Ladies and gentlemen, welcome to the half-year results conference for 2021. At any moment, you will be able to ask a question in the dedicated chat box on the platform. Let's now leave the floor to Steve Grobet, EVP, Investor Relations and Communication. The floor is yours.
Hello, ladies and gentlemen? Welcome to this presentation for the half-year results for 2021 for the group. Hopefully, virtually for this time. In this presentation, we will have the pleasure to welcome Yves Le Masne, Chief Executive Officer of the group, Sébastien Mesnard, Chief Financial Officer, myself, as Executive Vice President for Investor Relations and Communication, and Madame Laure Frères, Executive Vice President Wellbeing, so for medical, quality, and CSR, and she will be presenting the project for 2023. Let's start with a reminder of our business model, our activity. I'd like to remind you that ORPEA is in 25 countries throughout the world. Wherever, the objective of the group is to develop a comprehensive offering, taking care of addictions and of elderly people.
We are one of the main actors in France, in Switzerland, in Germany, for people with addictions and in nursing homes to accompany people who are not completely dependent yet, but they are semi-autonomous. Of course, we are present with mid-term and long-term care, and also for rehabilitation and mental health hospital, either in complete hospitalization, in day hospital configuration, because we all have these also in mental health hospital. We have dedicated care for youngsters, for children, and for adults. A comprehensive offering, taking care of any kind of fragility, and this is the model that we try to develop throughout the world. Let's now take stock about the COVID-19 situation and the vaccination. Let's start with the vaccination. I'd like to remind you that the vaccination campaign started in January, February. We managed some years ago to attain a really satisfying level of vaccination.
We are at 91% vaccination for the residents. There is a part of our residents that are not eligible for vaccination because of infection or peculiar illnesses. These last week, we've had a significant acceleration in the vaccination of our employees. There is an obligation for that since September in France. In France, we have 98% of our employees that are vaccinated, so 95% globally. We will take stock about the vaccination of employees in Switzerland and Germany. In these countries, we only count employees that are vaccinated that work in the homes, in the structures. It was the same thing in France before the rule and the obligation to vaccinate all of the health workers and personnel. These people outside residents would represent about 30%-40%.
We went from 60% to 90% of employees vaccinated just by counting the external workers that we were using that were not taken into account before. I'd like to finish on vaccination by adding that concurrently to the regulations and indication by the authorities, we started the third dose vaccination. It's called the booster. This started in France in several companies. The effect has been quite immediate because since the end of March, we have had basically a normalization of the health situation. The situation is really well controlled. We have less than 0.2% of positive cases, either in the residents or the employees, so really a slow rate. 90% of these are asymptomatic. This is proof that vaccination works quite well.
The consequence of this vaccination campaign has been the fact that 90% of our structures are COVID free, and this, of course, has led to a decrease in the death rate, which we are really happy about. We will get back to this later. Let's now leave the word to Yves Le Masne, who will talk mainly about development.
Thank you very much, Steve. Yves Le Masne, Chief Executive Officer of the ORPEA Group. Talking about development, we acquired six value-creating structures, 42 facilities and 4,700 additional beds. The problem with the group is that we were going to pay 12x to 18x to 20x more, and so we were looking for intermediary structures to be acquired. Some years ago, we acquired a small group in Switzerland that became, in time, number two. It's a family group that had some other groups attached to it, and one namely in Austria.
It has become, in time, number one in the sector, 50% of the private sector. We continued like that. Why family-led group? Because most of the time they have a culture, they do not follow the [system] necessarily. They care more about the quality of the service. Then, of course, we can teach them what they lack. We want to continue with this well-being, with this care culture, and bring the results. There we get to Ireland. We have a similar approach. There were about 10 groups in the markets in these countries. There was two groups representing 1,000 beds- 1,200 beds. We made a first acquisition, a little over 600 beds, and then we completed the investment with a second one, bringing us to 1,200 beds. Then we acquired a third, a fourth. The seventh of the country, we became number one.
We have, for instance, in Dublin, more than 50% of the market with a team that, as we found in Austria previously, allowing us to develop. When we acquire a group, there are Managers there that we can work with to increase the revenue and the coverage. The size of Ireland with our project has more than doubled. As we did in Austria previously, we doubled the size of the group in the country, before in Austria and then in Ireland. We completed the acquisition with a key establishment, and the manager of the group that we had acquired in Ireland had nice relationship with this group. We acquired the Belmont House. You have some pictures to show it what it is. It is one of the most prestigious facility in Dublin, and this is quite a showcase for us. We've become number one in Ireland.
A lot of beds in development in the pipeline yet to come in Ireland. With the 2,284 beds representing EUR 135 million. In Spain, we've carried out a strategic acquisition of Hestia, number one group in post-acute care and rehabilitation in psychiatry. It was a strategic acquisition. As I said, the first group of post-acute care rehabilitation and psychiatry in the country. Through this, we want to develop rehabilitation and psychiatry in this country. You have to see, we try to choose always the excellent locations. The structures here are in Madrid and Barcelona, as you can see from the slide, where the potential developments and extensions that are possible. This coverage has allowed us to complete our presence in Spain with 14,300 beds as the total, 87 facility and three complementary businesses since the updating of the network in next March.
The network of the group integrating this sixth acquisition. We are present throughout the world in 23 country, divided in four main geographic areas. The first one, France, Benelux, four countries with 49,207 beds. Central Europe, with Germany, Switzerland, and Italy, with a little less than 30,000 beds. Eastern Europe is undergoing an important development with a little over 15,000 beds. The fourth zone is the Iberian Peninsula and Latin America, with a little over 23,000 beds. When you look at these three areas, you see that 80% of our development is right now in Spain. We have other countries as well. Regrouping for the moment, only China. The division of this network, when you look at the breakdown of the beds and the pipeline, this is more or less similar in several areas. France, Benelux, and Central Europe.
An interesting pipeline on the Iberian and Latin Peninsula. 5,000 beds in the Iberian Peninsula and the rest in Latam, with the opening of the construction price, a global network with an important number of beds available. Let's look at the pipeline. More than 26,000 beds on the construction. The potential of development of the group to give you an order of scale, greatness, this represents in term, in the next four to five years, EUR 1 billion of European in additional turnover. Even if we were to say that today would stop creation, this is not the case, I'm just talking by example, we would still have EUR 1 billion of additional revenue in the four to five years to come. We have prices higher by 15% to the mean ORPEA and the sector prices.
The auxiliary definition of this are excellent localization inside, within the great capitals of Europe and also in Latin America. This pipeline represents more or less 70% of premium facility to feed our future growth. Let's look at the opening. An acceleration of the openings in 2021, more than 4,000 beds. It's going really well since the beginning of the year. Several facilities opened since the beginning of the year, and more to be opened before the end of the year. 32% in France, 20% in Central Europe, 23% in Eastern Europe, and 25% in the Iberian Peninsula and Latam. We will open our first structure in Rio in one of the most exclusive facilities of the bay. We have a sweet story, with high-end facilities as a spa, restaurant, and other activities that will be open inside and outside of the facility.
We open more and more to the exterior facility. Another example of a new opening, we open a structure in Poland, 168 beds. This is our first facility with really top-line services for orthopedics, with cutting-edge equipment, using 3D, using new devices and equipment based on cutting-edge research. We implement ORPEA know-how in the center of Warsaw in Poland. Another example, the third opening of the year in Spain, in Bilbao, a nursing home of 5,000 sq m in the center of Bilbao, less than 500 m from the Gorbeia Natural Park. High-end facility. One last example, Dortmund in Germany, a nursing home, also implementing home services and home follow-up, just really on the Dortmund Lake, really exquisite facility. Let's now move to Sébastien Mesnard to the half year results.
Hello, ladies and gentlemen? A really important increase of the activity with an increase of 8.7% at EUR 2,070 million, more than 5% in respect to 2020. We confirm the objective. This half year has seen an important increase with the progression of the EBITDA net result of EUR 102 million with an increase by 40%. We also reinforced the financial capacity of more than EUR 1 billion, and also reinforced our patrimony. The turnover by geographic zone on France and Europe, an increase by more than 10%. Central Europe + 3.4%, and the Iberian Peninsula, a lowering of 16%. A focus on the organic growth. We have an increase on the second quarter of 0.9%. The growth of 5.2%, a small precision organic growth on the half year it was by 2%, and 0.3% on Central Europe, 10.9% on Eastern Europe, and minus 12.5% in the Iberian Peninsula.
The main acquisition on the semester have been made in France, Switzerland, Ireland, and The Netherlands, as you have seen in the previous slide. The negative net impact of COVID-19 on the first half year was lowering by 33% in respect to the same period in 2020. This negative net impact is 160 base points on the EBITDA, bringing the loss in activity to EUR 18 million, 30 base point on the personnel costs. If we add this 170 base point to what we have on the margin of 2021, we would have a margin EBITDA of 25.6%. It's superior to 2020. We compensate in France and in Germany, in Austria and in Belgium, we are at a loss only in Italy and Spain. 26% in France and Benelux.
I'd like to remind you that in 2020, there was a decrease for the nursing homes, whilst in 2021, we see a rebound and an increase. On Central Europe, we have an increase of this margin. This is linked to the structuring of the headquarters, especially in Germany. In Eastern Europe, we have 15.2% of increase in respect to the previous year because, especially in Austria, we had, in 2020, a complete closing of all clinics, and they have reopened in 2021. There was also a remarkable increase in Spain, and this is linked to the improvement of the structures, namely in Spain. No compensation, as I said, in Spain. Let's move to page 25. A net profit group share in strong increase of + 40%. The personnel costs see an increase of 9%.
EUR 84 million, an increase by EUR 15 million, representing EUR 4 million linked to the calculation of salary taxes against EUR 44 million in the first quarter. The compensation linked to the decrease of the turnover have been to be accounted for in charges and products, and compensation linked to the increase of costs are divided by nature. Rentals have decreased EUR 168 million.
We have +40% on the whole half year, +10.2% connected to our strategy, as said, and also financial debt, which is decreasing as well, and EUR 12 million for non-current elements, which gives us one global result of strong increase of +40%. 30.9% decreasing as compared to last semester. We have a decrease of 50% of several CVAE for 2020. Next slide. We have great cash flow statement for the first semester, more than EUR 800 million. It is still for our EUR 86 million for real estate investments as well. Participations and so on. EUR 178 million. We also had a strong program for financing of EUR 652 million. Cash flow here is varying according to last year results. This is a decrease connected to the mechanism of cash flow, which is fluctuating. We had EUR 29 million disposals of real estate.
We have still great commitments on that. We hope to get to the objective till the end of the year. Next slide. Till we had EUR 12 million as for the whole global structure for EUR 4 million-EUR 7 million, an increase of 6%. [EUR +463], this is connected to the supports and funds to EUR 6.8 million. This decrease is connected to the real estate. This long-term financial debt, as we see here, which is EUR 1.7 million for the real stated financial leverage and EUR 1.8 million for real stated gearing. EUR 2.2 million till the end of December, and we have 6.2 years for the duration of net debt. High successful debt issues for ORPEA in 2020.
First, sustainable EUR 500 million seven-year bond. This is equal for 2%, which is green and social, which is aligning with the sustainable objectives and the sustainable first bond, green and social.
We have EUR 1.0 billion in France and also EUR 395 million for the record short-term issuance. We're a five-year program. We have still great part of banks, which is 54%. This is the result that we can see over the five years, which the debt profile is significantly optimized. Duration + 1.2 years for a total duration of 6.2 years. Thank you.
Healthcare real estate on slide 31, as we have seen, a very strong increase in volumes. H1 has 64% of the transaction of the fiscal year 2020. This is extremely important as well with the international investors because we have growing interest from them, and this represents 64% of those. It could be a nursing homes, 63%, but also already what we have developed with assisted living, 11%, and also great increase of investors.
We also have a strong decrease in yields, healthcare assets across Europe, 4% and 4.5% in Germany, as you see, 4% in Germany. France as well, we are in this situation. Spain, nearly 5%, and Belgium, 4.25%. This is actually what happens on all these four countries, an average decrease in these key countries. For ORPEA, we have 5.3% globally. We are above the rates we have seen and the levels we have seen in the other countries. We are between 4.1%-4.6%, that confirms what I've just explained for our group. We have stability as well. 47% stability for real estate ownership rate. This is as well another core business point. We're the first operator, first European healthcare real estate company. As said, that corresponds to what we have in ORPEA Group.
70% of the sites are in France and Benelux. We have, of course, Spain in good shape, but also Eastern Europe, Austria, mainly Central Europe with just Germany. This corresponds to the rates between 4% and 4.5% as we saw before. This means that globally we have great capacity, and also we have this capacity to have this rate, which is stable as compared to the previous semester. Now, what about the inflation effect on ORPEA? We have actually several examples. The only negative example that we have could be connected to the rates, which could increase 1% gap, which is between 4.2% and 4.3%, which is high. Still this effect, which allows us not to be jeopardized, and also, this is positive for service company because we have still an increase.
First, we have regulations in France, for example, 1% annual increase, which is, of course, connected to all the increase globally of wages that we have in groups. As we had before, which is actually 0% to 1% in that field. For all the revenue, it is an excellent news to have inflation. As said, we have 1% for rent, so capped more than 50% of lease in France with indexings capped at 1%. As we always said, we are covered 100% stability of current borrowing costs. 100% of debt is hedged. No risk to have even EUR 1 increase if we had an increase. No provisions last year, by the way, because we were inferior to zero, and that could be also important to have an increase.
Future debts could increase, but that is connected to, anyway, the global results, which are positive. In fact, for our development, we will talk about 20 points. Why? If the debt is zero, regardless of the number, we can be positive. This is why we extremely cautious on acquisitions, not to get too high to 10 to 12 points. This is why we find other targets, other countries to have more interest and to have other ways of development and other situations. Now, I would like to give the floor to Laure. Laure, you will cover the CSR strategy and the 2020 roadmap.
Good morning. I am Laure Frères, in charge of CSR strategy, and I will introduce to you our positioning and approach.
A few words, first of all, to explain how we have built the position and also to see the work we have done, taking into considerations, of course, all the stakeholders with the, of course, nursing home, the family, the employees, and so on, and all the ORPEA participants. Our daily mission, of course, is to take care of fragile person. The central, the core value of our strategy is human value. Women, men, families, facilities who take care of patients. A few elements here, nine markers for our CSR strategy. I will not get into details on the nine markers. First, the CSR native, this is number one, which means we are committed in these values, which are so much important to also build our facilities, healthcare centers, to have a lot of comfort and also caring human people.
Of course, second marker is [Glocal]. What does that mean? It is two worlds together, global and local. Why? Because our roadmap that we'll see is developed in all our countries and also will be adapted locally to the patients, of course, employees, and facilities. Third marker is the notion of evolution. Why? This is connected to our 2023 vision. We need to keep in mind that this roadmap will evolve, of course, in the following months. In order to enhance this strategy, we wanted to integrate this strategy in all the group's bodies. First of all, the Board of Directors and CSR Innovation Committee, in order to see clearly the definition of orientation, monitoring the process and the CSR approach, because management inside the group must be integrated to that vision.
We need to have this governance in all countries, in all facilities. For each meeting that we have, we need to deal with this follow-up, I mean, this roadmap follow-up. We need really to stick to that and also we need to have a lot of criteria put together inside this vision. Now, let's see in details, what is this ambitious 2023 CSR roadmap, 16 objectives actually. Of course, we'll not get into details for each of them. First, what is connected to residents, patients, and families? 100% of facilities certified by an outside body, ISO level standards or above. Also we have, in certain countries, a lot of ambitions on that level. Also, we would like to have 100% of our facilities be developed and be managed in a way that we can, of course, take into consideration a global mechanism of well-being.
For us, it is key to fix, to define the commitment of all the practices. Now, as for collaborators, employees are concerned. First of all, security is key. Of course, this is a key value that we have in ORPEA to preserve security and health. Through prevention programs, we want to continue to reduce 15% of work-related accidents. Also we are extremely careful to our collaborators' careers, and we actually have 10% of employee which have obtained a diploma inside that. We would also like to have 50% internal promotion for Regional Directors, facility Managers, but also the Head Nurses. As well together with diversity of profiles, but also complementarity of women and men. We have fixed, established 50% women present in top management inside the group for 2023. Also what about the last point here, maybe point four, which is environment.
We have two commitments here. First, 100% of new buildings from 2021 certified HQE or equivalent. We have the willingness that new facilities are inside this approach to have this environmental certification according to countries, obviously. Another key point here about RS-CSR strategy. Actually, two elements in a new environmental strategy. The willingness to support all the objectives that we have here and to deploy programs which will allow us to enhance this strategy and to have the opportunity to reach the objectives. First, we have several programs which are connected to women. For example, the inclusion program, Réussir au Féminin. We have a partnership with HEC pool of management, so a leadership program to help women who want to have very high positions. This is really a new program, and we'll see what happens in the future.
We are also working on other points because for us, we want to work on nutrition, so we have a Catering Be Well program. This is the creation of this charter, nutrition, health, pleasure, to develop a know-how and prevent undernutrition, and also to engage against food waste. These commitments are extremely important. With this charter, as said, we'll be able to double and, let's say, highlight our actions. Now, as for inclusion, again, we have great opportunity to participate to the DEI Index, which is Disability Equality Index. The idea is to facilitate the participation inside the companies, the facilities. It is a pilot of participation in the Global DEI Index so far for only U.S. companies. This is indeed a great project.
Another ambitious project that we have developed together with the group in order to define, within the end of 2021, a new environmental strategy. This approach is really key. On the basis of this environmental strategy, we'll be able to get two and to complete two scopes. 1, reduction target with respect to GHG emissions and to reinforce actions aimed at preserving biodiversity. We have the chance to be selected for the Corporate Convention for the Climate, and we'll join the Convention [Non-English content ] We have joined, together with 150 selected companies, to design new economic model respectful of living, implemented in all companies throughout 150 operational roadmaps. It is a great honor to be part of that project and to go farther, to go ahead, and also to build a more sustainable future.
Finally, what about our work that we have done for a long time now. As said beforehand, we have this native policy. We are implementing this roadmap. As said, we've been working further on this point. It has been recognized in extra financial agencies ratings. Here we have the major risks evaluation according to the fields that we are ranking five. We were 34 in 2019, as you see. This is extremely important to reach at that level. We are amongst the most performing, top 10% best performing companies within the sector. This is 49 points acquired. We are actually fourth for Vigeo Eiris, as you see. Ranking four out of 47. We really want to be as determined as ever for our policy. I would like to thank you for your attention on CSR strategy.
Right. Thank you. We want really to work on sustainability, as said, is so much important for renovation of certain pillars, but also the building of new sites. Also, the idea is continue what we have done on premiumization for the offer of the network, internal development, real estate disposal, and also international targeted acquisition, in Ireland, Switzerland, Spain, mainly. Small groups, let's say, average medium groups, which are independent. Also, as said, real estate disposals, still keeping the flagships, the best ones, positioned. Also, next year, we'll develop more this aim in order to organize our financing and also disposals in the future. Anyway, as you see here, we have this opportunity. We are a responsible and engaged company.
We are an example in our field, but not only, and this is so important for ORPEA Group to enhance sustainable development. We needed to get to this upper level, and this is what we did. We are one of the main global groups, and actors, as far as the revenue is concerned, profitability. At least for revenue, +7.5%, at least. We are, anyway, cautious on these numbers. EUR 4.2 billion. Of course, we have great progressions as well for profitability, group stabilization in July and August. Also, new facilities and several changes in France. Good increase for the second half-year and beginning of the third. Also, operators have started again their activities in September.
We are, as said, extremely proud to see also the EBITDA margin for H2, and also EUR 100 million and EUR 300 million in order to be ended during this semester. Now we need to conclude. We'll have a look at your questions. We have a few questions about COVID-19, about post-COVID. What about residual costs which may be present? No structural costs from COVID. We had, in fact, extra costs, and that was the question during COVID-19. We had to bring, for example, lunches in the rooms, and during the crisis, that was more difficult as well for cleaning operations. No post- residual costs. Also we have an increase of margin. Why? Because when we have failures, we learn, and COVID-19 is the case.
We have learned how to regulate better our costs and also how to work in a different way, still with the same quality, even more quality. We have learned how to better structure our costs and our actions, and sometimes we had increase of margins till the beginning of 2022. As for occupational rates, we had an overview. We have started at the end of March with an excellent May, June, July in the nursing homes through the network had really extremely high records, and also August has seen, let's say, a stagnation because of short stays. September, as we are on the 22nd, which is continuing on that trend, speeding up on reeducation facilities and homes.
What we said is that we should go back to the pre-COVID rates within the end of this year, knowing that all countries are not at same level, obviously, and getting back to the situation that we had before for example, Austria or Switzerland, which were less impacted. We actually had transformations also of some stays in the long run, and also we need to see the global revenue, the margins, and also the day rate. We said we would not modify our prices, and we wanted to keep the quality of ORPEA Group, which is well-known as quality actor. Obviously, we didn't want to change that. We will see what happens as for the revenues, because as said, it's different according to the countries, according to the trends, and the situations. Still, that COVID-19, we hope to have margin recuperation as it was before.
We are extremely confident, as said, about this stabilization 2020 EBITDA margin will and should come back to its level of before COVID-19. That EBITDA margin and our guidance to F2 corresponding of F1, so half year one, half year two. Yes. We have this structural effect where the margin is higher. Let's say that we have sometimes two more working days. Right. Also the taxes and real estate taxes are considered for the first half of the year. Another event will make the difference this year is the occupational rate, which will increase between the 1st and second half of the year. The question was, are you at ease with your consensus of analysis, which have this margin of EBITDA. Yes, we are confident on this consensus of margins. What about the evolution of the daily prices?
I already answered that, but even though these occupational rates in most of the countries, and Spain is a good example, and also other increases in other countries, we have not, in any countries, seen any decrease of price. In Spain, once again, since the beginning of this year, the prices have even get higher 4%. No decrease of price, clearly. Now, what about real estate and the capitalization rate for our future dwellings and buildings? This is the rate, the data we gave you, between 4% and 5%. For the existing site, we have, again, gains and also with a lower rate rent sometimes. The objective is to keep that EBITDA rate which is the lowest, and sometimes we'll be able to adjust the situation according to the situation from 10% to 15% and between 4% and 5% in most of our sites.
That depends, 4.2%, 4.5%, and so on. Why do you have 40% of nearly 60% of all the real estate? If I may, it is really one of our specificity as operator because most of operators in the world, asset-light do not have any real estate. We wanted to have, as a group, nearly 50% of this range. Having good localization, good site for real estate means that it will always be there. It never move from this position and from this localization. This extremely important also to see what can be done in the future. At the same time, we'll have the opportunity to reinforce that after 15 years.
This gives you, of course, an added value in order to secure cash flows in the long run, and also gives you, to the group, a capital gain, if I may say, because you create an added value and also security, regardless of the crisis. Also, with the crisis that we had in 2006, 2008, I can remember what happened, and we really tried to work on what happened. That was a sort of warranty for us to enhance our strategy regardless of the crisis, having a lower rent. This is also extremely key because regardless of the field, in all the fields, groups, when they have their own real estate, get to better results, better objectives, reinforce also this share of real estate. Real estate, of course, is evaluating on field site.
You have also the opportunity to have this priority aspect as an added value and also to limit costs in that framework. As said, it is so much important to have real estate. We never wanted to sell our real estate range. People were asking that sometimes, but we want to keep it, obviously. Of course, we could sell it, obviously, and we are EUR 2 billion actually, on the market, and we need only a few weeks to sell it, but this is not the point. When people ask, what is an obstacle to your development? This is not for sure real estate. It is probably the approach for the future, to find employees, to find the right mentality, to give an extra added value, qualified people, qualified staff.
This is, of course, our objective main goal, to work on this opportunity and also to reinforce real estate. Real estate is just the contrary of an obstacle. It is an added value, and for us, an element of capital gain. EUR 7.5 million real estate is done by independent experts as world expert, JLL, which are taking, of course, that site and apply a rate rent to considering EBITDA, and then they say, okay, this is the capacity that we have here. 50%, for example, as a rent. Another question for real estate. Why is real estate in France mainly so important? We've had an increasing interest growing before COVID-19. We had a speeding up strategy during COVID-19 just because occupational rates were guaranteed. That we had no risk.
Today, when you have an investor, you want to invest on logistics, in health, in offices, and so on. What happened with the COVID-19 crisis? The investors who had invested their money in hotels, for example, well, the vacancy rate had exploded. If you take the biggest hotels, had 0% occupational rate for a month, while, of course, trading activities had difficulties. Here, as for offices as well, with the development of smart working, you may know that here again, offices all over the world is increasing as a vacancy rate. This is key to understand where the vacancy rate has been at once again, the lowest. We were to 90% of occupational rate. The capacity to pay your rent was totally global and intact.
This is key to understand why investors consider, in that typology of assets, really a solution and also the transnational, international, global aspect, going beyond borders, Europe, America, but also having this great opportunity to have resilience in assets. Resilience connected to the trends that we have in our markets and according to the population. What about the building costs and the increase of those costs connected to a raw material absence or lack of raw materials? No really delays, actually. That would depend according to the countries. We have potential increases, and we think that we have extra increases. We'll see what can be done on these strategies because we are building our own sites, so no special costs for promotion. On these increases, we have also the opportunity to keep the same strategy. No global impact on these increases of building sites costs.
We have another question about the development, the weight of development on EBITDA on the rates that we have seen. We have certain sites which are being empowered, which means the first year when you open, you are not, of course, full of people, so you have several charges, extra charges. This is a weight that you have on first part of half year, EUR 126 million of revenues generated by these reopenings or restructuring. Loss of EBITDA of EUR 1 million, which is extremely important as well. EBITDA of EUR -20 million. This means that today, if you have a margin outside the COVID cost, now you have a margin of EBITDA, which is around [audio distortion] Another question about the tax cost.
How do you consider the evolution of taxes during the first semester 2021 is 20% as compared to 28% in the first semester 2021. Sébastien explained it well because of the decrease of CVAE and also the empowerment of international business development. Well, we can extrapolate that this rate of 23%, which can be developed on the whole year. Another question. The costs that we had on second semester 2021. First semester, EUR 33 million. These costs should continue to decrease during second semester. Not really to 0% because we have a lot of effects on certain countries. That should decrease compared to the first semester. Another question about the evolution of margin on France, Benelux area for first semester. What is the perspective that we have on this margin? The reason which explains the decrease of the margin. First, simple.
It is connected to the nursing homes in Belgium and France, and it is a question of comparison. During the first half year 2020, we had extremely high levels of occupational rates, 75%, and we were extremely optimistic for the second part of the year. Still for nursing homes, well, of course, it can depend on the situation, but we started at the end of March, then April and May. For the first half year, 2020 for nursing homes, we had an occupational rate average, which is still the same. This is the contrary for the second part. We're around the same rate and as said beforehand, vaccination effect, well, we had to restart. We start from very low point, and we start April, May, June, and this is the reason why. This is the basis of comparison that we have in three nursing homes.
We are extremely confident. As said, especially for Belgium and France, to come back to a better level, mainly in France, at the end of this year. This corresponds to the pre-COVID period of time. Other questions about the stock exchange and what happens if we want to foresee a program to have specificity on that. No specifical program. We had a lot of plans and actions for new sites, but also acquisitions. A few questions then on the global policy, so CSR policy, do you have a turnover specific one? We try to have objectives, clear objectives on which we have leverages, so turnovers, and we do use them as training, internal promotion, and turnover is also an external actor, as for difficulties of recruitment in certain areas, in certain businesses, or as said, we had a certain kind of situation in the past.
During February to June, the recruitment of nurses was more difficult in France just because nurses were mobilized for the vaccination campaigns and also with the national campaign, I mean, in France with rates which were extremely high. We presented 2x-3x their wages. Of course, you have an effect there. You have external effects on this turnover. Now, also another question on CSR. Do we have authorities which will impose new environmental constraints? No is the answer, but this is not the point because our willingness to have sites which are corresponding to the highest environmental standards, to have green buildings, to have very clear objective to reduce carbon emissions and so on, and to have all these certifications that we have is not because of authorities which put constraints. It's just the opportunity to stick to our willingness coming from the group.
It is an inner recommendation as if I may say, which represents the opportunity from the group as a desire, as a willingness to implement this policy, this strategy, and also to have a return on these investments. We know that all the prices of electricity or gas, and for example, in certain countries, as in Italy, prices are doubled for energy. It's obvious that we'll have an increase on that, and that will be more and more profitable, and we'll make more savings as well. I think this is really key. The last three questions, why don't we invest in Alzheimer's diseases and specific centers dedicated to that? Well, it is our core business, and we had several opportunities, which were extremely well known in the world to have developed therapies which were not medical ones.
This is, of course, extremely important because for Alzheimer, we have 20%-30% of the whole neurodegenerative diseases for this development. That is extremely important to see also for real estate for going forward as well, dedicated to neurodegenerative patients. Yes, please, for the person who asked this question, do not hesitate to contact us directly and to ask your question, to come and visit us, our sites, to see what we can do and see on our facilities what are our programs. Another question for China. We opened this facility in China, which is extremely luxurious one. We had a second project in Shanghai in progress. We are not investing there. I said we're extremely careful. China, it will become one of the biggest market in the future. Also for China, we need to go there.
We have teams this March, which must be there, and it's not possible in this precise moment to travel and to stay there. It's closed. Borders are closed in China. We had lockdowns, which prevents us from getting there. Prevent us and anyone from getting there. We'll see the developments and the changes in the future. As for China, it is extremely complex situation there, and we know that a lot of groups went back from China, even after positive results. We'll see what happens. We need to take time and also for sustainability in the future there and availability of results, namely. Regarding the evolution of our employees. In Western Europe, as said, the medical healthcare part, so nurses and TAF are taken into consideration. We had an increase in salaries and wages in France.
That's of course, taking part of the welfare state. We do not see inflation of salaries in that sense. This is a result of our human resources policy, which is focusing on internal promotion and internal career development. Lastly, why don't you create a dedicated vehicle where you would have investors joining? Well, we didn't use it in the past because we created that at a precise moment when the situation changed. We did not develop that aspect. We'll come back to this point from March. Which kind of vehicle that we want to develop and keep between 45% and 55%, maybe consuming less capital. We'll see that during, I said, the end of March. Right. Having said that, I think we have answered most of the questions there. If you have further ones, do not hesitate.
Thank you for your attention and see you soon in presence, because we'll be very happy to meet you in presence because it's now nearly one year we have not seen each other. Really, we are looking forward to having this new opportunity again. See you soon. Thank you.