Hello everyone, and thank you for your interest in Cnova. Maxime Dubarry and I would like to go over our half -year 2022 earnings presentation with you, after which we would be pleased to take your questions. We are glad to announce today that our performance is resilient in spite of a challenging and uncertain market. High inflation, supply chain disruption due to lockdown in China, war in Ukraine. We all know that. Cnova posted a resilient performance in this context. 10% GMV decrease in the first half versus 2021, but growing versus pre-pandemic level, and gaining market share in April and May, according to Kantar. We still remain committed to our three strategic pillars, Marketplace, advertising services, and B2B activities which pays off. First, Marketplace revenues decreased by 7% versus 2021, but still on a very positive long-term trend, +25% growth versus pre-pandemic level in 2019. Second, advertising services powered by our CARS advertising bidding platform grew +15% in the first half, multiplied by two versus pre-pandemic level. Third, B2B is accelerating with 11 new contracts for Octopia Marketplace-as-a-Service solutions, and 31 new contracts for C-Logistics in the last six months. About EBITDA and cash. Positive EBITDA decreasing compared to 2021, but stable compared to pre-pandemic level of 2019. Free cash flow improving by more than EUR 100 million compared to 2021 in the first six months. In this context, we have launched an efficiency plan to swiftly recalibrate our cost structure and CapEx level to the current volume of activity with a EUR 75 million saving target on a full-year basis by the end of 2023. Next slide. Marketplace. Marketplace's growth is at the heart of our B2C strategy. This is our first strategic pillar. Cdiscount offers a very large range of products to the customer. We speak about more than 90 million products. Second, Marketplace is a very profitable business. Our Marketplace has increased by 19% versus pre-pandemic level of 2019, +8% annually over the last 6 years, and now represents more than 50% of our product GMV. We confirm our long-term target above 60% of GMV. Slide seven, as we have just said, the main driver of our Marketplace growth is the size of the assortment, but speed and delivery and quality of user experience are also contributing for growth. In 2017, only 15% of products were express delivered, and today, six years later, it grew up to more than 50%. This is primarily thanks to the 38% of Marketplace GMV being fulfilled by Cdiscount and to the success of our express sellers program, which now brings 13% more additional express GMV delivered to our clients. The ramp up of our express delivery program resulted into the constant client satisfaction for Marketplace orders, closing the gap with direct sell NPS. As you can see, our Marketplace strategy remains one of the key drivers and keeps on a positive trend. This is of course, central to our model. Next slide, about direct sales. We are convinced that our hybrid model with the right share of Marketplace and direct sales for each category has been and remains our winning strategy. For technical goods, the powerful direct sales offer and strong relationships with brands is one of the key drivers to bring value to our customers and be competitive. This strategy has led us to build a win-win relationship with top brands, exclusive offers, and marketing contribution for Cdiscount, better awareness, and user experience enhancement for the brands. The results are promising. The 9% decrease in direct sales in the first half was for our top 10 brands, when, according to Fevad and Kantar, the electronics market was down 19% in Q1. Next slide, travel. As you know, not only we offer products, but also a Marketplace of services to meet all our customers' needs. In the first half, travel is growing fast, +67% versus 2021, and more than +50% compared to the pre-pandemic level in 2019. As you know, in the last two years, this market was, and has been heavily impacted by the pandemic. Flights are up 51% with 6 destinations trending: Tunisia, Turkey, Spain, Greece, Egypt, and Dominican Republic. Flight packages are also benefiting from new partnerships. Next slide, about Cdiscount à Volonté. Our loyalty program, Cdiscount à Volonté, CDAV, is at the core of the strategy. CDAV customers are buying 3 times more often, and our CDAV customer base keeps growing in a receding market. Three reasons for this success. First, we continue to deliver order faster and faster. We have added close to 1 million products eligible to our express delivery program in one year. Second, we offer them dedicated promotions. Third, our yes to the client policy has been rolled out to all our clients. Our focus remain continuing, to continue and enhance customer experience through faster delivery and high-quality customer care. Slide 11. We are committed to enhance our customer-centric approach, not only for delivery and customer service, but also through a seamless experience on the website. AI, artificial intelligence, is widely used throughout the customer journey and especially for the search engine and the recommendation on cdiscount.com. For the search engine, the results are very promising. The GMV share of the search engine has been increasing by 4 points in 1 year, thanks to the implementation and training of new semantics algorithms, leveraging on deep learning. Another way to improve the customer experience is to display the relevant product to the customer. Thanks to targeted products displayed to our customers, the GMV share personalization has increased by 2 points. We are very excited about what it will bring next. More search engine relevancy, more recommendation, more accurate credit scoring, targeted promotion, and more to come. Next slide about advertising services. Advertising services are most profitable business line. It continues to perform extremely well, growing +15% versus last year. Our Cdiscount Ads Retail Solution, or CARS, is growing even faster at +73%. CARS, our in-house ad tech solution, boosts merchants and supplier sales. Concretely, CARS drives traffic to their product on Cdiscount and brings profitability to Cdiscount. Artificial intelligence powers CARS platform, and it does it at three levels. It improves relevancy of search results for customers. It boosts ROI for the vendor and brands. It increases revenues for Cdiscount. Advertising services are now our fastest-growing and most profitable business. Slide 14. Now let's talk about our B2B activity. Profitable B2B revenues come first from our third-party supply chain services. We offer the 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. C Chez Vous business is accelerating significantly with 49 live clients as of today, benefiting from price competitiveness and a record high customer satisfaction. This offer is an amazing success with 30 new clients signed in the first half of 2022. Second, C-Logistics. Our end-to-end third-party logistics solution for retailers and e-tailer has done extremely well with clients such as Toquedemanie and Adopt already live. We have just signed with a major client, a worldwide leader in its market. Slide 15. Now let's talk about Octopia, our turnkey Marketplace solution for retailers and e-tailers, which includes Marketplace technology, qualitative base of products and merchants, and fulfillment solutions. Our new merchants and Marketplace solutions are accelerating. In H1 2022, we have signed 11 new clients for a total of 23 clients, such as tier one e-commerce players like The Hut Group, Kingfisher, CDON, the leader in Scandinavian countries. We are now rolling out the solution with 10 of these clients already implemented. Our fulfillment-as-a-service solution, which is providing logistics and delivery services to vendors selling on platform other than Cdiscount.com. For those vendors, GMV grew by 18%, with 500,000 parcels delivered in the first half and more than 1,000 clients. In the long run, Octopia represents huge value creation potential for Cnova, and it targets a massive market opportunity with worldwide e-commerce growth fueled by Marketplaces. Next slide and last slide before giving the floor to Maxime. It's about ESG. We are at Cdiscount very proud of our leading position in ESG. First, for logistics, we started a long time ago, and we have been continuously reducing our carbon footprint over many years. Greenhouse gas emission per parcel has been reduced by 7% between 2020 and 2021, and our deliveries and returns are already carbon neutral. Thanks to two things. First, all the actions undertaken over the past year, especially with our fleet, which is unique in Europe of three packing machine. Second, thanks to the long-term partnership we have signed with Plantons pour l'avenir, which is initiating reforestation action in France to sequester 100% of the residual GHG emissions. Second, we are promoting eco-products and refurbishment. We have launched a more sustainable product label on cdiscount.com. This is covering already nearly 40,000 SKUs on the site. We are a leading player on secondhand and refurbishment, generating more than EUR 100 million GMV in 2021, and still growing 7% in the first half. Thank you. Now I give the floor to Maxime, our CFO. Thank you, Emmanuel, and good morning, everyone. I'm going to walk you through the financials of the first semester. Moving to slide 19 on GMV, we have posted EUR 1.8 billion GMV in the first half of 2022. As already commented by Emmanuel, the GMV has decreased by 10% on a reported basis and 12% on a like-for-like basis. If we look into the details per business, the Marketplace is doing quite well. The Marketplace GMV share is now reaching close to 50% in the semester, but + 3 points compared to prior period. The Marketplace GMV has decreased by 11% in the first half, but has significantly increased by 19% versus pre-pandemic level of 2019. Direct sales are decreasing 21%. This is related to low market demand and our strategic voluntary shift from 1P to 3P. Advertising services is seeing good performance. Our GMV reached EUR 40 million in the first half of 2022, growing +15% compared to prior period and doubling versus pre-pandemic level of 19. This is driven by the continuous development of our sponsored products or our CARS solution that Emmanuel already commented. B2C services are also showing good dynamics, especially thanks to fast-growing activity for Cdiscount Voyages that Emmanuel commented as well. Our other segment is stable in a like-for-like basis. Our H1 2022 actuals has benefited from the EUR 45 million sale of the cross-canal inventory to Géant. On the B2B side, as already commented by Emmanuel as well, Octopia and C-Logistics are seeing good dynamics with significant number of clients signed in the first semester. Moving to next slide on gross margin. Our gross margin was EUR 201 million in the first half of 2022. It's 23% of our net sales, or a decrease of 0.4 points compared to 2019, but still a significant increase of 5.3 points compared to pre-pandemic level. This is consistent with the 3-point increase that we have seen over the past year. The gross margin increase compared to pre-pandemic period demonstrates the success of the implementation of our strategic plan. We are promoting the high-profitability activities, and they are growing. In particular, Marketplace is growing 19% compared to pre-pandemic, and advertising service is doubling compared to pre-pandemic. If we now look compared to 2021, we have accelerated our shift to a Marketplace, with direct sales negatively impacted by our actions aimed to reduce inventory. This is also part of the efficiency plan. We have also suffered from additional cost of transportation of goods related to the inflation on fuel. Moving to next slide on SG&A. Our SG&A has stabilized in the first semester. SG&A before G&A amounted to EUR 184 million in the first half of 2022. It's representing close to 21% of net sales or a reduction of EUR 1.4 million in value compared to prior period. During the second quarter, as already commented by Emmanuel, we have launched an efficiency plan to recalibrate the cost structure to current level of activities, with significant cost savings expected in the second half and on a full run rate basis of EUR 23 million-EUR 75 million. If we now go back to the SG&A variation compared to prior period, two contrasting effects are to be noted. The first one is we continue to invest in the B2B activities with commercial, IT, G&A expense to support the development of activity. On the other hand, we have the decrease in level of G&A that are benefiting from the earlier results of our efficiency plan. This is balanced also by additional costs that we bear for the structuring of the new B2B activities. Moving to next slide on EBITDA and EBIT. As a result of what I just commented on gross margin and SG&A, our first half EBITDA has decreased to EUR 17 million compared to prior period. Now representing 1.9% of net sales. In the context of significant market headwinds and destocking initiatives, EBITDA benefited from a resilient Marketplace performance, increased advertising services, and first results of our efficiency plan on SG&A. If we now look at EBIT, the additional variance compared to EBITDA is coming from the increase in G&A by close to EUR 5 million, and this is reflecting the higher CapEx that we are engaging to support the B2B activities in the last year. Moving to next slide on cash flow. As you know, our cash flow saw structural seasonality over the year. Our H1 cash flow is negatively impacted by the cash outflows for payables related to the holiday period, while the second semester is fueled by the high level of GMV in November and December related to the holiday period. Despite the significant market headwind, we have been able to improve by EUR 82 million the free cash flow of the period. Main drivers for this change are threefold. The first one is our action on inventory. We have delivered a reduction of inventory of EUR 85 million, coming from a structural decrease of EUR 40 million on inventories related to the efficiency plan, and a one-off impact of EUR 45 million related to the sale of hypermarket Géant inventories to the Casino Group that occurred in June 2022. Second, on net CapEx, we have decreased the amount of net CapEx by EUR 26 million. There are two elements for that. The first one is a EUR 20 million one-off impact related to the sale of assets to Floa, that is described in the financial statement. We also are seeing a EUR 6 million reduction in CapEx related to the efficiency plan. The third element is finance expense. Our finance expense has increased by EUR 21 million compared to prior period. This is related to the increased tax rate of our CB4X solution and the cost of sale of receivable related to our CB4X solution as well. Moving to next slide, to close the chapter on cash, the status on our net financial debt. As a reminder, our liquidity structure is made of three different sources of liquidity. The first one is Casino line through a term loan and cash pooling for a total amount of EUR 700 million. The second one is a state-guaranteed loan for EUR 120 million, and the third one is bilateral credit lines for circa EUR 70 million. Meaning our total liquidity available is EUR 890 million in the first semester. At the end of June, we were using net EUR 470 million. If we now look at the schedule of repayments on the right of the slide, we will have to repay two terms of the state-guaranteed loan in the next eighteen months. The first one is coming in August this year for EUR 60 million, and an additional EUR 30 million is expected in August 2023. I will now hand over to Emmanuel for the next slide. Thank you. To conclude, the main thing is that we are committed to recalibrate our cost structure and CapEx level to the current level of activity. Therefore, we are implementing an efficiency plan that started beginning of Q2. EUR 30 million savings projected in the second half 2022, with a full year impact of EUR 75 million in 2023. In this context, we firmly confirm our strategy to push more Marketplace, advertising services, B2B activities. Thank you for your time and attention. 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 Alejandro Casas from Casas & Associates. Oui, bonjour, vous m'entendez? Oui, bonjour Alejandro. J'ai deux questions à vous poser en français parce que on est en France et vous êtes une activité totalement française. Comme je suis très francophone pour la Francophonie, je fais exprès. Oui. Deux questions. La question, elle est stratégique, elle est au-delà des résultats semestriels. Même si des circonstances exceptionnelles négatives ont pesé, la guerre en Ukraine, l'inflation, les difficultés d'approvisionnement, la perspective d'un profit net pour Cnova s'éloigne à nouveau et sera pas atteinte probablement avant 3, 4 ans, soit 2025, 2026. Dans ces conditions, et après l'échec d'un appel au marché mi-2021, est-ce que vous seriez prêt à une collaboration ou avec un rapprochement avec un autre acteur du secteur compte tenu des changements intervenus? La deuxième question, même si j'en avais d'autres, est plus technique. Elle est liée à la structure du bilan. Est-ce que compte tenu du fait que les législations comptables peuvent changer, et je les ai pas tous en tête dernièrement, est-ce qu'il y a une nécessité d'une opération technique d'augmentation de capital obligatoire compte tenu des pertes et des fonds propres négatifs de près de EUR 400 million fin juin 2021-22? Ou est-ce que cette nécessité d'ajustement comptable et de fonds propres n'est pas obligatoire et donc j'ai commis une erreur? Merci pour ces deux premières questions, Emmanuel. Merci Alejandro. Je prends la première, Maxime prendra la deuxième. Le premier point, c'est sur la stratégie. Sur le long terme, bon, stratégiquement, on est sur un dispositif et j'insiste là-dessus, Marketplace, j'ai dit 60%, on ira bien au-delà de 60%. On voit que la rentabilité n'a rien à voir avec le direct sell. En préservant les biens techniques sur le direct sell, donc ça veut dire sur les biens non techniques, on pourra monter 75%-80% de Marketplace, ce qui est l'objectif. 2, nos services publicitaires. 3, le B2B. Quand on y ajoute, parce que c'est un shift stratégique, l'accélération stratégique est importante. Quand on y ajoute le plan d'économie, EUR 70 million. Quand vous faites le calcul en années pleines de EUR 70 million, on est soixante-quinze millions pardon, on est quasiment à 15% de réduction de coûts. Quand vous prenez nos OPEX plus nos CapEx, c'est 15% de réduction de coûts. L'un plus l'autre. Je ne parle pas à ce stade du B2B, parce que le B2B a un financement, sûrement un financement particulier, doit nous amener à une rentabilité, c'est-à-dire la Marketplace plus une recalibration des coûts. C'est la première fois qu'on le fait dans l'histoire de la boîte. C'est pour ça que j'évoquais 2025 ou 2026. Puisque là, vous évoquez 2023 pour le plan d'économie. C'est pour ça qu'il faut la dette, etc. C'est pour ça que j'évoquais expressément 2025 ou 2026. Je pense que 2023 et encore plus en 2024, ça sera quand même beaucoup plus clair. On se rapprochera vraiment des objectifs. Le deuxième sujet sur le B2B, c'est qu'évidemment, dans le cadre du B2B, c'est une activité très différente. La question du financement se pose et on étudie toute une série de financements possibles à la fois pour ces logistiques et pour Octopia. Maintenant, sur les collaborations, ma réponse, elle est en deux temps. Pour de la collaboration capitalistique, tout est envisageable, mais la question, elle doit être posée à Casino, je suis celui-là qui est notre actionnaire majoritaire. Maintenant, sur les collaborations opérationnelles, on a quelque chose qui est puissant, dont on a peu parlé pendant deux ans, qui est la relation aux achats. C'est important dans un monde d'inflation en ce moment, dans ManoMano, avec But et Conforama, ça avait été mis en sommeil, un peu en retrait suite à la fusion, enfin au rapprochement des deux acteurs. Ça va repartir de manière beaucoup plus intensive à partir de cette année. Avec le groupe autrichien alors? Comment? Avec le groupe autrichien qui maintenant est l'actionnaire de But et de Conforama. Oui, alors c'est surtout avec Conforama et But, opérationnellement en France et surtout sur le bien technique. Le deuxième sujet, c'est qu'on se rapproche. On a des rapprochements en Marketplace. Je vous prends un exemple. On a Ubaldi aujourd'hui sur notre Marketplace en bien technique et ça se passe très bien et ça apporte énormément de puissance à notre offre. Il y a vraiment deux niveaux à la réponse. Maxime sur le bilan. Effectivement, Alejandro, vous avez une bonne question sur les capitaux propres. Nos comptes consolidés font effectivement apparaître des capitaux propres négatifs de EUR 321 million. Ça n'engendre pas la nécessité de recapitalisation, puisque pour la recapitalisation, ce qui fait quoi, ce sont les comptes sociaux de Cnova N.V. Et les comptes sociaux de Cnova N.V. ont bien des capitaux propres positifs. Il n'y a pas d'obligation de recapitalisation à ce niveau. Et la différence entre les deux, elle vient du traitement des opérations avec Cnova Brésil en 2016, dans lesquelles, dans les comptes consolidés, nous avons comptabilisé la réduction de capital à valeur réelle et donc ça a entraîné le passage négatif des capitaux propres. Mais c'est un traitement comptable purement conso, donc il n'y a pas d'obligation de recapitalisation. OK, merci pour la précision. Je ne sais pas. Je ne crois pas qu'on doit être nombreux compte tenu du nombre de réunions qu'il y a ce matin. On sortait de Maisons du Monde, on sortait de Casino ce matin, Carrefour hier, etc. La Fnac Darty. J'ai une autre question sur... Qui est un peu annexe. D'ailleurs, elle a été posée à la Fnac Darty hier soir. Est-ce que vous avez un commentaire sur la hausse du prix des abonnements d'Amazon Prime? Et qu'est-ce que, en France notamment et dans le monde ensuite, et qu'est-ce que ça peut masquer d'après vous, Emmanuel? Ou enfin masquer, ce n'est pas le bon mot. Qu'est-ce que ça peut signifier? Pardon. Écoutez, je ne connais pas leur stratégie. Je ne peux pas me prononcer pour eux. Ce que je peux vous dire, c'est comment nous, on gère cela. Ma position à ce stade, c'est qu'on a un programme, c'est Cdiscount à volonté, qui est best value for money. On est focusés. Nos programmes sont différents. On est focusés sur la livraison express, c'est vrai, comme eux. Ils ont énormément d'investissements et ils offrent des services médias, ce qui n'est pas notre choix. Notre choix, c'est de rendre du discount au client, c'est d'avoir une relation client de très haute qualité, de rendre du discount au client dans la lignée de notre ADN. On reste là-dedans. Moi, ma position, c'est de, à ce stade, on verra comment le marché évolue parce qu'il y a beaucoup de choses qui bougent, de rester sur EUR 29 parce que c'est notre promesse client en termes de prix, de créer l'écart vis-à-vis d'Amazon Prime. Je pense qu'on recrutera plus de clients et les clients basculeront chez nous. Maintenant, dans ce monde changeant, évidemment, c'est un sujet qu'on réévalue régulièrement. Donc ça, c'est ma position. OK. OK. We have an additional question coming in writing from Nicolas that I would read. You say that you increase the term loan with Casino to EUR 300 million, but also net debt towards Casino amounts to EUR 279 million. Can you explain the difference? I will take this question. It's true that our net indebtedness towards Casino is EUR 279 million and it's comprised of two elements. We have the term loan for EUR 300 million and we have a cash surplus agreement for EUR 21 million that is an asset in the balance sheet. When we net the two, we are at EUR 279 million. Merci, Maxime. Est-ce qu'il y a d'autres questions? We have no further question at this time. Ladies and gentlemen, I remind you that if you wish to ask a question, please press zero one on your telephone keypad. We have another question from Alejandro Casas. Oui, j'ai une dernière question, compte tenu d'un sujet qui m'intéresse comme vous, c'est le comportement de l'e-commerce. L'e-commerce, il est en France, en Europe et dans le monde, a été bouleversé et c'est difficile à avoir une vue compte tenu de ce qui se passait avec le COVID dans un premier temps, la fermeture des magasins, la fermeture des voyages liés à ça, puis l'affaire ukrainienne. On a des évolutions trimestrielles qui ont été rappelées, un peu chaotiques. Là, on voit bien l'affaissement du T2 auquel vous, entre guillemets, vous aussi, vous compatissez, vous subissez le T2. Ma question, c'est au fond, quand est-ce qu'on pourra avoir une activité normale dans l'e-commerce? Comment vous voyez les changements de consommation? Puisque là, une grande explication qui a été donnée, c'est qu'une partie de ce qui était faite dans l'e-commerce a été substituée pour les voyages, les vacances, etc. Au fond, comment vous comparez la situation de fin 2022 ou mi 2022 par rapport à celle qui existait en 2018? Il y a eu trois ans qu'on tout bouleversé. Avec le recul, comment vous jugeriez tout ça? Merci Emmanuel. Moi, j'ai plusieurs réponses, enfin, réponse en plusieurs points. La première, c'est que oui, même si c'est pas aussi important que ce qui était attendu, on voit quand même qu'on a une progression du e-commerce par rapport à 18 et 19 globalement, et notamment une progression des Marketplaces. On voit que c'est les Marketplaces qui tirent la croissance pour une raison simple, c'est la qualité de l'offre et la profondeur de l'offre. Ça, c'est le premier point. Le deuxième point, quand on plonge un peu à l'intérieur, on voit qu'on a des disparités par typologie de secteurs. On a le contre-cycle du COVID, à mon avis, encore pendant jusqu'en fin 2022, sur tous les biens d'équipement. C'est-à-dire que pendant 1 an et demi, pendant le COVID, les clients ont acheté beaucoup de biens d'équipement, ils étaient chez eux, ont acheté peu de mode et ont acheté peu de voyages. Aujourd'hui, on a le contre-cycle. C'est-à-dire que les biens d'équipement sont négatifs, très négatifs chez tous les acteurs. La mode repart quand même et les voyages explosent. Tout ça va se stabiliser, à mon avis, à partir de 2023. On a eu 2 ans d'effet COVID, d'accélération. Ben, on a eu 1 an et demi jusqu'à juin 2021, on aura 1 an et demi de contre-cycle. Donc, dans les cycles de réachat des biens d'équipement, je pense qu'à petit à petit, entre T4 peut-être et 2023, ça devrait se réaccélérer. Maintenant, ce qui est sûr, c'est qu'il y a un deuxième aspect qui arrive, c'est qu'on a une crise globale qui s'annonce. Enfin, c'est pour ça que nous, on se met en position de vraiment maîtriser nos coûts de manière très dure et très ambitieuse, parce qu'on a une crise potentiellement qui s'annonce. On voit aux États-Unis, comment les marchés sont en train de se positionner. Donc moi, je pense qu'on a encore 12-18 mois dans le e-commerce un peu challenging devant nous. Donc c'est pour ça qu'on s'adapte en avance et je pense qu'on est les premiers à faire ça, à globalement des perspectives qui sont moyennes. D'accord. Si c'est meilleur, tant mieux, on sera positionné pour. Merci beaucoup pour vos réponses. We have no further question. No further question. Thank you very much. Merci à tous. Bonne journée. Thank you very much.