Good day, thank you for standing by. Welcome to the Cnova Half Year Results Call and Webcast. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, you can please press star one and one again. Alternatively, you may also submit your questions via the webcast at any time. If you wish to ask a question, please type them in the question box and click submit. I would now like to turn the conference over to your first speaker, Emmanuel Wetzel, Head of Investor Relations. Please go ahead, sir. Thank you. Good day, everyone, and welcome to Cnova's Half Year 2023 Financial Result Content 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 2, and I now turn the call over to Cnova's CEO, Thomas Métivier. Hello, everyone. Thank you for your interest in Cnova. I'm very pleased to present with Yves, our half year 2023 activity and results. After which, we will be happy to take your questions. We are glad to announce today that we are on track with our transformation plan, in spite of a challenging and uncertain market with high inflation and decreasing trend for high-tech and home appliances, according to the favorite. In this difficult market context, coupled with the uncertainty regarding the ongoing consolidation proceedings of Casino Group, our mother company, Cnova has pursued its transformation plan, focusing on switching toward a profitable business model with a voluntary evolution from direct sales to marketplace revenue. First, marketplace revenues outperformed the French e-commerce market for wide goods and IT products, growing by +2% versus 2022, and still on a very positive long-term trend of +10% growth rates over the last 6 years. Second, advertising services, powered by our CARS, retail media platform and positive market trend, is performing very well. Our revenues over product GMV grew by nearly 1 point from 3%- 3.8%. Long-term trends are even higher in terms of revenues, with a 32% growth rate over the last six years. Third, Octopia's B2B is accelerating its rollout with a focus on clients deliverable in the 1st semester. Six new live clients for marketplace as a service solution, while fulfillment as a service posted a very high year-on-year growth of +36% in revenues. About EBITDA and cash. A very strong performance in profitability, EBITDA, which more than doubled in just one year, driven by both platform revenues growth and the fast implementation of our efficiency plan launched in the second quarter of last year. In a context where Cnova was heavily impacted by the ongoing consolidation proceeding at Casino Group level and deterioration of trade payables, free cash flow declined by more than EUR 80 million. The structural improvement of the cash profile of the company is still very well oriented. Adjustments from one-off impact, free cash flow has been improving by more than EUR 25 million compared to 2022, driven by the successful implementation of our transformation. Slide 6. Marketplace long-term trends remain dynamic and challenging context. Marketplace growth is at the heart of our B2C strategy. This is our first strategic pillar. Cdiscount offers an extensive range of millions of products to fulfill all of our customer needs. Second, marketplace is a very profitable business. Our marketplace has increased by 15% versus pre-pandemic level of 2019, +6% annually over the last six years, and now represents close to 60% of our product GMV. Slide 7. How is this GMV translating to revenues? Over the last years, we've grown our marketplace revenues quicker by, by four points than our marketplace GMV by reinforcing the value created for our merchants. Our marketplace revenue over GMV increased from 13% in the first semester of 2017 to close to 17% in 2023. Our key drivers are clear and well-oriented. First, an effective seller sourcing, generating growth and revenues. With strong international teams, we are screening more than two million sellers to identify and source the best one. Thanks to that, the GMV generated by our new sellers in the first half grew 18% compared to last year. Second, a strong focus on our top 200 merchants, who are benefiting from premium account management. Their GMV grew 4.5% than average in the first semester. Third, the day-to-day focus on quality. Illustrated by our express delivery standard. Express delivery is now covering more than 50% of marketplace GM-... This growth in marketplace revenue is still, is very significant, as we are still facing difficult market conditions. As part of our efficiency plan, we have also reduced investment supporting our marketplace, most notably marketing investments and foreign settlement payment financial costs, by more than EUR 12 million in the first semester compared to the first half of 2022. This leads to a very strong increase in the profitability of our marketplace operation during this semester. Next slide. Our most profitable business line, advertising services, continues to perform extremely well. Our revenues over product GMV grew by close to one point, from 3%- 3.8%. Our retail media revenues are the main lever, growing 16% year-on-year, and now representing close to 80% of our total advertising business. Behind this performance is our in-house advertising platform, Cdiscount Ads Retail Solution, or CARS, which enables our merchants and brands to drive traffic to their products and generate sales with a very efficient monitoring on the performance of their marketing investment. The growth of our advertising services is leveraging on two key drivers in the first half. First, we increased by close to EUR 5, the spent, the advertising revenues per 1,000 pages viewed in one year. Second, continuous innovation in artificial intelligence powers the CARS platform to improve relevancy of marketing campaigns on our search engine for sellers and brands. 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, a powerful direct sales offer and strong relationship 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, with well-oriented KPIs in the first half. To stop 10 brands grew 8 points over the overall trend. Client loyalty is 1.5 times higher than the rest of the 1P, and the advertising services spending are also growing faster than average, at +23%. The successful full launch of the new long-term financing offer for Apple products with Floa Bank in the first half, is illustrating the relevancy of this win-win strategy, and we are now rolling out this solution on other brands. Second, part of our strategy to drive profitable 1P business, we have implemented actions to improve this profitability. This has impacted negatively our direct sales growth over the last, the past 18 months, as we focus on high rotation and profitable categories. First, we divided by two our direct sales assortments compared to June 2022, focusing on high rotation and profitable SKUs, relying on our extensive marketplace assortment to cover specific customer needs. Second, we've reduced our inventory turnover by close to 20 days compared to June last year. Third, in H1, we continued to accelerate our automatic dynamic pricing strategy, powered by artificial intelligence, to improve our contributed margin, with now 30% of our direct sales revenue covered by this solution. To summarize the results of all this action, we have now more qualitative and more profitable direct sales offering, with better rotation to improve cash profile. Next slide. As you all know, not only we offer products, but also marketplace of services to meet all our customer needs. In the first half of the year, travel is growing fast, +16% versus 2022, nearly double compared to pre-pandemic level in the first half of 2019. This performance has been driven by recreation park and holiday packages, both growing at double-digit rates and the launch of multiple dedicated commercial offers with airlines companies, which also demonstrate our position as one of the leading partners for travel e-commerce sales in France. Next slide. We are committed to enhance our customer-centric approach, not only for delivery and customer service, but also through a seamless and qualitative experience on the website. Artificial intelligence is already widely used throughout our customer journey, and we are now accelerating in two main fields, thanks to generative AI algorithms such as GPT and Bard. First, we are considerably enhancing our product content, thanks to generative AI. Identification of wrongly categorized SKUs, improvement of titles to make them more appealing for customers, arrangement of product description. All of this is now fully automated on the scale of millions of SKUs. Second, we are in the process of rolling out a chatbot powered by generative AI in partnership with iAdvize, and the results are outstanding. The chatbot is fully autonomous to answer more than 40% of paying requests with the same conversion rate as with physical advisors, and we have reached 70% satisfaction rate, three times more than we had with our previous chatbot. We are very excited about this new generation of AI algorithm, and we will be accelerating on several other key topics: search engine relevancy, recommendation, more accurate credit scoring, and targeted promotions. Now slide 13, 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, which has generated EUR 7 million revenues in the first half, multiplying by six versus last year. Of the three new clients signing 2022, all are now live with Boardriders launched in February, showing very promising results. Already, more than 300,000 parcels have been delivered in just four months. In the meantime, we are pushing the implementation of another landmark client, a luxury worldwide leader, aiming to start live in early 2024 with significant revenue potential. Next slide on Octopia. Our third key marketplace solution for retailers and e-tailers, which includes marketplace technology, qualitative base of products and merchants, and fulfillment solutions. Octopia B2B revenues are accelerating and reaching EUR 9 million, growing 43% versus 2022, driven by our turnkey marketplace and our fulfillment solution performance. First, our merchants and marketplace service solution are accelerating. In the first half of 2023, our revenues were multiplied by two, with six clients launched. 20 clients are now live on the platform. The number of merchants available on the platform, our key differentiating factor, increased by two compared to the end of 2022. Second, also part of our differentiating Octopia offering, our fulfillment and service solution which is providing logistic and delivery services to vendors selling on platforms other than Cdiscount.com. For those vendors, revenue grew by 36%, with more than 500,000 parcels delivered in six months. Client base is growing very fast, with 300 recruited new sellers in the first half, such as Siva, Too Good To Go, Emma, and Bayta. We also launched our first marketplace partnership with Adeo in the first half to be the fulfillment solution for the marketplace of Leroy Merlin in France, Spain, and Portugal, as well as Bricoman in France. On the long run, Octopia represents a very significant value creation potential for Cnova, as it targets a massive market opportunity with worldwide e-commerce growth fueled by marketplaces. Slide 15. On our commitment for a more sustainable e-commerce and notably on sustainable products. We continue to pursue a proactive policy in favor of a more sustainable consumption, with a strong emphasis on second life products. Today, more sustainable products account for over 15% of our GMV, growing by 6 points versus 2021, and nearly five points compared to last year, which illustrate both the success of our policy and the change in our consumer behavior. As part of this policy, we support the development of second-hand products, thanks to strong partnership. First, with more than 800 sellers who offer qualitative refurbished products to our customers. We've gradually opened up several categories of refurbished products, smartphones, tablets, computers, home appliances, baby pushchairs, et cetera. Second, by developing our own refurbishment center for the phones coming back from our customers. We have a dedicated team checking and refurbishing those phones to sell them again on our website. Third, we keep developing new categories to answer our customer requests for sustainable and economical solutions. This semester, we have joined forces with Envie, our long-standing partner for the processing of returns and a major player in the French circular economy. After receiving the electric scooters returned by Cdiscount customers, Envie team, made of people in professional reintegration, give them a second life in their warehouse in Pau, before sending them back on Cdiscount marketplace. That's good for the planet, good for our customers, and good for the people working at Envie. As you see, this first semester has been a key milestone in our transformation plan, as we have delivered a strong EBITDA improvement, thanks to our clear strategy. Profitable direct sales, growing marketplace and advertising revenues, thanks to unique technology and strong commercial push, cost-effective operations, and quickly growing B2B revenue. We have also been able to keep investing in midterm projects with strong returns, such as generative AI and ESG. I now hand over to Yves, our CFO, to present with more details our financial results. Thank you, Thomas. On slide 18, we have posted an overall EUR 1.4 billion GMV in H1 2023. The GMV has decreased by 23% on a reported basis, on 14% on a like-for-like basis in a still challenging market environment. If we look into the details per business, the marketplace is resilient, with marketplace GMV decreasing by 3% in H1 2023. Marketplace GMV share stands at 58% in H1, +9 points versus last year, accelerating in Q2 2023, with a share at 60%. Direct sales GMV decreased by 32% versus last year, as part of our voluntary strategic shift from direct sales to marketplace, mostly from non-technical goods with low margin, combined with a decrease in marketing intensity as part of the efficiency plan. Advertising services GMV continued to grow, reaching EUR 42 million in H1 2023, growing by 5% versus H1 2022, on doubling versus H1 2019. The growth is mainly driven by the continued development of retail media, +16% versus H1 2022. B2C services GMV showed record performance, +21% versus last year, especially thanks to the continuous recovery of travel activities, with travel GMV increasing by 16%. The B2B activities, C-Logistics B2B GMV multiplied by eight versus last year, with one major client launch on an increase in the number of ship parcel for external clients, multiplied by six. Octopia B2B GMV increased by 43% in H1 2022 versus H1 2022, sorry. one, with six client launch for marketplace as a service on merchant as a service. Second, with an increase in the number of ship parcel by 30% versus H1 2022 for fulfillment as a service. Slide 19, gross margin. The gross margin represented around 30% of net sales, an increase of seven points compared to H1 2022, on 12 points versus pre-pandemic level. This increase in gross margin rate is mostly driven by the acceleration of Cnova shift towards more platform revenues. Marketplace brought three points in gross margin rate. Advertising services brought plus two points in gross margin rate. Gross margin volume amounted to EUR 182 million in H1 2023, decreasing by 8% versus last year, but above pre-pandemic period. The gross margin was negatively impacted in volume on rate by an additional destocking initiative, focused on SKUs with unfavorable inventory term. The level of inventory is now stabilized. It has been divided by two, compared to June 2022. Slide 20, SG&A. SG&A, excluding depreciation and amortization, are closing at EUR 148 million in H1 2023, improving by EUR 35 million compared to H1 2022 and below 2019 level. The efficiency plan launched in Q2 2022 to recalibrate cost structure to the level of activity and to support our transformation plan, has delivered significant savings with specific actions, such as the rationalization of warehouses capacities, marketing intensity, FTEs and associated staff costs, like office rent. Cnova is on track to adjust its level of SG&A to business levels, while preserving growth potential for the coming years. Slide 21, EBITDA. As a result, EBITDA stands at EUR 34 million, improving by EUR 19 million compared to H1 2022, representing 5% of net sales, above +3.7 percentage points, sorry, versus last year on versus 2019. In a still challenging market, EBITDA benefited from the transformation of the business model with the mixed improvement on the significant reduction of SG&A. Slide 22, net result. Net loss amounted to EUR 69 million, improving by EUR 4 million compared to last year, with positive impact from, one, EBIT, improving by EUR 19 million, and second, financial result, improving by EUR 16 million, mostly due to the optimization of CIB Forex policy, as followed in the transformation plan on despite higher financial cost of the structural debt. This partly offset by, one, the non-cash change in deferred assets related to tax losses for EUR 18 million, Second, due to the basis effect from last year with the Floa transaction in January 2022, generating a negative variation of EUR 13 million from other products on charges. On a comparable basis, net result is improving by EUR 22 million. Slide 23, free cash flows. Before financial interest on other product on charges, adjusted from one-offs, mainly basis effect from 2022, the free cash flows from continuing operation improved by EUR 25 million, with positive impact from EBITDA improvement by EUR 19 million, on capital expenditure improvement by EUR 15 million, thanks to the efficiency plan on despite the very negative impact of trade payables. Working capital was mostly impacted by guarantee reduction from credit insurers, offsetting, unfortunately, the positive inventory reduction. Slide 24, net financial debt. To close the cash chapter, a status about our financial debt. A quick reminder of the structure made of three major sources: Groupe Casino lines through a term loan on cash pooling for EUR 700 million, state guarantee loan for EUR 60 million, and bank overdraft for EUR 70 million, reaching a total liquidity available for EUR 830 million, excluding other operational working capital financing. Net financial debt at the end of June 2023, stood at minus EUR 582 million. Slide 26, efficiency plan. The efficiency plan launched in Q2 2022 to recalibrate our SG&A on CapEx structure to the level of activity, while supporting the transformation, is delivery as planned. Already EUR 16 million saved, secure in H1 2023 versus H1 2021, on track with a EUR 90 million efficiency plan, composed of EUR 75 million from July 2022 guidance on an additional EUR 15 million savings plan announced in April 2023. SG&A, excluding D&A, improving by EUR 38 million versus 2021. Capital expenditure improving by EUR 22 million versus 2021. On top, as said, we have optimized our financial result by EUR 60 million in H1, to deliver between EUR 18 million-EUR 20 million this year. All in all, a target of more than EUR 100 million savings. In this context, we firmly confirm our strategy to push ahead the pro- profitable sales drivers with linear operational costs. Thank you, Yves. We are now pleased to take your questions. Thank you. As a reminder, if to ask a question on the phone line, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced, if you want to register for questions on the phone line. If you wish to ask a question via the webcast, please type them in the question box and click submit. Thank you. Once again, please press star one and one on your telephone and wait for your name to be announced, if you have any questions or comment. If you wish to ask a question via the webcast, please type them in the question box and click submit. We have no questions on the telephone lines. Okay. Thank you all very much for being with us this morning, for our results of this 1st semester of 2023. Just to, to wrap up, the key highlight of our 1st semester is that we have pursued our transformation plan, focusing on switching to other profitable model with strong results. Our EBITDA has more than doubled, our structural free cash flow also strongly improved, and our efficiency plan is on track with additional run rate savings to come by the end of the year. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.