Are there any figures you wanted to share with us this morning?

Philippe Bijaoui: We specialise in hospitality real estate, with 140 hotels sold in 2021 and 4,000 hotels for sale throughout the European region. We are also advisors and consultants. We have a good vision of what is happening in the market, but today I am going to avoid making forecasts because if we look at 2021, during the same forum, all kinds of forecasts were made and nothing happened as expected, for example recovery in 2023, 2024, etc. And then we said all sorts of things about our activity a year ago and finally nothing happened as expected. That's the beauty of our business. 

To start with, let's talk about macro figures, especially GDP in Europe. Look at the decline in 2020, followed by a small recovery in 2022 and then the arrival of inflation. Whereas it has been rather stable for the last 10 years or so, it's suddenly rising sharply. Something else that is interesting is the average daily rate and RevPAR.

We see more or less the same trends between Europe and France. With results higher than those obtained in 2019. We couldn't see this before. We said in 2020 that the recovery would be in 2023/2024, but we see that the recovery has taken place in 2022. Let's look at what didn't happen with the transactions. Many of the transaction volumes for 2019 never came back. There was a small rebound in 2021, but they never came back to the level of 2019. In 2022, the first quarter was quite good and then the figures to date show us a spread out situation when we look at transactions and investments in our hotels.

There are of course a lot of uncertainties in real...