Good day and welcome to the MFE-MEDIAFOREUROPE 2021 full year results web phone conference call. Today's conference is being recorded. Please note that today's call includes a video which is highly recommended to be watched in full screen. You may enlarge video by clicking on the maximize button at the bottom right corner of the webcast player. At this time, I would like to turn the conference over to Sara Bersan. Please go ahead. Good morning, ladies and gentlemen, and welcome to the full year 2021 results of MEDIAFOREUROPE. Today's presentation will be hosted by our Group CFO, Marco Giordani, and by Matteo Cardani, Managing Director of Publitalia. During the presentation, we will show you a video. The video will represent an important section of today's presentation. Please bear with us as it gives you insights on our new commercial offer and its attractiveness to the advertisers. Now, let me hand over immediately to Matteo for the advertising and audience outlook. Matteo, please go ahead. Thank you, Sara. Good morning, everybody. Thank you for your attendance. Today, we will give more colors on the fiscal year 2021 results and also on the current trading. MFE fiscal year 2021 result was positive, as you can see from chart number 3, at +14.4% year-on-year. We were around 1.6 points better than the market. That was at +12.8% year-on-year. In the last fiscal year, we increased our market share from 40.3% to 40.9%. In 2022, we are further gaining market share. In fact, the overall market has not recovered the 2019 pre-COVID level, being still down 4.5% against fiscal year 2019. On the contrary, MEDIAFOREUROPE has not only recovered the pre-COVID level, but reached a level that was up +2.4% versus fiscal year 2019, gaining additional EUR 45.7 million. The fiscal year results above market trend is a truly impressive performance. If we consider that last year during summer, we were competing against the European Football Championship, the Olympics, and we had to deal with the internal discontinuity of Champions League in August 2020. Remarkably, it's the first time since 2010 that MFE has beaten both the total advertising market and the TV market in a year with sport events broadcasted by competitors. The other interesting thing is that the overall results were achieved thanks to the double-digit positive contribution of all the three media, TV, radio, and digital. Last but not the least, it is remarkable that we consolidated also a positive Q4 performance, +2.2% year-on-year, even against Q4 2020, already strongly positive. I can also anticipate that Q1 2022 is the seventh quarter in a row with a positi ve performance year-on-year, even against a positive Q1 2021. I'd like to share with you that the company achieved the above-mentioned results thanks to two main drivers. First of all, as you can see from chart number 4, the positive growth performance throughout almost all the key economic sectors. The sector represented 85% of MFE advertising collection were positive year-on-year, and the remaining sectors, in particular automotive, were mostly impacted by the crisis in the procurement of raw material in Q3 and Q4. As you can see from chart number four, where you have the weighted contribution to growth sector by sector, you can see that the crisis in the automotive sector was more than compensated by 4 other key sectors. Commerce sector gave a fundamental contribution. It's around 30% of fiscal year 2021 growth. We also benefit from recovering sectors such as tourism, travel and leisure, and also traditional sectors like fast-moving consumer goods and retail that significantly contributed to fiscal year growth performance. This was the first driver. The second driver of the advertising growth has been the strength of our offer, namely our proposition defined as the total media audience system that we are going to show you in more details in a few minutes. As you can see from chart number 5, you have the total audience evolution, linear and nonlinear. Despite all the talks around the linear TV audience downturn, actually our linear TV audience is in a good health, +2.1% versus 2019. On the solid ground of this linear baseline, we had the high digital growth on digital screens, so connected TV, plus mobile, plus tablets. This brings it to a total audience growth of +3.9% versus 2019. The combination of the strength of first linear screen plus the high growth on digital screens is the perfect scenario to protect the legacy business and to increase revenue diversification towards a higher digital mix. Now, I have the pleasure to share with you a video that explain the strength and reach of our comprehensive cross media proposition, a video that has been shown to more than 1,000 advertisers during our March road show throughout Italy. Please go ahead with the video. Thank you. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Thank you for your attention. The go-to-market proposition of the video just shown clearly explains why in the last couple of years we were able to overcome the market performance and also to grab attention and budgets from pure digital e-com players. Now, I would like to close my speech giving a quick outlook on the Q1 2022. Of course, the advertising market in Italy is having a slowdown as in all the other European countries. However, the total market is not drastically falling like it happened in Q1 2020. We estimate a flattish trend year on year in Q1 2022. This for the market. On the back of this uncertain scenario, MEDIAFOREUROPE is further gaining market share, registering the seventh positive quarter in a row, even against a positive Q1, 2021. This positive trend has been sustained by three factors. First of all, a rational behavior of our advertising. As we materially touched during our roadshow in March, where we had the opportunity to meet more than 1,000 advertisers. Even in the case of war outbreak, advertisers did not have panic reactions, but simply adapted their plans. All thanks to the range of investment opportunity granted by the unique MFE commercial offer. In fact, the majority of our clients have confirmed their original plans, and we have not registered any material cancellation so far. The second factor sustaining our Q1 performance is the sector dynamic shown before, where we have been able to balance the slowdown of suffering sectors as automotive, thanks to both the stronger traditional ones and the new sector as e-commerce and direct to consumers. Last but not least, the positive momentum of our Total Audience going on. We had the best Q1 audience performance over the past five years, and this performance was also supported now by official and certified metrics just released by Auditel. To wrap up, despite the uncertain market conditions, thanks to all the factors just commented, we were able to close Q1 2022 with a performance of +2% year-on-year. Having said that, I pass to Marco, and I thank you. Thank you, Matteo, and good morning to everybody also from my side. Before entering the numbers, I'd like to spend a couple of words regarding the tender offer on MS, Mediaset España minorities. As you know, we are waiting for the approval of the offer documents from CNMV. It's very hard to comment on this particular phase of the process. We can tell you that as soon as the offer document will be approved and the calendar will be finalized, we will be on the market, and we are planning to meet all of you organizing a roadshow and explaining all the detail about the offer. Now, I mean, on the 2021 number, I mean, they were already disclosed in beginning of March, so I will not spend a lot of time on it. I will try to give you also the guidance regarding 2022. In any case, I like to underline some of the highlights of 2021. First comment would be on revenue. We came back to 2019 level with a higher profitability, and that clearly is a very good result as far as our number is concerned. We have generated EUR 475 million of EBIT. That is clearly much more higher than 2021, more than 50% up. In terms of net profit, we closed 2021 with EUR 374 million profit, 2.5x better than 2020. You know that 2021 has been affected by extraordinary gains, but even excluding them, the group net profit is more than the double than 2020 number, and it is 50% higher than 2019 level, the last year before COVID emergence. The group net financial position was EUR 870 million debt at the end of 2021. We recorded an extraordinary cash generation that helped us, let's say, to improve, to reduce the debt, even including the distribution of more than EUR 340 million, cashed out in July last year. Stepping in the Italian business, Matteo has just explained the advertising performance. In any case, total raw revenue were EUR 2.038 billion, fully recovering and exceeding 2019 level. The other revenue line in 2021 was at EUR 338 million, better than any expectation. The main contribution to this extraordinary result was given by our OTT Champions League streaming offer. The sale of in-house content to third party. We had some exceptional revenue coming from the Vivendi settlement, and also the DAZN Publitalia contract that we signed in summer last year. Moving to guidance, 2022, there will be clearly many changes in the mix of the other revenue line. Clearly, we are not going to have the extraordinary revenue coming from the Vivendi settlement, almost EUR 28 million. We are going to have less revenue coming from some of the contract we signed in 2017 with Sky for the transmission and the streaming of the premium channel that has been terminated at the beginning of 2022. On the other end, we are going to have other improvements. The first one is coming from Medusa Film. Clearly, cinema now are reopened, and so the Medusa activity will restart. In that respect, we will have some more revenue for sure than 2021. Clearly, OTT platform Infinity performance will go on because clearly the Champions League will not be like for like at 2022 versus 2021 when we started the streaming only in September. For that reason, all in all, we are expecting a level of other revenue between EUR 300 million and EUR 310 million in full year 2022. As far as costs are concerned, last year costs were EUR 1,788 million, in line with the guidance, showing a reduction of more than 100 million euros compared to 2019. That's the reason for which our EBIT performance was so good. As I said, revenue were higher than 2019, but costs were down EUR 100 million. That's clearly an example of how our, let's say, cost discipline performed in 2021. We are accounting a reduction of cost in the region of 5.4% compared to the 2019 cost base. Moving to 2022, clearly, we are living in a very complex time in terms of forecasting. Uncertainty is dominating not only the advertising market, as Matteo was saying, but also the cost part. Because clearly, we are getting some inflationary pressure, but we are going to set our 2021 focusing ourselves on flexibility and trying to adapt as much as possible our cost base in relation to the evolution of the advertising market. Clearly, we are working on a base scenario. That is clearly something we are expecting now. Our base scenario is projecting an advertising revenue growth of 1% and a cost base evolution of +0.6%, so in any case, improving our profitability. That's our cost base scenario, and that will produce a EUR 1.8 million cost base. This is clearly, again, a combination of several factors. We are going to have the energy cost inflation and the cost of labor inflation that are clearly affecting us in these days. That could probably create additional cost for EUR 70 million in 2022. This includes also the sports rights we acquired last summer, like Coppa Italia, Supercoppa, and also the DAZN contract I was mentioning before. This EUR 70 million increase in cost will be almost offset by EUR 60 million of savings, representing roughly 3.4% year-on-year reduction. That's actually our, as I said, base scenario. We are ready to adapt our cost base following what is gonna happen in the coming months, that, as I said before, is very difficult to foresee today. Lastly, I would like to underline the fact that the EBIT margin in Italy in 2021 has been the highest since 2011, so the best performance in the last ten years. Moving down to the P&L, the financial income in 2021 was positive for almost EUR 20 million, and the associates were clearly affected by the extraordinary disposal of EI Towers and was almost EUR 111 million positive in 2021. Moving to 2022 guidance, financial income will be around EUR 10 million positive. Again, a composition, so let's say a mix of effects coming from proceeds, dividends and financial charges. On the associate line, the guidance is for a positive contribution of almost EUR 15 million. Moving to CapEx, page 11. As you can see, we were able to reduce a lot that amount. That's clearly the result of the change in mix of the scheduling. Clearly, we are reducing the acquisition of TV rights, and we are investing more in local content that are in the OpEx side. We have re-reduced last year almost EUR 75 million of TV rights investment compared to 2020. As far as the guidance is concerned, we are confirming for 2022 the investment level of 2021. Again, we can say that our investment are almost 35% lower than 2019. Moving to cash flow, last page 12. We have registered. Clearly, we have explained the composition of the P&L and the investment. We have registered in 2021 a huge increase in the free cash flow. That's clearly the combination of all the elements I've just commented. Clearly moving down in the cash flow statement, you can appreciate also the cash out for the dividends we paid in July last year, and also the contribution coming from the EI Towers extraordinary gains happened in the second quarter last year. Moving to 2022, the net debt target for the full year will be affected by many things. The first one is the one that I mentioned before, the uncertainty on the top line. As I said, our base case scenario is based on a +1% advertising revenue increase in 2022. That's clearly what the consensus is saying. As tradition, we are not estimating anything. Clearly, we will perform what the market will do. But I confirm that our base case scenario is the one that the consensus is showing. Clearly, net debt will be affected by that. The second element that will affect it, and that at the end of the year will be the tender offer on Mediaset España minority that could represent a cash-out up to EUR 258 million. The third element that will affect the net debt in 2022 will be the dividends. I mean, you have learned this morning that the board has approved to propose to the AGM a payment of EUR 0.05 dividends for both category A and category B shares. That's a remarkable yield for the two shares, and in particular for class A with the 9.3% yield, and also for class B that is almost a 5.5% yield. A pretty remarkable yield for our shareholders. We decided to do our best to ensure also to the Mediaset España shareholders the dividends. We have agreed with Borsa Italiana to delay the traditional payment date to wait, so to say, that the tender offer will be completed and the offer period will be set. That's the reason for which for the time being that we don't have a specific date for the dividend payment. We will wait for the approval of the prospectus in Spain when the offer calendar will be set, and at that point, the dividend payment date will be set by the board of directors. In any case, all in all, our target for the full year is to stay in the 1.0x net debt to EBITDA ratio, even including all these elements that I have just commented. Now, I have completed my presentation, and I'll leave to the Q&A session time. Thank you. Thank you for the attention. Thank you. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speaker phone, please make sure your mute function is turned off for your signal to reach our equipment. Once again, that is star one to ask a question today. We will pause for a brief moment to allow everyone the opportunity to signal. Our first question today comes from Stefano Gamberini of Equita. Please go ahead. Your line is open. Good morning, everybody. Few questions from my side. First, regarding the trend of advertising that you expect also in the following months. Clearly the visibility is very low, but what are, in your view, the main drivers right now? I'm speaking, I refer mainly to automotive sector. What could happen in the forthcoming quarters? Do you have some signs from the investors on these sectors and also from all the other sectors? Because the second quarter last year was clearly better than 2019, while in the first quarter we are still around 5%-6% below 2019 levels. The second question regarding the offer, the offer for Spain, in case that you do not reach your target to 90% attendance. What could be a plan B? Clearly, there is a merger between Mediaset España and MFE on the other. Are there some other option that you have in your hands? Many thanks. Thank you, Stefano. I'll pick up the latter, and then I'll hand over to Matteo. No, I mean, there is no plan B, actually. We think that our tender offer is based on a solid industrial project, and the project is clearly based on unlocking synergies among, let's say, between Mediaset España and Mediaset Italia. I believe that the video you have watched should also give you the rationale for it, because everything that has been explained today regards only Italy. We believe that enlarging it also to Spain and potentially to other countries can only be an incremental, let's say, value. That's the reason for which we are proposing the tender offer. Clearly, the 100% ownership of Mediaset España will unlock the full level of synergies. The lower the result will be, the lower the synergy can be clearly achieved. But it's important also to remind, because clearly it's passed almost a little bit more than 1 month, that when we announced the deal, at that level, the value offered to the minority, the Mediaset España minority, was almost 30% higher than the 3-month average, and almost 25% higher than the 1-month average. At that date, the implied premium was almost 60% versus Mediaset España core business, so to say, excluding net cash and the stake and ProSiebenSat.1. We don't have plan B, in the sense that we consider the offer pretty valuable also for Mediaset España minority, also because it's aligning the interest of all the shareholders. We give, let's say, also to the minority, a full access to the dividend flow that MFE will represent. We'll be for us our base. Taking consideration that, for instance, if the offer period will be before November, as we stated in the press release, Mediaset España minority shareholder will get the EUR 0.225 per share in terms of MFE dividends that clearly are also a sign of what can be in the future their cashing from dividends. We are pretty relaxed. We consider the offer pretty valuable for Mediaset España shareholders. Clearly, since the announcement, macroeconomic trend has been worsened, not because of us, but because of the macroeconomic situation. That's clearly something that could affect the absolute value of the offer. As you can see from all the broadcaster share price, we are more or less performing in the same trends following macroeconomic expectations. That's all for my side. Matteo, you can answer on the first part of the question of Stefano. Thank you. Thank you, Marco, and thank you, Stefano, for your questions. Actually, there are two questions. A general question regarding the advertising trend, and one specific question regarding the automotive sectors. I answer first the specific question of the automotive sectors. For us, it is a key sector, even if it's a sector in trouble over the past two years over the past 11, 12 months. We keep on growing and take care of these sectors. There are two positive factors in view. First of all, the decision by the Italian government for the sector incentives for 2022 up to 2024. This decision for sure it is an accelerator for advertising expenditures for the forthcoming months. I would expect from May on to have some positive signals from the automotive industry. The other positive factors with regard to automotive is that luckily we have completed our half in terms of football offers. The triple play of Champions League, Coppa Italia, plus Serie A is a winning one. We already experienced this over the past years because even if the volume of advertising investment of car sector has been reduced. The number of active campaigns we were able to collect was absolutely relevant. We keep on, we have, let's say, an open line with these sectors. Coming to the general question, I think that is quite significant, the fact that, after two months since the war outbreak, at least for the Italian market, we don't have any official review of the advertising forecast. We personally do not elaborate market forecast. We rely on official market forecast from Nielsen, media agencies or the advertising association. All these players have declared a sort of, let's say, a cautious behavior in order to understand the situation. There's a lot of uncertainty. The only thing that I would like to add is that, over the past years, we got used to the high level of vitality of our economy. even if we could let's say face some trouble in the near future, I have in mind Q3 2020, Q4 2020, Q2 2021, and Q4 2021. Over the past seven quarters, there have been four quarters with a positive double-digit growth in advertising. Our economy is still vital and able to recover possible let's say troubles in the short term. The significant thing is that in case there is a slowdown, but honestly not any fall in the level of advertising investment. This is my contribution to your question. That's it. Thank you. Thanks a lot. Just a quick follow-up on the offer. Technically speaking, what could postpone the offer ahead November? Or again, technically speaking, after the approval of the shareholder meeting on the issue of the new shares, how could you improve your offer if it possible or if you want? No, Stefano. The ProSiebenSat.1 is pretty clear. The offer period fixing is on CNMV, let's say, part. They can decide when to approve the offer document, and so when to fix the offer period too. Frankly, for the time being, we don't see any obstacle for having a pretty soon offer period fixing. As I said, it's not in our table. For the time being, everything has happened in the, let's say, fastest calendar we were forecasting. As I said before, now it's all in the hands of CNMV. Thanks. Thank you. We now move on to our next question from Andrea Randone of Intermonte. Please go ahead. Thank you, and good morning to everybody. My first question is on EI Towers, just because we read on the newspaper that there are some talks going on. I know that in the past you clarified your position, but if you can confirm what is your view on this important asset? The second question is about your CapEx guidance. If you can repeat the target and, in particular, if you can detail what you foresee in terms of film and TV show production, that it can be also a proxy of the growth you expect for Medusa. That's it for me. Thank you. Thank you, Andrea. No, as far as EI Towers is concerned, as you know, we are minority shareholders, so we frankly have, we are clearly reading what the newspapers are saying, but, I mean, we are not aware of any kind of structural, let's say, movement in that direction. What we can say on, as you said, in a very material participation, is that they are performing very well. They are, let's say, improving their results, and we are happy about the performance of the company. We always said that the 40% stake is not part of our core, future, strategic portfolio. We will decide in the future, let's say, when is the time to take advantage from the value of the stake, also in function of possible alternative investment and also in function of the future development of the broadcasting infrastructure sector. For the time being, we, as I said, we have no element to change our view. I repeat, we have no news about any kind of deals or agreement or project regarding EI Towers coming from our controlling partner in EI Towers. As far as CapEx is confirmed, I'm, let's say confirming that the guidance for 2022 will be to stay at the level of 2021. When the investment, the total investment was EUR 276 million, the composition will change a little bit. Last year, we have invested a little bit more in technical and in material because, as you probably know, we have carried out the switch off from, let's say, the old digital terrestrial technology to the new one. We will be probably lower in technical investment in 2022 by almost EUR 10 million, and that will be compensated by an increase in TV rights in cinema that last year was EUR 220 million, and that will be probably EUR 230 million for next year. All in all, the total cash out for investment will be stable in 2022 versus 2021. I don't know if it was sufficient, Luca. Yes. Yes, thank you. I just have a quick follow-up. If you can provide us with an indication on the percentage of, connected TV in Italy, the updated data. Maybe you provided, but I missed the number. I remember 14 million, so that in terms of percentage would be probably around 60%. Matteo, do you have a precise number? Yes. Please give me just one minute, so I can give you the last update. Okay, here we are. While Matteo is looking for it, clearly these are. You have to divide it, let's say the answer between the connected TV sold, that is one number, and the connected TV really connected, because clearly you can buy a connected TV. and so that's, let's say, another important element to give. In any case, we are close to 60% of Italian households having at least one TV set, connected to the set. In terms of TV sets, we are not far from 60% of TV sets that are connectable televisions. We are keep on growing, and for sure, the switch off process that is undergoing is accelerating these natural dynamics. Many thanks to both of you. Sorry? Can you repeat? Thank you. Thank you. We now take a question from Julien Roch of Barclays. Please go ahead. Your line is open. Yes. Good morning, Marco. Good morning, Matteo. Good morning, Sara. My first question is a follow-up to Stefano. Matteo, could you be a bit more precise in terms of numbers on April? I mean, is it negative? A number would be great. For Matteo, again, on page 5, you say your linear audience up 2.1%, Total Audience up 3.9%, but we don't have the base. Could we get Total Audience in minutes in full year 2021 and your linear audience in minutes in full year 2021? Your video had a chart showing linear consumption and total consumption, so you have the data now. For Marco, thank you very much for all the very extremely helpful guidance. You gave us everything but the tax rate, so can we get the tax rate? Then on Mediaset España, in terms of timing, so you're saying you're waiting for the prospectus approval for the CNMV. I mean, do you think it'd be a week? Do you think it'd be a month? Then after that, once you have the approval, how many weeks until the offer opens, and then how many weeks does the offer run? So there's, I think kind of three different steps, but you know, if we add all of them together, when will the offer close, and when will we know where you stand? Thank you. No, Julien, while Matteo is finding the numbers you are asking, and maybe I'll pick up my question. Tax rate, clearly it's very hard to project also for our side, but I mean, we are considering the 30%, let's say standard tax rate as a base case. Clearly then, things can vary, but not materially from the 30%. And again, on the calendar, it's hard to make projection because as I said, and as you know, it's very much in the hands of the regulator and not to us. As I said, we are ready. We have done everything in the fastest time we could, and we have already filed the prospectus. As I said, it's everything in the hands of the CNMV. It's hard for me to make projection. Clearly, what I can say is, for instance, the offer period, clearly we will listen what the CNMV will ask us, but we are presuming probably four weeks. As soon as the approval will be given, the offer period will start immediately after. If everything is okay, cannot be far, but, as I said, it's not in our hands. For the time being, as I said, we did everything at the fastest pace we could. Okay. Thanks. Thanks for that. If the CNMV approves, say Monday, or, is the offer really starting Tuesday? There must be a bit of a gap between the approval. No, no. the start of the offer. Let's say that, technically there will be probably 3-4 weeks after the approval. If it will be on Monday, probably the offer period will start 3-4 weeks after. Okay. It's 3-4 weeks between the approval and the start of the offer period, then 4 weeks for the offer period. On the approval, I know it's not in your hand, but you know, if you had to take a guess, can it take 1 week or 3 months? I mean, and what's your best guess? I know it's not in your hand, but if you had to venture a guess. I don't know. Probably in the middle of your two forecast. Let's say one month. Oh. Yeah. All right. Okay. Matteo? Okay. Here I am. Two questions to address. The first question is regarding the advertising trend. You know, Julien, that we do not comment on any single month performance. We have already anticipated positive Q1 performance +2.0%. We are going to meet in four weeks time by the end of May, so we will have more color on Q1 performance, and probably we will have a more comprehensive outlook on Q2 on the general market trend. In any case, I can reassure that we are not losing the positive momentum we got in the initial three months of the year. While coming to the numbers, the +2.1% and the +3.9% are based on the standard metrics of average minute rating, so the average number of viewers we have each minute of the day. We move from 3.125 million to 3.25 million. That explains the +3.9% increase. This is the combination of first screen and second screen. I hope to have answered both questions. Thanks. Well, actually, thank you for the 31.25% and the 32.50%, which is first screen and other screens or linear and nonlinear. Can we have the split between the two? That's really what I'm after. I'd like to know how much of your total viewing is linear and how much of your total viewing is on demand. Matteo, I don't know, you just maybe recollect the numbers. I mean, what I can tell you, Julien, is that clearly we are experiencing in Italy, as in all the European countries, a reduction of the linear, let's say, audience, let's call it in this way. What I can tell you that let's say our audience increase has offset, let's say, the reduction of the total audience in this, also in linear, in the sense that the market is clearly losing audience. The fact that we have increased our shares has made that in terms of absolute numbers, we are delivering the same eyeballs who were delivering in 2019. Maybe Matteo can give you also the absolute numbers. The combination of the two factor is helping us to offset what is clearly structural happening in all Europe, so that the linear Total Audience is decreasing. Matteo, maybe you have the details. Yeah. No, exactly. We have a positive trend in the linear base. 21 versus 19 is +2.1%. That means 3.190 million compared to the 3.125 million. Then you have the net addition of the digital screens that I commented before. You have all three numbers for the equation of our Total Audience. The meaningful thing is that we have a positive trend in the baseline, sorry, and the net addition in terms of second screen audience. For the time being, the second screen's audience is mainly desktop and tablet and PC. We are also expecting to fully include the contribution of connected television in the further steps of how we tell Total Audience growth not expected during this year. It's gonna grow further. Sorry, Julien. Maybe just a comment. Clearly, that's the way we see, at least. I mean, we are producing attention. The fact that it's produced through linear services or nonlinear services, frankly, is something that we are not really focused on a lot. We are trying to produce attention to give Publitalia the possibility to sell it to their investor. If I have to look at the future, I believe that this is the new currency. Attention is the numbers we should look at it. The fact that people is watching Mediaset content linearly or non-linearly on the main screen, on the second screen, frankly, is something that is not really affecting us a lot. Also, because as we have explained, the advertising let's say, pricing policy is the same. At the end of the day, for us, it's completely irrelevant if they are watching us on one screen or on the other. In addition to that, if they are watching us on digital screen, we can price them higher because we can deliver addressable and targeted and blah, blah, what you have already listened. Exactly. Okay. Exactly. The point is that the value of additional digital and connected TV audience is more than proportional in terms of revenue contribution because of the fact that you have a higher pricing. Beyond the simple data of average minute ratings, the real added value is the additional reach you get from these second screens and connected TV audience. As Paolo Colombo explained in the video, you may get an increase from 0.5% up to 5% in reaching your campaigns. This is what's driving advertisers' demands. Take into account that last year we had more than 1,200 campaigns of connected television. We are aiming to 2000, and we are not far from having 500 of our client base adopting the connected TV campaigns. These are the main drivers of Total Audience. Okay. Thank you. Bye, Julien. Thank you. We now move on to our next question, which comes from Andrea De Vita of Banca Akros. Please go ahead. Yes. Hello to everyone. Thank you for taking my question. The first one is on Infinity. Basically, you provided a lot of information about nonlinear television, about the Total Audience and so on. I would like to if you can share some more detail on your trends on your own product, Infinity. How it is going in terms of subscriber, market share. Is the revenue contribution relevant to the third party, so to the other revenue line, and what you expect for the current year or so, thanks to the Champions League, thanks to the agreement with TIMvision. The second point is on DAZN. I wonder from an accounting perspective, whether if you book just the net agency fee, so a net item which flows directly to the gross profit. The second point, should TIMvision lose the exclusivity by platform with the DAZN, and should the DAZN also migrate to the satellite platform, would you keep the advertising collection also on this platform? Thanks. I don't want to bother the attendants with the Infinity, but I mean, just to summarize, clearly our offer is based on a sort of let's say combined free and SVOD and TVOD offer. There is clearly the largest let's say contribution in terms of viewing time from free-to-air and AVOD let's say offer. Let's say the second step is the SVOD offer. That is the one that is also giving the possibility to watch Champions League and also some vertical channel. The third one is TVOD. Clearly, as far as business model, the AVOD part is clearly managed in the Total Audience let's say offer that Publitalia was explaining. This is clearly important to enlarge the coverage and also the price of the campaign. What I can tell you is that, I mean, our key indicator is viewing time, so all the rest is clearly important. I mean, the final objective of the offer is viewing tim e and attention, generally speaking, as we said before. To give you an idea, we have more than double in three years viewing times of Mediaset Infinity in terms of free-to-air offer. Just to give another important element in terms of coverage, we have roughly 40 million unique visitors for a month, so every month. That's pretty important in terms of coverage enlargement. As far as the SVOD, I mean, clearly, this is a different, let's say revenue stream, and it is discounted in the other revenue as we mentioned before. We have now close to 1 million subs. Clearly, that's probably the top of the seasonality because of the Champions League. This is a pretty important numbers. As I said, the revenue on the other hand will be accounted on the other revenue line. As far as the accounting system on DAZN, no, we are not really accounting only the commission. We are accounting cost and revenue. Let's say the difference between the two will be the margin. As I said before, in explaining the guidance of 2022 other revenue and cost, the guidance I gave it's also including the DAZN, let's say, effect for the first half of the year because, as far as 2021 is concerned, DAZN was part of other revenue and cost already in the second part of last year. I don't know, Matteo, about, because we don't know anything about what we are reading about DAZN moving to satellite, but I don't know. Exactly. I don't have the answer about, let's say, the possibility to move to satellite. Exactly. No, no, I don't think it's good to do any comment regarding an ongoing deal where we all read the news in the newspapers, but we don't have details. I prefer not to comment on this also in view of our extremely positive relationship with DAZN. We are close to the end of the first season, and we are both very, very satisfied of the relationship. This is the starting point. Let's see what happens. Okay. Thank you, Matteo. Okay. Thank you, Marco. Thank you guys for all the questions. Now we are running out of time. As always, we'll be available for any question, information you would like to ask. Have a good day. Bye. Thank you. This concludes today's call. Thank you for your participation, ladies and gentlemen. You may now disconnect.