Ladies and gentlemen. Welcome to the EDF Half-Year 2022 Results Conference Call. I will now hand over to Jean-Bernard Lévy, CEO, and Xavier Girre, CFO. Gentlemen, please go ahead. Good morning to all. We are delighted to welcome you to this presentation of EDF Group's 2022 First S emester Results. In a few minutes, Xavier Girre, CFO, will present our results in more details. We will both answer your questions. First, I would like to point out our key performance indicators and review the highlights of the last six months. In first half, 2022, nuclear power generation in France reached 154.1 TWh, which is 27.6 TWh less than in the same period in 2021. This is due to lower plant availability following the discovery of signs of stress corrosion. Despite fewer unforeseen events and an optimized production schedule, the total generation is below the previous year. Hydroelectric generation in France is also below the previous year. It reached 18.9 TWh, down by 5.7 TWh. This is in the context of historically low water levels as a logical consequence of the drought in France. Our carbon intensity, which is already 5x lower than the European average, remains stable in line with what we had in the first six months of 2021. In the United Kingdom, nuclear generation stood at 23.2 TWh, up by 2.3 TWh compared to the first six months of 2021. EDF Group's wind and solar power production reached 12.9 TWh, up 20.7% when compared to the first half of 2021. Our portfolio of worldwide wind and solar projects amounts to 82 GW growth compared to 76 GW at the end of 2021. These are very good results. They confirm our path for growth in renewable energies. EDF Group's EBITDA shows a fall of 75%. This reflects the company's difficulties in nuclear generation and, to a lesser extent, hydroelectric generation. EDF have also been affected by the regulatory measures in France to cap price increases in 2022. Nevertheless, EBITDA includes the exceptional performance of EDF Trading and also better generation from our nuclear fleet in the United Kingdom. Our net current income has decreased by EUR 5.1 billion compared to the first half of 2021. It stands at -EUR 1.3 billion. Net income group share amounted to -EUR 5.3 billion at the end of the first half of 2022, down by EUR 9.6 billion. Net financial debt stood at EUR 42.8 billion at the end of June 2022, following the EUR 3.1 billion rights issue last April and a significant improvement in working capital requirements. At the end of June, we had EUR 29 billion net liquidity. Next slide talks about the state ownership, which is expected to rise maybe up to 100%. As I'm sure you know, on 19 July 2022, the French government announced how it will enact its intention to take a 100% stake in EDF's capital. A simplified public purchase offer will be launched. Should be done at the beginning of September. The goal of the project is to enable EDF to implement ambitious and essential projects in energy transition. Since this announcement, EDF's board of directors has set up an ad hoc committee within the board to present to the board an independent expert report on the financial conditions of the state's offer. The independent financial expert was designated yesterday. If the conditions for this implementation are met, the purchase offer will be followed by a squeeze-out of all the shares and convertible bonds, we call them OCEANE, which are not today held by the French government after the buyout. The total buyout for shares and convertible bonds is estimated at approximately EUR 9.7 billion. The next slide talks about the stress corrosion phenomenon, and it will start with a video. Stress corrosion occurs due to the simultaneous influence of several different factors. Material, its intrinsic characteristics, and welding conditions. Stresses induced during operation as a result of fluids circulating in piping, the type of fluid conveyed by the piping. Stress corrosion causes fine cracks on the surface of the material, which propagate into the thickness of the pipe. Since this phenomenon was detected, EDF has carried out inspections by means of ultrasonic and liquid penetrant testing, investigations on samples of piping material, digital welding simulations, studies to calculate the speed of propagation of stress corrosion, and the size of the maximum allowable defects. So far, these analyses have enabled EDF to confirm the following. The 32 reactors of 900 MW and the 8 reactors of 1,300 MW of P4 type are less sensitive to the appearance of the stress corrosion. The 12 reactors of 1,300 MW of P'4 type and the four N4 reactors are more sensitive to the appearance of the stress corrosion phenomenon. Stress corrosion occurs within a weld area of the piping and does not develop beyond this zone. EDF has drawn up a program of inspections for all its reactors. The inspection strategy was submitted to the French Nuclear Safety Authority, who has judged it as appropriate. Inspections led by EDF are underway across the entire fleet. Repairs are underway at the Chinon B3 and Civaux 1 reactors and are in the process of preparation at other reactors. EDF continues to develop enhanced non-destructive examination methods and confirms its ambition to implement them on a systematic basis from January 2023. As you just saw in that video, the inspections, investigations, and analysis carried since May have enabled EDF to determine which reactors are most sensitive to the phenomenon, have enabled EDF to identify the specific zone to be monitored within the scope of our maintenance programs, and also has enabled EDF to continue the program of inspections across the entire fleet. Yesterday, the French Nuclear Safety Authority has publicly judged our global strategy as appropriate. Next slide is about the war in Ukraine. EDF is exposed to some consequences of the war in Ukraine. First, extreme tensions on the electricity market in a context of declining nuclear output, requiring a high level of purchases on the market at very high prices. Secondly, we have seen considerable volatility in the price and availability of raw materials and certain components, leading to supply difficulties for some of the group's businesses and key projects. However, impact on gas and uranium supply are real but very limited. For example, we have a single gas contract with a Russian operator through our subsidiary, Edison. It represents only 4% of the group's supplies, and it was anyway going to expire at the end of 2022. We also have low dependence on imports of Russian uranium, given the stocks we have built up and a long-term diversified supply contract base. The war in Ukraine has also impacted the financial markets, reducing the value of listed assets held in our dedicated assets area. On the other hand, interest rates have risen faster than inflation, reducing the level of nuclear provisions, which is favorable. As a result, the coverage ratio of nuclear provisions by dedicated assets stands at 105.3% at the end of June. This number is slightly down on what it was at the end of December. In May 2021, the General Assembly approved our raison d'être, which feeds into all our businesses and lies at the heart of our social and environmental responsibility policy. In this context, we have set ourselves ambitious targets, and we pursue them vigorously. This year, we presented all shareholders with a climate resolution for the first time. It was adopted by 99.87% of our shareholders. In sustainable finance, 84% of our credit lines are indexed on EDF's ESG indicators. That means a total of EUR 10 billion. These figures show that sustainable finance tools are at the heart of EDF's financing strategy. We are also very happy to announce that EDF is the first major group to publish its Impact Score and commit to a transparent process of improvement. We have achieved a score of 68/ 100, which is higher than the average score of companies that have previously disclosed their Impact Score. This average is 55/ 100. These targets, these measures will enable us to attract new talents. Today, we are the preferred company in France for students and young graduates in the energy sector, and all in all, we rank fourth among the most attractive employers for engineers. Finally, we are extremely proud that we have received the ESG Information Award at the new edition of the 2022 Transparency Award. This ESG award recognizes the transparency and the quality of our non-financial information. Now, I would like to highlight a few events that have marked the beginning of the year. Let us start with new nuclear. In the United Kingdom, we recently revised the schedule and the cost of building the two Hinkley Point C EPR reactors. Unit one is scheduled to start producing electricity in June 2027. The project's full cost is now estimated in 2015 pounds, between GBP 25 billion and GBP 26 billion. We are very pleased that the British government has approved the construction of the Sizewell C nuclear power plant. Two EPR units, very similar to Hinkley Point. This reaffirms the British government's confidence in nuclear as part of its climate ambition. Yes, we accelerate the development of our small modular reactor, NUWARD. This will be supervised through an early joint regulatory review led by the French Nuclear Safety Authority with the participation of the Czech and the Finnish safety authorities. This initiative is the first of a kind in European regulatory cooperation between several countries regarding nuclear reactors, and it will support the implementation of an international SMR licensing strategy. We also welcome, of course, the final decisions made by both the European Council and the European Parliament to include nuclear power in the European taxonomy. This recognizes the role of nuclear energy, confirming the opinions of majority of experts such as the IPCC or the IEA. We are happy because we worked very hard to achieve this. These final decisions of the European Council and Parliament, they mean several things. Firstly, optimized financing conditions for investment programs in existing assets, but also in future projects. Secondly, this taxonomy will contribute directly to the achievement of the European Union's climate objectives. At EDF and in line with the European taxonomy, we recently published our new Green Financing Framework to reflect the best practices on the market. The slide on renewables, customers and services will show you the scale of our ambitions. Our project portfolio in renewables stands at 82 GW growth. This is 9% above what it was six months ago. We've met with major success both in India and in the United States. We are proud that we have now produced the first megawatt-hours through the Saint-Nazaire offshore wind farm. So far, 56, that is exactly 70%. 56/ 80 wind turbines to be built, they have been installed. In terms of customers and services, we have many reasons to be satisfied. Sales performance has been excellent, reflecting the relevance of our offers and the quality of our relationship with all categories of consumers. We are growing the number of electricity service and gas contracts per customer, in line with our target of reaching 1.5 million by 2030. We have signed nearly 520,000 gas and service contracts over the last 12 months. The number of our residential customers on market offers for electricity supply was 1.7 million at the end of June. This is a growth of 18% when compared to the end of December 2021. Our sense of innovation and mobility and in green hydrogen has led to several promising advances. The EU has approved the French government aid for the hydrogen plan as part of IPCEI for the McPhy giga factory project in Belfort, which will reach 1 GW of production of electrolyzers every year. Recently, we took part in fundraising for the English startup Carbonaide. Carbonaide's solution will allow our industrial clients to rapidly accelerate their decarbonization and transition to a more circular economy. This is a vision that we share. We believe it is essential to achieve carbon neutrality by 2050. At the end of June 2022, EDF Group continues to contribute to energy transition with more than 240,000 charge points for vehicles installed and managed. 240,000 is up 26% on what we had at the end of 2021. We are also proud to note that all the concessions in mainland France held by our independent subsidiary, Enedis, have now been renewed for an average duration of 30 years, and that the number of new connections to the grid has been growing during the first six months of the year, in particular with renewable energy producers. Now, I will now hand over to Xavier Girre. Xavier will be providing more details concerning our financial results. Thank you, Jean-Bernard. Good morning, everybody. I will now go into detail and explain our 2022 half-year results. Let me start with the key figures. Sales increased very materially to EUR 66.3 billion at 66% organic growth. This is mainly the consequence of three elements. First, the surge in power prices leading to a positive price effect on the sales in the four key European countries of the group. In France, though, these price effects were largely reduced by the impact of the tariff shield and in the offers of the additional ARENH volumes. Second, the rise in gas prices. As the sourcing cost has risen at the same time, the impact on EBITDA remains limited. Third, the resale of purchase obligation in France at much higher prices. This has no impact on EBITDA because of the CSPE mechanism. EBITDA decreased by 75% to EUR 2.7 billion, mainly a consequence of the power purchases at high prices on the market due to the decrease in nuclear and to a lesser extent, hydraulic output in France and other regulatory measures in France. Net recurring income stood at -EUR 1.3 billion compared to EUR 3.7 billion in first half 2021. The net income group share decreased from EUR 4.2 billion one year ago to -EUR 5.3 billion for first half 2022, taking into account the decrease in the fair value of the financial assets. Net financial debt was stable at EUR 42.8 billion, a EUR 0.2 billion decrease versus first half 2021, mainly as a consequence of the rights issue carried out in April and the positive working capital change which compensated the drop in EBITDA. As you can see on this bridge, the EBITDA fall is concentrated on France generation and supply activities. Most of the other segments recorded a growth, in particular, EDF Trading presented in the other activities, the UK, EDF Renewables, and Italy. Let me now focus on the segments of the group with the most significant evolution. Starting with France generation supply activities down from EUR 4.8 billion in first half 2021 to -EUR 5 billion in first half 2022. The first three blocks show the situation at end of June as it was disclosed in the 2021 full year presentation concerning the 2022 EBITDA. First, a positive price effect before regulatory measures and regulated and market offers for an estimated EUR 3.9 billion. Second, the negative impact of the additional ARENH volumes for -EUR 6.2 billion, of which -EUR 3.5 billion include the cost of the 6.5 TWh additional volumes already delivered to alternative suppliers over second quarter for an estimated -EUR 1.4 billion, plus the corresponding impact on both regulated and market offers since 1 April 2022, as well as a tariff shield to limit the increase of the regulated tariffs for -EUR 2 billion. -EUR 2.7 billion correspond to a provision for the additional 13 TWh ARENH volumes to be delivered to alternative suppliers in second half 2022. Third, a decrease in nuclear output of -27.6 TWh for an estimated - EUR 7.3 billion. The decrease was due primarily to the impact of the stress corrosion phenomenon for an estimated - 36.6 TWh. These outages compelled the group to purchase power on the market at very high prices. The fourth block corresponds to the hydraulic output. In a context of historically poor hydropower conditions, output decreased by - 5.7 TWh with a negative impact on EBITDA of - EUR 1.4 billion. France regulated activities remained almost stable at EUR 3.2 billion. UK EBITDA increased significantly from EUR 0.3 to 0.9 billion. This is mainly explained by improved generation and optimization of the nuclear fleet. The increase in nuclear output of 2.3 TWh enabled additional volumes to be sold on the market in the context of rising prices. Whereas the level of generation in 2021 had led to purchases at high prices. The EBITDA of Edison improved organically by 14% at EUR 0.6 billion, primarily led by the electricity and gas activities. The EBITDA of EDF Renewables increased organically by a strong 65%. The growth was mainly due to the increase of 22.7% in the generated volumes versus first half 2021, and to positive price effects. The first half of 2021 was impacted by the extreme cold snap in Texas, with a material adverse impact on generation EBITDA estimated at -EUR 94 million, with no equivalent in 2022. Other activities more than doubled to EUR 1.8 billion, driven by EDF Trading EBITDA, which was up sharply compared to first half 2021. It reached more than EUR 1.7 billion. This trading and optimization performance was achieved across all geographies on the backdrop of very volatile commodity markets. This slide now presents another summary view of the variation of group EBITDA. A positive price effect in France of EUR 3.9 billion on regulated and market offers before regulatory measures. A negative impact of the regulatory measures in France for -EUR 6.2 billion, including a provision of EUR 2.7 billion for the ARENH volumes to be delivered to alternative suppliers in the second half of the year. A negative impact of the drop in nuclear output in France for -EUR 7.3 billion. Hydro generation for -EUR 1.4 billion. An improvement on the other renewable generation by EUR 0.2 billion. Exceptional performance of EDF Trading, which contributed positively for EUR 1.1 billion. Last, other operational effects for a total of EUR 1.6 billion, including a positive impact of sales and purchases in markets, increased nuclear output in the UK, and unfavorable downstream impact in the UK and Italy. Let's now move to the other items of the P&L. EBIT was down by EUR 8.8 billion from EUR 4.3 to -4.5 billion. This variation is mainly explained by the decrease of the EBITDA for -EUR 7.9 billion. Net income group share amounted to -EUR 5.3 billion and -EUR 9.5 billion variations versus first half 2021. As detailed previously, EBITDA decreased by -EUR 8.8 billion. The financial result amounted to -EUR 2.9 billion, down -EUR 3.8 billion compared to the first half of 2021. This change is mainly explained by, first, -EUR 5.1 billion due to a lower performance of the dedicated assets portfolio in the context of a bearish stock market, -8.9% in first half 2022 versus 6.9% in first half 2021. Second, a favorable discount effect of EUR 1.5 billion, mainly due to the increase in the real discount rate for nuclear provisions in France of 30 BPS between December 2021 and June 2022 after a stable trend over first half 2021. Third, overall, the average ratio, coverage ratio of the dedicated assets too at 105.3% at the end of June 2022, compared to 109.3% at end of 2021. Income tax followed the evolution of the EBIT and financial result with a swing from -EUR 1.5 billion in first half 2021 to EUR 1.8 billion in first half 2022, with the recognition of deferred tax assets. This slide shows the main elements from net income group share to net recurring income. The main element explaining the EUR 4.4 billion increase in the non-recurring items net of tax is the fair value adjustment of the dedicated assets net of tax for EUR 3.8 billion. The group's net income, excluding non-recurring items, stood at -EUR 1.3 billion in first half 2022 versus EUR 3.7 billion in first half 2021. Let's now highlight the main elements explaining the evolution of the net financial debt in first half 2022. Group cash flow was negative for -EUR 4 billion. It mainly results from the deterioration of the cash EBITDA. Working capital requirements represented a EUR 6.8 billion. It is mainly explained by a reversal of the working capital requirements of the trading activities compared to 2021, and by cash in on the CSPE mechanism, the purchases obligation of renewable producers in a context of very high prices on the spot market. Net investments amounted to EUR 8.5 billion, an increase of EUR 4.8 billion compared to first half 2021, especially related to the acquisition in 2022 of the development rights for offshore wind power in the New York Bight. The rights issue of last April contributed positively for EUR 3.1 billion. As a result, the net financial debt decreased slightly to EUR 42.8 billion at the end of June 2022 versus EUR 43 billion at the end of 2021. To summarize my key messages of this semester, activity was good for most of the segments, but the fall of nuclear output in France in the context of very high market prices alongside exceptional regulatory measures led to a major drop in EBITDA. The proceeds from the recent rights issue and a very favorable working capital requirement movement helped maintain the level of debt at an even level. This ends my presentation. Let's now hand it back again to Jean-Bernard Lévy. Yes. Thank you very much, Xavier. Some perspectives for the year. Current 2022 has been marked by several events that have had a significant impact on our finances, as you have seen. Therefore, we must draw your attention to the EBITDA for 2022, starting from a 2021 base of EUR 18 billion. We should expect approximately EUR 8 billion in positive effects on energy prices compared to what we had estimated back in February, which was EUR 6 billion. Today, we estimate at eight. Approximately EUR 10 billion of less EBITDA due to exceptional regulatory measures, and EUR 24 billion EBITDA less due to the impact of declining nuclear production in France compared to the previous forecast mid-May, which was EUR 18.5 billion, today, EUR 24 billion. Of course, these estimates are linked to the increase in feed-in tariffs, and they are calculated based on the market prices as they were of 13 July 2022. On the next slide, you will see that, regarding 2023, we stand by our ambitions. We are aiming at a net financial debt to EBITDA of slightly above 3x, and an adjusted economic debt to EBITDA ratio at around 5x. As you know, the French government's announcement of its intention to hold 100% of EDF's capital, it will open up a new chapter for our group. In that way, the French state renews its commitment and will allow EDF to find the right solutions to grow our business sustainably in France and abroad, and in particular regarding new nuclear projects and the development of renewable energy. Thank you very much. This ends Xavier and my initial presentation, and we now will turn to a Q&A session, please, for your questions. Ladies and gentlemen, we will now begin the question-and-answer session. Participants with questions to pose, please press zero one on your telephone keypad. To cancel the queue, please press zero two. We have got the first question from Arthur Sitbon, Morgan Stanley. Please go ahead. Hello. Thank you for taking my questions. The first one is on the press release from the ASN, the French nuclear safety body yesterday, saying that your strategy regarding the stress corrosion phenomenon is appropriate, and also making a comment on the Belleville 2 reactor. I was wondering if this could impact your nuclear output targets for 2022, 2023, but also doing the checks by 2025, I thought was allowing you a bit more time than initially thought. I was wondering also if it impacts output in 2024 and 2025. My second question is on the coverage ratio on nuclear provision. I was wondering if you see a risk of the ratio dropping below 100% and EDF having to make further contribution to the dedicated assets. My last question is actually that we're seeing targets in France and in other European countries to cut the consumption of electricity and gas for the next few years. I was wondering how, as a group, you can help with that, and if you think the objectives being set are achievable and at which cost to utilities and consumers. Thank you. Thank you very much. I will answer your first and third questions. I will leave the second one to Xavier Girre. The ASN press release confirms what we had proposed. I think is a good description of what we would have expected as a green light to move ahead as we had proposed. This means it is in line with our previous and recent target for nuclear generation in 2022, between 280 TWh and 300 TWh. In 2023, between 300 TWh and 330 TWh, there is no change. If we bring forward for just one of our 56 reactors, which is in Belleville, one of the maintenance periods that we had in mind, it falls well within the range of these numbers, because as you know, it's not a single number, it's a range. This does not have any impact on the range. We keep the 280 TWh to 300 TWh for 2022, the 300 TWh to 330 TWh for 2023. We will of course comply with the request to bring forward one of the Belleville reactor maintenance, and we are looking into it in more details. We will publish the new period for maintenance when we are ready, which is, I guess, in a few days. On the third question regarding consumption of energy, I think the first we have to say is that we feel at the heart of these efforts in Europe in general and in the European countries where we are present, which is France, Italy, Belgium, mostly, and I would like to add the UK, although it is not technically within the European Union. I think European consumers today can have a very comfortable life but save a bit of energy, generally speaking. They can save a bit of energy by the way they consume it. They can also use less fossil energy and use more low carbon energy, such as nuclear, renewables, hydro and so on. I think electricity, the switch towards electricity has started and will move on as we see, for instance, heat pumps, electric vehicles being more and more in use in other countries where we operate. Then at EDF, of course, first we have to make sure that ourselves we are exemplary, that we give our own energy resource management the right pressure in order that we do work certainly much better than the average company, that our own employees are minded about their own personal consumption. We try to do so in various way. Of course, as always, we will help our consumers, our corporate consumers, with giving them some advice, dedicated advice, tailor-made advice in order for these corporate consumers to improve their consumption and to reduce their bills. With our domestic, our mainstream consumers, we have lots of tools. We have, of course, people talking to them over the phone, we have internet sites, and even more importantly, we give them digital tools, algorithms, in order for them to understand where they stand regarding their electricity consumption and how they can improve it. To give you, I think, quite a remarkable example, and the number I will say is, I will quote, the number has been checked by an independent audit company. Those customers who come often to our site to check on their consumption and use our algorithm to advise them in their energy consumption, it is proven that they save, on average, 12% on their bill. Yes, consumption reduction of consumption optimization and reduction of demand is at the heart of what we want to achieve for the next year, and of course, even further. Now, the second question maybe, Xavier. Yeah, thank you for your question. As we get the coverage ratio for nuclear liabilities, as I highlighted at the end of June this year, our coverage ratio is above 105%. These days it's even a bit higher than that. Of course, we follow it very, very carefully. It's important just to keep in mind that if this ratio were to go below 100%, we may get five years to inject additional assets in order to improve this coverage ratio. This is by regulation, so we may have five years to inject additional assets. Clearly, today, our coverage ratio is strong, being significantly higher than 105%. Thank you. Let's turn to the... [crosstalk] Thank you... [crosstalk] Next question, please. Thank you. Our next question is from Vincent Ayral, JP Morgan. Please go ahead. Yes. Good morning, everyone. Good morning, Jean-Bernard and Xavier. One of the last sets of results, as you'll be nationalized. I'll ask big picture questions here rather than focus on the numbers. The first one will be talking about the press and the nationalization process. It's been voted in the lower house, the parliament. Could you give us an update on the process, the timeline and the risk of delays? Here I'm thinking of all the things about the minority shareholder association, ADAM, which asks for more. Basically, is there a threshold in terms of a voting right for their request to be considered? Could that mean some risk of delay indeed on the process? Would be interested in understanding the dynamics around that. The second question regarding the future. Here we're nationalizing first, but we will have to reregulate later. EDF is facing a number of challenges. Clearly we have the outages in the short term. The other challenge is the one of the regulation. How do we finance the future nuclear fleet? What about the market design in Europe? How do you see this developing over the coming years for EDF? What are the key challenges in your view? Thank you. To summarize, if I understood well, your first question is on the process of the buyout of the minorities, and the second one is more about how we see our key challenges, and especially the one regarding regulation and market design, not only for EDF, but in Europe. I will take the two questions. On the timeline of the process, obviously, in order for the process to move ahead, there is a need for the state to have the money to buy out the minorities. As you said, right now there is a legislation in front of our parliament, so it goes to the first National Assembly, then to the Senate, then it is a full law. As you may have noted a couple of days ago, the first step was that the National Assembly did vote in favor of opening a new line within the government's books in order for the EUR 9.7 billion to be available to Mr. Le Maire at Ministry of the Economy and Finance to pay for the minorities and convertible bonds buyout. It hasn't yet gone to the Senate, and then it has got to be a full legislation. This is the first step. Let's assume this legislation is implemented sometime in the next few weeks. Then the state will have to go to the French Financial Markets Authority. AMF is a French acronym. We'll have to go to AMF with a proposal for the buyout at EUR 12. Right now the ball is in the camp of parliament, then the ball is in the camp of the government, as I said. The ball goes to EDF. EDF, building on the advice of its ad hoc committee and on a board decision, will have to respond to the initiative that is being taken by the state, and make its own comments on the price. The independent expert that was designated yesterday will fuel the ad hoc committee. The ad hoc committee will remake a recommendation to the full board, and then the full board will give to the AMF its response to the proposal at EUR 12 made by the state. That is the third step. I would say the ball is in the camp of EDF. That the fourth step is the ball is in the camp of AMF, of the Autorité des Marchés Financiers. At this fourth step, AMF, the people leading the AMF, they have to decide whether this is an appropriate buyout proposal by the state with the support of the advice that they will have received from EDF. This is the fourth step. If AMF does consider that the buyout process and the numbers and so on, that all this is consistent, they will open a tender offer for all the minorities to bring their shares against EUR 12 for each share. This is where we stand, four steps. Parliament, where we are today. State to go to AMF to propose. AMF to request advice from the company and then back to AMF to make a statement, to make a decision on the takeover proposal and then open, if the AMF decision is positive, open the tender offer period. This leads us to sometime in the fall, and I am not going to make any comment on detailed timeline because it's complicated and things, you know, day by day is probably not very interesting. On market design and regulation, I understand your question is of course related to a period of time where maybe there will be less discussions between us at EDF and the financial community, and not of course our friends that lend money to us, but our friends that are shareholders or work sort of in the name of our shareholders like you, the analysts. Yes, we do indeed hope that the current situation, which is unbelievably volatile with unbelievably high prices and day after day changes in these prices will show the regulators that the market that was designed maybe worked. Did it work well? Did it work poorly? Maybe it sort of worked during normal years, normal periods. With the war in the Ukraine, supply chain issues, inflation and so on, I think there is no doubt that the market design needs a good chunk of repairs or maybe a total reshuffle. A total reshuffle will create problems because I think people have been used now for many years that energy products, commodity products, electricity products can be traded between various players that do generate or do need physically these products on the market, but also a large community of financial actors. That there is probably indeed an interesting case for optimization through the markets and for short-term optimization through the market, where, of course, physically, the last generation tool which is used is compliant with the price that you can see on the short term, on the spot price on the market. When you think about the market design that has led to this situation where, for second quarter 2023 or first quarter 2023, prices are close to EUR 1,000/MWh, and with swings of 100 MWh every day, where you can see that in case of shortage, there is from time to time a need for some very short-term trades, almost you know immediate trades to be performed at GBP 10,000, I think it was GBP 10,000, that were traded between Belgium and the UK a few days ago in order for the UK system not to collapse. Whereas the normal price was in the EUR 50 range, and so you talk about EUR 900, you talk about EUR 3,000, you talk about EUR 10,000, whereas the price was EUR 50 or maybe EUR 60 or maybe EUR 80, it does prove that the market design has not met its objective in cases of crisis like the one we've seen for the last few months. I do believe that in some point in time, and we hope that the European Commission will be a bit more active, a bit more responsive, a bit more agile, that there will be a need for a significant change in that market design, which obviously, well, one may wonder whether it does work well or not in normal times, in normal circumstances, but obviously in the current circumstances, and it's been going on like this for months and months, it doesn't work. It needs a significant reform, and we do hope that the member states and the commission will be able to implement that in a reasonable time frame. I have to say that my own discussions that I'm having, both as Chairman and CEO at EDF and also as the president of Eurelectric, the association of 27 countries' electricity generators and distributors. I think these conversations do not. In the depth of my heart, I am not very optimistic that right now we will have soon a strong reform, a deep reform in front of us. I believe right now there is a lot of hesitations, and I don't think that's good for anybody. That's my view on your question. Thank you very much. Thank you. We've got a question from Sam Arie, UBS. Please go ahead. Oh, hi. Good morning, everybody, and thanks so much for the presentation this morning and the commentary. Very helpful as always. I have a couple of different questions, if that's okay. The first is on the, I think it's slide 28. Is that right? With the full year... Sorry... [crosstalk] We have lost Mr. Arie... [crosstalk] All, wondering what you were exactly talking about. Can you please repeat? I'm really sorry for this. Mr. Sam Arie, if you're still on the line, please key in zero one on the telephone keypad. We have lost you. Please go ahead, sir. Okay. Can you hear me now? Yes, please. Can we please... [inaudible] [crosstalk] Okay. A bit slowly. Very, very good. I was disconnected for talking too fast, probably. Just wanted to say thank you for the presentation and your very helpful commentary. Ask you a couple of different questions. One is on the slide where you give us your EBITDA bridge for the end of the year, and I just wanted to check. I suppose it looks to me like the midpoint of that would be an EBITDA loss of around maybe EUR 4 billion or EUR 5 billion, factoring in the 13 July 2022 prices, I think you said. So just to raise the question, and maybe this is Xavier, if you could comment, is that about right for full year expectation? Then talk a little bit about how you are landing on a sort of positive EBITDA for the first half, but then still expecting this big swing to the negative. I suppose that comes back to a question of how far you are into the buybacks that you need to do this year. That's sort of a financial question. I suppose related to that, I can't help asking, but with all these pressures in the second half and the risk on prices that you mentioned, and of course this EBITDA bridge has been getting worse every time we look at it, could get worse again. If for any reason the state offer did not go ahead, you talked about various steps it has to go through, but I'm interested in your commentary on how you feel about the position of the company if it was not effectively nationalized in the autumn, and what kind of measures you would have to think about to get through this very difficult winter that's in front of us. That's my big question. Then if there's time, and if you forgive me, I'd also, Jean-Bernard, be very interested to hear your thoughts about the UK market. We've obviously got an election process going on for a new prime minister, and as soon as that new prime minister takes office, they're going to be confronted with a tariff cap update that looks to have gone up by nearly another GBP 1,000, which offsets all of the remedy measures offered so far, and even some of the measures only just announced and not offered. I'm just wondering what you think might happen in the UK market to address this rising, you know, household bills, and where we might end up if you think windfall tax for power generators comes back, if you think there are other changes, I mean, it's a huge question for the sector, and we'd love to hear your thoughts. Thank you. Xavier will answer your first two questions. I will try to give you my EUR 0.05 On the last one. Okay. Thank you... [crosstalk] Yeah. Thank Thank you for your questions. First, as we got 2022 EBITDA, we expect the second half of this year to deliver a weaker EBITDA than the first half. Why is that? Because we still have to buy back volumes in order to compensate the lack of nuclear generation in France. In the context of the current prices, this gives this very significant -EUR 24 estimated on the basis of the prices of the 13 July 2022, negative impact for the full year 2022 EBITDA. You're right. The second half is expected to be significantly lower than the first half of the year. As regards your second question, what's key to me is to be in a position to finance the necessary investments in order to enable EDF to be clearly a key contributor to the energy transition. That's why we are paying the highest attention to our rating. That's why we have set an action plan, including the rights issue that we organized in April. That's why we have constantly set a very forward-looking financing policy of the group. We have, as you know, o rganize term loans for more than EUR 20 billion in April. We intend, of course, to refinance the group, including with senior bonds and with hybrids in the future, because it's absolutely key. Hybrids are also core to our financing strategy in the long term. Jean-Bernard, this third question is for you. Yeah, I think the situation in all these countries where energy prices for the domestic users, for households has been growing a lot is creating for governments. I'm not specifically talking about the British government, especially at a period where I understand that there is an election coming up for the new leadership of the Conservative Party. This is just a general view. I think right now the burden, the weight of energy bills on the people with the lowest revenues does create a problem, and we have seen in many countries. A way to manage that is to let the prices reflect on household bills, but to offset, to compensate, to give subsidies to those people for which it becomes an unbearable situation. Because a strong part of their low revenues cannot all of a sudden be switched to pay for energy, even if they are encouraged to save. The savings they can achieve are below the traditional bill they have in front of them. We have seen the government comes with checks in order to help out with these populations. I believe that this is maybe not a very orthodox way to run the economy. In these circumstances, I believe it is a proper way to deal with a difficult situation due to the shortage and the price of primary energies. We do see in several countries that governments are using a way to offset the very critical situation of some households by giving state subsidies to maybe 20% to 30% of the households or maybe a bit more. This is just a general comment I was happy to make. Of course, at EDF, generally speaking, we are helping out with those people who have low revenues. We are very proud that this year we have implemented something which. Well, the question is, why didn't we do it earlier? We are very proud that this year we have implemented a solution where all year long, and not only during the winter period, but all year long, the people that don't pay their bills, we keep 1 kW of available power for them to lead a decent life with maybe, of course, less access to electricity than if they had paid their bill. Not with no access at all to electricity. With 1 kW, you can do a few things, and we are proud that in France, all our clients, irrespective of what their cash balance with us, they do get the 1 kW to lead a minimum comfortable life. That's it. I believe that's the end of the time that we had scheduled 9:30 AM here in Paris. I want to thank everybody for attending and following so closely EDF's situation and wish you in the name of Xavier, myself, and all the team that is working day after day with the financial community following EDF. I want to thank you very much for all your dedicated work. We've had with you a very hectic year, let's be clear, a lot of interaction, and I want to thank you for being so motivated and so professional in analyzing what we do. Thanks again. A good day to everybody.