To lead during a Pandemic requires one to practise extreme flexibility. One morning we were open, the next we could be closed. Imposing government measures such as closing restaurants and enforcing social distancing rules was tough. But for us, it was more important to stick to our core DNA than take short-term decisions which would compromise the long-term vision of Cheval Blanc. Unlike some of our competitors, we waited to open new locations with full access to restaurant and spa facilities. It goes without saying that we were vigilant in protecting our clients from Covid-19 and we adopted stricter protocols than set by governments. As a result, we maintained a high level of occupancy as clients were re-assured and felt safe. Looking back, we did very well in 2021, despite the challenging circumstances: Europeans were not able to go to Asia or the US, so they stayed in Europe and we were able to focus on regional clientele. Turning to the present, we have a lot of food and beverage guests and our chefs have a long-term and loyal fanbase. That means that coming out of the pandemic, our brand is in a strong position to attract guests. A challenge now is attracting high quality staff as people are afraid of working in the hospitality sector in the wake of the pandemic. Caution is causing issues in attracting high-quality candidates across the industry. We are investing heavily in ensuring that we maintain a high-level of excellence in the people we recruit. This is the face of our business and a key part of building a brand with long-term integrity.