Good morning, ladies and gentlemen. A warm welcome to the presentation of Inditex's results for the interim half year 2021. I am Marcos López, Capital Markets Director. The presentation will be chaired by Inditex's Executive Chairman, Pablo Isla. Here today with us are also CEO, Carlos Crespo, and CFO, Ignacio Fernández. As usual, the presentation will be followed by a Q&A session, starting with the questions received on the telephone, and then those received through the webcast platform. Before we start, we will take the disclaimer as read. Now over to Pablo. Thank you, Marcos. Good morning to all of you, and welcome to our first half results presentation. I would like to highlight some key messages before we go into an analysis of the period. Inditex differentiation and strategic transformation towards a fully integrated digital and sustainable business model is accelerating. First of all, I want to recognize the effort made by our teams. Their dedication during the period has been outstanding. The strong individual commitment of all our people and our unique corporate culture, totally focused on the customer, continues increasing the differentiation of Inditex business model. Our operating performance continues to go from strength to strength. Sales, EBITDA, and net income in the Q2 2021 have reached historic highs, surpassing pre-pandemic levels. Constant currency sales growth accelerated over the Q2 to 7% versus the Q2 of 2019. The spring/summer collections were very well received by our customers. Almost all our stores are now open. Online sales continue their high rate of growth. Our operating performance continues to generate strong cash flows and reinforces the robust financial position of the group. We also continue to make progress with respect to the sustainable development of our business model. At the AGM recently, we presented a set of new highly demanding targets. Regarding digitalization, the migration to the Inditex Open Platform is now 95% complete. As you have seen in our release, we have had a strong start to the autumn/winter season. The store and online sales in constant currency between the 1st of August and the 9th of September 2021 increased by 22% versus the same period in 2020, and 9% versus the same period in 2019. Let me add some details on the performance so far this year. This remarkable performance in the H1 of 2021 was greatly helped by our fully integrated business model, our single inventory position, and the attractiveness of the product offer. Inditex competitive differentiation is bigger than ever. The impact of the store absorption program announced in June 2020 has already been fully recovered in store and online sales. As of today, 99% of stores are open. The strong trajectory of online sales that we saw last year has, of course, continued well into 2021. Online sales in constant currency in the H1 of the year have progressed very nicely, indeed, at plus 36%. This compares to plus 137% versus the H1 of 2019. Online sales are expected to be more than 25% of total sales in 2021, one year before our initial target. It is because of these features that our operations enjoy sector-leading growth rates and profitability. Inditex online business is non-dilutive to margins and requires lower capital intensity going forward. Let me tell you that we have total confidence in our unique business model that fully integrates stores and online. I hand you over to Ignacio now for the financial section. Thank you, Pablo. As you have seen in our release, Inditex operations show a strong recovery in the H1 of 2021. We executed very well in what turned out to be a challenging operating environment. We managed the supply chain very closely, and this drove exceptional gross margin performance. Operating expenses have, of course, been tightly managed. As mentioned already, sales, EBITDA, and income in the Q2 2021 reached historic highs, exceeding pre-pandemic levels. It's the result of the very optimal management of the supply chain with a healthy gross margin evolution, and tight management of the operating expenses. The H1 have seen a strong recovery in sales of 49%. Sales in constant currency grew 53%. Sales trend in the H1 2021 continue to improve as stores reopen and online sustains its strong performance. Online sales in constant currency grew 36%, or 137% versus the H1 of 2019. During the Q2 2021, sales growth in constant currency continued accelerating. Sales in the quarter were 51% higher than in the Q2 2020, and 7% higher than the Q2 2019, which was itself a historic high. Over the first half 2021, the currency impact on sales was -4.5%. At currency exchange rate, the currency impact on sales is expected to be around +0.5% versus the H2 2020, and -5.5% versus H2 2019. The gross margin reached 57.9%. It was 170 basis point higher than the same period in 2020. The gross margin evolution over the period is strongly linked to the high levels of flexibility enjoyed by our unique supply chain. Based on current information, Inditex expects a gross margin of around 57.5%, ± 50 basis points, for the full year 2021. There has been very efficient management of operating expenses across all departments and business areas. This has demonstrated our ability to react and adapt to the changing trading environment. The main components of operating expenses have shown a very good performance. Efficiencies, again, have allowed us to exercise a high level of control over operating expenses in the period. As you can see, operating expenses over the H1 2021 increased 25%, were below sales growth. Operating expenses were below the same period in 2019, despite the fact that practically all stores are open. Depreciation and amortization came to EUR 1.4 billion, 16% lower. The difference reflects the provision for the store optimization program for 2020 and 2021, charged to the Q1 2020 accounts. Excluding the provision, this line could have increased 3%. The flexibility of the business model we run can be clearly seen in the evolution of working capital over this period. As you can see in this table, working capital has returned to the more normal levels seen prior to the pandemic. Inventory at the end of the H1 2021 was below the level seen in the H1 of 2019. The current inventory is considered to be of high quality. These actions, in conjunction with the strong cash flow, took the net cash position to EUR 8 billion. Now, over to Marcos. Thank you. Over the H1 of 2021, we have continued expanding our operations. This can be seen in the 27 different markets in which we have opened stores over the period. The weight of the different concepts on group sales remains practically unchanged. We are seeing a progressive recovery across all concepts going into the autumn/winter season. The differences relate to the geographic presence, location of stores, and fashion profile of each individual concept. Store sales are improving, and online sales continue to grow. Stradivarius and Oysho had a strong performance in the 1 of 2021. We continue with optimization activities across all concepts. As part of Inditex's strategy, Uterqüe will be fully integrated into Massimo Dutti over the next year. Uterqüe's entire product range will be available only on Massimo Dutti's website and selected stores. Now, over to Carlos to focus on sustainability. Thank you, Marcos. Inditex's lead in sustainability is reflected in the achievement of all the targets set for 2020, and in some cases, even exceeding some of these demanding milestones. Inditex continues to make good progress in its sustainable development, having approved the following demanding targets at its last AGM. Join Life, more than 50% by 2022. 100% renewable energy by 2022, from 80% previously in 2025. 100% more sustainable cotton by 2023, previously 2025. Water consumption, -25% in our supply chain by 2025. Net zero emissions by 2040, previously 2050. Elimination of single-use plastics in customer packaging by 2023. 100% recycled or sustainable polyester linen by 2025, and 100% sustainable cellulosic fibers by 2023. This is in addition to the existing targets already in place for 2023 and beyond, such as in the use of renewable energy to reduce carbon emissions. Now back to you, Pablo. Thank you, Carlos. Let me now talk about the outlook for 2021, and very especially, about the features that make Inditex unique. Let's start with our fashion collections and the integrated store and online execution. A great place to start is with the Zara Woman 2021 fall/winter collection, or Zara Woman 2021 apres vacances. On 30 September, Zara Man will launch the sport collection, Zara Athleticz, available online and in selected stores. The Zara Kids Back to School collections, Zara Home Portraits of a Home campaign marked by sustainable interiors, Massimo Dutti Relax City editorial, Bershka Natural Tones collection, Pull&Bear Pacific Republic collection, the Stradivarius autumn/winter collection, Oysho's Working Leisure collections, and last but not least, the Uterqüe fall/winter collection. A very significant project for the beginning of October will be the opening of a new store for Zara in La Défense with 5,000 sq m of surface on a single level. This will be one of the largest Zara stores of this type in the world. In November, we will open a very unique Zara store at Chengdu Taikoo Li, a center inspired by Chinese vernacular architecture. A recent outstanding opening for Bershka with 2,700 sq m has taken place at Madrid Preciados. The strategic initiatives to strengthen our global, fully integrated store and online model are accelerating. We plan to continue developing these key long-term priorities in order to maximize organic growth. The goal is to continue increasing the differentiation of our business model so as to provide a unique customer experience. We will have invested EUR 1 billion in digital capital expenditure between 2020 and 2022. A key focus is on high-quality stores with the aim that they be fully integrated, digital, and eco-efficient. Total capital expenditure over this same period will be around EUR 900 million annually, helping to drive lower capital intensity and increasing profitability. Let us not forget that we aim to achieve all of this with sustainability remaining very much a central part of the strategy. We expect to deliver higher returns and lower capital intensity. As a reminder, the final dividend for full year 2020 of EUR 0.35 will be paid on the 2nd of November. Thank you for attending. That concludes our presentation for today. We would be very happy to answer any questions you may have. Please, operator, go ahead. Ladies and gentlemen, the telephone Q&A starts now. If you'd like to ask a question, please press star one on your telephone keypad. If you wish to remove your question, please press star two. We request that you limit yourselves to only ome question per turn so we can maximize the number of participants in the session. If you have further queries, you may press star one again after the next person's question has been addressed. Please ensure your phone is not muted locally. The first question today comes from Richard Chamberlain of RBC. Richard, please go ahead. Thank you very much. Morning, guys. A question from me, please, on the Zara brand. I wonder if you can give us an idea of the basket size for Zara online, and also in-store, and whether the gap there is changing at all. I'm wondering if that presumably higher basket online is helping to lift up the gross margin and also the operating expenses, along with, obviously, strong full price sales. Thank you. Well, thank you. Richard, answering your question, the first thing I would like to say is that what is really helping the evolution of the gross margin and the operating expenses and the efficiencies inside our company is what we call this fully integrated approach. I think that what is remarkable, if you see what has happened during the first half of the year or the start of the autumn/winter season, but thinking about the first half with the gross margin evolution, this has a lot to do, as we were saying during the presentation, with the single inventory position, with the fully integrated approach. You see that, for example, if we think about the start of the season, the trading update sales growth between August the 1st and September the 9th is growing 22% compared to 2020, but even 9% compared to 2019, and inventories are minus 4% compared to 2019 level at the end of July. What is really remarkable, is this fully integrated approach between stores and online. What I could also say about this trading update is that, well, this 9% is including, as we were saying during the presentation, the full absorption of the impact of the 800 stores that we have absorbed during the period. Having in mind, because you all know that there is some COVID impact in the Asian countries in the month of August. Even with all that, sales growth are 22% compared to 2020 and 9% growth compared to 2019. What is very remarkable is the collections that we have. The execution of the business model, the work that our commercial teams are doing, the work that our teams at the country level are doing, and this is what is driving the evolution of the company, which we think is a very unique business model and very unique approach to the business. The next question comes from Rebecca McClellan of Santander. Rebecca, please go ahead. Good morning. Just a small one, please. Previously, you sort of talked about hourly trading restrictions. How is that in sort of like the Q2 in current trading? Well, yeah, as we were saying, what you perfectly know and when you think about the Q2, and this is something also to have in mind, if you think about OPEX during the Q2, that if you remember in the Q1, on average, 25% of our stores were closed, or we were having 25% less commercial hours in our stores. In the Q2, you see the impact of all these reopenings that we had. Well, I can answer you for the whole quarter. For the whole quarter, it has been 6% in the Q2. 6% of non-available hours coming from COVID. Now at this moment is less than 2%. Now we are nearly operating fully our stores. As I was saying, there is some COVID impact in some different countries. Globally, even with that, we are having 9% sales growth, compared to 2019 and 22% sales growth compared to 2020. The next question comes from Warwick Okines of Exane BNP. Warwick, please go ahead. Good morning, and thank you for taking my question. I've got a question about costs into the H2. Last year in H2, you booked a EUR 394 million COVID-related extraordinary expense. Did you expect to face more extraordinary costs this year, or should we think about that cost just dropping out of the P&L? Well, as Pablo was mentioning, we believe that the key driver, both in sales, gross margin and OPEX, will be this reopening. You see that sales are accelerating in a very nice way, despite the fact that we are assuming some costs from the reopening in terms of stores, and there is some lag in the sales in the stores. This is happening, and you're seeing the trading update with 22% growth over last year. COVID, hopefully we will not have anything this year. I think that the evolution of costs has been very, very nice, as Pablo has mentioned, very much in line with the performance of the company. The TWO key factors as we discuss to analyze that are probably this reopening, and we don't expect anything additional at this stage. The next question comes from Simon Irwin of Credit Suisse. Simon, please go ahead. Morning, gentlemen. Thanks for taking my call. Can you just talk a little bit about what you're seeing in terms of air freight trends? I didn't understand and Marcos was clarifying to me air freight trends. When we talk about globally the gross margin or the cost structure of the company, we always say the same. Of course, there are elements that, let us say this way, that are happening in the markets, but there are many elements involved. There are a lot of things that we can do, related with that, of course. Air freight costs are increasing, but this is one element of the many that you have when you run a company. I think the key for us, with a huge difference Having said that, the first thing I would say is that we are giving guidance for the gross margin, so we are expecting to have a very healthy gross margin in the H2 of the year. As Marcos was saying, of course, we will continue managing actively our costs all across the company. We believe we will also have a healthy performance regarding costs. What we can say is that what for us is key, of course, every results presentation, you could have this or that, this element that is increasing, decreasing this, but what is key is the essence, is the execution of the business model. We announced in June last year this absorption of a very significant number of stores. We have absorbed 800 stores, and we are seeing trading update + 9% compared to 2019. A strong execution of the business model. Very healthy gross margin in the H1, and we believe is going to be the case in the H2 because of this fully integrated approach. You know us perfectly, and we always prefer to talk much more about the essence, about the medium long-term trends of the business in the way we operate the business, than about any of this or that impact in one particular moment. To answer your question, nothing as relevant as to have a very significant impact on our whole performance, our global performance. The next question comes from Anne Critchlow of Societe Generale. Anne, please go ahead. Thanks. Good morning, everyone. My question is on Uterqüe. I just wondered if you could give us a bit more color behind your decision to merge Uterqüe into Massimo Dutti. Was it because Uterqüe wasn't quite as promising as you'd hoped, or are you looking for cost efficiencies? Are you going to close all of the U terqüe stores? Thank you. Well, yeah. The reason behind this integration of Uterqüe into Massimo Dutti is that we believe that integrating the Uterqüe collection into Massimo Dutti is going to give Uterqüe more visibility in many different markets. We have thought that this was a better approach, to integrate into Massimo Dutti, to not to have separated Uterqüe stores, and then to have this collection integrated into the Massimo Dutti collection, of course, online globally and in some Massimo Dutti selected stores. We have the experience when we integrated Zara Home into Zara. In this case, we decided also to keep the Zara Home stores. At the same time, we are also introducing Zara Home stores into Zara stores. For example, we were mentioning in the presentation this big store that we are opening in La Défense. This Zara will have a Zara Home inside the Zara store. We are offering Zara Home product in the Zara web progressively in most of the relevant countries in the world with very, I would say, positive performance. We think it is the right movement. It is a way to give Uterqüe more visibility in different markets in which today it is not present. We think it is the right approach and the right strategy going forward. The next question comes from Olivia Townsend of UBS. Olivia, please go ahead. Thank you. My question is just about the lockdowns in Asia that you mentioned earlier in the Q&A segment. That's impacting demand at the moment. I was just wondering if you were able to quantify the impact of those lockdowns in Asia on sales during the latest period. Well, we prefer not to elaborate very much on a trading update. From August the 1st to September the 9th, very healthy trading update, even having in mind this impact in the Asia market. You can think that it was very healthy, but without those markets. We prefer not to elaborate very much in a trading update about that. I think what for us is key is how strongly first of all, because of course everything comes, first of all, with the product, with the collections, and you will see many things in the coming weeks about collections, capsules. From tomorrow onwards, you will also see, we were talking about in the Zara Man, this Zara Athleticz, which we think is quite relevant. You will also see from tomorrow in the Zara web, what we call Origins collection in the Zara Man section, which is also very strong. In the Zara Woman section, you will see many capsules, the campaign, many different things during the season. This is talking about Zara, but we could talk also about the other brands. What for us is relevant is the global performance of the company within this 9% trading update is very healthy. Well, the autumn/winter collections, as we were saying, have been very well received by our customers in the different markets. What we will do is to continue working to have the best possible product, very sustainable, and managing the company in a very efficient way. Thank you very much. We are now finished with the telephone Q&A session. To address the question received through the webcast platform. Good morning. We've had a few questions on the webcast platform. The first of which is, has online click and collect and returns to store returned to normal, please? Thank you. Yes, I think it is all progressively coming back to normal. Of course, this is something that when the stores are closed or with many restrictions, these, particularly online deliveries or online returns in the stores, are not at the normal level. Once the stores come back to normality, then of course for us, this is a key feature of our fully integrated approach between stores and online, having a significant part of online deliveries in our stores and 2/3 of our online returns taking place in the stores. This is something that we see coming back to normal progressively in the different markets. Perhaps you could talk a little bit about the three openings you mentioned in the presentation, please. I was mentioning before in a previous question about La Défense. I think La Défense and also Preciados in Madrid are a very good example when we talk about this store optimization plan. In La Défense in Paris, we used to have two small Zara stores for what Zara is today, one small Zara Home store, and one small Pull & Bear store. With this reorganization that we are doing, we are having a huge Zara in the best location inside the mall with a Zara Home inside the Zara store. Then we are also enlarging and relocating the Pull & Bear store in a very significant way. One of the two previous Zara stores is becoming a new Bershka store in La Défense, which for Bershka is the perfect size. It was small for what Zara is today, but it's perfect for Bershka. We used to have four stores in La Défense. Now we are going to have three, but it has nothing to do. Our presence, our approach to the customer experience in our stores, the level of sale, the surface, the operation of the stores. It's a perfect example of this store optimization plan. Preciados, I was mentioning that also because in Preciados, we have Zara, we have Pull&Bear, a very beautiful store. We have Stradivarius, and we used to have a Bershka store close to the Zara store. Two years ago, we enlarged and refurbished the Zara store, and we took the Bershka store that was very small for what Bershka is today. Two weeks ago, we have opened a very relevant flagship for Bershka in Preciados Street. These are two very good examples of this store optimization plan that we are developing in the different markets and which is a key part of our strategy, as you perfectly know. The final question is, can you talk a little bit about the new Zara Man Athleticz collection? I think we have mentioned during the presentation and during the Q&A session, Zara Athleticz is something that we are launching on September the 30th in some selected stores and, of course, online. Progressively, we will introduce in many other stores. You will see. You have seen now in the presentation a small, one slide about the image, but you will see fully very soon about the whole approach. The idea is simplicity, comfort, functionality, and of course, style. Because it is Zara, and it always has to be in style. Very high quality from a technical point of view, and within this is something that is going to become progressively relevant inside the Zara Man section. We think it's a very good initiative and with high potential going forward. That concludes the webcast questions. Well, thank you very much to all of you. Marcos. Thank you very much. This concludes the Q&A session. We are open to have your questions, and now let me hand over to Pablo for the closing remarks. If there is nothing else. No, nothing more. Thank you. We keep in touch through the capital markets department. Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect.