Results presentation. The management of DIA will run you through the presentation, which will be followed by a Q&A session. Stéphane Ducharme, Executive President, and Jesús Soto, Chief Financial Officer, will be presenting this conference. I give the floor to the management of DIA Group. Good morning to everyone. Buenos días a todos. Bom dia a todos. Welcome to DIA's First Half of 2022 Results Presentation. My name is Stéphane Ducharme, and I'm the Executive Chairman of DIA Group. Thank you for joining us today. I am joined by Jesús Soto, Chief Financial Officer of DIA Group. I will start today's presentation with a strategic update for you on DIA Group, and Jesús will take you through the financial results for the first half of the year. We will then open a Q&A session. Please feel free to send your questions through the chat so that we can address them fully. After starting a far-reaching transformational journey in 2019, it gives me great pleasure to say that DIA Group is entering a new phase now, progressing solidly in the consolidation of its business model. For this, I would like to thank our employees and franchisees in Spain, Portugal, Brazil and Argentina for their engagement and hard work. In 2020, we committed to building a new value proposition for customers and also began to build back transparent, long-term relationships based on trust with collaborators, franchisees, and suppliers under a new leadership that could steer each of the business units through uncertain times. The sweeping changes made at DIA Group are now becoming visible. They are reflected in our stores, in the quality of our freshness, and in the quality of our private label Superbrands. In the way the new franchisee model has been welcomed by our partners, by the success of our technological and digital makeover to boost logistics and e-commerce, and last but not least, in the beginning re-emergence of DIA as a consumer and corporate brand. Key to this progress has been the commitment to proximity that is our lifeblood and a great lever for turning the company around. It is this lever, together with the engagement and effort of all of our colleagues in stores, warehouses, and offices that is allowing us to build together a new corporate culture that supports relationships based on transparency, trust and performance. The first months of this year introduced a complex geopolitical and economic scenario marked by inflation and rising raw material, fuel, and energy prices. Nevertheless, we are confident that these challenges are an opportunity and invitation to perform better and to move the dial on our future ambitions. The progress made through the end of June, including the clear thumbs-up from our customers and franchisees, as well as the support shown by our shareholders at the general meeting in June, point to a watershed moment for the company. We can see this in one revealing fact. Spain and Argentina, representing approximately 80% of DIA Group's net sales, have reached substantial completion of their 2020 strategic roadmap and are growing volumes, like-for-like sales and market share. Comparable sales surge in Spain, overall in Argentina. In parallel, Brazil and Portugal are improving their business models and making significant headway in executing their strategic roadmap, bringing them closer to completing their transformation plan as well. Altogether, this suggests we are becoming the company we want to be, focused on what we do well, a preferred proximity and digital shopping experience, beginning to deliver long-term customer loyalty and sustainable growth and profitability with a renewed corporate and brand purpose. Since May of 2020, we have endeavored to consistently execute across our strategic roadmap and deliver real change across all of the countries in which the group operates. We have done so by focusing on our customer base and by acting systematically across three areas, commercial, franchise, and operations. For the commercial transformation, we have leveraged takeaways from the pilot stores and the needs raised by the pandemic to implement key initiatives such as a fully reset value proposition for customers. This is translated into a modern, accessible neighborhood store with an easy, user-friendly shopping experience, plus an updated assortment featuring high-quality fresh produce and well-priced goods. Two, a complete reset of our private label range, launching DIA Superbrands of the highest quality with modern packaging and responding to relevant customer needs of today. Three, continued strengthening of our operations and logistics, including online, as leverage to delivering our proximity strategy and new value proposition with the highest efficiency possible. As for the franchise business, we have fully rolled out the new model with confirmed value for our partners, laying the foundation for mutually beneficial long-term business associations with them. The aim was to make our neighborhood stores attractive to franchisees, both existing and new, and we have made important progress in this area, especially in Spain and Argentina. 48% of the group network now involves franchised stores. Looking more closely at Spain, we can see that even in these uncertain times, the changes to the business model have been a success. 459 stores were remodeled between January and June alone. In total, we have 1,297 stores operating under the new model, 68% of the proximity network in Spain. I would like to express a heartfelt thanks to the team at DIA Spain for the way in which they have delivered on this challenge, a highly complex operation involving a large number of stores and an average CapEx of EUR 110,000 per store. The fact that these stores remain closed for five days during the remodeling represents an upside when looking at our future top line. Franchisees in Spain have embraced and supported the new relationship model put in place in 2020, which involved transferring part of our margin to the franchisees to build a win-win relationship for both parties. Our franchisees are strategic business partners, ambassadors of the DIA brand and values, and today they make up 68% of the proximity network in Spain. In the first half of 2022, we attracted 42 new entrepreneurs to our network. Our private label Superbrands are now very present in the Spanish store network, and not only in stores, but more importantly in customer baskets, confirming the appeal of new quality DIA brands and their perception as modern quality brands with a best-in-class quality price ratio. Since the start of the transformation, we have introduced 1,550 new Superbrands references, 430 in the first half of 2022 alone. In this first half of the year, new quality DIA Superbrands jumped 4 points over H1 of last year to 51.7% of total sales. I would like to bring to your attention the following numbers that really speak to the success of the new value proposition and remodeled stores in Spain. First of all, the remodeled stores have punched above the market with DIA Spain gaining share in terms of comparable sales surface. This is the result of the remodeled proximity stores delivering above market like-for-like performance, 10.9% more than double the market growth of 5.1% in the first six months of the year. This encourages us to continue converting our stores to the new model. The improvement is even more impressive, 13.4% if we look at the Q2 of the year. Consumers are responding very positively to the new stores and value proposition. We see this in the rise of increasing level of satisfaction, be it NPS or growth in tickets. Argentina has also moved into the consolidation phase of its business model. Important milestones for the first half of the year include 138 stores were remodeled and 33 new outlets opened. We now have 366 stores operating under the new model in Argentina, 39% of the network. Stores operating under the new model posted on average like-for-like sales growth of 16%, contributing significantly to the gain in market share. Just to remind you, our like-for-like numbers for Argentina are always volume numbers. DIA is the number one retailer in the city of Buenos Aires with a market share of 30%. Customer satisfaction measured in NPS jumped from 42 in the first half of 2021 to 63.7 in the same period this year, reflecting the strong performance of the business and the brand. The team at DIA Argentina is fully focused on continuing its growth journey, operating within a complex macroeconomic framework. Moving now to Portugal and Brazil, both countries are improving their business models and making significant headway in executing their initial strategic roadmap, bringing them closer to completing their transformation plan as well. In Portugal, a market with strong competition, DIA has kept prices below inflation to encourage customer growth. The reporting period features a promising Q2 net sales recovery compared to Q1. The 121 stores remodeled in 2021 delivered above-market like-for-like performance of 8%. We are still working on reorganizing the network and in H1 closed five stores. All the franchisees in the country are operating under the new model. In Brazil, significant progress has been made in defining a new store concept and franchise model, two key aspects in delivering the future. Also, in the first six months, we are satisfied with the performance of the pilot stores, both in terms of the like-for-like sales of 25% and customer satisfaction. The aim is to do further pilot stores before the end of the year and subsequently start rolling out the model across the entire network. The pilot stores are an appropriate laboratory for the new value proposition. At the start of the year, we closed 121 stores due to their unsuitable locations and profitability, creating the foundation for the store network of the future. We have strengthened supplier relations, including joint business planning, the joint introduction of innovations, and promotional support. The competitive backdrop is complex in Brazil with significant inflation and volume pressures, but we are confident of the steps the team at DIA Brazil is undertaking. This page and the next feature examples of award-winning private label Superbrands products. In Spain, I can personally recommend the DIA Láctea natural yogurts, along with the incredible Temptation ice cream range. In Portugal, several categories of products obtained the Sabor del Año 2022 award, including some of our ready meals, regional cheeses, and wines. Strong leadership has been the key to our transformation. The board of directors is the first pillar of this new leadership at DIA Group. The board has seven serving directors, a large majority of them independent directors, bringing their strong business experience and strong personal commitment to DIA. Over the course of the last 12 months, three new independent directors have joined the board. Most recently, Gloria Hernández was appointed at the general shareholders meeting in June. Gloria has over 30 years of experience in the world of finance and has been a non-executive director at IBEX 35 companies, including Siemens Gamesa. She's a former CFO at Bankinter and spent 15 years at the Spanish Ministry of Economy and Finance. I have personally been actively involved in all of our recent board searches with a vision to continually strengthen our board, its diversity, and its capabilities, bringing together a group of experienced and committed leaders who guide strategic aspects of the business and support the construction of our new corporate culture with the right tone from the top, a culture based on transparency, diversity, and social and financial sustainability. The second pillar of our corporate leadership is DIA Group's management board. I am very proud of the group of individuals that has come together to lead the company. The 12 members of the management board come from four different countries and have taken on many internal and external challenges in recent years. It is to their credit that DIA is entering a new phase now, progressing solidly in the consolidation of its business model. I would like to take this opportunity to thank all members of the management board for their hard work, their commitment to DIA, and the first half results. Three members of the management board are new to DIA, adding important skills and capabilities to the next phase of DIA's strategic journey. First, Antonio Cejudo as Strategy and Growth Director. Second, Pilar Hermida as Chief Communications Officer, and Andrés Vegas as Chief Data Officer. Finally, DIA's governance is supported by a committed long-term industrial reference shareholder, a key promoter of the company's financial stability. Over the years, LetterOne has invested approximately EUR 2.1 billion into DIA Group. Last year, LetterOne anchored the successful transaction to reset the company's capital structure, significantly strengthening its equity base, reducing the debt burden, and further extending debt maturities. Before handing over to Jesús Soto for a discussion of our first half financial results, we wanted to share with you a short video about the inauguration of our Illescas warehouse outside of Madrid in March of this year, a 68,000 square meters state-of-the-art facility that will help the company to optimize its logistics in Spain. This facility was purpose-built to support the company's current needs and future growth. Illescas is a potent symbol of the transformation of DIA, a transformation that has allowed customers to rediscover DIA in parallel with the reset of relations with our employees, franchisees, suppliers, and financial partners, getting closer to them every day, closer to making DIA our customers' favorite proximity and digital shopping experience. Jesús, over to you, but only after the video. Thank you, Stéphane. Good morning, everyone, and thank you for joining us. Next, we will go over the main financial result for H1. With regards to net sales, we closed the half year with EUR 3,465 million, 8.5% up on the last year and 2.6% up on the like-for-like. The gross margin closed at 21.8% on net sales, a drop of 0.8% as a result of the rising cost of goods and the group's effort to reach out to customers at a time of cost inflation. Adjusted EBITDA came to EUR 50.8 million, a 6.5% increase on the same period last year with a 1.5% margin on net sales, in line with first half of 2021, despite the recent energy, diesel, and rent prices, demonstrating our ability to contain costs together with efficiency and process improvements were undertaken in different areas of the company. Net losses were EUR 104.7 million, mainly due to restructuring costs from store closures and franchise closures, and franchising, and depreciation and spending, up from last year because of the significant volume of investment made in recent months. Financial result, on the other hand, improved significantly. Working capital was EUR -700 million, an 8.8% variation on last year due to good inventory management and despite the overstocking made in Spain at the end of June, having anticipated potential transport sector conflicts. Net financial debt was EUR 476 million, EUR 72 million more than December 2021, and 65% down on the first half of last year due to the capital increase and refinancing carried out in the second half of 2021. The increase in net debt comparing to December 2021 is mainly owing to the investment effort made in remodeling the network and in the technology area, in addition to recurrent business investments. Finally, the store network at the close of the six months period was 5,733 stores, a 4% reduction on the same period in 2021. As we have said in other occasions, until now, the group has been focused on profitability and will continue to rationalize the network and keep the focus on proximity. Although, as Stéphane has mentioned, growth is becoming an important driver too. The half year was strongly affected by high inflation through all elements of the value chain. Despite this, we kept the main profitability ratios in line with the same period of last year. In terms of gross margin, ongoing negotiations with suppliers across all the countries and our assortment management, together with our pricing and promotions policy, allow us to maintain a competitive market position without overly affecting the margin of prices we offer to customers. Our energy management policy allow to successfully contain the impact of our bottom line. We closed the purchase of 50% of our 2022 energy consumption in Spain and Portugal at the end of last year and ramped it up to 92.5% in March 2022, meaning we avoid exposure to the major fluctuations seen in the recent months. During June and July, we have closed long-term energy purchase agreements to avoid similar situations moving forward. We have also been actively involved in managing interest rate hedges to manage the risk of adverse impact of market fluctuations. Lastly, we have implemented a strict OpEx policy with organization-wide initiatives that have contributed greatly to managing the impact of inflation on the P&L. Gross sales under banner closed the half year at EUR 4,143 million, thanks to a 2.6% like-for-like. This represents a slight uplift on the previous years, despite the closure of more than 250 stores negatively impacted sales by 3.1%, and the exchange rate having a 0.4% negative impact, mainly due to the devaluation of the Argentine peso. Like-for-like sales grew 2.6% compared with 2021, with clear progress during the six months, where we saw a Q1 with -1% like-for-like and recovery during Q2 with like-for-like of +6%. Ticket sales were up in all countries due to more customers in the stores and increased purchase frequency. This higher number of purchase occasions was with a smaller average basket, offset by frequency increase and the greater relative weight of our private label. As mentioned above, net sales rose by 8.5% to EUR 3,465 million. The increase happened mainly in the Q2 of the year. Now Spain and Argentina account for circa 80% of total group sales. The weight of online sales climbed from 2.4% to 2.5%, a 14% rise despite the strong comparable in 2021. The portion of franchisee sales rose from 32% to 36%, demonstrating our ongoing commitment to this business model and acceptance by our franchisees. Adjusted EBITDA came to EUR 50.8 million, EUR 3 million more than in 2021, despite an increase of almost EUR 50 million in energy and fuel costs compared with first half of 2020, and extraordinary expense associated with the store remodeling. Excluding this effect, adjusted EBITDA would have been almost EUR 100 million at group level, double figure for the first half of 2021. Despite this increased cost, our proactive inflation management and cost-conscious mindset across all the organization saw us end the half year with an adjusted EBITDA rate on sales in line with H1 2021. Next, we will do a quick look at the results of each country. Spain closed the half year with a like-for-like 10.4%, almost 10 percentage points better than the previous year, with a strongest growth in the Q2 with 6.6 like-for-likes. Net sales grew 0.3% despite having 3.9% fewer stores. The adjusted EBITDA margin was 2.1% on sales, 2.1% on sales, 30 basis points better than the last year. Despite the increase in energy, fuel, and remodeling costs, if this effect were excluded, the margin would have been 4.2% on sales. I would emphasize that this result of EUR 45 million adjusted EBITDA was achieved despite the increase in the aforementioned expenses in 2022 compared to 2020, highlighting the profound operational improvement of the business in Spain. This reflects the turning point of the business that is Stéphane has mentioned before. Portugal had a like-for-like on less than 1.8% in the six months, although the Q2 already showed signs of recovery with 3.2% like-for-like. Net sales were down 4.5%, partially because of 1% fewer stores and also strong comparable in Q1. We are seeing a positive trend in the first weeks of Q3, bouncing back from the start of the year. Adjusted EBITDA was EUR 1 million, significantly affected by, in Spain, by recent fuel and energy costs, which also impacted adjusted EBITDA margin, which is 3.4% of net sales. In Brazil, sales grew by near 14% despite closing more than 18% of the store network at the beginning of 2022. Despite this closure of less profitable stores, the increase of average ticket and the revaluation of the real contributed to this net sales growth. Like-for-like was up near 7%, also because of widespread price inflation. Cost increases impacted adjusted EBITDA margin to close H1 at -2.6%, slightly down on the last year figure. In Argentina, net sales were up 53%, thanks to a like-for-like in volume of 3.4% and inflation above the devaluation of the peso. Adjusted EBITDA was up EUR 5 million on 2020 and held at 2.5% on sales in response to cost management to contain inflation, but mainly to the good operational performance, network transformation and openings. As you can see from this cash flow composition chart, for H1, we generated a positive flow of EUR 29 million in operations and the improvement of working capital delivered EUR 57 million. From our store investment effort of EUR 134 million, 53% of it has been invested in store remodelings, and we will explain this in more detail later on. Interest payments fell by 30% with the capital increase and refinancing operation carried out in the second half of 2021 that significantly reduced company debt. The draw was EUR 36 million in the first half of the year. Once the other cash flow items are taken into account, we get a final cash position of EUR 328 million, 9% down on the figures presented last December. CapEx for the six months period stood at EUR 134 million and nearly EUR 50 million up on the same period last year, showing our commitment to renewing the group. This investment effort focused mainly on Spain and Argentina, with EUR 70 million allocated to remodelings and nearly EUR 30 million to openings. Net financial debt rose by EUR 72 million as a result of the company's investment effort. As seen in the cash flow slide, at the operations level, we generate a positive cash flow with a strong focus on improved sales and comprehensive cost control that has proven challenging in the current macroeconomic situation. Liquidity has been reduced by EUR 57 million compared to December 2021, reaching EUR 459 million. I would also point out that we enjoy the support of our lenders who continue to partner closely with us and stand by our side. This is all from my side. Thank you. Earlier this week, we announced a strategic transaction with Alcampo involving the sale of 235 supermarket stores and a warehouse in Valladolid. The stores included in the perimeter of this deal are stores that do not fit with the strategic focus on proximity. They are stores of an average size of 760 square meters with locations that do not necessarily fit our proximity mission. The assets involved in the transaction contributed, at June 2022, approximately EUR 500 million in net sales and EUR 8 million in adjusted EBITDA to the group. We expect to close the transaction by the Q2 of 2023, as it is subject to certain conditions, including the approval of antitrust authorities and the approval of our syndicated lenders. Once the conditions precedent are met, and assuming full execution of the deal perimeter, the maximum price would be EUR 267 million. This is an all cash transaction, proceeds of which will be used to conclude the refurbishment of our proximity network in Spain, as well as investments in the acceleration of store openings in the country. In concluding today's presentation of the financial results of DIA Group for the first half of 2022, I would like to emphasize the following points. Our strategic focus on proximity, launched alongside the start of our transformational journey in 2019, is bearing fruits, and our first half results demonstrate this. Spain and Argentina, representing approximately 80% of DIA Group's net sales, have reached substantial completion of their 2020 strategic roadmap and are growing volumes, like-for-like sales and market share. Comparable sales surface in Spain, overall in Argentina. In parallel, Brazil and Portugal are improving their business models and making significant headway in executing their strategic roadmap. DIA Group is entering a new phase now, progressing solidly in the consolidation of its business model. We still have a lot to do. There always is in food retail, especially in the current geopolitical and macroeconomic environment, but I am confident of DIA's ability to continue executing based on the right strategy, the right focus, the right culture, and the right people. Thank you very much. This is all from our side, and we can now proceed to taking any questions you might have. Thank you, Stéphane. Let us start with more operational questions. Considering inflation and post-COVID environment, like-for-likes are disappointing. Please comment. Thank you, Miren. I think we have to distinguish Q1 from Q2. I think in Q2 have good like-for-likes and more if we see that like-for-likes in the formats that we consider that is the appropriate format for this company, which is proximity. The like-for-likes we have in the proximity formats are mainly in the remodeled stores of that proximity format is very encouraging. I think, I mean, if I can add to this, is I think that's the single most strategic point, and we have talked about it. The like-for-like of our new store concept have been 10.9% for the first half of the year, 13.4% for the quarter. That is not only above market, it is better than any other food retailer in Spain, and makes us optimistic as we look at the continued development of the remodeled store network. Thank you. What is the timetable to end store renovations, namely in Spain? Yes. I think this is something we have also mentioned before, but our goal is to finish as soon as possible. We want to continue the investment in the Spanish market. I think at the end of Q2 should be finished of the next year. Another 100 stores were closed in Brazil. When will the store network stabilize? Well, I think the closures in Brazil were a very specific situation that we want to fix at the beginning of the year. But in any case, as I have mentioned before, we have been very focused these years in profitability and managing the network to really have a good base of the network to grow and to improve our results. We do this in a proactive way. We will take decisions if we see we need it. Energy prices and interest rates hedging, how much they represent in terms of costs? Regarding energy cost, we did a very good price, 50 of the consumption for Spain and Portugal, in the Q3 of last year. During this first half of 2022, we have put also long-term agreements in Spain and in Portugal, but also in Brazil, to provide a cost that we consider are gonna be that of course currently is lower than the market. We consider that we can take a good advantage of that contracts because also fix that cost and allow us to manage our P&L and our future with less uncertainty. Regarding interest rate, well, you know, the movement has been very quick. We have an estimation, and also you can do this figure, the increase of 50 basis points of interest rate will have an increase of financial cost of EUR 4 million. Thank you, Jesús. Could we see any further divestments in the future? We are strategically committed to being the preferred proximity digital shopping experience in all four countries of operation. That being said, should tactical opportunities arise that reinforce our strategic focus, it would be our fiduciary duty to at least analyze them. When do you expect to achieve positive net benefit results for the group? Well, I think we want to have that positive results as soon as possible. As you can imagine, we are working on that. That's one of our main goals. In terms of equity position in the balance sheet, it's very low. Is there any risk of a capital increase if it turns negative in second half of the year? Well, we have to look at the individual of DIA S.A. Here we have EUR 800 million of equity. We are very comfortable with that amount, and we are not expecting any capital increase because in fact we don't need it. In terms of negotiations with banks, how are they going? Any risk in terms of accessing to financing? As I mentioned before, we feel the support of lenders. We renewed during June and July all our credit lines. Of course, I think we will have the support of our lenders to approve the last transaction we have done. On my side, just to reinforce Jesús' thanks to the lenders who've been supporting us for the last three years in our journey, and we're very grateful for their ongoing and continued support. Are you planning to publish any mid-long-term guidance? I know that this question always arise, and I have to say the same. We have to say in the last months, currently, we are not going to give looking forward metrics. In terms of governance model, please comment further. LetterOne as shareholder and possible impact of sanctions on the governance of DIA. As I said earlier, LetterOne is a committed long-term industrial reference shareholder for DIA. That being said, DIA is an independent Spanish company managed by the management board with support from the company's board of directors. There have been no impacts whatsoever of sanctions on DIA's performance, starting with its top line. We are receiving more questions related to store closings. Would you like to comment any further? From my side, Jesús will jump in. A little bit of a philosophical comment is obviously as retailers, the last thing one wants to do is close a store. That being said, we're committed to building a company with sustainable growth and profitability. As stores are or turn unsuitable because of their location or because they do not fit with our mission, again, it is our fiduciary obligation to consider what to do with them. Those are serious decisions we take on a store-by-store basis. I think it's, you know, a normal part of an evolution of a store network in any country. Jesús has already commented on the one-off in Brazil earlier this year. Just to clarify that a little bit more from me. Jesús, I don't know if you want to add some more. Yes. Well, I think the philosophical and strategic point of view has been mentioned by you. From the financial perspective, I will say that the same as before, looking for profitability, and it's my duty also to see any opportunity and to manage the asset portfolio. A question on the financial results. What were the main drivers for positive net financial result in first half of the year? Well, partially, as I have mentioned before, is the reduction of our debt, but also we have positive effect linked to Argentina. If I could throw in one other element we haven't talked about yet. We track obviously in all of the countries our sales densities. These have continued to improve, particularly in Q2, and every euro of additional sales per square meter has strong operating leverage effect on our bottom line, which is why both Jesús and I, in regular discussions with our four country CEOs, have a laser-like focus on sales densities. If you look at the improvement of those sales densities in May, June, and July, they're an important driver in the overall result. I think we are hopeful we can maintain, if not improve, those sales densities. We have a question around the environment in Brazil. I understand that being 2022, an electoral year in Brazil, administration has increased the monthly subsidy paid out to low-income households. Has this had a positive impact on turnover in Brazil? Brazil, like some of our other countries of operation, is a complex environment, internal, external factors. I would say more generally that we still have plenty of opportunity within the company, i.e., internal factors, to improve our operations. The team is very focused on that, primarily in terms of execution. The overall macro shifts month to month. I mean, inflation, as you mentioned, elections now, some support to customers. I wouldn't single out any single event as having a predominant influence on the consumer behavior. There's a mix of different factors in a complex environment. Maybe I would clarify what is the funding that we are gonna receive from the Alcampo deal, what is gonna be used for? Thank you, Miren. Well, first of all, as you know, because it has been published, we have to have some precedent conditions to start executing the deal. The execution of the deal is gonna take some months. As we have mentioned before, and as Stéphane, I think he has also expressed in his speech, we want to use these proceeds to reinforce our remodeling effort to finish the remodeling stores in Spain at the end of the Q2 2023. Of course, to start the growth. I think which is a very good opportunity to accelerate our growth. I could add to, as we do not want to create the impression that this deal was driven by financial needs. This was a purely strategic transaction, which has reinforced our strategic focus on proximity. That was the primary driver of the transaction. We are strong believers in focus. We will have, in Spain within 12 months, a mono format, mono brand business, which is currently performing better than any other retailer in the country. That is our focus. Of course, given the cash proceeds, and between Jesús and myself, capital allocation is probably one of the most important things we do between ourselves. We will use those proceeds, to complete the refurbishments even more quickly than we had planned, but also to start driving store openings. In relation to the like-for-like in Spain, if the new store concept, which is 60% of the network, had a like-for-like of 10.9% in the semester, what is going on with the rest of the network to achieve like-for-likes of 2.3% for Spain? Thank you. Well, what I think which is more important is that the formats we are performing worse than the proximity format are those formats put down the figure for total Spain. As Stéphane has mentioned before, we are managing and the sales from the proximity formats are very, very good, which is those which are not refurbished are close to the market performance. The large formats are performing worse. The large formats are performing worse than the market, and that is the results of the global performance in Spain. For example, I can give you like-for-like year to date in La Plaza is - 1.3% and in Maxi is - 7.3%. That is also linked to the strategic focus on proximity that Stéphane has mentioned before. I believe this is all from all of us in terms of the Q&A session. Thank you, everyone, for your time today. We've enjoyed the discussion, and please contact our investor relations department for any follow-up questions you may have. Thank you for your support, and have a nice day.