Hello, and Welcome to the TF1 Conference Call results of the first nine months of 2022. My name is Stefano, and I will be your coordinator for today's event. Please note this call is being recorded, and your lines will be on listen only. However, you will have the opportunity to ask questions at the end during the Q&A session. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand over to your host, Philippe Denery, CFO of the TF1 Group, to begin today's conference. Thank you. I will start as usual with the main key points and then give an overview of our results for the first nine months of 2022. I will be happy to take your questions. Let's move first to the financial results of the first nine months of 2022. The TF1 Group posted strong results for the first nine months of 2022. The Group revenues stand at EUR 1,740 million, representing an increase of 5.4% compared to the first nine months of 2021. Media revenues are stable year-on-year, with a slight decrease in advertising revenues, -1.7%. Revenues from other activities are up by EUR 108 million +22% versus last year, thanks to a strong performance of Newen Studios, with revenues up by 45.4% +EUR 78 million. The current operating profit stands at EUR 239 million, + EUR 16 million versus last year, +7%. Excluding the EUR 27.7 million of COVID tax credit at the end of September 2021, current operating profit would be up by 22%, + EUR 43 million. Thanks to this, the group delivered a high current operating margin at 13.7% at end of September, +0.2 points versus end of September 2021. Regarding ESG, TF1 remains focused on its commitment. The AdSales ad proceeds with the EcoFunding initiative, which has reached EUR 3.8 million since its launch. Through these proceeds, we have financed around 700 climate-focused awareness campaign during the same period. In addition, at the end of June, the group confirmed its commitment to the ecological transition via a climate contract that consolidates our environmental action plan. We are committed to reduce our carbon emissions by 30% by end of 2030. Now, I would like to point out the results of our two main activities for the first nine months. First, at the end of September of 2022, media revenues rose by 1%, with advertising revenues down by 2% and non-advertising revenues up by 11%. Profitability for this segment is 14.5%, up by one point on a point. Second, the Newen Studios segment performed very well, with revenues up by EUR 78 million, as I said, at end of September, so +35%. Newen Studios benefited from strong deliveries as well as organic and external growth. Profitability stands at 10.1%. Let's now get into the details of our activities. I will begin with the performance of the media segment. Revenues rose by EUR 11 million year-on-year with an increase of operating profit of EUR 15 million. First, advertising revenues decreased year-on-year by 2%, with the third quarter down by 9%. Note that the basis of comparison for Q3 is strong, as Q3 2020 and Q3 2021 recorded a solid growth around 8% in Q3 2020 and +4%, around 4% in Q3 2021. Those quarters were driven by post-COVID effect and the broadcasting of the men's Euro in 2021. Digital ad revenues fell by 1%, impacted by the deconsolidation of two Unify Publisher activities, Livingly in the States and gofeminin.de in Germany last year. However, MYTF1 revenues are up by 19% at the end of September, supported not only by replay, but also by exclusive and premium content and a large cinema offer. The other revenues within the media segment are up by EUR 30 million, led by higher distribution and entertainment revenues. Second point, the group has proved again its ability to adapt cost bases when facing different macro and market conditions. We are able to generate savings to fully absorb a slowdown in revenues. Our programming costs stand at EUR 640 million, which is a decrease of EUR 45 million compared to 2021, when the advertising revenues are down by EUR 19 million versus 2021. While we had been overall generating savings, the group has continued to invest in powerful content. This has led to a very good performance for the group's channel, which maintains its leadership on commercial targets, 33.2% for women below 50, +0 points, and 29.7% for people aged between 25 and 49, -0.3 points. Moving on to the Newen Studios segment. Due to an excellent performance in the third quarter, Newen Studios revenues stand at EUR 298 million, representing a gain of EUR 78 million versus last year. Newen Studios benefited from the delivery of prestigious productions such as Liaison for Apple TV+ and Marie Antoinette for Canal+. These high value deals demonstrate Newen Studios' ability to produce quality content for new customers and historical partners. In addition, Newen Studios keeps on pursuing its international development. Notably, it benefits from the contribution of the Spanish and German studios, iZen and Flare Film, acquired in 2021, as well as from the acquisition of a stake in the British studio Rise Films in July 2022, which strengthened Newen's presence in the documentary genre. Although worth mentioning is the acquisition in October 2022 of the Anagram Studio, Sweden and Norway, which will allow Newen to position itself and capitalize on the expanding Scandinavian drama market. This segment posted a current operating profit of EUR 30 million at the end of September, + EUR 1 million year-over-year. Just a quick word on the net profit. The net result attributable to the group stands at EUR 150 million for the first nine months of 2022, including the investment in Salto. It is up by EUR 3.5 million year-over-year. On the cash position, the group, the TF1 Group generated at the end of September a free cash flow of EUR 168 million versus EUR 140 million for the same period last year. Overall, the group has a sound financial position and access to available bilateral credit facilities for more than EUR 1 billion. Excluding lease obligations, the TF1 Group had net cash of EUR 295.6 million at end of September 2022, compared with net cash of EUR 198.5 million at end of December 2021, + around EUR 100 million. Let's conclude with our outlook. On the media operating segment, the group will accelerate its transformation in order to be able to respond to the ongoing evolution of video consumption, especially by locating its content across linear and nonlinear. Thanks to our unique and powerful lineup, including the FIFA World Cup and the Star Academy as example, the group will continue to support its advertising clients by offering them premium inventories. The Unify Publisher activities sold to Reworld Media will be deconsolidated for the full fourth quarter. Newen Studios will benefit from deliveries at the end of the year, enabling it to reach a solid level of performance. This segment will further develop its partnership with platforms and demonstrating its knowhow in a wide variety of genre. Finally, in an uncertain macroeconomic context, the group will continue to demonstrate agility in its overall cost management. Well, that concludes my review of the TF1 Group's results for the first nine months of 2022. Thank you again for having joined us today. Should you have any questions, please do not hesitate asking your question. You can address your question in French or in English. I will answer in the same language as yours. Finally, I remind you that a recording of this conference call will be available, which you can find on our website. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. There are no questions on the line. If you would like to ask a question, please press star one. The first question comes from the line of Saad Benlamine of Kirao. Please go ahead. Hello, do you hear me? Yes, I do. Hi, good evening. Just one question on Newen, please, to understand the EBITDA margin decreased by almost three points this quarter. Can you give us a bit more information on why? Second, on the top line, can we have the pure organic growth of Newen on the third quarter, please? Yes. Well, on the margin, I just should point out the fact that we have taken into account the cost of the stop of our daily soap, Plus belle la vie for France Télévisions. It has a cost, which of course impacts the margin just because we have what will incur in terms of cost for the stop of the drama of the soap. That explains mainly why we get a lower margin than normal, that's a good part of the explanation. Now, concerning the growth of Newen, we have a combination of organic and external growth. Out of those EUR 78 million, we have EUR 35 million due to external growth, which is the consequence of acquisition, everything being the same, of the different companies we've mentioned already. Globally, Flare, iZen, and the new acquisition in 2022. Those are the EUR 35 million, which should become current revenues in the future, and that's external growth. The other part of those EUR 78 million corresponds to organic growth, which corresponds to, among others, delivery of Liaison, delivery of Marie Antoinette, delivery of other drama and other program which have been delivered during the quarter. Okay. Thank you. Just to be sure. 55% external and 55% organic growth. Great. Thank you. Impressive. Just to come back on the Newen margin, the Plus belle la vie impact is around EUR 4 million. I mean, does it represent the totality of the impact or the increase or the purpose? Yes, it's a range. It's a range. Okay. Thank you. We have no further questions on the line. If you would like to ask a question, press star one. Next question comes from Eric Ravary of CIC. Please go ahead. Philippe, Eric Ravary,. Bonsoir. Question on the advertising trend for Q4. Can we expect that World Cup will have a positive effect for you and that the trend should be better in Q4 than in Q3 for advertising revenues? Thank you. Well, in terms of what we can say on Q4, I would say October in line. I would say, more or less, comparable to what we had last year. No negative sign. November, we benefit from a very good lineup. November should be better. December, it's too early to give any kind of trend or visibility. As a whole, I would say for the moment, Q4, and especially, November and beginning of December, because of the lineup, because of the World Cup, is on a good basis or good trend. Concerning the World Cup, what I can say is that we have inventories and we have sold and booked what we were anticipating to book at this date. Meaning that the percentage of order book of order is even a bit better that it is normally for a World Cup same period before the broadcasting of the event were a bit better. It's normal because of the seasonality, and of course, the demand is stronger in November and December than in July, June, July, end of June, July, when it normally take place. In line with expectation and a bit better than usually, but we know why, because of the seasonality. We are rather confident to meet expectations on the World Cup. Of course, it will depend on the French football team and their capacity to go as far as possible, and if possible in final, would be very, very appreciated by a lot of people, including us. Okay. That's very clear. Thank you. We currently have no questions on the line. If you would like to ask a question, please press star one. The next question comes from Sidharth Shroff of JP Morgan. Please go ahead. Hi, yeah. Hi. I want to ask about the Newen Studios trend in Q4. The progress in Q4. I'm not sure I get your question because the line was not very good. If I understand, your question is the Studio in Q4. The way we look at it, I think that basically in terms of top line, they should be a delivery, but not at the level, of course, as Q3, but more as compared to traditionally in terms of top line and what they should deliver in Q4. In line with other quarter. We expect to remain in a range of profitability, which should not be lower than what has been already delivered. Thank you. Thank you. Welcome. There are no further questions on the line. If you would like to ask a question, please press star one. There are no further questions on the line. Okay. Well, thank you very much to all of you. Not so much question, but I hope that I've been so clear that there is no need for question. I wish you a very good evening. If you have any other question later on, don't hesitate to call our team. They are available for answering your questions. Thank you very much. Have a good evening. Thank you for joining today's call. You may now disconnect.