Ladies and gentlemen, welcome to the Cnova webcast. I now hand over the call to Emmanuel Wetzel, Investor Relations Director. Sir, please go ahead. Good day, everyone, and welcome to Cnova's full year 2021 financial result conference call. Our CEO, Emmanuel Grenier, and CFO, Luc Péligry, 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 too. I now turn the call over to Cnova's CEO, Emmanuel Grenier. Thank you, Emmanuel, and hello, everyone. Thank you for your interest in Cnova. Luc and I would like to go over our full year 2021 earnings presentation with you, after which we would be pleased to take your questions. Cnova turned in a solid performance in 2021, thanks to a strong first half and despite a slower second half that was impacted by the high comparison base in 2020 with lockdowns. Over the past two years, all our KPIs are well-oriented. First, we have grown our GMV by 8%. Second, we have structurally improved our EBITDA, reaching EUR 109 million and growing at 33%, well above that of GMV. Third, we have accelerated on our key strategic B2C pillars, marketplace and digital marketing. Finally, fourth, acceleration of our B2B activities, Octopia and C-Logistics. Our higher margin activities, namely marketplace and digital marketing, have done very well over the period, with revenues up 29% and 75% respectively since 2019. Our B2B revenue streams are off to a very fast start. Octopia's GMV tripled since 2019 and has signed 12 clients in seven countries in 2021 for its Marketplace-as-a-Service and Merchant-as-a-Service offers. Next slide. Our highly profitable marketplace, which is at the heart of our B2C strategy, has grown very fast, at 22% since 2019, driving up its revenues by 29% to EUR 193 million. This performance was driven by two key levers. First, the increase in our qualitative merchant base by 2,000 in two years, bringing to the customers more choice and better prices. Second, nearly half of our marketplace orders are now express delivered to customers, up from one-third in 2019. This is primarily, thanks to 37% of marketplace GMV being fulfilled by Cdiscount, a significant increase of six points versus 2019, and also the success of our Express Seller program. As you can see, our marketplace remains one of our key growth driver and is central to our improved profitability. Next slide. We are also very successful in terms of customer satisfaction. Our NPS is a record high at 53 points, up 12 points since 2019. Furthermore, the number of our Cdiscount à Volonté clients continues to grow year after year, and this is increasing the overall repurchase rate as they are buying three times more often. These achievements are explained by, first, we continue to deliver order faster, and we have added more than 1 million SKUs eligible for express delivery. Second, our yes to the client policy is a success that we are rolling out to the entire client base in 2022. Our focus remains to continually enhance customer experience through faster delivery and high-quality customer care. Next slide. Our most profitable business line, digital marketing, continues to perform extremely well, growing more than 30% in each of the past two years. Our Cdiscount ad retail solution, called CARS, is growing even faster at 70%. CARS, our in-house ad tech solution, boosts merchant and supplier sales. Very concretely, CARS drives traffic to their product on Cdiscount site. AI powers the CARS platform at three levels. It improves relevancy of search results for customers, boosts ROI for the vendors and brands, and increases revenues for Cdiscount. We are accelerating our investment in artificial intelligence. Digital marketing is now our fastest-growing and most profitable business. Next slide. Now let's talk about our B2B activities. First, Octopia. Octopia is a turnkey marketplace solution for retailers and e-tailers, which includes marketplace technology, qualitative base of products and merchants, as well as fulfillment solutions. First, our historical product as a service offer passed the EUR 100 million GMV mark in 2021, representing an impressive 400% increase since 2019. Second, our new merchant and marketplace as a service solutions are accelerating. First, in 2021, 12 new clients signed with Octopia. Second, we have announced this morning a new partnership with Ocado to integrate Octopia's marketplace platform into Ocado Smart Platform called OSP, and allow OSP partners around the world to launch their own marketplace offering. This is a major milestone. This is the recognition by a worldwide tech leader of the quality of the Octopia solution, and it brings significant growth opportunities. Finally, 2022 will record a major step for the first full implementation of Octopia marketplace solutions. Longer term, Octopia represents a significant value creation proposition for Cnova as it targets the massive market opportunity with worldwide e-commerce growth fueled by marketplaces. Next slide. About logistics. Another growing source of profitable B2B revenues come from our third-party supply chain services. We offer a turnkey large parcel transportation service through C Chez Vous and a full service of supply-chain e-commerce operations through C-Logistics. First, C Chez Vous business accelerated significantly in 2021, with 22 live clients as of today benefiting from a record high customer satisfaction. We expect to onboard at least 11 additional clients during the first half of 2022. Second, C-Logistics, our end-to-end third-party logistics solution for retailers and e-tailers, has done extremely well with clients such as Showroomprivé and Adopt already live. Next slide. At Cdiscount, we are extremely proud of our leading position in ESG. First, for logistics, we have been continuously reducing our carbon footprint over many years, and we have launched a new plan of more than 20 actions, including reducing further empty space in trucks, thanks to bulk load loading and use of alternative means of transport to further reduce by 7% greenhouse gas emission by 2023. Our deliveries and return are already carbon neutral, and we are also at the forefront of reducing waste packaging use. We have eliminated 1.3 million packages in 2021, and we are now proposing reusable packaging through our partnership with the startup Hipli. Second, we are promoting a more sustainable consumption. Two examples. First, we are a key player in the circular economy in France, generating more than EUR 100 million of GMV in 2021 consisting of refurbished goods. In fact, a quarter of the smartphone sold on cdiscount.com are refurbished. Second, we are also reinforcing our made in France position. We are French. Finally, in terms of HR, Cdiscount was certified in 2021 as a great place to work, and we were ranked fourth in France by the Financial Times as a diversity leader for its commitments to promote diversity within the company. We are absolutely committed to promoting equal opportunities for women and men. Now, I would like to introduce our new CFO, Mr. Luc Péligry. We are pleased to welcome Luc to the Cnova family with his background in finance and management. Please welcome Luc, who will now... Thank you, Emmanuel. Good afternoon, everybody. The growth drivers. We are on slide 15. Overall, the 2021 GMV is showing a strong performance versus 2019 at 7.9% and resilience versus 2020 exceptional performance. The marketplace GMV value share is now reaching 45%, which increasing by 1.3% versus last year. Revenues are increasing by 23% versus 2019 and stable versus 2020, despite introduction of new VAT law and introduction of higher quality standards. Direct sales are decreasing as part of our strategic voluntary shifts from 1P to 3P, and mainly focused on non-technical goods. The B2C services is growing significantly year-on-year, reaching EUR 280 million, that's 44% versus 2020, mainly driven by travel, energy and mobile. Other revenues are stable with a contrasted picture. A sharp increase in digital marketing growing year-on-year by 42%, driven by our in-house ad tech platform, CARS, proposed to our sellers and brands. It is the main lever of our strategy to increase the monetization of our offer to reinforce our profitable growth path. Secondly, a decrease on the Géant Casino corners, which have been affected by the COVID with the closing of the stores during the pandemic. On the B2B side, Octopia is accelerating its growth, reaching EUR 109 million of GMV in 2021, with success with the Products as a Service and the Fulfillment as a Service offers. The partnership signed with Ocado today and the launch of the Marketplace as a Service tech platform will boost the development of Octopia in 2022. Next slide. Gross margin. The gross margin is reaching EUR 480 million in 2021 with a 4.5% increase in margin rate on sales. It's a 25% growth in margin rate over two years. What are the main reasons of this success? First, the marketplace share is increasing year-over-year with a stable commission rate and the percentage of marketplace which is now fulfilled by Cdiscount is increasing by six points to 37%. Second driver is the direct sales margin, which is improved mainly thanks to the transfer to marketplace of low cost, low margin products. The third lever, of course, is the digital marketing, which is growing fast, as highlighted by Emmanuel. We are now at more than 2% of our GMV with excellent future growth prospects. Next slide. SG&A. SG&A before depreciation amortization are closing at 17.1% of net sales, so a 3.1% increase over the last three years versus a 4.5% improvement of the gross margin. The main impact of the increase to be taken into account is investment borne to support Octopia's development. Where we had some extra commercial costs with sales team and participation to worldwide events to promote the offer, extra recruitment costs on IT and G&A to support the structuring of the activity. As far as the rest is concerned, we increased our marketing costs to support TV media campaign in H2 2021 to improve our market share. And also, as mentioned by Emmanuel, to reinforce our content on the site through live shopping, entertainment, games, and our IT costs to support the digital marketing and reinforce our capabilities in artificial intelligence. Next slide. As a result, we achieved a robust performance with a 5% EBITDA margin at EUR 129 million, 39% above 2019, with some major shifts on our three strategic pillars, increasing the 3P versus the 1P, accelerating the digital marketing, and supporting our development on the B2B area with Octopia and C-Logistics. EBIT grew by 25% versus 2019 to EUR 18.4 million. Main variances is coming from the increase in depreciation amortization by EUR 10 million, reflecting the higher CapEx engaged to support the development of our B2B activities. Cash flow on next slide. As far as the cash flow is concerned, cash flow from operating activities are at EUR 64 million, which is increased by 43% versus 2019, showing a structural improvement of cash generation. Taking into account investment and changes in working capital, the free cash flow before financial expenses amounted to EUR -77 million and has been impacted by two major exceptional triggers. First, the change in working capital with a swing of more than 100 million between 2020 change in working capital and 2021 change in working capital. Remind you that in 2020 was impacted positively by exceptional sales in November and December 2020 because of the lockdown, where in 2021 we faced headwinds on the business at the same period and also took a cautious view on technical products with then some extra strategic inventories to prevent shortages. It's linked, of course, to the semiconductor crisis. Our target for 2022 is to come back to a more normative position on the stocks on the working capital. Second exception that we have on this change in free cash flow is the higher CapEx in 2021. It stands at EUR 94 million versus EUR 71 million in 2020, i.e., an increase of EUR 23 million, reflecting the high investment in the Octopia marketplace-as-a-service platform. As a conclusion, after integrating the EUR 44 million of financial costs, which are mainly coming from the four times installments offer which have improved versus last year, thanks to a better risk management, the change in net debt is negative by EUR 126 million. Next slide. To close the cash chapter, a status about our financial debt. A quick reminder of the structure, which is made of three major sources. Casino lines through a term loan and a cash pooling for EUR 550 million, a State-Guaranteed Loan for EUR 120 million, and bilateral credit lines for EUR 70 million. A total of EUR 740 million. As at the end of December 2021, we were using in gross EUR 343 million. In terms of schedule of repayments, we have to repay EUR 60 million in August this year. They are forthcoming from the State-Guaranteed Loan, and we are already in discussion with our bank to refinance this facility. With that, I pass the floor to Emmanuel. Thank you, Luc Péligry. Our long-term objectives remain unchanged. GMV growth, EBITDA improvement, and cash generation. For that, Cnova has three clear strategic priorities. First, grow the marketplace, leveraging on fulfillment capacity as well as merchant recruitment, leading to more quality and higher customer satisfaction. Second, boost digital marketing revenues by developing CARS in our in-house tech platform. Third, accelerate B2B, develop Octopia by targeting the EMEA markets and launching new major clients and make C-Logistics and C Chez Vous leaders in e-commerce logistics. We will also continue to reinforce our ESG commitments by reducing our carbon footprint, stimulating the circular economy and promoting diversity. Thank you for your time and attention, and we are ready to take your questions. Operator, may we have the first question, please? We have our first question coming from Alexandre Casas. Please go ahead, sir. [Non-English content] [Non-English content] Alexandre. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content]. I will give an answer in English. Yes, yes. [Non-English content] About the governance. No problem. With two sub questions. About the departure of Gautier Bailly in April 2021 and the arrival of Luc in November. Gautier wanted to give a new orientation to his career. You know, we had lived two years of COVID. You know that the world has changed during these two years. It has changed for the people in and out of the company, but in the company as well. He need to do something else for this decision. We welcome Luc in November, coming from with the same background. This is, I would say, the normal life of a company. Mmm-hmm. About the administrator, Arnaud Strasser. This is as well, there is no specific signal behind that. He was not an independent administrator. He was not independent. He was replaced by [Crosstalk] [Crosstalk] No, I mean as a non-executive. Yes. Non-executive. Yes. I would say normal life of the governance of the company, of the board. There is no special signal behind that. Mmm-hmm. About the financing, we have been clear on that, Q2, that we have decided not to go on with this scenario. There is no change so far. This is deferred, and we have nothing new to add on that. Yes, what was the reason of the delay? No, the reason was the market conditions, as we explained. You know, we make the bridge. We make the bridge with your last questions around the activity. If you look at 2021 and H2 2021, Q3 when it was challenging, having invested in Q3 and now our growth was around just 8%. Q4 was down in the market, in the whole market. We have gained market share in Q4, but you can see all the market and all the results were down compared to 2020 and because of the high comparison. I would say that Q1 starts as the same kind of Q4, means that we still have high comparison base in 2021. We know that 2020 is normal until the 16th of March. We are comparing to 20. For the full Q1, we'll compare to 19 again, because this is the only normal year in the last three years. What I can tell you is that there is still a slowdown of the market. We have good market share. This is the second message. Third, our marketplace and our digital marketing are dynamic. Okay, thank you. Emmanuel. Is it clear, Alexandre? Yes, yes. We have another question from Christian Devime. Please go ahead. Good evening, Emmanuel. Good evening, Luc. Three quick question from me. The first is on the EBITDA, the guidance you released, EUR 110 million. The guidance that you in June was, EUR 160 million, but excluding Octopia loss. First point, what the amount of Octopia loss in 2021? Second point, how could you explain the other part of the gap? I understand your previous explanation, but it's quite a huge gap, so could you estimate a bit the gap? The second question was about the market share. You explained that you gain market share. It's perhaps true on the second half. If you look on page 15, you record a growth of 0% compared to last year. You record a growth of 8% compared to 2019. Obviously, when I compare with the figure of FEVAD, I can't say that you are winning market share. Could you elaborate a bit about your mix of products, your mix of service and so on? Yes. The last question was about the. Yes. The IPO and capital increase. It was a follow-up of the Alexandre question. For the moment there is no plan. Does it mean that you are going to delay, to postpone the Octopia project? Or do you are going to find other way of financing this project? Thank you. Thank you, Christian. Three good questions about the EBITDA. As we told the market last year, at the end of Q2 we were in line. At the end of H1 we were in line. I remember the call we had seven months ago with Q3 as well. You know, the challenging Q3 in terms of growth with price investments and the very challenging Q4 for all the market is explaining the difference. This is it. The second question is about market share. I understand what you say. So far we are following. We have the figures for market share for H2. We started to have that. We have the Foxintelligence market share. This is giving the complete view of the market share, but this is the only figures we have on a weekly and I would say monthly basis, and we are looking at that. I mean, I agree. In e-commerce, this is as is always very difficult to have the market share of all the players. We will see with Kantar when Kantar will give the market share for 2021. The second thing I can say is about monthly unique visitors. Here we are still number two. We have widened the gap with the number three. About your third question on IPO, as I have answered to Alexandre. The IPO was deferred and we have nothing to add. Due to market conditions, we have nothing new to add to that. Now, if we speak about Octopia, we are going to invest in Octopia. We have invested in terms of CapEx EUR 30 million this year in Octopia. We plan to invest more or less the same in this year. I speak about CapEx, tech investment. You have to add to that commercial teams. [Crosstalk] EUR 30 million, so 30. Customer success teams. EUR 30 million. [Crosstalk] For CapEx only. Octopia. Yes. This decision we have made with the shareholder because we are sure that Octopia and C-Logistics high value creation potential is that there will be a high value companies in the future, especially Octopia. For sure, we need to finance the development of these activities and Octopia to accelerate the growth. Without giving too many details, we are studying various financing alternatives for Octopia. We will continue investing in Octopia because it is one of the future of Cdiscount. Okay. On the same page that you- [Crosstalk] Okay, Christian. Yes. On the same speed on investment than you planned in June, or are you going to slow down a little bit your plan in Octopia to match with your financial resource? No. We are building a- Okay. We are building the product. We will- Yeah. No, no, we will not slow down. Yes. Okay. Thank you. Ladies and gentlemen, as a reminder. And, uh- Yes. Last thing, Christian, you have seen the press release this morning with Ocado and the partnership. Yes. This is a strong message. Ocado is for me a tech leader in the world. Ocado has signed a partnership with Octopia, and this is the recognition for us of the value of Octopia. Ocado will integrate Octopia on this platform. They love Octopia because they recognize the quality of the technology, easy to connect. They recognize the access to 13,000 vendors. They recognize the fulfillment knowhow. We are very proud, and we are very happy because there is a legitimacy this is adding to Octopia on this market. The second thing is that this is a potential of growth worldwide for us. This is important. Thank you. Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Simon Owen. Please go ahead, sir. Good evening, everyone. Could you just talk us through marketing and active customer numbers? There's been a fairly material increase in marketing expense on a two-year basis. Customer numbers are kind of flat or slightly down on the year. What has happened? Has the unit cost of recruitment gone up materially, or have you seen much higher levels of churn? Yes, there is increase in marketing. Obviously competition is increasing on the market. When I look at the figures, I see +8% in numbers of active customers versus 2019. Now our priority is not only to acquire new customers, our priority is to increase the repurchase rate. We have. I can give you more figures. We know that when a customer is buying in year two at Cdiscount after having bought in year one, they will highly probably buy in year three, four, five and six. It means that the repurchase. The retention rate year two to year three is 93%, three to four, 93%, four to five, 93%, and so on. The key thing is how we increase the retention rate between year one and year two. So far, our retention rate was around year-over-year 31%-32%. We are number two in the market on that. Can you imagine who is number one. We have increased this retention rate between year one and year two from 32% to 36%, and we are still increasing. The priority here is to work on the lifetime value of our customers to be sure that we are going to retain a maximum of our 10 million customers. For sure there is acquisition. For sure we are improving our algorithm in SEA. For sure we are improving our position in SEO. If we look at the last external studies which were made, we are number two in SEO, and we are growing faster than the competitors. The second priority is the retention of our customers with this improvement of the retention year one to year two. Thank you. Could you just give us some color as well on category mix, particularly in terms of the, you know, decline in some of the old electrical products, say, and what kind of progress you're seeing in home and DIY? Over the 19, the non-technical products with more margins are growing faster. It's home, DIY, and sports. First thing. The second thing, which is as important as the mix of categories, is the shift from 1P to 3P. Here the strategy is very clear. On non-technical products, the share of the marketplace is accelerating. Very often at more than 60%, but sometimes 70% of share, because we have a lot of new vendors and high quality products and good prices. On technical products, consumer electronics, we have made the choice here to give the priority to brands, A brands, Apple, Samsung, Xiaomi, Whirlpool. Here we are increasing and we are- The link and the partnership we have with brands, for example, with Apple this year, we had a very strong growth in 2021 with Apple, which is the biggest brand all around the world. Clear strategy for non-technical goods and technical goods. Great. Thank you very much. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press zero one on your telephone keypad. Well, it seems that we have no further question by phone. Yes. Thank you. Just, as a conclusion, just to say again that, you know, we had a solid performance in 2021 and that we are successfully rolling out our strategic plan based on the three pillars you know, marketplace expansion, digital marketing and B2B acceleration. Thank you very much for the call. Have a good evening. Thank you. Bye-bye. Ladies and gentlemen, this concludes today's conference. Thank you all for your participation. You may now disconnect.