Good evening to all of you. Laurent Guillot speaking, CEO of ORPEA. I'm with Laurent Lemaire, our CFO. This web conference is my first opportunity to discuss with all of you as Chief Executive Officer of ORPEA Group in a very specific context that you are familiar with. I take this opportunity to express my desire to build a regular, fruitful, and transparent dialogue with you so that you can fully understand, going forward, the strategic and financial challenges as well as opportunities of the ORPEA Group. That's the point of this call. In addition to the H1 2022 financial results, an update on the refinancing that Laurent will comment, and notably the reason behind the decrease in the reported operating performance, as well as in net profitability related to asset impairment, the purpose of this conference is twofold. First, to lay out the major assets on which ORPEA can rebuild in order to deliver long-term profitable and sustainable growth. Second, to share with you in full transparency the reason of the crisis, revealing the necessity for profound changes. While I will detail, along with an already largely reinforced senior management team, the strategic plan of ORPEA Group in the coming months, I am taking this opportunity to draw my initial conclusions three months after taking office as CEO, as well as outlining at the end of this half-year results presentation the next steps going forward. In order to go beyond and overcome this crisis, it is paramount to me to start this presentation by reminding both the strength and the opportunities on which ORPEA can rely. Firstly, ORPEA remains a key player in a sector offering good visibility based on strong underlying trends. You know these trends. The challenge of an ever-aging population in Europe. Long term, the demand for a specialized medicalized care offering is underpinned by aging population, which induce a higher degree of dependency of patients and residents, but also an increase of illness or chronic disease. In our main geographies, boomers will require more capacity to be created, and private operators are of a crucial importance to meet the pressing challenges associated with this evolution. In addition to that, ORPEA is an important player in rehab care, in post-acute care, as well as mental health activities. This throughout Europe and in the world. Needs are considerable in all these areas as well. In terms of order of magnitude, you remember that nursing home in France only represent 25% of our activities worldwide. ORPEA can rely, and this is what I've seen in my visits, on strong local assets. 71,000 professionals in close to 1,000 facilities taking care of patients and residents with much dedication. Throughout close to 80 site visits in the past three months, I have been truly impressed by the commitment of ORPEA employees, far from the negative media coverage and far, far from the turmoil of the media coverage. In addition to this, the quality framework and know-how though it may need to be simplified, is based on a long-established know-how and knowledge of the company. Eventually, ORPEA benefits from top three positions in many of these markets and has good locations as well as real estate in these countries. However, one of the key conclusions standing out of the crisis faced by the company is the evidence of unethical behaviors from the previous management team, including deviant practices from a small number of managers. The people concerned all left the company. In addition to that, internal controls and internal control processes were far from what would have been expected from a company of such size. The pace of international expansion, as well as an excessive focus on real estate development, resulted in a weakened financial position characterized by a high leverage. We started to address this point in the first half through the signing of a new financing agreement with our core banking pool. Lastly, all these elements, coupled with inflationary environment, resulted in a significant P&L and balance sheet impact in H1 and in 2022 operational performance below expectations. I will come back to that in the next slide. This leads me to taking a first view on the main financials indicators of the first half 2022. While the group posted a solid revenue growth, operational performance is below expectations, with a reported 18.6% EBITDA margin. Net result is negative by EUR 269 million as a result, partly as a result of a EUR 186 million asset impairment only on intangible and financial assets. As of June 30th, 2022, the two ratios to which more than EUR 4 billion of the outstanding debt is subject stood at 3.6 and 1.9 respectively, within the required limit of 5.5 for R1 and 2 for R2 at June 30th. While these two ratios remains within the contractual limit, depending on the recovery of the occupancy rate, the group's EBITDA margin in the second half of 2022 could be lower than in the first half of 2022, as we said two weeks ago, which would require ORPEA to approach the relevant creditors in order to renegotiate these financial covenants. Such a step would only be taken in the event of a proven risk of non-compliance with the ratio, with a view to preserving the group's financial structure. Before handing over to Laurent, let me reaffirm my conviction. I believe that refocusing. Sorry for that. We've started already to rebuild the company. We've started first in May by renegotiating and redesigning our financial strategy. In July, we reviewed and renewed the board with experienced members, and we took immediate actions to ensure proper ethical principles of social responsibility, safety and working conditions of our colleagues, and quality of care and support for our patients, residents, and families. We've renewed progressively, we are renewing the management team with focus on key functions at stake, medical, HR, real estate, and communication that have or will soon join the company. With this exercise, during this period of July to September, we have reconnected with all stakeholders with a fair and transparent approach. All stakeholders, including employees, residents, patients and families, authorities, and shareholders. I believe that refocusing on care is the only way to generate, over the long term, profitable and sustainable growth. ORPEA has the ability to rebuild thanks to major strong assets, and the refoundation of ORPEA has already begun. This is a gigantic project that will obviously take time and will involve a transformation plan that I will present to you in the coming months. Laurent, I leave you the floor for the numbers and the detailed presentation about the figures of H1. Thank you, Laurent. Good evening to all of you. We start this presentation with the H1 revenue figures. The revenue of the period amounted to EUR 2,295 million, in progression of 10.9%, out of which is 6.4% organic growth. This dynamic was supported by a ramp-up of new facility as well as an occupancy rate slightly higher versus H1 to 21%. In France, activity in nursing home was affected by the ORPEA crisis, leading to a decrease in occupancy rate of around 5% compared with the start of the year, followed by a slight and progressive recovery. We also had some perimeter effect in H1 with integration of Brazil Senior Living Group following the buyout of minority interest and the 2021 acquisition in Ireland with Zelan, which were not consolidated last year in the same semester. Let's move now to the EBITDA margin evolution between the two periods. As indicated in the upper left part of the slide, the EBITDA of the period was EUR 427 million, leading to an EBITDA margin rate of 18.6% to be compared with EUR 515 million and 24.9% in H1 2021. Two important points to understand this evolution between H1 2021 and H1 2022. First, we have identified EUR 40 million of favorable one-offs specific to H1 2021, like a reversal of provision, VAT credit activation that boosted H1 2021 performance and that are no more existing in H1 2022. Second, we had the net reduction in COVID compensation between H1 2021 and H1 2022, which is estimated at EUR 40 million. As indicated, gross amount received in H1 2021 was EUR 98 million, to be compared with EUR 53 million in H1 2022. Unfortunately, the slight increase in occupancy rate in between the two periods was not sufficient to offset the net impact of COVID compensation decrease. The chart on the right part shows the different component of the EBITDA margin rate evolution. The left bar correspond to the EBITDA margin published in H1 2021, 24.9%. You have two blocks of 1.9% corresponding to the net COVID impact of EUR 40 million, and the one-off of H1 2021 for EUR 40 million. Adjusted for these two impacts, H1 2021 EBITDA margin rate would have been 21.1%. You have the gap between the level of H1 2021, 21.1%, and H1 2022 published 18.6%, corresponding to a gap of 2.4%. To summarize, out of the almost 630 BP EBITDA margin decrease between H1 2021 and H1 2022, 380, meaning around 60% of the total, is coming from the net gap in COVID compensation and the one-off effect, two times 190 BP. 240 BP, the remaining part, the gap, which is around 40% of the total, correspond to the operating parameters that we will detail in next slides. This slide, the following slide, is giving you the EBITDA margin evolution in between the staff cost and other cost, and it enables to understand the situation. The left column correspond to the H1 2021 figures published with 24.9% EBITDA. To be noted, as indicated below, that we have reclassified some charges from other costs to staff costs this year in order to better reflect their nature. We did the same, and also we have restated the 2021 figures in our financial statements. You then have the impact of the EUR 80 million restatement for net COVID impact and in 2021, with the breakdown by line. This leads in the next column to the adjusted 2021 performance with 21% EBITDA rate. In the column variation on the right, you have the -240 BP performance gap between H1 2021 and H1 2022 published that we have just mentioned in the previous slide. This -240 BP reduction is very largely driven by the other cost line with -213 BP, while the staff cost evolution was limited to -27 BP. The staff cost evolution has been very contained in the H1 period. The increase in other costs happened in a highly inflationary environment, while prices charged to patients and residents remained almost stable in the short term. The most significant inflationary effects in H1 2022 concerned catering with around +15%, but especially energy also, with around +50% average at our P&L level in H1. As a result of the hedging policy decision made in 2021, the company's energy purchase for 2022 are only partially hedged, and there is no hedging on electricity in France in particular. As a result, the group energy cost as a percentage of revenue in the first half 2022 stood at 2.9%, compared with 1.9% in the first half 2021. Let's move now to the evolution of the EBITDA by geography with the figure published without any adjustment. I won't comment this figure one by one because I think it's more useful to have an analytical breakdown of it, so I will go directly to the next slide. Here you have the published figures for each region. In the next slide, you have the EBITDA margin rate evolution by geography after neutralization of COVID compensation and 2021 impact discussed before. You have on the left column, the H1 EBITDA published, then the 2021 restatement with EUR 80 million corresponding to EUR 40 million for net COVID and EUR 40 million for one-off affected by geography, leading to an H1 adjusted situation by geography. On the right column, you have the EBITDA margin rate evolution between H1 2021 adjusted and H2 2022 published, leading to 18.1% in H2 2022 and -349 BP for the region France, Benelux, UK, Ireland. You have 23.1% EBITDA and +86 BP for Central Europe. You have 14.3% and -30 BP for Eastern Europe, and you have 10.5% and -936 BP for Iberia, LATAM. If we now look at the situation by geography. For France, Benelux, UK, Ireland region. In France, as already mentioned, the H1 performance was impacted by a crisis context. We mentioned also that we experienced a progressive recovery in occupancy rate, but this recovery has been totally offset by the significant increase, sorry, in energy, in energy cost. As mentioned before, we have no hedging on electricity and other inflation effect of which food. We have also in France, in H1, which is a positive point, an impact of the active recruitment policy, where we are restaffing some missing positions. Belgium was significantly impacted by energy costs. If we move to Central Europe, Germany experienced an increase in occupancy rate and limited impact of energy thanks to the hedging existing in Germany. Italy and Switzerland were impacted by strong inflationary impact on energy, but also on other costs. For Eastern Europe, in Austria, our profitability was slightly impacted by inflationary impact on purchase, but limited impact of energy, thanks to hedging. For Iberian Peninsula and LATAM, Spain experienced increase in occupancy rate, but has been seriously hit by inflation on energy and other costs. In LATAM, we had a dilutive effect stemming from the entry of Brazil Senior Living Group into the consolidation perimeter. If we move now to focus on the P&L point. Before moving to the detailed P&L, some precision on two items. An update relative to the provision IGF-IGAS with the French authorities, plus some details on the non-current items. Regarding the IGF-IGAS provision with the French authorities, end of December 2021, a provision of EUR 83.2 million had been booked following the mission of IGF-IGAS. End of June 2022, this provision amounts to EUR 100.8 million. This increase of EUR 17.6 million result from EUR 14.3 million corresponding to the estimated H1 2022 surpluses on care and dependency allowance, and EUR 3.3 million following the request by the French Caisse nationale de solidarité pour l'autonomie, CNSA, on July 29. Total amount requested by CNSA is EUR 55.8 million. ORPEA undertook to reimburse EUR 25.6 million, corresponding mainly to social taxes, year-end discount from suppliers on purchased finance on the care section, and a complementary provision of EUR 3.3 million booked. We have also adapted all the provision lines and which has been reallocated. With regard to the staff expenses related to life assistants filling in as caregivers for EUR 30.2 million from CNSA, no provision was registered in H1 2022 accounts, as ORPEA maintains a December 2021 position, considering it is general practice in the sector and necessary in the context of staff shortage. If we move now to the part related to the non-current item, the non-current line of the P&L includes EUR 20 million of cost linked to the management of the crisis and asset depreciation for EUR 186 million. This EUR 186 million is made of, first, intangible asset depreciation with goodwill in Brazil for EUR 79 million on Brazil Senior Living Group, but also on historical activity, where development prospects are slower than expected. We also have an intangible asset depreciation on operating licenses for EUR 49 million in several countries. Second, we had also provision on financial assets relative to advances granted to associates mainly in Belgium for EUR 58 million. That is the detail of the non-current. The next slide is providing precision on what has been considered in the H1 2022 financial statements. Regarding the left part of the slide, an asset depreciation. Asset depreciations end of June 2022 have been focused on a limited number of specific cash generating units, CGUs. The focus has been put on those that had been partially depreciated end of 2021, or those for which a sign of potential future loss of value has been identified. To be noted that June accounts do not include the possible accounting impacts of the strategic planning review currently being prepared, and that will be used as a basis for, first, updating the annual impairment of goodwill and intangible assets on all CGU as of the end of December 2022, and we are also using the same figures and business plan for the annual valuation of property assets. The right part of the slide is a complementary information regarding loans granted to partner. Advance granted by ORPEA to partner, to associates, joint venture, and other company amounted to EUR 697 million end of June 2022. A significant part of this receivable concerns one partner, and negotiations are ongoing to unwind the partnership and recovering the real estate assets in exchange for the receivables. To date, and without prejudging the outcome of this negotiation in H2, no significant future loss is anticipated given the value of the underlying property. If we move now to the net result. Before entering into the figure, you have the context and some details given in the two previous slides. We start from an EBITDA at EUR 427 million and 18.6% margin that we already commented before. Amortization, depreciation, and provision amounted to EUR 333 million. The growth versus H1 2021 is largely driven by the increase in depreciation due to the larger number of facility operations, both owned and rented, with IFRS 16 mechanism. It also includes the progression of the IGF-IGAS provision mentioned before for EUR 17.6 million. The financial expenses line with minus EUR 96 million includes a one-time profit of EUR 24 million resulting from the reversal of an inefficiency hedging effect with no cash impact. The non-current line reached minus EUR 251 million, largely driven by asset depreciation for EUR 186 million, as June just explained before. Net income before tax is minus EUR 260 million, and net result group share is minus EUR 269 million. Let's move now to the cash flow statement. Cash from operations reached EUR 352 million, versus EUR 394 million in H1 2021, demonstrating a good resilience despite profitability reduction, thanks to favorable evolution of the working capital, as you can see in between the two periods. CapEx, including constructions, amounted to EUR 473 million, being driven by the acceleration of construction projects started in H2 2021. Net investments in operating assets and equity, meaning M&A, significantly reduced at EUR 48 million versus EUR 378 million in H1 2021, and was focused on existing commitments. I mentioned Brazil, Netherlands, which are among the key operations that we implemented in H1 2022. At the end of the period, cash reached a level of EUR 1.1 billion. Let's move now to the update on the financing plan. This page summarizes for the new financing plans implemented in June, the principle of the different credit lines and the drawing done first at the end of June 2022, and second, as of September 27. For memory, this financing plan is structured into two blocks. A first block made of lines A1, A2, A3, A4, and B for a total amount of principal of EUR 1.729 billion. A second block made of an optional C line for a principal amount of EUR 1.5 billion. I'd remind you, as indicated below in the slide, that this C line purpose is to refinance existing and secure debt, excluding bonds and Schuldschein. End of June, on the first block, meaning lines A and B, the total drawing was EUR 887 million, made of EUR 689 million drawn on A line and EUR 198 million on A2, A3 lines. No drawing made on A4 and B. The total undrawn amount was EUR 842 million. On the C line, no drawing end of June. Now the situation as of September 27. Complementary drawings since end of June happened and have been implemented. On the first block, a total of EUR 1,454 million is drawn with the undrawn amount now representing only EUR 274 million. Lines A two and three were fully drawn. On the C line, an amount of EUR 796 million has been drawn, and undrawn amount is EUR 704 million. As indicated below, this undrawn amount can be proposed as appropriate to bilateral unsecured creditors outside the core banking group, excluding Euro PP and Schuldschein. On the next slide, you have the debt maturity profile of the gross debt as of June 30. In the upper graph, as existing end of June, and in the graph below, pro forma, meaning it is end of June, but pro forma of the drawings that happened between end of June and September 27. In the second chart, you can see that repayments are lower in the first years and repayments are higher in 2025 and 2026 compared with the first chart, which is driven by the drawing of line B and C that are mechanically postponing repayments in 2025 and 2026. Pro forma, H2 2022 repayment is EUR 876 million, and 2023 repayment is EUR 1,563 million. Let's move now to the debt and covenants part. End of June, on the left part of the slide, excuse me, you have the gross debt that amounted to EUR 9,476 million. Cash was EUR 1,133 million, leading to a net financial debt of EUR 8,343 million, meaning an increase by EUR 433 million compared with December 2021, predominantly driven by the real estate construction CapEx of the period. Net real estate debt used for covenant calculation was EUR 8,047 million. Both covenant maximum levels were respected at the end of June. R1 financial leverage covenant was 3.6 for a maximum authorized of 5.5, and to be compared with 3.7 last December. R2 was 1.9 for max authorized of 2, to be compared with 1.7 last December. On the right part, you have the comments made by Laurent in his introduction, reminding you of the context of the evolution of the activity. ORPEA expects the downward trends in the financial performance of its activities experienced in H1 2022, compared with H1 2021 to continue into the second half of the year and considers it may be amplified by additional volatility observed recently in energy market. In this context, and depending on the recovery of the occupancy rate, the group's EBITDA margin in the second half of 2022 could be lower than in the first half of 2022, which will require ORPEA to approach the relevant creditors in order to renegotiate these financial covenants. Of course, such process would only be undertaken in the event of a proven risk of non-compliance with such ratio, with a view to preserving the group financial structure. I will conclude this presentation with an update on the facility network. At the end of June 2022, on a perimeter now aligned with fully consolidated entity, ORPEA had 982 sites in operations corresponding to 91,181 beds. So this figure is, as I just mentioned, now fully aligned on the fully consolidated perimeter and gives you a view aligned with the figures of the group. I'm now finished with this presentation. I'm handing over to Laurent Guillot. Thank you. Thank you, Laurent. In a nutshell, to summarize, what Laurent said, as described by Laurent, each one was very affected by a lot of non-recurring items and, depreciations linked to past practices. It was also affected by inflation that will also affect the full year results. Looking forward, now that the new governance and management team are in place, we are quickly rebuilding internal control and the right and fair management processes. We are expanding action plans on our three priorities, ethics and responsibility with zero tolerance on deviant practices, training on compliance, transparent communication towards all stakeholders. Safety and working conditions of our colleagues, that is a precondition of taking care and better care of our patients and residents. A third priority, quality of care and support to our patients and resident families. We've already taken a lot of actions on these points, with adverse event being reported directly and reviewed by CEO, hiring of colleagues, 550 people per month that we are trying to hire for the next month and 800 next year, per month next year. Hiring of a medical director that is joining the executive committee to be sure that we are doing the right things and they're taking the right decision on quality of care and support to our patients, resident, and families. In the next month, we will pursue the real estate disposals after the first transactions which we have done in July, EUR 426 million, in accordance with the plan that we have with our creditors. In the fall, I will come back to you and present a broader transformation plan. According to this plan, we will adapt our financial strategy to be in accordance with the evolution also of the macroeconomic evolution. As Laurent said, in a conclusion and in a nutshell, as Laurent said, our occupancy rate is progressively recovering after the difficult situation that we had in the first half. To accelerate this recovery, I have one conviction, is that we need and we will refocus on care. Going back to basic is the only way to make profitable and sustainable growth. Now we'll take your questions. You have a lot of questions on covenant. I take one and it is answering to a lot of your questions. Are you expecting a covenant breach? Have you negotiated a covenant holiday with lenders? To this question, I think we've answered partly here during the discussion. Today, the covenant have been respected. The situation at the end of December will depend on different operating parameters. We don't know all this parameter at this time. It will depend on the level of activity and between now and the end of the year, but also the evolution of the energy cost. As Laurent has said, we have also at the same time initiated a strategic review of the company entire businesses line by line, which means facility by facility in 1,000 facilities that we have and that are all cash generating units. This work is taking a lot of time and is linked to the transformation plan that I will present to you during the next months. This will have an impact and all this will have an impact on the covenant. In the event of, let's say, a proven risk of non-compliance with the ratios, no doubt we will approach the creditors concerned to renegotiate the affected financial covenants with a view to preserving the group financial structure. Another question, are the drawings on the syndicated secured line of EUR 1,729 million considered as real estate debt? If yes, why the secured assets are not real estate assets, but operating subsidiaries? In fact, yes, the syndicated secured line is treated as real estate debt, as its main purpose is to finance our capital expenditures and our development expenditures. Next question. How do you want to compensate the decreased COVID headwind? We were expecting, and we still expect to offset this impact by increasing occupancy rate. The decrease in occupancy rate is directly resulting from first, the COVID that brought down occupancy rate to lower level, but was also linked to the recent crisis only in France, where we had five points decrease of our occupancy rate with a progressive and gradual recovery that we see since the beginning of May. The main driver for the compensation of the decrease of COVID had is obviously the occupancy rate increase and recovery. Is there any scope for the group to improve pricing and recover the OpCo EBITDA? Well, for sure, in the very short run, in the very short time, we have an inflation which is linked to energy, salaries, food that are increasing a lot, and we have a limited ability in the short term to increase the prices. We can increase the prices for the new customers, new patients and new residents in particular in nursing homes in many countries. On the opposite, for residents that are already or patients in France, for example, it is we have limited ability or we have no ability in France to increase the prices. This is a really short-term adjustment. We have the ability within the negotiation with the government. I'm talking France or with pension funds and in Germany, for example. We have the ability to pass price increases that we are currently in negotiation, and that will be the purpose is obviously to recover the cost increase that we had. This is clearly on top of our list on our priorities for the next months. This is really top priority. Can you explain the drop in EBITDA margin? I think we already commented these points two weeks ago and but I'm coming back on that. We have approximately, I would say two-thirds that is coming from one-off effect and so 60% in one-off effect of the past and reduction in COVID compensation. The residual part, which is 240 basis points and representing 40% of the drop, is linked to inflation impact, namely energy costs that are significantly increasing. As you remember, as Laurent said a little bit earlier, we did not hedge electricity supply in France, which was a decision taken in the summer 2021, and it's proven to be a painful decision as of today. We have also catering and other so food that is significantly increasing around 15% in H1 2020, 2021, 2022. Why did CapEx increase in 2022 versus 2021? The difficulty in our business is that a lot of CapEx have been launched in 2021, and a part of them, a large part of them, we've tried to reduce them. I've cut the CapEx when I arrived in discussion with all the teams. At the same time, we have commitments. We have facilities that are being built, and this is not easy to stop them immediately. Clearly, looking forward, there are two points in the strategy that will change. First, we have reduced our commitments and new projects for 2023 and going forward that are financed directly on our balance sheet. We will, on the opposite, go for more CapEx light development with the support of outside companies that will finance us and that will finance our facilities in exchange for a rent. In the same way, it's not that question, but as you know, we've taken commitment, and this is clearly a strategy to go more CapEx light, is to pursue real estate disposals on top of what the transaction we've already signed in July, EUR 426 million. This is part of the strategy to refocus on care and be less focused, I would say, much less than in the past, on development and growth through capital intensive real estate development. How do the high prices for energy affect your projected results, especially in sectors such as rehab? Laurent, you want to answer that question? Yes. There is no specific situation in rehab because we are experiencing the price increase, I will say the same level for all the activities of the group. What we experienced, we had an increase. We mentioned that the energy cost for H1 increased by 50%, in fact. If you take the percentage of sales we gave, this is for the first half of the year, and the situation will be higher in the second half of the year. We don't know precisely how much you can imagine because we are just at the end of September, and we have the next quarter ahead of us with no clear visibility on energy prices. Clearly we will have a bigger impact on H2 than the impact we experienced in H1. That's how you should consider the situation in terms of energy for the group. Whereas we had 50%, I said, increase in H1, we will be on something bigger on H2. We don't know precisely how much, but it could be something maybe leading to 1.5-2 times. Yep. Thank you, Laurent. Another question. Given the potential situations with your covenant at the end of the year, do you consider alternative ways to improve your financial structure? Well, for sure, first of all, we will come back on that very key topic with the presentation of the transformation plan that is to come. Obviously we are looking at all the potential options for this question and improving the financial structures. That includes, in particular, the pursuit of the real estate disposals, as I just mentioned, but all options are on the table. Another question, is the bank debt senior versus the corporate debt? Can you clarify the covenant scheme? Well, I think I answered this question already, and you have a lot of details in the presentation. One comment that I may add to the comments we've done before is that the new financing agreement does not contain financial covenant, apart from commitment to maintain the cash level of EUR 300 million, that is to be sure that we have enough cash in the banks to run the operations. There is inconsistency between the press release and the slideshow concerning the advance to partners. No, there is no inconsistency. There is only more detail in the press release with a breakdown of the EUR 697 million, which is equal to the EUR 470 million corresponding to advance to JV and Associates, plus the advance to other companies, which is an amount of EUR 227 million. There's no inconsistency, just more detail in the press release. Sorry if you've misunderstood that. We'll make it more clearer for the next time. That I have already answered. There is a lot of questions on covenant, but I think I gave a clear answer. Non-current cost in H1 amounts to EUR 251 million that are higher than the previous EUR 170-220 million estimate. Is there further potential for scope for impairment? Well, the guidance that we gave two weeks ago concerning the EUR 170-220 million that you are referring to was only for impairments and not for non-current costs. It was really only for impairment. The impairment number in the first half of the year is EUR 186 million within the brackets that we gave you two weeks ago. Concerning the second question, is there further potential for scope for impairment? As Laurent said before, in the second half of the year, we will review all the and I commented a little bit earlier, we will review all the assets and all our cash-generating units one by one, which means almost 1,000 lines to be reviewed. In the second half of the year, in a context where we will review this business plan and in the frame of the transformation plan that I will propose to you. Because all the actions of improvement of the EBITDA that we'll present to you during this day needs to be... All the actions in terms of improvement of and the strategy in terms of improvement of care and refocus on care needs to be included in these numbers. This will be a long exercise that we will do in the second half of the year. Recruitment target of 500 people per month this year and 550 people per year this year, and 800 next year. This is for France. How will you manage the impact on EBITDA? This is a real challenge. This is really a right question. I think I'm sure this is absolutely needed to ensure the right quality of care and the right quality of service, and there is no way we can improve and make sustainable and profitable growth over the long term without refocusing on care and doing a good service. This is a base of our job. Well, you have to remember two things from my view. First, we have a significant rotation in our business. These numbers are for France. The rotation of a workforce in France is above 20%, and we need to hire a lot of people every month to just maintain the number of people. Second, we hire and recruit a lot of temporary workers, a lot of short-term contracts that in fact cost more than fixed employees. The combination of the two is really important so that you have an idea of what could be the impact. I definitely will come back on that topic when we will come back together to present the transformation plan. Have you cut the prices to improve the occupancy rate? First, that's a good question. This is clearly a question that I have with the management team on a very regular basis. To be frank with you, I'm not comfortable to give an answer because I'm not sure that we have yet the right tools to answer to that question. We are putting in place the tools and the way of managing. Price is, given the inflationary environment, price is of paramount importance in the short term. Instruction has been clearly given to focus significantly on that topic. Focus by preparing and starting the negotiations with the local authorities when it is needed and go with the professional unions together. Also to be sure that we don't give too much rebate in this period. This is a work that I've already started three months ago when I joined. I'm very conscious that this is one of the top priorities from a financial point of view. I think I'm done with questions. Otherwise it's on governance. Let me check. Yes. No, there is another question that I have not answered yet. You announced on the thirteenth of June, as part of the new financing agreement, the possibility to use an additional EUR 1.5 billion optional facility. Is this facility committed as of today, and what amount? Well, as of yesterday, we used EUR 796 million out of this facility. We still expect from our financial partners their formal response and commitment so that we can propose the rest of the envelope to bilateral unsecured creditors outside of the core banking pool. So the short answer is EUR 796 million. Are more disposals to be expected beyond the EUR 3 billion already announced? As I've already said, we are making currently the strategic review really house by house, facility by facility. We look at the broader perimeter. We look also at the different asset from a real estate point of view. There is no taboo. We will come back to you with a full transformational plan in the next months. I think this is. I have two additional questions, and I think these are the last one. No. I have two, yes. Is there room for decreasing the annual EUR 900 million CapEx envelope 2022, 2023 announced on thirteenth of May? Well, limited possibility in 2022. We've cut some projects, but most of the projects and of most of the spendings unfortunately for 2022 were already fully committed when I joined July 1st. On the opposite, I would say in 2023, this CapEx envelope could be significantly reduced. We will postpone some projects or what we can do is discuss with some partners to pre-finance some of these projects so that we can run them afterwards so that we can reduce significantly this development CapEx envelope. Last question, the impact of the recent refinancing on the financial cost of the debt. Well, clearly, this will have an impact on interim financial cost. The overall annual impact would be depending on the drawings of the tranche, of the last tranche that I mentioned before of the Tranche C. The impact would be probably around EUR 100 million per year, depending really on the drawings on the Tranche C. The majority of the cost of that is remains at fixed rate. Well, this was the last question. Before just closing this call, I wanted to make some final comments. We have new governance. We have a new management team. Actions on the operations are taking place. We are refocusing, clearly, the company on the care and on the back to basics of the business. I'm completely convinced that this is, for me, the only way to make this company a sustainable and profitable growth company over the long run. Thank you for your participation and happy to see you next time. Thanks a lot. Bye-bye.