Good morning, ladies and gentlemen. We're very pleased to meet with you once again here at the Salle Pleyel for this new general meeting of Hermès International. To illustrate Hermès' year, we asked Tobias Guttmann, who's a very talented Swiss artist, to give us some of our news and show us some of the recent creations. In this video, you'll see the beginnings of the sketches, the lines, and four drawings evoking the main activities of our house. Some of the major events such as the Soie Hermès collections with the Soleil Hermès table setting. The stores with the opening of our new and marvelous store on Madison Avenue, New York. Lastly, you'll see the men and women from Hermès. As you know, this general meeting will be voting on financial 2022, which was an exceptional year for Hermès. Exceptional year after exceptional year. This is why we're so very pleased to be here. The Supervisory Board is here in the room. Let us now establish the bureau. I'd like to appoint as scrutineers the two shareholders that have the largest number of votes. Ms. Julie Guerrand, representing the H51 company, and Mr. Jean-Christophe Dumas, representing the H2 company. Both of them accept this office. Ms. Nathalie Besombes, chief of corporate and stock exchange law and Secretary of the Board, will be acting as secretary of this meeting. We will tally up the shareholder votes and the attendance sheet. This is being done by the centralizing agency. The company's name is Uptevia. The provisional number of people in attendance shows us that the quorum required by law, both for the ordinary session and the extraordinary session of the general meeting, are present. We can therefore say that we have regularly established the meeting, and we can lawfully deliberate. The final number on the attendance sheet will be tallied at 10:00, and we will give you that number just before voting on the resolutions. Our statutory auditors, as well as the representatives from the Social and Economic Committee, are present as well. Lastly, Maître Stéphanie Schambourg, Officer of the Court, will observe and ensure that all the proceedings are carried out smoothly. As in previous years, this general meeting is being filmed, recorded, and broadcast on the company's website. Lastly, a very warm thank you to the shareholders for taking part in this meeting, either physically in the room or from a remote location. The full folder in front of me has all of the documents provided for under the law, which have been made available to members of the general meeting. The documents and information provided for under legal and statutory provisions were sent out to the statutory auditors and/or made available to them as per and during the timelines laid down by these provisions. Mr. Henri-Louis Bauer, Chairman of the Management Board of the Émile Hermès SAS company, is going to say a few words now. Good morning, dear shareholders. Welcome. We're very pleased to be meeting with you for this general meeting of Hermès International. You know, 2022 was a tremendously successful year. The financial results of the year demonstrate that fact. The reflection that our customers have for the enthusiasm, our customers have for the creations of ours, our products, and also the enthusiasm of all of our employees. The success was all the more remarkable considering that our world is becoming ever more complex every day. 2022 saw people's changes in certain geopolitical contexts, some economic instabilities, monetary instabilities, major environmental challenges. With that as a context, we can be very proud of the achievements of the year. Together, let's really savor the success here. What we've achieved together with you is truly exceptional. 2022, first and foremost, was a year of quality, ethics, and people. First of all, let's talk about quality. Thanks to our designers, they were able to reinvent our creations, coming up with new ways of wearing things. Think of some of our new leather goods. They've been highly creative. Abundant creativity we've seen in all of our métiers, the longer standing ones as well as the newest ones. It's especially true in beauty, where we saw the arrival of makeup, new materials, new colors that are captivating our customers. Quality we've also seen through the recognized mastery of our know-how. For generations now, we've been cultivating this value of excellence. We carefully select the right materials, use the most appropriate gestures, and pay precise attention to each detail. Each creation of our artisans is a unique achievement, a full-fledged creation. It seems simple, it never is. Quality means being very exacting every single moment. I'd like to pay tribute to our 7,000 artisans who are the guarantors of this quality and who every single day uphold Hermès' reputation. 2022, as I said, was also a successful year from an ethics point of view. As you know, our intention is to grow this company Never compromising on our values. We take the time it takes. We ensure sustainability. That's all part of the process. Our products are designed, they're imagined to support and be with our customers throughout their lives, and they're also designed to be repaired. For several years now, we've also paid ever-growing attention to our surrounding environment. Reducing our footprint is a priority of ours. In 2022, we boosted our actions to recycle our materials, cut our emissions, move into, develop in new territories, and recreate communities around production sites. New production sites currently have a neutral energy balance. They're designed to foster maintenance and development of biodiversity. Lastly, 2022 is a year when we further focused on the men and women that contribute to Hermès' image. From the very beginning, Hermès has always attached great value to people and human values, excellence, creativity, respect, solidarity, transmission of know-how. That's really part of our genetic makeup. We cultivate everybody's in-integrity, recognition of a job well done. We always believe in ongoing training. We commit to support our employees throughout their employment with us. Lastly, there were several wonderful projects in 2022. For instance, I'm thinking of the launching of the Artisans of Selling School, which was a follow-on from the creation of the Hermès Savoir-Faire School, where you can prepare a state-recognized vocational diploma. Excellence isn't something you can dictate from on high. It's built over time. It's thanks to a family ambition which has been. continued generation after generation. As you can see, 2022 is a success that, first and foremost, is thanks to the commitment of all of our employees. Every one of them is an essential link in this chain. They're also conveyors of know-how, knowledge. This is why I'd like to wrap up by thanking each and every one of the people that ensures Hermès' success. I thank the tanners, our leatherworkers, the printers, our watchmakers, the master glassblowers. All of them hold unique know-how in the knowledge of each gesture, paying exacting attention to detail. I'd also like to thank our creatives, our designers, our color artists, our artistic directors who cultivate the elegance of our style. I thank all the HR managers who, as I said earlier, ensure the wealth of training projects for our employees. I thank our communication teams, who work so hard on making sure the image, our image is known all over the world. I thank our sales associates, who convey to our customers the pride we all feel. We know the commitment of all of our employees is a tremendous source of pride for us at Hermès. Thanks to all these values, this house, thanks to our strategic vision, thanks to Axel Dumas, his executive committee, 2022 was an amazing success. Of course, I very much want to thank the entire management team for having brought us so far forward. Those were my words I wanted to say today very simply. Thank you. Congratulations for this exceptional year. Thank you. [Foreign language] You see, we too have our own group. Ladies and gentlemen, dear shareholders, I am delighted to see you all again for the 2023 general meeting. I'd like to thank you for your loyalty. You will see in this meeting, we will show you lots of films on know-how that make our customers dream in the four corners of the world. You will understand why our objects are so desired and sometimes difficult to make. Let us together come to 2022. After an exceptional 2021, I am happy and proud to review with you a fantastic 2022, for which I would like to thank all the employees and teams in France and worldwide for their enthusiasm, their creativity, their know-how, and their spirit of enterprise. A very strong performance in progression of revenue and results reflects the desirability of our creations in all the métiers. They testify to the solidity of our corporate model, responsible and durable, strongly integrated and anchored in the territories, and of the geographical balance of our omnichannel distribution network. We have doubled our headcount in 10 years, mainly in France, where, may I remind you, we manufacture more than 80% of our objects in our 54 production sites. On the whole, over three years, Hermès has strengthened its investments, operational investments by EUR 1.5 billion, of which 60% in France. After two successive increases of EUR 100 per month for the French employees in January and in July, and the payment of a bonus of EUR 3,000 to all the employees all over the world for the good results of 2021, we have paid a new bonus of EUR 4,000 on the results of 2022 in February 2023. It is with confidence that we are moving forward into this year despite uncertainties by reasserting our commitments in the field of social and environmental responsibility. We are happy to have been able to continue to invest in our production capacity to have pursued our commitment in the field of training and transmission. 2022 will remain the year of the first promotion of the Hermès School of Know-How, certified by the Éducation nationale with a training delivering a national state diploma called the CAP Maroquinerie, on which I suggest we have a look at through images. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Thank you. 2022 was a year of abundant creativity, thanks to the talent of the teams under the artistic direction of Pierre-Alexis Dumas. Let us mention a few examples. In the leather goods collection, the success of the Hermès suitcase and the models Kelly en Désordre or Cœur Rock and Geta, but also our collections of men and women's ready to wear. In 2022, we've also celebrated the success of the fourth chapter of Beauty with Hermès Plein Air. We are also delighted of the wonderful momentum of our watchmaking and jewelry business with respectively the Arceau watch Le Temps Voyageur, which received 2 awards at the Grand Prix d'Horlogerie de Genève and the haute bijouterie collection, Les Jeux de l'Ombre, which has already met with great commercial success. Loyal to its artisanal values, the House creates objects designed to last thanks to their uncompromising quality, and this with over 80 exceptional materials. In 2022, over 200,000 repairs were made by our artisans all over the world, reflecting the durability of Hermès objects. 100% of the orange boxes and bags are made from recycled and recyclable materials. Attached to the excellence of know-how and their transmission, we pursue investment in our production capacity, following the logic of regional centers of excellence for leather goods as well as for other métiers which are true levers of growth. In 2022, we laid the first stone of the Rillieux leather workshop in the Puy-de-Dôme, and the work of the leather workshop Louviers in the Eure and Saumont in the Ardennes were pursued for an inauguration in 2023. That of Louviers took place a few days ago and that of La Saumont will take place in one month. The capacity investments in additional capacity was strengthened in all the métiers to accompany the strong growth of the group. I would here like to mention the completion of the work on the Holding Textile Hermès and that of J3L, the manufacturer of the metal parts that joined the group in 2020. Our model is based on strong vertical integration, 55% of the objects manufactured in our internal exclusive workshops with strong local anchorage, with 76% of the objects manufactured in France. Beyond this figure, 97% of our purchases are made in Europe. Hermès is present in 11 French regions. The 54 production and training sites of Hermès that you see on this map are organized by regional centers of excellence. On an average, a leather workshop is opened every 12-18 months, a human size with the highest environmental criteria, which contributes to revitalizing the territories in France. During the opening of new production sites, we attach ourselves to 3 criteria: respect of local expertise, the permanence of know-how, and job creation. Hermès maintains long-term relations with its suppliers and its partners in all the métiers with great loyalty. The average duration of relations with our 50 biggest suppliers is more than 19 years. Proud to contribute to the expansion of sectors of excellence, we pursue also accompanying our trusted partners trained over time with great quality to maintain the unique quality of Hermès objects, Hermès materials, trainings to know-how and dedicated workshops. Let us plunge at the heart of a maturing unit where the workshop managers, their key role, managing teams, sustaining the team. These managers are an exceptional link, important link in the organization of our production sites. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Let us now come to our integrated omnichannel exclusive retail network. The operational investments were pursued, allowing our collections to be showcased at the heart of the cities, closest to local customers, with an offer of service more and more larger. We will remember that, for example, in 2022, we opened the new Maison Hermès on 706 Madison Avenue, New York, with great success. We also extended our network to Chengdu and Shanghai, Chongqing in China, and Pangyo in Korea. I will also mention the many renovations and extensions, that of Strasbourg or again, Barcelona and Dubai. 2022 was marked by the resumption of travel retail and the reopening of our Hong Kong Airport store, which is renovated and bigger today. With an environment which has been particularly unstable, our teams have shown great dynamism and creativity, just like adapting to the health situation, and our e-commerce network pursues its strong development. The latter allows us to welcome new customers in an omnichannel logic and flags a solid performance everywhere in the world. The success of collections and our products has led us to strengthen our logistic chain to serve all the stores, including the e-commerce. At the end of December 2022, the group has 300 stores, of which three-fourths are operated by Hermès. It is at the 706 Madison Avenue, New York, that the new Maison Hermès opened its doors last October. Rob Chavez, the CEO of Hermès of Paris, and Florian Craen, Executive Vice President, Sales and Distribution, proposes that we discover the spaces of this store. Hello, everybody. We're standing in the new Maison Madison 706. It's really an exceptional project. It's been 8 and a half years in the making, and it's really a labor of love and a dream come true. There will be 150 family members working in this beautiful new Maison. You know, we always say when we open a store, it's the end of a long journey. There's been hundreds of people working on the development of that store, but it's also the beginning of a new, era for the group, for, HOP, for New York, for each and every one of us. This is a very special, very important moment. I hope the years to come will be, years of, admiration and fascinations for our clients. Welcome to New York, Maison Madison. Voilà. There you are. A beautiful success as of the first day of its opening. The creativity of Hermès expresses itself also via the 17th métier Hermès, that of communication. In 2022, with events all over the world, we wished to tell about the spirit, creativity, and know-how in the universe of Hermès. The encounter with artisans with the event called Hermès in the Making, closest to our 16 métiers. Also like that of silk with Hermès Kite Festival, of which you see a photograph on the screen, or again, petit h in Dubai and Bangkok. Les Kiosques du Monde d'Hermès was set up in several capitals of the world to distribute our famous magazine, I propose we look at these kiosks with pictures. There you are. I say this to the shareholders, small budget, but after COVID, we really wanted to come back to the streets, see the passersby, and participate in the life of the city centers. It is important for us. Let us now come to the CSR policy of Hermès. The group has maintained and renewed its commitments, as you see here, in favor of employment, transmission of artisanal gestures, R&D of sustainable materials within the responsible sectors. In particular, our objective of reduction of greenhouse gases for the all of the Scope 1, 2, and 3 were validated by the Science Based Targets initiative in line with the Paris Accords. Our social commitments clearly show our ambition in the field of training as well as diversity. For example, maintaining of the rate of employment of disabled persons above 6%. The ambition of Hermès is to maintain a virtuous circle for its employees and its partners and more widely in favor of all of the communities and ecosystems with a strong momentum and clear objectives for all of the 16 Métiers of Hermès. The CSR strategy naturally sits at the heart of the artisanal humanism durable model of Hermès. Let us now come to the achievements of this year. Concerning our climate strategy, the artisanal model of Hermès is structurally low emitter of CO₂. In a certain way, we could say that as a result of our artisanal model, we are a pre-industrial society created in 1837. Hermès is committed on the reduction of the pace of carbon emissions validated by SBTi. In line with this commitment, we confirm in 2022 the reduction of CO₂ emissions, with a drop in 28% on Scopes 1 and 2, and a reduction of 46% on Scope 3 in intensity. Hermès pursues the putting in place of compatible actions with energy transition. In particular, the supply of electricity, which is 100% renewable in France since 2021. The group offsets all of its emissions of its own activities, and henceforth, that of all those linked to transport. A responsible construction standards, which are very demanding, have been certified by an independent third party. It will allow for the reduction significantly of the greenhouse gas emissions generated by new constructions. The Louviers Leather Workshop in Normandy that we inaugurated on the 7th of April, is built with positive energy. It has obtained a certification called E4C2, a label which certifies the environmental performance according to energy and carbon. This is the first French industrial building to achieve this level of excellence, and you can indeed be proud of this. Our commitment for the preservation of biodiversity continues, namely with all the leather workshops that benefit from dedicated action plans in 2023. Hermès pursues its commitments as a responsible employer with a strong acceleration in job creation and sharing of values. In 2022, Hermès strengthened its employees by 2,100 people. At the end of 2022, Hermès employed 19,700 people, of which 12,400 in France. During 2023, the group paid a new bonus of EUR 4,000 to all of its employees worldwide, as I mentioned already, and will be paying EUR 170 million at profit sharing. To accompany growth and to train the employees to our exceptional know-how, internal training systems continue. 2022 was thus the year for the launch of the School of Sales Artisans and the opening of a new training center for apprentices of École Hermès of Know-How within the regional center of Ardennes. The House continues its action in the field of inclusion and diversity. To go further in sharing this ambition, a contact point network internationally was put in place to cover 100% of the headcount of the group. We have doubled our headcount in 10 years. More than 60% of job creations took place in France, where, may I remind you, we make more than 76% of our objects. It is, for us, a source of pleasure and great pride. The group conserves a balance in its growth by maintaining a stable balance in different sectors. Our artisans largely represent the production headcount, represent more than half of our headcount totally, which is specific to our industry. The breakdown represents the fact that 63% of our production is in France. The subsidiaries represent exclusively commercial functions. Women are strongly represented in the group. They represent 60% of the executives, 54% of management, 40% of the Executive Committee, and 50% of the members of the Supervisory Board. Our corporate model is highly integrated and anchored in the territories. Hermès maintains long-term relations with its partners and namely with its suppliers. We accompany them to reach a level of requirement that Group needs in terms of social, environmental impact, namely through CSR brief and sector briefs that have been enriched this year. The House has committed closer to the communities in the field of education and transmission. The Group has taken a five-year commitment of EUR 61 million to the benefit of the sponsorship actions of the Fondation d'Entreprise Hermès. The exceptional progression of Hermès in the extra financial ratings is pursued this year and reflects our CSR commitments as well as strength and transparency. I would like to here mention the AA rating of MSCI. Ranking number one in the Sustainalytics rankings, the textile and clothing industry of luxury integration in the list of CDP, of which placing Hermès amongst the 330 enterprises deemed as most high performance worldwide on environmental questions. Now I'll let you discover through the eye of Frédéric Laffont, the Euphoria Work Institute, which is treating people through the horse, people with handicaps, disabilities. Allez. Good girl. Come on. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] A beautiful association. Let us now come to the activity in 2022. The revenue reached EUR 11.6 billion and progressed by 29% at constant exchange rates. The business activity was particularly sustained in the stores of the group. In 2022, growth of sales is remarkable in all of the geographical areas, with registered strong growth, double-digit growth. France, +27%, Europe, excluding France, +18%, pursued their solid growth with strong demand from the local as well as international customers. Japan, +20%, registered a progression of sales which was sustained and regular. Asia, +22%, was carried forward by strong momentum in the all of the region, namely in Australia, Korea, and Singapore. Sales in Greater China had a sustained performance over the year, namely in Q4. The Americas, finally, +32%, had an exceptional year, sustained namely by the opening of the stores of Austin in the spring and Madison 706 end September. The geographical breakdown remains balanced. Let us look at the business activity per métier. In 2022, all the métiers confirmed their strong momentum with remarkable progression of watches, ready-to-wear and accessories, and other Hermès métiers, jewelry, and the home department. The growth of leather goods, +16%, is exceptional. It is based on sustained growth and the increase in production capacity. The métier ready-to-wear and accessories, +36%, pursued its strong growth, dynamic growth, thanks to the success of the ready-to-wear collections, fashion accessories, and shoes. New creations met with strong success alongside the iconic products of Hermès. Silk and textile métier, plus 20%, had a beautiful performance on women's and men's silk, namely thanks to the success of exceptional materials. Hermès perfumes and beauty, plus 15%, benefited from the success of the launches of the new chapter of beauty and new creations for perfumes such as Eau de Basilic Pourpre and Terre d'Hermès Eau Givrée. Watches, plus 46%, had a remarkable performance thanks to the development of pieces with exceptional know-how, such as Arceau Le Temps Voyageur, and also the success of the Hermès watch H08 and its pillars such as Heure H and Cape Cod. Finally, the other métiers of Hermès, plus 30%, pursued their strong momentum, shedding light on the uniqueness and the creative force of Hermès. I'd like here to mention Soleil d'Hermès for the Hermès tableware, and we've already mentioned the seventh collection of haute bijouterie, high jewelry, the Jeu de l'Ombre. The evolution of the breakdown of the métiers reflect the strong progression of ready-to-wear and other métiers of Hermès. Leather continues its growth in line with its objectives. Éric du Halgouët, CFO, will now present the results to you after a film on the Saint-Junien glove factory, workshop, showing you the exceptional know-how of these artisans. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Bonjour à tous. Good morning ladies and gentlemen. It's my pleasure to present to you the excellent results from 2022. Growth in sales and profits are exceptional growth rates. Revenue up 29%. Recurring operating income up 33%. Net operating income up 38%. Growth in sales at constant currencies, 23%. As in 2021, it was particularly virtuous growth in sales. The price effect is approximately 4%. After taking into account currency impacts and the conversion effects representing six points over EUR 500 million, growth in revenue is 29%. Growth in the value of sales between 2021 and 2022 is EUR 2.6 billion. The slight drop in the growth margin, a half a point, is mainly due to the conversion effect due to currency fluctuations. Our cost prices were slightly above budget hypotheses, but that was offset by leverage effects on fixed production costs, as well as exceptional sell-through rate of collections both in fashion métiers as well as other métiers. Communications spending reached EUR 525 million after stepping up the number of events in the second half of the year. Other sales and administrative expenses, including, among other things, wages of sales associates as well as support functional wages and variable rent, reached EUR 2.2 billion. Expressed as a percentage of sales, this generates a leverage effect on operating profitability of a half a point compared to 2021. Other income and expenses reaching EUR 836 million. This mainly means amortization of both tangible and intangible assets, firstly, and secondly, utilization rights. The expense of EUR 61 million booked in 2022 by virtue of a new five-year agreement with the Hermès Corporate Foundation, is offset by the reduction in cost of free share plans. Recurring operating income therefore reaches EUR 4.7 billion, which is up 33% compared to 2021. Recurring operating profitability reaches a record level 40.5% of sales. This is an exceptional level, up one point compared to 2021. Financial income or expenses is an expense of EUR 62 million versus EUR 96 million expense in 2021. This includes costs of currency hedges, lease liabilities, interest on cash on hand, EUR 75 million. This explains the positive trend in financial results. Tax expense EUR 1.3 billion. This is an effective tax rate of 28.2%. Net income from associates reaches EUR 50 million. This is a reflection of the dynamic business activities in the Middle East. Net income reaches EUR 3.4 billion, which is up 38% compared to 2021. The improvement in recurring operating income and interest on cash on hand enables us to reach a record level of net profitability, 29%. This is up two points compared to 2021. On this chart, we can see the very strong rebound in revenue and net income in 2022 and 2021. Over a 10-year period, the compound annual growth rate in revenue and net income is respectively 13% and 16%. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] We can see Hermès is very interested in transmission in all areas and some amazing examples. It's really wonderful to see how youngsters are always included in our various processes and policies. Before presenting to you the main resolutions, I'd like to express a very heartfelt thank you to Axelle Dumas and Éric du Halgouët for the wonderful quality of their presentations this morning. Even more so, and especially, I very much hope on your behalf as well, I'd like to thank all the Hermès Group employees who together have been able to achieve the results of this exceptional year. As we've seen, all the divisions, all the métiers, all the geographies, all the production sites, all the workshops, all the designers have been able to contribute to this wonderful growth that's gone well beyond targets we'd set our sights on. Everyone's shown their commitment, which shows their great attachment to the company's model, a responsible, respectful corporate model that we have at the house of Hermès. I'd like to thank the executive management as well as the entire executive committee. They're continuing to very talentedly bring this company forward, although carefully respecting its deep values and its unique identity. Lastly, I would like to express our unwavering our recognition to all of you. Thank you to all you shareholders for your loyalty and unwavering support. We know that the very strong relationship we have with all of you. Thank you very much for your continued support. It's now time to present to you the main resolutions which will be opened up for your vote later. I'd like to inform to you that the final quorum for our general meeting is 86.68%, both for the ordinary general meeting as well as the extraordinary general meeting. Resolution 4. Here we're submitting for your approval allocation of the net income for the financial period. As you know, it's EUR 2,528,515,836. The supervisory board is proposing to fix the dividend at EUR 13, the ordinary dividend per share, which is a balanced payout. An interim dividend, EUR 3.50, was already paid on February 22nd. The balance of the ordinary dividend, which is EUR 9.50 per share, will be detached from the share on April 25th, paid in cash on April 27th, based on positions closed on the 26th April. Re-resolutions 7 to 10, we're proposing that you approve compensation of all, and benefits in kind, paid for by virtue of exercise the fiscal period that closed, 31 December 2022. This pertains to the corporate offices as per the invitation to this meeting. Compensation elements for your vote are all in full compliance with the compensation policy approved by the general meeting. Annual variable compensation paid in 2022 for 2021, as well as Compensation granted in 2023 for 2022 has moved forward in compliance with increase in pretax consolidated net income. CSR makes up 10% of the variable compensation. There was a 100% attainment. You have full information on this and the work done by the compensation CSR Committee at its meeting on 6 January. All this is contained in the universal registration document as well as the invitation to this meeting. I'd remind you furthermore, that the Executive Chairman do not receive any several-year variable compensation nor deferred variable compensation. The Executive Chairman have given up over 75% of an increase in their fixed compensation for 2022. The Supervisory Board Chairman's compensation is a fixed annual compensation. The gross amount has not changed in 2022. Resolution 11. Here, we're proposing that you propose the compensation policy for the Executive Chairman as described in the invitation to this meeting. The policy remains unchanged, using the various principles for determining the compensation that have been enforced for several years. To wit, fixed compensation indexed to the increase in consolidated revenue during the previous financial period, using the same exchange rates and constant scope. Fixed variable compensation, having to do with the increase in pre-tax income compared to the previous period. As we've seen, 10% of the criteria here is CSR criteria containing three separate indexes. Resolution 12. Here we're proposing to revise the compensation policy for the Supervisory Board members, which remained unchanged since 2017. An increase, therefore, the overall annual amount, envelope would change. We would change the way the amounts are allocated between Supervisory group Board members and committee members. The proposals, inter alia, are designed to maintain the attractiveness of being a member of the board and provide the Supervisory Board members with the requisite flexibility, so that they're able to be forward-looking and anticipate changes in the possible composition of the Supervisory Board. Also designed to take into account the development of our activities, the variety of subjects dealt with by the Supervisory Board and its committees. The proposals were approved by the Management Board of Hermès, as well as the Supervisory Board, who met together on 16th February 2023. They're described in detail in the invitation to this meeting. Resolutions 13 to 16. Here we propose that you reelect the members of the Supervisory Board, Ms. Dorothée Altmayer, Ms. Monique Cohen, and Mr. Renaud Momméjat. All 3 of them actively contribute their respective experience to the work by the Supervisory Board. They provide their knowledge in many different areas, and they're highly involved in all of the Board's work. Also, they help add to complementarity and diversity at the Board in terms of age, knowledge, professional background, and so forth. It's proposed to reelect me in my term. These four terms would end after the AGM in 2026 that will vote on the financial period ending 31 December 2025. There are two new board members representing employees that were appointed by the Group Works Council last November. Here I'm talking about Ms. Annélies Milhem who is an artisan at the Irigny Ennoblissement workshops, and Mr. Précile Assohou, who's a sales associate in one of our Parisian stores. Resolution 17 and 18. Here, we're asking for you, sorry, to renew the terms in office of the statutory auditors, PricewaterhouseCoopers Audit and Grant Thornton Audit for 6 financial periods. I'd like to indicate to you that the Audit and Risk Committee gave a favorable recommendation to re-renew these terms in office. Resolutions 6 and 19. We're asking you to renew the authorizations given to the executive management every year to buy back treasury shares capped at 10% of share capital with the possibility of canceling them. The maximum purchase amount, excluding expenses, would be EUR 2,200 per share. I'd inform you buybacks conducted by the company are used almost exclusively to cover free share plans granted to employees, as has been the case for many years now. Resolutions 20 to 25. Here, we're asking you to renew, as we propose this every two years, the financial authorizations which are customary. As you will have observed, these authorizations were not used since their previous renewal. We're submitting these to you nonetheless, once again, for your vote, so that executive management has the necessary flexibility to act in the best interests of the company, all the while under the control of the Supervisory Board and the Management Board of Émile Hermès SAS. Resolution 26 and 27. We're asking for you to authorize executive management to conduct one or several merger deals, absorptions, spin-offs, or contributions of assets under spin-off regimes. Here again, we're talking about authorizing executive management so that they have the requisite agility to act in the event there were some sort of operation of internal organization. Resolution 28, we're proposing to you to renew the authorization given to executive management to carry out grants of free shares. These would be existing ordinary shares. In compliance with the compensation policy, the executive managers receive no compensation in shares. Mr. Axel Dumas, the only eligible executive chairman, has never received a performance share since he was appointed chairman. Pertaining to employees, Hermès has set up employees' shareholding plans for several years now, I mentioned this previously. Make it possible for us to recognize the contribution employees are making to the development of Hermès, regardless of their position or their location. These employee share plans are designed to share the benefits of growth amongst employees to have them more closely involved in the decisions to develop Hermès in the long term. You will find in the universal registration document, which is also available on the Hermès Finance website, the Supervisory Board's report on corporate governance. You'll also find in the invitation to this meeting, the report by the Supervisory Board to the AGM. Now it's time to give the floor to our statutory auditors so that they can share with you the content of the various reports. Thank you, Mr. Chairman. Ladies and gentlemen, shareholders, on behalf of the group of statutory auditors, PricewaterhouseCoopers Audit and Grant Thornton, I'd like to report to you on our assignment for the period that ended 31 December 2022. In compliance with what's customary at this general meeting, I'll just summarize the reports. You can find these in the universal registration document. Our reports on the consolidated financial statements and the annual financial statements are to be found on pages 442-446 and pages 471-474 in the universal registration document. The objective of our assignment is to obtain reasonable assurance that the financial statements have no material misstatements. To this end, we do the requisite due diligence, take into account the organization of our group and its various business lines, both in France and abroad. We're active therefore in 43 subsidiaries located in 22 countries. We were able to carry out all of our assignments in a satisfactory way in all of these countries. Our audit approach and our conclusions were discussed with the group's financial department during regular discussions. We reported on our work to the Audit and Risk Committee, as well as to the supervisory board. The key audit points pertaining to risks of significant misstatement, which we identified due to the relative proportion of financial stable, the complexity of assessing them, or the significance of judgment used. For consolidated reports, it has to do with evaluation of inventory and work in progress, as well as recognition of currency hedge operations. Pertaining to annual statements, we're talking about valuation of equity stakes. You will find a description of these, as well as our assignments, which we conducted in our reports. After our work, we expressed an opinion without reservation nor observation on either financial statements or the annual financial reports of your company. Now to talk to you about our related party, our related party agreement report, which is found on pages 448 and 449 of the universal registration document. In these reports, we give you the terms and conditions of the third-party agreements which we were apprised of, without speaking to their relevance or substance. In this situation, we inform you we were told of no new related party agreement during the period which would be necessary for your approval. Our report also includes the description of all of the related party agreements entered into and approved by previous AGMs. Lastly, we issued 4 reports for the extraordinary portion of your meeting. These reports contained on pages 550 to 554 of the universal registration document, have to do with various authorizations impacting your company's share capital. We have no observation pertaining to information provided in a report from the management committee, and the authorizations envisaged. The reports do not give the terms to determine the issue prices of the capital to be issued under resolutions 21 and 25. We cannot give a review on the ways and means of calculating issue prices. Final terms for issuing shares and/or securities haven't yet been set, therefore, we do not express any opinion on the consequences of those or the proposal to suppress a preferential subscription right. We'll establish a supplementary report if need be, if these authorizations are used by your executive management. Ladies and gentlemen, shareholders, Mr. Chairman, thank you for your attention. We'd like to wrap up our Q&A session, which means now we can begin voting on the resolutions which are now up for your approval. Let me just quickly remind you of how the voting boxes operate. They've been given to you, they're each identified, one per shareholder. You have 15 seconds to vote once I say, "Please vote now." To vote, just press on one of the buttons. One in favor, two against, three to abstain. Confirmation of reception of your vote will appear on your screen. If you make any mistake or if you have a doubt, you can press again on one of those three keys. Only the last press, the last vote, will actually be tallied. We only take account in our calculating the quorum, the votes cast by shareholders that are in attendance or represented. Is everyone ready? Was that clear? Silence means consent. Are we ready? Let's now look at the first resolution, approval of the financial statements. Please vote now. No further voting. Resolution is adopted. Resolution two, approval of the consolidated financial statements. Please vote now. No further voting. The resolution is adopted. Third resolution, executive management discharge. Please vote now. No further voting. The resolution is adopted. Fourth resolution, allocation of net income and distribution of an ordinary dividend. Please vote now. No further voting. The resolution is adopted. Fifth resolution, approval of related party agreements. Please vote now. No further voting. The resolution is adopted. Sixth resolution, authorization granted to the executive management to trade in the company's shares. Please vote now. No further voting. The resolution is adopted. Seventh resolution, approval of the information referred to in Article L. 22-10-9 of the French Commercial Code with regard to compensation for the financial year ended 31 December 2022 for all corporate officers. Please vote now. No further voting. The resolution is adopted. Eighth resolution, approval of total compensation and benefits of all kinds paid during or awarded in respect of financial year ended 31 December 2022 to Mr. Axel Dumas, Executive Chairman. Please vote now. No further voting. The resolution is adopted. Ninth resolution, approval of the total compensation and benefits of all kinds paid during or awarded in respect of the financial year ended 31 December 2022 to the company Émile Hermès SAS as Executive Chairman. Please vote now. No further voting. The resolution is adopted. Tenth resolution, approval of total compensation and benefits of all kinds paid during or awarded in respect of the financial year ended 31 December 2022 to Mr. Éric de Seynes, Chairman of the Supervisory Board. Please vote now. No further voting. The resolution is adopted. Eleventh resolution, approval of the compensation policy for the Executive Chairman. Please vote now. No further voting. The resolution is adopted. Twelfth resolution, setting of the total annual amount of compensation attributable to the members of the Supervisory Board. Approval of the compensation policy for the members of the Supervisory Board. Please vote now. No further voting. The resolution is adopted. 13th resolution, re-election of Ms. Dorothée Altmayer as Supervisory Board Member for a term of 3 years. Please vote now. No further voting. The resolution is adopted. 14th resolution, re-election of Ms. Monique Cohen as Supervisory Board Member for a term of 3 years. Please vote now. No further voting. Resolution is adopted. 15th resolution, re-election of Mr. Renaud Momméja as Supervisory Board Member for a term of 3 years. Please vote now. No further voting. The resolution is adopted. 16th resolution, re-election of Mr. Éric de Seynes as Supervisory Board Member for a 3-year term in office. Please vote now. No further voting. The resolution is adopted. Thank you. 17th resolution, renewal of the term as principal statutory auditor of PricewaterhouseCoopers Audit for a period of 6 financial years. Please vote now. No further voting. The resolution is adopted. Resolution 18. renewal of Grant Thornton as statutory auditor for 6 financial years. Please vote now. No further voting. The resolution is adopted. 19th resolution, authorization to be granted to the executive management to reduce the share capital by cancellation of all or part of the treasury shares held by the company. General cancellation program. Please vote now. No further voting. The resolution is adopted. 20th resolution, delegation of authority to the executive management to increase the share capital by incorporation of reserves, profits and/or premiums and free allocation of shares and/or increase in the par value of existing shares. Please vote now. No further voting. The resolution is adopted. 21st resolution, delegation of authority to be granted to the executive management to decide on the issue of shares and/or any other securities giving access to the share capital with pre-emptive subscription rights maintained. Please vote now. No further voting. Resolution is adopted. 22nd resolution, delegation of authority to be granted to the executive management to decide on the issue of shares and/or any other securities giving access to the share capital with preemptive subscription rights canceled, but with the option to establish a priority period by offer to the public. Please vote now. No further voting. The resolution is adopted. 23rd resolution, delegation of authority to be granted to the executive management to decide to increase the share capital by issuing shares into securities, giving access to the share capital reserved for members of a company or group savings plan with preemptive subscription rights canceled. Please vote now. No further voting. The resolution is adopted. 24th resolution, delegation of authority to be granted to the executive management to decide on the issue of shares and/or any other securities giving access to the share capital with preemptive rights canceled by a public offering to a restricted circle of investors or qualified investors referred to in Article L411-2 first subparagraph of French Monetary and Financial Code. Please vote now. No further voting. Resolution is adopted. 25th resolution, delegation of authority to be granted to the executive committee to decide on the issue of shares and/or any other securities giving access to the share capital with preemptive subscription rights canceled in order to compensate contributions in kind granted to the company relating to equity securities or securities giving access to share capital. Please vote now. No further voting. The resolution is adopted. 26th resolution, delegation of authority to be granted to the executive management to decide on one or more operations involving a merger by absorption, spin-off or partial contribution of assets subject to the spin-off regime. Vote now, please. No further voting. The resolution is adopted. 27th resolution. Delegation of authority to be granted to executive management to decide on a capital increase by issuing shares in the event of use of the delegation of authority granted to the executive management to decide on one or more operations involving a merger by absorption spin-off or a partial contribution of assets subject to spin-off regime. Please begin voting now. No further voting. The resolution is adopted. 28th resolution. Authorization to be given to executive management to grant free existing shares. Please vote now. No further voting. The resolution is adopted. 29th resolution. Delegation of authority to carry out the formalities related to the general meeting. Please vote now. No further voting. The resolution is adopted. That was the last vote. We've completed our general meeting. I would like to thank you once again for taking part in the meeting. Many of you have attended either here in the room or remotely through the web. We hope we will have the pleasure of meeting with you again in a year's time, April 30, 2024, in this same room to talk to you about and discover the results that we hope will be in line with our expectations. Thank you very much.