Good morning and welcome to DIA's First Semester of 2022- 2023 Results Presentation. My name is Martín Tolcachir. I am CEO of DIA Group. And i t is good to be back with you today, and thank you for joining us. I'm joined by Jesús Soto, Chief Financial Officer of DIA Group. We will start with a strategic update for you. Jesús will take you through the financial results of the first semester of the year, and I will make some final remarks. Then we will open Q&A sessions. Please feel free to send your questions through the chat so that we can address them fully. DIA Group is focused on operational performance, committed with our strategy of proximity and simplicity and during 2023 we have made very good progress on our priorities shared during the results presentation for the financial year 2022, with we did -- with all of you last February. One, finish the turnaround in Spain and Argentina. Two, developing the value proposition in Brazil. Accelerate the growth of e-commerce. Four, expand our franchise network. And five, to build a company with purpose. In the next pages, we will go deeper on those topics. DIA Group is facing a year of great importance for its strategy, focused on proximity and simplification of the business. I n a complex environment, marked by consumer loss of confidence in the economy and how they have adapted their purchase habits accordingly, we have completed a positive first half that allow us to tackle the next phase, the consolidation of business growth. The results obtained in H1 2023 underline the success of our commitment to proximity food distribution. Between January and June, we refurbished 430 stores and opened 57, bringing the total network to 5,435 stores in the 4 countries, 62% of them franchises, excluding Clarel business. Net sales grew by 4% compared to H1 2022, to EUR 3,602 million, with like-for-like sales up of 5.7%. Adjusted EBITDA rose 27% to EUR 65 million. Net income improved by EUR 38 million, reducing losses to EUR 67 million compared to EUR 105 million in H1 2022. In addition, I would like to highlight the step taken to accelerate the growth of the online channel and renew the DIA brand assortment. The increase in the customer satisfaction and external recognition for -- of our quality and value proposition are a valuable endorsement of our commitment. I would like to emphasize that in this challenging environment, we are fulfilling our strategic roadmap. In this first half of the year, the progress of the business in Spain and Argentina allows us to affirm that we have completed the turnaround process, and now the teams are ready to face the challenge of consolidation in order to start growing in the short term and to make DIA profitable once again. DIA Group's strategy is focused on proximity food retail via a differentiation, a differentiated customer value proposition and business simplification, acting mainly in three areas: commercial, franchise, and operations, and delivered through a refurbished store network and relevant e-commerce business. During 2022, in line with our -- i n line with the strategy to simplifying DIA Group and focusing on proximity food retail, we announced two key corporate deals within the Spain market -- Spanish market: the sale of a group of large format store to Alcampo and the sale of Clarel, our business newly dedicated to beauty, personal, and home care. In H1 2023, we finished the transfer of 223 stores to Alcampo. I want to acknowledge the job done by our teams in DIA Spain and also the Alcampo teams in finishing this process in a very diligent manner and on time. Regarding the Clarel deal, last 31st July expired the period of achieve d the present condition, and the buyer did not complete them. Therefore, that agreement has been canceled. In any case, we are committed to the sale of this business, which is performing well, but it's not part of our core business. In line with our focus on proximity and portfolio simplifications to support DIA Group's strategy, we have decided to sell our operation in Portugal to Auchan. The transaction has been agreed at an enterprise value of EUR 155 million. It will be done in cash, and we estimate to close the deal by the end of 2023. It is still subject to approve by the antitrust authorities and lenders. With this deal, we are also accelerating de-leveraging to achieve an optimal capital structure to refinance the group by December 2025. In February, during 2022 result presentation, we highlight some of the priorities that we will address this year. W e are constantly delivering on completing the turnaround. This past semester, we have opened 16 stores in Spain and refurbished 264. Almost the entire network, and the DIA brand assortment has been renewed to- date. In Argentina, we opened our store number 1,000 in February. We are maintaining our investment forth, and we have added 41 stores and refurbished 157. We consider that in these two markets, we have finished the turnaround process, and we are going towards a consolidation phase in order to grow in the near future. In addition to the turnaround of the network, we have worked on simplifying our portfolio with the sale of a large format store in Spain and the decision to sell Clarel in Portugal. Develop the value proposition in Brazil. Following the steps of Spain and Argentina, we have been working on a renewed value proposition for Brazilian business. At the end of 2022, beginning of 2023, we test a new proposal in 15 stores. The result achieving these stores with like-for-like sales of 22% give us the confidence that there is an opportunity for proximity food retail in Brazil. Additionally, we have worked in redefining our assortment to be aligned with a proximity proposal and to improve profitability of our business. Accelerating e-commerce growth, w e want our customer to have a first-class experience, no matter how they buy, which is why we constantly seek to improve our value proposition and offer solutions and alternatives that make shopping easier. With our sight set on having an omnichannel proposal, this semester, Spain has launched its new website, dia.es, and its Club DIA app to connect stores, website, and app. Argentina has also launched its new One app, the first app in the country that allows you to shop from your phone with all the advantage of our loyalty club. We want to be close to our customer, and now we can be even closer through our proximity store network and through our digital solutions. Expanding our franchise network. Franchisees are a key ally in the deployment of our proximity strategy. The new partnership model has enabled us to consolidate a network of local entrepreneurs who share our passion for the customer and our focus on results. At the end of June, 64% of our global network was managed by franchisees. Finally, I would like to talk to you about our purpose, which is getting closer every day in order to offer great quality within everyone's reach, the driving force behind what we do. In these 6 months, we have reached two milestones linked to our sustainability plan: the launch of the Eat better every day, Comer mejor cada día program, and the definition of the strategic guidelines for our diversity plan. These two initiatives bring us even closer to all our stakeholders and also allow us to generate a positive impact on society. Eat better every day is DIA Group's program to help mitigate food barriers and make quality food available to everyone. This initiative connect our purpose and the heart of our business with the social tension of great relevance to the neighborhood where we are present. It builds on what makes us unique, the proximity of our stores and our full range of product at affordable prices, and drives on [outreach], help to facilitate change in eating habits. Since May, the first set of materials on healthy habits are available on dia.es, and throughout the second half of the year, the rest of business unit will develop their own content and additional actions to promote the program's objective. Regarding the diversity plan, I would like to share that after analyzing the social tensions in the countries where we operate, we have defined gender and socioeconomic diversity, as well as [LGTBI] diversity, as the focus priority for the plan. DIA is diverse by nature. We are more than 33,400 people of 81 nationalities, many more when we include our franchisees partners. So, for us, it is key to foster an inclusive environment for diversity and to proactively advance equality. DIA Spain have achieved an outstanding performance despite the reduction in the number of stores from the deal with Alcampo, thanks to a differentiating value proposition and the work carried out in recent years. Like-for-like sales increased by 13.2% in the first half, 12.8%, including the stores sold to Alcampo and Clarel. I would like to point out that this sales growth translate into a gain on market share when measured at comparable sales surfaces. Our proximity model is better prepared than others for this shift of consumer behavior to higher frequency and smaller basket. 4% growth in the number of tickets, 10% in like-for-like. This is a major change from the previous year and show the robustness of our model, the robustness of the model we have implemented. Facing the second half of 2023, DIA Spain enters a phase of consolidation of the improvement, develop, and growth. This new phase will be levered by developments with the digital field, with the aim of becoming fully omnichannel and offering a first-class shopping experience. During the first half of 2023, DIA has managed to successfully navigate the complex macroeconomic context that Argentina is going through and that affects the distribution sector as a whole. Net sales grew 7.6% in euros in the first half. Despite the 0.8% drop in like-for-like, like-for-like sales measured in units, DIA has gained market share, consolidating its leading position in food distribution in the country. During the first half of the year, 157 stores have been refurbished. The effort to continue expanding was sustained with 41 openings, reaching the milestone of 1,000 stores in February, bringing the total network to 1,029 stores at the end of H1. DIA Argentina enters the second semester of 2022, with more than 70% of its stores operating under the new model and management in continuous improvement by the hand of its franchisee and a team that demonstrate the ability to navigate an always complex, an always complex environment such as Argentina. In Portugal, with a challenging scenario due to the entry of new players and the strong investment and expansion of competitors, net sales of EUR 295 million were achieved, up 4.1% with a solid comparable sales performance of 7.8%, reversing the 1.8% decline seen in the first half of 2022. Own brand continued its growth, reaching 55% of the total basket, an increase of 11% --11 points compared to December 2022, evidencing the good appreciation of quality at affordable prices by its consumers -- customers. As mentioned above, we have agreed to sell this business to Auchan. Until closing the deal, we will be fully operating this business focused on our customers, employees, franchisees, and suppliers. Brazil is working on its renewed value proposition, both for the proximity store model. Specifically, in order to align the assortment with the proximity concept, effort were focused on reducing the weight of lower-margin categories, such as commodities, and a total of 15 new refurbished stores were tested and achieved 22% like-for-like sales growth, showing the business opportunity. Net sales declined by 15.9%, mainly affected by the assortment change, and we just mentioned, and the 2% network reduction, together with the strategic focus on Greater São Paulo, where the proximity model is working better. Adjusted EBITDA deteriorated by EUR 11 million, and margin declined 3.8 points, explained by the drop in sales during the calibration of the value proposition. DIA brand has been a benchmark for thousands of households for almost 30 years. We work closely with our suppliers to respond to the needs of our customers with high-quality produce -- products at affordable prices. During the first half of the year, we made progress in renewing the quality of DIA brand product, adding 300 new products globally. In Spain, we have renewed more than 2,000 DIA products since 2020, 184 in the first half of 2023. Argentina has an assortment of more than 1,000 DIA brand products and almost 600 renewed in the last two years. Brazil has renewed more than 1,700 references in 2020 -- since 2020, with changing their packaging to include the local claim, [Melhor a cada dia]. Portugal finished the semester with more than 1,300 renewed products in three years, more than 80% of the private label assortment. The increase in sales of DIA products, as well as external recognition of their quality, confirms that the redefinition of our private label has been the right one, with high quality, modern products that meet the needs of households, offering options in all categories for -- of stores at prices with everyone's reach. In the image, you can see some of the difference that during the semester have been distinguished with awards and recognition, in addition to the success among our customer in Spain, Argentina, Brazil, and Portugal. I would like to go a little deeper into DIA's e-commerce to highlight two very relevant milestone that underline our commitment to providing an omnichannel experience to our customers. The coverage of our -- of the online channel already reached 84% of the population in Spain and d elivery service has been reinforced through partners, adding Just Eat to the options offered by Amazon, Glovo, and Uber Eats to DIA customers. In the second quarter, the new Club DIA app and the new dia.es website were launched, unifying the e-commerce services and Club DIA advantages on a single platform. This is a firm step toward our omnichannel offering to improve the experience of our customer, who can already buy in store, online, in the mobile app, enjoying all the personalized advantages that DIA offers. In Argentina, the e-commerce services reached 95% of the metropolitan area of Buenos Aires, and we already have 730 stores that offer click and collect services. In addition to the presence in marketplace that allow us to reach points in the interior of the country. In the second quarter, we launched the new mobile app that unifies Club DIA and the online channel. It is an important milestone for DIA in the country, since it's the first supermarket app that allows us -- allows shopping from the mobile phone. During the second half of the year, we will advance in the digital and technological transformation of the Company to continue promoting the growth of this channel and improving productivity. To make our ambition as a reality, franchises are a key partner for the Company. Today, we have a network of 2,722 franchises, 72% of our total network. N early 1,900 local entrepreneurs globally manage a very relevant part of our network, supported by DIA's experience and with the necessary facilities to make their business profitable. We want to continue growing alongside our franchisees, adding new members to our network and boosting the talent of those already in, giving them the opportunity to manage more than one store. As we have emphasized on other occasions, we have built this Company based on our purpose and set of values that have allowed us to establish transparent and trusting relationship with all our stakeholders. I want to specially thank our team and our franchisees for their commitment and for living DIA's value to offer our clients a first-class experience. Now, Jesús will go through the financial results. Thank you, Martín, good morning to everyone. Next, we will go over the main financial results for the first half of 2023. As I did when we did the presentation of 2022 results, before I start with analysis of the results, I need to make a disclaimer to help understand this presentation and the figures shown in the H1 2023 financial results we are going to submit to the CNMV today and will be published in our corporate website. As mentioned before, in 2022, we announced two corporate deals: the sale of our group of large format stores to Auchan and the sale of Clarel. Additionally, we have announced the sale of our Portuguese business. Because of these announcements, this business has to be treated in a distinctive way from a statutory accounting point of view, impacting our published accounts. In short, the implication is that all financial metrics related to the stores and business under the sole perimeter must be removed from our financial results and included as a separate reporting line label result of discontinued operations. This line is added to our net results, but does not consolidate into any other line in the financial statement, neither sales or margin, EBITDA or EBIT. In order to give a comprehensible explanation of our results and the performance of the business, we have, unless otherwise stated, removed this accounting reclassification from the analysis. In the H1 2023 financial results that we are going to publish on our website, all required reconciliations between accounting and reported results are clearly listed. Let's go and moving on our first semester financial highlights. Some of the figures has been already mentioned by Martín, but I go deeper. Gross sales under banner saw a decline of 11% year-over-year, highly impacted by hyperinflation adjustment in Argentina, but with a like-for-like growth of 5.7%, 3 points better than H1 last year. Net sales closed the first half of the year with EUR 3,602 million, 404% higher than last year. Gross profit closed with EUR 729 million, 3.3% decline versus H1 2022. This represents a margin of 20.2% over net sales, a drop of 1.5 points versus H1 2022, as a result of the higher share of franchisees, growth of private label brand mix, and our efforts to protect price to consumers at a time of generalized inflation. Adjusted EBITDA for the first half was EUR 65 million, a 70% increase of the same period last year, with a 1.8% margin over net sales. 0.3 points increased despite inflation and down trading, thanks to our better business performance and our ability to contain cost, together with efficiency and process improvements we are undertaking in different areas. Cash flow from operation has been EUR 57 million, EUR 32 million better than H1 2022. The continuous improvement of our operations allow us to reduce net losses by 36%, delivering a net result of - EUR 67 million, EUR 38 million better than H1 last year. We demonstrate that we are taking the right steps in the implementation of our improved operational model with the strategic measures we are taking, moving closer towards sustainable financial performance. Net financial debt was reduced to EUR 427 million, with a leverage ratio of 2x net debt of adjusted EBITDA. This is a significant reduction of our leverage since H1 2022, when it had reached 4.3x. The decrease in net debt compared to June 2022 is mainly due to the payments to the lenders and the positive operating cash flow and working capital, coupled with the sale of large format stores to Alcampo, partially offset by the efforts made in refurbishments and in the technology area, in addition to recurring business investments. Gross sales under banner ended the first half with EUR 4,437 million. The reported decline in gross sales is highly impacted by Argentina's hyperinflation effects on last year's comparable, 20% impact. Comparable gross sales declined by 11%. This was driven by a positive like-for-like sales increase of 5.7%, offset by a reduction of 0.7 in footprint. Remember, I'm talking about the full perimeter. A negative exchange rate impact of - 16, mainly from the devaluation of the Argentinian peso. As we have mentioned, like-for-like close the first semester at 5.7%, sustaining a first quarter of 7% growth and a second quarter of 5%. Spain and Portugal grew in like-for-like 12.8% and 7.8% respectively, while Argentina suffered a small reduction in number of units, and Brazil declined 8.6% in like-for-like. Total group net sales grew by 4%, 6.7% if we exclude the sales of store Alcampo and Clarel. Previously, Martin has given some insights about the operational results of the business units, and I will focus more on the financial results by geography. The improvement of the performance in Spain, with all the strategic decisions taken through the last years, remodeling all the network, renewing all the DIA brand, changing assortment and customer value proposition, among others, has pushed up the results. Spain, like-for-like, was 12.8%, 10.4 points grow year-over-year. Net sales grew 6.9%, impacted by a net reduction of 327 stores that was compensated by the growth of our sales density. EBITDA margin grew 0.8 points to 2.9%, showing good control over fixed cost and the effects of the new operational model and transformed footprint put in place. During H1 2023, we have been able to keep in control two of our biggest cost drivers, energy and labor, given our contract hedge and the collective labor agreement signed last year. Argentina had a like-for-like of -0.8%, remember, we measure in units, down from 3.4% last year. Both net sales and adjusted EBITDA grew during the year, despite the peso devaluation, driven by store openings and operational improvements. This growth in sales was above market, once again driving market share gains. Adjusted EBITDA margin was 2.5% over net sales at the same level of last year's. A good figure, taking in account the ramp-up of the [openings] done during the last months. Portugal had a like-for-like of 7.8%, 9.6 points improvement compared to the 1.8% shortfall suffered during H1 2022. Net sales grew 4.1%, and adjusted EBITDA margin expand 1.1 points, driven by the improvement of the performance and cost control. Brazil net sales declined by 15.9%, and like-for-like sales fell 8.6%, driven by the changes made in to our assortment, reducing low profitable categories to align the product offering with the proximity strategy. These adjustments also impacted adjusted EBITDA margin, which closed at - 6% over net sales. All the operational and strategic measures helped to improve group's adjusted EBITDA to EUR 65 million, 27% increase year-over-year, driven by in Spain and Argentina. Margin increased to 1.8% adjusted EBITDA over net sales, 0.3 points above well, first half 2022, despite the inflationary environment. This improvement, I think, shows the success of our operational performance and cost management actions in place. The improvement of our performance increases our adjusted EBITDA, and the positive results from the sales of stores to Alcampo in Spain has pushed our group net results by EUR 38 million better than first half 2022. This means we were able to cut losses by 36%, showing the progress of our financial and operational performance. Moving to cash flow. Cash flow from operation was EUR 57 million, given the positive performance of the business during the first half of the year. In addition, working capital resulted in a favorable impact of EUR 19 million, given mainly by a growth of sales, coupled with the stock reductions. CapEx amount, EUR 106 million, mainly consisting of refurbishment in Spain and Argentina, and the store openings, mainly also in Argentina. These investments were EUR 26 million below last year as we reached completion of the turnaround phase in both Spain and Argentina, and, mainly in Spain, all the network is almost refurbished. The net cash flow from the transfer of large format stores to Alcampo amounted to EUR 177 million. Additionally, it has allowed us to repay EUR 139 million in debt, of which EUR 122 million were used to amortize the syndicated facilities. Cash and equivalents for the group total EUR 192 million. Moving to CapEx. As mentioned before, EUR 106 million in CapEx, mainly concentrated in Spain and Argentina, that helps us to advance in the deployment of our network transformation. CapEx was focused on refurbishment and store openings. With [franchisees], we were able to refurbish 430 stores and accelerate store openings in Argentina, over 40 stores and 16 stores in Spain. As I have mentioned before, we have reduced the number of refurbishment in Spain because almost all the network is already refurbished. Additionally, we have invested in our e-commerce platforms and other tech developments, as Martín has mentioned before. Liquidity level for the group remained stable, with a slightly increase of EUR 25 million in the first half of 2023, reaching EUR 375 million. Net financial debt fell by EUR 118 million to EUR 426 million as a result of the positive performance of the business, coupled with the disposal of assets done during the period. This has allowed us to reduce debt leverage from 2.7x in December 2022, to 2x net debt adjusted EBITDA as of June 2023. Regarding our total debt, the biggest amount of debt matures still in 2025, which give us sufficient time to continue deploying our strategy while improving our operational results. This is all from my side. Thank you. Thank you, Jesús. To conclude this presentation of the half-year financial results, I would like to emphasize several aspects. Business performance in the first half is positive and shows the beginning of a consolidation phase for the Company. Net sales rose 4% to EUR 3,602 million, with like-for-like sales growth of 5.8%. adjusted EBITDA grew 27% to EUR 65 million, we improved net income by 67%. We have completed the turnaround process in Spain and Argentina, with the store network and their product range almost entirely renewed. In both countries, the performance is very positive, we are gaining market share in comparable areas. We are focused on proximity food distribution and in the markets where we are relevant, with the aim of being the customer's preferred neighborhood and online store and offering a first-class experience. With this ambition as a guide, we achieve step-by-step, the satisfaction of our customers improve. We are aware that there is still work to be done, but we know that we are taking the right step, give us the push to reach our goal: to make DIA a profitable company in the short term, and a relevant player any geography in which we are present. Thank you all for your attendance. You may have, here are also with us, g o now for, taking any questions. Here with us is Ainhoa Murga from the communication team, and also, Miguel Lauzurica from F inancial Global Team. They are gonna share your question with us. Thank you, Jesus. The first question received was: Why was the operation of Clarel canceled? Well, as communicated to the relevant authorities, in accordance to the provision of the agreement between DIA Retail and C2 Private Capital, given that all the conditions precedent have not been fulfilled, the agreement has been automatically terminated. The Company is evaluating other strategic options for the sale of Clarel. Will keep the market punctually informed at this respect. What was the rationale behind the sale of the Portuguese business? Well, Grupo DIA has decided to exit the Portuguese market to focus on its core strategy, proximity food distribution in the markets where it has a relevant position. With this decision, the company aims to simplify its footprint and focus on delivering its value proposition, where it has the capacity to become the favorite neighborhood and online store. I want to take the opportunity to thank the Portuguese team for the great effort and the work done throughout all these years, as well as their contribution to building the great brand Minipreço as today. I want also to wish them the best in their, I'm sure, very bright future. We have some questions about the business in Spain as well, so I'll start going through some of them. Like-for-like, sales in Spain are growing slightly above food inflation for the first time in many quarters in Q2. Can you comment on the drivers of this like-for-like growth, and how sustainable do you think like-for-like sales growth in Spain is for the second half of the year? Okay, thank you, Miguel. Well, I think that the growth of that sales base in price evolution, but also in a slightly decrease in volume, that we are performing in volume much better than the market. Because in terms of price, more or less, all these are in the same place with the same evolution, because the relative positions -- we keep the relative position among the different competitors. What we, what has happened is that we have performed much better in, in terms of volume, and in fact, that has allowed us to grow market share in a similar surface of sales, even until we push the transfer of the stores to Auchan, to keep even increase, market share in the total market. This one is about the recent announced deal in Portugal. Can you share with us the pre-IFRS 16 amount of the deal? Yes. Well, at June close, in Portugal, the debt IFRS 16 is nearly EUR 64 million. That it means that the price value pre-IFRS 16 is around EUR 91 million. Connected to this question, there's another one. The pro forma debt- to- EBITDA after the asset disposal falls to 2x as of June. Can you please clarify whether this is including the sale of Clarel in Portugal or not? For that ratio, we are considering the full perimeter, okay, mainly. We are considering Clarel, Portugal, and all the business, okay, for that ratio. After the asset disposals to date, how do you see the footprint, if you expect further disposals or not? What leverage ratio do you feel comfortable with? Well, as you know, we have the strategy of the delivering to C ompany. As Martín has mentioned before, we have also the goal to do a full refinancing of the Company by December 2025. I think we are in very reasonable ratios right now. We have to manage our cash flow from operation and CapEx, so to keep around 2x EBITDA for that refinancing process. We are comfortable with the current figure we have. We also are comfortable with a slightly higher, and we will manage our CapEx according to business performance. Why is so high the difference between second semester 2022 losses and first semester 2023 losses? Okay, as you, I'm sure you know, we have a lot of seasonality in this business, so always second semester of this business is much better than the first semester. Because of that, we have to do the right comparison is first semester against first semester. This one is in Spanish. [Foreign Language] I answer in English. So I think, of course, we'll have to have net -- positive net results as soon as possible. We are taking all the measures, operational and strategic, to go there as soon as possible. As you know, we don't do any forecast statement. There are two connected questions about Brazil. First one is, what are your plans in Brazil? Second is, results seem weak, very weak, mentioning Brazil. Divestment of that business, or is it the next country to see the big coming CapEx in coming years? As we have already mentioned, the company continues to focus on delivering the strategic roadmap and to manage the business efficiently. As mentioned in the presentation today, we continue to work on our value proposition for Brazil and updating our assortment and testing a new operating model with our stores [with] good performance. Our responsibility towards investors is to evaluate all potential opportunities that are presented to us, but so far, no other investment or divestment -- divesting decision have been taken. There's a question about the transaction of the asset sale to Alcampo in Spain. Can you please explain the bridge between the EUR 267 million consideration mentioned at the time of the announcement of the Alcampo transaction and the EUR 188 million inflow in the cash flow statement today? Thank you, Miguel. First of all, the initial perimeter was 235 stores. Finally, as we have announced, we has -- we have transferred 223 stores, so that is this part of the difference. Also, there is tax impacts and other, and other impacts, so we are putting there the net amount of money. Because also, for the transfer of the stores, we have assumed some cost to put the stores in the good path for the transfer to Auchan or to Alcampo. There's a question about the stock. It's in Spanish, I'll read it in Spanish. [Foreign Language] Well, I think that the company is taking all the measures, both operational and improving the performance. We are taking important strategic decisions. We are delivering the Company very quickly, and I think the results are improving a lot, so I could like that the stocks reflects all these things we are working on, that really, I think we are doing a better company. There's a question about the investment needs. It says, CapEx needs in full year 2023 and 2024. Okay. In 2023, I think we are going to have important CapEx, a little below the CapEx we did last year. As I mentioned before, we have almost finished the transformation in Spain, and in Argentina is going in a good path. For 2024, I think we are going to reduce that CapEx to do it accordingly with the operation cash flow. It's going to be mainly, in 2024, focused on openings and in the tech. There's another question about the deal in Portugal. The pre-IFRS 16 enterprise value includes the tax assets related to accumulated losses? No. No, that's [not] included. That is all the questions that we've received so far. Thank you so much. I will hand it on to Martín Tolcachir one last time. Thank you, Miguel. Thank you, Jesús. Thank you everyone for your time today, and please contact our investor relationship department for any following question you may have. Have a nice day. Thank you.