Good morning, ladies and gentlemen, and thank you for joining. At this time, we would like to welcome everyone to Edenor fourth quarter 2021 earnings conference call. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the presentation. After the company's remarks are completed, there will be a question-and-answer section through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of Edenor's management and information currently available to the companies. They involve risk, uncertainties and assumptions because they relate to future events and, therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such forward-looking statements. Now, I'll turn the conference over to Mr. German Ranftl, CFO of Edenor. Thank you.

Good morning, everyone. And thank you for joining. Welcome to Edenor earnings webcast for the fourth quarter 2021. I truly hope that you and your family are safe and healthy. As you know, you can always call any member of our team for more details on the results of the period and any doubts you may have. First, we will focus on highlights. Edenor continues to guarantee the electricity distribution services to all its 3.2 million customers, representing a population of approximately 11 million people. Our mission is to provide a social responsible electricity services, leading the energy transition to contribute to improve people's quality of life, business and community development as well as our employees and shareholders. We are committed to our community, which is why we have adopted the best environmental, social and governance practice. Edenor was able to improve its quality service as well as a better management of its resources. The key indicators, SAIDI and SAIFI, represents the duration and frequency of energy cuts for the last 12 months, showing an improvement of 13% and 11% compared to the same indicators as of December 2020. Revenues from sales were 11% lower than the fourth quarter 2020 in real terms, mainly due to the fact that the company is still in negotiation the tariff of distribution value added. Investment reaches ARS 16,246 million in the 12 months of the year, with no material changes for the same period of the previous year, 3%. Regulatory framework. Public hearing Resolution No. 25/2022, the ENRE arranged to convene a public hearing for February 17, 2020 in order to inform and hear opinions regarding the following: The treatment of the termination of the seasonal references prices of power, stabilize energy in the wholesale electric market, MEM, as well as establish prices…

We are waiting for the questions in the chat.

The question is, do you expect any other increases in VAD for the remaining of the year? The answer is yes, we are in the process of negotiating that with the regulatory entity and we are working very close to them to find a solution for that and able to have another increase in our VAD.

So, if there are no further questions, I would like to thank you for joining this conference call. And please keep you and your family safe and healthy and have a nice day. Thank you very much everybody.