Good morning, ladies and gentlemen. I am Fernando Basabe, CEO of Applus+, and I would like to welcome all of you to our strategic update presentation. Together with me today are, starting from the right of your screen, Javier López Serrano, Executive Vice President of the Energy & Industry Division, Joan Amigó, Chief Financial Officer, Jordi Brufau, Executive Vice President of the Laboratories Division, and Aston Swift, Head of Investor Relations. The agenda for the call is that I will start presenting our 2022-2024 strategic roadmap. Joan will then present the financials, followed by Javier and Jordi, who will go through the strategic update of the businesses. I will then give you a summary of our key strategic priorities for IDIADA and the automotive division before highlighting the key messages of today's presentation. At the end, we will open the webcast to take your questions. I would like to start today's presentation by framing the approach we are taking in our new strategic plan and how we intend to unlock value from Applus+ for the benefit of both our shareholders and other stakeholders. Having made material progress, in particular over the last 12 months, we will continue improving our portfolio mix towards higher growth in markets and at the same time, taking actions to further mitigate business risks. We will accelerate growth organically and inorganically through deeper alignment with the mega trends of energy transition, electrification, and connectivity that offer the highest opportunities for the group. We will also build on our strong foundations to fulfill our new 2024 ESG commitments in total alignment with our financial performance and with management remuneration linked to these targets. Through these actions, we plan to enhance returns to our shareholders using our strong cash flow generation and following a value additive capital allocation strategy. Our objective is very clear. I now want to briefly walk you through the market context and strategic positioning that will deliver our new and ambitious targets, starting with a perspective on the testing, inspection and certification or TIC industry. As you can see, Applus+ is a top 10 player in a global industry, which is currently highly fragmented. Top 30 players, only nine of which are publicly listed, represent only 21% of what we and various industry sources believe is the total market, of which 60% of all activity is still insourced. The TIC market has many different verticals, and unlike some of the larger competitors which are present in many or even all of them, Applus+’s strategy is to be a focused market leader in its chosen end markets. Our Energy & Industry, auto and IDIADA divisions have strong global leadership positions, and we also have regional or local leading positions in our industrial lab activities. TIC market growth is typically ahead of GDP, and the level of fragmentation is highly relevant to our strategy as it presents many opportunities for inorganic growth, which not only adds to total group size, but brings strong synergies. This is a theme you will see us strongly focused on over the course of the presentation. Now switching to the core pillars of our winning strategy on the next slide. Applus+’s strategy is built on three pillars, and these keep the barriers to entry high. Leadership in the markets where we operate, developing the best technical solutions through innovation and technology, and building and maintaining long-term relationships with our clients based on our strong reputation. Leadership is critical in our industry as it provides investment capacity, global coverage, which is key for many of our top customers, helps to attract talent and brings reputation and trust. We provide mission-critical services to our customers, hence their desire to work with a reliable leading company. Second, innovation and technology. In order to maintain a leadership position, it is absolutely necessary to invest in technology and innovation to be able to offer the best technical solutions to our clients. Third, trusted partner. In the business of providing assurance and reducing risks, you have to be a trusted partner, and that means integrity on top of a good service and price. Importantly, our strategy is established within the framework of responsible and sustainable business management with strong alignment to sustainability megatrends. Combined, these strategic pillars enable us to win in the markets we operate, delivering superior financial performance and sustainable value creation. Let's look now more closely at what these strategic pillars mean in practice. For leadership, the bar chart on the left shows that 65% of our revenue come from services that we provide on a global basis, and we either have top three or top five global market positions. When broadening the scope to regional and local markets, we have top five positions in more than 80% of our revenues, which highlights our strong presence, supporting our ability to win in our chosen markets. In innovation and technology, we are at the forefront of innovation and tech best practices. We spend more than EUR 20 million per year on projects that could lead to new technologies or processes, and over 4% of our workforce participate in some form of R&D. As well as ongoing innovation projects, we hold an extensive portfolio of family patents. These are broad category proprietary applications in our testing, inspection, and certification practices, which offer a major point of competitive differentiation. I am perhaps most proud of our trusted partner status, where through our strong reputation, we have been able to consolidate an extensive base of long-term relationships with top customers. As you can see, we have now worked for over 10 years with 73% of our top 100 customers, which represent more than half of our revenues. You can see a small selection of our key customers at the bottom of the slide, which I think represents the type and caliber of customer we attract. Moving on from the core pillars which underpin our strategy, let's now explore our new 2022-2024 financial roadmap. The plan is focused on accelerating the portfolio shift towards higher growth in markets and to mitigate business risks. The first pillar of our strategy is to invest organically to expand our footprint in the attractive end markets favored by the strong mega trends we will shortly highlight to increase organic growth. Second pillar is to speed up our business mix evolution by continuing our successful M&A strategy while discontinuing underperforming operations and selling businesses that don't align with our renewed focus. The objective is to drive higher revenue growth, significant margin improvement, and strong cash flow to deliver superior returns for our shareholders. Turning now to the structural drivers underpinning our organic growth pillar. Among the mega trends that are driving the world, we focus on the ones that we believe are the most relevant for Applus+ and to where we intend to allocate capital. These are most notably the energy transition and the growth in electrification and connectivity. As you can see, those mega trends offer exciting growth opportunities across all our divisions. If I take a couple of examples, within energy and industry, it is clear the energy transition is already driving very strong growth in our renewables offering and the increasing investment going into green hydrogen, where we are really well placed to support the industry, will create significant opportunities for us. The electrification of all things, from energy use to cars and other forms of transportation, is also bringing significant opportunities to energy and industry, to the IDIADA and labs divisions, and is a net positive for the automotive division, with new regulation around batteries in cars expected to come in the future. By connectivity, we mean mainly the Internet of Things, which is a momentous challenge to those manufacturers of all type of products which will be connected, and we support them in making sure they conform to standards and that they work properly. Of course, the more established and well-known tech industry structural growth drivers will continue to expand the market. Now, looking at the second pillar of our 2022/2024 strategy, which is active portfolio management. We plan to accelerate our portfolio mix towards higher growth and margin end markets through, one, actively pursuing acquisitions to take advantage of the many opportunities that exist against the background of a highly fragmented marketplace and to fully align with our organic growth strategy. Second, at the same time, we also plan to discontinue non-performing operations and make selective disposals to further accelerate the improvement in our mix shift. We are targeting to invest from EUR 300 million-EUR 400 million in acquisitions over the planned period, comfortably supported by the disposals and our strong cash generation. This will materially boost the group's financial performance. We have an excellent track record of making acquisitions, which Joan will present shortly, and I'm confident we can achieve this while staying true to our discipline on ensuring we only buy the best quality companies and paying the right price for them. The portfolio evolution approach is not a new strategy. It builds on the strong foundation we've progressed over the last three years. Both before and after the pandemic crisis, we've put great focus on positioning the company for future growth, systematically rebalancing our portfolio towards a higher quality business mix. During the period, we have doubled the size of our high growth and margin labs business, which is now a driver of performance at group level. We have also grown the renewables power and infrastructure proportion of our energy and industry division, both organically and inorganically, to be the largest source of revenue. On the other hand, the share of revenues coming from oil and gas activities decreased from 36% to 26% with the attractive OpEx element remaining relatively stable, but the more volatile CapEx now only representing 5% of total revenue, less than half of three years ago. The mix of businesses in the pie chart is now much better looking than it was before the pandemic, and the value of this improved mix will be seen from now and over the next few years. The impact of the new plan on the portfolio composition by 2024 shows a further major mix shift to our highest growth and margin. Renewables, Power, Infrastructure, and Labs, which you can see as the two bubbles on the right, will be the key drivers of that evolution through the substantial organic growth supported by the key mega trends, combined with the focus on these divisions in the ambitious M&A strategy. Labs has strong industry tailwinds over the next few years, coming from electrification and connectivity, which combined with the significantly improved global footprint and market position, will support good growth over the next few years. This organic revenue growth will be supplemented by targeted acquisition growth. Jordi will discuss all of this in more detail shortly. The energy transition will drive high growth from the renewable business, and as Javier will explain shortly, we intend to leverage the strong global market position we have in oil and gas to build and grow the renewables and power business in particular, and to a lesser extent, to support the geographic expansion of the infrastructure business. Auto will continue being the most profitable business of the group, and IDIADA, with good growth and margins, a strong contributor to a more valuable portfolio. The Applus+ group strategic roadmap is deeply aligned with our ESG vision, which guides our economic performance, engages our employees, delivers benefits to society, and offers trust to our stakeholders. We will continue to build on our strong foundations to improve our ESG credentials through the following 2024 commitments. We will contribute to mitigate the negative impact of climate change on our business, reducing our emissions and being Scope 1 and 2 carbon neutral by 2023, and net zero by 2050 under SBTi. We are fully committed to enable a diverse, safe, and contented workplace. In that regard, more than 40% of management positions and the group's corporate services positions will be covered by women in 2024, and we will achieve a 10% reduction in lost time injury frequency. As you can see with our governance targets, we will continue to operate ethically, responsibly, and with highest integrity, which our stakeholders expect and deserve. Achievement of our ESG targets will be linked to management remuneration as of 2022. I will give you now an overview of the strategic priorities by division. Within Energy and Industry, for renewables, power, and infrastructure, our key focus will be to leverage energy transition opportunities while accelerating growth and scale through an ambitious M&A strategy. In oil and gas, we are focused on sustainable OpEx services, leveraging synergies with renewables, power, and infrastructure, and the development of high-value services through technology solutions and digital tools. We expect to drive further growth and margin uplift in Labs through delivering growth capacity from recent acquisitions, leveraging exposure to mega trends, and to pursue our strong pipeline of inorganic opportunities. In Auto, we will strengthen our leadership position in a highly profitable business with a strong medium-term market outlook, while IDIADA will benefit from investment in higher growth and margin segments driven by new technologies, and will benefit from increased outsourcing arising from the new auto manufacturers in the market. I will take you now through what the strategic plan will deliver in terms of financial targets. With the foundations we've put in place, in particular over the past year, this is a plan that can now deliver higher growth and margins. We are targeting an ambitious revenue growth CAGR of more than 10% over the 2021-2024 period, combined with a significant improvement in our AOP margin to 12%, comfortably above the 2019 peak of 11.1%. We will maintain our strong cash flow generation profile, committing to an average conversion rate above 70% over the period. We will also meaningfully improve our return on capital to above 12% from the current level of 10%. Major priority is to deliver superior returns to our shareholders. In that regard, we plan to continue our dividend policy at 20% of our adjusted net profit. With a minimum of EUR 0.15 and introduce a share buyback program which will be launched next year for a target of 5% of our shareholder capital. The share buyback decision has been taken after much thought for the optimal use of our cash, currently taking into account the expected cash generation and the planned uses for it. We have the liquidity and debt headroom to be able to continue our organic and inorganic investment plans and this buyback. It will also provide some additional stock liquidity and enhance the EPS growth of the business. With that, I will now hand over to Joan Amigó, who will provide more detail on our track record and new financial plan. Thanks, Fernando, and good morning, everyone. Before starting with financial targets of the next three years, let me remind you the financial performance evolution during the last three years and the expected outcome for this year that is nearly finished. In 2018 and 2019, the financial performance was good, having strong revenue, margin, and EPS growth, and all of them either in line or ahead of the three-year plan targets established at the end of 2017. The 2020 targets, unfortunately, were not met due to the impact of COVID. In turn, our financial metrics were significantly negatively impacted, except for cash flow, which was exceptionally strong. We also took important actions in 2020 to protect the business and mitigate the impact of the pandemic, protecting cash and liquidity and positioning the business for recovery. This year, we are having a good recovery with a total revenue growth at constant rates in the mid-teens, having raised guidance at the half year. This includes mid-single digit organic revenue growth with the rest made up from acquisitions. The adjusted operating profit margin has recovered to close to 10% as we also previously guide. Although we have a strong year-on-year EPS growth, it will take another year before it's back to 2019 levels. These tricky financial charts also show how strong the cash flow has been, especially in 2020, as well as how we have managed the leverage despite making 10 acquisitions, and how the return on capital employed is also recovering well and back into double-digit territory and now is set to increase further. In 2020, the focus on cash resulted in a record cash generation year of EUR 226 million in adjusted free cash flow. The cash conversion rate that we measure and track being EBITDA, less CapEx and working capital variation of an EBITDA, was also a record of 116%. This was exceptional, but even if we consider the 4-year average of the cash conversion rate, it's around 80%. This strong cash generation has allowed us to accelerate the portfolio evolution with 10 acquisitions in the last couple of years, improving the quality of the business mix, aligned with more sustainable services, and this is in turn reducing the oil and gas exposure, all the while maintaining a leverage of below 3x, which we are comfortable with and is well below the bank covenants of 4x. This business delivers quickly, supporting the M&A strategy. Once we start the recovery from the pandemic in the middle of last year, and thanks to a strong cash generation and better visibility of the business and liquidity position, we have been very active in M&A. We acquired 10 companies for a total cumulative annual revenue of EUR 192 million in very attractive markets that add to our global leadership positions, such as renewables, Spanish company called Enertis, infrastructure in growth market like Saudi Arabia, SAFCO, Electromagnetic Compatibility Testing in China and U.S. for electrical products and electrical vehicles, Reliable Analysis. Also, a certification company of electrical products in Canada, QPS, a material testing lab in Germany, IMA, and finally, the leader in the auto inspection business in Sweden called Besikta. You know Sweden is a liberalized market. With all of this, we have been through with due diligence to ensure we build well-managed companies where there are strong synergies with Applus+ while staying true to our discipline on prices. The total investment for these 10 acquisitions has been slightly above EUR 300 million with a return on capital in the 1st year of 8.7%, expecting to be double-digit by the 3rd year. The average adjusted operating profit margin of the total is 14%, adding 30 basis points of margin at group level and increasing the group EPS by 13%. The acquisitions were well spread across three of the divisions and in different end markets, as well as spaced out in timing, as you can see from the previous slide, ensuring that their integration could proceed smoothly. Moving on to the financial targets for the period 2022-2024, taking into account our strong market position, including leadership in our key verticals, our investment in innovation and technology, our trusted partner status, and using this to ensure we are well-aligned with the mega trends being driven by technology changes and sustainability. We have set out what we believe are both ambitious and realistic financial targets. We are targeting a compound annual revenue growth rate above 10% over three years, using 2021 as the base year, and this being made up of mid-to-high single-digit organic revenue growth on an annual basis, plus the acquisitions we plan to make. This excludes any divestment made in the period. We expect the adjusted operating profit margin to be around 12% before we take into account the accelerated depreciation within IDIADA, which I will explain in the next slide. This will lead to an earnings per share CAGR of about 13% before buyback, including a 5% share buyback at current share price. This EPS increase would be above 15%. Average cash conversion rate, we are targeting at above 70% as an annual average over the three-year period. The return on capital employed should increase by more than 1 percentage point to above 12%. In the appendix, we have a slide behind this calculation. Below, we show how these group targets are made up from the division level. We expect high single digit average organic revenue growth for the first three segments listed of Renewables, Power and Infra, and also divisions of Labs and IDIADA. Whereas in the case of Auto and Oil and Gas, we expect to grow low single digit. In terms of margin, we expect to maintain a margin above 20% in Auto, and achieve by 2024 more than 16% in Labs, above 12% before accelerated depreciation in IDIADA, above 10% in Renewables, Power and Infra, and above 7% in Oil and Gas. Finally, as Fernando said, our M&A focus will be in renewables, Power and Infra, and in Labs, and opportunistic in Auto. In IDIADA, we would now only make acquisitions once the renewables is behind us. In this page, we show the revenue and AOP margin bridge from 2021 to 2024. As I said, we expect a compound annual growth rate in revenue in excess of 10% over a 2021 pro forma, taking into account the disposals of underperforming operations. In terms of margin, considering those disposals, the acquisitions, the operating leverage from the organic revenue growth and the better business mix, what we expect is an increase of more than two percentage points, achieving a margin above 12% before IDIADA accelerated depreciation. Taking into account the IDIADA accelerated depreciation, then this increase would be 150 basis points. Now, I will explain to you the IDIADA accelerated depreciation. As you are all aware, the IDIADA concession ends in September 2024, by which time we have to have all its assets fully depreciated. Therefore, every year, we have to accelerate the depreciation of assets considering that the end of the asset useful life is in 2024. Since we are investing annually, as required under the contract, the accelerated depreciation every year will get higher until the end of the current concession date in 2024. In 2021, this was EUR 4.5 million, whereas in 2024, we estimate it will be EUR 16 million. The impact on margin of this accelerated depreciation is 80 basis points in 2024. We expect to continue generating a strong cash and maintaining a comfortable liquidity situation. On the left-hand side of the slide, you can see that we have EUR 400 million of undrawn facilities immediately available, with most of the debt non-maturing until after 2025. We continue to have good liquidity of around EUR 580 million. On the right-hand side, you can see the estimated use of cash in the coming 3 years and what we expect to invest. Around 31% on M&A, 28% in CapEx and working capital, 18% in taxes and interest, 11% in minorities, and 12% in dividends, and the 5% share buyback. More than 80% of these investments are expected to be funded through the EBITDA generated by the operations, and less than 20% will be funded by borrowings. In any case, our intention is to maintain a leverage below 3x. Now, for my final slide that brings together the result of this plan, we have an updated capital allocation policy with the objective to optimize the return to our shareholders by maintaining a strong cash generation. We expect to continue investing in organic growth, which is our primary engine for shareholders' value creation, accelerate investment in M&A, targeting attractive and accretive businesses for up to between EUR 300 million and EUR 400 million, partly funded by disposals. Continue with our dividend policy of paying out at least 20% of adjusted net profit with a minimum of 15 cents per share. A 5% share buyback that we expect to start soon, and all the while maintaining a leverage below 3 times. A capital allocation policy has been carefully thought through, and we think that it's the optimal use of our cash over this planned period and will help to unlock the value we have in Applus+. This concludes my presentation, and now let me hand over to Javier López Serrano, Head of Energy and Industry. Thank you, Joan, and good day, everyone. Today, I'm pleased to share the strategy of the Energy and Industry division for the period 2022-2024. I will first start my presentation with a brief overview of the division. Our performance over the last couple of years has been severely impacted by the COVID-19 pandemic. In 2021, there were still lockdowns in many countries where we operate. These restrictions have impacted our revenues, which have reduced by around 10% from 2019 to 2021, and also our margins, which have been reduced by around 2% over the same period. However, our business profile today is stronger than ever before. As you can see in the chart on top right, we have optimized our business mix over the past years and are now significantly better diversified across end markets. With power renewables, infrastructure and buildings and diversified industrial gaining share very quickly and representing approximately 50% of the division today. With oil and gas, which is mostly driven by OpEx projects, having reduced its contribution and being expected to give us resilience and increasing opportunities going forward under the existing macro scenario. We see significant room and opportunities for continuing this trend towards a stronger business mix, as I will explain during my presentation. Geographically speaking, the business footprint is already well-diversified, and we are, and will continue to take advantage of our truly global footprint to maximize opportunities. Here, I would like to show our end market trend in more detail. Power, renewables, infra and building, and diversified industrial have been gaining weight in our business mix after the strong performance seen in these markets over the past years, leading to a 50% share of the division today, as explained before. This trend is expected to accelerate over the 2022-2024 plan, given the significant growth opportunities we expect in these end markets for our services, as well as targeted M&A strategy. You can also see the historical performance of the oil and gas OpEx has proven to be resilient despite the oil and gas crisis seen in 2015 and 2020, which resulted in significant pressure, both in volumes and prices, but had limited impact on our oil and gas performance. We expect this OpEx activity to continue to have a good performance going forward. Finally, oil and gas CapEx contribution has been declining year after year to a point that it is no longer a meaningful contributor to our division. While we believe that we could see attractive opportunities in this end market over the upcoming years, we will maintain a selective approach to the future business in order to maximize our profitability. Our division will from now on be presented across five end markets. Power, which includes electricity networks and conventional power generation, and where we have been providing a full set of services to the most important clients in the sector for many decades. Applus+ Energy & Industry origins lie in this end market, which clearly continues to be a core part of our D&A. Renewables, which captures the full range of renewable technologies and includes a similar set of services as power. The difference is the additional focus in this industry on consulting services as a result of the market opportunity that we perceive, driven by the high number of financial transactions in the market and the increasing number of players seeking to take a position in it. Infrastructure and building is focused on civil infrastructure, buildings and industrial construction. We provide a wide range of services, including instrumentation, monitoring, technical supervision, material testing and energy efficiency, among others, which results in attractive growth and margins. Diversified industrial, which covers a broad range of verticals, including aerospace, telecommunication, industrial manufacturing, chemicals and public sector, among others, with NDT, QA/QC, which is quality assurance/quality control, and environmental as our core services. These four end markets, power, renewables, infra and building, and DI, already represent around 50% of the energy and industry revenue today. Regarding oil and gas, we will continue to focus on our core global services with a selective approach and focus on higher value-added activities. Our strong R&D efforts being made on new technology and digital tools is giving us a differential angle, which we will expect to monetize over the coming years. Additionally, and as you can see on this page, the overlap in the services we provide across end markets is meaningful. As a result, we believe we have a good opportunity to take advantage of that and transfer some of our strong expertise and reputation in oil and gas services to other core end markets such as DI or power. We are already doing this and already getting very good results. The energy transition is a unique opportunity for our division. Our clients are seeing significant changes in their business, which is driving new opportunities for us. Oil and gas will certainly be one of the most impacted end markets in the long run, with increasing shift from our clients to cleaner technologies. Applus+ will leverage its existing global footprint in the oil and gas market to support our clients in this transition. Moreover, the skills and services we have within the oil and gas space are mostly transferable to other end markets, which is providing us new opportunities. Two considerations that we should keep in mind, however. Gas and LNG long-term drivers remain robust as a more environmentally friendly resource, so we should see longer term opportunities in this space. Additionally, oil demand currently remains solid, and we could also see good opportunities in this industry over the coming years. Renewables is probably the market which will benefit most from this energy transition, as Fernando has already outlined. While both solar and wind are already very competitive technologies today and have very strong pipeline of new projects for the next decade, energy storage and hydrogen are progressively gaining momentum and attracting significant investments. What is clear to us is that we will see very attractive opportunities in the renewable space for our division in the short, mid, and long term, and we are investing significantly in strengthening our services and technologies to take advantage of them. Last but not least, power infrastructure and building and diversified industrial are also capturing significant investments driven by this global transition, and we foresee opportunities in electricity, networks, energy efficiency, water, telecommunication, as well as environmental and health and safety services, among others. In summary, we are confident that the transformation of our core end markets will continue to bring us significant opportunities going forward. This slide illustrates how this energy transition is giving us significant new opportunities. The energy transition is compelling our oil and gas clients to change their long-term strategies towards a more sustainable business. We are leveraging our close relationships with them with an excellent reputation built over many years. Our global footprint and technical expertise in the oil and gas, power, and renewable sectors ensures we can continue to support them in this transition. As shown on the left, we are seeing increasing demand in environmental services attached to the oil and gas industry in order to reduce its carbon footprint as a key and immediate priority. While we have a long track record in providing these services for many years, the demand is quickly increasing and is becoming a must-have service for most of our larger clients. Beyond that, we are perceiving a strong interest from these clients in electricity and renewables in particular, with wind and solar PV being very good opportunities for Applus+ over the next decade. Moreover, hydrogen is gathering a lot of focus and investments globally, given the clear role it will have in the energy mix in the future. Europe, Australia, North America, and Middle East, among others, are already launching very sizable pilot programs on hydrogen, and we expect to be involved in many of these initially during this trial and test period, as we have already done on a number of projects in Europe. We are already building up a strong references and recognition as a result of being involved in these first projects. Now, I would like to tell you a little bit more about our specific strategic priorities. Our growth is expected to be mostly driven by the significant opportunities foreseen in renewables and infra and building, and to some extent, power and diversified industrial. In these end markets, we expect to keep strengthening our leading position in those regions where we already have a solid footprint. For example, Southern Europe, Latin America, and Middle East. To continue building solid platforms in those regions where our presence is currently more limited, such as Asia or North America. In both cases, we expect to continue leveraging our global footprint as well as our focus on technology and digitalization to differentiate our and increase our value proposal. Additionally, our selective M&A strategy will allow us to strengthen our global presence as well as to complement our range of services in a shorter period of time. To this end, we are making significant efforts on this front and already have a healthy pipeline of attractive acquisition opportunities, which are expected to boost our growth and margins going forward. Additionally, I would like to emphasize the critical importance that we are giving to integration as the way to maximize the significant potential that M&A brings to us. I am very pleased to say that the recent acquisitions of Enertis in renewables and SAFCO in infra and building are proving us right, as both are significantly outperforming expectations by applying this approach. In the oil and gas market, we expect to see limited top-line growth, but significant increase in margins and ultimately in profit, driven by a focus on higher value-added services and a thorough review of underperforming assets and geographies. Finally, I would like to emphasize the strong focus on margin improvement that we have in the entire division. In this regard, we are not only pursuing strict cost control measures, but also accelerating our focus on technology and digital tools to increase process automation, data management opportunities, and remote inspections. This is already showing very positive results with our clients, who are increasingly demanding the use of technology and digital services as a way to improve the efficiency of TIC services in their facilities. These services are higher margin because they are more value add, increasingly in demand, not many providers have all these tools yet, and they are less labor-intensive, which is where the majority of our costs lie. This is an illustrative example of how technology and digitalization are changing very quickly the way of conducting business in the TIC market and Applus+ Energy & Industry in particular. This change, in fact, providing us with a good opportunity to continue gaining share and reputation in our markets. The remote visual inspection requires strong technical capabilities to capture and process a significant amount of data. We have invested significantly to be in the front run of these techniques, which are now bringing many new opportunities across end markets. Our efforts in technology and digitalization are focused on optimization of our services, which have a very direct positive impact on our clients. In this example, the remote visual inspection is a unique proposal for our clients, including important benefits for them in safety, quality of experience, ease of access to the facilities, 24/7 availability, possibility to compare information from one year to another, to track degradation, do a proper life assessment, and set the right predictive maintenance strategy. Moreover, we perceive that once the client trusts us to run these services, the barriers to entry into that client for our competitor are higher, allowing us to secure additional business in the future. How does this strategy translate into our numbers? The strategy that I just outlined is expected to result in an evolution of our division to a fully diversified business within our core markets. Power, renewables, infra and building and diversified industrial revenues are expected to represent between 60% and 65% of energy and industry revenue by 2024. Oil and gas revenues will reduce its contribution, representing between 35% and 40% by 2024, but significantly improving its margins by focusing on higher value-added and technology-driven services. Additionally, our strategy is expected to result in a stronger performance of our financial metrics for the 2022-2024 period. With an organic mid-single-digit top-line growth, an organic 10% growth at an adjusted operating profit level, and a significant improvement in margins to 9%-10% levels by 2024, driven by our organic and inorganic initiatives. This concludes my presentation. Thank you very much for your attention. I will now hand you over to Jordi Brufau, Head of Laboratories Division. Good morning. Thank you, Javier, for your introduction. I will present you our strategic plan for the coming years. Let me start introducing the current Applus+ Laboratories business, because there are many opportunities for us in the current environment of technological change. We operate in six different verticals. The most differential, global, and strategic are mechanical, electrical, and cybersecurity. Let me go through them. Mechanical testing is the 35% of our division. 40% of the mechanical revenue comes from aerospace and defense. We have a strong network of highly specialized materials laboratory covering Europe and also USA and China. On top of this, we have a unique structural testing facilities worldwide recognized that differentiate us from the rest of the TIC companies. In these facilities, we are able to test full-scale aircraft. We are the leader in wing panel testing. Airbus and Boeing send their wing panels to be tested in our laboratory in Barcelona, and we are also leader in curved panel for fuselages. Our lab in Germany is the one that takes care of curved panels of Airbus and COMAC testing. We are also European leader in rail vehicle testing. The second vertical is electrical and electronics. Electrical and electronics is the 34% of our division. 50% of the revenues of electrical and electronics come from the automotive sector. We work mainly for the tier ones, but under specification and prescription of the OEMs. This vertical is extremely important for the coming years. We provide electromagnetic compatibility testing, electrical safety, climate, vibration, wireless, and all this kind of testing. Laboratories, we have laboratories in Southern Europe, in U.K., in U.S.A., and one of the best independent laboratories in China. We are widely recognized and well prepared for electric vehicle, high voltage, and battery testing. All this is coming much faster than expected. Our third strategic vertical is cybersecurity. We have a very deep knowledge of product security. We evaluate the chips used in payment systems. We are one of the only eight laboratories in the world accredited by Visa and Mastercard for evaluate the chips they put in the credit cards. We evaluate also the chips of the passports and ID cards and also very important, network devices and very many different industrial devices and control units. On the other hand, we have also significant technologies with more local expertise. In building materials and construction, we have a fire and building materials laboratories in Spain that provide services to the south of Europe and to the Middle East. The other more local businesses are metrology and calibration, where we share the Spanish leadership with another company, and system certification in Spain that is a sustainable and very resilient business. Let me illustrate all this with a few pictures. The upper left pictures, an Airbus airplane being prepared for full-scale testing in our laboratory in Germany. After assembling the aircraft, we apply pressure to the fuselage and forces through many different actuators while we measure deformations and strength through a number of thousands of sensors and strain gauges. Bottom left, rolling a stock structure to be tested. We measure rigidity, resistance of the structure, vibration, and others. On the right side, you can see a fire test of a door. Our fire laboratory is well-recognized and tests large range of building materials and industrial equipment. Finally, an electromagnetic test of a full vehicle. While the car is running over roller bench, we direct electromagnetic waves from powerful antennas to be sure it is functional under all conditions. We have designed and built a robot that drives the car, switches on and off the lights, blinker, radio, and everything while it's being tested. This unique robot is made with fiber optics and non-metallic parts because it has to be transparent and not interfere with the electromagnetic field. This is a unique facility we have. Let's talk a little bit about financials and geography. Four years ago, we made a plan to double our revenue, to increase our margins, and to reinforce our position and excellence in key technologies for the future. We did it combining a strong organic growth with a very well-targeted M&A. As [you can see in the right side of the slide, our client portfolio is every day more diversified between Europe, USA, and Asia. Now some history about to understand where we come from. Applus+ Laboratories come from the privatization of a public technological center with impressive facilities, but that was underperforming at the moment. After having refocused the business, we started accelerating our growth, adding some key laboratories and some acquisitions. Up to now, we have been very successful in integrating and growing all the acquisitions made. We have always been very carefully selecting our M&A pipeline following three main criteria. First, a very good strategic fit with our plan to accelerate the growth in our key technologies. Capacity to grow, and to grow taking advantages of the synergies of the group. A very good technical knowledge and highly motivated management team. Those have been our criteria for selecting the M&A. As an illustration, let me explain how we add value to our three latest significant acquisitions. Reliable Analysis was acquired at the end of 2020. 20% of its activity is in Detroit for auto interior testing, and 80% is in Shanghai as one of the best independent laboratories for ANC and electric vehicle in China. From then, we have added significantly more capacity that has been quickly fully loaded. Our relationship with the OEMs and international automotive joint ventures in China is very good. We have set, together with them, a plan to further increase our capacity in the areas where our customers and ourselves foresee strong growth. We have to remember that today China is the most important market for electric vehicle. Second example is QPS that was acquired end of 2020. Applus+ Laboratories has always been more focused on testing for product development than in certification. QPS is a certification company with low capacity for testing. Combining with our testing capabilities, QPS has increased by 20% of its revenues compared to 2019. It will keep growing and feeding Applus+ Laboratories with more testing work for certification. IMA is a German laboratory acquired in May 2021. With this acquisition combined with our capabilities, we are a worldwide reference for structural testing. IMA is also a very good base to add other Applus+ capacities in the north of Europe. We have always focused very much on market intelligence to select and be excellent in some key technologies for the future. Now, we are ready for the coming technological change driven by three mega trends: electrification, connectivity, and energy transition. This technological evolution or revolution is a golden opportunity for us. Everything will be more electrical and more connected. Electric cars, aero taxis, and many other products will be completely different from the former ones. Batteries, fuel cells, and electric engines are an alternative to classical technologies. The development of all these products and all these technologies will need mass testing in high technological laboratories like ours. Cybersecurity will be a must for every product that will be connected to the network. Not only the E&I and cybersecurity will be needed. New materials for hydrogen tanks, new composites, and completely different structures for vehicles will be tested. Also, new technologies such as 3D printing are a revolution for new materials that have to be tested also. On the other hand, new entrants able to move much quicker than the established ones are challenging the classical OEMs, and we are already working for many of them, Tesla, Lilium, Silence, Joby Aviation, many others. We now have the key technologies needed to support the changes driven by the mega trends. Okay, let's now summarize our strategic priorities. Our plan will benefit from the important synergy and growth capacity of new acquisitions, a good pipeline for strategic M&A, and government funds for R&D that go not only a little part to us, but a big part to our clients. Our priorities will be in our key technological areas that we consider most needed in the coming years, mechanical, electric, and electronics, and cybersecurity. In mechanical, we will keep expanding our network of laboratories in the U.S. and Europe. We will keep investing in new material testing and in cryogenic testing capabilities for hydrogen tanks. In electrical and electronics, we will add electrical capacities to our recent acquisitions in Detroit and Germany, and we will develop an aggressive growth plan in China to become the best laboratory in the country, which is the biggest market for electric vehicle. In cybersecurity, we will extend our capacity to attend the new demand of massive product cybersecurity assurance need that will come, that is already coming. For the rest of the areas, we will add five laboratories in Europe to strengthen our current position, and we will keep looking for further opportunities. As a summary of our plan, I can say that the technology, the technological revolution we are seeing today is an opportunity for us, and our key technologies will be very much in demand in the coming years. We can, and we should, keep growing in the same way as recent years and double our revenue again in the next three years. We have a strong organic growth capacity and good pipeline to activate. Our target is then to double our current revenue and to improve our margins up to 16% by 2024. Thank you very much for your attention. Thank you, Jordi. I'm sure you will be able to double the division again in the next three years. Through our IDIADA division, we support the major car manufacturers and OEMs in the development of new vehicles. To do this, we manage in Spain probably the most advanced independent proving ground in the world, as well as many laboratories for crash testing, powertrain, and components. Outside of Spain, we operate in a further 21 countries. Despite some restrictions still affecting our overseas customers, the business is recovering nicely with revenue growing well over 10% this year. The margin is good, reflecting the high value add to the auto companies, and we expect to be above 10.5% this year without the accelerated depreciation of the assets of the business. The lower line includes this additional accelerated depreciation, which Joan has already explained. On the right-hand side, you can see the main growth drivers of this business, which are clearly electric and hybrid vehicles. The proportion of this segment has grown from virtually nothing before 2018 to 40% this year. Transition to green vehicles will continue to offer significant opportunities as we are really strongly placed to support our clients in the development of new technologies, given our in-house capabilities, know-how, and physical resources to test and validate. Most importantly, the fact that we have been their trusted partners for many years. On the next page, we have summarized the key takeaways for the outlook for this business, as well as our strategic priorities and financial targets. As mentioned, the huge investments from the auto industry to transition to green vehicles, as well as the development of connected and autonomous vehicles, will continue being the key drivers here. We have the ideal resources with our proving ground to test self-driving cars as we can build replica road systems like motorways, junctions, and busy towns. Of course, our experts in the labs also support the technical development using best-in-class software and simulators, as well as physical testing. The other key change in the market is the proliferation of new players that look more like technology companies than auto manufacturers. These new players have far fewer resources to carry out in-house testing, so we are seeing a lot more outsourcing of the requirements as they need us to help develop their cars. Our key priorities here are to make sure we maintain our leadership position in the industry by being on top of all the new technologies. This comes from investing in the right people, training, staying close to our customers, and developing the latest testing equipment by investing in the high value segments and all those geographies where the car development is taking place faster, such as China and the U.S. To conclude on IDIADA, I will comment briefly on the latest position with the concession renewal. The contract ends in September 2024 after a 25-year contract period. The government have indicated that they intend to launch a new tender for a new 20-year contract in the first half of next year. We expect this could then be a 6- to 12-month process before they make the decision on who has won the new contract. The most important message for now is that we expect to win this. We have an excellent track record managing the business, and the key decisions on expanding the business have been aligned with those of the government of Catalonia, supporting the auto industry in the region, including a lot of investment in both human capital and infrastructure and facilities. Putting this together, the key growth targets for this division are for organic revenue to grow over the next three years at an average rate of high single digits% and the adjusted operating profit margin before taking into account the accelerated depreciation to be above 12%. Our auto division carries out statutory vehicle inspection on behalf of our government clients. We operate 30 programs in which we perform directly 16 million safety inspections per year and supervise another 10 million delivered by third parties. They are mostly in Europe, but increasingly growing in Latin America. In the U.S., we manage a number of emissions-only inspection programs. In terms of revenue, we have been generating close to EUR 400 million in the last few years, and we will have the highest historical revenue of around EUR 440 million in 2021, including the acquisition in Sweden. On an organic revenue basis, this division is performing very well and is already above pre-COVID levels. The division margin should continue to be very strong, with 21% expected this year, which is a bit lower than previous years, partly due to the dilution effect from the addition of the Swedish business, but still a very healthy margin. On the right, we show some revenue breakdowns, starting with the split of revenue into the regulated programs and the liberalized. The relevance of this is that liberalized programs continue indefinitely, but at the same time, they are subject to competition. With the regulated programs, the competition, once the contract is won, is stable or nonexistent, but renewals are required on a periodic basis. You can see that 70% of our revenue come from regulated markets, as we have an extremely strong track record at renewing and winning contracts. Below that is the geographic split of the revenue, where you can see Spain is the highest with more than a third of the revenue, although this is subdivided into 8 regions in Spain, each of them with their own terms. Before we go into the market outlook and strategic priorities for this division, I want to highlight the contract renewals as this is a key point for this division. We have an excellent track record in renewing programs, and the data proves it. In the last 10 years, we have renewed 17 contracts with combined annual revenue of EUR 122 million. We have won 19 new individual programs with annual revenue worth EUR 32 million. On the other side, we've lost only 2 programs worth EUR 9 million annual revenue, and 1 program was discontinued by the government worth EUR 8 million. In this 10-year period, we've grown the number of programs, the revenue, and the profit. On the right-hand side, we show the contracts to be renewed in the next 3 years. 2022 and 2023 are the most important years, with Costa Rica with EUR 35 million of annual revenue, and Galicia with EUR 52 million of revenue to be renewed. In Costa Rica, where we have 44% stake, we are the only operator. We expect the government to give us a 2-3-year extension, and after that, to retender the contract for several operators, and we expect to be one of them. In Galicia, we own 80%. We are the only operators, and the contract allows for further extensions until 2037. This contract was extended in the past, and we expect to be able to obtain further extensions. The rest of the contracts to be renewed are not so relevant. Overall, we are confident we will continue with our outstanding track record of renewals. We will continue winning new contracts from competition and also expect greenfield opportunities in Latin America and in the medium term in Asia and Middle East. Now for the market outlook and our plans. Important to understand that this business is essentially about car safety. The way safety inspections are carried out is through physical checks on the car by independent, trustworthy operators from dedicated facilities. With the rapid growth in electric vehicles and self-driving vehicles, this essential service is not going away. On the contrary, it represents new opportunities for the division. We are expecting the European Union at least, but other governments will follow, to require the inspection of the batteries or the hydrogen systems, plus all the safety aspects of the high voltage systems in the car. Regulation in this area will only increase. As we start to see more widespread use of other forms of personal transportation becoming more powerful and being used on roads, we will see more regulation around the safety of these two and for example, electric scooters. Our priorities here are, of course, renewing the contracts as and when they come, especially the two large ones I mentioned earlier. At the same time, we need to make sure we are active and ready to expand the contracts when new regulations come into force, and also be active and ready to win new contracts in emerging markets as and when they introduce new legislation. Being a global leader gives us the authority and credibility to speak to government officials that are considering implementing new programs. Our portfolio of contracts is mostly in Western developed economies, where there is good visibility and stable year-on-year growth. We expect an average of low single digit organic revenue growth over the planned period and margins to remain over 20%. Before we move to Q&A, I would like to repeat the key elements of the new plan and our commitment to become an even more resilient and valuable business. As I started out in the presentation, our strategic objective is to continue improving our portfolio mix towards higher growth end markets and to mitigate business risks, to accelerate growth organically and inorganically through deeper alignment with the mega trends that offer the highest opportunities for the group. We will also build on our strong foundations to fulfill our 2024 ESG commitments in total alignment with our financial performance and with management remuneration linked to these targets. Through these actions, we will enhance returns to our shareholders using our strong cash flow generation and following a value additive capital allocation strategy. Following those highlights, you can now find a summary of our financial and non-financial targets on the next slide. With that, I will now bring the presentation to an end. Thank you very much for your attention. There will now be a 3-minute pause in which we will play a video before we start the Q&A. The unyielding increase of complexity within organizations requires the corresponding vigilance for controls, regulations, and standards. At Applus+, we provide innovative responses to the challenge faced in the main industry sectors. Our technical expertise and know-how support industries and companies to gain operational and asset efficiency, to improve the quality of products and infrastructures, and to reduce risks. This is why Applus+ is a leading testing, inspection, and certification company. Through our expertise in nondestructive testing, inspection, supervision, and consulting services, we assist companies to develop and control their industrial processes, protect their assets, and increase the operational and environmental safety of their infrastructures. Our network of state-of-the-art laboratories delivers high added value in a wide range of testing, certification, and engineering services. At Applus+, we also collaborate with the world's major automotive industry companies in developing, engineering, designing, testing, and approving their products. For on-road vehicle safety, we are one of the world leaders in statutory vehicle inspection services, which improve road safety and reduce polluting emissions on a wide variety of public inspections programs in the countries where we operate throughout the world. Our highly qualified teams enable us to have one of the greatest capacities in the TIC sector to develop proprietary technology for our sector's challenges, and this positions us as a global leader. Our innovation, combined with a broad global platform of laboratories, offices, and talented professionals, allow us to adapt our services to the local needs of each of the markets in which we are present. In each market we serve, we are recognized as a trusted partner who is capable of offering solutions tailored to each challenge and sector. Our passion for improvement drives the teams at Applus+ to constantly innovate and strive for excellence. Our main asset is therefore our people's talent, and we are dedicated to go beyond standards together with clients, because this is the vocation which moves us. Thank you very much, gentlemen, for your presentations. To ask a question, please select the question tab on your screen and follow the instructions, including re-entering your details. Once in the question page, click the raise your hand button when you are ready to ask. When it's your turn, please make sure you open your microphone, and if you don't mind, please open your camera too. We have our first question, and it's from Pablo Cuadrado from Kepler Cheuvreux. Go ahead, Pablo. Hi. Good afternoon, everyone. I hope you can hear me okay. I will go for three questions, if I may. The first one will be if you can detail a little bit more, which are your plans on the asset disposals. Clearly, when we look at your portfolio, and particularly looking at that you are expected to have an accretive effect in terms of margin from these asset disposals, I think it would be great if you can provide a little bit more visibility on which are the assets that you are thinking. I think many of us, probably we are thinking about the most underperforming assets at group level, which could be related to oil and gas, particularly the CapEx. Any comments from that view, I think it would be highly appreciated. The second question will be on the share buyback, and here I would like to clarify, or let's say, how is the process going to work? Because you're announcing 5% share buyback, but I don't know if you need to have AGM approval. Also, you have been talking about 2022, but I would like to know if that 5% share buyback is limited to any kind of absolute amount of money or if it will be not dependent on that, and it will be purely based on the number of shares. So having that clarity as well, it would be good. Probably just finishing on ESG, where you are announcing new commitments. I would like to know if you can update us. I think last year you mentioned at the end of last year you were having, let's say, EUR 200 million of revenues exposed to, let's say, sustainability, and that was around 50% of the group revenues. I would like to know if it is possible, where do you see those revenues by 2024, particularly in the context of, on the group level as well? Okay. Thank you, Pablo. I'll take the first one around disposals. What we've done is a strategic review, and we have identified those assets that we'd like to dispose. These are mainly, as you can imagine, underperforming, but not only underperforming now, but where we think the growth and margin potential is low. For obvious reasons, and I'm sure you can understand, we are not disclosing which segments or geographies are these assets. The impact on margin, and you said they are accretive. I think in one of Joan's slides, we disclose exactly what we think is going to be the impact of these disposals on the group margin. Your second question on buybacks, I think Joan, if you can please take that one. Yes, of course. Pablo, I think what we expect is to start the share buyback quite soon in the beginning of 2022. We estimate 5%. Up to now is already approved by the AGM, so we have the approval till 10%. Obviously we have to do it following the regulation of the Spanish regulator, the CNMV. It means that depending on the liquidity, normally we can buy the average of the last day, so a maximum of 20% of the liquidity. It means that we estimate that for this 5% it will take around 3-4 months to do it. Your third question on revenues, ESG revenues, and this is difficult always to measure. When we said in the past around EUR 200 million, you know there's taxonomies now, and it's not going to be easy to measure it. What I can say, and you've seen in the presentations, the areas where we are going to grow are mainly ESG exposed. If the group CAGR is going to be around 10% in revenue, I would expect the green or ESG related revenues to be more in the 20% range than in the 10%. Okay. Thank you very much. Our next question is from Kate Somerville. Good morning, everyone. Thanks so much for the presentation. I hope you can hear me. My first question is just on the split that you gave for Energy & Industry by 2024. I think you're targeting 60%-65% being in the RPI part of the business. Does that include disposals and M&A, or is that purely organic? You're also thinking about disposals. Will it be just contract by contract, or will it be entire business units? Finally, in terms of that underlying margin improvement, how much of that is mix, and how much of that is cost savings? Kate, Javier, can you please take the question on E&I? Sure. Thank you, Kate. On the first question, the split by 2024 includes both organic and inorganic measures. The 60%-65% that we are targeting will be roughly split between the four units that we are presenting. Perhaps, infra building will be slightly higher than the rest, but power renewables and DI will represent more or less even representation. Kate, your second question on disposals. It is business units what we have identified, so it's not contracts. We are talking discontinuing some and selling, disposing larger business units. I think your third question was about margin. Margin. Yeah. Yes, Kate. Regarding the margin, I think what we are saying is that organically, on page 21, you can see that we are improving across these three years, around 130 basis points. I think the improvement should be mainly in Energy & Industry and Laboratories and also IDIADA, excluding the accelerated depreciation and what we estimate if that should be done year on year. I think here operating leverage is also important, and also the mix of the business is important with the growth that we estimate, for instance, in the Laboratories or even in IDIADA. Mix is also helping us. Great. Thanks so much. Thank you. Kate. Thank you, Kate. Our next question is from Paul Sullivan from Barclays. Please go ahead, Paul. The next person then in the queue. All right. That looks like Gonzalo. Hi, Aston. Hi, Gonzalo. How are you doing? Hi. Thank you for your presentation. I have three questions, if I may. The first one is on the tender on IDIADA. I mean, how much competition do you see around the tender? That would be the first one. The second one would be regarding your automotive business. I mean, you have said that you expect margins above 20%, but would you be able to tell us how do you expect margins of this division to trend over time? Also, I mean, looking at the useful life of your stations, I mean, do you expect a significant further incremental investments in these assets? The third one is related to your contract in Costa Rica and your investment in Inversiones Finisterre. I think if I recall well, that by July 2022, you and once you renew the contract, you could and buy the remaining minority stake in this investment. Can you touch on that if possible? Many thanks. Thank you, Gonzalo. Starting with IDIADA, we do expect competition, so I'm sure many large engineering companies and other tech companies will be interested in bidding. We don't know yet the terms of the tender, so I'm sure there will be a lot of requirements from a technical and experience point of view that might limit or if not limit, give us a big advantage on that tender. We expect a lot of competition. Your second question on auto and the margin and the trend. This year we are guiding for 21% margin. In the three-year plan, what we've said is that we expect the margin to stay above 20%, and that takes into account the terms we think we will get in some of the renewals that come up in 2022 and 2023. Looking farther ahead, I think this division should be able to maintain this 20% margin. We've been able to do it over the last 10 years, I would say. CapEx in these stations, each contract is different. Normally, what you do is at the beginning of the contract, when you win them or when you renew them, you need to invest. Once the stations are up and running, it requires very little CapEx. I would say less than 1% would be the maintenance CapEx in most of our contracts. Your third question was on the terms for the call on Inversiones Finisterre and put options. Here what we have, we acquired 80% of a company that has 100% of the contract in Galicia, so we have 80% and 55% of the contract in Costa Rica. We have, in the case of Costa Rica, 80% or 55%. What we have is a call option in the case of a renewal in Galicia, not in the case of Costa Rica. Whatever happens with the contract in Costa Rica in July 2022 does not trigger the call or the put option. In the case of Galicia, the contract ends in December 2023. If it is renewed, we have a call option to buy out the minorities, and they have a put option. That doesn't happen until 2023. Of course, we can agree something before that, but that's how the contract works. I hope I was clear. Yeah. That's very clear. Many thanks. Thank you. Thank you, Gonzalo. Our next question in the queue is from Arthur Truslove from Citigroup. Go ahead, Arthur. Hi. Can you hear me okay? Yes. Very good. Yeah, a few from me. The first one clearly was a little way away, and that's obviously when the targets are set for. What should we expect to see next year if everything is going to plan? That's question one. Question two is around digitization, which you touched on a little bit in your presentation. How do you expect sort of increased digitization to impact the competitive landscape for testing and inspection services? In particular, I was referring to the slide that you presented with the drone on it and the impact that might have on barriers to entry. The final question I had was, who do you see as the key competitors to yourselves as you seek to benefit from the opportunity to provide testing services within the energy transition? Thank you very much. Okay, Arthur. Regarding the guidance for 2022, we'll provide deeper guidance at year-end in February 2022. Having said that, I think in terms of revenue should be quite aligned about what we are saying in terms of the organics or this mid- to high-single-digit%. In the case of margin, obviously it will depend on the date of the potential disposals and M&A. As we said, we expect to improve margin during the plan organically as well. It means that in 2022 we should also to increase our margin. Again, we'll provide deeper guidance in February 2022. Okay. On your second question, Arthur, about the digitalization and competitive landscape. Well, I think I mentioned in the presentation of the key pillars of our strategy is innovation and technology. We are constantly trying to improve, invest in the way we provide services and how we operate. What I think is that for large companies, we consider ourselves as one of the large companies in the industry, this is great competitive advantage because we have a lot of local competitors in this very fragmented industry everywhere, and it's much more difficult for them to invest and to follow up with all the investment required to improve your operations and go more and more digital. We see it as a competitive advantage for large companies, and difficult for the smaller ones, and in many cases, one of the reasons why they decide to sell. On competitors, and in the energy transition, I think all our competitors are trying to benefit from these mega trends. Some are better positioned than others. We think we are very well positioned, and it's one of the things we explained during the presentation. If I have to mention, we have different competitors depending on the different segments where we operate. In vehicle inspection, say, the larger companies we compete with are the German TÜVs and SGS. In the case of energy and industry, I would say they are quite different depending on the end markets, but all of them. In the case of testing, well, on the labs division, maybe Jordi, you can give us more color around what your competitors are there for in the energy transition. Yeah, of course. Thank you, Fernando. I think all the testing will be much more needed testing. Especially testing, high technological testing for product development and then in new technologies is the one that will be the most required. The high technological laboratories, not necessarily the biggest companies, but the more high technological laboratories will have a significantly more advantage in this moment of technological change. Okay. There will be more testing for product development and high technological testing than usual testing for certification, which will improve very fast. Okay. Great. Thank you very much. Thank you. Thank you, Arthur. Our next question comes from Andrew Grobler from Credit Suisse. Hi, everybody. Three for me as well, if I may. Firstly, just on the disposals. You talked about that in terms of both disposals and discontinued. Is there any sense of what that split may be implicitly from the bridges you've given? It's kind of EUR 250 million-EUR 300 million. So if you could split that out, that would be really helpful. And kind of as an add-on to that, what is the criteria for a business to be discontinued at this point? The transition and the oil and gas OpEx. I know you've talked to this before, but can you kind of explain to us again why oil and gas OpEx over the next 10 years or so isn't going to see a decline, just as the number of refineries, the number of assets begin to reduce as we go through that process? And then thirdly, from kind of a shift to EV perspective, how much of your auto business is at risk from that shift? I, where your contracts are purely or predominantly around emissions. Thank you very much. Okay. Thank you, Andy. On the difference between discontinuing and disposals, discontinued are small operations that we have in some countries where we believe the potential is not high enough to continue operating. I would say they are marginal in the calculation. They are very small operations in small countries and normally losing money or at break even. Most of the amount on the impact is going to come from the disposals. Your second question was about OpEx in oil and gas. Javier, if you can please take that one. Sure. I think in the oil and gas OpEx, well, first of all, we are seeing some increase in demand in oil and gas demand. Certainly, gas will have a more mid-term strength, but oil is also seeing some increase in demand in the next few years, and that's what we are seeing and we are expecting. Facilities are getting older, and the need of maintenance is increasing in all of them and will increase over the next 10 years. Moreover, I think that from an environmental perspective, our clients, and that's what we are seeing today, our clients are increasingly concerned about them. The requirements around environmental and maintenance and proper maintenance is certainly growing. We don't expect a decline at all in the next 10 years for oil and gas OpEx. If so, I would say that we will probably see an increase over time. Okay. Your third question was on EVs and how much of the auto division is at risk because of that. I would say nothing. What we do is mostly safety. Emission testing is quite marginal. In the case of the U.S., where it is true that we only do emission testing, that doesn't mean that the car EVs won't have to go to a station in order to make sure that they are operating as they should. It's called the OBD, on-board testing, which is something you plug into the car to make sure that everything is going fine. This is not changing with the EVs in the U.S., so they also have to go to the stations. Even if we lose all the U.S. business, that would represent a very, very small percentage of the profit of the division. Less than 5%. Okay. Thank you very much. Thank you, Andy. Now, next question is from Geoffroy Michalet from Oddo. Hi, gentlemen. I hope you can hear me well. My question has to do with M&A and disposals. Would you say that the speed of your M&A activity depends somehow on the rhythm of your disposals? Another way of looking at it would be, would you be able to go beyond 3x net debt to EBITDA just before doing disposals? Thank you. Yes. No, our objective is to maintain a leverage below three times. Regardless, you know, the disposals on M&A and with our plans, et cetera, and different timing that we have, in any case, leverage should be always below three times. Thank you very much. Thank you. Thank you, Geoffroy. Our next question is from Pedro Alves from Banco BPI. Please go ahead, Pedro. Hi, guys. Good morning. Thank you for taking my questions. The first one is in this transition from oil and gas to low carbon generation. Do you think that compared to traditional oil and gas, the lower inspection intensity or let's say the frequency of inspections can be comfortably compensated over the next decade by higher volumes in terms of investments in renewables? Whether you can guide us on a rough reference of how much CapEx in renewables can go to inspection services. My second question is kind of a follow-up from Paul on oil and gas OpEx. Can you give us an exposure, I mean, in terms of a breakdown across the type of infrastructures like pipelines, upstream refineries, et cetera? My last question, regarding inflation, have you seen or do you expect to see relevant wage inflation across your business lines? Here, I'm just interested in having your thoughts on your inflation pass-through capacity going forward. What sort of inflation, or if any, is included in your organic growth guidance. Thank you very much. Thank you, Pedro. Javier. Sure. On the first question, the transition from oil and gas to renewables to hydrogen is gonna be not immediate, as we have discussed, and we believe that there will be growth in oil and gas over this period, but there will be more growth in renewables. Overall, we believe that it will more than offset our loss in oil and gas, and it'll be compensated by increase in wind, increase in solar, increase in hydrogen, increase in power, in networks, electricity, in nuclear, in other sort of generation plans that we are seeing. We believe that it will more than offset a potential reduction over time in oil and gas, which as I said at the beginning, will not drop immediately, not in the next 10 years, especially in oil and gas OpEx, which is where we are right now. We believe that is a business for the long run, mid to long run. With regards to the second question, I don't have a precise breakdown with me, but the majority, at least 50% of our business is focused on midstream. We have also a significant portion of our business in refineries and in offshore rigs. It is important to note that we are already seeing some investments to convert some of these assets into hydrogen, for example. The mid to long run can be more than offset with these changes that we are seeing right now, that we believe that will take at least five years to fully crystallize, but this transition will come, and overall, it will have a positive impact in our portfolio. Hey, Pedro, on your third question on inflation. For us, inflation, the impact will be on wages, obviously, because we don't buy raw materials at all. This will happen probably January, February, which is when we have the salary negotiations with unions or with workers' council. We do expect to increase salaries more than what we've been doing in the last years. I would say in most of the cases, we will be able to increase our prices. Overall, I think inflation is going to be neutral for us. In some cases, it will be negative, but in some like some vehicle inspection contracts where automatically we can increase prices with inflation, it will be a net positive. Overall, for the group, our estimation is that it's going to be neutral. What is included in the plan? Nothing special. I would say we are counting with inflation going down next year, and we are not counting with a 5% overall increase next year in revenue because of inflation. The plan and the organic growth that we have mentioned is taking into account a low inflation scenario for the next years. If it's higher, revenue will be higher, costs as well. Margins should be similar. Thank you very much. Thank you, Pedro. Our next question is from Paul Sullivan from Barclays. Yeah. Hi, everyone. Hopefully you can hear me now. Yeah, just a couple from me. Sorry if I've missed it, but how quickly should we expect those disposals to come through? Should we expect any associated restructuring costs below the line as part of that process? Secondly, within the 51% of E&I that is power, renewables, infra and industry, can you give us a sense of the organic growth rates within those component parts as part of the plan? Then just thirdly, sort of big picture, I mean, given the stubborn discount that you trade versus your peers, did you or the board consider a more aggressive option of a bigger breakup of the group or sale? if the discount doesn't close as part of this sort of new strategic plan, what's plan B? Thanks. Or is there a plan B? Thank you. Thank you. Thank you, Paul. On the disposals, our target is to complete them in 2022, okay? Is there going to be restructuring associated? In principle, no. If we are able to dispose the assets as we think we can, there shouldn't be any significant restructuring. Your second question on energy and industry and the growth of the different parts, Javier. Sure. I think the overall number is what I have in the presentation, so high single-digit%. Renewables and infrastructure will grow at a double-digit% organically. Power and Diversified Industrial will grow slightly below the high single-digit% that I put in the presentation. Your third question, which is more difficult. What I would say is no, we are not thinking in a breakup of the group. We don't think that would make sense or give more value to investors. Plan A is to deliver this plan, and plan B is also to deliver this plan, so that's what we are considering today. Thank you. Thank you, Paul. We have one more question in the queue, so if anybody else would like to ask a question, please, select the question tab on your screen, and follow the instructions. In the meantime, we'll take what is currently our last question from Pablo Cuadrado, from Kepler. Hello again, Pablo. Hi, yes. Sorry to come back. Yes, a few questions, probably more on the financial point of view. Can you probably help us to navigate through the, let's say, margin for IDIADA adjusted by the accelerated depreciation by 2024? You are saying the presentation excluding that 12%, but we have seen that in the last few years, and the impact seems to be getting bigger as we are close to the expiration date. To have that figure. Also linking to that, if you can, at group level, give us basically which is the overall group D&A that you are expecting to have on P&L basis by 2024, that would be helpful. The second question will be, you can share a little bit the assumptions on the EPS growth rates that you have provided today. The CAGR reference, which is the, I don't know, the tax rate or cost of debt, that the assumptions that you are making on that number. Thank you. Okay, thank you, Pablo. Regarding the IDIADA, as you know, where the accelerated depreciation, it means that if, since the concession is ending in September 2024, what we have to do is to have all the asset with a net book value of zero. It means that we have to accelerate this depreciation. As I said, I think in my presentation, in 2021, the impact has been EUR 4.5 million, that in terms of margin is around 20 basis points at group level, okay? These 20 basis points at group level, more or less in 2022, we estimate 40 basis points. In 2023, around 50 basis points, whereas in 2024, we estimate 80 basis points. As I said as well, the impact in absolute number for 2024 is around EUR 16 million. I suppose that this answers your question, otherwise let me know, and I will give you more information. In terms of D&A, what we expect is quite similar to the CapEx. Normally, what we should have is between 3%-4% in terms of CapEx and similar amount in terms of D&A. I think in 2024, we'll be more at the end of the range, because since we are doing all these changes in the mix, et cetera, increasing in the labs, maybe the CapEx will be slightly higher, but we should be between 3.5%-4% in terms of D&A in 2024. In terms of EPS growth with this 13% CAGR that we are estimating, obviously here, what we are considering is our assumptions in terms of M&A and also in terms of disposals, which is also quite relevant, as you have seen in the improvement of the margin regarding the disposals. In terms of the debt, up to now, more or less, the debt, the cost of the debt that we have is more or less around 2%, 2.5% maximum. This is what you should include. Finally, in terms of taxes, the effective tax rate that we have is around 25%, and this is what we are estimating going forward during this 3-year plan. We don't really estimate any significant change in taxes either. Thank you very much. Thank you, Pablo. Thank you, Pablo. There are no more questions in the queue. That concludes our presentation. Thank you very much for your questions. Thank you very much, gentlemen, and for everybody for listening and watching. You may now disconnect. Thank you. Bye-bye. Thank you. Thank you. Thank you. Bye. Thank you.