Operator: Ladies and gentlemen, welcome to the INDITEX Conference Call for the fiscal year 2012 Results. The presentation will be chaired by Mr. Pablo Isla, INDITEX'S Chairman and CEO. This presentation will be followed by a Q&A session comprising two parts. The first part will be dedicated to questions received on the telephone and the second part to the questions received through the webcast platform.
Mr. Isla, you have the floor.
Pablo Isla Alvarez de Tejera - Chairman and CEO: Good morning to all the participants in this webcast conference call featuring INDITEX results for fiscal 2012. I am Pablo Isla and here with me are Ignacio Fernandez, our CFO and Marcos Lopez, Capital Markets Director.
The results for 2012 show the global reach of our business model. INDITEX continues its ongoing multi-concept and multi-channel growth. We now operate a highly diversified business platform. 2012 has been a year of a strong expansion for INDITEX. We have achieved very significant sales growth. We have also had a strong operating performance. The year has been marked by the satisfactory evolution of gross margins, increased efficiencies and tight control of operating expenses. As a result, the Group has generated a strong cash flow.
Due to these facts and the significant opportunities to invest profitably, funds from operations have been invested mainly in the expansion of our business. This growth has taken place through the addition of prime retailer space in markets with high potential.
Our financial performance also allows us to propose a significant increase in shareholder remuneration for fiscal 2012. We have finished the year with operations in five continents through eight formats, with 6,009 stores globally and online sales presence in the most relevant market. We start 2013 with a unique platform that can access growth opportunities globally.
I would like to highlight some key points on these results. In 2012, sales grew by 16% to EUR15.9 billion. Due to the strong sales growth and higher operating efficiency, INDITEX EBIT increased 24% to EUR3.1 billion. Net income grew 22% to EUR2.4 billion or EUR3.79 per share. Return on capital employed reached 39%.
As a result of our performance, the INDITEX Board of Directors is proposing a 22% increase in the dividend to be paid in relation to these results.
Let me now hand over to Ignacio, who will provide you with some detail behind the headline numbers and I will join you later for the outlook section.
Ignacio Fernandez - CFO: Our results for fiscal 2012 continued to show strong growth in all the key lines of the profit and loss account. Revolution of sales has been satisfactory with 14% growth in local currencies.
Like-for-like sales have increased 6% in 2012, with 7% growth in the first half and 6% in the second half.
INDITEX retail space has grown 11.4% to 3.2 million square meters. We have added 322,000 square meters to our retail base over this year. The time weighted growth in space was 10.6%. The ongoing expansion of our Group has led to a global sales platform with the presence in 86 markets and five continents, both in the Northern and Southern hemisphere.