and environmentally viable investment alternatives. In these yearly results, I am pleased to report figures that not only reflect a successful strategy and the solid execution, but also 25 years of working towards what we are today, a global benchmark in sustainable solutions. Few companies in the world are better prepared for the sustainable transformation ahead of us. We are proud to attract the best talent, and 93% of our CapEx is aligned with the EU Taxonomy for Sustainable Activities. ACCIONA is a unique business based on a transformative purpose with the proven capacity to make it possible. Thank you very much. Thank you very much, José Manuel. Now, José Ángel Tejero, Chief Financial and Sustainability Officer, will review our financial numbers of 2021. Thank you. Thank you, Petra. I would like to start with the key highlights of the group for 2021. Acciona EBITDA grew by 31% with good operating performance across all businesses. Acciona Energía's EBITDA increased by 25%, while the EBITDA contribution from the rest of the Acciona group grew by 50% relative to the previous year. This performance is particularly satisfactory considering that the COVID-19 pandemic was, unfortunately, not completely out of the picture. We have had a very good year in terms of cash flow generation, with our financial debt decreasing by EUR 389 million. Debt at year-end stood at EUR 4.3 billion, and this was after investing more than EUR 1.5 billion and having paid or more than EUR 200 million in dividends. The IPO of ACCIONA Energía generated gross proceeds for ACCIONA of EUR 1.5 billion. In 2021, we reduced our financial expenses by 18% thanks to the lower cost of debt and improved credit profile of the group resulting from ACCIONA Energía IPO transaction. We also improved our shareholders' remuneration, having increased the dividend payment to EUR 4.1 per share, 5% higher than the previous financial year. The IPO of ACCIONA Energía generated a capital gain of EUR 613 million at ACCIONA. This capital gain did not go through the P&L, as we sold a minority stake, but has increased our equity base almost 30% to EUR 4.3 billion, which give us a higher capacity to support high further growth in all businesses within the group. Going to slide seven, you can see the key metrics for our 2021 results. I would like to highlight the significant growth in EBITDA that reached EUR 1,483 million, and the strong reduction of our financial leverage with the net debt to EBITDA ratio as of December 2021 at 2.93 times, well below the 4.18 times ratio at the end of 2020. In slide eight, you can find our ESG highlights with the key environmental and social performance metrics. Talking about people, we are proud to say that in a very challenging year, we increased our workforce by 8.6% to 41,640 employees. We have also improved in terms of gender equality, having increased the number of women in executive and manager positions, as well as increasing the number of employees with social impact by 64.5%. We continue to maintain a high percentage of our CapEx aligned with the EU low carbon taxonomy, which means that we will continue increasing the avoided emission in the coming years. In slide 9, we provide details of the investment carried out during the year. As you can see, the energy represented the lion's share of our investment, with EUR 819 million, as was explained yesterday in detail by the ACCIONA Energía team. In addition, there is also a significant increase in the amount invested in the rest of the businesses compared to the previous year, underpinning its future growth. On slide 10, looking at the evolution of the net debt, as you can see, we have reduced by EUR 383 million this year, having finished 2021 with a net debt figure of EUR 4,344 million. Aside from the good operating performance of the businesses and the cash proceeds from the ACCIONA Energía IPO, I would like to highlight the good management of working capital during the year, as well as the reduction that we have achieved in the group's financial expenses. In the next slide, you can see that we have reduced the cost of our corporate debt, which represents the bulk of our debt, from 1.97% in 2020 to 1.66% in 2021, mainly as a result of the independent access of ACCIONA Energía to the financing markets in conjunction with its investment-grade profile resulting from the recapitalization of the company that we carried out before, just before the IPO. Looking to 2022, we want to give you some color on our current expectation. All of this with all the caveats, considering the growing geopolitical tensions, obviously. We expect another year of solid double-digit growth in EBITDA, mostly driven by the energy business, and we expect to invest between EUR 1.7 billion-EUR 1.9 billion, EUR 1-EUR 1.2 billion in energy, and around EUR 0.7 billion in the rest of our activities. With regard to the dividend, the board of directors has proposed a dividend of EUR 4.1 per share, implying a 5% increase versus the previous year, and we expect a prudent and sustainable growth going forward. In terms of leverage, we expect to continue improving our investment-grade profile. Moving into the operating performance of our energy business, in the next slide, we present the main operating and financial metrics of ACCIONA Energía. I will not elaborate much of ACCIONA Energía numbers, given that their management team presented yesterday the results in full detail. I would like to highlight, nevertheless, the strong performance of the company at EBITDA level, which reached EUR 1,086 million, up 25% year-on-year. Also, in terms of consolidated capacity, it increased by 538 MW to 9,169 MW. Lastly, consolidated production increased by 3.3% versus 2020. Total installed capacity reached 11.2 GW. Last, we want to show you a map on slide 10 that shows the geographical footprint of ACCIONA Energía fleet and operations. You can see that the company has a global presence in 17 countries, five continents, with, as I said, 11.2 GW of total installed capacity in 2021. Thank you. Thank you very much. Thank you, José Ángel. Now let me give the floor to Luis Castilla, CEO of our infrastructure service business, who's going to present on water concessions construction. Luis, please. Thank you. Sorry. After the 2020 COVID crisis, we can say that the different business of our division have been recovering to a high level of normality during the year. Supported by the strong and healthy backlog that will be analyzed later today, we have been able to recover our growth path in terms of revenue, reaching a historical number of EUR 4.87 billion. This figure represents a 24% over 2021, and mainly comes from the 30.6% recovery of our construction business and a 7.8% of our water business. As for the EBITDA, we are already on track with a whole figure in the division of more than 6.6%. This is thanks to a good EBITDA of the water business with 9.5%, our solid concession EBITDA, and the good capacity of response and performance in our construction activities with 6% of EBITDA. The 4.5% EBITDA that appears on the presentation is due to the negative impact that the industrial EPC costs on the conventional civil construction activities in 2021. 2021 has been, again, like in 2020, a record year in terms of new awards won. We have achieved a new record of more than EUR 8.5 billion in new contracts won, implying that our backlog at the end of 2021 is above EUR 18 billion. This figure includes EUR 13.7 billion in execution and construction activities. If we take into account the backlog associated to our activities that are consolidated by the equity method, for example, most of our concessions and some of our water O&M activities, our total backlog number at the end of 2021 is close to EUR 26 billion. Here you have a map showing our international footprint with some of the major projects in the different regions. It is worth to mention that 80% of our portfolio is allocated in OECD countries, with Australia and Spain as our two first countries with 19 and 18 of backlog. The rest of our projects are distributed among the rest of Europe, Poland and Norway mainly, Latin America, Middle East, and North America, and a remaining 5% in one of our growing markets in Southeast Asia. As you can see, 2021 has been a year of very good performance in terms of new awards. I would like to underline our capacity to originate, develop, and win a well geographically diversified and healthy portfolio of very iconic contracts. We believe that the infrastructure industry will significantly rebound after the COVID pandemic decline, supported by ongoing infrastructure plans by national recovery programs across the footprint. Our sector has been recognized as an economy catalyst and a recovery engine, and is the lead actor in the public investment plans all over the world. In Europe, the NextGenerationEU funds will have an extraordinary effect in countries such as Spain, with more than EUR 20 billion investment in infrastructure, while other countries are already implementing their own national plans, like Norway, with a EUR 118 billion budget. We have just entered into the U.S. market with our first big concession, the Fargo-Moorhead River Flood Diversion Channel, and we are confident to keep on growing following the $1 trillion U.S. dollar Biden plan. Similar efforts have been conducted in our first market by revenue, Australia, and other countries of a strong presence of interest for ACCIONA, such as Saudi Arabia or Philippines. I would like to stress the adaptation and resilience capacity of our construction business, able to reach the revenue back to pre-COVID levels with healthy margins and a high and safe backlog for the coming years. The most important achievement of 2021 in our construction business has been the completion of the integration of Lendlease Engineering. With Lendlease Engineering activities integrated, we have tripled our business size in Australia. We are today very clearly a tier one player in this market, and we are perfectly positioned to participate on the big infrastructure plans that I have mentioned before, with more than AUD 170 billion in the coming 4-5 years. It has been good to see that we have been able to maintain a consistent and healthy growth in our local markets, Spain, Australia, and Poland. At the same time, we have maintained a sustained presence throughout big, complex, and iconic countries in Latin America, North America, and the rest of Europe. In terms of EBITDA, and as mentioned before, we have achieved a good recovery from the COVID slowdown, mainly working focused on profit, efficiency, and risk control throughout the whole life of our projects, from origination to final delivery. We will continue developing opportunities, selecting the best ones in our strategic markets, completely focused on risk management and cost control in order to eliminate any underperformance. Our capacity to offer innovative solutions, our capacity to self-perform, to work in collaborative frameworks with our clients, our improved cost and risk control procedures are key pillars to warrant consistent revenues and solid results. I want to mention also that we are working to increase our participation on the most balanced contract frameworks. An increasing part of our contracts in some of our most developed markets are under alliance terms, incorporating balanced formulas that allow us to successfully manage the risk and better control the current environment of increased costs and restrictions for construction materials and logistics. I want to finish the construction part saying that we are one of the few global players with the skills and size to address and select the future large and complex projects that we will see. In 2021, our concession business has progressed in its strategy as global sustainable greenfield developer with a clear focus on deploying capital in new greenfield profitable projects that can provide long-term, steady cash flows and creating value through the recycling of the equity of already derisked operating assets. Concessions closed the sale of a portfolio of some Spanish operating assets in December of 2020 and throughout 2021. This has had an impact on both the revenues and EBITDA of 2021, but it also has been an example of a successful rotation strategy, with double-digit equity returns, more than two times return on our invested capital. In terms of new developments in the last 15 months, Concessions has been able to secure the award of few new projects for a total investment amount over EUR 4 billion in U.S., Brazil, and Chile. Concessions started the execution of Line 6 of the São Paulo Metro, currently the largest PPP under development in Latin America. Later in June, ACCIONA won its first concession in the U.S., the Fargo-Moorhead River Flood Diversion Channel in North Dakota. This is the first sustainable infrastructure project launched in the U.S. under a PPP and the first green finance initiative in the U.S. specifically designed for climate change adaptation. Finally, in November, ACCIONA returned to the Chilean concessional market as it was nominated preferred bidder in the concession of La Serena Hospital. The existing portfolio will require EUR 300 million equity investment and is expected to generate EUR 1 billion in dividends over the life of the contracts. The outlook of the concessional business seems very promising. The team is currently working on the origination of new opportunities, and it is currently working on a geographically and sector diversified pipeline of more than 70 projects worth over EUR 75 billion. This pipeline should result in the tender of more than 50 concession projects in the next two years. Our concession business is currently working on the development of new sustainable activities such as transmission lines, district heating and cooling, data centers or anaerobic digestion projects. That will provide for added diversification to our portfolio and are complementary to our management and operational capabilities. These activities should start contributing additional stable cash flows to the concession business in the coming years. Regarding our water business, 2021 has been extremely positive in both sales, where we have achieved the milestone of surpassing EUR 1 billion, and awards, in which we reached more than EUR 3 billion contracted over the period. Both revenues and EBITDA increased from 2020 numbers, as you can see on the slide. We also increased by almost 50% our backlog to EUR 5.5 billion, mainly through long-term operations, which will provide our baseload and stability. ACCIONA has maintained its leadership on the large-scale desalination mega projects, being recently nominated by a prestigious specialized international water magazine as the number one company in the sector for the last 10 years. This has been confirmed by the latest awards in the Middle East. ACCIONA is nowadays the company which is undertaking the largest execution volume of desalination worldwide. Outside of the Middle East, we are executing the Hong Kong desalination project, a world-class plan that will secure fresh water supply to the most relevant city of Southeast Asia. We believe the pipeline of large-scale desalination will keep its pace through the upcoming years, and we are perfectly positioned to keep our leadership in this technological sector. ACCIONA successfully finalized a relevant water treatment contract in Egypt, providing more than 5 million cubic meters per day for irrigation, which will help to develop an important plot of agricultural land in the Nile River delta. We also secured a large wastewater contract in Ecuador, and these two contracts will help us diversify our portfolio of references with world-class projects in the conventional water treatment sector. Additionally, we have significantly incremented our portfolio of long-term operations, specifically with the acquisition of the Veracruz water utility business, which in addition to the adjacent city of Boca del Río, will allow us to perform the water and wastewater management of almost 1 million people in the metropolitan area of Veracruz for the next 25 years. The existing portfolio of concessions and utilities is expected to generate close to EUR 1 billion in cash distributions for ACCIONA over the life of the contracts. We confirm our strategy to increase our investment in water utility assets. We are actively looking for new opportunities in the field. Now I would like to hand over to Andrés Pan de Soraluce, Real Estate CEO. Thank you very much. Thank you, Luis. Andrés will review our real estate sector. Thank you. Real estate business, not sector. Thank you. Thank you, Luis. Thank you, Pepa. First of all, I would like to thank you for the opportunity to share with you our activity in real estate. Starting with our key figures, we have achieved a total revenue of EUR 190 million, which is 5% less than last year, and an EBITDA of EUR 27 million, which is 45% better than the previous year. In terms of gross asset value, we have a total of EUR 1,361 million, 56% in residential developments in Spain, 17% in our international business, and 27% in our iconic rental properties. As key highlights of fiscal year 2021, 450 dwellings were delivered during the year at an average selling price of EUR 200,000. A very relevant transaction was the sale of a landmark logistic development in the city of Barcelona, led on a long-term contract by one of the leaders in the e-commerce activity. During last year, we have acquired land for EUR 150 million in aggregate, which give us the potential to develop around 1,700 new units consistent with our brand and product strategy. Our investments will represent 30% of our sales value, moving towards the EUR 300,000 price point in average. Last year, we also had a very strong commercial activity, having sold almost 1,100 units versus 331 in the previous year. At the end of 2021, we had a total of 18 housing developments under construction that represents 1,400 units. Our current land bank allows the delivery of more than 6,500 housing units until 2026, including some very iconic projects like Isla de Zorrotzaurre, which reclaimed stretched land from the river with a prospective of 350 residential units in the greatest potential area in Bilbao. Moreover, we keep identifying very good opportunities absolutely in line with our strategy. To have a better vision of our residential land bank, let's have a quick review in this graphic. We have 1,472 units as total sales backlog, which represents 70% of our total product in the market, which as you can see, are 2,158 units. At the beginning of this year, our presales cover 82% of our total delivery target for 2022. Around 60% of our sales backlog are related to build to rent projects. In the near terms, we can add another 1,600 units from our current land bank for new BTR projects, some of which will be mentioned later on. If we compare these figures to our land bank foreseen to be delivered in the next five years, 60% is currently under development, and our current commercialization level provide us with a very high degree of certainty. In terms of geographical footprint, Europe represent 90% of our GAV, Spain 83%, where Madrid and Catalonia represent 70%. As the Iberian Peninsula concentrates the vast majority of our business, let me highlight some relevant projects recently developed or currently under development. In Madrid, we have, and we are developing the three most important build-to-rent projects, one in Valdebebas and two in Mendez Alvaro area, with more than 1,000 units. Without any doubt, the two most exciting office projects in Madrid, Campus Mecena and H2O. In Barcelona, the landmark urban last mile logistic previously mentioned, and the very relevant build-to-rent projects, one in Terrassa, creating a new destination, and in La Marina in Barcelona, for a total of around 850 housing units or the iconic development of flexible offices in the Ventidos Arroba sector. Finally, in Lisbon, we are developing a new mixed-use destination in the high potential Benzaude area, with 500 housing units for build, to sell and rent, and 27,500 sq m for offices, creating again a destination, a new destination in a destination. I would like to highlight that all our offices are LEED and WELL Platinum certified, and all our residential projects are BREEAM Very Good certified. As a summary, I would like to emphasize how, in an industry in deep transformation, ACCIONA is prepared and focused on anticipating and answering new consumer needs, probably better than anyone else. We have become the leader and the reference in our industry's crucial factors, sustainability and energy efficiency, coupled with the latest technology. I would like to remark that the real estate division of ACCIONA is recognized in the market, a sector leader in terms of technical capabilities and expertise, positioning us as the benchmark for successful iconic projects. We are a reliable and strongly capitalized partner for creating and executing sophisticated end-to-end structuring solutions for our institutional partners. In an increasingly segmented market, which requires a higher degree of specialization, ACCIONA is a pioneer in innovative products, successfully anticipating emerging trends in how we live, work, or shop. In housing, we are a key player in the segment with a higher growth potential, build-to-rent. The new model of offices will require flexible campuses where employees, and not employers, are now the clients. We develop offices thus designed to retain and attract talent at the state-of-the-art of sustainability. In our new approach of logistics, we develop facilities for the first time incorporating the highest sustainability standards in the market, working hand-in-hand with e-commerce leaders. We are constantly analyzing the latest trends in mixed-use destinations, in line with our strategy to incorporate value-added services, which is key again to respond to new consumers' expectations. Thank you very much. Thank you, Andrés. Next, Enrique Pérez-Plá will give you an overview of Bestinver results in 2021. Quique, please. Thank you, Pepa. Good morning, everyone. We are going to talk now about Bestinver figures for last year. As you can see, our revenue were EUR 128 million, with an increase of 12%, and with EBITDA rising 7% to EUR 67 million, achieving our budget for the year. Our EBITDA margin fell slightly to 52.4%, but this was due to three main factors. Investment in new people in order to grow the business going forward. Within our asset management activity, lower success fees in 2021 versus the previous year. Third, a greater contribution to revenues from Bestinver Securities, where EBITDA margins are lower than in the asset management business. If we move to the main achievements of last year, I would highlight the following. First, AUMs grew 11%, mostly driven by performance. Second, we successfully launched Bestinver Infra, our first step in private markets. Third, we fully integrated ESG criteria into our investment processes. Fourth, we reorganized our product range in Luxembourg in order to increase access to institutional investors. Fifth, we launched our new private web and mobile app. Finally, we had a positive contribution from Bestinver Securities, participating in several important capital markets transactions. Looking forward, in asset management, our main objectives are to grow in alternative funds in private markets. Within our value investment investing product range, to launch new ESG and thematic products and to expand our institutional customer base. For Bestinver Securities, we aim to continue expanding our corporate finance activities. Thank you very much. Thank you, Quique. Finally, Carlos Sotelo, CEO of Silence, will present our urban electric mobility business. Carlos, please, the floor is yours. Thank you very much, Pepa and José Manuel, for showing this new division about light electric vehicles to decarbonize urban centers. ACCIONA is the leading player in European cities for electric urban mobility. ACCIONA acquired Silence in 2021, a leading European manufacturer of electric motorcycles with more than 32,000 units produced from 2017. Silence has 30% market share in today's early adopter market. Our portfolio is 100% electric two wheels and now four wheelers with the same removable battery as a service, with a patented extraction system, fast and easy. We are present across the full mobility value chain with our own technology for connected vehicles, innovative battery subscription model with recharging services, and we have a strategy for new applications for the batteries. For example, charge your battery at home as energy storage. ACCIONA launched its moto sharing business in 2018. 12,000 shared Silence electric motorcycles with presence across 6 cities in Spain and Italy, with more than 400,000 users registered in our applications. Our activities are manufacturing, Battery as a Service, and Mobility as a Service, fully connected with proven technology ready to accelerate growth and mass market penetration. Our key growth levers are battery subscription model and today distribution network. We are ready to launch battery subscription model in 2022 and enter in competition with petrol scooters in mass market. Battery as a Service allow the users to subscribe to a battery service and pay per use, reducing vehicle acquisition cost by 40%. This is a fully competitive price compared with urban vehicles. A battery station deployment will start in tier-one cities in Spain in 2022. Pilot test just started in Barcelona this January. Our distribution network consists of clients like B2C through dealers, B2B as sharing and delivery companies, and OEMs like Volkswagen Group. This strategic partnership helps us grow our quality and volume quicker. Battery as a Service and strong dealer networks to reach mass market today, solving current barriers to EVs adoption, cost and infrastructure availability, is just what ACCIONA is doing. Additionally, we expect that 50% of sales will be online by 2025. Let me introduce a new category in four wheelers for urban use. Our electric technology, connected and compact size with removable batteries. Four wheeler that will start production in Spain end of this year. This is our new product, the Silence NanoCar. I would like to show you. Thank you very much, Carlos. Thank you to everyone. I think that now we are ready to start the Q&A session. Okay. Thank you all. Thank you, Pepa, Carlos, Andrés, Quique, and Luis, and José Ángel. First question is... Why don't you go ahead, Pepa? You take care, and I will distribute them. Okay, perfect. We have a question from Fernando García from RBC. It's about asset sales. He says that given that a divestment of our stake in ACCIONA Energía isn't the option in the short term, if we could consider other asset sales in other businesses. He specifically mentions what is our view about our stake in Nordex. Okay, I will take that one. There isn't any corporate stake that we would be willing or close to selling at this stage or with the intention to sell. We believe the company is pretty well organized and all sales we want to do at this stage are commercial sales. As for our stake in Nordex, we believe Nordex is a very important part of our energy strategy and our energy growth. As you probably are aware, we have a preferred client status, which is a public contract, some other clients have it also. That is a very valuable help for our development strategy. On top of that, we believe Nordex is trading far below its potential. As we say, it's a strategic piece of our company with enormous potential. I will not go into details about Nordex because it's a publicly traded company, and therefore you have access to their public information. We are not intending to sell it. It's not our intention to sell at this stage. Thank you. Next question. I'm sorry. Excuse me. Sorry, Pippa. I guess one should answer about the ACCIONA Energía non-divestment option. I guess you take it for granted. I will, however, reinforce and enhance my former comments about. I don't know if I did. I think I guess I did them yesterday. That we do not intend to sell ACCIONA Energía at these levels, and not even close. Now even less, given that our leverage position is somewhat better than expected or very comfortable. Sorry. Actually, next question is linked to what you have just mentioned. It's Fernando García again from RBC and Fernando Lafuente from Alantra. They both would like to know what is our expectation with regards to our net debt at the end of 2022. Thank you, Pippa. We said in the outlook that we expect to continue improving our investment-grade profile. You know that ACCIONA Energía is our largest division. It represents the bulk of our consolidated debt. It published yesterday an outlook. It expects actually to decrease our net debt to EBITDA ratio. You make the numbers. They're going to invest around EUR 1-1.2 billion. The rest of the group will invest EUR 0.6-0.7 billion. It's very easy to do the estimate. With the outlook growth in EBITDA that we have provided today, this ratio is not likely to increase. Actually, it's more the opposite. Thank you, José Ángel. Next question is about infrastructure. Fernando García again from RBC. Fernando wants to know, given the good, relevant, very relevant increase that we have reported in our backlog, what kind of growth do we expect in terms of revenues or the business in the short to medium term? Luis, I think you can take this one. Yeah. Okay. Having in mind the size of our backlog on the market opportunities evolution and our demonstrated capacity to win projects, we expect double-digit revenue growth on the medium term. Thank you, Luis. Next question, it's about property, our property development business. It comes from Oscar Najar from Banco Santander. What are your expectations for 2022 in terms of EBITDA, taking into account the pre-sales backlog of almost 1,500 units that we have? And also he wants to have some indication of the conversion of these units into EBITDA and timeline for the almost 4,000 units that we have under development. Andrés, please. Well, I can share some of the figures already advanced. Also I can add that, as I said, 82% of our total delivery budget is covered today with our pre-sales. We are expecting a total delivery number of around 700 for this year with very good news, because the average price that we are expecting per unit is around EUR 350,000 per unit versus the EUR 200,000 that we had the previous year. I would like also to mention that this year we need to take into account that we had a very relevant transaction with the logistic development that I mentioned that brought us a high margin. Thank you, Andrés. Next question, I think it's for José Ángel. Oscar Najar from Banco Santander, a question about our Line 6 concession in Brazil. He wants to know how the contract works in terms of accounting and EBITDA, if it is cash or it's just an accounting issue. Okay. Thank you, Pippa. In terms of accounting for Line six, the Line six is accounted as a concession, as an equity accounted, because we share the control of the concession vehicle. We get the equity contribution through EBITDA, because this is activity that is analogous to other core activities of the group. In terms of balance sheet, the concession itself is accounted as a financial asset under the IFRIC 12 rules, and this is because the exposure to demand risk is very low. Under IFRIC 12, the concession generates income from day one through the P&L. But the dividend payment comes after the concession start operation, which will be after the five-year construction. Of course, from a construction perspective, the project is 100% executed by Acciona Construction. The revenues are reflected on the construction line. Just for reference, this is a contract that projects around close to EUR 2 billion of revenues over that five-year period. Thank you, José Ángel. Next question from Oscar Najar, again from Banco Santander, about electric mobility. He has found very interesting this part of the presentation, and he wants to know if we can provide any mid-long-term guidance on the EBITDA contribution going forward. When should we see something significant in this division? And just for curiosity, he asks where the cars are sold and how much do they cost. In the presentation we say that they are affordable. He wants to know how much it costs to charge one time, which now it's at 50 megawatt hour or something. I think we take that one. We have a big debate in-house on that. Let me first answer the first part of the question, and then I'll pass on to Carlos. The EBITDA. I mean, this is a startup. The long-term guidance on EBITDA is a very difficult question. It can be enormous, or it can be significant, or like any startup, it may not work. We are pretty certain that it works, at least the car works, and the bikes work beautifully. I own one, and they're a fantastic product. It could be very significant. I believe, Carlos, we're gonna be commercially in the market by after the summer, 2022. He will probably say that. He will cover himself and say that it's gonna be December. All of you know that we are actually fixing the plan, the factory plan. This seems that the car will be in mass production, start of production early September, October. This is a new market, for sure. Totally is a new barrier for Silence. We expect that we win this market, a new market for the city centers, where we know that we need light vehicles, electric vehicles with our strategy, you know. We've broken a barrier with the motorcycles. We are actually the leading player in the two-wheelers, and we expect to break a new barrier with the four-wheelers in the city centers. Just let me add there, in terms of pricing, in the end and correct me if I'm wrong, Carlos. The motorcycle we're selling at EUR 3,500, the last model. That is with Battery as a Service and with the subvention, with the- Yes. With the subsidy. Subsidy. You know, with the $1,000 subsidy. That's the price of the motorcycle. As I say, I own one of these motorcycles, and I find them extraordinary. The car, we will be south of EUR 10,000, and this is where we have the debate, the south of EUR 10,000. There's no debate about that, which is kind of debating the exact price level. But with Battery as a Service, and the small subsidy that these cars will receive will be significantly below EUR 10,000. About how much it costs to charge the first time, we believe, it'd be the first charge, which should be enough for about 120 km in normal urban use. That should cost less than EUR 20, anywhere from EUR 17-EUR 20. That is two charges because it has two batteries. That's 100 and whatever km. Then this next charge, we would be around EUR 5 per charge. Is that correct, Carlos? Yes. The subscription model consists EUR 15 per month. With this EUR 15, you have for free two charges. Later, each charge, it costs like the petrol in 100 kilometers, around less than EUR 5 per charge. It means any motorbike can make 100 kilometers with EUR 5 per each charge. We need to account that the electric mobility is still not in a mass market because the cost of the vehicles. Actually, the batteries' cost is around 40% of the vehicle. It means that when we start with a subscription model, we can really compete with the petrol vehicles. It's important to point out that the battery-as-a-service model will allow you to have your battery Take your battery home and charge it at home, or charge it at the office, or charge it at a garage if you have one, or charge it wherever you wanna charge it. Or of course, go to a battery station and swap the battery if you don't have any of those facilities. You can go to the battery station and swap the battery for a new one. All of those options means that at the end of the day, it's equating the battery to having a tank of fuel. I mean, you don't buy a car with five years of fuel. You buy it without it. So this is kind of going to the same principle. You buy the car, you don't buy the battery. Of course, if you want to buy the battery, you can, but it's possibly a better deal for the customer to have the Battery as a Service, as we call it. This is a strategy to have a pilot test in Madrid and Barcelona, starting from this year with battery stations, where the customer can change the battery instead of charging at home or at office. Yes. We're opening a shop in Madrid in the next few weeks, in the Calle Serrano. You're all welcome. We'll invite you to the opening. We started in Barcelona, as we are from Barcelona. The company is based in Barcelona, but we conquered Barcelona City. Now we want to conquer the capital of Spain, Madrid, with our new flagship in Serrano Street. Let me, just to finish this question, point out that the business in itself of the batteries has immense opportunity. First of all, it's a good return business in itself, the Battery as a Service business in itself or the renting of batteries. But then, what is the potential of this business in terms of battery storage and the complementarities with our energy business is kind of a new frontier that we have all sorts of ideas, but second life of batteries is a huge opportunity, we believe also. As for others, there was a part of the question asking about how we're gonna sell it. We have, what, 500 and something distributors and, but at the end of the day, this is a market that's going online, and we expect to sell at least 50% of our vehicles online. Is that right, Carlos? Yes. It's exactly like this. Okay. Well, thanks very much. Thank you, too, for this interesting topic. Andrés, I think the next one is for you. It's about property development, and what are the advantages that we see in the build-to-rent model? Well, I have, I see many advantages. First of all, because it's a segment that as I said has the highest potential growth in Spain versus the trend in Europe. For ACCIONA particularly, because it's a segment that you need to be very reliable and being strongly capitalized. As I said, we are already a key player in this segment, where we have developed already 1,000 units or are under developing 1,000 units. I would like also to emphasize that we have achieved an average price of EUR 342,000 per unit or an average price of EUR 5,400 per square meter. I think that the prices, the partnership, the position of ACCIONA, and the potential of the market all mixed makes this segment a very, very attractive segment. Thank you, Andrés. Next question from Fernando Lafuente from Alantra. It's about Line 6 in Brazil. He wants to know if you could give him some update on the incident in Line 6. Please, Luis. The incident occurred the first of February in São Paulo on Avenida Presidente Castelo Branco. A sewage pipe collapsed and flooded 700 meters of tunnels and some well points. It was very spectacular at the beginning. Our team on site, our construction team, and our health and safety service reaction was absolutely perfect. Fortunately, there were no fatalities and no injuries during the incident. In the first 24 hours, we managed to fill the ground hole that was created in the area of the incident with 3,500 cubic meters of concrete. In 36 hours, the traffic was recovered and the assets were fully protected. I have to say that this is only a minor part of the metro construction activities. It's something around 700 meters of tunnels and wells, but we have another 15 stations under construction that were not affected. It's also important to mention that the collaboration with the São Paulo state and the city of São Paulo were perfect and we were absolutely coordinated. The situation today is that we have encapsulated the incident area. We are removing the water very slowly because we need to maintain the pressures in different sets following technical procedures. We hope to finish the removal of the water in a couple of weeks. We don't expect any effect on the assets, on the concretes. Of course, the TBMs will be affected, but we are already working to substitute the electronic and mechanical parts of the TBMs. Thank you, Luis. Next question from Fernando Lafuente from Alantra again, about our dividend policy. Considering that the strong operating performance expected will give you some financial room, could the dividend be increased? José Manuel, please. Yes. The answer is yes, the dividend will be increased. You're asking also what would be expected as a dividend policy. As a dividend policy, the most important factor is to maintain sustainable growth in our dividend. There is a limitation that we impose ourselves, which is a minimum of, say, 50% payout, would be a very minimum. Healthy growth, minimum 50% payout or north of 50%. That growth mostly taking into account recurrent returns, recurrent profit. Extraordinary profit probably won't be accounted for in dividend policy. Yeah. Thank you. Next question about construction. Fernando again from Alantra. He says that construction has shown a strong recovery in the second half of the year, with the EBITDA margin going from 3.6% in the first half to 5.2% in the second half standalone. What should be the evolution expected for 2022? Is this sustainable, this above 5% EBITDA margin? Yes. The improvement during the second half of 2021 was because of the improvement of the in-course activities in several new projects. Part of our backlog is smoothly entering into force and it's due to that. We consider that for 2022 and the future medium- and long-term future is sustainable to be above 5%, very clearly. Thank you, Luis. Finally, the last question, again, about construction and cost inflation. The question is: How is cost inflation and supply disruptions affecting the execution of your backlog? Luis, please. The inflation and the cost increase is a problem that we are facing. Let me tell you that we have been analyzing the impact in our business. We have analyzed more than 130 main construction and water construction projects that represent more than 80% of the current portfolio. More than 55% of our contracts have a full or limited price revision clause. So that's good news. We are fully or partially protected with these clauses. Contracts without price review are the most problematic, but there are other strategies to protect this situation. This escalation in many countries is due to the COVID, and we are using the COVID claims to solve also the escalation problems. There are many examples in the global market with sensible administrations that are putting in place specific and extraordinary legislation to protect this specific problem. We have seen this in Portugal and in Scotland. In Spain, we are working through the professional associations, like Sepan, CNC or ANCI, with the minister in particular with the transport in order to legislate a new protection to remove the escalation. For the moment, we don't have reached any agreement. I feel optimistic, but we will see. As I resume and finally, our procurement department is putting in place several individual and concrete actions to minimize this effect. As a summary, it's not a good situation, but we are managing and protecting the numbers. Thank you very much. That was the last question. Okay. Well, thank you. Thank you, everyone. Just let me stress that notwithstanding the geopolitical tensions that we're living in, and particularly my support and personal condolences to the Ukrainian people and our teams, which I would like to stress, the outlook for this company is hugely exciting. There are vectors of growth all over the place. We have the talent, we have the capacities, and we're in the right places and the right sectors and with the right abilities to develop these projects always under the common denominator of our sustainability drive and our contribution to a better future. Thank you very much. See you soon, I hope. Thank you.