Operator: Good morning, ladies and gentlemen. Welcome to the Presentation of Inditex Results for the Interim Three Months of 2013.
The presentation will be chaired by Mr. Pablo Isla, 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 regarding Inditex results for the interim three months of 2013. I am Pablo Isla and here with me today are Ignacio Fernandez, our CFO and Marcos Lopez, Capital Markets Director.
The results for the first quarter 2013 show that Inditex continues its global multi-concept, multichannel growth. Inditex sales performance in the quarter has been satisfactory. Our operations have also shown high-efficiency and tight operating control over the period.
Let me also tell you that in terms of expansion, our space growth for the year is on track. We have opened the stores in 30 different markets over the period, demonstrating the global reach of Inditex business model. Over the first quarter 2013, we have enlarged or introduced the new image in 25 of our top flagship stores around the world, in line with what we mentioned to you in March.
We have continued our global online rollout during the quarter. The next step will be the launch online sales in the Russian Federation at the start of the Autumn/Winter season. We continue to see significant growth opportunities for Inditex globally.
Let me now hand over to Ignacio Fernandez, who will provide you with some detail behind the headline numbers and I will join you later for the outlook section.
Ignacio Fernandez - CFO: Thank you. The first quarter 2013 Inditex has achieved net sales of EUR3.6 billion, EBITDA of EUR749 million, and net income of EUR438 million.
I would like to highlight that all the lines of the profit and loss account saw double-digit growth rates on a two-year compound basis.
Starting with sales, I want to tell you that Inditex sales performance in the quarter has been satisfactory. We have achieved positive like-for-like sales. Reported sales have grown 5%. The level of sales growth should be seen in the context of a very demanding comparable in the first quarter 2012, plus 15%. Additionally, there has been one less trading day in February 2013 due to the leap year in 2012.
The positive currency effect for the first quarter 2012 reversed during the first quarter 2013.
Gross profit has increased 4% to EUR2.1 billion, resulting in a 59.6% gross margin on sales. We have sustained our commercial policies over the period.
Operating expenses are tightly under control. They have grown 7%, reflecting mainly the growth in space and include all the start-up costs for new openings.
Operating working capital remains negative as a consequence of the business model. The working capital evolution is in line with the performance of the business.