Hello, everyone. Welcome to today's half-year results full conference for 2022 for Mercialys. These results, as you'll see, are excellent in spite of the macroeconomic context. Indeed, the world's major economies had just emerged robust from the severe phases of the COVID pandemic, and yet they are now once again being challenged with supply and demand shocks, which in turn are the result of a powerful upstream inflation shock and even commodity shortages. Sustained rising inflation is the main driving force behind the deteriorating outlook. The risk of stagflation looms large. Most countries, including France, are facing an acute growth inflation dilemma, while the means to solve such equation are sparse, and the tightening of global financial conditions is a real challenge. In this context, please go directly to slide 5 for a general overview of Mercialys' specific situation. Following a first quarter which was marked by major disruptions, as I said, Mercialys has again demonstrated the strength of its model with the solid performance of its key indicators. First of all, retailer revenues in the first half of the year were very close to the normalized 2019 baseline, with footfall accounting for 88.7% of the 2019 baseline. This trend reflects French people's appetite for a return to brick-and-mortar shopping, and we believe that this will be the way to go. It also contributes to maintaining a very good level of rent sustainability for retailers with an occupancy cost ratio of 10.7% at the end of June 2022, so almost stable versus the end of 2019. This, in spite of an indexation effect of +1.9%, very positive, and a rent reversion rate of +1.7%. In addition, thanks to our very responsive teams, the vacancy rate further dropped from 3.2% to 2.9% over one year. Our invoiced rents rose by 3.2%, of which 5.3% like -for -like in the first half of the year, while the average appraisal yield on our portfolio was 5.71%, stable compared with the 31st of December. Mercialys weathered the health crisis in 2020 and 2021 by once again demonstrating its capacity to hold a solid cash position and to hold the value of its assets. The characteristics of this divestment policy were also reflected in the disposals finalized in the first half of 2022. These disposals, together with a major refinancing operation carried out in the first quarter of 2022, will enable Mercialys to resume its investment strategy. Best governance practices will guide the implementation of this strategy in the context of new shareholder base for the company. Good morning, everyone. Part of the history of Mercialys did indeed come to an end in the first half of 2022. The story was deeply linked to the Casino Group, which listed Mercialys in 2005. Mercialys ceased to be a subsidiary of Casino in 2012, but the group remained a shareholder with a stake of around 40% between 2012 and 2018. Casino's contribution as a shareholder, as well as the various real estate agreements that linked the two companies, fueled Mercialys' performance over this period. As of July 2018, Casino gradually sold its stake up until April 2022, when it completed its move away from Mercialys as shareholder. Governance has been adapted accordingly in the ownership structure. Since the 28th of April, Mercialys' board of directors no longer includes a Casino representative. It should also be noted that Generali, in spite of its unchanged shareholding structure, is no longer represented on the board of directors. Generali has not given any particular reason for this move. Governance remains based on best practices. The board of directors is made up of 63% independent directors and complies with gender balance rules. By the end of 2022, Mercialys will complete the move to in-source functions that began in 2019. By the 31st of December, all support functions will be integrated. As well as rental management and technical and administrative management. A Casino subsidiary will continue to act as property manager. The relationship between Casino and Mercialys will therefore focus primarily on the leasing of large food stores. As we can see on slide 7, Casino will indeed remain a tenant of Mercialys. Taking into account the share of rents according to the type of asset held, Mercialys' total economic exposure to rents from retailers operated by the Casino Group was 17.8% at the end of June 2022, compared with 19.6% at the end of December. This rental exposure is broken down, as you can see on the left, between five large food stores, including one Monoprix that's operated by Casino and wholly owned by Mercialys. Five large food stores operated by Casino and owned by Mercialys to the tune of 60%, and ten large food stores operated by Casino and owned by Mercialys to the tune of 51%. In addition, Mercialys holds a 25% stake in three Monoprix sites and two hypermarkets operated by Casino via the SCI AMR, created in partnership with Amundi Immobilier. Although Mercialys is gradually reducing its exposure to Casino as the main tenant, notably through asset rotation, holding hypermarkets remains relevant. Firstly, as a trigger of recurring visits to the retail mix of these sites, but also, as has been demonstrated since 2015, through the ability of these assets to evolve in line with the adjoining shopping centers. The graph on the right shows that Mercialys' portfolio includes a variety of food retailers. On the one hand, the company owns a large food store operated by Aldi. On the other hand, in cases where Mercialys does not own the large food store on site, it is either owned and operated by Casino, as I said, or by Carrefour. That's the case for three sites. Système U, that's the case for three other sites, and Intermarché on one last site. On slide 9, as Vincent said, the economic context was marked at the beginning of the year by health concerns and geopolitical risks, as well as the electoral context, which, historically in France, has always had a negative impact on consumption. Major issues are also, of course, inflation and interest rates. With regards to these systemic risks, Mercialys' profile offers several buffers. First of all, its exposure to the French market, which benefits from the various measures to support purchasing power that have already been put in place and are currently being discussed at legislative level. The French have also a historically high savings rate, which can support consumption. Secondly, our retail mix is focused on an affordable offering, which benefits day-to-day shopping of basic necessities. Finally, a balanced and sustainable business model for the retailers, particularly in an inflationary environment. Slide 10 shows the breakdown of inflation per key sector. You can see that manufactured goods, which primarily concern our retail tenants, have been impacted to an even lesser degree by inflation. The same is true for food. At the same time, and still with regards to retailers, as you know, 95% of Mercialys leases are indexed to the Commercial Rent Index. Given the dates on which the leases were signed, the indexation of Mercialys rents in 2022 can be broken down as follows: 13% linked to the index published in the first quarter of 2021, 25% linked to the index published in the second quarter of 2021, 46% linked to the index published in Q3 2021, and 8% linked to the index published in Q4 2021. The remaining is linked to the changes in other indexes, ILAT or ICCs. On this basis, indexation had an effect of +1.9% on rents in the first half of 2022 and will pursue the same trajectory throughout the year. On slide 11, you can see the performance of Mercialys' sites in the first half of the year in a context marked by uncertainties. While the beginning of the year was difficult for the retail sector with the effects I described earlier, there was a significant uptick in the second quarter. Visits to our sites stood at 88.7% of the normalized baseline for 2019, up from the periods when stores were opened in 2021 with a footfall of 86% of the normalized baseline for 2019. It should be noted that the Quantaflow national panel recorded a footfall in the first half of 2022 that accounted for 86.3% of footfall in the first half of 2019. Mercialys is, thereby, outperforming the market. While certain habits may have changed and had an impact on footfall over time, with consumers looking for efficiency and convenience in their shopping, the trend is reassuring in terms of retailer revenue. At the end of June 2022, the cumulative sales of retailers in Mercialys sites represented 98.1% of the 2019 baseline. This cumulative decline includes a +2.3% recovery in June 2022 alone. Figures from the CNCC national panel are only available for the cumulative period to end May and boast revenues at 91.5% of the 2019 baseline. One of Mercialys' major challenges in an uncertain consumer environment is, therefore, to develop the appeal of its sites and their footfall, and, thus, offer the best tools to retailers to maximize the revenue potential of their stores. That's exactly what our marketing strategy is all about, as you can see on slide 12. Mercialys has taken advantage of the drivers that enable it to communicate with visitors, particularly the 1.3 qualified contacts that have registered in the databases, 18% of whom are customers actively involved in the loyalty program. The relevance of this targeted communication is illustrated by quantifiable metrics. Wide coverage of the catchment area by the loyalty program. Here you have an example of the Angers shopping center, where the program covers 15% of the primary catchment area and a 41% opening rate for communication mailings sent by Mercialys, and a high overall ROI for voucher operations financed by these sites' marketing funds. On average, over 2022, each euro of vouchers granted led to in-store purchases of EUR 4. This communication towards visitors to our shopping centers is, therefore, valuable because it is relevant. It is relevant because it's a way to enhance customer knowledge in order to further identify their needs. As you can see on slide 13, for example, in 2022, a new loyalty program feature was added, making it possible for customers to scan their receipts. By analyzing such data, we'll be able to determine more effectively which communications on site or in-store events or stores and products to promote. Mercialys' goal is to analyze the data on customer receipts to the tune of 1% of the sales generated by its shopping center retailers. Thanks to the improved health situation, Mercialys teams have resumed organizing events, whether in connection with festive occasions or with retailers. These outreach opportunities are particularly well suited to local retail, renewing customers' interest in their shopping center. These events are also designed to emphasize human contact and to promote both retailers and products. Here again, these events, through the Prim'Prim' loyalty program, have measurable results on various indicators. On slide 14, you can see a few examples of this. An increased footfall of +25% over a week in June at Le Port due to a cashback operation in dedicated time slots. An average basket up by 44% in an Yves Rocher store in Nord during a special event. Shopping vouchers generating a 67% usage rate in the Brest shopping center last May. Digital marketing and events are ultimately intending to maintain the attractiveness of sites and visits to shops. They're a way to enable retailers to enhance their business. These initiatives are key to a balanced relationship between landlord and retailers. The strength of Mercialys' retail sites enables retailers to maximize their potential and is reflected in operating indicators that reflect this balance between Mercialys and retailers, as shown in slide 15. The current financial vacancy rates stood at 2.9% at end of June 2022, a clear improvement over the past 12 months since it stood at a rate of 4% at end of June 2021 and 3.2% at the end of December 2021. The occupancy cost ratio, which could not be established in 2021 due to administrative closures of businesses, stood at 10.7% at the end of June 2022. This is virtually unchanged from the end of 2019, with 10.4% back then. This means that the performance of our retailers made it possible to absorb the effects of the organic growth in rents over the period. The collection rate for rents and charges continues to normalize, reaching 94.7% for the 2021 lease payment and 94.6% for the 2022 first half billing. The attractiveness of Mercialys' portfolio can also be illustrated by its rental dynamics with the signing of 90 lease renewals or relets in the first half of 2022, as you can see on slide 16. This has enabled us to reduce the stock of expiring leases at the end of 2022 to 14.1% compared with 17.2% at the end of December 2021. All of these negotiations resulted in a reversion averaging +1.7%, a clear reversal of the trend compared to 2021, when we saw a reversion of -3%. On slide 17, you will find details of the organic growth on invoiced rents over the first half. Here, I'll remind you that Mercialys has boasted an organic growth of around 3% on average since 2016. At the end of June 2022, with operating conditions largely back to normal, organic growth is +5.3%. This trend is due to, firstly, a positive effect of indexation at +1.9 points. Secondly, an increase in 1.6%, with casual leasing, a stabilization of variable rents, resumption of actions taken on the portfolio, reflecting in particular the effect of reversion and the decline in the vacancy rate. Finally, the change in the accounting impact of rent relief granted to the retailers represented an increase of +1.4 percentage points. Organic growth, excluding the base effects linked to the health crisis, was therefore +3.9% as of the end of the first half of 2022, compared with +2.4% at the end of March 2022, an encouraging trend. Slide 19, over to slide 19 now. First of all, refinancing operation with a three-pronged approach. First of all, we issued a EUR 500 million bond, with a seven-year maturity, with a 2.5% coupon. At the same time, we proceeded to the early redemption of the EUR 100 million of July, of the July 2027 bond issue with a coupon of 4.6%-5%, whose initial nominal amount was EUR 300 million. Finally, we also fully exercised our make-whole option on the EUR 469.5 million bond maturing in March 2023. This transaction has enabled Mercialys to significantly extend the average maturity of its bond debt, as you can see on slide 20, from 3.6 years at the end of 2021 to 5.4 years at the end of June 2022. The average maturity of all the debt drawn was 4.7 years at the end of June 2022, compared with 3.2 years at the end of December 2021. The company's cash position has therefore been significantly strengthened, as the next bond maturity will be due in February 26th. Between now and that date, only commercial paper will remain to be renewed or redeemed for a cumulative amount of EUR 182 million. This short-term financing is largely covered by cash with EUR 242.3 million available at the end of June 2022, and also confirmed undrawn bank facilities for a cumulative amount of EUR 430 million. As a result of this refinancing, the average real cost of debt drawn for the first half of 2022 is 1.7%, a significant improvement on the 2% level observed for the whole of 2021. I would like to point out that this rate does not include the next expense related to premiums, fees, and exceptional amortization linked to bond buybacks, nor the income and expenses arising from the unwinding of swaps linked to these buybacks. In the context of high interest rate volatility, Mercialys has also maintained its debt coverage at a high level. As such, the fixed or hedged rate debt position, including commercial papers, stood at 87% at the end of June 2022, as compared to 86% at the end of December 2021, and 87% at the end of June 2021. In slide 21, we see that Mercialys' financial structure has remained very healthy, with an LTV ratio excluding taxes at 36.6% at June 30, 2022, compared to 36.7% at December 31, 2021, and 38.3% at June 30, 2021. This is proof of Mercialys' ability to find liquidity in its portfolio even during very difficult periods. The LTV ratio, including duties, stood at 34.3% at the same date, compared to 34.4% at December 31, 2021. The ICR ratio stood at 6.1x at June 30, 2022, compared to 5.1x at December 31, 2021, 5.6x at June 30, 2021, reflecting both the operational performance and the optimization we have just described of the financing structure. Moreover, on June 8, 2022, Standard & Poor's reissued Mercialys' BBB rating with a stable outlook. Slide 22. Here we show that we now have a solid financial structure. This no longer needs to be approved, and Mercialys has thus returned to its growth strategy. Alongside our development pipeline, we have identified a number of acquisition opportunities, which have the immediate ability to contribute, which is clearly a significant advantage. These acquisitions could allow us to diversify in terms of business and geographies, while contributing to our revenue growth in the short term. In terms of the implementation of our pipeline, which has largely been renewed, as we will see on the next slide, our approach is to focus on investments to revive or strengthen our existing sites. We have increased our skills to take advantage of the diversity of use, where that makes sense, while keeping trade at the heart of our DNA. This is all-- Whatever the project, we will maintain strict limits on capital and we will constantly monitor our commitments and also keep an eye on refinancing. The current macroeconomic context and the sourcing work carried out in recent years have changed the profile of our pipeline. As illustrated in slide 23, since the termination of the partnership agreement concluded with the Casino Group, Mercialys has largely modified the makeup of its portfolio at the end of June 2022. Now, only 30% of Mercialys' projects depend on agreement to be reached with Casino as a co-owner. The nature of the projects also illustrates our approach to multifunctionality and the exploitation of all available surfaces. Therefore, about 40% of the planned investments relate to catering, leisure, and tertiary activities, such as co-working, which have already started to develop, but also there are some new activities such as logistics. Recent inflationary pressures on the cost of labor and building materials have also led to developments in investments to be made under these developments and their returns. Indeed, the sustainability of rents remains decisive in terms of the launch of projects. Overall, at the end of June 2022, Mercialys development portfolio stood at EUR 540 million, amounting to additional rent potential of approximately EUR 36.6 million. As an illustration of the pipeline in slide 24, on our Annecy site, we are conducting a new incremental operation, and we've done this in the past. This will allow us to strengthen this site located in a conurbation at the top of many attractiveness rankings in France. Living environment, dynamic of the job market, tourism, amongst other things. In December, a Megarama multiplex cinema will open there. We expect 10% more flows for the site as a whole, which will also gain new medium surface area by transforming the interior mall and also with an extension of the food court connected to the cinema. Our stated ambition is to make our site the reference shopping center in the south of the Annecy conurbation. In slide 25, we show a major restructuring project highlighting the know-how of Mercialys in terms of its ability to transform its assets, to adapt them to the specificity of the local traffic and their evolution over time. This site, with many small stores, as you can see on the plan, was ill-adapted to the format of the affordable offer to address local demand, and especially in the current economic climate. The site will undergo a restructuring of its merchant mix with the development of new formats adapted to the needs of operators of special medium-sized services. This is what we can see on the diagram below. An extension of the pharmacy is also planned, as well as the arrival of a medical center and a fast food chain. The short distance circuit to the food service will be optimized to develop purchasing convenience. Our strategy is that of a strong differentiation of the offering compared to the other large market polarities of, such as the Toison d'Or and Quetigny, which are very focused on textiles. On the Dijon site, just like for a large part of our pipeline, our project has several successive phases, which allows us to spread our financial commitments over time. This is part of our growth strategy. The perspective vision of the site, with the transformations that we've just described and that we can see on the right of slide 26, make this site a real new city district, which is interconnected with its environment. The mix of use and the greening of the car park are at the heart of the programming for a more pleasant and more integrated site in the future. In Réunion Island, slide 27, our Sainte-Marie Duparc site, already a historic commercial destination on the island, with solid fundamentals, is about to undergo a major evolution. We have come up with a project in five phases, and it consists of completely overhauling this site by reinforcing all its facades. There are several levers involved, the extension and the contribution of medium surfaces, and then providing complementary activities, such as a leisure area and a medical center, improving the customer experience and modernization of the existing center, transforming the image by giving it unique iconic features of the island. The works and the redevelopment of the site will be done exclusively on land already 100% controlled by Mercialys. In slide 28, you can see a project that enhances a plot of land on the shopping center, Jas de Bouffan, in Aix-en-Provence. On a nearby plot occupied by Feu Vert store, we plan to develop a mixed real estate offering instead. The different programming scenarios which have been studied to date provide for the relocation of Feu Vert and also the creation of around 70 housing units. A co-living unit that would mainly be for students with a catering center open to the outside, and also a medical center. The challenges of the project on this site, and you can see this in slide 29, are to be part of the dynamic carried out by the city to requalify the Jas de Bouffan site by promoting the development of economic activities, training and activities with social links. To propose, a functional project on a working site, and also to carry out a sort of urban graft, bringing together two districts, with different vocations. You've got a residential area, which is very calm, with lots of trees, on the left, and then you have, an important commercial and economic pole in the south. Finally, in terms of, development, slide 30, on land, which is once again owned by, Mercialys in Saint-André, De La Réunion, we are moving forward with a development project of more than 3 hectares. These projects will create a city district with a strong commercial dimension, which will make a link with the adjacent historical commercial area and the surrounding residential areas. Our mixed offering will be complementary to that, of the new national urban renewal program, for the downtown area of Saint-André. We will promote this project so that we can increase our promotion margins without mobilizing any significant investment for this site. You will have seen that Mercialys' balance sheet will make it possible to implement an investment strategy in the short and medium term. If we go back a step to the results in slide 31, you will see, first of all, the details of this evolution in the first half of 2022, the invoice rents, which are up by 3.2%, from EUR 83.4 million to EUR 86.1 million. This development is mainly the result of the evolution of the organic perimeter that I've just explained. At the same time, asset disposals and acquisitions represented a net impact of EUR 1.6 million or -2%. These are both the effects of the disposals made in the fourth quarter of 2021, i.e., Monoprix in Marseille and the retail park of Sainte-Marie in Réunion Island, as well as disposals completed in the second quarter of 2022, i.e., the mainly hypermarkets in Saint-Étienne and Annecy. Finally, other effects, including the strategic vacancy related to the ongoing restructuring programs, accounted for about EUR 100 thousand or -0.1%. In addition, the entrance fees and despecialization allowances recorded over the period are down significantly as we have recorded over several semesters. They amounted to EUR 0.4 million compared to EUR 1.2 million at 30th June 2021. Let me remind you that these entrance fees are essentially generated during the implementation of projects, and that the effects of the last three years were related to the rental of the extension of Le Port site in Réunion Island. Rental income amounted to EUR 86.5 million at June 30, 2022, an increase of +2.1% or EUR 1.8 million compared to June 30, 2021. Let's move to the analysis of the changes to the FFO in slide 32. You will see an increase of EUR 1.8 million in rental income. Rental expenses have increased slightly by EUR 0.7 million. This change covers a clear rebound in expenses related to management fees, compared to the first half of 2021, given the catch-up which was achieved on recovery for 2021, as well as the normalization of recovery in the first half of 2022. This catch-up phase has also had an impact on provisions for these financial exercises. Structural costs increased by EUR 2.1 million. Several things explain this. On the one hand, a slight decrease of EUR 80,000 in management, administration, and other activity revenues. On the other hand, other net expenses were down sharply by -20.7%, reflecting the company's efforts to control costs, as well as a decrease in fees paid by Mercialys under the service agreement with Casino. Finally, an increase in personnel costs. This relates both to the good performance of the company in 2021, which contributed to much more sustained levels of variable remuneration in 2020, which was marked by the health crisis. A budgeted increase in fixed salaries of +4% on average in 2022. Base effects for 2021, including reversals of provisions compared to allocations to the share compensation plan, taking into account changes in stock price. Finally, new hires made under internalization of functions for which the service agreement will expire at the end of August 2022, as well as on rental management and technical and administrative management with Casino, and that will expire at the end of 2022, and under which Mercialys pays fees of approximately EUR 6 million. The EBITDA margin is still high at 86%. Financial expenses improved by 1.9%, reflecting in particular the effect of refinancing operation carried out in the first quarter of 2022. Provisions show a variation of EUR 0.8 million for various legal disputes. The tax burden remains almost stable over the period, as did the income from companies accounted for by the equity method and of non-controlling shareholdings. Now, moving to the value of assets in slide 33, you can see that this stands at EUR 2.930 billion excluding duties, up at constant scope of +1.7% over six months and +0.8% over twelve months. Over the past half year, the evolution of the value at constant scope is generated by rent effect of +1.6% and a rate effect of +0.1%. At current scope, the value is down by a limited amount of -0.5% over the half year due to the effect of disposals. The average rate of return on expertise was 5.71 at the end of June, stable compared to the end of 2021. It is important to note once again that in their approach, the experts maintain a site-to-site valuation approach based on the intrinsic value, intrinsic risk and commerciality of each asset. To complete the analysis of the value of our portfolio, we have some parameters concerning appraisals in slide 34. The average appraisal rent is EUR 2-9 per sq m. This is a very sustainable level of rent. The average annual rate of change of appraisal over 10 years is 2.6%. Again, conservative growth hypothesis, especially since it incorporates effects of indexation. The appraisal shows a value per sq m of EUR 3,760. According to the EPRA rate methodology, this amounts to 5.6%. These are reasonable levels that have been validated in recent years by the sales prices. This brings us to slide 35, evolution of the net disposal value, which amounts to EUR 19.65 per share. This is up 11.6% over six months and +14.4% over 12 months. The main variations are the dividend for 2021 for -0.92 per share, FFO for +0.62 EUR per share. The change in the unrealized capital gains up 0.44 per share, including a rent effect of +0.5 EUR per share, a rate effect of +0.03 per share, and other effects for -0.08 per share. The change in the fair value of fixed rate debt has a significant impact, for +EUR 2.02 per share compared to the 31st of December 2021. The change is explained by the deterioration in the value of Mercialys bond debt, which is listed well below par due to the rise in interest rates on the bond market. Finally, an effect of the fair value of derivatives and other items for amount of 0.12 EUR per share. To end this presentation, an update on an outlook, for the whole of 2022. This is in Slide 36. Excluding the potential impacts of the health situation that could affect our operations by the end of the year, Mercialys confirms the objectives that were set last February, i.e., growth in earnings from operations, so this is FFO per share, at least +2% versus 2021. A dividend in the range of 85%-95% of the FFO for 2022, in accordance with the preexisting distribution policy for the, during the health crisis. Thank you for your attention, and I suggest we now move to the questions- and- answer session. Ladies and gentlemen, if you wish to ask a question, please press star one. I will let you know when you may ask your question. A question by Florent Joubert. Hello, Florent from B HF. Thank you very much for your presentation. Two questions. First, you presented the development projects which are in the pipeline. Could we have further clarifications on the overall schedule? When will they be completed? How will they be financed? Will you co-finance them, or will you do it all on your own? Second question. There were a number of governance changes at Mercialys following Casino's exit from the shareholding structure. Overall, will that have any impact on Mercialys' strategy in the months to come? Hello, Florent. As far as your first question is concerned, that's what we tried to highlight in the presentation. Mercialys' pipeline is great, when it comes to its phasing structure. There are very few projects in our pipeline requiring long-term engagement without any immediate accretive effects. Our strategy at Mercialys, which was slightly interrupted during COVID, but then, you know, that was, everything was frozen for pretty much everyone on the market. It's a case-by-case approach, a gradual approach, bit by bit. For the entire pipeline, in order to strengthen or confirm existing sites, and that's exactly what our strategy will be all about. You can see that phasing approach in the pipeline slide. It depends on administrative constraints, on the joint owner approach and on the impact on operations. All of this will happen over time, bit by bit. There are no major engagements or commitments to be taken into account here. The entire pipeline will be implemented over a period going from next year up until 2027, 2028. Hello, Florent. With regards to your second question, there will not be any particular change in strategy with the recent change in shareholders. This has an impact on the development pipeline, of course, and that's exactly what we've explained for a number of years now. Mercialys also needed to refuel its development pipeline by anticipation and following the completion of the partnership agreement. Basically, having new projects that are independent from Casino projects. In that sense, we have explained how much the extent to which the pipeline was changed. With regards to the strategic changes for mixed projects, that's not due to the change in shareholding structure, but rather thanks to the learning approach. For example, for mixed development, for digital transformation, all of this has allowed Mercialys to implement more diverse projects. Moreover, even before Casino moved away from Mercialys, Mercialys had already diversified its pipeline. Now, we are the only operator with such a diverse mix, including large food stores. If you would like to ask a question, please press star one. Pierre Clouard, now t he floor is yours, sir. Hello, everyone. A question on the published results. EUR 0.61 per share for the first half. You're keeping a guidance at +EUR 2. Could you give us further details on what may impact the EUR 0.10-EUR 0.15 gap between the first and second half? Hello. First of all, there are scope effects to be taken into account due to risk provisions towards the end of the year during the second half of last year. These were partially compensated for with scope effects. Indeed, the second half of 2022 will fully take into account the disposals of the Retail Park in La Réunion, the Monoprix in Marseille, and hypermarket disposals, which were completed at the very end of April 2022, and also an improvement effect of the financial results following the refinancing operation of the first half. You've already seen impacts on during the first half. In terms of cents per share, these disposals, what's the impact? We would need to come back to you later on. We'll be back with a more specific answer on this one later if you wish to. Yes, there was an improvement in fixed costs, and we would hope that there will not be any provisions over rents for H2. The only negative impact would be due to disposals. I'm only trying to figure out how we could reconcile H1 with H2 and whether the guidance is therefore conservative or not. We don't believe that it's conservative. We believe it is rather realistic. However, as you rightfully highlighted, all of this is excluding an effect related to the health crisis. Again, the guidance is sustainable and realistic due to the combination of the three effects I described. If you would like to ask a question, please press star one. The next question comes from the line of Rob from Green Street. Please go ahead. Good morning, everybody. Thank you very much for the color you provided on the refinancing and the Casino stake. Could I confirm with regards to Casino stake sale of that 10.3%? I know it was done as a total return swap. Has that been placed with other investors or is it still sitting with the investment bank? Could you confirm that for me, please? That we have or were published with the AMF during the equity swap. Casino did cede its stake to CACIB, and now it's up to the bank to place them off. No longer any voting rights in association with that block of shares. Crédit Agricole, as they are disposing of these shares, will be posting the relevant declarations and statements with the AMF. On the 13th of July, I believe there was a statement that was published with regards to the threshold crossing. That's the information we have to date. Brilliant. Thank you for confirming that. Please press one if you would like to ask a question. We no longer have any questions. All right, I suggest we conclude today's session. Thank you for your kind attention. We'll see you very soon. Have a great summer.