Good morning, ladies and gentlemen. I'm in charge of investor relations for TF1 Group. It's a real pleasure for me to welcome you today for TF1 Group results. Remember, you can ask your questions after the presentations via the website or via the phone line. I'd like to give the floor now to Gilles Pélisson, CEO and Chairman of the group. Hello, good morning, everyone. It's a real pleasure for me to be meeting with you today for the presentation of 2021 financial results. In spite of a fairly complicated year, yet again, due to COVID, nonetheless, it was a very good year for our group. Our presentation is going to, of course, first of all say that we've booked results and successes in our operations. Very sound and strong, both in our core business, which is media business, but also in production with Newen Studios. Now, to present these operating results, I'll be assisted by Sylvia Tassan Toffola, Managing Director for TF1 PUB advertising business. She'll be presenting the very sound fundamentals that have been set up, as well as the prospect with the stepping up of convergence between the TV and digital. Philippe Denery, of course, our CFO, will talk us through the financial results and also non-financial performance, which is very important. You'll see that in that area as well, we've obtained extremely satisfactory results. Lastly, I'll come back to you after they speak to talk to you about the group's outlook in 2022, which is gonna be a very exciting year. Now to talk to you about media. The media first, with no further ado. Viewership up strongly. More and more services. Growing revenue. Content offer is leading. Now we can say that we've got to temper this and keep a careful eye on things. The daily viewership has remained fairly stable. That's a good thing, versus 2019. Nevertheless, there is a downtick. We knew this has been the case in the U.S. Generally, they're leading by 3-4 years. Now we can say that in France we're talking about our growth is 4+, individual age 4+. About 3 hours 39 viewership per day. That's very good. Nevertheless, if we look at our targets, particularly the women in charge of purchasing under 50 years of age, plus the 25-49 year olds, we see a slight downtick in TV consumption, especially in the younger group. TV media is still very powerful, which makes up the bulk of French attention time. We'll come back to the point. All in all, there is a slight downturn, which is becoming more and more pronounced. TF1 and viewership. Of course, once again, the group has done very well indeed. Viewership reaching record levels for the 4 years plus. That's on the left-hand side of the screen. Inter alia +0.4, which brings us to 27.2. Now, as a private group, we've got 33% viewership for the FRDA-25. We're seeing an increase in viewership share by 27%. It's the best year for TF1 since 2007. That's a huge source of pride for our teams and great satisfaction for all of us indeed. TMC channel, which now is very much the number one DTT channel. With all the repositionings we've had, it's now 4.5%, with Ara Aprikian in charge of programming at the group. TFX, well-established, 3.4. Then we have LCI. We'll come back to that later, which finishes the year at 1.1 points. Well-positioned indeed at the beginning of 2022. Now, 25- to 49-year-olds, good here. Up for the year, and especially the TF1 channel is continuing to grow because it's 20.6. You can see growth of 0.5. So we're not talking about older people, but actually strengthening our younger target group, boosting that group. TF1 channel, champion in multi-genres. You know that, for years we've worked very hard to keep our different genres highly present on the channel. When you talk about TF1 channel, you're talking about news. Eleven positions out of the top 100 for the 4+ years+. Several record viewerships, like for the news show, some 8 million viewers. We've got in entertainment, 15 slots in the top 100, like Koh-Lanta and also the La Légende. French drama, very strong. 32 positions out of the top 100 viewerships for the 4+ years+. The success of Je te promets, 6.3 million. Henceforth, the daily soaps, there are two. That have really taken position, particularly one called Ici tout commence, the most recent, which has grown the beginning of the evening slot by 11 points versus what we had previously among the PDM and the 15- to 34. Very, very satisfactory. Sport. Year of sports with the Euro. We had 8 positions out of the top 100. 16.3 million for the weekend finals with Switzerland. Lastly, as you know, TV, as we've always said, is about social links. An important thing for a group such as ours. Our purpose is to provide inspiration, positive inspiration to society. Commitment is very important. Various types of commitment through news, through drama. I've listed here, Il est elle. This is drama about gender dysphoria. These are interesting areas, and TV viewers are very interested in these areas. This is all essential in the role and position we intend to have as a leading group in private TV. A multi-channel strategy, yet again, this year turned out to be the right strategy. Very effective, let's put it that way, yielding great results. We've seen clear identities for each channel, clearer all the time. We can say this is certainly the case for TMC. It's been very successful, such as the Yann Barthès daily program. Around 2.3 million viewers. That's really a record. On average, it's about 2 million. Highly satisfactory. LCI, TF1 Séries Films, TFX, all of them, looking very good. Very important, the circulation of content. The multi-channel strategy in terms of acquisition is great. That way, you can amortize things over several channels above and beyond TF1, which is the flagship. That is one of the focuses of a multi-channel strategy. Beyond linear consumption. Now, of course, we've also got much broader consumption in the attention market, as it's called. We're focusing here on the 25- to 49-year-olds. 2 hours, 51 minutes, as we mentioned earlier. Dark blue, this is linear TV henceforth. In addition to this, you've got SVOD, 46 minutes per day, then video games, then other videos. I didn't even list YouTube. That's 38 minutes. Social networks, 13 minutes. An important thing is to see the increase in the 21 minutes, which is not linear TV, versus 2019. This is what we're very interested in, concerned about, and excited about at the same time. This is part of the overall change in viewership. We're taking a clear position, first of all, with Salto. Salto, the platform we put together with our friends from M6 and France Télévisions. Plus, of course, MyTF1, our group's platform that I'll be talking to you about again in just a few moments. The reach is growing. On the screen here, we can see what MyTF1 represents now. This is one of the features of 2021, a special feature. 2.7 billion videos viewed. 200 million per month. That's up 15% compared to 2020, which was already a year of very strong consumption. 27 million monthly users in MyTF1. Group MyTF1, as we can see, can bring its weight to bear in this marketplace in France. N ow, high impact of our replays in the area of nonlinear, and people can consume when they want to, as they want to, where they want to. High impact. This is 20% more viewership in nonlinear than linear. Koh-Lanta, we can see the figures here, 18%. Gloria, 16%. La Promesse, drama. We're talking about viewers who watched these both linear and nonlinear versions. One of the very important targets of ours was customer experience, user experience, top quality experience. Historically, we hadn't reached the top level. Today, yes. We're very pleased to see. If you look at Android or Apple store, the figures put us at the top of the class. It gets people to want to watch, to want to consume, and to come back to our platform. Henceforth, in our programming, we are fleet-footed, agile, and we're seeking a reach. This, of course, is the shift, the transition in our group. When we look toward the future, we're looking for a very much broadened digital reach. What does that mean? It means now we talk about windowing. Windowing means our ability to use content or work over a lifespan which is much greater, longer than would've been previously, i.e., just broadcast in linear. Think of the sneak previews we do, for instance, on Salto, also on MyTF1 and MYTF1 MAX, which is a premium service. Plus, we're also talking about broadcast on TF1, and we're talking about replays. Where you'll look up a replay on MyTF1. In addition, think of catalog content. This nonlinear de-linearized approach means we can also have, such as on this slide, reality TV on MyTF1. This way, we can get some of the public's attention when they're surfing on the MyTF1 platform. TF1 Family, 50% viewership is non-linear, which means people look this up, younger people, younger target audiences look this up for themselves on MyTF1, mainly. Lastly, our presence in the social networks to bring in new viewers, 4 million followers. We're able to promote things through the social networks and gain loyal viewers. We can say now, henceforth, the group is very much focusing on new consumption habits. It's a hybrid model, extending our reach. Conventionally, we did this thanks to our distribution agreements in the past. One of the big achievements in 2021 was the renewal of our distribution agreements, especially with the market leader, the Orange Group, plus thanks to our agreements with MYTF1 MAX, a premium service. In exchange for a small subscription, you can get non-ad replay, and you can also view most of our programs. Next comes Salto. We talked about it earlier. Salto, though it's not yet distributed through all the ISPs, it is distributed with Bouygues Telecom, and Salto is progressing, achieving a very good year, highly present among younger targets in TV. Content, of course, is mainly French content. Generally, viewer number is 30 hours per subscriber per month. We're very much supporting this. We're very pleased this morning to see these results versus 2021. Of course, you've got the good fit, the complementary to our website, four major brands we now have in TF1 Group. Marmiton, aufeminin, Doctissimo, and Les Numériques, which meet consumer expectations and especially advertisers' expectations, giving them digital presence, thereby increasing the reach of our content in areas that are very beneficial indeed I'll end my presentation to talk to you about complementary activities and businesses. We've got around EUR 6 million in this activity. You're thinking of music and entertainment. Good growth here, up 10% for the year. Inter alia, through a partnership we already talked about, which is a stake we took in the Play Two, Believe. Stake in Believe. So this is making for digital developments for artists that are part of Play Two. On the photo we see here a very large number of artists we have there. Great diversity. This is great because we're teasing value out of this nugget that we created, and it's been recognized by Believe, and together we're developing this in the future. Now onto licenses. Camping Paradis, real campings, sites. TFOU Parc, who just got a first park for children in a shopping mall. There's gonna be several of these. So licensing activities starting to develop using widely recognized brands of TF1 Group. Want to talk about advertising income for the group, representing the bulk of our revenue out of the EUR 2.4 billion of consolidated revenue. I'd like to emphasize performance. Now, of course, this has to be seen as the French GDP's rebounded, uptick in GDP of 7%. Another important feature, Sylvia will talk to you about this in a moment. Very important, we were able to do well during the recovery, up 14% for ad revenue. It had gone down previously. Rebound uptick 14% in advertising revenue for 2021. This demonstrates media TV is viewed as a sound, transparent, important media by advertisers, creating social links. For advertisers and brands, they feel this is very important. In addition, we're talking about a communication screen, which is preferred by the new players. Think of e-commerce, TikTok who's here, Tinder, Matera, other kinds of brands that will become part of our offering to the market. Now, important, if you look at the performance, we realize that what TF1's advertising unit has done has been speed up convergence between TV and digital. You'll see a demonstration of this in a moment. We 've broadened our customer base. We've provided them with greater commitment, societal engagement, eco responsibility. This is something especially of interest to brands worldwide today and a great source of pride of ours at TF1 Group. I'd like to give the floor now to Sylvia. Thank you for that, Gilles, and good morning, everyone. Now, during this pandemic, it seems evident that we've had some years that we're not likely to forget anytime soon, especially as every time a crisis rolls around, our model gets challenged and updated. That being said, it appears that over the last few weeks, it is the big social platform model under a certain Mark Z that is getting disrupted by the market. Jokes aside, yes, our models are being challenged, but our results are still there. One of the main lessons drawn from this interesting period is the renewed trust that brands have in TV media. The reason for this is that to date, all measuring models in France and abroad have shown that TV media is the highest performance for return on investment and for contribution to sales, with EUR 5.6 ROI on every EUR invested. Secondly, TV media supports synergies with other media levers such as search, +23% there. The main reason for this is the instantaneous power and coverage, as Gilles mentioned, with the figures tied in with the quality of our content. When I say quality, I mean the premium nature of what we do, and that's what we're good at, and also quality from an environmental standpoint, which is essential for brands today and will continue to be going forward. Clearly, this trust is our war chest as we move forward. However, this crisis has oiled the groove of the digitalization of the economy and audience behaviors. We now see total transparency and openness between digital and TV. We believe this is an opportunity here at TF1. Our firm belief is that the advertising model and its resilience will require combining TV and digital. What's interesting to see at the end of the day here is that our model has shifted. It's evolved. We've gone from one dimension to a three-dimensional model. The foundations are, of course, mass media. Gilles mentioned this earlier, coverage is also important in this. In 2021, we moved to 98.7% coverage for 25-49 years old. In 2018, we were at 91.4%. I would like to underline the importance of advertising for that 25-49 category. 51 million viewers every week tune into our shows. The second level is changes in regulation since August 2021, with segmented TV coming in. Segmented TV is the product of convergence because using this, you can target a household with targeted advertising. This is TV that is then sold to data CPMs. In 2022, we already have 5.5 million optimized households, and by the end of 2023, we want to have 9 million, about one-third of French households. The third level is the one-to-one with our digital offering. We now have a scalable digital offering with two pillars, myTF1. Gilles mentioned we have 27 million unique visitors every month on that, but more important from my perspective as an advertiser, 27 million logins. Logins means that we're not reliant on cookies. In 2023, with Google, there will no longer be any cookies to rely on. This is a significant competitive edge for us as we move forward. For publisher sites, we've got 48 million unique visits every month. Again, an interesting figure, 59 million subscribers on social media, and we know how important the social aspect is. Finally, to fully evidence this digital shift, which is likely to increase in the future. On deduplicated, all of our video offering with unify publishers, myTF1, and everything that we consider being digital, 40 million unique monthly visitors. On the French market, that puts us in fourth position after Meta, Facebook, and YouTube. Our roadmap is clear on this. Four main pillars, creating value by changing purchasing behaviors, convergence as well, so that we can maintain our position as content consumption becomes more 360 and multichannel in nature. Getting new sectors, getting new clients to renew our portfolio, and also, as you mentioned, transformation of our teams in the way we work together, being more agile, working as more of a matrix, getting more talent, and also having our staff and the advertising market take up the challenges of more sustainable and more responsible advertising. Once again, as a media group versus our other platforms, being a media player is a competitive advantage as we aim to be transparent for what advertisers want from us in that category. On value creation, our strategy is proactive and our vision is simple. We want to offer the advertising market a new deal with all stakeholders involved, advertisers, agencies, and the media, to work all together to overhaul the KPIs for purchasing behavior for the advertising market, so that we can implement that conversion, implement that liquidation of inventory. This will require more automation, this will require more cross-media measures. I'll get back to that later. Single currency, and we want the advertising currency in France and in the world to be the CPM data currency. On these two things, cross-media and CPM data, I wanted to underline that French dynamic that's also operating abroad, especially in the U.S. right now, in the U.K., and in Germany, with a measure called CFlight, which is a way to calculate the deduplication phenomenon and to identify the effect of combining TV linear and digital media. From 2022, this is what we want to be able to provide to the French market, and then implement it in 2023. When it comes to convergence, which is of course huge for us as you've understood, we need to ramp up and get faster. Two focuses, segmented TV and data. For segmented TV, it is true that the figures are still low. However, we are satisfied with our first year. There are two reasons for this. First of all, it's worth reminding ourselves of, the French market is the only market where we combine operators and business lines. Everyone is working on the same thing. We can commend the fact that everything works. The second reason we're happy with this situation, this is very important for our future, is that segmented TV right now is kind of a lab, and it's also a way that we're getting new customers. Out of 165 campaigns, 55% of them were first-time users. Segmented TV is open to prime time TV for the digital services, multi-spot TV, where you can have rather than just one, how you can have multiple. I mentioned upscaling industrialization. The challenge is how we can shift targeted segmented TV to programmatic. We're working with one of the largest video providers behind Google, so that from 2022, we can offer the advertising market targeted segmented TV as a programmatic. This is the currency for the future going forward. I work with Infinity and TBS. We have 500 data segments, 100 of which are TV and digital, and 600 on top of that data segments, which are provided by our publisher sites through their environments, food, health, beauty, all of this feeds into a complementary ecosystem. We always need to remain agile and understand what our advertisers are looking for. There's no surprises there. Retail, e-commerce are first and foremost in their minds. This means that we're currently working on the retail French joint venture, Infinity, with Intermarché and Casino Supermarket, and we would be the go-to platform to work on their digital platform. 17 million members, 22% market share for Infinity for the food market, and more than 40% market share for drive-ins. For conquest, again, we're ambitious. We've got a strategy right now that's a two-pronged strategy. National, getting new people to sign up, and this is where you need technology, this is where you need platforms. We have a tool called La Box. On top of that, we're looking at how we can get more growth on our local market through other means. On that local dynamic, we have once again sought to create a strong partnership with Leboncoin, which is a pure player of local sales for SMEs in France. They're going to work very locally to recruit new advertisers. On segmented TV, we've already had 50 or so campaigns that we've undertaken with them. For the dynamic, it's important to share figures with you as well. We have 600 new clients out of the 1,750 for the last year. Net, that is 300 more clients versus 2021. For the e-commerce pure players, which is a strong growth driver for us, this is important to note that these are currently eating into our top 20 advertiser rankings every day. On our shows, we have Google, Netflix, Amazon, and this new generation of pure players, the direct to consumers, that came out from the COVID crisis, and the numbers there are 31.4% for the pure players versus 2021. On top of that, on a more event-based logic, our publisher sites do have a role to play in this by surfing the trend of live shopping. So as part of a streaming service, you can offer demos and brands. In many ways, this is a rework of TV shopping that we've known for a while, but it's an interesting way to directly link consumers and the presenters, and there's some strong growth potential there. Next, we have transformation. TF1 PUB and TF1 Group has a role to play as an objective driver for the French advertising market. Once again, we have a platform that is fully under control and that has a strong structure to it. It starts in-house and leading by example. For our business line, we have set up a training program, working with C3D to train all of our TF1 PUB people on responsible advertising and eco concerns. Our ambition is to provide to the market an overview of advertising that is co-built with the advertisers. We're also looking to reduce our own carbon footprint, and in this regard, we have made commitments that are part of the TF1 Group commitments with -30% our carbon footprint by 2030. The third thing as a business line is, of course, our ability to have offerings and bespoke things that we can provide to the advertisers related to CSR and the green transition. We're stepping up to the plate in this regard. We have a third party working with us, ADEME. The fourth thing is contribution to the overall marketplace. The way we identify the carbon footprint of campaigns this time. Doing that, we need to agree on a shared taxonomy so that we have comparable figures. I would like to share with you this morning a little figure. We decided to count out of the 12,000 adverts that have been shown on our channels in 2021, how many of them were about CSR. The figure came back at 20% of advertisers who at least had one CSR related message in 2021, and that's an important figure that we're going to be monitoring as we go forward. We wanted to go even further and deeper. How can we reconcile brand advertising and consumers and what they want? We've seen this as part of the citizen convention in France. There are green laws, the Law Bousquet law in France as well. We are going to be committing to a media climate contract. Beyond sales, we've decided to create an advertising fund for the environment. This is the first advertising fund of this nature in the market, and it's very simple. Every advertiser who advertises one of the ADEME labels, such as the energy label, will be able to pay into a fund that will then finance messages for the general public, promoting the virtues of good practice and the virtues of these labels. We've got a short video for you that presents the fund, EcoFunding, and thank you for your attention. Everyone wants to eat better, healthier food, safer food that's more respectful of the environment and more reasonable consumption, so we can commit to the future of our planet. TF1 PUB is therefore launching EcoFunding. This is an environmental program that is participatory and free for our advertisers. If you advertise on our channels, products or services that are sustainable, that are approved by the ADEME, such as the energy labeling, reparability index, environmental labeling, or various other environmental labels, that will automatically trigger funding of the EcoFunding fund. That will be commensurate with the advertising budget and will be 100% paid by TF1. No extra cost for you. We are therefore committed to promoting on our media awareness-raising campaigns that explain to the general public the value of the ADEME-supported programs. You may know that today there are a lot of criteria and labels related to eco-sustainability, and we can put forward your logo promoting your own commitment to the environment. The more people promote eco-friendly products and services, the more they'll get noticed through EcoFunding. Thank you very much, Sylvia, for that. Let's now move on to our presentation of Newen Studios, which is our production gold nugget, and has been able to show the solidity of its model, its resilience, and its ability to develop over the last years, as I'd like to remind you that we purchased a very French group, and we transformed it and overhauled it entirely. This is a multi-genre strategy. We've got 7 different types of business lines, roughly. You've got telefilms, straight to telefilms. This was purchased from the U.S. and Canada with Reel One. Production in just a number of years, in 2, 3 years has gone from 35 telefilms to more than 100 TV productions, and that we can be very proud of that. A major American player, A&E, Arts & Entertainment. They wanted to invest and take a stake while also having a supply subsidy for their own channel. We can call this a solidification of Reel One's model. The more industrial side of Newen is, of course, the production of daily soaps. We've got three in France, one in Belgium with LISA. These are extremely successful, and they show the group's ability to work on this type of film. We've got drama. We can leverage the cross-fertilization potential with our presence in nine different countries, seven of which are extremely active on drama. We have talent and labels with presence in the U.K., in France, and we've got Liaison, which is the first big production by Apple in Europe, which is being done by Léonis in France and Ringside Studio under the Newen umbrella. Distribution, of course, is very important as well. We've renamed it Newen Connect. This is the ability that the know-how related to promoting local creation, French creation all around the world. I've got an example here, which is HPI, which is a huge success story in France that's now being distributed in 68 countries, prime time showings in Italy. This is in large part due to the talent in the teams at Newen Connect. Then three other businesses. Entertainment. With one production called Scars of Life, which received an Emmy Award. Strengthened presence in France. Two new producers, Dimensio in Belgium and iZen in Spain. The Territory, so on the documentary side. A strong relationship with the platforms on the documentaries. We've produced for Netflix, we produced PSG for Amazon. The Territory was the one we made for National Geographic with a company that we just purchased called Real Lava. Then the final genre, the final pillar, which is very important, especially for us in France, animation. As you know, the French studios are very good at animation. We've got Blue Spirit flying the flag for France in Angoulême and also Montreal in Canada. They have strengthened themselves either by growing their teams, but also by working with distributors, Canal or TF1 broadcasters, or working for Marvel in their portfolio. All of this means our strategy is multi-genre, multi-business, international, multi-territory, multi-client strategy. We're being able to rebalance revenue 47%. We're reaching 50% for Newen. Very strong progress in the production group. Now, of course, the order book looks very good, 1,600 hours, so we can look to the future with great confidence. Also, think of partnerships. I alluded to these briefly. Partnerships with platforms, major producers, clients. We can be pleased, for instance, about the series where we were in the forefront in terms of modernity in our proposals in Spain. Thanks to iZen, it's Insiders, which was produced by Netflix. It's a TV reality show like Big Brother. In France, there's one called L'Opéra, produced. It's now in season two already for OCS, produced by Newen France. A series that we're extremely proud of called Undercover, produced in Belgium by De Mensen. It is in season 3 now on Netflix. There was also a feature film on this through Netflix. Netflix also ordered a spin-off on one of the main characters from this series, Ferry, called Ferry, sorry, and you'll be seeing this in the very near future. This just goes to show our ability to develop, to really go international. We're present in 9 countries with Newen. The group representing revenue, including everything produced for TF1 Group in the neighborhood of EUR 400 million. Excellent presence in production. I'd like to hand the floor to Philippe Denery now to talk you through the financial results. Thank you, Gilles. Good morning to you one and all. I'll be talking through the 2021 financial results. You'll see the financial statements, the appendices, and the various reports on the TF1 Group website. Now, as you've understood these results, after hearing the presentations, you know that these results are a reflection of a strategy which has been conducted for several years now. Firstly, we've extended our advertising offering. There's growth in non-ad revenue. We're containing costs, and we're developing production activities and business. We've also had a non-financial strategy, which Sylvia already alluded to, gave you some info, and Gilles will come back to that as well. Pertaining to the actual figures as such, consolidated group revenue for full fiscal year 2021, EUR 2,427 million. It's up EUR 345 million, up 16.6%. The important thing is to look at this versus 2019. Up 3.8%. Revenue coming from all of our business areas. We see it is reflected everywhere. To begin with, the media division. Media up 13.2%. We can say that this growth is mainly due to good performance in advertising one point six something, fourteen point growth. Our group revenue in 2019 was EUR 1.6 billion, so advertising growth of more than 2.6% versus 2019. Now to talk to you about advertising, digital advertising revenue EUR 442.5 million, which is up 11%. The growth is really boosted by the development of advertising revenue in myTF1. Growth on the order of 35%-40% for the fiscal period. Just around 35% for 2021. That's very good performance for advertising revenue in the myTF1 digital component. This represents slightly down versus the website. Non-advertising revenue EUR 397 million, up EUR 32 million, up around 9%. A reflection of good performance of all the distribution activities and interactivity of our musical activity with Play Two, plus a reflection of services and advertiser services, influencers and so forth, growing this year with very good performance. Newen Studios, EUR 335 million, up over EUR 100 million. You'll observe here that under this segment, you know, we sold TF1 Games. Growth like-for-like, EUR 120 million, which is very good growth compared to 2020. Throughout 2020 in this sector was particularly hit by the health crisis, where some filming and production was stopped. We can say that there is a COVID-related element. Out of the EUR 120 million, around EUR 45 million is catch-up, so to speak, due to COVID-related slowdowns previously. Around EUR 35 million is growth through new production, as you talked about this earlier. Around EUR 15 million comes from a scope effect, because we acquired two subsidiaries, one in Spain, iZen, one in Germany, and these have henceforth been consolidated for part of the year. You can see that recategorization, EUR 22 million, in the exiting of the games activity, which used to be in this sector, and recategorizing music under media. Programming costs, EUR 981 million. We give programming costs in total, the five channels. This figure also includes programming costs for pay TV, as well as programming costs for myTF1, EUR 981 million. All programming costs for this year, EUR 981 million. Of course, this is up compared to last year by EUR 113 million, but down compared to 2019 because like-for-like scope, the same scope of the figure was EUR 1.11 billion for programming costs. So a savings of around EUR 30 million versus 2019. All programming genres are down compared to 2019 and increased compared to last year, of course. Now, last year, I'd remind you, the savings was in conjunction with the drop in demand for the ad market, also relating to limited spot purchases, especially for feature films. Then last year, a special, unusual situation led to rebroadcast levels that were particularly high. That was due to those very unusual circumstances during part of the year. You'll also observe a more significant increase in sports, this genre. Sporting costs increased. There was not much sporting programming last year. There was none of the French teams. This year, though, there's the Euro. In 2019, there was a Rugby World Cup. Changes here are very much linked to various sporting events that do or do not take place in a given year, and that'll also be the case in 2022. Now to talk to you about current operating profit per segment. Group-wide, you saw it's EUR 343 million, margin rate 14.1%. If we restate these results, tax credit that we had for 2021, booked in 2021, margin rate 12.9%, so above 2019, where we'd reached 10.9% margin rate. Now, if we specify this figure breakdown, the 343 between media and studios. Media generating a profit of EUR 304 million for the full year, EUR 305 million, 14.6% margin here. Now of course, strong contribution coming from advertising in these results. The next comes Newen Studios. Contribution is EUR 38.6 million. The margin rate 11.5% for the full year. I have to mention, in talking about the profit from Newen Studios, two points that are non-recurring, one-shot, so to speak. Non-recurring in these profits, we've taken into account provisions relating to the probable moving of the studios at Newen Studios, the teams at Newen Studios, plus a readjustment of the Canadian asset. That's having an impact on the profits by around EUR 4 million. This is a result 11.5% restated for those elements. Those non-recurring elements would be 12.5%. Next, the consolidated income statement. I won't repeat the first two lines that I've already talked you through in detail. Next, expenses, costs, and amortizations. EUR 1,103 million, up versus last year. The increase is mainly due to increased costs, including production, because of course, there's a significant increase in production activity that leads to increased expenses and overheads. Although overheads slightly down overall. In the overall increase, just as we saw, this is a scope effect with the integration of iZen and Flare into production. If we look at the other expenses and operating income, quarter after quarter, we see the cost here that we take, which relates to the project or the merger of TF1-M6. No further comments on the income statement, although I would mention the proportion of equity affiliates. You can see the proportion of losses relating to Salto. The consolidated balance sheet now. Not many comments here. Not much of a change, except to shareholders' equity and the dividend adjustments in goodwill due to the exiting of international subsidiaries from the digital division, as well as the entry of iZen and Flare Film. We've got positive cash end of the year, EUR 200 million, EUR 198 million in positive cash. I'll come back to the point in just a moment. Changes in net debt, which is positive cash. We stood at zero January 1 last. We have cash flow of EUR 583 million. This is up by 56% due to increased earnings and good full year results. Not many comments on lease debt, which is flat compared to last year. Lease obligations, WCR improves by EUR 50-some million after an improvement last year of around EUR 100 million in WCR. It's important to underscore this yet again. The teams did good cash management and have done an excellent job of it during the year. The improvement in WCR generates further cash flow for the fiscal period. Lastly, we invested to the tune of EUR 330 million, up, of course, compared to last year. This ties in, has to do with production and a resumption in production activities. For the full year, we're seeing cash flow after WCR of EUR 289 million. EUR 289 million cash flow for the full year. Not much to say about divestments and investments. There were a few acquisitions and a few small divestments internationally. Now to move on to EUR 93 million. This is a payout of dividends for the fiscal period 2021. Plus you've got loans to Salto during the period, offset by repayment of loans for the Canadian subsidiary. This is around EUR 40 million for 2020. The board of directors yesterday decided to propose to the shareholders meeting, which will be held next April, a dividend of EUR 0.45 per share, which is the same amount as the dividend paid out last year, a reflection of the full year's profits. Briefly, to talk to you about our share price, we can see the changes in TF1's share price, we're at the top end versus our peers. Share price over the yearly period went from EUR 7.19 to EUR 8.65. Its performance was well in line with the industry and really at the top end of the range in terms of overall performance for the industry. We're very pleased to be able to say that. Those were my points. I'd like to give the floor now to Gilles to talk about non-financial performance. Thank you very much for your attention. Thank you for that. Yes, non-financial performance, as we know, is very important for our staff and for our clients and for you investors. This is why we're extremely proud to have achieved a number of successes in 2021, which come to crown all of the efforts I believe that the group is doing in this regard. The Dow Jones Sustainability Index, we are up one position, now 4th position overall, and I think we can be very proud of that. On the S&P, we are once again present in their Global Sustainability Yearbook for 2022. So something quite exceptional for a group of our size. On our big KPIs, we are continuing to bring more women into our upper management strata. That's been recognized, I believe, by Gaïa. 47.3% now, up 19 points versus 2015. That has us in the group of companies with management and the future of management that is the most balanced from a gender perspective. At Newen, we have a diversity and inclusion committee that's been created to represent society as a whole in the countries where we work, and French society, and bringing more women into TV production, which is very important to us. Moving on to the final part of our presentation. This is outlook for the group. I would just like to say that the environment is a very complex one. This is a world that is very much VUCA. The group's model in this environment is becoming stronger. We have the strong basics that we reminded you of, so did Sylvia. As we shift towards streaming, the world of digital, and we already have a lot of assets in that. 27 million people logging in as we move towards technology, data and customization, which is a huge asset to have those numbers. Renewing our distribution agreements with the big service providers in France, which is something that's going to be important for our future development. Segmented TV is still small as it stands, but it opens up a great potential as we go forward. Having a kind of best of both worlds situation, where we have the reach and the power of traditional TV media, and the targeted ability of internet-based technology. We're investing in technology and platforms, and a few weeks ago, TF1 Info came in, showing that on a mobile app, TF1 as a group, through the quality of the information we provide, can be innovative and also provide a customized daily news show. We're very proud of that. We have the investments that we're making in content, especially with Salto, which enables us to be present on the entire value chain of content with that windowing that I mentioned earlier. Newen Studios, we discussed this earlier, with the growth potential that they have in the right direction as well with the arrival of the new clients, the big international platforms, and we are delighted to be of service to them. A healthy group, and that is precisely the target that we set for ourselves to overcome the huge challenge that is the fusion with M6. I wanted to come back on some of the key ins and outs of that. That merger means stronger cultural sovereignty. We are French. We have a lot to offer as a French group, and we have a lot of content that we can make. This is a legacy that goes from tourism through gastronomy to beautiful countryside. We believe that having a champion player that is stronger and bigger will enable us to better represent everything that is French in our country. We are a partner in the French economy, which means that audiovisual creation, when you create daily shows, when you create jobs as we do, that is a way that you can strengthen French business. Cinema, news and sport in France are the key pillars in which we have partnerships and that we're investing in through our content. This guarantees long-term financing for content creation in France, and this is content that is produced and cut in France. This is important as fake news and social media is on the rise. We have independent professional news sources and journalists that check and double-check the news that they're putting out there, because that's the kind of world we live in. This is an asset for the general public. Of course, we believe that we need strong public services in our country, but on top of that, we also think that you need strong private presence that can provide a free service that is diversified and reliable for everyone. This is part of our partnership with our distributors and the internet service providers, which can strengthen the customer experience for their own consumers by offering our services to their subscribers, and that will be even easier as we come together. The advertising market, as we explained, with brands that is becoming stronger through quality offerings and innovative services because TV media strengthens digital media, and then together, they can provide unique opportunities. As we know, the digital market has developed strongly. We're now talking $700 billion dominated by Google, Facebook and Amazon right now. We think that it will be good to keep a foot in that door. The group is accelerating its digital transformation, as I'm sure you've gathered throughout the presentation this morning, by taking strong positions in, for example, streaming and strengthening our position for the future. We'll be able to come back with Philippe during Q&A to some of the extra things here. We're working with the competition authorities in France, ARCOM as well, which is the new name of what it was the CSA, which overviews the audiovisual and digital advertising. We will be shifting down from 10 channels to 7 channels to be compliant with current French law. Thanks to these results, we believe that our group is well-positioned to seize future opportunities, the greatest of those opportunities being the merger with M6. Myself and Philippe Denery are here to answer any questions you may have that you can ask in both French and English. If you would like to ask a question or make a comment about today's conference, please press star one on your handset. We have a question right now from Annick Maas from BNP. Thank you for that presentation. My first question is, of course, on the TV advertising market. Could you tell us about the first months of the year? That would be fantastic. Second question: in your press release, you said that you're going to be ramping up the development of Newen Studios. What does that mean exactly? Are we talking non-organic investment, internationalization, new formats? Can you tell us exactly what that’s about? And then finally, where is Salto at? Are you still happy with your investment plan? Do you think it needs to be strengthened? Could Philippe give us an idea of the programming costs for this year? Okay. For the advertising market, I understand why you're interested. We're very interested as well. The end of 2021 and the final quarter was very good, with strong growth. 2022 has started pretty strongly with a market that is looking solid. A lot of investment in 2021. That means that the advertisers are taking a bit of time to ramp up investment again. January and February are genuinely slow anyway, so we don't have much forward visibility. It's what our business is all about. We rarely know what our big clients are going to do for the next six or nine months, but our big advertiser contracts are going very smoothly indeed. I am confident in my answer to you on that. For Newen, of course, we want to build on the extraordinary diversity that, Newen has in its geographical presence and also, in its multi-genre portfolio for its production. Yes, there'll be further developments. We are thinking we're going to see external development growth, especially as we continue to add talent, to gather talent from various origins and sources. We haven't covered all of Europe yet. We still don't have presence in a number of countries, but I can't tell you exactly where, when, and how, because as I'm sure you can imagine, the competition is very cutthroat. We can tell you about the announcements as and when we make them. For Salto put in a good year in 2021, given the circumstances, so only being distributed by one French ISP, Bouygues Telecom. We, of course, hope that Salto in the future will be distributed by the other French ISPs. We're very happy to see young people being the main consumers of Salto services, programs that are our own, M6's and France Télévisions', which are very French. 70% of the consumption is French, and that makes sense because a lot of the offering is French. It's a great alternative to those international platforms, and that's what Salto was all about from the get-go. I often take the example of Hulu in the U.S., with the four main competitors coming together to put Hulu to the American market. This is quite similar for France. Upcoming investment, we will see, Salto changing based on the merger or non-merger, depending on our situations. As part of a merger, Salto would become the premium part of the roadmap, as we've seen with Nicolas de Tavernost. On your other question, those EUR 900 million or so that we spent on programming this year is a good baseline. In 2022, as you know, we have the football World Cup that will be coming up at the end of the year. A football World Cup costs more than half a Euro Cup tournament, so the costs will be adjusted. We're expecting a slight uptick, given that sporting event for 2022. However, over the last two or three years, and today more than ever, we are adapting to advertising demand and adapting to the advertising market as a whole. We're expecting EUR 15 million or so in flexibility either side of the baseline. That 2021 figure, like I said, is the baseline. Then depending on the year and depending on the sporting events that we're buying, and also, of course, depending on advertising demand, there will be adjustments up or down. That's how you should take that figure. figure. Thank you very much. Our next question is from Société Générale, Christophe Cherblanc. Yes, good morning. I have a number of questions. First of all, on the dividend, you have results that are very good, your balance sheet is very solid, and the dividend is not up. Should we see that as a signal on your dividend policy, if you were to go forward with the merger with M6, or is there another explanation behind it? Secondly, on the balance sheet, Philippe mentioned the good WCR performance over the last two years. Your net cash is actually the WCR improvement. Is that sustainable, or should we expect some kind of corrective measures in 2022? Then a third question, I might have missed it in your presentation, P hilippe was mentioning costs related to reorganization in Canada for Newen. I think I heard EUR 5 million, but I wanted to be sure of that. Then finally on Newen, I think that Gilles mentioned revenue at about EUR 400 million. Is that a good jump-off point as we look at revenue for 2022 for Newen? On the dividend, that EUR 0.45 per share amount was set, and if you look at the press release, that was set when we announced the merger project. That EUR 0.45 figure goes way back and shouldn't be a surprise to anyone. This is something that was part of the press release when we announced the potential merger. It's simply related to the business environment. We believe that we've stabilized at EUR 0.45 versus what was given last year. There's no shift in the dividend policy. That is just the framework that we kept going forward. Regarding WCR, yes, WCR has improvement, and that comes from in-depth work that's been done on fee recovery over the last years and improving our ability to work faster and to get what's owed us faster. Advertising, yes, but also production. When it comes to production, this is our ability to get into countries to manage public funding and to manage our contracts. Indeed, it's not financially viable to continue to move in line with this trend based on WCR, given the business model. There may be a downward readjustment. We're going to try and maintain our performance at the levels that we've had it at over the last two years, but there's no reason for a significant uptick in our WCR. It is a sensitive topic, and it is very difficult in any company to predict and model WCR changes. When it comes to Newen, now, we're not moving to Canada, we're not moving anything. It's Newen France that is going to be moving to the fifteenth arrondissement in Paris. That's gonna mean offices that need to be renovated. Gilles has said this a couple of times, we want to bring together all of the Newen teams, that should be in March, and put them all under a single roof to promote energy, synergies and creativity. The teams are going to be moved. We had a number of sites around Paris mainly, and there will be specific costs related to moving Newen France. That was the FYI that I gave you. The second thing was a readjustment for the Canadian subsidiary. You had all the keywords, but not quite the underlying logic. But maybe I didn't explain it clearly enough. Yes, there will be adjustments done for Canada goodwill assessment and A&E entering taking out a stake in Reel One. The profit and loss account was adjusted, seeing as we acquired the company more than a year ago, adjustment of goodwill. That's about EUR 1 million, give or take. That's a one-shot impact of the French moving of Newen Studios and the adjustment of the asset in Canada. We're talking EUR 4 million-EUR 5 million, give or take. On the final part of the question, yes, let me come back to this. On top of what Philippe just said, on Newen, I worked with Bibiane Godfroid, who was the head of Newen Studios and the head of the group, the new head of the group. We talked about production companies generally made up of lots of small companies, and we discussed how we could unify our presence in France, CAPA, Telfrance, and 17 Juin Média. They produce for a lot of French players. We thought we could maybe bring everyone together, promote synergy and all of the benefits that go with being under the same roof. On top of that, you've got Blue Spirit, another animation studio. Blue Spirit will have its kind of top management at the same place. The support functions for the international business will all be brought together under that same roof in the same building to promote synergy once again and to facilitate business. That will happen in March. We're very happy about this. It does involve some costs. If you look at our understanding of what Newen is, yes, you've got those EUR 335 million, IFRS compliant, that Philippe discussed and that have been approved by statutory auditors. Beyond the numbers, there's communication there. We have two regular programs produced for TF1 and some other things for other studios. You quite quickly get to that 370, 380 figure. We're talking about EUR 400 million for the group, once you look at the business volumes that are in play and being produced by Newen Studios. IFRS figures for that 335, so EUR 400 million next year. EUR 400 million is quite high. That growth rate would be pretty exceptional to see like for like. Newen is going to continue to develop organically in 2022, and we have a lot of confidence in them. Given there's strong demand for content, it's a growing market with strong demand on that side. We're expecting growth rates that are pretty good for the coming year. Thank you very much. Could I just come back to what you said at the end there, Philippe? As revenue related to the SMAD décret for investment in production, is that something that's gonna come in in 2022 or will be full bore in 2023? Mainly 2023 comes the answer. This year we had good performance in two countries, in Belgium and in Canada, with strong organic growth. The advantage there is that as part of these production cycles, there could be some countries that are very good one year and then less good the following year, and then that gets offset by another country. That's what we're hoping for and counting on in 2022 with Spain that's up and coming, for example, and improving revenue from platforms. As you know, for production, revenue is something that we have quite good long-term visibility on through our order book. We're quite confident for 2022, even though for the French side of things, which accounts for 22% of overall business, which changes our appraisal of Newen Studios a little bit because the French market will only impact 50% of our revenue, but it's still good to have international presence. Be that as it may, we are keeping an eye on the development of our relationships with platforms and the percentages of our turnover that's coming from those platforms. During a previous call, I think we mentioned that on a nominal basis, about 15% of Newen's revenue, so of their order book, that should come from internet platforms. That guidance still holds, even though in 2021 and 2022, that number will be a little bit higher, given the order book that we have. Thank you. Next question from Barclays. Go ahead. Hello. Good morning, Gilles Pélisson and Philippe Denery. Thank you for taking my question. First, pages 10 and 11, which is linear, nonlinear consumption. Could we please get your total minutes for 2021? So total consumption, all TF1 Group programs on all media in 2021, minutes broken down between linear and nonlinear, if you don't mind. I think this is the most important KPI for me since you now sell multi-support, multimedia audience. Second question, how do you answer Udecam when they say TV isn't substitutable, that it's unique, that it's incredible, that there's no competition whatsoever from U.S. platforms? Of course, you might ask them why TV market share is going down for their advertisers. Anyway, what is your pitch to prove that the important market, the relevant market isn't just TV, but the entire screen? Third question, could we get organic growth for Newen in 2021, excluding M&A, excluding currency effects? Since Newen's now international, there's also a currency effect plus their acquisitions. Could we just get Newen's growth, KPI, for each half-yearly period? That would certainly be welcome information. Okay, on your first subject, Julien, your first point, you're very constant. It's a quality. Always asking the question. Yes, that's an indicator that today isn't yet reliable in terms of all of its components. Not fully reliable, therefore, we can't give you the actual number of minutes spent on each of our screens during the financial period. We're working on that. I know that this is an ongoing question of yours for several quarters now. In addition, this is an indicator that for us isn't directly operational for the teams. It's an overall indicator and it's appropriate to ask for it, but it's not an operational indicator that the myTF1 teams use, the channels and the various people in operations actually use in the business activities. Giving indicators that aren't from operations, disclosing them just as indicators, reporting them just as indicators, when we do that, we have to try to attach this to a specific model. I think convergence between digital and TV all in all will probably mean that we will end up giving you this info in the future on a regular basis and in a more detailed fashion. Again, to repeat, from an operations point of view, the approach is different in terms of videos viewed, time spent on certain programs, watching certain programs, and then total number of minutes. It's difficult to come up with a total minute figure so far. Now, UDM, the subject about the appropriateness of having M6 and TF1 merge and the fear that some advertisers might have. Well, first of all, if I understood what happened in recent weeks, day after day, I see statements seem to calm down compared to the initial newspaper articles. Some statements made, I believe, yesterday, by the Senate Investigation Committee at a roundtable session on saying advertising was showing greater reserve on the subject. Gautier Picquet from Publicis mentioning that this convergence, TV and digital, was in the works, underway now two, three years down the road. I think this is very much contemporary. It's happening right now. Plus, people are realizing advertising in France is not expensive compared to other European countries. Our country is not the most expensive. Some people might be afraid prices would go up. I mean, it's understandable for people to scream their heads off. We think there's a lot of posturing going on. To come back to the basics, I believe the market, as we've seen, and this is the reason Sylvia Tassan Toffola spoke to us this morning, we see that more and more our business lines are moving in the direction of convergence. I believe once most French advertisers and the media agencies don't only want to be in the hands of three U.S. agencies, Google, Facebook, and Amazon, because they're the ones that are dominating the market in digital, EUR 7.5 billion. In a big way in recent years, advertisers have gone in that direction. Well, this means that we will need to have in the television market a player with one or two advertising units. We'll see what the competition authority calls for. We place our trust in them. They will do a careful analysis of the competition situation. The digital market is henceforth interpenetrating TV. The TV market, most players look at it that way. The return on investment is a similar order of magnitude. With TF1 PUB, we've established a currency that will be more and more of a shared currency. We had GRPs that used to be low in advertising CPM, similar in digital. Now we're getting something that's hybrid. TF1 Group is proposing to advertise as packages. We can have 90-95% of your budget in linear TV and the remainder in digital so that you can have multimedia ad campaigns. The idea really is to work together with the advertisers in a very positive dynamic process, as opposed to saying, "No, we've got to stick to TV, linear TV, stick to the past." You know, we don't want to just look in the rearview mirror. We're looking towards the future. The future is segmented TV, is digital. It's going to be ad campaigns that are multimedia ad campaigns. We're a group that has the technology, that has the smoothness, that has the databases that we would have at TF1-M6. That'll be a group that would be the ideal partner for advertisers in France. That's what excites us. That's what we're more interested in versus saying, "Well, let's look at the group through the rearview mirror and look at the past." No. Your last question on organic growth, to try to specify that. Out of the EUR 335 million that we're reporting, there's EUR 15 million from a scope effect. That's external growth, acquisition of iZen and Flare. That makes up EUR 15 million. The remainder is COVID impact plus catch up, around 50%. The other 50% is pure organic growth. New production, as we said, lots more TV, movies, great performance in Canada and Belgium. If we exclude the COVID effect and exclude the scope effect, organic growth is approximately 20%, which is excellent performance this year. We can consider there's around EUR 40 million coming from the new productions and growth in business in all countries, especially the two countries I mentioned. Out of the 335, 15 are scope effect. How much is the currency effect new and last year? FX. It's not significant. We're located in several countries, but mostly in Europe. In Belgium, there's no FX difference and so on. No impact for Spain either. Canada, we're talking about mainly. Now Canada, the currency. Let's see. Canada, production activity as such is local, not fully consolidated. Distribution activities are consolidated, so their currency effect would be a few million, not highly significant. Not well under ten. Okay, thank you. Next, Jérôme Bodin from Oddo BHF. Yes. Hello, Gilles. Hello, Philippe. I have follow-up questions. First, cost on media, excluding programming costs down in 2022. What about 2021? The tax credit, I think, is included under this category of costs. In addition, my understanding is there's some savings in addition to this. What about 2022 on this subject? I'd like to react to a question on Salto and outlook for investment in 2020, a transitional year before the merger. Investments for 2021 would this be a good proxy for 2022? Another last question on M&A. Your cash situation is comfortable around EUR 200 million. Gilles, you talked about acquisitions at Newen Digital. Do you confirm the second chunk of investments would be less of a priority now? Answer on costs. I had a look at 2021 in conjunction with 2022. Let's realize we've got careful cost control. We have no reason to see an increase in costs except for programming costs. I've already talked to you a lot about programming costs. Look at 2022 as a year of cost stability. Like for like, when it comes to scope, when you consolidate a new acquisition, if there were one, then of course, you consolidate both the costs and revenue. Aside from that, basically, we can say there should be stability or a slight drop in our non-programming costs. We always prefer programming investment versus other costs. Specifically, in this year, there'll probably be an increase in our technical costs, just a few dozen million EUR. We intend to offset these by savings made elsewhere. Regarding Salto, I'm not sure I fully understood your question, Jerome, on Salto. Could you repeat it, please, or rephrase it? I didn't get it. It's 2021 Salto costs. What would the impact be regarding 2022 costs? Well, on Salto, it's the portion of losses, the EUR 28 million, which is the equity affiliate portion of losses. It's early days to give a specific answer. We are looking at the changes at Salto. In 2022, there's no reason for those costs to increase. This proportion of losses should not increase, it would appear. Now, what we'd expected, and it continues to be true, there'll be adjustments in the amounts, but in all likelihood, this year's loss will be the greatest loss over the first few years, which is to say, this should start going down afterwards. We will have a portion of the losses for 2022. On to M&A. You're right. Most of the M&A activity, if there is any, and I hope there will be further acquisitions for Newen. These were done mainly via Newen under Unify. Remember, after the recomposition of Unify, our positioning of the four main brands, main portals in France. No reason to see any further acquisitions in this area. There will probably be more fine-tuning of our synergies within the group and exposing these brands as best we can. We did this with Marmiton associations and we're seeing other exposure on our channels. We're talking about showcasing our brands that the advertisers are interested in and that the portal editors are interested in as well. Other acquisitions, we did a very small acquisition recently, ICO in Italy. These are tiny acquisitions just to make it possible for the companies to continue the development when it is appropriate. For the time being, absolutely nothing is scheduled in this respect. Are there any further questions? If there are no other questions, we have a short CSR video that we would like to show you. It's a beautiful video. It lasts about five minutes or so, if any of you are interested, unless there are any other questions you'd like to ask us. We have a question coming through from the line of Richard Eary calling from UBS. Please go ahead. Yeah, many thanks. Just three questions from my side. Obviously, we saw a good step up in the media margins this year. Obviously, with good cost control, but obviously better operating leverage. I know you're giving some guidance around programming costs for 2022, factoring in the Football World Cup. Can we expect a similar margin as we've got in 2021, so that 14%-15% level, and is that something that you think is sustainable over the medium term? That's the first question. The second question goes back to Newen. Obviously, you've given some more color, but I just wondered whether you can be specific. Both ITV and Fremantle have actually given medium-term guidance around organic growth rates and revenues. I just wondered whether you can be more specific about your revenue growth expectations in 2022 for Newen, and particularly given the production slate that you've got with streamers. That would be the second question. The third question is that obviously there are some puts and takes in terms of costs that you've outlined around Newen. Could you just talk us through how you see that margin outlook for 2022 and over the medium term? Then just lastly, coming back to the TF1 merger. You said it was obviously in line with previously discussed guidance timelines. Can you be a bit more specific in terms of when we think we can get an announcement? In a worst-case scenario where there are additional remedies that may be required, can you talk about what those remedies could be, so we can obviously think about that within the framework of the EUR 250 million-EUR 350 million, basically the pro forma cost savings, as previously announced. Many thanks. Well, on your first question, concerning the guidance, and that's the same for the second one. In the present context, we don't give any guidance, specific guidance in terms of figures. The main reason is due to the fact that the visibility remain low on advertising, and in the context, there is different elements which would probably be in this year could play positive, negative. Roughly what we can say is that, yes, of course, ITV is giving a guidance on its production business, but different size and a longer historic, I would say, as compared to Newen. Step by step. We are not giving a specific guidance. The trend is positive and the capacity of Newen to grow organically in line with what has been achieved during the last four years is something which could be a reference benchmark based upon. Now, concerning the merger. On the merger, I think on the timeline what is really the key is the whole process with the antitrust authority. So in that respect, you know, we would be working with them following when they feel they have all the right content to enter into the official process, what is called in France, notification. Which the Bouygues Group and TF1 as the company acquiring will be notifying. On the ARCOM, the CSA, it is a process whereby they will be investigating, you know, the context of the merger. They have a report that they would provide to the antitrust, which will, you know, of course, enrich the analysis of the antitrust. What we are looking at is really the countdown from the renewal of the authorization for the TF1 channel and the M6 channel. This has to take place by May 2023. It has to be in place six months beforehand so that the ARCOM can analyze it. Therefore we have, as a group, to be ready in November 2022 with seven channels and this, you know, if we want to candidate for the renewal of those channels, that's, you know, what is at stake. Everything before that is just a question of compressing the calendar and making sure that we, you know, we can deliver what is, you know, being asked by the various authorities. In the meantime, you have the process of divesting three channels. One is not at stake, it's Paris Première, which is already on the air as a pay channel, so doesn't use its free-to-air authorization. There are two others that we would have either to give back to the authority if we were to decide that, or we could sell them. This is what is taking place currently. We are in the process with M6 to look at various buyers and, you know, and we will keep you updated you know if we reach any agreement in that regard. Then on the rest, I don't think there is much we can say beyond that on remedies. You know, the two shareholders have said that, you know, the merger won't be done at any cost. Yes, if there are substantial remedies which couldn't you know, be tackled by the two co mpanies, yes, of course, we would look at it. But, you know, we are of course, favoring the you know, the scenario. The primary scenario is to deliver the merger. You know, currently, we are fairly optimistic. Well, no more questions. Okay. We are going to launch the movie. Thank you again. [Non-English content]. Thank you once again for being with us this morning. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] There you go. I hope you are now fully on board with our various commitments group wide. Thank you for being part of our annual meeting and we hope to see you all very soon for the next set of results. Have a good morning.