Good morning, everyone. It is a pleasure to be here with you to tell you about the evolution of the performance of the businesses of Catalana Occidente, GCO, in the year 2021. The accounts were drafted yesterday by the board of directors, and we published them this morning. This is Francisco Arregui, CEO/General Manager of the group. Here with me, as usual, we have the CFO, Carlos Gonzalez. First of all, as usual, I wanted to thank you not only for connecting remotely to this event, but for the attention you always pay to our business and the performance of the Catalana Occidente share. I'd like to let you know that I have a sore throat, and I cannot speak too loudly. I cannot speak up, so I may need to pass the floor over to the CFO at some point. I'm here with you, and you can ask any questions you may have, remotely. We will process them, organize them. We'll try to group them and answer as many as we can at the end of the session, and the rest of them will be answered as per the usual channels. Before we start with the presentation of the year, I would like to say that in the relevant event notification that we published today, you can see that several directors have resigned as of April 28, the day of the AGM. At the AGM, we propose the appointment of a new independent director and a series of agreements pertaining to the board of directors. At least as a listed company, we are aware of the recommendations of good governance that are increasingly more focused on getting board of directors to be as dynamic and diverse as possible with the adequate size, with the aim of making decision-making as swift and agile as possible. We have decided to propose to the AGM a series of agreements that you will find in detail in the documentation that was published. In practice, this involves a restructuring of the board of the company, which will now have 10 members, three executive members, the chairman, Mr. Serra, CEO, Mr. Álvarez Juste, and myself, three independent directors, Juan Ignacio Guerrero, Javier Pérez Farguell, and as until now. The new director, if the AGM so decides, Ms. Molins Domingo, and four directors, Ms. Serra, Halpern Blasco, and Álvaro Juncadella de Pallejà. We understand that in this way, we not only advance significantly in terms of complying with the recommendations, which we do, but we also give the board of directors as much flexibility and agility in decision-making at the same time as we maintain their competencies and capabilities to their utmost extent. We were saying we were going to let you know about the year 2021. Without further ado, I would like to mention first that in a still difficult context in which economic recovery is not full yet, we have closed a year which I would believe is very good, even exceptional, with very significant advances in the three main pillars of our general policies. In growth, with an increase of 7.1% in our turnover, profitability with a growth of 73% in the consolidated result. The most significant thing, with an improvement of our operational results of the two businesses, 2.3% in the traditional business, and we have multiplied times almost 4% the result of credit insurance. In terms of solvency, we closed this year with an estimated solvency ratio of 220, increasing by 4 points vis-a-vis the closing of the year before. As a whole, I think we can feel satisfied with the results of the past year. Now we are going to deal with the topics included in the agenda. As you can see on screen, we will start with the environment. You know the environment as well as we do. We have had many years of continuous growth in environments of a lot of volatility characterized by very low inflation and very, very low interest rates. Everything changed, you know that very well, with COVID in 2020. We had the shortages in production chains. Well, it started in China, and then it reached us with the lockdown in March. The consequences and realities are, as you can see, these very significant reductions in the economy in 2020, 2021, and this breakdown that you can see on screen, which unfortunately means that Spain, with this -10.8%, is at the end of the list, or is one of the leaders in the lack of growth. From the point of view of economic recovery in macro terms, 2021 has been the year of recovery. You can also see on screen with a global growth of 5.9%, and the IMF estimates a global growth for 2022 above 4%. As you can see, there has been significant growth in the U.S., Latin America, emerging economies in Asia with good prospects. As you can see for 2022, Europe has grown adequately, 5.2%. The bad news is that Spain has grown a bit less, 4.9%, well below the decreases of last year. The expectations of growth for 2022 are slightly higher than those of the Eurozone. Well, we'll see the factors that may impact on growth and new circumstances around us, an increase in the prices of raw materials, specifically energy, power. As you know, this is leading to an increase in inflation and of course, the very current topic of the Russia-Ukraine conflict. Regarding financial markets, there isn't much more to add. Interest rates that are historically low, even negative, and they're starting to slowly pick up in the past few months. Stock markets with very significant revaluations in the year that we are going to be analyzing, the year 2021. Starting the year with poor performance, especially in the past few days. Regarding the insurance industry in Spain, it has been growing for many years, since 2015, and in 2020, the year of the crisis, there was a decrease of 8% in premiums. In 2021, the industry grew by 5% with a growth of almost 7.9% in life, growing both in risk and savings, and 3.3% in non-life. Only motor with a drop of 0.9% in an environment that we all know, still low claims ratio in 2020, and a market which is extraordinarily competitive and with premiums that are going down. In the context described, well, I said at the beginning, things have been going honestly very well for us. Traditional business with a growth in turnover and in attributable results, as I told you, despite the fact that the industry is very competitive in Spain and despite the adverse weather conditions, especially at the beginning of the year, with, among others, Hortensia and Filomena. In credit insurance, doing exceptionally well with growth in premiums and very low claims ratio, which leads us to a truly exceptional result. We can see this here as a summary, but later the CFO will dissect it a bit more. This is the summarized income statement you can see with the top line and the bottom line. We can see that we are growing by 7.1%. If we break down traditional business 3%, it is true that it has helped somewhat with single premiums, life, 7.5%. They are the ones that contribute the least value, especially with low interest rates as now. We're growing by 2.4% in recurring premiums, and we are growing in all lines of business. Carlos Gonzalez will talk to us about this later, except for motor, where we're dropping by 0.9%, a bit more than the industry. In this context that I stressed with still exceptional results in the industry and still with. This line of business and with the consequences of mobility restrictions and a very, very competitive sector. In credit insurance, last year in the framework of the crisis, we decreased significantly by 5% due to several reasons, but especially because of the lower volume of sales of our policyholders. Now we have this increase in turnover by 13.2%, 10% in acquired premiums with growth, which are very different based on the different geographical areas. The foundation of this growth is multiple. On the one hand, we have some recovery of new production, but also a quite good performance of cancellations, around 7%, with increases in rates, globally and as an average in the year in renewals. However, the increase is focused on the first half of the year, in the past few months with, of course, a downward trend based on the very high claims ratio that we are experiencing, and of course, with an increase in sales by our policyholders in the framework of the economic recovery. In terms of results, you can see them at the bottom of the slide. Our consolidated result grows by 73.4%, 62.9% attributable result. Still with a negative impact, EUR 17.8 million coming from non-ordinary results, very similar to last year. Two key stats, as you will be able to see later, and you can see in all of the annexes of the presentation, we've been very conservative in the cleanup of financial assets in this year. What's truly significant, as I stress traditionally, is that we have an improvement in result in both our businesses, ordinary and operational results, 2.3% in traditional business. Before Carlos Gonzalez analyzes this, I would like to analyze the exceptional behavior of motor with 9.8% decrease, still affected by mobility restrictions versus 2020, in which the first quarter was still pre-COVID. However, the result has diluted over the past few months with the recovery of traffic and claims ratios. A small reduction, 6.1% in multi-risk, with an increase of claims frequency, among other things, due to greater use of the home. Additionally, with an important impact of weather events such as Hortensia, Filomena, which have had an impact after reinsurance, which has been quite similar, globally speaking, to the previous year with Gloria. The truth is that the behavior of this line of business has normalized in the second half of the year. If you remember, at the end of the first half year, the results of multi-risk were dropping by more than 20%. In credit insurance, as you can see, an excellent result, EUR 241.8 million, almost five times that of 2020, based on a very low number of claims with 27.8% net of insurance. A level which is very good, difficult to maintain. We'll be able to maintain it, of course, with recovery, but we continue to be very conservative with our provisions. As you know, we have a global system for the calculation of technical provisions, which anticipates claims ratios from the moment the sale is made. This is done based on parameters that we adjust based on the circumstances of the economic environment, the industry, the country, and the company. It is also true, and you will see these when Carlos analyzes the income statement in detail, that we've had a very high cost of reinsurance, EUR 419.8 million, of which EUR 253 million come from governmental agreements of reinsurance to protect trade in the framework of the COVID crisis. The truth is that while you know that they were extended until half year, and they are no longer in force now since June 30. We will give you some more details about that later. Since the business has been performing well and it has yielded profitability, we've had to share these positive results with reinsurers as a whole and governments in particular. This has come with the advantage to us that it has not been necessary to take any more drastic selection and cutback measures, cutting back on the limits, which improves relationships with our customers in the long run. Not much to say in terms of the global makeup of our portfolio. Credit insurance has a substantial importance since the incorporation of Atradius to the group. Our traditional 60/40 is this year a bit more towards credit insurance, 42% due to our greater growth in this area. From the point of view of geographical distribution, you know this, we are international, even if in a limited manner, visibly credit insurance, but Spain is still our main market. You can see this here, 2/3 of our business and the rest is in Europe, 6.8%. Asia, rest of world, and the Americas are outside of Europe, the last two bullet points. I don't want to bore you with the rest of more qualitative aspects because you will find all sorts of details in the accounts, the annual report. I do want to say, as I did in, on previous occasions, that in the current context, we're paying special attention to the ordinary management of our businesses, which in the circumstances is the most important thing to do. In no way are we losing focus on strategic aspects that the long run depends on, our future depends on. Digitalization, of course, innovation. I wanted to stress, because of how we've made headway during this year on sustainability, which is not only no longer a legal and ethical demand. It is now, as we said on previous occasions, a demand of the market. Investors, international funds, et cetera, are demanding this. It will soon also be a demand of our customers. We've done many things in the area of sustainability. We've integrated it completely in our risk management system, and you will find all sorts of details in the sustainability report on the corporate website and the the document for the CNMV. As a result of all of these efforts, we've gotten a very good rating from Sustainalytics, as you can see on screen, with a grade of low risk. Third message, we maintain a solid solvency position. I will talk about this more later. We have a dividend policy which is conservative, cautious, but with an increasing dividend in absolute term, and we maintain our strong commitment of shareholder remuneration, even at difficult times as the ones we've been going through over the past couple of years. You know the share price evolution perfectly well in the short and long term. I will not speak about this for too long. With a revaluation rate of 11.72% in this period, much better than that of the indexes close to us. In 2019, we did worse than the market, which grew, and we dropped by 4.4%, but we were more defensive in 2020 with this drop that you can see. In 2021, we've grown by almost 3%, less than the IBEX, of course, and EURO STOXX. At the moment, the performance of the stock market in these first few months of the year is well-known by all of us, and we've all experienced these drops, and they are taking place, especially over the past few days. As to earnings per share, our dividend policy is cautious and conservative, but with an increasing dividend in absolute terms. We had dividends that grew very much in the period, even before the graph between 2002 and 2008. During the financial crisis, we were even able to maintain and slightly improve the dividend. From 2010, we've had consistent increases of the dividend between 6% and 7% in the past few years. It is also true that you know that when we were about to pay out the complementary dividend, we had to follow the recommendations of the European bodies and the DG Insurance, and we were compelled to reduce the complementary dividend. The one pertaining to May 2020 by 45%, so the dividend of that year dropped by 17.41%. In 2020, we already reestablished our dividend level. I remind you that the dividend of May last year was twice as much as the complementary dividend of the year before, which meant a total dividend, as you can see, of EUR 105.85 million with an increase of around 30%, the greatest in the recent history of GCO. In the year, you can see these in the red square on screen with the dividends of October and February 2021, with an amount of EUR 20 million, with, meaning a 5% increase vis-à-vis the same dates of the previous year. At the moment, the news that you've been able to see in the documentation that we published is that the Board of Directors meeting that we held yesterday is proposing a dividend charge to 2021 results distributable in May, to be paid out in May of EUR 55 million, meaning an increase by 10% vis-à-vis the same dates of the year before, taking the global dividend to an increase of 7.3%. Carlos, I think now it's over to you with greater detail on the P&L, on the income statement. Yes, as usual, I will now continue breaking down in more detail both traditional business and credit business. We'll start with the traditional business. The first thing that we should say here is that our product diversification and the high customer retention has allowed us to maintain growth in terms of turnover, with an increase of premiums by 2.4% up to EUR 2.473 billion. Technical result continuing with the trend of previous years, with a reduction in general insurance, especially in motors, still positively impacted by the reduction of mobility in pre-COVID quarters, whereas the technical result of Life is impacted by the decision we've made of accelerating the adaptation of survival tables, vis-à-vis the transition period set by the regulator with an impact of EUR 10 million. Without that adjustment, if we did not perform that adjustment, the technical result would have increased by 3% as compared to the reduction of 0.9% that you can see on screen. The combined ratio increases by 0.3 basis points due to the normalization that we already mentioned about the normalization on claims ratios, especially in motor, now at 88.9%, with a positive differential vis-à-vis the industry by 3 points. If we distribute it by lines of business, multi-risk growing by 5.1% in line with the business, whereas the combined ratio is at 90.1%, 1.1 points above the year before as a consequence of a more intensive use of the home. Whereas the impact of weather events in this year, basically, the effects of the Filomena storm is comparable in terms of net claims ratio to what we posted in 2020, where we had Gloria and Elsa. Finally, the technical result drops to almost EUR 70 million, similar to that of pre-COVID years, with a positive gap vis-à-vis the industry of the combined ratio of more than 7 points. In motor, we have a drop in earned premiums by 1.9%, EUR 641 million. This is a poor performance on the rest of the industry with a drop of almost 1%, 0.9%. We should also point out that we have been able to have a net increase of the number of policy holders, despite the fact that the number of new vehicle registrations has not gone back to pre-COVID levels. Combined ratio is at a comfortable level of 89.3%, 5 points below the industry, which is working with ratios of around 84%. Here we have a low technical cost, 65.3%, where we can see a reduction of the number of claims compared to pre-COVID quarters. It is also true that in the past few months, and especially after the holidays, the situation is normalizing, and these low technical cost has allowed us to increase the technical result by almost 10% up to EUR 69.6 million. In other, in the line of other, earned premiums increasing by 6%, and we've seen a positive impact of the recovery of the economy. Whereas in results, we maintain excellent combined ratio results of around 85% with a technical result of EUR 46.2 million. Life improves periodic premiums in health, funeral, and the rest of lines of Life around 2%. Whereas in single and supplementary premiums, even if you can see an increase of the premiums, this is as a consequence of a one-off transaction, a group policy. The appeal of these types of policies is still very low due to the current low interest rate scenario. The results, the financial technical result improves up to EUR 98.6 million. We have absorbed the provision of the adaptation of new biometric tables, which is what we had to do. It was a period to do so, and EUR 10 million corresponding to future years. Without the advance of these EUR 10 million, the financial technical result would have increased by 14%. Additionally, the lines of health and funeral still have a good claims ratio behavior. You can see 82% funeral and 85% health, so very good ratios. As a summary for the traditional business, the increase in turnover and the good behavior of the combined ratio due to the lower frequency in motor allows us to maintain the technical result, EUR 258 million, and accelerating the adaptation or the adopting of the biometric tables that we just mentioned. On the other hand, the financial result increases by EUR 8 million, despite the extension of the scenario of low interest rates. The ordinary result is finally increasing by 2.3% up to EUR 244 million, as you can see on screen. Now on to the credit business. Acquired premiums or earned premiums in credit insurance go up to EUR 1.9 billion with a growth of 10%, so breaking the dropping trend of last year, where we said we were dropping by 5%. Here we should mention the repricing of the portfolio, which took place mainly during 2020 and the first quarter of 2021, with a price adjustment so as to adapt prices to the risks that we are taking. In the same regard, from the second half year of 2021, we are also modifying prices downwards. We also have a positive impact in the turnover of our customers, and we have a change in risk appetite on our side, with greater commercial activities and an increase of risk exposure. On the other hand, the technical results, net technical result has gone up to EUR 309.7 million as a consequence of the low claims ratio posted, which in the end allows for an increase of results with EUR 241.8 million, improving even above pre-pandemic levels. The improvement in earned premiums is very relevant in some geographical areas. You see double-digit growth in some of them, aided by the better macroeconomic conditions and the capturing of new global customers. Whereas in Spain, we continue to see a lower growth rates around 3%, 2.8% specifically. In terms of profitability, the combined ratio drops to 64.2%, historically low, with a reduction of 30.8 points of claims costs, mainly due to the drop in claims ratios, which has been even more intense than we expected initially. I would like to say at this point that we continue with our cautious provisioning criteria already described in 2020 that we have mentioned in all quarters in 2021. Regarding our risk exposure, we have a notable growth with an increase of 18%. As a consequence, both of the maintenance of our support to our customers, which in turn improves their level of activity, and the capturing of some new relevant customers. Currently, risk exposure is 8% above pre-COVID levels. We should stress here at any rate that the makeup of this risk exposure has taken a turn towards quality, has rotated towards quality in the past two years. As a summary, for the credit business, these are the main drivers. Income going up, notably with the greater economic activity and the increase of prices. Technical result before reinsurance has been boosted by the low claims ratio and vis-a-vis reinsurance with the better prospects for the direct business. This is translated into a greater transfer of these profits towards reinsurance, almost EUR 420 million, EUR 253 million of which correspond to government contracts, which we expect will not see significant modifications in the coming periods. We expect we have included the total impact of those agreements in our accounts already. At any rate, vis-à-vis reinsurance for the second half year of 2021 and for 2022, we maintain our transfer agreements of 37% to the usual panel of reinsurance. I would also like to mention that the financial result also improves, also as a consequence of the positive results obtained by our associated companies that also deal with credit insurance and who have benefited from this low claims ratio environment and this repricing. Finally, the ordinary result is at EUR 241 million, so times five, almost the result of 2020 and exceeding the results of 2019. Paco, I don't know if you would like to continue or shall I continue with the last, this last part of the presentation? I'll try. I'll see how far I can go with my voice today. Yes, let's continue now outside of the P&L. As usual, we talk to you about the permanent resources and solvency. You can see the usual chart. You can see that our permanent resources at market value exceed EUR 5 billion, almost EUR 5.2 billion, EUR 5.191 billion. An increase of 11.3% in this year. You can also see the long-term evolution, very significant, multiplying almost 15 times, starting with EUR 332 billion to these EUR 5.192 billion. You know, we've done this without capital increases, without asking investors for money, without diluting them, asking third parties for capital. We have retained a significant part of our profits, applying a conservative dividend payout policy, which has funded this expansion period. This is what also happens during the year. On the left-hand side, you can see that what contributes to this improvement of 11.3% is basically the result minus the dividend this year, with a very significant contribution by the valuation adjustments. The greater value of our financial assets. From the point of view of solvency, of course, this is an essential magnitude in all insurance groups. As you can see on screen, the solvency, the estimated solvency ratio, still pending audit, but it is 220%, which means an improvement of 4 points vis-a-vis the end of the previous year. You will get all sorts of details, sensitivity scenarios, et cetera, when we publish the report on the financial situation and solvency, the SFCR. I can already say that the main drivers of the increase have been, on one hand, of course, the retained profit of the group. Secondly, this slight rate increase impacting the value of our liabilities more than our assets and the excellent claims ratios in credit insurance, despite the increase, as Carlos Gonzalez said, of risk exposure and the loss of protection granted to us by government reinsurance agreements. Precisely because of all of this, the rating agencies acknowledge our capital position, our solvency position, and the solidity of our business model, and they maintain both AM Best for all insurance and Moody's for credit insurance. This rating of A and A2 that you can see on screen respectively. Finally, I think this is the last slide. You can see an infographic of our investments amounting to EUR 15.712 billion, 6.5% increase as compared to the funds managed at the end of 2020. I don't want to give you too many details. I don't want to bore you with this, but you have all of the details in the report and the annual report and the annexes of this presentation. I would also like to stress, as usual, that we have a conservative investment policy with diversified investments in the terms that you can see on screen. What's most important, and we must not forget, as an insurance company, we have adequate assets fitting with our liabilities in terms of duration, liquidity, and in all terms demanded by the joint asset and liability policy. I think with this, we've given you an overview of the year. We are here to answer all the questions we can. Patricia, if you could please transfer the questions we've received. Thank you very much, Francisco and Carlos, for your presentation. Next, we will start with the questions that we've received during the presentation. As usual, the questions received have been grouped by topic, and we will start with the traditional business, questions specifically for motor. The combined ratio of motor is still below 90%, and it improves vis-à-vis 2020. In the year 2022, can we expect any impacts due to the adjustments? What impact may inflation have? Well, we still have a very good combined ratio in motor. Exceptional results, as I pointed out at the beginning of the presentation, and as the CFO also told us about. There are two things here. One is the potential impact of the update of the scale of assessments. The one for damages and motor, with an increase of price of certain benefits affecting around 4% for big injuries, and it will come with an increase in frequency as we leave behind all of the mobility restrictions during the pandemic. It is also obvious regarding the second part of the question, there will be pressure on repair costs of material damage as a consequence of inflation. However, truth is that in the group, we have mitigation measures for those costs. We have a network of professionals and trusted workshops that try to apply the best repair practices, but adjusting costs, offering the greatest quality and service to customers at the same time. We of course maintain rigor in the underwriting of risks, which allows us to continue improving or maintaining our profitability standard, which is above market. At any rate, the potential price increase due to an increase in claims ratios caused both by the tables and those driven by inflation will depend in the end on the commercial strategy of each company and the performance of pricing. Our impression is that Spain is a very, very competitive market, even more so in motor, and it does not seem possible, or it doesn't seem that the potential increase of the cost of claims will be transferred directly or will have an impact, a direct impact on prices. Going a bit beyond the scope of the question, I would like to say that this explanation can also apply to multi-risk, specifically family home product, because we have a very close relationship with our repair network, and this allows us to mitigate, in part, the effects of inflation on the average cost of claims. The second question is also related to inflation. With the increase we are seeing in inflation, do you foresee an impact on results or on the solvency ratio due to an increase of interest rates? Well, the truth is that the impact of inflation on general results, I think, is what I said. It's the same thing as I mentioned for motor and multi-risk family home. The potential impact of the solvency ratio, where we, if you look at the report on the financial situation and solvency of the last year, the last one that we published, what you can see is that there is a sensitivity analysis to the solvency ratio, where we establish that increase of 100 basis points on the claims curve would mean 8.2 percentage points, which means an increase of excess capital. If the sensitivity analysis were to be applied the other way around, with a reduction of the curve by 100 basis points, solvency ratio would be reduced by 9 percentage points, and the excess capital would drop by EUR 190 million. In that context, and between those limits in that range, we do not expect significant impacts on our solvency ratio due to changes in inflation and their potential impact on interest rates. Of course, a rate increase would of course allow us to make fixed income investments. We're a bit behind in our investment plan, due to the current context, so we could do that at higher rates. We cannot quantify the effect because it will depend on the amount and the timings, the date in which we make these investments. Carlos, can you continue? Yes, of course. I think we should say here that we have a treasury position of almost EUR 2.5 billion that we could, of course, optimize with more financial profitability, inasmuch as this interest rate scenario normalizes and grows. We continue now, thank you, with questions about credit insurance. At the end of the year, the combined ratio in credit insurance is still at historical lows. What can we expect for 2022? Well, we closed 2021 with results that we have already mentioned and qualified as exceptional, with a result which even went above and beyond 2019. The current context, of course, is different. We come from a significant improvement of claims ratio, despite the fact that we, for 2022, we expect a normalization in terms of the number of claims that we receive. This will take place throughout the year on a progressive manner. We should also take into account two differential factors in 2022. The first one is that the average premium is above that of 2019. The risks that we are taking on are based on the current uncertainty on the market, are priced that way. Finally, the accounts of 2022 will not be negatively impacted by government agreements which ended in June 2021. We should remind you that we continue with very cautious provisions, especially now with the economic uncertainty. Having said this, we believe that in 2022, the profitability of the business will normalize with the gross combined ratio. That is the one that we normally monitor. This combined ratio will have to increase and come closer to pre-COVID levels. Although we believe this will not have a negative impact on the profitability perspectives of the credit business, and because on the other hand, we will not need to take on the cost of the government agreements. The following question is about the non-ordinary result. Can you explain it in more detail, especially the one coming from the financial result? I think we should talk about the one coming from financial results and expenses in the end. While it's true that non-ordinary results have had a negative impact, EUR 17.8 million negative impact, which is similar to what we had in 2020, but the source of this is different. The financial non-ordinary results have had a positive impact, EUR 19.8 million, and this is mainly due to opportunistic sales in some variable income products. As to expenses, the impairment has been significant, almost EUR 50 million coming from the review of the value, or the revision of value of certain assets. What we've tried to do here is to accelerate the amortization of intangible assets as much as possible, coming from the acquisition of Plus Ultra, which has been negatively impacting the P&L of the group recurrently. We've also accelerated the amortization and acknowledgement in the P&L of certain internal IT projects. All of this burden of almost EUR 50 million of this exercise, of this year, that has had a negative impact on this year, will not have a negative impact on future years because we have accelerated the recognition of these items. The next question links the solvency ratio and excess capital with the dividend policy. With the solvency levels accumulated, are you still not planning on conducting any actions to return this excess capital to shareholders? What are the future plans in terms of the dividend? Well, not many novelties here vis-à-vis the dividend policy. We've always said, and we just said it again during the presentation, that the group has a conservative, cautious dividend policy, but in absolute terms, a growing one, which has proven that we are strongly committed to shareholders vis-à-vis this dividend payout. This commitment has been honored even in exceptional situations such as in 2008, the 2008 crisis, the recent crisis of COVID. I would like to remind you here that this growing dividend policy in the end, and in a crude manner, produces a quite substantial increase of the dividend level. In the past 10 years, we've seen an increase of the dividend per share by almost 70%, and we've doubled it vis-à-vis the previous crisis of 2008. If you will allow me, Carlos, what is indeed a fact is that the increase in our solvency during this period, while it's true that it comes essentially, as I said a few minutes ago, from the fact that we've retained a significant part of our profit by applying a conservative dividend payout policy allowed by our shareholders in order to fund this expansion period. This means that we've been able to, in the past few years, conduct several acquisitions without the need for funding. We have not given up inorganic growth. We still have an eye on the market and any opportunities that may arise, but for now, no interesting opportunity has crystallized. We have an estimated ratio of 220. We are not at solvency levels high enough as compared to the market in other situations that would allow us to contemplate an exceptional action. If we compare with our competitors, our average profitability, excluding 2020, because it was exceptional, is at 11.4%, and this is similar to that of many international multinationals and better than that of some of our Spanish competitors. Just to finish, a question on our exposure. Following the international news, what is your exposure to Ukraine and Russia? The question, well, is obvious, that Atradius has no presence, has no direct presence in Ukraine. In Ukraine and Russia, we keep a residual level of exposure. Of course, we follow the development of current events to take them into account in our dynamic analysis of credit risk of Ukrainian and Russian companies. Of course, we will comply with any international, sanctions that are imposed. We are monitoring the situation, so we can manage our risk exposure as per our underwriting policy and our risk appetite in the rest of geographical areas. Here, we need to take in mind that the weight of exports of the EU with Russia is not relevant. I think it does not exceed 2% of the total. While it's true that Eastern European countries have a greater weight in this area, we have an eye on the conflict. Despite the fact that we do not have this direct exposure, we are aware of the fact that Europe has an energy dependence on Russia, and an energy crisis could have an impact via increasing the inflation trends. These inflation trends have already been detected over the past few months. Our management of this scenario would not change substantially. We would accelerate any actions in this regard. That's what we would do. Thank you very much, Francisco and Carlos. With these answers, we close the presentation of results of 2021. As usual, I would like to remind you that any unanswered questions will be managed directly via the investor relations teams in the coming days. I would like to take this opportunity to invite you to the next presentation of results, which will take place on Friday, 29th of April, 2022, presenting the results of the first quarter of the year. You can visit our website, where you have all of the financial and sustainability information available to you. As usual, thank you for your interest and participation, and see you again soon.