Good morning, everyone. Stéphane Feist, Head of Investor Relations. I am happy to welcome you this morning to TF1 Group's Full-Y ear Results Presentation. I would like to inform you that at the end of this call, you will have the opportunity to ask your questions. I also wish to remind you that this presentation will be available on our corporate website. Thank you very much. Now I will hand it over to Rodolphe Belmer, Chairman and CEO. Thank you, Stéphane. Good morning to all. I'm also happy to host for the first time the group's annual result conference call. I'm joined on today's call by Philippe Denery, the group CFO. As a way of introduction and in brief synthesis, I would like to say that 2022 was marked by the consolidation of the merger project with M6, whose strategic rationale was to gain critical mass to address the SVOD market. Against this backdrop, we had to redesign our strategy and concluded we would be better off by refocusing on the advertising and digital market, where we already have a critical mass, and where there are many opportunities to grow and generate substantial value. In 2022, we were able to consolidate our leadership position in the video advertising market through a solid programming lineup, managed to maintain and even increase our share of the linear TV advertising market despite a challenging economic environment. Thanks those two differentiating strengths, namely the powerful reach of our program schedule and the expertise of our ad sales house, we produced solid results with revenue up 3%, a current departing margin of 12.6%, and a net cash position of EUR 326 million, representing a year-on-year increase of EUR 127 million. This position allows us to consider the new chapter of our history in very favorable condition. Taking a look at the agenda. I will present the business highlights of our two operating segments, media and studio. I will hand it over to Philippe Denery, who will provide a more detailed breakdown of our financial results. Let's start with media. In 2022, TF1 confirmed its leadership status in linear activities and obtained promising results on the nonlinear inroad. Within a stronger competitive environment, especially from news channels, due to a very intense geopolitical and French political context in 2022, TF1 Group maintained its leadership across all socio-demo segments. In terms of commercial targets, TF1 achieved a solid audience share of 33.6% among women below 50 purchase decision-makers, up 0.1 point year-on-year, and 30.5% among individuals aged 25/49, up 0.3 point year-on-year. The TF1 channel recorded its highest audience share among women below 50 purchase decision-makers since 2015, significantly widening the gap, I insist on that, with its main challenger. The gap in audience share grew by 0.7 point versus 2021. Reach now. Reach is the key underlying factor of our value to customers and, importantly, a predictor of our pricing capacity. Reach of television remained at a high level in 2022, which provides TV with a major competitive advantage versus other media. Television reaches more than 55 million individuals in France every week. Within the French television landscape, TF1's reach is unrivaled. With weekly coverage of 49 million, an increase of 8% on 2019. TF1's reach is growing faster than the market average. It also means that we have an even stronger competitive advantage in pricing. We maintain this reach thanks to our unique programming offer, made of ambitious regular events on TF1, and a distinctive complementary programming offer through our DTT channels. Our flagship channel, TF1, offers an ambitious and event-driven lineup with regular must-see events. TF1 is the only channel in the French audiovisual landscape capable of gathering over seven million viewers across all program genres. Sports, with the FIFA World Cup in football and its final game, which attracted 24.1 million viewers, representing the largest ever audience in France. News. In an environment of major international and national events, including French presidential elections and the final debate between the two contenders, which was watched by 7.5 million viewers aged 4+. French drama, in particular season two of HPI, which achieved the top seven audiences of the year and averaged 9.8 million viewers. Entertainment, where TF1 recorded all 10 of the top 10 ratings in 2022, thanks to its strong non-scripted programming brands. The group also provides a unique and distinctive offer through its DTT channels. In a year involving major national and international events, LCI achieved a record audience share of 1.7% among individual age 4+, and posted the strongest growth in the French audiovisual landscape, with an increase of 0.6 percentage point. TMC cemented its DTT leadership position on commercial targets with a record audience share of 4.7% among women below 50 purchase decision makers and 20-49-year-old targets. Also among younger individuals, age 15-34. As part of TMC, Quotidien confirmed its status as the leading French television talk show with up to 2.5 million viewers. Let's now discuss our nonlinear activities. In 2022, TF1 Group kept on developing its free-to-view MyTF1 platform to address changes in viewership consumption. We have made some highly encouraging first steps into digital markets where we met high demand. At the end of December 2022, myTF1 recorded more than 26 million monthly viewers and 2.2 billion video viewed in the year. The platform recorded the top 30 highest replays, with HPI in first place, attracting 2.1 million additional viewers to the platform. The strength of our linear lineup, and I insist on that, is the key driver of our nonlinear development. While contents coming from our linear channels account for today only 50% of our digital lineup on myTF1, the rest being specific AVOD additions. They represent more than 95% of viewer consumptions. This is a key learning for us, which will frame our line of thoughts on our editorial strategy to underpin our digital acceleration. Our unique ability to exploit our content lineup across our channel portfolio and between our linear and nonlinear offering is a key enabler of our programming cost efficiency. In 2022, the group's cost of programs totaled EUR 987 million, stable compared to 2021, and in a year in which we broadcasted the FIFA World Cup. We are maintaining a disciplined approach to our spending while increasing the audience gap with our competitors. As I said before, the audience gap with the main competitor is up 0.7% versus last year. Beyond cost-effectiveness, exploiting the same franchises between linear and nonlinear generate audience synergies. The franchise's awareness built on the linear broadcast emulates demand on our digital platforms. This is particularly evident for event and serialized content of scripted or non-scripted genres, with striking examples like Star Academy or HPI or our daily soaps. Digital offers a unique avenue to further increase the value of advertising inventory. In 2022, our ad sales team successfully experimented with two lines of actions. First, accelerating the dataization of our advertising inventory, notably through enhanced partnership with third-party data providers like Darty or large food retailers underpinning our CPM increase. In 2022, 37% of the digital inventory sold were enriched with data, enabling a sharper targeting of the advertising messages to our customers. Second, pushing for what we call a total video approach, which in essence means building linear and nonlinear inventory commercialization, bundling, sorry. Bundling linear and nonlinear inventory commercialization, and leveraging our digital inventory as a way to complement the reach brought by our linear channels to our customers' advertising campaigns. Now Newen. Again, delivered strong revenue and production volume growth. In a context of a steady demand for content in Europe, Newen has demonstrated the strengths of its business model and its ability to deliver whopping organic and inorganic growth trajectory. Since we acquired it in 2016, Newen Studios has gone through a profound and successful transformation journey. Coming from a single genre model, fiction, very exposed to a single program, Plus belle la vie, and a single customer, France Télévisions, to now a fully diversified model across multiple individual genres, across a dozen of European key markets. This was achieved through an intense five-year inorganic build-up strategy, which enabled Newen to reach a critical size in Europe and set up itself as one of the leading independent European players on the Pan-European scene. In 2022, Newen strengthened its drama offering with the acquisition of Anagram, based in Sweden and Norway, which provides Newen a position in the fast-expanding market of Scandinavian dramas, and developed its documentary lineup, as illustrated by the equity investment in the British studio, Rise Films, in July 2020, which will strengthen the segment's presence in this genre. As part of its broader inorganic development, Newen has developed a unique and differentiated inorganic strategy based on financing high-end creative talents. In 2022, we attracted, for example, Tomás Ocaña from Spain, Teddy Leifer, which produced notably Oscar-nominee, like All That Breathes. Anna Kolbjørnsen from Anagram. Vanessa Djian, of Daï-Daï Films, a producer recognized for her film adaptations of plays such as Edmond and Adieu Monsieur Haffmann. These new talent additions will foster and enhance creative impulse into the group and will be the driving force behind our organic growth strategy. Newen's ability to offer innovative productions and original content in a wide range of genres enables the studio to meet the growing demand for content from long-standing partners like television channels and broadcasters, of course. This allows us to diversify our client portfolio, particularly through our partnerships with major international platforms. In 2022, business at Newen Studios benefited from the delivery of prestigious productions such as Liaison for Apple TV+, and Marie Antoinette for Canal+. Thanks to its strategy and its ability to find talent as well as provide premium content, Newen is able to maintain a high level of book of orders at more than 2,000 hours. In 2023, the segment will deliver highly anticipated series, including Nemesis for Disney, and Memento Mori for Amazon. This inorganic and diversification strategy has proven a real success and transformed Newen into a key player in the European production landscape. It fostered a very solid performance output with a 27% revenue growth in 2022, half organic and half from acquisitions. Having reached a critical size in Europe, Newen will henceforth focus on accelerating organic growth, leveraging its widely diversified portfolio of customers, genres, and geographies. Now, I hand it over to Mr. Philippe Denery, who will provide a more detailed breakdown of our good financial results. Thank you, Rodolphe. Good morning, everyone. I will give you an overview of the 2022 TF1 Group financial results. You will find the details of our consolidated and parent company financial statements, management report, and financial statements appendix on our website, groupe-tf1.fr. Consolidated revenue of the TF1 Group amounted to EUR 2 billion 508 million at end of 2022. Year-on-year increased by EUR 80.6 million, +3.3%. On a constant structure basis, consolidated revenues were up by EUR 86.3 million, +3.6%. Revenue of the media segment reached EUR 2 billion 79.8 million, almost stable, -0.6%. Media segment advertising revenue at end of December 2022 amounted to EUR 1 billion 669 million, stable on a constant structure basis. The drop in advertising revenues is entirely due to the deconsolidation of the unified publisher, Livingly Media, and gofeminin activities. Excluding the effect of change in the scope of consolidation, advertising revenues for the fourth quarter were up by EUR 11 million, +2.1%, driven by the very good performance of the FIFA World Cup games. Digital advertising revenue amounted to EUR 128.2 million. It includes MyTF1's advertising revenues, which amounted to EUR 90.3 million, up sharply year-on-year +16.8%. Revenue from other media segment activities rose by EUR 13.7 million, +3.4% versus last year. It benefited from the growth of entertainment activities with the resumption of show activities, live show activities, sorry. The Newen Studio segment posted for the year a total co-revenue contribution of EUR 428 million, a sharp increase of EUR 92.3 million +27.5%. This performance includes organic growth for EUR 46 million +13.7%, as Rodolphe has mentioned. The segment performed well in the fourth quarter of 2022, with revenues up by EUR 14.3 million +12.4% versus 2021. Newen Studio activity benefited in 2022 from the delivery of prestigious productions such as Liaison for Apple TV and Marie Antoinette for Canal+, as mentioned by Rodolphe previously. The group programming cost reached EUR 987 million, stable year-on-year. In a year, we have broadcasted the 20 FIFA World Cup, and this performance demonstrates, once again, the group's ability to control its in-investments while maintaining a powerful and even driven offer. The dramas, movies, and series cost decreased compared to last year. The sports, news, and entertainment categories are up year-on-year due to the broadcasting of the FIFA, as I already mentioned, the strong political and international news flow, and the comeback of the Star Academy entertainment show. The group posted current operating profit of EUR 316.2 million, down by EUR 27 million year-on-year plus. If you look at by sector, operating performance is as follows. The current operating profit of the media sector was EUR 269 million, generating a current operating margin of 12.9%. The current operating profit of Newen Studios was EUR 47.2 million, up by EUR 8.6 million versus last year. The current operating margin was 11% for the year 2022. Regarding now the income statement, I've already commented on the consolidated revenue, the cost of programs, and the current operating profit. Other charges, amortization, and provision amounted to EUR 1,188.5 million at end of December 2022. EUR 100 million higher versus last year, linked with the growth of the production activity and the impact of the one-off tax credit for EUR 29.5 million. Starting from this year, we will publish a new KPI, a current operating profit from activities, the COPA, which is current operating profit before amortization and impairment of intangible assets recognized as a result of acquisition. This new indicator will replace the current operating profit in the group's financial communication from 2023 financial year. At the end of December 2022, the current operating profit of activities stands at EUR 322.2 million. Operating profit came at EUR 301 million after external expense of EUR 15 million of non-recurrent expenses relating to the merger between TF1 and M6 project. Net profit attributable to the group stand at EUR 176 million, down by EUR 49 million year-on-year. It includes losses of the year, as well as liquidation losses related to Salto platform for an amount of EUR 46 million. Let's comment on the balance sheet at the end of December 2022. Shareholders' equity attributable to the group was EUR 1.863 billion at end of December 2022, out of a total balance sheet of EUR 3.643 billion. The group posted a net cash position of EUR 325.7 million at end of December 2022, excluding lease obligation. The group has a sound financial position and confirmed bilateral credit facility for a total of more than EUR 1 billion. Let's now analyze the evolution of the net cash position. Operating cash flow amounted to EUR 614 million, up year-on-year. This includes depreciation and amortization for amount around EUR 70 million. The amount of lease obligation was globally stable versus last year. The EUR 156.1 deterioration of operating working capital needs is mainly explained by the increase in programs' advance payment, especially for the Rugby World Cup, and the increase in credit notes to be issued and accounts receivable at the advertising sales house, with some pressure on cash from our clients at the end of the year, as well as the fact that the two months which were invoiced in November and December will be covered in cash and counted in January, February. Net capital expenditures amounted to EUR 310 million, and is explained specifically by the new activity and the integration of Newen Studios, Eisen in Spain, Flair in Germany, and Anagram in Scandinavia. Acquisition and disposal amounts was positive at EUR 127 million, mainly due to the disposal of Gabnet, Econ, as well as unified publisher activities during the year net from Newen acquisition. On the financing side, EUR 127 was mainly due to the EUR 95 million dividend payment in 2021, as well as the financing of Salto. The TF1 Group posted a net cash position again at EUR 325 million at end of December 2022 compared to a net cash position of a bit less than EUR 200 million in 2021. The board of directors has decided to propose to the shareholder annual general meeting, which will take place on the 14th April, to approve the payment of a dividend of EUR 0.50 per share. The payout ratio of the proposed dividend is 60% of the net result. I leave the floor to Rodolphe to review our ESG, KPI. Thank you. Yes. ESG now. Thank you, Philippe. In 2022, we renewed our commitments to a more sustainable, inclusive and environmentally respectful society. On 30 June 2022, TF1 Group signed a climate contract which strengthens the group's environmental action plan, targeting a 30% cut in its carbon emission by 2030. The group has committed to offering a preferential sales conditions to information campaigns regarding climate change actions, and to regularly invite environmental experts on set. To involve all employees in the implementation of TF1 Group's climate strategy in 2022, the group introduced an ambitious sustainability training program. The group is targeting to train 100% of staff by end of 2025. Diversity and inclusion, both in our content and internally, have also been top priorities for the group, particularly through Expert à la Une, an awarded and recognized mentoring program for women in media. The group has also further balanced gender equality at the group management committee, which now includes 48.3% of women. In 2022, these commitments and achievements were again recognized by several leading ESG rating agencies such as Moody's ESG Solutions, which ranked us first in the European broadcasting and advertising sector, and M-MSCI, which maintain its AA, double A rating. This recognition reflects the group's and our employees' strong commitment on key ESG priorities. Now, coming to the outlook with a summary of the strategic orientation. As I said at the beginning of this call, we are entering a new chapter in our history with a three-pronged strategic line. First, as we have always done, we will strive to maximize the value generated by our linear advertising inventories. We believe this line of business will remain very solid in the future, since the reach we produce becomes increasingly differentiated, thanks to our superior program line-up, enabling us to develop our distinctive value for our customers and our pricing flexibility. Second, an enhanced focus on digital. We will accelerate our digital expansion and establish ourselves as the first free-to-view streaming service in the French market. We will leverage our linear content and franchise lineup to underpin our non-linear digital development. Which means, in essence, that our programming costs are set to remain broadly stable. We will strive to maximize the value of our digital inventory by strengthening our data strategy. Third prong, we will sustain our studio business momentum, but will focus on organic growth and value creation. With this roadmap in mind, the executive committee has been strengthened with highly qualified executives with relevant ex-experience and expertise, of course. We are announcing the appointments of Claire Basini as Executive Vice President of B2C Activities in charge of digital. Valérie Languille, as Executive Vice President of Human Resources and CSR. Julie Burguburu as General Counsel. Also, well, Pierre-Alain Gérard will be replacing Philippe Denery as Executive Vice President, Finance, Strategy, and Procurement has a date which is not fixed yet, but which is due to take place in the coming weeks when the transition period, which a well-ordered transition at this very key position for the group, when this well-ordered transition period has come to an end. I want to thank, particularly warmly, Philippe for his significant contributions at TF1 and helping me transition into my new role. The outlook now, led by a first-class executive team and our staff is highly engaged in delivering the three-pronged strategic roadmap I mentioned before, and in accelerating our digital expansion. In 2023, TF1 Group will further consolidate its linear leadership and accelerate in digital while, and it's important to note, while committing to delivering a broadly stable COPA profit margin versus 2022. Second, its cash flow generation focus will be the key underpinning factor of our newly set dividend policy, targeting a growing or stable dividend. With that strategic direction, we are very confident in the short-term solidity of TF1 Group performance and on its midterm substantial value creation potential. This concludes our presentation, and I think we are now ready to take your questions. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. The first question comes from the line of Jérôme Bodin, calling from ODDO BHF. Please go ahead. Yes. Good morning, Rodolphe. Good morning, Philippe. A few question on my side. First just on in terms of Q1 trends, what do you see for the beginning of the year? If you can give a bit of color or sector by sector, is there some sector that are coming back on TV in Q1? That's my first one. The second one is on cost. Just to make sure I have understood well, you said flat, programming cost. Is it 2023 versus 2022? Then, a question on Unify. You have insisted, mostly on organic growth, from Newen. Does that mean that the acquisition, should remain very targeted? What should we expect for the nice, cash bill that you have? Lastly, a fairly more general question on the TV business. Following the various refusal of consolidation that you had, that we have in Europe, it seems that most European broadcasters are now resigned to stay in their own market and looking to develop synergies with their non-linear activities. What's your view on that? Is the only strategic axis for TF1 and for the broadcaster or, are there any other opportunity that you have identified in France or abroad that you can talk about? Thank you. Thank you. Thank you, Jérôme. Well, first question, Q1 trends or trends in revenue for 2023. What we have in mind is that, well, 2023, in terms of revenue profile, will be back-end loaded with a Q1, which will be probably a bit more prudent, and the rest of the year, well, having a better revenue profile. In terms of, well, on the back of a better than anticipated macroeconomic environment. On the, in terms of sector breakdown, what we see is that, well, the automotive sector is now coming back after a few years of difficulty for us. We also see the pharmaceutical and telecommunication sector well oriented for this year, while evidently the food sector is a bit more challenged because of the impact of inflation. Well, all in all, we anticipate this year to be in line with our, more or less in line with our objectives. No warning signal at this stage of the year. When we're thinking of the annual negotiations we have with our key customers, which represent the vast majority of our revenues, our revenues being framed by annual engagements, we find out that, well, those discussions are going well and in line with our anticipations. In terms of cost, I insist on that while digital acceleration we are making will be done within at constant programming cost. As I said, we are we have an objective to maintain our programming envelope, I said broadly, stable in the coming years, well, not only in 2023, but also in the outer years. Why? As I said before, we have found out, and I've brought some points of evidence in my presentation today, that the programs that work very well in digital and that attract the viewings of the younger audience in on demand are the same programs than the ones that work very well in linear. It is a bit evident. Digital is a sector, is an area marked by the necessity of a demand from customers. You don't push the programming as we do in linear. In nonlinear, people have to express a demand. They demand programs with a very strong, very high awareness. That's why the key franchises that we have pushed and developed on linear television are also the ones which work very well on nonlinear. Specific kind of programs, kind of genres, that's the program which have been built in linear, which are also serialized, and that's the key notion on which we insist. We are keeping our programming costs stable. Probably we will accentuate a bit more the serialized dimension of the programming we broadcast on our linear channels. Again, this digital expansion will be for us a profitable one in the sense that we are leveraging our key expertise and also our programming lineup to exploit it not only in linear but also in digital. Newen strategy is to focus on organic expansion because as I said, it has now reached a critical size which makes it relevant and high-performing on the European scene. We don't discard in principle targeted inorganic options, would be very selected in countries in which we feel we still are lacking critical size. The key focus will be to accelerate or to deliver strong organic growth to maximize the value creation extracted from that line of business. Taking a broader view on the TV landscape in Europe and consolidation, as you have noted, and I wouldn't dispute that, consolidation attempts across Europe in different countries have turned out to be denied by the antitrust authorities in many countries. In France, we had to cancel our own project. Doesn't mean that, well, well, well, this was the only way to create value. What we think now is that, well, of course, the digital orientation we are taking and the objective of leveraging our line of program, not only in linear but also much more strongly, in a much firm way, much more firm way in nonlinear, is a very solid avenue to create values for our shareholder. The name of the game in the media business is to make sure you fully exploit your investments in content. The fact that we can exploit our lineup of content because it's well de-designed, because it works very well, because it's very powerful, not only in linear but also in nonlinear, is a very sound way to maximize the value creation for our shareholders. To answer plainly to your question, do we have consolidation or significant acquisition options in the broadcasting sector in France or elsewhere? The answer is plainly no. The next question comes from the line of Julien Roch, calling from Barclays. Please go ahead. [Foreign language]. Well, thank you, Julien, for this, for those, questions. On your question, first question, which is very important. It's very important that we clarify our stance and our strategy on this question. Realize, and it's important to insist on that our strategy is different from our competitors, or the two ones that you mentioned, strategy. Our strategy is clearly to make sure that we fully exploit the linear programming we have invested in into digital. We admit that on this front it's different, because we think, as I said before, that the key principle in the media sector is to fully exploit your lineup of content and to make sure you have scalability effect. For a local player like us, scalability means that you fully exploit your assets, which is the lineup of programming and the power of your ad sell agency, your internal ad sell house. Probably in that sense we are different. It's not only a matter of principle and a matter of strategy and a matter of how we perceive the value creation drivers in our industry, that's also fact-based. As I said before, we've tried, we have made some experiments, and we have learned from our first steps into the digital sector. This year, we have put in line specific content on our MyTF1 service, which is made for 50% of the lineup of content coming from our channels, from linear content. That's 50% of the lineup in volume. The rest, 50% of the rest is specific content, AVOD content that we have bought to enrich our MyTF1 digital offering. Looking at the consumption now, what people watch on MyTF1, not surprisingly of course when you know the business, the vast majority, 95% of the consumption is aggregated on the contents coming from our linear channels. Why? Because that's the contents, because they have been pushed by the very powerful TF1 channel. That's content with the highest awareness. People demand content they know. They demand big franchises. That with that kind of reasoning in mind that we are convinced that the best approach, not only because that's the scalability, and the key and the pinning factor of value creation in our sector. That's not... Also because we have realized that what works well is content coming from our linear channel. Not every content, but the content which are serialized. Of course you create the franchise on linear, and people are consuming and binge-viewing the rest of the content in non-linear. It's particularly true for the younger demographics, which are attracted by the on-demand capability, the on-demand new way, new usage, new consumption. We admit that with that in mind, we have a very strong avenue of growth in digital, and also because digital inventories are in high demand from our customers because they are being less abundant in the pure digital space because of the all the limitations that are brought to cookie and the RGPD regulation in Europe. To sum up, of course, what we want to do is a free-to-view advertising-based streaming service and become the first free-to-view streaming service. We are different in the sense that we will leverage one single lineup of content for both linear and digital. We think that's the wisest and the most value creative direction for the future. Question two, I'll let Philippe answer. Maybe I'll take question three after. Yes. Okay. Well, concerning the KPIs and the information we can give you, we have year after year tried to improve the different KPI we refer to. I just would say that as long as you know, we have to update the data is available, and find the right KPI to follow on a longer term. That's what I can say today on this specific KPI on total video. I know that it is something on which you are really focusing and of course, in line with the future strategy and the actual strategy of TF1, it's very important for us to give you well, more information on non-linear and linked with the value we get on linear. We are working on this specific KPI, and we'll come back to you in the next quarter. Exactly. On the last question you had, Julien, on the targeted advertising and how we create value and why we don't do HBBTV. Well, two thoughts I'd like to share with you. Well, first, what's the dynamics of value creation for us in advertising in that business? First is to first value creation driver is the fact that because we develop a free-to-view leaning, a free-to-view streaming service, we are sort of following the evolution of usages which increasingly go for on-demand, especially from a younger generation. That's the first source of growth. We're going to grow in volume and to increase our inventory because we are following the evolution of the usage. Second element, second value driver, that's the increase in the cost of the advertising in the CPMs because of the targeting of the advertising brought by data. In that sense, we have first focused our efforts in our partnerships with the telecom operators in France. Increasingly we are developing partnerships with them or commercial agreements, should I say, to be more specific with them, under which they are giving access to us to their sets of data. We enrich our inventories with data coming from them and normally that we purchase from them. Second, for people who are not subscribers of the IPTV offers of telcos, we could do HBBTV. We don't discard that. We focus today mostly on the technology that we find more compelling, which is of course, OTT, which gives us all the flexibility to provide, well, bespoke environments to customers and to consumers. And in which we can enrich the inventory, which are provided with data that we control because of the direct connections we have with the consumers. We do OTT already quite a lot. It represent roughly 50% of our digital revenues today, and it's set to grow in the future. [Foreign language]. The next question comes from the line of Conor O'Shea, calling from Kepler Cheuvreux. Please go ahead. Yes. Thank you. Thank you for taking my questions. Two questions from me as well. First question, just to come back on John's question on the programming costs. Just to be clear, for 2023, you say more or less flat. Is that of the 2022 number, which included the higher cost for the Football World Cup rights? Are we looking at that kind of number around EUR 987 million? Is that what you expect at this stage? Second question, on advertising in terms of your outlook for more or less flat margins and the back-ended acceleration that you expect. Are you expecting at this stage more or less flat ad revenues, full years? Is that fair to say? The third question, on the advertising market generally, obviously we've seen post pandemic, a reversal of the audience viewing increases, that's been quite aggressive, and we're still tracking down, you know, double-digit declines for the key advertising target housewife under 50. Can you say to what extent that is having an impact on pricing, yes or not? If not, why not? You know, why the market is holding up better than the viewing numbers for this particular advertising target. On programming, as I said, our programming cost in 2023 will remain stable versus 2022. Of course, as you mentioned, 2022 included the cost of the Football World Cup, but was also almost stable versus 2021, just below EUR 1 billion for the full year. Meaning that what we say is that we have reached a sort of nominal level of programming cost at just EUR 1 billion, just below EUR 1 billion, sorry. And we, and our objective is to set that level stable in the coming year. I even said that we do the same. Our intention is to do the same in the outer years, even though we don't give guidance for that specific KPI. That's the notion. I insist on that. It's very important because seems like it's a very different strategies from the ones that can be followed by others on the marketplace. It's also because with that level of investment, we have a very, very powerful and compelling lineup of programming, which works very well in non-linear. Second, with that envelope, we can also propose more serialized shows, which works well in both dimensions. Second, second question on the profile of the revenue for 2023, as you know, we don't give guidance for the revenue because of the nature of our business. I think you can understand that well. The elements I can give you at this stage, which are, well, not with the level of precision you would probably dream of. Well, what we said is that the year will present itself in two parts, with the first part, which will be a bit softer than the second part or the second half of the year. In that sense, I said that the year will be back-ended, as you say, back-end loaded, as I said, with two dimension. A Q1 which probably will be a bit soft. Why? Because our customers, the advertisers, were a bit prudent at the beginning of the year because nobody knew really well what would be the macroeconomic conditions surrounding this year 2023, which means that everybody was a bit prudent. When we look at a bit in a bit longer term, meaning well, for the rest of the year, and the best proxy we have to assess that is the annual commitments we are negotiating with our customers today. It seems like, as I said, those negotiations are going well and developing well in line with our anticipations. I'm afraid I cannot give more details at this point in time unless Philippe thinks I should. No ...give more- Nothing to add. Nothing to add. At this stage. Okay. On the advertising market and the impact of ratings on the pricing, which is a good question. As you know well, because, well, you are following that sector, in every country, the revenue coming from the linear business of the commercial broadcasters have remained and are remaining stable. Even though in every developed countries marked with the development of the on-demand viewing, the average viewing time has been in recess. More or less marked, or it's more marked in some countries like the U.K. or the U.S., less marked in countries like France and Italy. In none of those countries, the revenues have been impacted negatively by the erosion in ratings. Why? Our analysis is that what we sell to our customers and what's the underpinning factor, the bedrock of our pricing ability, is the reach we provide to our customers and the differentiating reach, the differentiated reach we are providing to them. Our customers, the advertisers, what they buy from us is the reach of the advertising campaigns to build their brand awareness. In a world that's increasingly fragmented, in which the audio-visual consumption is increasingly fragmented due to the high-paced developments of digital video consumption and the attendant decline in television viewing, it's very difficult to get very strong reach from any provider, from any media player. In that sense, the fact that TF1 is able to provide a reach which is increasingly important in comparison to its competitors, and that's why we insist so much on the gap between us and our second, our next, follower. It's also true for the gap between us and the pure digital players. The fact that our reach is so differentiated is the key underpinning factor, the predictor, as I said in my introduction, of our pricing capacity. That's what we see. That's why we think that what we propose to the market is of increasing scarcity. The differentiated reach we are proposing, we are very, very strong in that domain. Much, much more differentiated than before. It means that our ability to price that, rightfully is untouched or even growing. Just one quick follow-up, if I could. You mentioned timing issues on the advertising side. Just on the studio side that's visible at this stage, do you see anything in terms of the order book and the timing, you know, from one quarter to the next, or the first half versus the second half that suggests, you know, the things we should take into account in our forecasting, in terms of timing at this stage? Well, concerning the studios, I would say that probably the second part of the year should be at a higher level than this first part of the year as well, as compared to what has been delivered to clients at hand of 2022. Well, there is a good book of order, but the cycle of the studios and production, you know, is 15, 18 months. It will deliver more in second part of the year. Apart from that, I can't say very specific other elements, but that's what you should take in your model. Very helpful. Thank you. Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Christophe Cherblanc calling from Société Générale. Please go ahead. Yes. Good morning. Thanks for taking my question. First one is on just a quick follow-up on the Newen, Philippe. Given the stoppage of Plus belle la vie, the fact that deliveries last year were pretty strong, do you see positive organic growth on Newen in 2023? That's the first one. The second one is, can you put a number on the Coupe du Monde, the World Cup effect in Q4? It seems that Q4, excluding change of perimeter ad revenues were up 2%, which is a pretty good performance, was there a special windfall from the World Cup? The third, apologies for housekeeping question, I was a bit surprised by the size of the minorities in the net income. Is it related to units in at Newen, and are those minorities covered by buyout agreement? Also on the tax rate, it seems to be a bit on the low side. Finally, housekeeping again, you have a minus EUR 2,011 million other financial charges. Can you be a bit more specific on what that, what that covers? Thank you. Okay. I'll try to answer most of your questions. Rodolphe will had maybe some comments. On the Newen, for 2023, yes, of course, we've stopped Plus belle la vie. That will be compensate by other programs and by international. You are right, 2023 will be a year where there will be some organic growth, but with the stop of Plus belle la vie altogether, that mean that 2023 should be more in line with 2022, with the compensation of Plus belle la vie and the cycle of a program like Marie Antoinette or Liaison. That the assumption you could take, and we have on our side. Concerning the fourth quarter, well, we had an increase in advertising revenues of 2.1% in Q4. Having taking into account the fact that, of course, we've not consolidated any more unified publisher. Yes, the performance in Q4 for advertising revenues on media sector is +2.1%, a good performance. Due, as Rodolphe mentioned, to the World Cup and the football team. Regarding the size of minorities stake, you have to take into account the fact that during the year, we had also the digital Unify component where we had minority stake in those companies, and so that explain partly why we have something which is probably more significant that you could expect on minority stake. In addition to that, yes, you're right. We have minorities in Newen businesses abroad, which explain this those figures. At the counterpart, we have options, and that is taken into account, of course, in the net debt when we posted the net debt. We have options of, for the next two... on the next two, three years, in a position to buy a minority stake in Newen. On the tax, yes, we benefit from a specific position, situation this year with some credit tax this year. Normally in 2023, you should take as an assumption that we'll come back to something closer to the nominal tax rate, with kind of optimization through Newen mainly, for this year, 2022, for the year 2022. You had another question maybe, financial expenses. The million, Yes other expenses. Other expenses, on our line. On other expenses, apart from program, there is an increase. You mentioned the EUR 100 million increase, in other expenses. Is that? I mentioned the other financial income and expenses which is recognized below EBIT, operating profit. Yes, that's mainly the cost of the newborn project. Sorry, I didn't catch you. Yes, which stand at EUR 15 million, and that is exactly the same amount that what we posted end of September, which basically are the global cost of the TF1 M6 merger project in external and internal costs we have recognized for the project. I get that. I'm sorry to insist. It's the line which is other financial expenses, which is EUR -11.7 million in your P&L, which is a sizable amount. I was just curious about that. It's just below cost of net debt. Sorry. Again, I don't catch your question. Sorry about that. Page 21. Yes. EUR 11.7 million in the P&L below operating profit. Oh, yes. That's basically the financial corresponding to the actualization of option we have in the debt on the different minority stake you've mentioned. We, of course, take into account the costs, the financial cost of this option we have on minority stake. Okay. It's done now to. That has increased also because, of course, we have made some external growth in Unify. We have acquired new companies, and so we have those options, as well as the fact that the value of the actualization of those option has been increased as compared to last year. A combination of external growth in Unify and the pricing of the option on the financial pricing of the option. Is that clearer? Okay. Thank you. Yeah. Very clear. Thank you, Philippe. Sorry. Sorry. There are no further questions on the phone line, so let's now take the question from the website. Yes. We have two written questions on the webcast from Tom Singlehurst from Citi. First, is there a realistic chance of a change of license holder in French TV? Has this caused you to make more generous commitments on programming costs in order to safeguard your license? That's the first one. The second one will be, again, to just to be clear. Are you creating specific content assets from MyTF1, specifically specific AVOD content? What% of budget is specifically allocated to this platform? There is a tender in France for the DTT licenses of TF1 and M6. We are just in the middle of that process. We have submitted our application file already, we are due to present orally through a public audition those files, those applications tomorrow. Of course, we are not going to give any opinion on the outcome of that process. What we can say, seen from our point of view, TF1 Group, we are presenting ourself[ves] very seriously to this process. We think our arguments are extremely strong, and we are convinced that our frequency will be reallocated to us, given the impact, the positive impact our channel has both on the creation sector in France and on the public debate in France, which are the key criteria of the law when it comes to selecting the holder of a frequency. Plus the experience you have proven over time in the sector is also a key determining factor. With that in mind, we are convinced we are going to be selected, even though we cannot give any indication of the and or commitment in that in that respect, as you will understand well. Lastly, we understand that there is no competition on our frequency, and seems like we are the only player to present ourself[ves] to the renewal of that specific DTT frequency that we own. That with all the elements that you should probably conclude that our odds of success are quite significant. Have we given more commitments, financial commitment, I guess, to, well, as you say, safeguard? I'm not sure I would use that word myself. Our frequency, the answer is no. What we estimate is that what we do today is extremely powerful and extremely contributive and is a sort of fine and right balance between different interests and agendas. With that level of commitment that we take today and that we have retaken for tomorrow, we think we combine the interest of the French creation, which is a key consideration in that country, as you know. In the beauty, quote-unquote, "contest" in which we are engaged, the investments we make for the creation, we make huge investments. At the same time, we invest a lot in information, in news, in news programs that are contributive to the political and public debate in that country. Third, we are generating a decent margin, which protects the interest of our shareholders. We think that with the level of engagements that we have today, we combine those three interests: creation, public and citizenship, and economic interest. That's why we have not committed to any incremental contribution or engagements in that, in that, frequency, application process. That's why we've said, and we're able to say that we are going to have broadly stable programming costs in the, in the following, in the next few years. Specific AVOD cost in the future. Well, what I said before, we are doing our digital expansion within the same programming envelope, stable, programming, envelope. Does it mean that there will be specific AVOD cost? Might be, but wouldn't be. Well, they will be probably not really material. Do we have a last question, Stéphane? No. No. It's all. I think that concludes our presentation, yes. Okay. Thank you very much. Thank you to all of you for attending today's presentation. As I said, I will probably reiterate our firm commitments to engage ourself[ves] in the digital expansion of the group while maintaining broadly stable our profit margin and while committing to a new reset dividend policy of growing our stable dividend for our shareholders, which should convince all of our shareholders that we are engaged in the expansion and growth acceleration of our group in a very solid economic performance and very controlled economic performance. That's all for us today. See you next time.