Good day. Thank you for standing by. Welcome to the Cnova 2022 Full Year Results Conference Call. At this time, all participants are in listen only mode. After the speaker presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will hear an automatic message advising your hand is raised. To withdraw your question, please press star one one again. Alternatively, you can submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Emmanuel Wetzel, Head of Investor Relations. Please go ahead. Thank you. Good day, everyone, and welcome to Cnova's full year 2022 financial results conference call. Our CEO, Thomas Métivier, and CFO, Yves Trézières, will be making today's presentation. The 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 slide two. I now turn the call over to Cnova CEO, Thomas Métivier. Hello, everyone. Thank you for your interest in Cnova. I'm very pleased to be here for the first time to present with Yves, our full year 2022 earnings presentation and share my strategic vision for 2023. After which, we will be pleased to take your questions. We are glad to announce today that we are on track with our transformation plan with all three pillars of our platform model performing very well in 2022, in spite of the challenging and uncertain market with high inflation and low consumption, leading to receding French e-commerce market. As you may know, technical goods and home and deco were down by 19% and 18% in 2022. In this context, Cnova posted a resilient performance. All three strategic pillars, marketplace, advertising services, and B2B activities are very well oriented. First, marketplace revenues outperformed the French e-commerce market, decreasing only by -2% versus 2021, and still on a very positive long-term trend with 28% growth versus pre-pandemic level in 2019. Second, advertising services by our carved advertising bidding platform is performing very well. Our revenues grew 5% last year, and our ratio over GMV grew from 2.4% to 3.1%. Third, B2B activities are accelerating. With EUR 19 million of B2B revenues growing 66% over the year. Octopia has won 14 new contracts for its 20 marketplace solution to its 26 clients at the end of the year. In this context, we have achieved a positive EBITDA as a result of the fast implemented efficiency plan that was launched as early as Q2. Our free cash flow before financial interest is improving by EUR 94 million compared to 2021. This is mainly due to our strong inventory reduction, the first effects of our efficiency plan, and the disposal of non-strategic assets such as FLOA and Youtechi. Slide. Marketplace growth is at the heart of our B2C strategy. This is our first strategic pillar. Thanks to it, Cdiscount offers an extensive range of millions of products to fulfill all of our customer needs. Second, our marketplace is a very profitable business. Our marketplace has increased by 14% versus pre-pandemic levels in 2019, and by 7% annually over the last five years. It now represents more than 50% of our product GMV, with peaks at 60% since the beginning of 2023. Next slide. How is this GMV translated into revenues? Over the last years, we've grown our marketplace revenues quicker by four points than our marketplace GMV by reinforcing the value we create for our merchants. Our marketplace revenues over GMV increased from 14% in 2019 to 16% in 2022. Our key drivers are clear and well-oriented. First, an effective seller sourcing. Our internal teams are screening more than 2 million sellers from all over the world to identify and source the best ones. Thanks to that, close to 1/3 of our marketplace GMV is generated by sellers recruited in the last 24 months. Second, a strong focus on our top 200 merchants who are benefiting from premium account management. Their GMV grew 16% last year, 23 points faster than average. They are the core of our commercial strategy. Third, a day-to-day focus on quality. With the marketplace above 50 for the first time ever, narrowing the gap with direct, notably thanks to the growth of our express delivery mode, including fulfillment. Next slide. Our most profitable business line, advertising services, continues to perform extremely well. Our revenues over product GMV grew from 2.4% to 3.1% last year. Our significant advocate solution for CARS is growing even faster at +29%. CARS revenues now represent 2/3 of our advertising revenues. Merchants and brands are super excited by CARS as it makes them able to drive traffic to their products and generate sales with a very efficient monitoring of the performance of their marketing investment. The growth of our advertising services is leveraging on two key drivers. The number of merchants and brands using the platform. We doubled it in just two years. The performance of the artificial intelligence at the core of our CARS platform. We have improved the relevancy of search results for its users and increased the click rate by 50% over the last two years. 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 win strategy for the future. For technical goods, the powerful direct sales offer and strong relationships with brands is one of the key levers to bring value to our customers and be competitive. This strategy has led us to build a win-win relationship with top brands. We offer them a unique opportunity to express their brand and showcase their products, and we benefit from accelerated growth. Those top 20 brands grew 8 points above the overall trend of direct sales and generated stronger contribution margin, 6 points above the average margin for direct sales. To optimize the profitability and cash of our direct sales business, we took bold decisions in 2022. First, shortened direct sales assortment by focusing on high rotation and profitable SKUs, relying on our extensive marketplace assortment to cover specific customer needs. Second, reduced inventory coverage. At end 2022, our coverage improved by 20% compared to end 2021. Third, in second semester, we restricted our foreign payment solution to lower-risk customers, reducing the GMV share by 4 points compared to the first semester. This action already brought EUR 13 million cash savings in H2 with full year impact expected in 2023. Next slide. As you all know, not only we offer products, but also a marketplace of services to meet all our customer needs. In the full year, travel is growing fast, +46% versus 2021, and more than +14% compared to pre-pandemic level in 2019. Flights are up +39% with six destinations trending, Tunisia, Turkey, Spain, Greece, Egypt and Dominican Republic. Flight packages are growing even faster at +62%, benefiting from new partnerships with Loteria and Smiles. Next slide. We are committed to enhance our customer-centric approach, not only for delivery and customer service, but also through a seamless experience on our website. Artificial intelligence is widely used throughout the customer journey and especially for the search engine design and to better position our products in term of pricing. For the search engine design, the results are really exceptional, with the click rate improving by 5 points year-over-year, thanks to the implementation and training of new semantic algorithms leveraging on deep learning. For the pricing positioning, AI enables us to match more than 1 million SKUs, 2 x more than last year, and compare that price with competitors. We are also very excited about the next generation of AI algorithms such as GPT-3, as we started to experiment in 2022 and their opportunities. More search engine relevancy, more recommendations, more accurate credit scoring, targeted promotions and more to come. Next slide. Now let's talk about our B2B activities. Profitable B2B revenues come first from our third-party supply chain services. We offer a full service of supply e-commerce operations through C-Logistics. We have signed three new clients in 2022. Les Raffineurs, Boardriders and a luxury global leader to reach four clients, three of them already launched. Those signatures, including industry leaders, prove the relevancy of our positioning in this market with key differentiating factors. High B2C service quality, very competitive pricing, CSR commitment and personalized packaging. Next slide. 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 a fulfillment solution. Octopia B2B revenue are accelerating, reaching EUR 90 million, driven by our turnkey marketplace and fulfillment solution performance. First, our merchants and marketplace service solutions are accelerating. In the full year of 2022, we have signed 14 new clients for a total of 26 clients such tier one e-commerce players as Rakuten, Kingfisher, Cdiscount. More than 50% of our clients are out of France, proving the value of our solution. We are now rolling out the solution with 17 of those clients already live on the platform. Second, also part of our differentiating Octopia offering, our fulfillment service solution, which is providing logistics and delivery services to vendors selling on platform other than Cdiscount.com. In this activity, parcels shipped grew by 38% to more than 1 million parcels delivered over the full year. On the long run, Octopia represents a significant value creation potential for Cnova as it targets a massive market opportunity with worldwide e-commerce growth fueled by marketplace. Next slide. Cnova maintained its CSR strategy. If we look especially at the climate change page, Cnova focused on two priorities, logistics and offer. Regarding the offer, Cnova has been accelerating its most sustainable program. This program includes refurbished products and products recognized by certified labels. At the end of 2022, these products represent 13% of the sales on Cdiscount.com, growing 3 points versus 2021. Regarding logistics, 100% of deliveries for Cdiscount.com contributes to carbon neutrality. It has been achieved thanks to concrete and long-term investment for seven years. First, we work hard to reduce our GHG emissions. As an example, Cnova has a unique fleet in Europe of 3D packaging machines and accelerates low carbon last mile deliveries. Between 2020 and 2021, we achieved a 7% reduction of GHG emissions. Second, Cnova also sequestrates 100% of its residual emissions through long-term partnerships with the endowment fund, Plantons pour l'avenir, initiating reforestation action in France. With this achievement, Cnova is concretely engaged to fight against climate change, but also meet the new clients' expectation of Cdiscount.com and our B2B activities. As you can see on the next slide, Cnova's CSR achievement are well recognized by stakeholders, whether it be on environmental, social, and societal aspects. I will give the floor to our CFO, Mr. Yves Trézières. Thank you, Thomas. Good afternoon. Slide 19, GMV trend. We have posted an overall EUR 3.4 billion GMV in 2022. The GMV has decreased by 17% on a reported basis and 15% on a like-for-like basis. We look into the detailed services, the marketplace is resilient. The marketplace GMV decreased by 6% in 2022, nearly stable at -2% in Q4. 2022 being above pre-pandemic level of 2019 by 28%. Marketplace GMV share is now reaching 52% in 2022, meaning +9 points versus last year, accelerating in Q4 with a share at 54%. Direct sales are decreasing by 27% as part of our strategic voluntary shift from direct sales to marketplace. On top particular international conditions, the national context is into low market demand, all reinforced by an unprecedented period of inflation. Advertising services GMV continued to grow semester after semester, reaching now EUR 86 million in 2022, growing by 5% on nearly doubling versus 2019. This growth is mainly driven by the continued development of Cdiscount's ad retail solution, growing +29% compared to 2021. B2C services show good dynamics, especially thanks to a fast-growing activity for Cdiscount travel, +46% GMV, on mobile, +56% GMV. On the B2B side, the expansion is on track with Octopia B2B, reaching EUR 23 million, +66% versus 2021, with 14 new clients in 2022 for its turnkey marketplace solution to reach 26 clients at year-end. C-Logistics third party end-to-end logistics solution is now launched with three active customers to date, 1 key contract starting in February 2023. Slide 20, gross margin. Gross margin representing 23.2% of net sales, an increase of 1.3 points compared to 2021, on 5.4 points versus pre-pandemic level of 2019. This positive rate growth is provided by the acceleration of Cnova shift towards more platform revenues, marketplace, its associated services, and Cdiscount Advertising all together brought more than 3 points in gross margin. Gross margin amounted EUR 394 million for the full year 2022, decreasing by 17%. The direct sales margin was negatively impacted by the destocking operation in the context of the efficiency plan focusing on cash. Despite the savings plan, we have suffered from additional shipping costs due to inflation, especially on fuel. Slide 21, SG&A. SG&A before D&A are closing at EUR 342 million in 2022, a reduction of EUR 29 million compared to 2021. The efficiency plan launched in Q2 to recalibrate cost structure to current level of activity and support our transformation plan has delivered above target. The full plan, OpEx and CapEx, delivering EUR 47 million savings versus 2021, + EUR 10 million versus guidance. Cnova has maintained the necessary investment to secure the B2B activities on their commercial development to preserve growth potential in the coming year. Slide 22, EBITDA. As a result, the EBITDA come at EUR 52 million, - EUR 51 million compared to last year, representing 3.1% of net sales. In the context of significant market headwind on B2C initiatives, EBITDA benefited from a resilient marketplace performance, the increase of advertising services, and the first result of the efficiency plan at OpEx level. Slide 23, brief EBITDA net results. EBIT additional variance is coming first from the decrease or an increase in D&A by EUR 8 million, reflecting the higher CapEx engaged to support the B2B activity in the last year, and second from the increase of financial cost by EUR 19 million impacted by the CFD Forex acceleration in H1. All in all, net result of this transition year to the new business model end up to minus EUR 135 million. Slide 24, free cash flow, sorry. Despite the significant market headwind, we have been able to limit the increase of our net financial debt by EUR 46 million, keeping the overall debt at the committed level to our investors and banks. This performance represents a EUR 79 million improvement compared to 2021, thanks to the voluntary inventory reduction, the first effect of the efficiency plan, and disposal on non-strategic assets. Before financial interest, the company generated EUR 50 million positive cash flow. Slide 25, net financial debt. To close the cash chapter, a status about our financial debt. A quick reminder on how the debt structure, which is made of three major sources. Casino lines through a term loan on cash pooling for EUR 700 million, State-guaranteed loan remaining for EUR 60 million, and bilateral credit line with banks for circa EUR 70 million, reaching a total liquidity available of EUR 840 million. At the end of December, we were using in net EUR 373 million. In term of schedule of repayments, we will have to repay one term of the State-guaranteed loan in the next 12 months, EUR 30 million in August 2023. Slide 26, efficiency. As already mentioned, we are committed to recalibrate our OpEx and CapEx to the current level of activity and to support the transformation. The efficiency plan has overperformed in 2022 with EUR 47 million, plus EUR 17 million above the July guidance, thanks to EUR 29 million cost decrease on EUR 18 million CapEx decrease versus 2021. Our transformation team is already engaged in additional actions to permanently adjust the company to the new business model. In this context, we firmly confirm our strategy to push for more marketplace, more advertising services, and more B2B activity. Thank you. Thank you, Yves. As you see, despite the challenging market in 2022, we've accelerated the deployment of our strategy. It relies on two complementary pillars: our B2C activity, Cdiscount.com, and our growing B2B activities, Octopia and C-Logistics. For Cdiscount.com, our priorities are: first, reinforce our brand identity, notably on promotions, to strengthen our positioning on the market, as it's the strong driver of consumer preference in the current context. Second, accelerate our transformation to the platform model. It will improve the profitability of Cdiscount.com, thanks to growing marketplace and digital marketing revenues. For our B2B activities, which are our main driver of value creation in the midterm, we are capitalizing on the technology, marketplace, and logistics knowhow we've built for Cdiscount.com to support French and international e-commerce players. Our priority is to accelerate our commercial development to reach the breakeven in the coming year. Developing our B2C and B2B activities will reinforce existing synergies and strengthen scale effects within the group, creating a positive cycle. Thank you for your time and attention. We are ready to take your questions. Operator, may we have the first question, please? Thank you. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star one one on your telephone keypad and wait for your name to be announced. Alternatively, you are welcome to submit your questions via the webcast. Please stand by while we compile the Q&A roster. This will take a few moments. Dear speakers, there are no questions over the phone line, so I will hand over to Emmanuel Wetzel for any webcast questions. Yes, thank you. We have four questions from Nicolas Cortial from Catas et Associés. Let's switch to French as the question were asked in French by Alexandre. The first question is: quelles sont les priorités du nouveau CEO Thomas Métivier? Les priorités sont celles que nous avons présentées à la fin. C'est vraiment le développement de notre activité en France sur Cdiscount.com avec un enjeu de renforcement de notre position sur le marché, notamment sur l'angle de la promotion et la poursuite de la création du modèle marketplace et le marketing digital en France, notre principal levier de profitabilité et de rentabilité sur cette activité e-commerce. C'est le développement de nos activités B2B qui est notre levier de développement et de croissance à moyen terme, avec là un enjeu fort d'accélération commerciale, notamment à l'étranger. On a déjà plus de la moitié de nos clients Octopia qui sont à l'étranger. On voit bien que c'est le levier de développement à moyen terme et qui vient renforcer les effets d'échelle, à la fois en termes de vendeurs et de logistique, qui construisent la force sur le marché de Cnova et Cnova et Cdiscount. The second question. Les mauvais résultats de 2022 repoussent à nouveau le break even de Cnova, qui ne sera pas rentable en EBIT avant 2025 au mieux. Quand envisagez-vous donc le retournement? Aujourd'hui, on a un plan à la fois de développement de nos revenus sur Cdiscount.com, de développement de nos revenus en B2B, de performance sur les coûts et la structure qui doivent nous permettre d'avoir un retour à une activité profitable dans les meilleurs délais. Third question: quel est le modèle économique spécifique d'Octopia? Est-il lié au volume, au nombre de ses clients, qui sont au nombre de 26 fin 2022, et à quels autres facteurs? Les revenus d'Octopia sont liés à 3 choses: au nombre de clients, avec une logique de licence, pour notamment les marketplaces que nous lançons et que nous mettrons à disposition de nos clients, sur aux volumes réalisés, notamment quand ce sont des vendeurs qui viennent du pool de vendeurs Octopia, on a un partage de la valeur sur ces vendeurs-là avec nos clients, et sur les colis que nous expédions, dans le cadre de notre offre de logistique. The fourth question: Cnova aura-t-il besoin de liquidités et par exemple, d'une augmentation de capital en 2024? En ce qui concerne la liquidité, comme vous l'avez vu sur 2022, notre priorité est bien le cash. Notre objectif premier est de générer ou du moins de neutraliser la consommation de cash historique et donc de maintenir la dette à son niveau actuel au plus tôt. Nous avons tout fait en 2022 pour maintenir le niveau de la dette à une cinquantaine de millions EUR près. Nous continuerons dans cette stratégie-là pour éviter d'avoir un besoin complémentaire. Une fois qu'on a dit ça, le groupe Casino a renforcé son prêt cette année et son support financier. Pour l'instant, on n'a pas besoin d'augmentation de capital telle que définie sur un marché éventuellement en bourse. We have another question from Nicolas Cottias. L'Allemand Zalando vient d'annoncer hier un plan de licenciement et un début d'année 2023 difficile. La première question donc: comment se passe le début d'année 2023 pour Cnova? L'économie inclut-elle des licenciements ou réductions d'effectifs? La dynamique marché est en ligne avec notre avec nos prévisions en ce début d'année. Tenait compte d'un certain nombre de facteurs exogènes qui sont bien connus, hein, à savoir l'inflation, la poursuite des instabilités internationales qui pèsent évidemment sur la consommation des Français, notamment sur les biens d'équipement, comme on a pu le voir sur 2022. Sur la question du plan de performance, il y a dans le plan de performance l'ensemble de nos coûts que nous évaluons et que nous optimisons. Il n'y a pas de licenciement prévu. Il n'y en a pas eu en 2022 et il n'y en a pas de prévu en 2023. Nous optimisons aussi nos organisations, notamment en profitant de départs et et de pour faire des repositionnements en interne. OK. Thank you Thomas. We have another question. I will switch back to English. Someone has two questions. Both are EBITDA related. The first one is: looking at the segments on page 19, i.e. direct sales, marketplace, B2C and advertising, how much EBITDA is generated per segment? What is B2B EBITDA? Secondly, what is reflected in the non-recurring expenses? When do you expect them to stop recurring? The first answer, as usual, as we said, Cnova is not providing any figure per segment. Cnova is overall at the moment. There is no indication of the EBITDA per segment. Whatever it is, it's the opportunity. Second question, Emmanuel? The second question was about non-recurring expenses and when do you expect them to stop? The non-recurring expenses were relatively higher than usual due to the transformation plan. We have partly some remaining costs this year at a lower level than last year. We are doing our utmost not to have this non-recurring again. As just mentioned by Thomas, we have lower workforce reduction as opposed to this kind of extra cost or non-recurring costs. To complement maybe Thomas' question, we are lucky to have a lot of external resources or temporary people in our warehouses, for example, and we have of course started to decrease this workforce, but not been done a lot. Then we have two other questions from Milos. The first one is: Can you offer any EBITDA guidance for 2023? The last one: How much is maintenance versus growth CapEx, and where do you expect CapEx to stabilize? The first question is about guidance for 2023, and the second one is about the breakdown of CapEx and how, when do you expect them to stabilize. For the guidance, again, we don't provide any guidance for the market at the moment. I think the main reason is that we are still in an uncertain market, so we are keeping our careful position. We will adapt, continue to adapt the company as fast as possible to the market, but we are careful on this way. The second thing, as you made clear in the study for the cash, we are doing our utmost to come back as soon as possible the company to a cash flow. It will not be in 2023, but it will be as soon as possible. For the CapEx, it's indeed part of this cash equation. What we are doing is that we are reinforcing the CapEx on the development of new activities and mainly Octopia or B2B for logistics. When we have to anticipate the start of new logistics services for our customers, we are doing a kind of rationalization of the use of our CapEx in the traditional activity. But again, we are focusing on all what can deliver the future growth. We have here a clear plan not to be at higher level as it used to be in the past two years to start the development of B2B, but to re-normalize where we are almost today. Plus a small decrease again in details. If there are not any more questions, I will let the floor to Thomas Métivier for closing remarks. Thank you very much. As you see, we have a clear strategic way forward for Cnova, both for our B2C activity and for development of our B2B activities. The market is as in trending in 2022. It will probably be in 2023 also. Our ambition is clear to keep developing those platform revenues, those platform activities in B2B to drive our growth and profitability in the coming months. Thank you everyone. That does. Thank you very much. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.