Good morning, and welcome to URW's Investor Day 2022. I'm delighted to welcome you to Westfield Mall of the Netherlands today. This mall, which opened during the pandemic in 2021, yet still saw 13 million visits in its first year, is a great example of the demand for URW centers. It is the perfect setting to share with you our path to 2024 and beyond. Today, my team and I are going to take you beyond the immediate priorities communicated at our recent full year results and share with you our clear strategic roadmap. It is based on three main objectives, strengthen our core business, build new revenue platforms, and maximize the value of our assets. We'll explain how URW will be reshaped for the future by 2024, with a powerful platform for accelerated growth beyond the plan horizon. First, we'll strengthen our core business by completing our deleveraging plan to emerge as a focused European pure play. Our centers are located in the best cities, recognized as the highest quality by consumers and deliver the best performance according to leading retailers. This core European portfolio will drive the return of our retail NRI and group EBITDA to pre-COVID levels on a stabilized basis over the course of 2023 and 2024. We will go further in our ESG commitments to increase our environmental, social, and financial value, launching a step change in our industry-leading Better Places 2030 plan in 2023. We already have ambitious science-based targets and are on track to achieve them, but we want to do more in our contribution to global carbon neutrality and in the impact we have in our communities. From this strengthened core, we will create additional growth by building new revenue platforms both during and beyond our plan horizon. This will be driven by turning our huge footfall, 550 million visits in 2021 across our European assets, into qualified agencies that are highly valued by brands. This will increase our media advertising and brand experience revenues, reaching EUR 75 million in net revenues by 2024, as well as significant longer term growth opportunities. We also continue to maximize the value of our assets through targeted mixed-use development. By 2024, we'll deliver EUR 2 million of our committed pipeline, which is expected to generate a stabilized NRI of EUR 125 million. We will unlock development opportunities embedded in our assets with EUR 1 billion in potential projects to add to our controlled pipeline. We'll be very agile about the type of assets we pursue, with a focus on our strong residential potential. We are embedding flexibility about how and when we launch new projects based on a range of considerations, and we deploy limited pre-development expenses in the coming three years to achieve this. Deleveraging remains the key to unlocking future value, and we are progressing our clearly defined disposal plan. We are positioned to execute on the radical reduction of our financial exposure to the U.S. over the course of 2022 and 2023. We are confident in our ability to execute, thanks to the quality of our U.S. assets, which are 95% A-rated, and the overall strength of the recovery, which is driving occupancy and long-term lease rental growth. Our recent disposal of the Promenade site in Los Angeles at a 60% premium demonstrates the additional value of densification potential within our U.S. portfolio. Olivier Bossard, our Chief Investment Officer, will share more detail. Here in Europe, we are on track to secure the remaining EUR 1.5 billion of our EUR 4 billion disposal program this year. We are doing this through the full sale of dry non-core assets, as well as the disposal of stakes in core mature assets to institutional investors, where, as joint venture partners, we also receive fees for asset and property management services. Following the completion of this comprehensive program, European retail NRI will represent the vast majority of URW income, and we will emerge as a leading European pure play with assets in the wealthiest cities and catchment areas. This network also creates a powerful platform to both generate new revenues from our unmatched audience of visitors and build on significant local expertise to unlock embedded value through targeted mixed-use development in locations with significant barriers to entry for other players. There are three key market trends that will further strengthen this European portfolio of leading shopping destinations. The first is sustainability and climate. Every industry is focused on addressing its environmental impact. As long-term stewards of assets with significant influence on the social, economic, and environmental vitality of cities, we have a critical role to play. URW made a strategic decision in 2016 to transform its ESG commitments through its Better Places 2030 plan. We are on track to reach our targets, including a 50% reduction in carbon emissions across our value chain by 2030. We must go further in our commitment to carbon neutrality. Developers, operators, and retailers that don't fully integrate sustainability into their activities will be simply out of business. Gen Z and Millennial consumers are actively building sustainability into their purchasing decisions, and will represent our most valuable demographic going forward. You are going to hear directly from our Chief Resources and Sustainability Officer, Sylvain Montcouquiol, about both our strongest track record and our total commitment to driving even greater environmental, social, and financial value. Next year, we present an updated plan with a view to establishing new commitments which go beyond 2030. The second trend is the rise of people-centric destinations. In 1980, 40% of the European population lived in cities. That figure today, according to World Bank estimates, is more than 70%. The shift from distinct business, commercial, and residential districts to integrated mixed-use destination is driving urban planning today. We are best placed to capitalize on this, given our existing flagship destinations, the development opportunities embedded within our assets, our local development and regeneration expertise, and our preferred partner status in key locations. The third trend is the vital role of the physical store in an omni-channel retail environment. Physical retail went through the ultimate stress test during the pandemic, and even after a moment when online retail was the only available option for consumers, we saw a full return of footfall and sales to our centers. Let's look at this trend more closely. Major retailers like H&M, Nike, and Inditex validate our view, reporting that the recovery in physical sales was faster and better than expected, driven by customer demand for in-person shopping experiences. If you look beyond traditional players, successful digital-native vertical brands, like online glasses retailer Warby Parker, are turning to stores early in their development in order to offer customers the chance to physically engage with products and optimize their customer acquisition costs. This improved physical sales performance is also taking place in an environment where online and offline sales are now seen by retailers as complementary rather than competitive. H&M, who acknowledged a few years ago that they were late in developing their online strategy, are seeing the benefit of the two sides working as one. According to a consumer intelligence specialist, CACI, nearly 90% of retail spend is influenced by a physical store. Caroline Puechoultres, our Chief Customer Officer, will share consumer insight and behaviors that are shaping our business. Bottom line, to make the online component profitable, retailers need to actively drive customers to store. The physical store's emerging fulfillment role is generating higher revenues, cost savings, and overall EBIT margin benefit. Physical retail is more than ever at the center of brands' retail strategy. Retailers recognize that the store is key to their omni-channel retail offer, and maximizing profitability is the driver of where they locate their stores. The recognized quality of our locations and customers translate into clear outperformance. URW centers are 21% more productive than the market, and our top retailers act on it. If you look at the evolution of our top 50 retailers across Europe, you can see that they have increased their GLA with us by on average 7% since 2019, for an average MGR increase of over 6%. Paris will go into more details on how we will maintain and even grow MGR through upcoming renewals, while also evolving our tenant mix to meet customer demand. These metrics underline the quality of our assets and give us strong confidence in our ability to reduce vacancy across our portfolio, which will reintroduce commercial tension. We are obviously mindful of the current economic impact of the crisis in Ukraine, but the location and quality of our assets provide added resilience to inflation and other consumer pressures, while also being effectively protected from new competition due to development restrictions. These factors do not alter our confidence in the return of European retail NRI to pre-COVID levels on a stabilized business basis during the course of 2023 and 2024. URW's unparalleled know-how in creating destinations that meet consumer and retailer demand is perfectly demonstrated by Westfield Mall of the Netherlands. It is truly the first of its kind in Holland. This is, in fact, a regeneration project, replacing a traditional retail mall built in 1971. Our redevelopment was inspired by our Better Places 2030 commitments, particularly related to carbon reduction. Among a wide range of initiatives, we introduced an innovative, sustainable cooling system using river water that is generating energy savings of at least 10% versus standard mall equipment. The overall project also resulted in a major upgrade in BREEAM sustainability rating versus the historic building. Westfield Mall of the Netherlands was also designed with people centricity in mind. It has a larger footprint than the mall that was here before. Growing from 74,000 sq m - 124,000 sq m, with a significant entertainment and dining component that makes up 29% of total GLA and almost half of the extension. The fact that the mall reached 13 million visits in its first year, even when opening at the time of major COVID restrictions, is a testament to the quality of the job done by URW. Retailers trust that unique know-how, and many brought flagship concepts to the mall, even though some had a strong presence in nearby Rotterdam and The Hague. Together, we then demonstrated the vital role of these stores, opening them successfully, even as we battled COVID together. Our destinations, like Westfield Mall of the Netherlands, are also an incredible platform to create new non-rental revenues. The consumer appeal of our European network of assets translates into footfall of 550 million, the combined number of visits to our centers in 2021, a year where we faced COVID restrictions. Digital out-of-home advertising is growing by 12% year-over-year in Europe, and we already have 1,700 digital out-of-home screens across the region at our disposal. We will capitalize by converting our passive footfall to qualified audience that can be better monetized. The foundation of this is GDPR-compliant technology developed with a start-up that give us the ability to qualify audience in an unobtrusive way, which in a cookie-less world that is impacting retailers' ability to target customers online, gives us an advantage. We generated around EUR 30 million in media brand experience and data revenues in 2021. We will generate EUR 75 million in net yearly revenues by 2024. This will be achieved with a CapEx of EUR 23 million that will drive additional benefit beyond the plan horizon. Olivier will share more details on the significant potential we see for this business. URW is and always will be a real estate developer. Our path to 2024 and beyond includes both immediate development and the unlocking of longer term opportunities. It begins with our existing EUR 2 billion committed pipeline delivered by the end of 2024, that will generate EUR 125 million in stabilized NOI. We are deploying carefully controlled CapEx to add high-quality mixed-use projects with high pre-letting levels, like Gaîté Montparnasse in Paris and Westfield Hamburg-Überseequartier. These two projects alone represent EUR 110 million of NOI, including the Hotel Pullman at Gaîté Montparnasse, which we just delivered last December. Over the course of the last year, we have done the homework to ascertain the embedded value potential of our portfolio, identifying up to 2.4 million sq m of projects, of which over 50% can be residential. Of these projects in the next three years, we will target to add EUR 1 billion URW total investment cost to our controlled pipeline. To accomplish this, we'll ensure limited pre-development expenses to ensure we are ready to unlock value at the right time and the right financial returns. We have a robust strategy to densify our flagship destinations and clear discipline criteria to assess project potential, which Olivier will share in more detail. To summarize, the path to 2024 is made of the following building blocks: a clear focus on getting NOI and group EBITDA to pre-COVID levels by 2024, 2023 on a run rate basis, with the full effect in 2024. Completing our deleveraging program to reshape URW as a leading European pure play with assets in the wealthiest cities and catchment areas with a strong balance sheet. Using qualified audiences and our emerging media platform, as well as opportunistic mixed-use development to strengthen earnings. Based on all these factors, the group will reinstate a sustainable dividend as from fiscal year 2023. By executing this plan, we create a strong platform to accelerate future growth beyond the plan horizon based on increased revolutionary potential, growing new revenues, and further opportunistic development. The work we will complete in the next three years to build new revenue platform based on embedded media and data capabilities will generate both immediate revenues and position us to unlock future potential. As will our development pipeline, made up of our committed pipeline of NOI-additive projects and our longer term mixed-use opportunities, generating additional revenue and valuation uplift. Before handing over to my fellow management board members to share more detail on the path to 2024 and beyond, I want to speak to our current guidance for 2022. At our 2021 financial results, we announced our 2022 AREPs to be in the range of EUR 8.20-EUR 8.40 based on the trends seen at year-end, namely our positive sales performance, sustained leasing activity, and vacancy reduction. Initial data on how the year has begun confirms this outlook. While we are monitoring very closely the potential impact of the wider economic and geopolitical situation on our markets. I will now hand over to my team, and I will be back at the end of the session for some closing remarks before we open for questions. Our roadmap starts with our Chief Customer Officer, Caroline Puechoultres, who recently joined us to bring a fresh perspective and help us better understand our consumers, as well as the new media revenue opportunities in the market. Over to you, Caroline. Thank you, Jean-Marie. Good morning, everyone. I am Caroline Puechoultres, and I joined the group last July as Chief Customer Officer. My role is to introduce the voice of our customers into our business and develop our marketing, sales, digital capabilities to further boost our non-rental revenue. In a moment, I will go into URW's new revenue opportunities in more detail. First, I will share some thoughts on the three key trends mentioned by Jean-Marie, this time from the perspective of the consumer. The accelerated path of change in the sector is tremendous, and it's an opportunity for us. This is precisely why I joined the group from Carrefour. Jean-Marie introduced three trends in his presentation: a core focus on sustainability, the rise of people-centric destinations, and the vital role of the physical store in an omni-channel world. These trends are changing the way people shop, and this creates opportunities for URW. These trends have emerged from major consumer studies we conducted recently, mostly in Europe, to ensure we really know our customers and understand what they want from us. Over the last 12 months, we've heard from over 35,000 customers across all our markets. We know who they are and what they do in our malls. We know also what they need and want from us. This is helping us improve their experience with URW, but also it gives us valuable insights. Let me take you through all these three trends. First, sustainability. We know our consumers are increasingly focused on making more sustainable decisions. It is no longer a nice-to-have. It's a priority and fast becoming a condition for commerce and loyalty. My experience at Carrefour gives me some valuable insights on this topic. There are indeed many parallels between the rise of sustainable consumption and the introduction of organic produce in the food retail market. As it was for organic food, consumers are increasingly adding sustainability into their purchasing criteria, and our own CSR consumer study among loyalty program members do confirm that. An impressive 81% of our European customers stated sustainability as an important factor in their purchasing choice, with a particular focus on local products. 20% even regarding it at the utmost importance. Ultimately, what consumers are looking for is not a total shift of consumption towards sustainability, but the ability to choose from both traditional and sustainable products in all shopping categories. They are expecting their shopping destinations to lead this change, with 76% of customers interviewed expecting shopping malls to make commitments on sustainability. These commitments include more secondhand and local brands in the mix, banning single-use plastic, targeting net zero, or even buying energy from renewable sources. Sylvain will take you through our own commitment on this topic. We are seeing retailers rising to this challenge, especially in the world of apparel, where major players like Inditex and H&M have accelerated their commitment to sustainable fashion. We are already anticipating this trend in our business. Last year, Creston, a vintage clothing marketplace, opened in Westfield Les Quatre Temps and has just signed an additional lease with us at our Gaîté Montparnasse project. This is just part of the 30 deals we signed with similar sustainable brands in 2021. The second trend is the rise of people-centric destinations. Consumers want to make their lives simpler by having all their shopping needs met in one place. While convenience is an important factor, consumers also want human interactions and social experiences. Our URW flagship destinations are for just more than a simple transactional relationship. They offer social experience and entertainment for them as a community, which is why 77% of our visitors come shopping in our malls with friends and family. The pandemic has reversed the historic trend of fragmented consumption and boosted the appeal of safe spaces offering easy access and a large choice of shops, brands, activities, and food. This is a key driver for many of our visitors, 72% more at URW than in other shopping centers. The evolution of our commercial mix reflects this. I encourage you to take the time to explore Westfield London developments today. Experience it by yourself. This new destination is indeed a great example of the future of URW and our European flagship strategy. Flagship means shopping, food and beverage, leisure and entertainment all under one roof, connected to public transport and local community. This approach is why consumers spend 17% more time in our destination versus our peers. Interestingly, on top of spending more time, they also spend 15% more money per year at our destinations. Our mixed use development strategy, as illustrated by our new Hamburg project, which will open next year, is a key differentiator here. Olivier will show you next how we will continue to unlock untapped value in our asset portfolio. Events also play an important role in enhancing the people-centric nature of our malls. Last year, despite a first half sorely affected by COVID restrictions, we hosted 450 events across our European destinations, made up of 350 URW events and 100 brand partnerships. One example is a second event organized by We Are FSTVL that rented our central plaza in Westfield London and attracted more than 10,000 visitors over three days. Last but not least, the important role of physical stores. Re-retail is not about just offline or just online, but an integrated and balanced omni-channel journey. Both online and offline have their advantages in the mind of the consumers, as you can see here, in this slide, highlighting the main benefits according to our customers. They are increasingly complementary, and as Marie mentioned, customers haven't lost their appetite for physical shopping at all. Guess what? This combination is a winning game for our retailers, as the average spend of omni-channel shopper is 30% higher than the single channel ones. We estimate that our omni-channel customers make up 70% of consumers in our malls. Retailers that fail to offer a consistent omni-channel experience will fall behind. Some retailers are even using their in-store resources to improve the performance of their websites. Our fifth-largest European tenant, Snack, is connecting online consumers with trained in-store sales force to answer the questions about products via video chat. This has boosted Snack's online offer and has helped grow its conversion rate by 2x-3x Physical stores are also playing a major role in experiential platforms. Take Nike, for instance, whose recent Member Days event leveraged both online and offline networks seamlessly. The live streaming of in-store experiences in their Barcelona and London flagship boosted customer engagement and even drove high usage of their Nike app in North America. Retailers and brands need physical stores as part of their omni-channel offer, but they want them in the right places. Brands such as H&M, Nike, Inditex are continuing to open landmark stores across our Westfield destinations. Over the past two years, Zara has cut its global store footprint by 6% worldwide, yet at the same time has increased its footprint in Europe and URW destinations by 6%. Lastly, advertising online is going through a period of change. With new GDPR regulations giving people greater privacy and more control over their data, consumers do not want any more to be tracked by cookies online without their approval, and they are increasingly demanding transparent regulations. 76% of European citizens want to know more about their rights in the online environment, which is even more striking for youngsters, as this figure rises up 90% for the Gen Z. As a result, tech giants like Google, Apple are taking a new approach to cookies that use third-party data. These limitations will transform how companies invest their advertising budget, and brands will need to find new ways to collect information on their online customers. This new cookieless world represents a major opportunity for URW. Players like us with massive own first-party data will become even more attractive. We can offer media advertising that is fully compliant with this new cookieless world, and that is also close to the purchasing act. This makes our audience of 550 million annual visits in Europe even more valuable. Let me now go into more detail on our plans to generate new revenue in this space. We will build on these trends to grow new revenues through commercial partnerships. This represents an untapped source of additional revenues and is totally complementary to our core business. In simple terms, we will consider our flagship centers, not only as shopping and leisure destinations, but also as a powerful media network. We have a clear plan to increase our commercial partnership revenue by turning footfall into qualified audience. To do this, we are creating a dedicated business division that will unlock sustainable income through two strategic data projects. This will allow us to generate an additional EUR 45 million in incremental yearly net revenue by 2024, with significant future upside ahead. We are starting now, we know, with a solid platform. Our current commercial partnership business is in Europe, EUR 55 million in revenue last year. It's based on five streams. The red blocks on this slide delivered EUR 30 million of this total amount last year. This will be the central focus of my presentation today. First, media advertising, which generated EUR 23 million in 2021. We use our 1,700 and more screens to deliver advertising campaigns to brands and retailers via our media partners, JCDecaux, Clear Channel and Ocean. Second, brand experience. We generated a revenue of EUR 7 million last year from selling in-mall brand activations such as product launches and branded events. Finally, data and services, which represented less than EUR 1 million last year, but is an area of significant potential. The other two streams shown on this slide have traditionally fallen within the commercial partnership perimeter and will be transferred for strategic reasons. Given the role of temporary lease play within our broader leasing strategy, pop-ups and kiosks will be transferred to leasing. Other revenues coming from the monetization of telco and D2C services, which are linked to our shopping infrastructure center, will be transferred to property management. This presentation will focus on how we grow the three businesses in red from EUR 30 million business to a EUR 75 million business by 2024. As a start, I want to share some data that shows the significant long-term growth potential for our commercial partnership division. Average revenue per user is a key indicator of this type of business. Our starting point of EUR 30 million divided by the yearly footfall at our European destinations corresponds to EUR 0.05 in revenue per user. As the slide shows, there is a massive opportunity for URW if you look at the average revenue per user generated by comparable physical players. Marriott, Wembley Stadium, and large airports generate many times our figure by selling advertising across their physical store or on their online channels. As a start, our plan is to go beyond our 2021 level to reach $0.15 in revenue per user by 2024. Now, let me show you how we will achieve this. The key ingredient to grow our business, this business, is data and how we use it to meet the needs of brands and retailers. There are three main needs: mass reach, as they want to reach a significant audience to maximize the reach of their advertising; converging data to ensure they can reconcile their on- and offline customer journeys. Qualified data, which tells them how consumers shop and what they are interested in. This helps retailers drive personalization and improve their advertising performance. Let's dig into each element in a bit more detail to show you how URW is best placed to answer brands' needs. Thanks to our unrivaled assets, we have a massive audience, both offline and online. Our data comes from three different sources. First, the 550 million visits last year in our 55 malls across Europe. Secondly, what is perhaps less known, is that we also attract 40 million unique visitors to our digital assets, which include destination websites and apps. This also includes our social media accounts that reach a total of 7 million followers. Third, we have a database of 14 million individual contacts, mostly coming from our growing loyalty program. While direct comparison can be difficult, these figures stack up well against the major players in this media universe, which means without being fully nurtured, we have strong foundations. Here is our first data initiative, the creation of a new global data platform. Our data used to exist in separate silos across our business. Data was collected by each destination, and every activation was created and treated at a local level with absolutely no benefit from our digital assets. Online and offline data could also not be combined together. Moving forward, this data will be consolidated in a fully GDPR compliant global data platform. This allows us to shift from selling one-off advertising activation center by center with limited impact and value into selling international on and offline advertising activations at a global scale, increasing audience monetization opportunities. This structural project will be finalized early next year. Our second data project is totally new in the market, and will enable us to qualify up to 100% of our footfall at our Westfield branded assets using a brand new technology. This will have a direct impact on the optimization of our media sales pricing. By placing sensors, innovative sensors, powered by artificial intelligence along the customer journey in our centers, we will be able to collect anonymous and statistical information on visitors flow and center of interest. This will allow us to assess metrics which we previously didn't have. Before implementing this new technology, the only information we had covering all our footfall was the number of people entering and leaving our destinations each day. Now we can study the number of people passing by our screens and entering a retailer store, the precise dwell time of our visitors, the shop window traffic per zone, as well as metrics on the movement of visitors between stores. Following one year of intense research and development, this technology has been proven effective, thanks to successful in-mall proof of concept developed with a tech partner as well as URW new in-house data scientists. It is fully GDPR compliant as all information generated is aggregated and anonymous. This new qualified data will provide unique and high value metrics to brand partners and retailers, including benchmark versus other in-mall retailers. This will allow us to sell audience-based media that is much more valuable than traditional media. Going further, this qualified data will also allow us to sell drive to store campaigns to attract customers to a physical point of sale. This will generate a significant price premium versus pure brand awareness campaigns. Based on our target of qualifying all our footfall by 2023 with the rollout of this new technology across Europe, this will allow us to increase the value of our screens by 50%. We will then transform an opportunistic business into a strategic pillar for growth. We'll do this by reorganizing our existing commercial partnership business into a dedicated division, onboarding experts with knowledge of global brands, data science, and media agencies. This new division will focus on three streams, media advertising, brand experience and partnership, data and services. This will generate an additional EUR 45 million in revenue per year, resulting in a total revenue of EUR 75 million by 2024. This is split as follows. An additional EUR 25 million from media advertising, doubling current levels by selling a qualified audience at higher value over a larger inventory of owned screens. EUR 15 million more from brand experience, shifting from selling opportunistic one-off activation center by center to multiyear deals over several assets and channels. EUR 5 million more from data and services by selling high value in more insights, benchmarks, and technologies to our retailers. Let's dive now into each stream and detail the incremental business we will generate from each of them. Media advertising will grow by EUR 25 million in 2024, of which one-third has already been secured through signed contracts. This EUR 25 million will be generated thanks to three drivers. Through optimization of contracts with our European media partners via media tenders, reaching higher commission rates and guaranteed fixed revenues, we will generate an additional EUR 10 million in revenue. We are announcing today the signing of our latest deal with Clear Channel in France, more than doubling the value of this partnership compared to the previous contract. Qualifying our audience will increase screen pricing by 50%, accounting for an additional EUR 10 million. Lastly, we will grow by 20% the usage of our screens inventory, i.e. occupancy rate, through yield management and new programmatic ways of selling our digital screens online, corresponding to an additional EUR 5 million. As an illustration of this, Snack is already using the programmatic technology with us to conduct media campaigns in our destinations with a precise measurement of their sales impact in store. This is the first campaign of this kind in the French market. Brand experience is expected to generate an incremental EUR 15 million by 2024, of which 15% is already signed. We'll achieve this by growing our deals in several ways. First, we sign more multiyear brand partnerships, boosting revenue growth and visibility. A recent example is our four-year partnership with Afterpay, Clearpay across more than 16 malls in two continents. While we cannot disclose the specific revenue from this partnership, we can still tell you it is a significant one. Having carried out successful activation in the U.S. and U.K., this partnership will soon be expanded to continental Europe along with the brand's European expansion. Second driver will come from the development of new international online/offline brand events, which will generate an estimated EUR 1 million revenue per event. This will be achieved by leveraging our unique global Westfield platform to attract and monetize much larger audiences, as demonstrated last year with the launch of Lady Gaga's new album. We will look at this example more closely on the next slide. On top of this, we expect our business to grow by 30%, driven by the reinforcement of our sales force within our new business division and the implementation of a yield approach to maximize the sales value of our deals. Last year's success with Lady Gaga album launch with us is a great example of the power of Westfield branded events. This exclusive offline and online event that we organized across our Westfield networks in 21 centers and on a dedicated livestream website attracted a total audience of 1.6 million. Compare this with historic event, with a physical concert, for instance, from a similar performer in one center with no social media activations, where reach is limited, obviously, to those physically present. In this example, on the left, around 2,000 people. We are talking here about totally different audience value. On top of boosting our customer satisfaction and brand image, this Lady Gaga event was developed to demonstrate to brands the power of our platform to launch new products at a large scale and generate huge audiences at an international and omnichannel level. This is not an isolated episode. Brands are increasingly tapping into the potential of combined on and offline experiences, as shown by the Nike Member Days example I mentioned earlier, and we are already in active discussions with several brands to sell this new type of event. We will also grow revenue on data and services by EUR 5 million by 2024. So far, we have identified three ways to leverage the inner value of our qualitative and captive audience. First, by selling unique and high-value consumer insights to brand partners on their performance in our malls versus competition. Our offer will follow an attractive freemium subscription model. Also by selling geo-localized mobile advertising to brands and retailers. This new offer will be developed in partnership with mobile agencies, leveraging our beacon system already in place in most of our European destinations, and by selling advertising on our Wi-Fi portal. Now, I'd like to show you a short film about the power of our Westfield platform based on interviews with top managers from Clearpay and Clear Channel, who have both signed and re-signed contracts with URW. The Westfield Mall experience is like nothing else. The Westfield brand is undisputed and globally recognized. Westfield fits perfectly with the experience that we want to create for our customers. Clear Channel is a global leading outdoor advertising company. The partnership between Unibail-Rodamco-Westfield and Clear Channel France began around 20 years ago. The future of programmatic advertising in URW malls is extremely promising. We will launch the first ever programmatic campaign that monitors all the traffic that is driven into a specific shop. We think that it could set standards for future advertising. URW is one of the best major partner we could dream of. I think it's unique in many ways. You are the leaders in shopping malls. We are the leader in digital out-of-home advertising in shopping malls. Afterpay is a modern, flexible payment service which enables you to buy things that you want today and split them into four equal payments. We undertake a myriad of partnership experiences with Westfield, comprising retail innovation, events and experiential through to advertising. I think a good example of that would be how we brought New York Fashion Week to L.A., and we took over Westfield Century City. A really engaging program which we could have only done with the support and partnership of Westfield. With almost 500 million customers, there's huge value for us in working with Westfield, because there's no other global shopping center brand like Westfield. Your history of innovation, your commitment to the customer experience aligns exactly with what we're trying to achieve. We're excited to continue to build our relationship with Westfield. We can see that major players are seeing great value in their sustained partnership with us. Lastly, two important things to mention. First, out of the EUR 45 million additional revenue targeted, EUR 11 million have already been secured. Second, this additional value for the group will be delivered with low CapEx requirements. Our strategy requires EUR 23 million additional CapEx over three years, which is a one-off investment, equally split between the rollout of our data qualification and the investment in our new and existing screens. This will allow us to generate a total EUR 75 million net yearly revenue by 2024, and set up the foundations for future business growth. After this 2024 milestone, we foresee an opportunity to further grow up to EUR 200 million level by 2030, without any major investments. To wrap up this presentation, I want to go back to the slide I showed you earlier about average revenue per user, which is a KPI we will follow from now on. As I said at the start, the long-term growth potential for this business is significant when we look again at what other major players are doing. Let's look at Walmart and the business they've been doing since 2005 with Walmart Connect, a dedicated division focused on selling on and offline advertising through innovative media solutions. This has enabled them to generate $1.5 billion in 2021, forecasted to double in the next four years. This 2021 revenue corresponds to a level of EUR 1.10 in average revenue per user. A level that will translate into a revenue opportunity for us over EUR 500 million based on our current footfall. We then know there is much room ahead to grow. To summarize, we are building the foundations of a new business here, and we know the opportunity is massive. I am confident we can deliver the targets we have shared today and much more. As shown earlier, our plan is to more than double revenues from EUR 30 million - EUR 75 million by 2024, with the further ambition to reach EUR 200 million by 2030. I'm now handing over to Olivier, who will go into more detail on the mixed-use development opportunities. Thank you very much. Good morning, everyone. You heard from Jean-Marie about the strengths of our core portfolio, and Caroline has explained how we will capture more visitor value through our new media platform. My focus here is on unlocking the significant real estate value that exists in and around our assets. This will be achieved thanks to a clear mixed-use development strategy, as well as a disciplined and flexible approach to capital allocation. This flexibility puts us in total control of how and when to best unlock the untapped land value in our assets. First and foremost, we are city players. This focus is a key to our development strategy. We are focused on Greater Paris and Lyon, not France. We are a London owner, operator, and developer, not a U.K. one. We strongly believe large cities and their mayors are forward-thinking when it comes to development, mobility, and sustainability. Our 11 locations represent two-thirds of our European GMV, and combine high consumer purchasing power in terms of GDP per capita with desirability. They are all ranked highly on the best city index, so we're not just talking about wealth, but livability. In all the locations shown on the slide, we own several assets. We are a significant local stakeholder and have experienced development teams with the expertise to execute major mixed-use projects. We'll continue to leverage it to create value. Land scarcity and restrictive greenfield development regulations in these markets have resulted in strong price increases in recent years. We are well positioned to capture opportunities embedded in portfolio, capitalizing on low land book values. We have the optionality to develop mixed-use projects, contribute land to joint ventures, or sell entitled land at attractive prices. Our development and operational capabilities across retail, office, hotels, and residential are also a key differentiator. Our Westfield Hamburg-Überseequartier, our mixed-use urban district project is a perfect illustration of this. It's the largest active city center project in Europe, with more than 20 cranes in action. Construction is 60% complete and procurement 75%. This progress is a major positive in a challenging construction cost environment, thanks to a project team's ability to leverage our European platform for cross-border purchasing. The appeal of this project is demonstrated by pre-letting progress with a retail component now close to 40%. The three hotels are fully let, and all residential building rights have been sold to local third-party developers. The project will be completed on a phased basis between 2023 and 2025, with a total investment cost of EUR 1.3 billion. We are already applying a mixed-use development strategy to more traditional single-use locations, like Porte de Versailles, home to the Viparis conference and exhibition venue. The district has undergone a major transformation in the last five years ahead of the 2024 Paris Olympics. Centered on seven exhibition pavilion, representing more than 200,00 sq m of exhibition space, the site now features more than 70,000 sq m of green space, including Europe's largest urban farm on one of the roofs. The major new addition to come is our Triangle development, a mixed-use building, including offices, co-working space, hotel, and street retail, nursery, and health facilities. Works began on site in December, and the project is being built to the highest environmental construction standards in terms of energy efficiency and carbon footprint. Sylvain will share later some more details in his presentation. URW's deleveraging program and recent development approach provides a foundation for a flexible capital allocation strategy going forward. The disposal of non-core assets in Europe and the radical reduction of our financial exposure to the U.S. will allow us to capture emerging opportunities. In the meantime, JV partnership like Triangle mean we can take advantage of our personal capabilities to move development forward now while reducing capital intensity. Our focus on the long-term ownership and management of flagships provides strong foundation and a platform for wider mixed-use development. We will continue to dispose of non-core assets with cyclical plays with office, hotel, and residential development. We've also been able to invest in development while executing our deleveraging program. Since 2019, we've delivered 420,000 sq m, of which 55% is retail and leisure. We've invested EUR 2.8 billion, which has generated EUR 190 million of additional stabilized NOI on an estimated valuation uplift of EUR 1 billion. Jean-Marie talked about the consumer and retail appeal of Mall of the Netherlands, but it's also a perfect illustration of URW's ability to deliver high value-added development, even in challenging market conditions. On the development side, we've achieved already a 13% valuation uplift on costs. On the leasing side, the project was 94% pre-let on delivery, demonstrating the confidence major retailers had in URW to deliver the project despite the market uncertainty at the time. Cyclical plays remain a key component of URW's capital allocation strategy. Two disposals from the last 12 months demonstrate our flexible approach. The SHiFT office building in Paris, on the left, was initially bought in 1998 by Unibail. After managing the building for 10 years, we then fully re-engineered SHiFT to become the headquarters of Nestlé. In October 2020, we sold the building to a consortium of French institutional investors. URW's unlevered IRR over the full holding period of 12 years is an impressive 13%. Palisade, on the right, is a new 23-story high-rise with 300 residential units next to a San Diego UTC mall. Delivered in 2021, it was fully let within nine months at top market rents. In October last year, we sold our 50% stake to our partner, JP Morgan Asset Management, at a 37% premium to the latest appraisal. Here, two distinct cases, both generating significant profit as an illustration of that cyclical play strategy. Some of you, most of you, I hope, have visited our Trinity commercial tower in La Défense, another great example of our ability to create over-performance. It's an amazing building that has terraces at every level, connected top floor and duplex, bioclimatic facades, and wood flooring. A first for a high-rise in Europe. It's also achieved the highest sustainability certifications awarded to office buildings in Europe. In a very competitive La Défense market over the past 24 months, Trinity has overperformed the competition, both in terms of leasing pace and rents. Trinity is now two-thirds let, with another 5% under heads of terms at the highest rents achieved in La Défense for the last 20 years. The project has delivered a valuation uplift of just under EUR 200 million. We will continue to unlock value in our assets to drive long-term growth. Deleveraging has been a clear priority, but we have continued to feed our longer term pipeline at minimal pre-development expenses beyond studies and planning costs. The nature of these opportunities provide us with flexibility to initiate projects on demand as and when deleveraging and market conditions allow. We have full optionality to develop alone or via JV, or even dispose of entitled land or projects. In 2024 and beyond, we'll focus our efforts on three main areas. First, repurposing existing retail into high growth alternative uses at our flagship destinations. Two, densifying our flagships with office, hotel, and residential. Last, extending our flagships with uses that will strengthen their appeal. Let's now take a closer look at the evolution of our development pipeline since 2018. I've already talked about the EUR 2.8 billion of successful deliveries. EUR 5.9 billion in mainly retail projects were removed from our portfolio. As a result, in the middle, the pipeline stood at a reported EUR 3.2 billion at the end of 2021. This EUR 3.2 billion is made of EUR 1.3 billion already spent, plus EUR 1.1 billion in cost to complete. This project will deliver an additional EUR 150 million of stabilized NOI. This leaves EUR 0.8 billion of controlled projects, mainly consisting of two office developments in La Défense, Sisters and Lightwell, that we have full flexibility to launch on demand. The three columns on the right-hand side cover our new development opportunities. The first one, for a total of EUR 0.8 billion, is the book value of our European land bank. We own land in the right place and have the ability to embark on development when we want, using land at book value, which is a key benefit for URW in a high construction cost environment. We have, on the second column, EUR 1.3 billion for URW shares in projects that could start on site before 2025. EUR 3.9 billion, the last column, for those which could start on site before 2025. Here, we've taken two key assumptions on joint ventures. URW will retain a 25% stake on residential projects and a 50% stake on other uses for projects that exceed EUR 200 million in development costs. JV decisions will be made at an appropriate time on a case-by-case basis. These assumptions are supported by recent projects, including the Cherry Park residential development in London, where URW kept a 25% stake, and Tour Triangle, where we retained a 30% stake. In both of those cases, a promote is in place, allowing for higher profit sharing under certain circumstances. We have significant mixed-use development opportunities to action for a total potential 2.4 million sq m, as introduced by Jean-Marie earlier, with full control over when, how, and with whom we develop. Let's focus on how this pipeline is split by timing and uses. First, on the left, we are talking about almost 700,000 sq m, mainly concentrated on eight to ten well-identified and defined projects, with potential to start on site by the end of 2025. The EUR 1.6 billion of these projects at URW share is composed of EUR 0.3 billion of land bank in our balance sheet and EUR 1.3 billion of costs to complete. Residential development makes up almost 60% of these new term opportunities. Retail extension, renovation, or redevelopment of existing assets makes up just 7%. An additional EUR 2.7 billion at the midpoint could be launched in 2026 and 2027, of which 44% are residential. Important to notice that all those projects require limited capital in 2023 and 2024. We will spend circa EUR 100 million of pre-development costs to fuel our development pipeline of an estimated EUR 1 billion of projects to start on site before end of 2025. We'll continue to use a strict multi-criteria approach for assessing development projects with a strong focus on unlevered IRR. As we're talking about distinct asset classes, one single KPI of target yield on cost is not enough. We therefore use classically a multi-criteria, a multiple criteria approach, including yield on cost, IRR, cost per square meter, and development margin. On this slide, we've highlighted the 150 basis points minimum spread that should be applied on market exit cap rate to reflect target yield on cost. Illustrative examples are shown here on various asset classes with a reminder that a similar spread can generate larger valuation uplift on low yields. This is basic math. Let's now take a closer look at some key examples of our development strategy in action, including both committed portfolio projects that are already underway and development opportunities beyond 2024. Looking first at JVs. One, you're already aware of our Triangle project in partnership with AXA Investment Managers. We have a 30% share of this project with construction that's been secured with a major general contractor for completion target of H1 2026. Another live example comes from the U.S., where we're finalizing negotiation with a residential developer at Westfield Garden State Plaza in New Jersey after our U.S. team successfully secured entitlements for multi-phased residential densification. We will here contribute the land, which is currently a parking lot, bearing no additional costs in the development moving forward in return of a 27% stake. Another example of crystallizing value in our existing U.S. land bank was a disposal of a 34-acre parcel near to Westfield Topanga to a group of private investors announced a few weeks ago. In this case, the opportunity to sell entitled land for $100 million at a 60% premium to GMV, thanks to the work carried out by L.A. team, was the right one, taking into consideration the significant capital investment required to develop this project. This major mixed-use district will additionally strengthen the catchment area nearby of our Westfield Topanga Mall asset. Another area of opportunity is repurposing retail space to high growth alternatives, as demonstrated by this project at Westfield London. What was the House of Fraser department store will now be repurposed into a state-of-the-art co-working space, as well as new hospitality space for delivery Q4 2023. As Jeremy stated, this will also help improve overall vacancy at Westfield London and restore commercial tension to benefit our wider living activity. This project is a great demonstration on how well URW is well-positioned to get entitlement and support from local authorities, thanks to a strong reputation and relationship. Another great example of identification opportunities and a pragmatic development approach is at La Maquinista in Barcelona. Our Spanish team worked in partnership with local government to have a planned retail extension in order to create new housing, local commerce, and green spaces to foster community life and greater connectivity between neighborhoods. We will create 500 residential units in the heart of one of the most attractive development areas in the city for a total investment cost of EUR 250 million. Before I close, I want to take a broader look at the residential potential around our assets. The significant increase in residential prices in our core markets is creating major investor demand for build-to-rent development. For potential residents, our flagship developments represent an attractive offer in terms of location, access to amenities, and a general sense of community. We have the potential to develop 15,800 units across Europe, of which close to 5,000 could start on site by 2025 through JVs. As an illustration of this strategy, we see great residential potential adjacent to Westfield London in an area where transformation has accelerated in recent years, with more to come with the addition of Imperial College London new GBP 3 billion campus. We submitted a planning application to build up to 1,700 homes, the existing outline planning consent. We are here fully benefiting from the experience of our skilled U.K. development and construction team, which have successfully run large-scale development projects in London over the past 10 years through all major asset classes. Offering a combination of build-to-rent and build-to-sell, we will launch the search for the right JV partner in the second half of this year. Total investment cost is an estimated GBP 1.2 billion. In conclusion, development has historically been a significant value creator for URW through office and retail greenfield development projects from Coeur Défense to Mall of Scandinavia, and more recently, with the deliveries over the last three years that I have highlighted in this presentation. The strength of our portfolio, located in the most affluent, dynamic metropolitan areas, is bringing us significant development opportunities across all asset classes. Our flexibility to decide how and when to launch is a key differentiator, and will ensure we make the right moves to create value for the group in the short, mid, and long term. Thank you very much. Now let me hand over to our Head of Investor Relations, Maarten Otte. Thank you, Olivier. This concludes the morning session of our Investor Roadshow. For the people who watch online to our webcast, we will now close the webcast, and we will be back at you at one o'clock CET. Welcome back. Good afternoon. I hope you had a nice lunch. It was good to be able to have some more in-depth conversations with many of you on our plans. My name is Sylvain Montcouquiol, and I am URW's Chief Resources and Sustainability Officer. This role was created earlier this year to elevate the group's sustainability agenda and deliver on our commitment to our people, the environment, and the communities we serve. Sustainability has long been part of URW's DNA. We have the credentials, we have the expertise, and we have a very strong platform. Today, I'm going to share with you where we stand, but also explain how URW will continue to lead the environmental transition with sustainability as a key driver for value creation. In the course of my presentation, I will outline the following. First, Better Places 2030 is a comprehensive strategy which addresses all ESG dimensions and all of our stakeholders. Second, we are well on track to meet our targets and are ready to go even further in the next cycle. Third, our strategic focus on people-centric and city center assets positions us as a key partner to major cities for urban regeneration and to lead their environmental transition. Finally, in order to achieve this, we are transforming our business, embedding ESG into our own operating model and culture. This means sustainability is core to everything we do, and an essential component of how we create significant value in our operations and through our development projects. At URW, we started this journey more than 15 years ago. Since we launched our Better Places 2030 strategy in 2016, we have set industry-leading standards for sustainability, consistently ranking in the top quartile on ESG performance. Our carbon reduction targets have been approved by the Science Based Targets initiative and are consistent with levels required to meet the Paris Agreement goal of limiting global warming to 1.5 degrees. Of course, all URW ESG data is externally verified by independent third party statutory auditors. We are also a recognized leader in sustainability-linked financing, and Fabrice's team has developed a unique expertise in this field. URW issued the industry's first Euro green bond back in 2014 and developed a stringent green bond framework to financing projects or assets, meeting specific environmental and social criteria. We have also led the way in Europe in establishing sustainability-linked credit facilities. In 2017, we were the first in Europe to secure a green facility, and last year, we raised a EUR 3.1 billion green revolving credit facility, the largest in our industry in Europe. Credit lines featuring sustainable indicators such as energy intensity and carbon emission reduction now represent over 40% of our total facilities. Our sustainability approach is comprehensive, addressing all ESG dimensions and all stakeholders. At URW, we are committed to achieving the environmental targets set in Better Places 2030, and I will update you on our progress against key metrics today. The next step is to do more and accelerate our transition to net zero. This will be our top priority, and we will share an evolution of our Better Places plan in 2023. From a social perspective, we are committed to being a catalyst for the health and vitality of our communities, and we will achieve this by reshaping our operating model and company culture to truly empower our local teams. Finally, through strong governance and policies, we ensure that our Better Places 2030 agenda becomes truly central to our operations. I will now focus on our progress against our environmental targets and how we contribute to global net zero. In 2016, we made a commitment to cut carbon emissions across our entire value chain by 60% between 2015 and 2030, including a 65% reduction in URW's directly managed emissions. This is our number one priority from an environmental perspective. This was a unique commitment in the listed commercial property industry as we were the first to cover Scope 1, Scope 2, and Scope 3 in our target, taking into account the emissions linked to the transport of our visitors to our centers. The group also elevated its commitment in 2019 by switching to an absolute target. This 50% target breaks down into an 80% reduction in emissions related to operations, a 35% reduction in emissions from construction, and a 40% reduction from visitors transportation. For us, it is essential that we measure our performance and progress on a regular basis, and that this is both externally audited and published. We report on this, providing significant detail every year in our universal registration document, and I'm delighted to tell you that we have made significant progress. By the end of 2021, we have achieved a 46.5% reduction in carbon emissions across the whole value chain since 2015. Our emissions in 2020 and 2021 were, of course, distorted by the closure of many of our centers due to COVID. Normalizing our emissions for those closures still gives a reduction of 27% and puts us well on track to achieve our 50% target by 2030. Emissions from operations have been reduced by 55.5% with good progress in energy efficiency and green energy usage. We now use green electricity in 100% of the common areas at our assets. Let me now highlight a few examples describing how we are achieving this across our operations and construction activities. First, on operations, we have a portfolio of highly rated assets. 90% of our assets in Europe have received the best ratings from the BREEAM In-Use certification, the world's leading sustainability assessment method. This compares to less than 30% for the European retail real estate sector as a whole. Our engineering and facilities management team are careful stewards of our assets, and our approach has always been to continuously improve our locations through progressive maintenance and enhancement works. All of our assets have defined long-term energy efficiency action plan. This is what gives us these excellent ratings, but it also means that limited investments will be required in the coming years. Our operations and facilities management teams are also very proactive in exploring any new opportunity. A great example of this is the rollout of solar panel across our portfolio to generate electricity on-site. At Shopping City Sud in Vienna, we are building the largest photovoltaic system ever installed on a shopping center roof in Europe. When complete, with a capacity of 2.7 MW, it will save 500 tons of carbon equivalent per year, representing roughly 20% of the total consumption for the mall. We now have 10 solar panel installations across Europe and a solid pipeline of future projects. On top, we are also exploring alternative sources of renewable energy, such as geothermal energy in a number of assets, including Aéroville, SHiFT, and the Triangle project, to meet heating and cooling needs, as well as even more innovative approaches, such as the use of thermal energy from surface water here at the Westfield Mall of the Netherlands. We are also leading our industry as a developer. In terms of construction, we adopt a lean building approach that starts from the design phase and aims to minimize the overall carbon footprint. This involves using new solutions for construction, such as low carbon materials and anticipating use evolution through optimized design choices. As Olivier mentioned earlier, our Trinity Tower in La Défense achieved the highest mark possible on all 14 sustainability criteria of the HQE certification, a first in Europe. Our new Triangle development, shown here on the slide, will be another great example of our approach in action. If we now think beyond, if you take into account its location, in addition to its design, efficient construction, and best-in-class operations, Triangle will actually generate 26% less carbon emissions versus any typical new office building in the Paris inner suburbs. This results in an overall carbon emission savings of more than 1,000 tons of carbon per year, equivalent to the annual carbon sequestration of 80 hectares of forest. In a similar way, we have a long history of retrofitting existing buildings. Lightwell, our latest energy-efficient retrofit of an existing building in La Défense, reusing existing materials, plus a net gain in biodiversity, will result in estimated avoided emissions of 85 tons of carbon per year in energy savings. These two examples illustrate that URW development and redevelopment projects can actually reduce overall carbon footprint through avoided emissions as long as they meet a few critical criteria. Assets should be located in the heart of the cities, be well connected to public transport, be built in high density urban areas, designed with best-in-class standards in terms of construction, and offer flexibility of uses to ensure long-term relevancy and avoid early obsolescence. We already have ambitious Science-based Targets, and we are on track to achieve them. We want to do more. We are committed to contributing to global carbon neutrality, and our ultimate ambition is for URW to reach net zero. We are working on a number of initiatives to achieve this. In our Better Places 2030 plan, our target for Scope 1 and Scope 2 from our own operations was 65%. We are now increasing this to 80%. We are also exploring ways to do more to support decarbonization across our value chain, and we will work to quantify and increase avoided emissions for our partners. Finally, we will develop high-quality carbon offsets. Environmental transition is the number one priority for major cities today. Real estate is central to the environmental transition as it generates 40% of global carbon emissions. Over the next decade, we believe national and local governments will highly incentivize the transition to a low carbon economy. Global spending on physical assets for energy and land use systems in the net zero transition between 2021 and 2050 is estimated at more than $9 trillion per year. It is a huge market and a great opportunity for URW. First, we are a preferred development partner, particularly when it comes to urban regeneration projects. Second, we have demonstrated our expertise in operating best in class and energy-efficient assets. Third, we have the track record of transforming existing buildings into sustainable assets. Let me now show you some examples of how URW contributes to urban landscape regeneration. First, the city of Hamburg, a major redevelopment of a 67,000 sq m plot with new urban mixed-use district for the city of Hamburg with offices, apartments, three hotels and a 200-store shopping center opening in 2023. Then the city of London with Stratford City completed in 2012. We invested GBP 1.75 billion to regenerate the area with a large development project mixing hotels, leisure, retail, and residential components. Finally, where we are today, Westfield Mall of the Netherlands. The picture on the left shows you what the site looked like only five years ago. I hope you all agree we have transformed this location for the better. For the better also because the project includes a wide number of sustainability features. Thermal energy storage, 100% LED lighting to optimize energy consumption, use of bio-sourced material to reduce carbon footprint, and 100 EV charging spaces, as well as 7,500 bicycle parking spaces to foster sustainable transportation. We are also a catalyst for growth in the cities and communities where we operate. We are a direct contributor to local economic development, and almost 100,000 jobs are directly associated to our locations, out of which 2/3 Are in Europe. From serving as a key location for the delivery of COVID-19 vaccinations to supporting Ukraine refugees, we are proud of the important role our centers play in the daily lives of our consumers. This essential role of our location is recognized and valued by our stakeholders, as illustrated here with the Mayor of London visiting one of our vaccination centers or the French Prime Minister launching a national youth employment initiative in Westfield Rosny 2 just a couple of weeks ago. We strongly believe that our assets strive in a dynamic economic environment, we are an active supporter of the development of local champions and entrepreneurs. As an example shown here, we've been hosting the best startups of the Austrian TV show 2 Minuten 2 Millionen in a pop-up format at the end of 2021. As demonstrated by Caroline, our visitors have a growing interest and focus on sustainability. We are organizing communication and marketing campaigns to raise awareness on sustainability topics. As an example, we have signed a three-year partnership with the French National Forest Office to co-organize a forest week to raise awareness and money. Through our leasing teams, we are on a continuous lookout for innovative, performing, sustainable, and inclusive concepts such as Allbirds or Reformation, or the opening of Café Joyeux, a trendy coffee shop employing disabled people in Westfield Paris. Of course, none of this would ever be possible without the engagement and the expertise of URW teams. Promoting sustainability in everything we do gives a meaningful purpose and contributes to a higher level of engagement from our internal teams. Our people have the opportunity to contribute to the future of cities, and have a major influence on the way people live, work, shop, or play. Our strong governance, ethical conduct, and risk management policies also provide the required stability and reliability vis-à-vis stakeholders. As a clear example and commitment, the short-term incentive of our CEO, the management board members, and the executive committee members now includes an ESG qualitative objective accounting for 10%. This was only a qualitative assessment previously. 20% of their LTI grants also depend on ESG criteria, and by the way, this also applies to all our beneficiaries, representing about 20% of our total workforce. Finally, we have also introduced an ESG factor on all employees' bonuses. In conclusion, our ESG commitments are a central component of creating long-term environmental, social, and financial value. We already lead the way in terms of ESG, thanks to our Better Places 2030 strategy. We want to go even further with a total focus on emissions reduction to accelerate our transition to net zero. We will share an evolution of our Better Places plan in 2023. Our expertise in major urban regeneration projects positions us to support major cities in their environmental transition. Finally, we will continue to contribute to the development of the communities we are proud to be a part of. Thank you very much. I will now hand over to Fabrice. Thank you, Sylvain. Hello, everyone. Having heard from Jean-Marie and the team, I'm now going to bring all of these threads together and look more closely at what they mean for our financial trajectory to 2024. I'm going to outline our URW's core portfolio of leading assets in the best catchment areas are central to our retailers' offer, and will support the return of retail NRI in 2023 on a run-rate basis, with the full effect in 2024, together with new revenues presented by Caroline. I will look at the key drivers of our improved retail performance. This, together with the recovery of the scene activity and the delivery of our committed pipeline, will support the return of our group EBITDA for Europe to 2019 levels in 2024. I will share our perspective on capital allocation priorities once the deleveraging is completed, balancing between disciplined investment based on stringent returns criteria and the return of a sustainable dividend. I want to start by providing an update on the balance sheet effect of our deleveraging plan. As communicated at the full year 2021 results, our plan is well on track, with 62% of our European disposal program completed and strict CapEx control in place as demonstrated in 2021. This progress has been acknowledged by Standard & Poor's, which has just revised its outlook from negative to stable following the recovery seen in H2 and the disposals completed in 2021 and 2022 so far. We are confident in our ability to radically reduce our financial exposure to the U.S. in the course of 2023, and have completed a comprehensive internal review to assess all available options. On the left-hand side, you can see our current LTV levels, including in blue, the impact of the EUR 2 billion hybrids. On a pro forma basis for the two disposals that were completed in February 2022, our 2021 LTV is 42.5%, a significant reduction to the 44.7% one year before. By the end of 2023, taking into account return earnings, expected CapEx, and the completion of the remaining EUR 1.5 billion of European disposals, our pro forma LTV would fall to 39%, assuming no change in asset values. This figure would be 42.8%, including the hybrid. On the right of the page, based on this starting point, we have updated the sensitivity analysis provided at the full year 2020, showing the impact on our LTV of a 100% disposal of the U.S. Following the radical reduction of our exposure to the U.S., we expect our LTV to be around or below 40%, even including the hybrid in line with our target. Our confidence in achieving a successful outcome comes from the performance of A grade centers in the U.S., as well as the positive outlook for this segment. This chart, based on Green Street's 2021 U.S. Mall outlook, shows the change in MGR path, a combination of effective rents and occupancy by mall grade for the whole U.S. market. We have then compared this data to the performance of our U.S. portfolio. This graph illustrates two important factors. First, URW's U.S. portfolio is much more concentrated on A malls than the rest of the market. 75% of our malls in number are A-rated. This 75% correspond to 95% on the value of our U.S., of the value of our U.S. portfolio today. 40% of our malls in number, and 75% in value are either A+ and A++ malls, the highest possible category. Second, there's a clear difference in terms of performance between A malls and the rest of the market, with A malls showing positive MRES path performance in 2021, while B and C malls showed a negative one. The quality of our portfolio allowed us to deliver an even superior growth in 2021 at +5% for A category assets. This positive trend is also expected to continue in 2022 and beyond, as illustrated in another recent Green Street report, which tracked net operating income growth from 2019. We also expect the U.S. to be less impacted by the economic consequences of current geopolitical uncertainty. In summary, this positive evolution for A category malls, as well as the development potential presented by Olivier, will support the radical reduction of our financial exposure to the U.S. I'm therefore going to focus now on URW's European portfolio, as the remaining U.S. exposure is expected to be marginal in 2024. URW will be a European pure play with a portfolio of circa EUR 41 billion of assets. This European-focused portfolio will deliver NRI growth on a like-for-like basis through indexation, vacancy reduction, and new revenues, as well as from development. From a development perspective, we have a truly mixed-use pipeline for Europe of 580,000 sq m that will be delivered for total investment cost of EUR 3.1 billion. This includes EUR 2.2 billion in committed pipeline in Europe, out of which EUR 1.2 billion has been spent to date. This committed pipeline will generate EUR 140 million in stabilized NRI for Europe, of which EUR 90 million will be added by 2024. As Olivier explained, we have an additional 2.4 million sq m of development opportunities embedded in our portfolio that we are ready to activate in line with our deleveraging progress, with limited pre-development CapEx expenses in the time horizon. Let's look closer at the quality of our retail portfolio, which will represent 85% of the overall group GMV post-deleveraging. Our European retail portfolio is made of prime assets, both in terms of quality and location. 95% of our shopping center GMV in Europe is A-rated. It is also heavily weighted towards the best cities and best catchment areas in Europe, with 84% in the top 30 cities in Europe, including Paris, London, and the others listed here. All these cities have a GDP per capita at or above the national average. In fact, the GDP per capita of the cities where we operate stands at circa EUR 50,000 and is around 60% higher than the national weighted average GDP per capita. While it's too early to consider the full implication of increasing energy prices and rising inflation on consumption, we expect our portfolio to be less impacted given our customers' higher purchasing power. The fact that our malls are mainly located in city center locations that are both well connected to public transport and located close to major urban populations should also provide some additional protection with lower dependence on the price of fuel. Moving now from customers to retailers, this slide shows the sales per store generated by key tenants in important sectors, comparing our shopping centers to the overall portfolio in Europe. This demonstrates that these retailers have the most important stores in terms of total sales in our malls. This is key for retailers at a time when they are becoming more selective, focusing on their most profitable stores at the expense of others. These stores are not only the biggest ones in terms of total sales volume, but also in terms of sales per square meter. Here, we look at the average sales intensity of our A grade shopping centers compared to the average sales intensity of A shopping centers above 30,000 sq m by country. URW's sales intensity is on average 21% higher than the comparable market of A malls. This figure increases to 30% in France and Spain, which represent a combined 50% of our A mall portfolio in Europe. It is around 50% higher for our two London assets compared to the U.K. market of class A assets. This statistic shows how exceptional these two assets are and why they can't be compared to the average A mall market in the U.K. The figures for Germany are below average due to the limited sample of assets, mainly made of an outlet and city center malls of circa 50,000 sq m compared to our position in very large out-of-town malls. Although we don't have historic sales data for other Dutch centers, the annualized sales intensity for Westfield Mall of the Netherlands stands at circa 5,000 EUR per sq m for its launch year impacted by COVID, compared to a market estimate of 5,500 per sq m pre-COVID. This is another reflection of the quality of our centers concentrated in the best, largest, and wealthiest catchment areas and the higher customer dwell time at a URW center. This productivity will even increase further given the fulfillment role of stores. This sales intensity is enhanced by the increased role and value of a store in the context of retailers omnichannel approach. Retailers are pushing customers to use stores more, either to pick up goods ordered online or to return goods in store through the drive-to-store strategy, as explained by Jean-Marie. Retailers investment to reinforce their online presence come hand in hand with their investment in their physical presence, though in a more selective way. The store fulfillment model can deliver a 5%-10% uplift in revenues, thanks to the generation of additional sales when customers visit stores to collect or return products. There's also a saving in cost of up to 5% from fulfilling online orders in-store using retail staff and space, while also saving on shipping costs, more than offsetting the higher occupational cost of stores compared to logistics space. In total, this delivers an EBIT improvement of between 10%-25% for a typical player with a 10% EBIT margin. This does not take into consideration the halo effect where online sales and website traffic are boosted for retailers that maintain or develop a physical presence in that specific catchment area. Ultimately, customers acquired in stores are also 30% more valuable than those acquired online in terms of higher frequency of transactions and higher average order value. This makes the acquisition of physical customers a more appealing priority for retailers. Taking into consideration all of these metrics, we can demonstrate that the EBIT margin achieved by a brand is higher at a URW center than at an average A category asset. This figure is higher still when factoring in an omnichannel fulfillment role. If, for illustrative purposes, we assume the difference in sales intensity for A, for our A centers in France versus the average of A malls in the same market and for the same store size, the turnover of the retailer would be EUR 3.1 million in a URW mall versus EUR 2.4 million on average in an A mall. If we deduct from this turnover a gross margin assumed at 55%, other operating costs, including fixed costs supported by retailers and ultimately the occupancy cost, you see that the operating profit of the store is higher in URW centers compared to A malls, both in absolute terms, up 60%, and in terms of EBIT margin, which increases from 9%-11%. This already takes into account a higher occupancy cost in URW centers based on our best-in-class asset quality with an assumed occupancy cost ratio of 16 versus 13% assumed for the average A mall market. If we add on top of that the fulfillment value of a store we've just seen, the retailer's EBIT performance improves again, with an EBIT margin increasing to 12% with the same rental level, reducing mechanically the occupancy cost ratio from 16%- 4.5%. We know that retailers recognize this and are acting on it. At our full-year results, we show that eight of our key retailers had extended their surfaces with us by 12% between 2019 and 2020. We have extended this analysis to our top 50 retailers in MGR terms in Europe, which account for 33% of total GLA and 29% of total MGR. Between 2019 and 2021, these retailers have increased their GLA with us by an average of more than 7% and an average increase in MGR of more than 6%. As we stated in our full-year results, this is often while closing stores in other non-URW locations, such as Zara, mentioned by Caroline this morning. This illustrates the benefit retailers see in concentrating in fewer but more productive stores that generate higher EBIT margin, even with a higher rental level. We have just talked about our biggest retailers, but we have also diversified and adjusted our tenant mix to meet customer demand at no cost to MGR. On this slide, we show the evolution of our tenant mix in Continental Europe in terms of GLA since 2016, and the current MGR per square meter paid by retailers on average in each sector in URW's portfolio. High-growth sectors have replaced retailers with outdated concepts without sacrificing MGR. This includes food and beverage, which now represents 10% of our surfaces, entertainment, representing circa 10%, health and beauty, representing 6%, and sport, which has seen the largest growth and represents 6% of the total surfaces today. The weight of fashion apparel has decreased, but this segment still represents circa 30% of our total surfaces. Thanks to this approach, we have reduced our exposure to sectors with lower growth potential, introduced new dynamic retailers, meeting our customers' needs, and we've also improved our bargaining position through an increase in the demand for our surfaces, and again, without affecting our MGR. This tenant mix evolution increases the appeal of our centers, the number of visits, translating into higher sales for retailers and therefore overall rental growth potential. The conclusion of what I've just presented is that we expect our MGR to increase going further forward with new rents signed above current rates. Let's see how this translates in financial terms, starting with leases maturing in the coming three years. We have leases worth almost EUR 400 million due to expire over the next three years, representing around 10% of MGR per year. In each of these years, the volume of MGR to sign, including the impact of short-term deals signed in previous years, is below the MGR signed in 2021. This means that the leasing volume to sign in these three years is highly achievable. We also want to give you a perspective of the MGR per square meter of these lease expiries on the right-hand side compared to the MGR per square meter signed in 2021. MGR per square meter for leases maturing in 2022 and 2023 is significantly below, respectively -16% and -6%, compared to the average MGR per square meter of deals signed in 2021, in a year that was highly impacted by COVID. Based on this, we are confident in our capacity to sign renewals or relet these maturing leases at a higher level than passing rent. MGR per sq m for leases maturing in 2024 is in line with the average of leases signed pre-COVID, but higher than in 2021. This is because the sales intensity of these leases is also much higher and way above the group's average. We expect this to support the interest of retailers to stay and renew their leases. Now to translate in financial terms what we expect in terms of new revenues. EUR 30 million comes from the new commercial partnership division, of which 24% has already been secured. This thirty million represent the group share of the EUR 45 million presented earlier by Caroline, which was at 100%. On top of this, there are other streams generating additional revenue in the period. First, an additional EUR 10 million will come from our pop-up and kiosk activity via increased inventories and occupancy rate. Second, telco services covering indoor and outdoor antennas, plus the fiber services sold to tenants, are expected to generate an additional EUR 5 million. Third, other income, which will add EUR 25 million by 2024. It's worth highlighting that 20 of these 25 million comes from car parking revenues, mainly driven by recovering occupancy as well as new usages and services. This adds up to an additional EUR 70 million by 2024. This figure is the one that you will find in our P&L, as it is the net figure on a proportionate basis. At 100%, this figure would be EUR 100 million compared to 2021 and EUR 70 million compared to 2019. This EUR 70 million will increase further beyond 2024, thanks to media, brand experience, and data potential of our centers, and exceed the EUR 125 million in new revenues announced in September 2020. On this slide now, we show the ramp-up of our various retail activities and key performance indicators in the coming years. We expect our European retail NRI to return to pre-COVID levels between 2023 and 2024. This assumes sales levels returning to pre-COVID level in the course of 2022, occupancy and variable income returning to pre-COVID levels in the course of 2023, resulting in a return to pre-COVID NRI level on a run rate basis in 2023, with the full effect in 2024. This also incorporates the ramp-up of new revenues. Coming back now to tenant sales. They are year to date at 92% of 2019 sales for the group, with January still impacted by restrictions and the Omicron variant. For February, the first month with a more normalized activity, they stand at 97% of 2019 sales, including 94% in Europe and 104% in the U.S. At our 2021 financial results, we announced our 2022 AREPS to be in the range of EUR 8.20-EUR 8.40 per share based on the trends seen at year-end. Namely our positive sales performance, sustained leasing activity, and vacancy reduction. Initial data on how the year has begun confirms this outlook, while we are monitoring very closely the potential impact of the wider economic and geopolitical situation on our markets. Let's see now the breakdown of the key drivers of our improved performance through to 2024 for our retail NRI in Europe. Our starting point is our 2021 NRI for Continental Europe and the U.K. for shopping centers. Restated for disposals already signed in 2022 and the remaining planned European disposal, this is EUR 1.09 billion. First, we expect the COVID-19 related one-off charges, such as rent relief and higher than usual bad debt provisions, to fall away in the coming years. This would represent an additional EUR 220 million in NRI compared to 2021. As detailed at the full year, we expect to benefit from increased inflation as all rents are indexed in Continental Europe. Over the next three years, this should generate an increase in NRI of circa EUR 80 million based on inflation projections at the beginning of the year, before the start of the Ukraine crisis. The reduction in vacancy to pre-COVID levels in Continental Europe and a significant reduction in the U.K. from its current peak will generate EUR 30 million. As shown in previous slides, our MGR is sustainable with a growth potential thanks to higher sales intensity, the fulfillment role of stores, and a favorable supply-demand balance, with new demand coming from growing sectors and no new retail surfaces being created. For this projection, we have taken the conservative assumption of no reversion potential being captured over the period on top of indexation. Additional net re-net revenues mentioned earlier and sales-based rents should generate a contribution of EUR 80 million. This leads to projected 2024 NRI of EUR 1.5 billion on the same parameter basis above 2019 levels. This NRI will increase further with the NRI generated by new retail deliveries, in particular Galeries Lafayette and Westfield Hamburg, i.e., EUR 65 million in 2024 up to EUR 1.56 billion. This assumes no further sales on top of the ones planned to complete our EUR 4 billion European deleveraging plan. This NRI could also be higher, assuming less conservative assumptions relating to the capture of reversion, vacancy reduction or higher new revenues. Beyond 2024, we expect further growth to come from reversion, new revenues, NRI ramped from delivered project, as well as the NRI from additional projects mentioned by Olivier. Moving next to our medium term outlook for EBITDA, covering all of URW's activities in Europe, assuming again that the US contribution will be marginal. European EBITDA will be higher in 2024 than in 2019, even factoring in the EUR 4 billion of European disposals. The primary driver will be the contribution for our shopping center business, as I've just outlined. This is also supported by the recovery of the scene activity, which had a low EUR 55 million NOI contribution in 2021, and should revert to a more normalized level in 2023, and even a higher one in 2024 with impact of the Paris 2024 Olympics. Offices should also contribute, thanks to the full letting of vacant space and the deliveries of Lafayette and Hamburg offices and hotels. We also expect to have a lean cost base for our European activities, thanks to a simplified structure and a more agile organization on top of the savings achieved between 2019 and 2021. This should lead to an EBITDA of circa EUR 1.9 billion in 2024 for our streamlined European portfolio, excluding any new disposals in the region. Let's look now at the CapEx we expect to spend to generate this EBITDA in Europe. EUR 1.2 billion will be spent to fund the committed pipeline, as well as the pre-development costs necessary to prepare for the development of opportunities presented by Olivier. As a reminder, the launch of these projects will be dependent on deleveraging progress. The CapEx on committed projects will be mainly spent by 2024, and 60% of these costs have been contracted, the vast majority at a fixed price. EUR 250 million is expected to be spent on enhancement works currently identified for standing assets. This includes the repurposing of certain units, such as the House of Fraser in Westfield London, which is expected to be delivered by the end of 2023. EUR 20 million is a group share CapEx required to generate the new revenues mentioned by Caroline and build a strong platform for further growth beyond the plan horizon. We have EUR 60 million of maintenance and ESG CapEx per year for our standing assets. This figure includes CapEx related to ESG, which would be limited thanks to the already high sustainability standards achieved by our assets and the constant maintenance CapEx done over time. I will now outline our capital allocation framework. Our goal is to finance the growth of the company while keeping a sound balance sheet. This will dictate a balanced approach between funds from operations and disposals on one side, and dividend and investment on the other. The group will enjoy a sustainable and growing cash flow, providing strong visibility. We'll continue to have a disciplined capital recycling policy, selling mature assets that do not meet our return criteria, or that do not fit our destination strategy, as we have done in the past. We'll continue to invest in projects and acquisitions on an opportunistic basis, looking at the expected rate of return, the level of risk, and our balance sheet constraints. Based on all these factors, we intend to pay a sustainable dividend. The level of payout will depend on the group's funding needs, which would eventually depend on the balance between disposals and investments mentioned earlier, as well as our financial ratios once the deleveraging program is completed. We'll give you more insight on the expected payout as we progress on these elements. As a conclusion, our assets perfectly fit our retailers' omni-channel strategy and are highly profitable for them, thanks to high sales intensity and the increasingly valuable role of stores. We'll reach back the 2019 NRI and EBITDA level for European activities in 2023 on a run rate basis with a full effect in 2024, thanks to the quality of our assets, new revenues, and our existing pipeline. Further growth is expected beyond 2024 through reversion, new revenues, the stabilized NRI of our committed projects, as well as income from pipeline opportunities. URW will maintain a strong financial discipline and reinstate a sustainable dividend for fiscal year 2023, while keeping a sound balance sheet. That is all for me, and I will now hand back to Jean-Marie. Thank you, Fabrice. So you have heard from the team who will deliver our Path to 2024 and beyond plan. Before we open for questions, I will walk you through how we are now structured to achieve this. The changes we have made over the course of the last year will enable us to deliver our 2024 strategic plan by bringing agility and speed to URW. The first step was the implementation of a new operating model designed to bring real estate development and operations closer to our markets by decentralizing our structure. At the same time, we have streamlined our corporate center around three key areas, performance management, capital allocation, and our brand platform. We have also strengthened our commitment to building a strong international team that is more reflective of the diversity of the communities we serve. This includes previously communicated targets for gender balance, with a minimum 40% of women at leadership level by 2025, from 34% today. Mobility and development are key, encouraging top talent to move around the organization to build capabilities and ensuring we have pathways for high performers to take on new responsibilities. We have a clear strategy to hire specialists that will accelerate our progress into new revenues and business opportunities. We have built programs that reinforce our appeal as an employer of choice for the next generation. This highly motivated team is fully aligned with you, our investors, and the group's proposed updates to the management board remuneration policy reflect this, with an increase in variable component and a greater focus on long-term value creation. We are all totally focused on leading by example in the delivery of this plan and recognize that this commitment starts from the top. Short-term incentives are weighted towards financial KPIs, including net debt and cost reduction, ensuring we are laser-focused on discipline in these areas. The long-term incentive component of management board remuneration now represents 36% of total package and are weighted towards total shareholder return. The inclusion of ESG targets focused on emission reduction and the path to gender balance demonstrate our focus on these topics. The new management remuneration policy has been submitted for shareholder approval at the upcoming AGM. As I said at the start of our session, our Path to 2024 and beyond is made of three key objectives, driving immediate growth while unlocking future opportunities. In 2024, we'll have a strengthened core business following the completion of our deleveraging program and the return of retail NRI and group EBITDA to pre-COVID levels. We'll also have announced an evolution of our industry-leading ESG strategy. With URW having emerged as the leading European pure player with assets in the western cities and catchment areas and a strong balance sheet, we'll have created a high potential media platform that can achieve new media revenues of EUR 75 million by 2024 and significant growth opportunities beyond the plan horizon. We will have delivered our EUR 2 billion of our committed pipeline, adding a stabilized NRI of EUR 125 million, while preparing the activation of strategic new mixed-use developments to strengthen earnings. Based on all these factors, we'll reinstate a sustainable dividend for fiscal year 2023, paid in 2024. Our focus is, of course, also beyond 2024, creating a strong platform for future growth. Through this plan, we will have established and reshaped the company to be ready to seize that growth potential, and we'll have created an agile international workforce capable of creating new business opportunities. The company is moving forward quickly, and as a united team from the Management Board to all of our colleagues, we're excited about the path to 2024 and beyond. With that, I would like to invite my Management Board colleagues to join me on the stage for the Q&A session. Thank you. As Jean-Marie indicated, it's now the time for Q&A. We will take both questions here from the room and from people who watch online. I would encourage all the people who watch online to fill in the Q&A box they have on the platform to ask their question, so we will take it here today. A couple of ground rules before we start. First of all, if you speak here in the room, can you please state your name and the company name? Second, if you speak, please use a microphone, otherwise the people who watch online cannot follow you. Third, please also limit yourself to two questions per person so we can address all questions here today. Who is taking the first question here from the room? Florent? Hello, everyone. Thank you very much for this presentation. Florent Laroche-Joubert from ODDO BHF. I would have two questions. My first question, we can see that you are developing revenue from partnerships and within a specific business line, but all this revenue will be linked to assets. My question is as follows: How this new revenues will be, or are they included in the expectations provided by appraisals? This is my first question. My second question is that, we are, you are operating maybe in a more inflationary environment. My question is quite global. How is this new environment can impact your activity and the activity of your retailers if we have a high and strong inflation? Thank you. Well, on the new media revenues, this is not integrating today into the valuation, so by the third party appraisers. That's something, the first part of the revenues that was existing, but this increase and the potential is something that they have not yet taken into account in their valuations of our assets, so it should come going forward as we deliver this ambitious plan that we are showing to you today. That's for the experts' evaluations. Onto the inflation, several topics. You know that in Europe, mainly all other countries, but the U.K. are indexed when it comes to the rents, so we benefit in the rents from the inflation. As you have been able to see as well during this different presentation, the location of our assets in the best and the worst catchment areas of the largest cities in Europe are also giving us, you know, access to a customer base, for which the household income and rent is much higher than the rates of the market in the countries in which we are, as we are a city player and not a country player, which is giving us, you know, resilience as well, when it comes to the inflation pressure on the consumption of our retailers. Hence, our confidence in the sales density of our asset is higher and the fact that we continue to reduce vacancy and see our assets being back at 2019 levels. The figures shared by Fabrice around the February figures also, you know, demonstrating this recovery to the 2019 levels. The following question comes from Steve Bramley-Jackson from HSBC. He's asking "How do you see rising inflation impacting development returns?" We have a, as mentioned, I think by Fabrice or Olivier. Now we are focused on delivering the committed pipeline. It's the EUR 2 billion that we generate an additional NRI of seven, EUR 125 million stabilized. We have more than 70% or 60% of this cost that are already, you know, engaged and secured, so we have less exposure to the inflation cost and or to the cost inflation. When it's coming forward, we'll see, you know, then again at the right time and at the right moment, when do we launch the new project. Our sensitivity in terms of cost to inflation is limited. Next question, Pierre-Emmanuel. Yes. Thank you, Martin. Pierre-Emmanuel Clouard from Kepler Cheuvreux. Two questions on my side then. The first one on the debt. You are targeting a LTV ratio including hybrid bonds, and I quote, around 40% in 2024. Coming back on the slide presented by Fabrice on LTV sensitivities, can we implicitly deduce that you are planning to sell the U.S. at a 30% discount versus latest appraisals? Continuing on the debt, you are expecting a net debt to EBITDA of 9x with EUR 1.9 billion of EBITDA in 2024. I am having trouble to reconcile the potential U.S. exit with the absolute forecasted level of debt. If you can help me with, you know, the building blocks of the debt by 2024 would be perfect. The second one on the U.S. exit, so you are, you know, writing today that you may have the first impact of U.S. exit in 2022. Would be good to have the potential magnitude and the timing of this U.S. exit. I guess, if you are putting 2022, you may have first contacts with potential investors, so it would be nice to have a word on that. We start with the exit of the U.S. What we said is that we are confident in our ability to deliver in the course of 2022 and 2023, the radical reduction of our U.S. exposure. We have already started by the regional assets, and we'll continue in the course of 2022 to streamline our regional portfolio. You should expect the impact of the radical reduction in 2023 more than in 2022. On your point, in fact, there's no connection between the two elements that you mentioned. First, what we said is that we reinstated our LTV target, which is around 40%. I think the point to mention is that this is an LTV including a hybrid. This is something that we wanted to mention. This is the target that we are setting ourselves. Now, this table that we're presenting was just for illustrative purposes, and this is the update of the table that we had shown you already in February 2021 for our 2020 results. This, which has been updated and which shows that, in a sense, a 100% exit of the U.S. would allow us to deleverage and be in line. There's no connection, and of course, there's no implication between the loan-to-value target, which is anyway respective of this discount that we are showing. There's no connection between the two. It's just as we have done in 2020 to show you that the radical reduction of our exposure to the U.S. will allow us to get back to this LTV target. Coming back on your net debt to EBITDA ratio, is it the 9x that is forecasted by 2024? We can assume that you will have an IFRS debt of EUR 17 billion by 2024? This is the target that we had set ourselves. Basically, this is the same as the LTV, and which means that on a sustainable basis, we want to have this type of net debt over EBITDA. Now, the question effectively what will be the implication in terms of debt, and effectively, you can make the computation, and then you can see that to reach this level of debt, we'd have to less than 100% of the U.S. I think when it comes to the debt assumption on your point, I think it will be more up to you to make your, you know, assessment on what would be the disposal price of the U.S. This is why, by the way, we've just given you the level of EBITDA, and I've had a few discussions on this topic, and why not go to the AREPS level? We want to give you the building blocks to come to the AREPS for 2024. We went up to the EBITDA. Now for the rest, that will be your assumption in terms of disposal prices for the U.S. that would allow you to assess the debt remaining, the financial expenses. When it comes to the two other building blocks, which are the minority interest, they are not connected to the U.S., and basically, you can see the assumption for Europe as evolution for the minority interest. The rest is taxes for which the impact in the U.S. is also limited. Okay, thank you. Next question comes from Alex Premias. He's asking " The presentation on mixed-use development strategy outlined upside potential. Can you please elaborate on what assumptions for the upside from the development strategy are included in your LTV assumption?" On the LTV assumption? Sorry, can you- On the LTV assumption that says there is no. No. In fact, on the LTV, on the mixed use first, our first target is to deleverage the company, and this is the leveraging plan that we've announced with the four pillars that we've announced. Once we have completed that, we will decide what are the amount of flexibility that we have to launch new projects. What we are doing now is that we are regaining flexibility, or we are regaining optionality by paying this limited pre-development cost to be in a position to have EUR 1 billion by 2024 for controlled projects. We are not talking about committed projects, but controlled projects for which we'll decide or not to launch, depending in particular on our financial structure. At the end of the day, I mean, and as I've mentioned at the end of my presentation, the level of LTV and the level of capacity to launch these projects will only be dependent on our deleveraging progress and the flexibility that we have to launch these projects. Next question, Alvaro. Yeah. Alvaro. Can you hear me? Yeah. Alvaro from BNP Paribas Exane. First question on CapEx. You guided like EUR 60 million of maintenance CapEx per annum, and also EUR 250 million of enhancement. Looking at the past figures, you were spending more than EUR 100 million on maintenance. I don't know if it is a question of investing less on your shopping centers. Maybe the U.S. disposal helps to reduce the quantum with construction costs rising, I'm trying to understand if you are gonna invest more in your shopping centers or less in the next decade, probably. Sorry. No, no. Please. On the maintenance CapEx, the EUR 60 million that we mentioned is for Europe. When you look at the figures historically, in particular last year, they were more in the region of EUR 70 million-EUR 80 million, including the U.S. In a sense, this EUR 60 million is consistent with the level of CapEx of maintenance CapEx that we had to spend here historically. Okay. The second question probably on OCR. You've been, I mean, you haven't reported for a couple of years, probably COVID is the reason, but it seems that sales, tenant sales can grow faster than your rents from what we can see in the presentation. What do you think the OCR will be in 2024, having in mind that you have one of the highest OCRs in Europe? Yeah. The OCR is an interesting discussion because the OCR, in fact, is a version of the blended OCR, doesn't mean that much because it's linked to the retail mix that you have. If you have luxury in the mall, you can, you know, afford higher, you know, occupancy cost ratio when thinking about jewelry than if you have, you know, just a bookstore which cannot afford the same level of occupancy cost ratio. You need to look at it to understand what is the right level of occupancy cost ratio. It's a case-by-case basis, looking at what is the breakdown of the different categories and what are the sales level. That gives you a better understanding of the level of, you know, occupancy cost ratio that is somehow sustainable for the retailers. That's why this discussion, because again, here you can have someone that is at a very high level. I can give you one example in the U.S. You have, you know, department stores that are below 1% of the occupancy cost ratio. I don't know that it means a lot about, you know, what you can achieve with them or not and if you have sustainable rents. I think that here it's really case by case, and you need to look at the assets and the breakdown of the categories and the performance. This is why in our presentation today, we try to give a clear understanding on what is the level of sales density that you have in our assets, because we are in fact facing a fixed cost industry. The higher your sales, the higher the proportion of the rent you can pay and the occupancy cost ratio, still having a profit at on the bottom line that is higher than what you can do with a lower rent in a lower level of sales density. That's why here the performance of our asset, and we do that every year, reviewing each and every categories, each and every retailers in our assets to understand what is their level of performance, and do they bring something to the global performance of the center or not. That's the first aspect of the review that we do about the estimated rental values that they can afford to pay. Well, thank you. Next question comes from Keshav Mundhra from Damac Group. He's asking, "A re you seeing any changes in tenant lease structure, like higher proportion of variable rents versus pre-pandemic levels?" We see a request obviously for more variable parts. But here again, it's about, you know, the question on when are you on the cycle of the leasing of your assets? We expressed, you know, what we decided to do during the peak of the crisis in 2020 and 2021, where we had this strategy to go for more short-term leases, lower the MGR, increase the level of sales-based rent, and that, you know, what you see is that we start now to recapture this into the MGR. Globally, there's not that much change for the long-term leases on the structure of our leases. We had to face this wave of closure of stores across our geographies, higher level of vacancy across our geographies. We decided to avoid having discussions or negotiations that would jeopardize the long-term value of our asset. What you have seen during the H2 is a recovery of our MGR, at least onto the long-term leases, with a higher proportion of long-term leases signed with higher MGR than what they were previously paying for the passing rent and obviously a proportion of sales-based rent. Going forward, we can expect that the proportion of sort of turnover rent in our total NRI would be a little bit higher than what we used to have, but much lower than the 10% that we had at the end of last year. Sander? Hi. Thanks very much. Sander Bunck from Barclays. Two questions, please. First one is on the interest rate environment and how it affects the business, either through asset values, either in the U.S. or in Europe. If it doesn't impact your discussions in terms of when you're looking to sell the U.S., but also with your valuers in Europe, obviously. Similar to that, your refinancing program that obviously continues, what the impact is on that. The second question I had was on your dividend payout that you resume. Can you give an indication of your payout policy? Will it be in line with what we've seen priorly, or will it be a lower payout ratio? Any thoughts on that would be great. On the payout, in fact, we said that it will be highly dependent on, again, the balance between funds needs and you know, the sources of funding that we have. Mainly the funds from operation on one side and potential arbitrage of assets as we've done in the past, which would be giving us the proceeds. On the other side, the investment that we may want to do, in particular as part of these new opportunities mentioned by Olivier. In a sense, this payout will depend on the needs that we may have in terms of financing new projects. Equally important will be, as mentioned, the starting point in terms of loan-to-value and financial ratios that we will have once we have completed our delivery program. At this stage, it's too early to give you an indication. As we have more clarity on A, again, these potential new development and the profitability of those projects, and on the other side, the level of leverage following the deleveraging, we will be in a position to give you more insight on this question of payout. Regarding your question on interest rates, first, on our funding plans, as we said, in fact, our funding needs are covered for the next 36 months, so we don't have to access the market, and this is why, in fact, we didn't go to the market on the bond side over the last, I mean, since May of last year. We still have this liquidity available to us, the cash in particular, coming from the disposal proceeds. This puts us in a situation to have access to the markets when we feel that they are in the best conditions and when they are the most attractive to us in terms of both spread and interest rates. I think at this stage, the most important question, by the way, is the spread one, which, as you know, has increased in recent times, in particular in view of the Ukraine crisis. We are very happy not to be forced to get to the market at that time. Beyond that, as our debt is fully hedged over the next four years or five years, in a sense, we are not so much dependent on any level of interest rate, and therefore, should there be an issuance, there's strong probability that we might swap debt, swap it back to variable, so that effectively we don't suffer from the current level of high interest rates. To your last question, regarding the impact on valuations, this is something that we had shown you in 2021 and for the full year and which is still valid. You've seen that, in fact, the differential between the net initial yield that we have and the risk-free rate has reached historically high levels, in particular, in the U.K. and in Europe. We consider that, you know, this big gap increase includes a higher level of risk premium, which will allow to absorb, in part at least, the increase in interest rates. Thank you. Rob? Hi, it's Rob Virdee from Green Street. Two questions, please. Going back to the U.S. portfolio, what gives you confidence you can get the transaction over the line? Part B of that is, really, are you prepared to do it in a piecemeal fashion, or do you wanna do it as a portfolio? What is plan B if it doesn't sell? The second question is on inflation and the impact on consumer discretionary. I walked around today in some of your other centers in Amsterdam, and it's like a 30% F&B or entertainment. In a recessionary environment, that will get cut quite fast. Are you having any of those types of discussions with your tenants? Onto your first, we start with the US. The commitment is that we are, you know, to get this transaction through. The bottom line is firstly the quality of the portfolio and the number of assets that we're talking about. We don't talk about, you know, 50 assets. We talk about a core portfolio of a limited number of assets that are at 95%, A-rated, for which we saw the recovery of the sales. Again, February was 104% to February 2019. January was 100% of 2019. We have a sustained leasing activity, which we saw during the H2, and signing more deals in 2021 than what we signed in 2019. Less closure of stores as well, less bankruptcies in the U.S. The strength and or the strong assets that we have are, you know, generating, you know, high revenues, and will generate high revenues, plus the embedded densification potential that we have still been working on that creates additional appeal for this asset. Quality of the portfolio is giving us a huge confidence in our ability to achieve what we have said we'll achieve in the course of 2022, 2023. When it comes to the way to do it, as we said in February, we are positioned to execute, define several options, and we'll pursue these options all together at the same time and execute on the one that will optimize the deleveraging effort, as well as have, you know, some of the maximum security around execution. We determine what is the best option and the one where we start these discussions. Onto the impact of, you know, inflation or consumer pressure linked to the evolution of the inflation. Here again, I think the best protection for us is the locations of our assets, the level of our current sales density, of our retailers, and the fact that the average household income of our consumers, customers is way higher than the average of the country in which we are. That gives us, you know, a better resilience to this, pressure. We have another question of Steve Bramley-Jackson from HSBC. It is related to the first question of Rob. He's asking, "Have you already received any bids for your U.S. flagships?" I remember in January receiving calls, but there was people that was thinking that maybe we were so distressed that we had to do something. The focus was on the recovery of our assets. We never get any fear, by the way. We focused on the recovery of our assets with the teams who have been working on unlocking the future potential, like we did for Promenades that get untitled and that we have been able to sell at a 60% premium to the GMV. We've been doing our job, doing our homework, and now we're positioned to execute. Aaron? Aaron Guy from Citigroup. Have you considered not selling the U.S. assets as part of the review? I refer back to the part of the presentation at the start when, you know, you've got the best assets over there, the quality of the assets, the recovery is improving. Would the deleveraging potentially be achieved by just holding on to those assets and riding the recovery? Then, secondly, is the deleveraging part of protecting against financial risk, or is it about tidying up the equity story, so offering a pure play sort of European sort of exposure? Maybe just pushing a little bit more on the actual, buyers that your strategy review has targeted in on and who you think exactly might be the potential pool of buyers, listed private equity, sovereigns, local in the U.S., foreign, if I can just push you on that a bit more. You name them. Thank you. All right. It's more than two. Thank you for that. You know, I think on the suspects, again, we have all options and all type of potential investors, and that according to the type of options that you will execute, you will have different type of potential investors. That's the domain as a situation in which we are today. It's very hopeful working on these options and just trying to execute, and we'll execute with the ones that can execute, and as well deliver the level of proceeds that we want. I missed the first part of your question, sorry. First part was just have you considered not. Yes. selling the U.S. and just riding the recovery? You know, this is maybe why I forget it. No, we never considered that. I think that you see the presentation of today, you see the level of potential and development potential and also, you know, the new revenue platform that we can, you know, develop. There is a sense that we have our core activities here in Europe. 80% of our portfolio is here. 80% of our revenues are here as well. We need first to, you know, fix the balance sheet issue that we have, and it goes through deleveraging. We did our part on Europe with the EUR 4 billion disposal plan. We need to do it as well through the disposal and radical reduction of the U.S., which at the end of the day makes sense with this focus on extracting the value from and within our assets that are here located in the best cities in Europe. Ben, you have the microphone already. I've got the power. Thank you. So just a couple of questions. Another on the U.S. and just the impact of the change in borrowing costs on the U.S. discussions. Does that mean, firstly, you'll have a lower debt breakage cost? And maybe you could quantify that for us. And secondly, the pricing discussions you're having in the U.S., does that lead to a need for a lower price to offset the higher borrowing costs? That's the first question. I'll let you answer that first. On the breakage cost, effectively, what we are seeing in terms of interest rate evolution is in a sense positive from a pure financial breakage point standpoint, because effectively, we have in particular EUR 4 billion or $4 billion of outstanding debt, which of course should not be part of the transaction because it's guaranteed by URW and therefore there's no way that we can transfer that to any potential buyer, and therefore we'll retain this debt. The idea is effectively to unwind it and maybe not all of it, because in particular, we have two long-dated bonds that we could keep and swap back into euros. All in all, you're right, the breakage cost would be decreased significantly through this increase in interest rates. In terms of quantification, we can, I mean, as it keeps evolving, but it is a significant amount in terms of breakage cost compared to what we would have had to pay at the end of the year. In that respect, that's effectively a way, but this would reduce the financial impact of the disposal on the unwinding of the existing U.S. debt. Great. Thank you. Just a second question related to the dividend. I know you've made it very clear that you're not gonna reinstate early, but it might be a similar effect, but is there a possibility of a special return of capital depending on the outcome of your disposal strategy? For example, is there an LTV below which you would consider a return, or is there a requirement to do so? I think what will be important is our starting point in terms of LTV, and that would be the key element. On top of that, what would be also the investment options that we may have and what is in a sense the benefit and the profitability of each of these options, because you could also refer to a share buyback, which could be also another option. I think the key element for us is twofold. First, it's important to get back to this LTV level and to have sufficient flexibility, in particular, to finance this development. When we assess our options in terms of use of the financial flexibility, we will assess the returns that will be provided by each of the options, including share buyback, including also again new investment. I think this will only be decided once we have completed this delivery, and that's when we see the end game in terms of financial ratios. I think the key message is that we'll continue to have a disciplined financial approach with a sound balance sheet will be key for us to go forward, in particular to finance the growth of the company. Thanks. Jonathan? Hi, Jonathan Kownator, Goldman Sachs. A couple of questions and then one clarification. So on the questions on operations, I think one of the assumptions that you have in this revenue bridge is to renew leases at passing rents, i.e. no reversion. The latest renewals have been at negative reversion, and you're also going to have higher inflation, which may put pressure on retailers as well. So can you give us comfort on your latest transactions or perhaps comment on that assumptions, which some could think is a bit bullish? First question. Second question on the payout. Again, sorry, no questions on the U.S., however. But on the payout, is there a minimum SIIC or REIT requirement that you're going to have to pay? If you already have clarity on that, given also the increased weight of Europe and France in that would be helpful, please. The clarification is just on CapEx. If you can just outline on the CapEx that you have highlighted on maintenance, whether tenants have to pay part of that? Thanks. Sure. Just maybe to start on the rents and what we have signed. The download that we saw on the MGR was linked mainly to the short-term leases, you know, that we signed with a lower threshold in terms of turnover at which you trigger the turnover rent. I think that during the presentation of our full-year results, we made the demonstration that we are recapturing part of what we gave up in terms of MGR for leasing revenues. If you look at the leasing activity in the long term, we have, you know, positive uplift onto the MGR. From 2022 then, what is the assumption in terms of short-term proportion of leasing? Because it reduced by the end of 2021, but it was still significant. It's something that we want to reduce to. It would be in the range of 70% at the end of long-term leases, right? We were at 56%, 55% of our leasing activity with the short-term leases during H2, and we tend to go to the 50% or to the 70%. But again, here, the short-term leases, in terms of leasing revenue are creating the same level, almost same level of revenues that they were generating before. We gave up, which gives us as well confidence in our ability to recapture that when we come to the negotiation for the renewals. Because even if we go back just to the level that they used to pay, this has no impact on the P&L of our retailers. Bottom line, they will still do the same level of profitability. Okay. Next question over there. Minimum- No. The payout and the CapEx. On the first SIIC dividend, the first element to start having an obligation is to absorb the EUR 2.4 billion of net losses that we have in the PNL of URW, of the URW SE at corporate level. Because in a sense, you know that we don't have any dividend to pay before we get to a positive result in this respect on the corporate level. That would be the first element before we can raise or reset the level of the dividend. Which, by the way, does not preclude us from making a special distribution. Meaning that if in 2023 for fiscal 2023, we still have a negative corporate result, we still have the possibility to pay through the premium, but this will not be called as a dividend. This will not absorb, by the way, the obligation that we have coming from the SIIC obligation, which today stands at around EUR 1 billion. That's the first element. To come back to your point, historically, before the U.S. acquisition, the weight between what was compulsory under French SIIC regulations and the total result was around 50/50. Basically, there was a balance. I mean, we paid more than what we were forced to do under the SIIC regime historically. This normally, as the weight of France might have increased, would not differ that significantly from the pre Westfield acquisition. I think the obligation would also limit it. Here we have again, some flexibility in that respect. Okay. Thanks. Right. Hi. Michael Sylvester here from Kempen. So wanna spend some time on the U.K., not talk about the U.S. We recently did some work on U.K. shopping centers together with some friends from Green Street, and we did asset tours of about 10 London shopping centers, including some of your assets. What we found was a bit worrying. The assets seem to be somewhat begging for CapEx. There was vacancy, there was lots of junk food retailers around. I'm not saying this strictly applies to your assets, but this is kind of the overall findings. The assets that we saw kind of lacked the vibrant atmosphere that we see here in this mall, right? I'm just wondering, how do you see your U.K. assets compared to your mainland Europe assets? If there's any troubled assets like the Croydon one, for example, and what are the plans for these U.K. assets? I think you will have to talk to Scott Parsons, who is our CEO for the UK. He will be able to give you a lot of details about our two assets. My own perspective on these two assets is that they are really strong. They are among the best assets in our portfolio. I think they are among the best assets as well in the retail industry, Westfield London, Westfield Stratford. I think the best testament to the quality of these assets is the fact that we are at 95% of our sales February 2022 versus 2019, with 85% of the traffic being back. We're at 78% of the traffic in December last year, 83% in terms of sales. We see, you know, the traffic coming back and the sales coming back. We are working actively on the reduction of the vacancies, so increasing the occupancy, and we have a good track with a good traction on this. Stratford doesn't have a vacancy issue. That's Westfield London. We presented during this day, our, you know, plan to repurpose the House of Fraser that will add appeal and also new uses to this asset. We're very confident in the fact that these two assets are even gaining market share on their competition that is weaker today than what they were before. Very confident in the future of these two assets. Now, if we have a few things to fix to make them even more appealing, taking your feedback onto the visits, we'll obviously do it to be even better. One could interpret your last year's results as suggesting that renegotiations were - 5%, in terms of prior rent to new rent. Am I correct in understanding your last, your previous statement that actually once you include the sales-based rents, once it flows through, it's not -5%, it's sort of flattish? Well, it's not yet flattish linked to the fact that we have not been able to operate, whether in the U.S. or here in the in Europe, even here in the Netherlands, you know, at the full scale linked to the COVID restrictions, the lockdowns that we went through. 94 days of a lockdown in Europe last year versus 84 the year before. It has been tougher for us last year than what it was. When you look, we were giving an example during our full year results. If you look at the leases that we signed, if we look at the U.S., for example, if you look at the leases that we signed, we gave up roughly EUR 21 million or EUR 22 million of MGR. We have reached, with this lease signed, EUR 13 million of turnover rent in 2021. If you were to annualize this, you will reach EUR 21 million. We'll have almost offset what we gave up in terms of MGR. The intent is that well, our expectation is that in 2022, with the level of sales that we see in our assets in the U.S., that we'll have been fully offsetting this, as well as in Europe. Once we'll have recovered our, you know, sales level to 2019 levels, we'll have a strong, you know, turnaround base. Thank you. Just Olivier, as well on Europe was positive. I think it's here, it's not the -5% that you mentioned. It was still positive, including the short-term deals in Europe, in the continent, I should say, which also is a sign of the quality again of the assets. Next question from Jaap. Thanks. This is Jaap from Kempen. I assume that the leverage targets assume flat valuations in Europe. In that context, and also in the context of your remaining disposal target in Europe, which is also quite ambitious still, can you maybe describe the current market, the progress with disposal in Europe? And also, you know, if these potential transactions corroborate the balance sheet valuations. Then my second question will be on the yield on cost for the development pipeline. I think there was a lot of value add comments on your key developments, but I didn't see a lot of return numbers on the actual project. For example, could you highlight on Hamburg, which historically has already seen some cost inflation, if I remember two, three years ago, the current yield on cost especially. I think the comment was 75% procurement complete. Any additional color there would be great. While we're here, could you also maybe enlighten us a bit on the return economics of this mall? On the valuations for our Continental Europe, I think as we've shown in February, you see that valuations are bottoming out in Europe. We see a kind of stabilization there. When it comes to the EUR 1.5 billion of disposal that we still have to do, we're confident that we'll secure these deals in the course of this year. If you look at the track record of what we've been achieving last year in terms of deals done versus the valuation that we had, there's a limited discount or sometimes, you know, at a premium to the GMVs. The discussion that we're having, we're confirming this as well during the first few months or few weeks of the year. We've seen a slowdown linked to the Ukraine crisis definitely. What is making us very confident is the level of appetite and the type of discussion that we had. People need to figure out what would be the outcome. Looks like that at one point we'll go for a kind of stabilization. Very confident in our ability to secure at values that are, like, we did last year or close to where we were in terms of valuations. Yield on costs? Yeah. On yield on costs, we've highlighted the fact that we've diversified, or we plan to diversify the type of project we run, hence the examples I've presented on the different asset classes. Because obviously, historically, we've mainly commented on high yield on cost and a committed pipeline, where it was for most of it commercial projects, either retail and office. Now with more residential coming in, obviously, it will blur the lines and we felt the necessity to talk more on an asset by asset class by asset class basis. On your specific question on Hamburg, the project is now 60% complete, so we're starting the superstructure works. By the way, if some of you are interested by the visit, I guess it's probably the most amazing construction site in Europe, continental Europe for the time being, so happy to host you over there. The procurement is 75% complete. It's true that construction cost is a major concern for most developers right now. This is also why we've highlighted the benefit for us of having this land bank, allowing us to decide on when is the most appropriate moment to start this construction. For Hamburg, the average yield on cost target today is around 5%, being a combination of hotels, retail, disposal of residential building rights, and office. Thanks. Maybe on malls in Netherlands, given also the maybe taking into account, of course, it was delivered in a tough time, but. Actually, the teams has really made a great job, which also may be an interesting point to be mentioned. What we see is actually the fact that committing the tenants very early in advance is a tougher game on those development project. I guess it really accelerated on the last 15-12 months pre-opening, where people really start to see what's the ambition, where you can bring them on site, show the anchor tenants which have already committed. It makes our teams work a bit more complicated. Certainly they have to stand firm on their position. The leasing is a bit later. It used to be a couple of years before on those projects. We've highlighted the development uplift we made on the project at 13%. It's a bit less than EUR 100 million of valuation uplift on this project. I think there was another question of Jonathan. Thank you. I didn't get an answer on the CapEx whether that was partly paid by the tenant. That was a follow-up on that. Just on what you were saying, Jean-Marie, on these uplifts, the SBR component, I think, is accounted for separately in the plan. Is the base assumption that effectively the uplift on MGR is flat in Europe, so you have to have an improvement in these short-term deals effectively? Or having positive renewals on long-term deals to offset the short-term component, which you said was about 30%. Yes, but what you've seen is again on the long-term leases on the renewals, and I think that Fabrice made as well the demonstration. When you look at the sales density and what is coming for renewal and what are the rents that they are paying, that we have a potential to increase the MGR versus the passing rent. That's really what we work on in capturing this reversionary potential. Again, the MGR, the short-term leases, they will come for renewal over the next 24-36 months. We'll recapture very quickly, which gives us even more confidence in our ability to get our NOI, retail NOI being back to 2019 levels in the course of 2023 and 2024, because we start to renew some of these short-term leases in 2023 and in the course of 2024. The inflation is not gonna put pressure on that, you think? The inflation is also working on the volume of sales. So it may have a positive effect on the tangible rent. We again here say that or explain where our assets are located and what is the level of household income of our consumers versus the average of the countries. By the way, this is why, in fact, in our projection for Europe, we've been conservative, assuming no capture of the reversal potential on top of indexation, meaning that we assume that all the leases benefit from the indexation, but we don't capture anything on top of that, which is different from what we've seen, by the way, historically in Europe, again, including the short-term deals. When it comes to the contribution of SBR, anyway, in Europe, it was somewhat more limited because, in fact, the main increase in SBR was driven by the U.S. Therefore, even if you increase the level of MGR, in particular on short-term deals, the impact on the SBR that was paid on those ones was quite limited because the proportion of the SBR out of the total NOI in Europe remained around, you know, below 3%, which is more or less in line with its historical level. We still have the CapEx. Sorry, I keep going back. Part of that is recharge. Yes. Part of that is recharge. How much can you specify? We'll give you the figure, but. Next question comes from Emmanuel Toulan -Pomerant from CIC. CIC is asking, "Do you have any target in terms of rating, getting back to an A category rating, or are you satisfied with triple B plus? What do you plan on the hybrid debt? The U.S. disposals could significantly enhance your LTV ratio, reduce debt. Would you return part or all of the proceeds to shareholders or improve your rating?" On the rating question, what we communicate on is more some levels of financial ratios which we feel are consistent with, again, our capacity to continue to fund the growth of the company. These ratios are the one that we have mentioned, i.e., the 40% loan to value and the 9x net debt over EBITDA. When it comes to the assessment of the rating agencies, it's highly dependent on the perspective, and sometimes they have a forward-looking approach, sometimes they are more stringent on certain criteria. It's hard for us, and we've never set ourselves a goal in terms of a level of rating because a number of criteria are not in our control. What we see is that historically, to deliver the return that we've delivered, a 40% LTV and 9 x net debt over EBITDA were the proper ratios for this type of activity. Regarding now the hybrid, on this one, first, as mentioned, we are giving you the ratios, in particular the LTV, including the hybrids. This gives you a perspective of, you know, what is the impact of the hybrid, which you see, by the way, is quite significant. It's around 4% on an IFRS basis as of now, and even higher, assuming the disposal of the US. On this hybrid, the point will be the situation of the company once we have deleveraged the company and whether we need it or not to maintain our rating. If we manage to get to this 40% level again through the deleveraging program including the hybrid, we may not be forced to refinance the hybrid. We will make our decision in September 2023, which will be the time of the first repayment of the first tranche of the hybrid for EUR 1.25 billion. At this stage, nothing has been decided, and it will eventually depend on the financial ratios once the deleveraging program is complete. To your last question, I think as mentioned, we will look at our financial situation once we have completed our deleveraging. We'll compare to our target in terms of LTV, our LTV at the time following this deleveraging, and here we will see the flexibility that we may have in terms of balance sheet and again other to pay some special dividend or to buy back some shares or to launch new projects. But at this stage, nothing of use has been decided, and everything will be dependent on the level of leverage that we will find. All the decisions that will be made on this financial discipline criteria and what is the best, the most attractive, and what are the best returns that can be achieved by each of these investment or opportunities or acquisition opportunities. Alvaro? Yes. Thank you. Two more questions, if I may. On indexation, are you receiving any pushback when you invoice the new rents to your customers with inflation, and especially your largest tenants? Some of your peers are apparently communicating that they cannot pass in full that indexation. Not with us. Indexation is always a topic when you have a renegotiation or a renewal or reletting. Today, no. There had been a discussion in France, actually, you know, that has been monitored and managed by the French government. You know that the outcome of this has been that we change the composition of the index that is used in France for the leases. That is now 75% CPI and 25% evolution of the construction cost. It's lower a little bit the potential of indexation versus the former one. There was no cap, no freeze of the indexation in France. No retroactivity as well, so the index that I mean, you know, issued by the state company are the one that we use. Then there will be a new index or a new way to calculate the index, and that will generate further indexation of our leases. We have what is 21% of our leases on the first quarter that are indexed on the former calculation, and then the rest will be on the next occasion. That is the only negotiation that we had was federation to federation with the mediation or the facilitation of the French state. Otherwise, no major discussion. Okay, thanks. On disposals, on the impact on your net rental income, you expect to lose EUR 60 million from the EUR 1.5 billion disposals in Europe. That is more or less 4% net yield. Can you elaborate on the mix? It's gonna be more offices, it's gonna be shopping centers? Any specific geography where we can expect that EUR 1.5 billion? The assumption that we've made for this computation is the split of EUR 1.5 billion between 50% between retail and office, which is consistent with the proportion of disposals that we have seen historically or over the last 18 months. Second, in terms of yield, we've assumed the same yields as the one at which we sold the assets for, both for the office and the retail. Okay. Thank you. We have approximately five minutes left, a few last questions. Pierre-Emmanuel? Thank you, Raul. I have two questions. The first one for Sylvain on energy intensity. I guess the electricity bills is becoming a concern for some of your tenants. I see that you managed to reduce the energy intensity over the past three to four years now. Is that meaningful for the electricity bills? Maybe comparing to the occupancy cost ratio, does it move the needle or not? It would be useful to have more data on that. On the strategy on commercial partnerships, we were at EUR 30 million last year. I guess 2021 was impacted by the closures, especially in France and in Europe. You have probably a target for 2022, a bit of self-help as well. Would be nice also to have your view on your targeted budget for 2022 on your commercial partnerships. Taking the first question on energy intensity, as I highlighted previously, we have achieved a minus 15% versus a target of 30% in energy intensity. We are working first on our own common areas. We are also working with our retailers to support them in their own transition and reduce their energy consumption. What is going to be the impact of the current situation and the increase in terms of energy costs? From an ESG standpoint, it will only make the case for the profitability of future investment to reduce carbon emissions better, certainly. That will help me on the ESG front. After on the impact on our cost, I will let maybe Fabrice comment on that one. Yeah. On the cost when it comes to the energy that is rebilled to our retailers, first, it's a limited part of the service charges that is rebilled. The second point, which is important, is that when it comes to price of energy for 2022, a significant part of this cost have been already secured through a pre-agreed agreements and contracts. Therefore, the impact for 2022 should be limited for the retailers and equally limited for us as we would only support the part of these additional costs coming from the vacancy. To come back to your question on commercial partnership, now, in fact, the level. The total level of commercial partnership in 2019 was EUR 117 million. A significant portion of that, by the way, coming from the U.S. When you look at Europe, it was around EUR 45 million. Therefore, from 2019 to 2021, you had a reduction by around EUR 15 million-EUR 30 million. In 2022, we expect a recovery in Europe to go to pre-COVID levels and even slightly higher to around EUR 50 million. That, of course, will support the activity, and this is about Europe. When it comes to the U.S., the level of commercial partnership here should be lower than in 2019. In particular, as a result of the significant revenues generated by the World Trade Center, the big screen that we have on the World Trade Center, for which the revenue has been impacted by the work from home orders and have not come back to pre-COVID levels. Two more questions, one online and then the last one from the room. We have a question from Pranava Boyidapu, who is asking, "With respect to your U.S. asset, you have previously mentioned that you would use the CMBS market to reduce your financial interest. Was that a reference to the buyer's ability to finance those assets, or are you suggesting a reduction in interest through a CMBS exit?" I think the way we presented that is that effectively through the CMBS market, you could fund those assets, and therefore this would facilitate the acquisition by institutional investors of those assets through higher leverage than what would be today in place, in particular, on the U.S. assets. By the way, exactly what we've done in Europe when we sold a number of assets through joint ventures. In the majority of the cases, when we sold those assets through joint ventures, we put in place some external debt, mortgage debt, in particular. This was the case for Carré Sénart, where we put in place more than EUR 300 million of debt. This was the case for Shopping City Sud, where we put in place also EUR 400 million of debt. This was the case for the portfolio of the five French assets for which we put EUR 1 billion in place. This was the case for Aupark, where we put in place again EUR 300 million of debt. Basically, this is the format that allowed us in Continental Europe to attract institutional investors, which could invest on those joint ventures managed by Unibail-Rodamco and improving the returns through the debt that would be put in place and limiting as well the equity contribution. When we refer to the CMBS market in the U.S., that was really in that perspective of facilitating the acquisition of certain assets through increased leverage on those assets, facilitating the investment by institutional investors. Who is taking the last question in the room? Andrew? Thank you. Andrew Parsons from ResCap. It's great to be here, by the way. Could you just take us through what you expect the return profile from these mixed-use sectors will be relative to retail? So after you achieve that initial development return, what's the growth profile and nature of the income streams from the hotel/office residential relative to retail? And I'll ask the second question. What's the future refurbishment cycle, CapEx cycle for retail going forward versus pre-2019? Just how often do you need to refurbish the existing space, do you think, in the future compared to prior to 2019? When it comes to some of our projects like offices, you know that we are recycling the capital. The way we do it, we build, renovate, lease and sell. That's what we do. Once you have done that job, you have somehow created kind of bond-like assets, and then we go into the market. We've been doing this for decades, and we continue to do it going forward. For us, it's really the way, it's through redevelopment and leasing that we generate the return on these operations. When it comes to the hotels, it's things that we manage through the level of activity. We have often management contract, like, you know, the Pullman Paris Montparnasse, which is linked to a very specific location in Paris, something that you cannot replace. When you look at Überseequartier, we have signed, you know, leases, so we have a return. Then obviously at the end of the lease, we go for the renewal and do the usual job that we can do. If someone is not paying the right rent, then we may turn this into resi and sell the building rights. We've been selling the building rights. It depends on the location. We're asset by asset, and I would say location by location and class of asset by class of asset. We will go for build-to-rent in the U.K., but with where we play with Greystar, that was also the developer with whom we did the tower in San Diego. Here it's about, you know, it's rents. It's like a furnished flats, and then you can increase, you know, and do the yield management. So that's the way you would generate the revenues. Onto the other question, Olivier. Sorry, on the refurbishment? Sorry, I don't get it on the refurbishment. Well, just go back. I was talking about going down mixed-use. Mixed-use, yes. I'm just trying to understand the return profile from your assets in the future relative to, again, pre-2019. Given you're going more into mixed use, does it, are you hoping for an enhanced return or in terms of a greater growth, or are you hoping for less volatility, which hasn't been the way historically with retail? What is these mixed uses bringing to the table that you weren't getting by NOI? I guess, as Romuald explained, we are more talking about cyclical plays. I mean, we're not talking about changing the income profile of the company, which by the way is very real and will stay very much driven by retail. Here, when we're talking about those mixed-use project, it's very calm, it's very much a development play, where we take a position on a certain location, on a certain asset class. We leverage land bank, because obviously we have 2.4 million sq m of development opportunity within our European portfolio, and we can decide when, how, with whom we can make it. If I take some examples, while we've launched the Cherry Park project, build-to-rent, 1,200 flats at Stratford, we invented the project, we entitled the land, we get the full authorization, and then we partnered with PSP Investments and QuadReal, the two Canadian pension fund. We are doing the development, we are doing the construction. We hired Greystar for the property management, and we'll deliver those buildings in 2023, 2024. We will have this 24.5% stake, which will bring Unibail part of the income of these apartments. Will it be a long-term play for us of keeping this 25% exposure in Cherry Park? I'm not sure. I mean, from an opportunity basis, we'll see when it will be the most opportune or the best moment for us to dispose of this stake. Again, not that much income diversification, but more development play and how we can capture development growth along those projects. The fact that we're moving from more commercial project to residential project, it's also linked to the evolution of our assets. I mean, if you take most of the assets we own in Europe, actually, they are more and more connected. Talk about the Greater Paris, some metro lines in the next three years will deliver Rosny 2 additionally, will strengthen La Défense with some suburban trains, et cetera. We see also the possibility to develop some residential project on location where it was less obvious a couple of years ago. This is also what we're gonna play on the next years with a mixed-use profile, with a mixed-use projects. Thank you. Thanks for all your questions. This marks the end of our Q&A session. We of course look forward to continue the dialogue later on with you guys. I now hand back to Jean-Marie for closing remarks. Yeah. Thank you everyone for joining us today. Thank you for your questions, and obviously we can continue the discussion during the tours as well, you know, with Maarten, if you have you know needs for additional you know information. You will find a lot in the different presentations that we presented to you today. I think that's just to conclude very quickly, you, I guess understood from our presentation that we'll emerge as a pure European play in the coming two years, being the leading you know owner of our shopping destinations in the wealthiest cities or the wealthiest catchments that are in the best cities in Europe. That we'll have, you know, worked on strengthening the core of our business, building, you know, new revenues through, leveraging our platform of, incredible assets, as well as, maximizing the value, to refer to your last questions, which is about the densification of our assets. Extracting more value and residual value from our existing asset. As well as, with Sylvain, we'll work and come back to you in 2023 with an updated Better Places 2030 strategy that will go beyond and that will go into the direction of, carbon neutrality. With that, we can conclude that the session is over. For the people that join us, online, this is the end of the session. For the people that are in the room, we'll now have a short presentation done by Johan Åkerman, who is the CEO of the Northern Europe, and that is also, you know.