Ladies and gentlemen, welcome to the Cnova webcast. I now hand over to Emmanuel Wetzel, Investor Relations Director. Sir, please go ahead. Good day, everyone, and welcome to Cnova's first-half 2021 financial results conference call. Our CEO, Emmanuel Grenier, and CFO, Maxime Dubarry, will be making today's presentation. The conference call slides can be downloaded from our website, cnova.com. This call is also being audio webcast, and a replay will be available on our website later today. All listeners are reminded to read the forward-looking disclaimer on the slide 2, and I now turn the call over to Cnova CEO, Emmanuel Grenier. Hello, everyone. Emmanuel is speaking. We start slide 4 of the presentation. Today I am happy to confirm our robust performance in the first half, which can be declined in three points. First, the marketplace showcased a high performance of 10% growth year-on-year and up 33% compared to the pre-pandemic levels. The marketplace now accounts for 46% of our product GMV. Second, our digital marketing continued to expand, growing on average almost to 60% over the past two years. Digital marketing, suppliers and merchants can invest marketing on Cdiscount to boost their sales. Suppliers and merchants love that service and are using it more and more. Marketplace combined with digital marketing, our two most profitable businesses, have led to a strong growth over marketplace revenues, which reached EUR 200 million on a 12-month basis. Third, Octopia. Cnova's turnkey marketplace service for retailers and e-merchants more than tripled its GMV over the past two years. This is only the beginning of the journey for Octopia, there is here a lot to come that I will be happy to detail in the coming slide. The robust 2021 first half performance allows us to confirm our full year EBITDA guidance of EUR 160 million. Next slide 5. We had a solid activity with promising business and operational trends considering COVID and market evolution in the last two years. First, our H1 GMV 13% higher than it was in 2019, thanks to the growth of the marketplace at +33% versus 2019, and the growth of services at +79% versus 2019, and the take off of Octopia. Second, our unique monthly visitors have grown mid-single digits during the same period. We have consolidated our number two position in France with 22 million unique monthly visitors on average in the second quarter. The three Cdiscount campaigns were a strong support to our traffic, with the Cdiscount brand awareness increasing by four points year-on-year. Finally, our current trading is more dynamic with GMV growing +13% in the last four weeks, benefiting from anticipated summer sales and continuous improvement of services. Slide 7. As you know, our marketplace is at the heart of our profitable growth strategy. Marketplace GMV has increased by a third over the past two years and now amounts to over 46% of our product GMV or +8 points compared to 2019. Our growing marketplace has resulted in an increase of our marketplace revenue over the last 12 months, which are now at €200 million. Two main drivers who grow and consolidate the marketplace. The first driver is the number of merchants. We have increased the number of merchants by 24% at 14,000. The more merchants, the more products, and the better pricing, the more competitive Cdiscount is. At the same time, we have raised our quality standards by selecting only the best merchants. Our delivery times have accelerated, and our claim rate is now under 1%. The second driver is the fast-growing Cdiscount fulfillment. 35% of our product GMV is now fulfilled by Cdiscount with more than 2,700 merchants using the service. With Cdiscount fulfillment, we deliver twice as fast the customer compared to direct delivery from merchant, and with higher quality levels too. Customer loves that. Fulfillment is boosting the product sale by 80%. Our 2025 target is to reach 50,000 qualifying merchants and 50% of our marketplace GMV fulfilled by Cdiscount. Thanks to our enhanced quality standards and the expansion of Cdiscount Fulfillment, our NPS has tremendously improved by 11 points in the last two years. Next slide. A part of our product strategy is to focus on higher margin Home & Décor, DIY, Sports, and Leisure. We can confidently say our strategy is paying off. Let's take Cdiscount Home & Deco. It has increased by 21% in the first half compared to last year, as non-technical goods make up a growing share of our GMV. These categories generate higher margin for our direct sale and higher commission for the marketplace. These categories drive a higher mix of retail business and therefore sustainable revenue growth. In 2021, we are investing in high-profile media campaigns to support growth here, boosting our Cdiscount brand awareness by more than four points at end June. Next slide 9. Cnova enhance customer experience through personalization and data. This has translated into the optimization of user experience and conversion rate. We are now using artificial intelligence to enhance the customer journey. Two examples. First, thanks to AI, we have created what we call the Cadi Score to show to the customers only the most qualitative products. Concretely, we are filtering more than 100 million SKUs on our search engine. Products are classified in five categories. Category A for the best products and category E for the worst. We follow four types of criteria. 1, quality of product description, reviews and photos. 2, quality of the merchants, reviews and claim rate. 3, quality of delivery and shipping cost. 4, price positioning. According to their overall rating, only the best ones are pushed on the search engine. We are showing to the customers only the best products. Second, the customer journey is getting more personalized. Today, 15% of our baskets are carried out through personalized banners on the site. We have a midterm target to reach 25% with two priorities. First, we are doubling the positions dedicated to personalization on the site by year-end. Second, we are developing new algorithm to propose more relevant products. For example, we will propose more complementary and relevant products to the customers. Next slide 10. Best-in-class delivery and after sales service is also key to our customers. First, more products are delivered faster. The number of SKUs that are now eligible for express delivery has grown from 1.1 million to 2.3 million in just two short years. Second, we are rolling out our Yes to the Client Policy. Already, 90% of our most loyal customers' claims are getting an immediate and positive response. We intend now to stretch it to new customers. This has led to two major achievements. We now have 2.3 million customers in our loyalty program, Cdiscount à Volonté, growing 100,000 in just one year. Second, our NPS has increased by 12 points over the past four years. Slide 11. As a reminder, two priorities to grow our Cdiscount e-commerce platform, marketplace and digital marketing. Now, going to slide 12 on digital marketing. Our digital marketing acceleration is powered by Cdiscount Ads Retail Solution, which we call CARS. It has grown 44% to EUR 29 million over the first half. First, this is a win-win proposition for suppliers and merchants. They have access to two main services. They can drive traffic from the web to their products on Cdiscount by using our Google Shopping campaign tool, and they can increase the visibility of their products in the Cdiscount search engine by using our sponsored product solution. We should stress out that these two services are powered by our leading in-house AdTech platform, providing two key advantages. They benefit from first-party data, which enables them to enhance the ROI of their marketing campaigns. They benefit from real-time monitoring of the return of their campaign. They know for each EUR invested how much sales this is generating. Thanks to that, merchants and suppliers can enjoy an incremental growth of 20-30 points of their sales when using this service. To date, already more than 5,000 merchants are using the platform, and we have a 95% take-up rate. Second, this is a great success for Cdiscount. CARS alone has grown by more than 94% in the first half. Digital marketing is our most profitable business. The major part of this revenue is translating to EBITDA. Slide 13. Going to our B2B ramp-up acceleration. Leveraging on our leading e-commerce platform, we are developing two businesses, C-Logistics, which is offering full service of e-commerce supply and transport, and Octopia, our unique ready-to-operate marketplace B2B solution. Going to slide 14. Here, our ambition is to become a leading integrated e-commerce logistics player. The commercial ramp-up of our turnkey transport solution for bulky product, C Chez Vous, is accelerating. We have signed on 13 new clients, including Lutz and Miliboo, with another six on the deck. This represents a several million EUR potential sale. The feedback from our customers is excellent. Second, a full C-Logistics service warehousing for transport has just been launched with a third live client and five other in the pipe. This logistics B2B solution certainly enjoy great success in just six months. Slide 15. Our second B2B pillar, Octopia, offers a unique and disruptive value proposal to enable websites and retailers to create or accelerate their marketplace. Marketplaces is a bullish market of e-commerce growing more than 20% in the first five years, while classical e-commerce sites were growing less than 10% a year. 80% of the executives are willing to launch their marketplace. Our addressable market, EMEA, America, are expected to be over 1 trillion in 2025. Octopia's principle is straightforward, connecting thousands of merchants to thousands of websites. For websites, they can launch or accelerate their own marketplace, thanks to the Octopia platform, which provide them with a complete bundle of services. The tech platform, the access to thousands of merchants, and fulfillment services. For merchants, they have one-click access to thousands of websites. Octopia generates value from day one. Once connected, the merchants on the website sell products at a glance. On the long term, Octopia boasts a stronger long-term performance, thanks to scale effects. In short, Octopia brings the full power of marketplace to the e-commerce ecosystem. Slide 16. Concretely, Octopia offers four services. It allows our B2B customers to add products to small and medium websites, to attract merchants to existing marketplaces, to transform existing websites into marketplaces, and all the while offering end-to-end logistics. Product-as-a-Service and Fulfillment-as-a-Service have been up and running for more than two years and generating EUR 53 million of GMV in the first half, growing 60%. Merchants-as-a-Service and Marketplace-as-a-Service solutions are now fully operational with the go live our first marketplace in the first half and benefit from a dynamic commercial ramp-up. Four deals and three LOI have been already signed. Let's dig down into our CSR initiative in slide 18. First, environmental initiatives. We have been leading the way for more than 10 years on sustainable development. Having launched our zero product destruction policy more than 10 years ago, our 3D packaging machine five years ago, we are still pioneers with the use of reusable packaging, which can be employed 100 times. It is planned to be rolled out from the beginning of 2022. We are also pioneer on the use of blockchain to track bulky product deliveries to improve traceability and efficiency. The second pillar of our CSR policy is to support the economy. We have offered free access to our marketplace to local merchants to support them to face sanitary crisis. All in all, over the past year, Cnova has contributed to the creation of 47,000 jobs in France and 92,000 in Europe. Now I would like to turn the discussion over to Maxime, our CFO, to comment on our first half 2021 financial performance. Maxime. Thanks a lot, Emmanuel. Hello, everyone. Moving to slide 20 on GMV. As already mentioned, our GMV had a solid annual growth rate of 7% in average over the last two years and 13% compared to 2019, which is driven by an accelerating marketplace. This was thanks to four underlying growth drivers. First and foremost, over the past two years, our marketplace GMV rose by 90% in average. Second, our B2C services offering grew by 35% compared to 2020, thanks to very strong energy performance, growing close to 70% in the first half. Third, Octopia has experienced a solid take-off with a GMV multiplied by three over the past two years. Finally, direct sales remain close to stable as we continue to execute our strategy to promote non-technical products and higher margin marketplace activity. Moving to slide 21 on gross margin. Our gross margin has continued to improve in 2021. Our gross margin rate as compared to net sales has increased by three points a year. The main drivers are first, the growth of our marketplace. Second, the product mix evolution toward higher margin category. Finally, the fast pace of our digital marketing offering. Moving to Slide 22 on costs and SG&A. SG&A represented 23% of sales. This is a 3.4% increase compared to last year. Fulfillment was stable over the period versus the top comparable days related to 1H 2020 that has seen a boost activity due to COVID. Marketing grew by 0.25 point due to our media advertising campaign, especially the TV campaign that we launched in the first semester and low comparable expenses during the lockdown period last year. Every EUR invested in marketing is profitable. We are generating EUR 6 of consumer lifetime value for every EUR we invest. Tech and content has increased by 1.6 points as we accelerated the development of Octopia. If we take a step back and look over a 2-year basis, our cost structure increase has been limited to 3.6 points of net sales. This is lower than the gross profit that has increased by close to six points over the period, generating two points of additional EBITDA margin. Moving to EBITDA on Slide 23. Our first half EBITDA remained stable in 2021 at EUR 49 million as compared to last year. This is a significant improvement compared to 2019 pre-COVID, where we see a 57% CAGR between 2019 and 2021. As we said previously, this was due to outstanding marketplace growth, direct sales margin improvement, and increased digital marketing revenues. Operating EBIT remains positive at EUR 6.5 million and up EUR 18 million compared to 2019. We are facing a EUR 4 million reduction of EBIT compared to 2020. This is related to accelerated investment in Octopia that are resulting in additional depreciation and amortization over the past 12 months. Looking at free cash flow on Slide 24. Our last 12-month free cash flow before financial expense is minus EUR 6 million or a negative change of EUR 41 million compared to prior year. Our change in working capital includes a negative EUR 50 million impact in the first half. This impact is related to cash placed as collateral for amounts due to third party merchants in connection with European regulation that we have implemented in the second semester of 2020. On a like for like basis, our free cash flow before financial expense would have been above EUR 45 million or up EUR 10 million compared to 2020 over the same period. The key driver of the free cash flow is our growing EBITDA that has reached on a last 12-month basis, EUR 133 million. If we move to the next slide, 25, on liquidity. Excluding IFRS 16 lease debt and restricted cash position, our net debt was EUR 376 million at the end of June 2021. This is a stable amount compared to last year. Our gross debt amounts EUR 382 million, and we have two sources of liquidity. Our first source of liquidity is a shareholder loan with Casino Group. This loan has two tranches. The first one is a term loan of EUR 160 million that is due 2026, and the second tranche is a cash pooling agreement of amount of up to EUR 400 million, of which EUR 101 million was drawn on June 30, 2021. The second source of liquidity is a state guaranteed loan of EUR 122 million, including the accrued interest. The maturity of this loan has been extended to five years in the first semester. This concludes the financial presentation, and I hand back to you, Emmanuel, for the conclusion. Yes, thank you, Maxime. To conclude, in the first half, we have been implementing the transformation of our business model at a good and steady pace, recording a solid performance. Our e-commerce platform is accelerating its development with two clear drivers, a growing marketplace and expanding digital marketing revenues. Our clear ambition is to leverage our e-commerce assets and become a global marketplace ecosystem leader, developing a disruptive, ready-to-operate marketplace B2B solution, Octopia, which is ramping up very fast. Our excellent first half performance, as well as our B2B prospect for the rest of the year, allow us to confirm our full year 2021 EBITDA target of EUR 160 million. Thank you for your time and attention, and we are ready to take your questions. Operator, may we have the first question, please? Ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad. We have the first question from Charlie Mayeur. Please go ahead. Yes. Good afternoon, gentlemen. Thank you for taking my questions. I've got several, but I will keep them brief. It's very good you confirm your full year EBITDA guidance. Can you also confirm that the target for GMV growth and revenue growth for the full year are also maintained? Yes, we can confirm that as well. Great. You can see that we had the growth acceleration quarter by quarter when you look at the comparison to 2019. +11% in Q1, +16% in Q2, the trend is good. We have three priorities around the growth. First, the dynamics marketplace growth, thanks to the new merchants and the fulfillment development. Second, acceleration of our A brand plan to support the 1P growth. We are strengthening the relations we have with the strongest brands all over the world working with us like Apple, Samsung, Bosch, and Beurer. This is the second thing. The third thing is the customer experience on the site, personalization plus NPS increase. Great. Thank you. My second question, you said that your growth was 13% in the last four weeks. Can you just clarify, is that since the start of July? What is the period? Can you tell me- This is from- Last year was very volatile. What was the growth rate last year in that 4-week period, please? Last year we had Q3, the whole Q3 of 0%. The whole Q3. The plus 13% are calculated in the last four weeks. The end of June to yesterday. There are two main things. This was 13%, but the sales are not at the same period, compared to last year, because the sales were young July this year and were last year between the mid-July and mid-August. Far we are benefiting from that. The second thing is that our services are very dynamic. Travel is accelerating, and energy is still very dynamic as it was in H1. Thank you. My last question before I promise to pass to other people. Your technical share of GMV in product GMV declined, suggesting that your absolute GMV declined. I just wondered, do you think that is a reflection of the weaker electricals market in the first half of this year, or is this a deliberate acceptance of market share loss to focus on profitability? No. You're speaking about Q2 growth? Well, I want to be sure. You only gave the technicals for H1. Sorry. There is somebody talking in the phone at the same time. Okay, you can go on. Okay. Please go ahead. Yeah. With the question, to be sure that I understood well the question. Yes. Sorry. In H1, the share of technical products in product GMV declined year-over-year, suggesting that your sales overall in absolute terms for those categories shrank. I just wondered if you thought that was a reflection of the more subdued demand for electrical products in the French market. This is more, in fact, a clear part of our strategy, which is to accelerate for non-technical good. We have accelerated, and we have launched the strategy two years ago. We wanted to accelerate on DIY, Home & Décor, Sports, and Leisure. We are doing it, because these categories, non-technical, are generating more margins in 1P and more commission in the 3P, and they are generating more recurrence from the customer as well. This is a deliberate strategy to accelerate on non-technical categories. Thank you very much. Thank you. We have now a question from Anne Critchlow. Madam, please go ahead. Thank you very much taking my questions. I have got three. First of all, looking at average order value in the first half, it looks as if that was down 1%, year-on-year. Does that reflect product mix? It is quite difficult sort of thinking about it in terms of the masks last year, for example. Yes, it can reflect product mix because when you are selling non-technical categories, obviously the average value of the product is lower than for technical goods. Anyway, the comparison with 2020 is always very difficult as the second quarter was a bit exceptional. Okay. Thank you. Secondly, please, could you talk a bit about your market share trends in the major product categories, for example, the ones you're targeting, like Home and DIY. How did your market shares trend in the first half, please? Sorry, we don't have market share trends by category. The only market share we have are for the whole 2020 period. We don't have that for H1. In the 2020 period, our market share, according to Kantar, was at 7%. What we can tell you about that is that if you look on the last three years, 2018, 2019, 2020, we are at 8% in 2018 and 2019, 7% in 2020. We have lost market share, but all the pure players have lost market share. Amazon too, and Veepee too, for example, because of click and mortars having their stores closed. We're up in terms of market share. In this trend, we were the most resilient on the market with Amazon because our market share were down -14%. We have the best results for pure players with Amazon in the 2020 but w e don't have information for 2021. Okay, understood. Thank you. Thirdly, please could you talk a little bit more about the reusable packaging? How does that work in practical terms from the customer perspective? Yes, this is reusable. This is like a bag which will be used by our warehouses, and the product will be put in a bag, and the bag will be sent back by the customer because the customer will have made the decision to take the bag, the reusable packaging. We are doing that with a company called Hipli. This bag is reusable 100 times. We have made tests during Q2. This is positive, we are going to roll out at the beginning of 2022. Do the customers send the bag back in the post? Yes. The customer send back in the post. He can do that because he has made the decision to be delivered with this new reusable packaging. Will you meet the cost of that postage, or is this to do with Hipli? The customer will pay for that. I see. There will be a cost for the customer. Yes. Okay. Yeah. Over. Thank you. Thank you. We have now a question from Olivier Calvet. Sir, please go ahead. Yes, thanks. Hi, Emmanuel, Maxime, and team. I would have several questions. I will take them sequentially. When I look at the take rate in Q2, I would see 12.1%. That's below Q1 at 12.8%. I was just wondering, looking at last year's development, which was similar, but obviously that was a special year with COVID, is this only seasonal due to product mix? What should we expect for the full year, please? Can you tell me, how did you calculate your 12.1$ and 12.8%, which is a ratio we have made? Yes. Just bear with me. I can also take that question for later. Yeah. I'll do the second one. Just a sec. Second one in between is, when I look at the presentation you had in early June and your H1 report, page 5, I was just looking at the commercial development that you've seen. Could you clarify what you've seen in Merchant as a Service and Marketplace as a Service? If I look at the slide 91 of your presentation in June, you were mentioning 1 active client in Merchant- as- a- Service and Marketplace- as- a- Service. I just wanted to know how we can compare this to the data that you've just presented in the presentation. Yes. In fact, we are still very dynamic in terms of commerce. We have in the H1 and until yesterday, we have signed four deals. We have three LOIs which are signed as well. In fact, this is the situation at this stage. We have accelerated. We have several Merchants-as-a-Service and Marketplace-as-a-Service in the pipe. Four deals signed and three LOIs have been signed. The second thing is that we have reinforced. Sorry. Is that since early June or? This is overall. Okay. Okay, this is overall. The second thing which is very important is that we are reinforcing the commercial team. We have hired a commercial director coming from SAP, a specialist for selling these kind of services and these kind of solutions. He's already on board. Has been on board from beginning of June. We see the acceleration since the twentieth he has been here. Okay. I was just wondering, you were talking about in the report that you will participate in seven events before end of the year to develop your customers in France, Germany, Spain, and U.K. Can you come back on them, please, and explain what you mean there? Yes. Thomas, the head of Octopia, the Head of Marketplace, is with us today. He will take the question. Okay. Hello. The objective is to accelerate our events and communication in foreign countries. We have already participated in several events in France. We've clearly seen it was a good driver of leads and prospects, especially for marketplaces projects that will be decided end of this year and in 2022. The idea is to do the same in other European countries to be identified as a leading marketplace solution in foreign countries. It's clearly the case in France, as we've seen more than 20 new leads for marketplace projects in France since start of June, coming to us. We're clear the thing that we have been identified as a leading marketplace solution, it will be a decision that will be taken between Q4 this year and Q4 2022. It's kind of good lead generation for France. Our ambition is to do the same for foreign countries, and that's why we are accelerating both our participation in international events and our communication in those countries. Okay. Fair enough. I was just wondering, about the input cost inflation that we see in consumer electronics. Can you perhaps come back to the pricing environment that you're seeing? How do you see this developing, please? Yes. In fact, for sure, there is a tension on the supply chain, and technical and non-technical goods, with impact on the prices. First on the raw materials and second on transport. We are negotiating because it's our culture, we are negotiating hard with the suppliers to limit this increase. This is a trend on the market, so all the retailers and all the websites, we face the same thing. The most important thing is that we are checking our selling prices, and we are comparing on a day-to-day basis, several times a day with the competition. We are aligned with the lowest price of the market. We have the best price index on the market. At the same time, you can see that our margins are stable. Just to say that all the market is impacted by this tension of the supply chain. Okay. All right. Fair enough. Just coming back to my original question. I was just looking at marketplace revenues calculated for H1. We have marketplace sort of revenues of roughly EUR 93 million. The sort of 3P sales of EUR 745 million. That would be 12.5%. I just do the difference with what we had in Q1. I come to this kind of marketplace revenues of around EUR 44 million divided by marketplace 3P sales of EUR 365 million. That's how I come to the 12.1%. Okay. What I can propose to you, let us check that because you are speaking about Q1 marketplace revenues. To check the calculation, and we'll come back to you. Okay. Fair enough. I propose we come back to you on this question. Okay? Fair enough. Thanks. Thank you. We have, again, a question from Charlie Mayeur. Sir, please go ahead. Yes. Thank you. I've got two more questions that I wanted to come back. The 1st one is just to dig into your pipeline on the Marketplace-as-a-Service. You've obviously announced that so far you've got three wins. The 1st one launched, which I believe is Géant. Can you talk about the nature of the three wins? I appreciate you're not yet ready to name who the client is. Are these inside France? Are they inside or outside the Casino Group? What's the nature of their business? That would be helpful. Thank you. We have two wins for marketplaces inside Casino Group. we have two external wins, one for a full marketplace with marketplace front and logistic solution with a leading retailer, leaders in their country, and one for our Merchants-as-a-Service solution for a major French marketplace. My final question relates to the net working capital impact. You flagged that there was a one-time impact with respect to restricted cash. You said you implemented the law in the second half of last year, if I understood correctly. When you say one time, do you mean it applies as a one-off effect in H1, but there's no further effect in H2? Or does it annualize in H2 and then no further effect next financial year? Okay. Far this is related to the new regulation, the ACPR regulation in France. We may put cash as collateral for debt due to certain merchants. This was implemented in the course of the second semester of 2020. The amount of restricted cash was EUR 66 million at the end of December. The amount has reduced a bit to EUR 50 million at the June end 2021, and we expect the amount to remain around the EUR 50 million amount going forward. It depends on seasonality. This is the one that we are fixing for the first semester and last 12 months. The amount may change depending on the level of restricted cash at the end of the next period, but the overall amount should stay close in the EUR 50 million range, EUR 50 million range. Thank you. That's very clear. Thank you. Again, we have now a question from Anne Krish. Madam, please go ahead. Thank you. My question really is about the gross margin, because you mentioned a very strong summer sale in the last four weeks. I'm wondering if customers are very price sensitive at this time and they're waiting for discounts. Does that put any pressure on gross margins, or are you expecting maybe three more percentage points increase in the gross margin in the second half as well from next? Far, the trend of sales has been improving compared to Q2. As I have said, we are benefiting from the calendar of sales, the sales period, which is not the same as compared to last year. This year was full July, between the 30th of June until tonight. Last year, it was between the mid-July to mid-August. There is a difference, and this explains why this +13% as well. Here, there is a part of this +13%, which are explained by the change in the calendar. Okay. Mmhmm. The second thing is that Cdiscount has always been competitive and dynamic during the period of sales. It has been the case for the last 10 years. This is a special period for us in January and in July. About the margins, as we are confirming our EBITDA guidance, it means that trends of margin should be close to what have been decided to build again. I cannot tell you more about the kind of margins for Q3. Just remember that the key thing about the margins now is not anymore only the margin of the 1P business, but more and more the margins of the 3P, so the commissions, and the growth of digital marketing. The gross margin of the company is related now to the 3P commissions and the growth of the marketplace and the growth of digital marketing. Okay, thank you. Just a sort of quick technical follow-up. Digital marketing, is that part of the services revenue? Services revenues. No, no. In services revenues, we have travel, we have energy. Wait a minute. In fact, if you take the press release, you have in the financial highlight, you have direct sales marketplace services and other revenues. In services are counting all the services and the fulfillment Sorry, travel, energy ticketing in services and digital marketing is in other revenues. You can see the table in the press release. Understood. Thank you. It's in services and other. It is in that line. All right. Thank you. Services is travel, energy and ticketing. Yeah. Digital marketing is in other revenues. Other. Yeah. Thank you. Thank you. Again, I have now a question from Olivier Calvet. sir, please go ahead. Yes. Thanks again. I just wanted to quickly follow up on the take rate. I understand what you said, obviously, but just was wondering if you could qualitatively give us an indication of the product mix, perhaps impact or seasonality impact on your take rate. In fact, the take rate you are calculating is mainly impacted by the growth of the marketplace, the level of the commission rate, and the growth of digital marketing. The marketing is growing faster than the other part of the site. This is increasing the take rate. Second, the level of commission is stable over time. Yeah. Third, digital marketing is accelerating. This is why I said we have to check in another short call- Okay the figures because this take rate should increase. We are going to check that. Okay, fair enough. Thank you. Thank you. We have no more questions. To conclude. Sorry. We have now another question from Simon Owens. Please go ahead. Hi. Apologies if someone's already discussed this, but I was late on the call. Can you just talk a little bit about total client growth? You haven't given us the actual numbers in terms of total clients. It looks as though you had something like 10.3 million. Mmhmm. active customers at the end of- M mhmm. the first half. Mmhmm. Sure. Which basically looks as though it's flat on the full year. Yet I thought at 1Q, you were telling us that it was up 12%. If you look at the figure, there is a +12% compared to 2019. We are comparing to 2019, the growth, because the Q2 last year was an exceptional quarter and difficult to compare with. We have two priorities on the active customer base to increase the number of customers. The first one is the retention rate of the new customers. We have a very good retention rate after year two. It means that 93% of the customers of year two are coming back to Cdiscount in year three, and so on, year after year. Our priority is to increase the retention between year one and year two. We have so far retention rate at 34% between year one and year two, and we have a target to go to 40%. We are already the second-best player in the market in this retention rate, and we have the target to increase by six points in the midterm, this retention rate. The second priority is the acceleration of marketing investment, as we started to do it in H1. We can accelerate marketing investment for two reasons. The first one, because we have a level of marketing investment on GMV as 2.1%. We have that 2.1% when our peers are around 4%. There is room to grow here. The second reason is that we can accelerate here because every EUR we put in marketing is generating 6 EUR of lifetime value on our customer. This is profitable. This is why we are accelerating our investment in marketing. 2 main actions to increase the number of customer, the retention rate of year one and the acceleration of marketing investment. Okay. At the first half, the number of customers did appear to be flat versus full year. Is that actually correct? Yes. The main KPI I'm looking at is the total client growth. If you are going to the press release versus June 2020, we are 7% of total client growth and versus June 2019, we are +12%. From first half, we are growing versus June 2020, and we are growing versus June 2019. Yeah. You haven't actually given us the number itself, so we're now having. Yes to back that out, so it's not- Okay which isn't that easy. The number we have given was the number of customers for 2020 at EUR 10.3 million. Right. Okay. That's great. Thank you very much. Thank you. Thank you. We have no more questions. Okay. Thank you very much for listening. To conclude, we are on track with what we have said, and we have 3 priorities: grow marketplace, expand our digital marketing, and to accelerate Octopia with four services, Product-as-a-Service, Fulfillment-as-a-Service, Merchants-as-a-Service and Marketplace-as-a-Service. Thank you very much, and have a good rest of the day. Ladies and gentlemen, this concludes the webcast. Thank you all for your participation. You may now disconnect.