Compagnie Des Alpes Sa

Bonjour à tous, merci de votre présence dans ce magnifique théâtre. On a pu commencer par ce petit film qui avait été préparé d'ailleurs pour l'interne, pour montrer justement notre métier. Notre métier, c'est la vraie vie avec des vrais gens. On assume d'être human intensive aussi bien dans nos métiers par nos employés que par la vraie vie, c'est-à-dire celle introduction to say that we are leaving a slightly complicated period so we will present you the results of 2020-21. You also talk about a certain number of updates that we will make on the beginning and the perspectives on the beginning of the following fiscal year since October 1st and then on our perspectives. We planned a fairly quick presentation which will be followed by an exchange of questions I imagine many. We'll start. So maybe, yes, we know everyone, Loïc and Alexia, The phases, you know them, we already talked about them for those who were already present at the time of the capital increase. We continued to manage the crisis, we will come back in a few moments, preserve liquidity, the economy plan, we benefited of course from the support of governments, mainly by the way of the French government for our activities, mainly of ski areas but also of parks. And then a rebound from the summer, which is the last trimester of the exercise that we are going to present to you, a fairly vigorous rebound, because or thanks. I am rather of those who say thanks to the sanitary passes. And that's the whole issue, including the next few months, is to create a trust, reassurance for our visitors. It is absolutely essential. We do not judge whether it is good or bad. a place to create trust, a zone of trust in which we feel safe. And that's what also largely explained the performance, of course, of the parks this summer. And also on the Halloween season, we will come back to it a little later. This security halo has been accompanied both by the number of visitors, the frequentation, but at the same time by the spending per visitor Obviously, the past is the past, so logically, we will present the results to you, you have them in your hands, but logically the results are not good since we have been closed on the activity, we will review it. So, on the three years of the Covid crisis, we tried to illustrate here the impact in terms of lack of turnover that had this crisis on our activities. And so we reconstituted here, so you see from mid-March 2020, so that means for us almost half a year, the second part of the year 2019-2020, and of course the part 20-21 during which we will come back, we prepared a slide that illustrates it perfectly, since the parks reopened in 2021, spread out between May 9 and June 9, for Belgium and 9 June for France. So we see the lack of winners, which, surprisingly, this figure has already been given, is around 800 million for the moment on the impact of the crisis. And so the first thing, obviously, is the enormous work that has been done on the reduction of charges to be able to lower the deadlock, the center of inertia, the point of inertia of society to face this stop of activities, whether they are in the mountains or in the amusement parks. So we see it on each line, considerable work has been done. And as you can see on this graph, on the BO, it's about half the way. We will say there are three thirds. There is a third that was on the reduction of OPEX, a large third by the way. on the reduction of OPEX, as you can see here, a third of which has been filled, so to speak, by the various compensations that have been received, 169 million for the mechanical repairs and the rest to reach 189 million, either a part of France for the French parks, and Switzerland, Austria and Belgium. These are the big masses. You have the detail here, and also the partial unemployment that you know, that you have already seen. 40%, you see, a big third, a big third, 41% of the drop in the turnover could have been compensated by the reduction of charges, the rest being compensation. And so we arrive at an EBO, obviously, fundamentally degraded compared to what it was before the crisis, but there too, logically and without surprise. That's it, it's a reminder here about the exercise that concerns us between October 1, 2020 and October 31, and September 30, 2021 so here it recalls the opening and closing periods so in full blue I was going to say and full green is the opening periods so a year sur les domaines skiable mais ça reste une petite contribution relativement modeste même si les nouvelles activités qu'on a proposées ont rencontré un très fort succès donc là ça reste une contribution comme vous le savez relativement modeste en revanche sur les parcs d'attraction dès la réouverture sur les différents sites et notamment sur le dernier trimestre I said it in frequenting than in spending by visitors with unfortunately the problems always happen sometimes in the squadron and therefore with the floods in Belgium and in Kuali B we were nevertheless able to reopen on we were at levels of 2010 the period of halloween which has just ended on the four weeks we are on absolutely record frequentations never known never known for the parts of the company of the alps with also that is to say on the previous slides. We had a customer satisfaction that continued, which has progressed on a number of subjects. We still keep, like the sector, some recruitment difficulties, everything that is hotel, restaurant, on which we are very invested, including on training. for the populations that live around our sites and in particular at the Astérix park and at the Futuroscope. So the implementation of the health pass in France has been very good news. We had, since it allowed again, and that's the whole point, the point as well in the amusement parks as in the ski areas, the point is to create this halo of trust, of reassurance. So on Halloween it was very very good, so you will have the opportunity to see that in the figures at the beginning of the year for those of the first quarter of the T1 of the year 2021-2022. Just to go back to the figures quickly and Alexis will learn the rest on each of the activities, the turnover which remains positive obviously very far from our usual levels and I was going to say normative at 71 million you see each time there is a return on the two Alps to ensure comparability compared to previous years and then the net result by groups which is registered at minus 122 million euros including 55 million which are goodwill depreciations so in net result at lower levels, but it remains very negative for the logical reasons that I have already explained. That being said, we continued and maintained a level of investment. By the way, you will see in the next few weeks, and especially on the mountain, there will be in the next few weeks a certain number of inaugurations, of structural projects that were already engaged, because we can not stop like that, or restart investments quickly. a certain number, I think, of a kind of elevator valley between Bric-les-Bains and Méribel, I think of La Masse in the Ménuires, I think of Les Guilets Rouges in the Arc. So, investments that in particular the experience of the customer and so that with our delegates is essential so we maintained 143 million since the 51 million is the purchase of assets on the two Alps so we made 143 million of more than 75 million on the mountain which is an exploit in this period of teleworking Here is the cash flow rate, which is logically negative, of about 15 million euros. It could have been much more, but the work that has been done on the OPEC, I have already said, has been able to limit this consumption of cash and therefore naturally on a net debt that ends up out of the IFRS at a little over 500 million, we will say, 502 million euros. of capital that took place in the month of June last which allowed us to be able to ensure to resume the path of growth with investments obviously both in parks and in ski areas. Here is the photograph, the introduction on the results of the year. So there again, logically, without surprise, perspectives that are very good in amusement parks Today, you know, the weekend, it's the Christmas trees of companies, so everything is complete for this year, and I was going to say almost complete for the year, already next year. So we are on a very, very good trend for the rides, whatever the site is, whatever and we know that it is a place of trust, of reassurance, I was going to say sanitary. On the ski, the prospects are satisfactory, I will say, for the French clientele. Again, a certain attention on the international clientele, given the variability of the measures that are taken by the different governments, which sometimes change from one week to the next, and therefore, vis-à-vis of our issuer markets, a few words on the perspective, I will give the floor to Alexia who wants to go into detail, activity by activity.

Thank you. Hello everyone, thank you Dominique. I will now present to you in a little more detail the operational and financial performance of our activities, starting with the ski areas. So, as Dominique said, the turnover was really strongly impacted by the health crisis, since only two sites were open at the beginning of the year and the sites were closed until June, which resulted in a turnover of 11.4 million against 360 million the previous year. The GDP rose to 74.7 million against 123 million the previous year, This positive EBO has been made possible thanks to a good control of the OPEX, with a decrease of more than 50% and this decrease compensates at a 39% rate for the lack of earnings from the year of reference 2018-2019. Finally, this positive EBO is also made possible thanks to the perception of a partial compensation of fixed costs on the companies of mechanical recovery. In terms of investments, the investments have risen to 75.6 million on our ski areas, with an increase of 16.2% to comparable perimeter, that is to say always retired from Alpes when we talk about comparable perimeter. And by including the product of the assets of the two Alpes related to the end of the concession contract, which have risen to 51 million, they are established at 24.5 million. Regarding the leisure parks, as Dominique said, the sites were closed a few days before our Halloween season and they gradually reopened between May and June. The turnover and the attendance were also greatly affected by the administrative closure. And finally, we had the floods in Belgium, which took place at the closure of the sites on July 15. Despite this, the business record is 221.7 million against 232 million the previous year and it is representative of a very good recovery at the end of T3. We saw that the customers were really willing to come back to our parks and there is a very very good activity during T4. A dynamic activity which is translated in fact by an increase of 5.6% on the 4th quarter compared to 2018-2019 and to a good average expenditure per visitor in an increase of 5.7% on the exercise. The 27.5 million EBO is also linked to the good control of OPEX. Here as well, the decrease of the Opens is compensated by 39% for the lack of earnings versus the year of reference 2018-2019, helped by partial unemployment as in the ski areas. And finally, the leisure parks also benefited from aid and compensation up to 20.1 million, for example the solidarity fund, fixed cost aid and foreign aid. As for investments, a big limitation effort has been made on our parks with a report of some projects on the next exercises. Investments have been limited to 57.9 million against 86 the previous year. For holdings and supports, I remind you that this VU includes holdings of course, but also our travel factory, our TO, some real estate activities of the company of the Alps, as well as consulting activities carried out by CDA management. Of course, the turnover is down by 7.4 million compared to 23 million in the previous year, since travel factories and real estate activities have been hit hard by the health crisis. However, we have limited our OPEX, a reduction of charges in connection with the decrease in activity, naturally, but also thanks to efforts such as the reduction of the exceptional premium of purchasing power, for example. So the B.O. remains stable, at about 31 million against 30 million the previous year. Investments, up by 10%, reflect the acceleration of the digitalization of professions, and in particular marketing tools. Efforts are being pursued on the sales tunnel of our leisure parks, for example, on tools related to customer knowledge, internet sites. As a result, the consolidated results account presents a turnover of 240 million compared to 616 million the previous year, an EBO of 70.6 million against 93.8 million, assisted by total aid and compensation of 189.168 million for the mechanical remontées, 21.1 million for the rest of the other activities. The subsidies for amortizations are in slight decline, at the exit of the two Alps. And finally, the other operational charges are impacted at a height of 55 million by the depreciation of the Goodwill of amusement parks, which you have already been presented during the first semester. So it's really an impact of the first semester, there was no additional permit. The passage of the operational result, which is minus 124 million, to the net consolidated result of minus 123.5 million, is linked to the cost of net indebtment at the height of 20 million euros in increase compared to last year. This increase is explained by the average interest rate of the debt, which has naturally increased, but also by the one-off impact of the prorogation of the first PGE. This is 4.3 million euros linked to the state guarantee and to a small increase in the financial costs on the rent. We have a tax product at the height of 20 million, which is explained by the activation of tax deficits in 17.5 million, and also the observation of the creation of a carry-back, a specific device linked to the health crisis, at the height of 3.4 million. Finally, we have a product equivalent to 9 million, which corresponds essentially to the result of the Mont Blanc company. During these two years, the group had an active liquidity management. It has secured its liquidity position during the health crisis thanks to several actions. The implementation of economic plans, which you have seen the result in our account. The adaptation of investments also. The support of governments, at a height of 189 million this year. And the implementation of new financing, as well as the arrangement of covenants for our existing financing. So the new financing, we are talking for example of the first PGE confirmed in June 2020 as well as credit lines for 174 million, a second PGE season at the height of 269 million contractualized in December 2020 and a prorogation of the first PGE decided in April 2021. Financial measures such as capital increase, successfully achieved in June 2021, also allowed to ensure this liquidity. The flow variation table is therefore translated as follows. After an EBO of 70.6 million, the observation of a relatively limited BFR variation and net industrial investments at a height of 92 million euros, the free cash flow is set at 14.6 million euros, so an improvement compared to last year since it was 74.4 million euros. At the level of financial operations, financial investments are noted, which include the purchase of 10% of the Futuroscope, at La Sème Patrimoniale de la Vienne. I remind you that after our operations, the group is now holding 80% of the Futuroscope's capital. These financial investments also include the acquisition of 10 companies Evolution 2, 60% of the capital has been acquired, and the variation of loans to non-consolidated companies. Finally, we have paid financial fees for 11 million euros. We see the capital increase product for a net increase of 226.8 million euros and other elements such as the refinancing of a real estate participation or the increase of the financial crisis on the delegated municipalities of the two Alps following the end of the contract at a height of 19 million euros. So this has as a consequence a decrease in the net debt outside IFRS of 146 million euros while last year it had degraded to a height of 107 million euros. The net debt, including the IFRS 16 rents, this year rose to €664 million against €825 million last year. Retired from these rents, it is at €502 million against €648 million last year. I remind you that it is the net debt outside IFRS 16 that serves as a reference for the calculation of bank accounts and the net debt leverage on EBO rises to €8.8 million at the end of the exercise. The Group presents liquidity available of 696 million at the end of the exercise, including the Treasury for 350 million, credit lines available up to 214 million, and discovery lines for 132 million euros. The Group's liquidity is therefore sufficient to cover short-term needs. As a result, the group intends to repay 139 million euros in December 2021 from its season PGA and to prorogate the sale, so 130 million, within two years. Finally, regarding the debt, the group has launched work to refinance its loans and credit lines arriving at the deadline from 2022-2023. I thank you for listening and I will now pass the floor to Loïc who will present the strategic roadmap.

Thank you Alexia, hello everyone. Yes, so the idea is to put a bit of flesh behind the figures that have been presented to you and to briefly remind you of our strategic priorities. There are three of them. accueil et également booster la distribution grâce au digital The second priority is to deploy new growth relays. We talked about it in June, in particular the summer diversification on one side of the mountain. On the parks, it is to accelerate the development of some of our parks with a higher growth potential that we will look for. And finally, and especially if the winter season goes well with skiing, agility on external growth. The goal is to have an increasingly efficient and committed company. What do we put behind it? We put behind the financial discipline on the one hand, but also the synergies of expertise and the synergies on the distribution of all our jobs. And then a focus on the social and environmental responsibility of the company and the creation of value for the territories. So let's start, and all of course with, for Cible and for Boussole, always the great satisfaction, whether it is the great satisfaction of the clients, but also of our collaborators and of the collectivities. So let's start with mountain activities. So these mountain activities and these priorities will translate into several axes of action. Secure our long-term activity, always enrich the ski offer. These developments must be made in a sustainable way. And finally, optimize the frequentation in stations. And then, in terms of growth, as I said earlier, diversify in the mountains. So let's illustrate each The use of long-term activity, you know that one of the approaches that we had started to present in June and that we have amplified since, is to understand what is the impact of climate change on the snowfall of our cities, on our long-term activity in the mountains. So we developed a model called the Impact model, which allows to model the evolution of snowfall, both natural snowfall, crop snow on our areas until the end of the century, in different scenarios, Here you have a visual on the snow, which shows you the average snowfall, average year on 20 years of snowfall, so here you have 1986-2005 and the second image you have 2041-2060. 2060 is a good time horizon for us because we manage concessions over 30 years, so 2060 gives you the time horizon of the concessions that we will renew in the next 10 years, so 2030 to 2040, 2020 to 2030, for 30 years we are at 2060. These studies are very useful to invest intelligently because it will lead us to rethink the way we invest in culture management, in mechanical remodeling as well. Do we put telecabinets or do we put telesieges? Is there a return to is possible or not at the bottom of the station. It helps us for impact studies, regulatory impact studies. It also helps us a lot to discuss with all the counterparts in the mountains and also to push the reflections on diversification. So this model, we have now extended it to almost all of our sites and we have results reassuring on the impact of climate change on our sites at horizon 2060 and on the fact that we will continue to have a diverse activity supported on our sites, which are high altitude sites. It's something we had the intuition before, it's something on which this model comforts us. In terms of enriching the ski experience, So I'm going to take an illustration because we're not going to go through all the areas in view. But again, we think about the areas in a global way. If we take the example of the arcs between 2018 and 2022, it is these areas that will have been reworked. Accessibility to the station with the funicular, which we participated in the renovation at the bottom of the station. the fluidity with the dynamization of the Arc Valley, with a new cable car that we will inaugurate in January in Val-Andry. And this new cable car also allows us to have moved the snow front and ski courses, to have them up. And that too is an adaptation to climate change somewhere. Also, all the work that we did at the level of the red needle, and here I propose that we go directly to the next slide to show you some visuals, we made a panoramic terrace and we put a terrarium on the old runway of Kilomètre Lancé which goes down to the Arcs de Mille and which goes at 200 kmh. So this is both an adaptation in winter and something that will also work very well in summer. And we really enrich the customer experience, we adapt. We also made a museum of animals, so we offer indoor activities. This is the whole of the attractiveness of the station on which we work. So the third axis, we try to do it all in a sustainable way. And I wanted to take the illustration of the telecabinet of La Masse au Meduire, which we will inaugurate this year as well. It's a device that allows us to improve the fluidity once again because we go from the lowest point of the station at 1800 meters to 2800 meters. Before we did it in 25 minutes with three devices, now we're going to do it in 8 minutes. We have almost 50% more on the flow. But all this has also been thought about in order to limit our impact on the environment. We go from three machines to one, we reduce the number of pylons by more than two, since we go from 54 pylons to 24 pylons. You know that we have observatories of biodiversity on all of our sites and that allows us to position these pylons intelligently to limit the impact on the fauna and on the flora. The starting station was on a humid zone, we moved the humid zone and we created a twice larger humid zone. And the work has also been done to respect the period of identification. So there is a whole reflection around the de-artificialization of soils and the way of building these devices to limit our impact, or even reduce it, and go in the direction of environmental objectives that we talked about in June and that we will remind you of later, and in particular here I illustrated the positive biodiversity. So, So that's for the whole enrichment aspect of the ski area. The fourth very important axis for us and on which we have invested a lot during the lockdown is to optimize the frequentation at the station. So this optimization, it goes through digital also helps us to find guilds, and we develop offers that allow us to highlight the fact that we are a multi-site group. I will take the example of Ski à la carte, which is a payment system with reductions. So you can, with Ski à la carte, go skiing in all of our cities, even a little more, with reductions per day between 10% and 40%. we will stop on two illustrations. We have allowed two new hot bed projects to emerge this year, including a club Bellambra in Flens for almost 800 beds and in Cerchevalier, the project of the Iscles with 1,700 new beds. So the beds allow, in addition to the tourism residence, it is really a very hot bed, good filling and which allows to boost the sale of gifts. Third axis, of our sites and there I would stop in particular on the initiative that you heard about and that we announced at the beginning of the Travel Ski Express which allows us to link London again to the Moutier and Pont Saint-Maurice stations this winter. So we're going to look for English skiers with a decarbonized transport mode and we're going to sell them packages thanks to the expertise of Travel Factory. It's an operation that was set up in record time. So finally, the axis of growth and diversification, we already talked about it in June, we have continued to advance on this plan. The first thing is that we have developed new summer activities in almost each of our sites, I am thinking in particular of the mountain-karts in Tyrol and Saint-Chevalier, in the village of Perdue in Valiseur, but we have also acquired new experiences, and you have probably seen it, The brand is 60% of a dozen companies, Evolution 2, which offers outdoor activities to customers. You see that this is something that can be a source of synergy with the whole of our activities, with the distribution activities, and then allow to accompany customers in differentiating activities. The third axis on diversification is to think about diversification in a global way on the sites. We talked about the pilot project that we launched in Grand Massif, Flens, Samoens, Morillon last year. We deployed new activities on this site this summer and especially this year we have the ambition to do two global studies and maybe even more. That's it for the mountain part. On the leisure part, so the priorities that I presented earlier are still declining in different areas of action. Offers and experiences unique, immersive, de-seasonalized, accelerate internal sales, strengthen our customer knowledge, enhance human capital. And as far as cross-border relays are concerned, to accelerate the development of some of our parks. So on the unique offers, we also talked to you in June about Cunda, this is what really boosted the frequentation of the Belgian Walibi when it was open in early summer and during the Halloween period, it is an attraction that has been prized, hyper immersive zone and adapted circuit thanks to the know-how of our developers, guaranteed sensations. We will continue on this topic in Walibi Belgium, we will develop Christmas trees from next year and we will also renovate the Aqualibi. As for the immersion, it is in particular the work we did in Walibi Rhône-Alpes where we cut the park into three zones that we have done again gradually. So we delivered the second zone this summer, it is a festival zone and we are now working on the third and last area on the theme Exotic Island. We will deliver part of this area this summer. On de-seasonalization, it is in particular the events, Christmas events, Halloween events. As Dominique said earlier, we had a record year on Halloween and we have a product that enriches itself each year, which really offers an experience that has nothing to do with the experience that we can offer in our parks the rest of the year. It's more scare zones, more haunted houses, shows, also areas of festivities, the restoration that is reviewed and that's what explains both and the dynamism of spending on the park. So that's it for this first development axis. We also decided to accelerate on internal sales. It means seeing our merchant services again, reinvesting our restaurants, investing more in the shops, on the one hand, and on the other hand, working to give back time to our visitors, and in particular, it is the work we do on virtual files. We tried them during the first lockdown, in summer 2021, and we are gradually improving these tools that allow us to give back time to visitors, it is in particular the automatic file tool of Parc Estelix. Third axis, again, the digitalization, the distribution, the digitalization of our media companies, which are more and more online, the permanent improvement of our sites and the complete refound of our sales channels. Last year, during the lockdown, we accelerated the refound of our sales channels in B2C. This is something to double compared to the previous year. This is the proof of the success of these new tunnels. This year, we are working on B2B tunnels, which will allow us to generate an additional growth. Fourth axis, human capital. So it's something that was already true before the crisis. It's something that was reinforced by the crisis of Covid. It's something that applies to the whole group, but that is even more true in the amusement parks than for ski resorts. More than ever, we put as a priority the strengthening of our human capital. It is first and foremost safety at work that has become priority number one of the group. But it is also the actions that we can do in terms of training, the priority that we also give to the recruitment of alternates. And all this is measured, as we measure customer satisfaction, we measure employee satisfaction, we are trying to make it grow and we also see it in the return rate of our seasons. So as far as growth relays are concerned, you talked about acceleration on some of our parks, it is always true for the Futuroscope, We are now 80% of the Futuroscope's capital. We have a development plan for 10 years. 200 million euros will be brought by the park itself, by new attractions. And this year, we are going to inaugurate Chasseurs de Tornades, a unique experience. and 100 million euros that are brought by partner investors to develop two hotels, a hotel, a school and a water park that we are exploiting. And this year, the Cosmos Hotel, you have a visual here, will be inaugurated. We also decided to accelerate Belbarte, which is something we had not thought about in June, on which we have worked since. We think it is a park on which we also have a potential value movement to seek, by accelerating development and making a rise in price. It is a park that is both an amusement park and an amusement park. So we will accelerate the creation of major attractions, three major attractions by 2030. Renovation of restaurants and points of sale. and also increase the range of the animal environment. So we are going to apply on this park the logic that we also applied in Wallibi-Rhône-Alpes to make it grow. The third acceleration, we talked about it in June, is the acceleration on the Astérix Park. It is in particular the accommodation strategy. Accommodations are working extremely well. We have record occupancy rates of over 95%. We still have a potential for very important accommodation on this park. We decided to cut this development plan into three phases and we are initiating the first phase which is an extension project which will allow to create 115 rooms and the creation of a new restaurant. So we are hiring it this year, it represents a total of 30 million euros of CAPEX and the CAPEX will be mainly spent between 2023 and 2025. At the same time, we are working on phase 2 and phase 3. Phase 2 will be the creation of a fourth model, which we also announced in June, about 300 rooms. And on phase 3, that is to say the enriching of the offer of entertainment on the market. Voilà pour la stratégie, cette déclinaison sur nos deux activités. Et je cède la parole à Dominique sur le troisième axe prioritaire, l'entreprise performante et engagée.

Oui, on l'avait présenté également, donc je vais un peu le répéter, mais au-delà de la discipline financière, c'était un point absolument critique. On a réussi, on a essayé de mutualiser aussi nombre de nos compétences sur différentes entités which are active in France and internationally, which allows us to rationalize our costs and not have specialists multiplied by the number of sites. And so on rare skills, we were able to re-centralize. I think of Angelo, for example, the number of activities to have a little more performance in terms of water consumption, for example. Evolution 2, we talked about it. CDA Management, which does missions internationally on the support of stations, the development of stations and the creation of ski stations. There are still many places where there are subjects of this type, so it is an absolutely key point. And then the third subject, it is a subject that we particularly care about, since in a year I was going to say a little normal we have almost 14 more than 14 million skiers and 14 million visitors in our parks and today the cumulative offers or recognition in terms of customer loyalty are not developed enough and there is a deposit that we must dig on the notamment thanks to the various digitalization projects with a base because in the end, a certain number of our clients, and I can't say the vast majority, have an activity in the ski area, of course, in the winter, and near their homes, in their regions, they also have a leisure park activity, and so we need to create this link, this synergy between the two jobs, I would say, historical. And so, a common data lake, a common client base, in respect of the rules of the GDPR etc. but the idea being to be able to propose, once again, recognition and accentuate the loyalty and the famous repeaters. The important subject, it has been mentioned, then it was mentioned in the press, it is on the issues of recruitment, especially hotel and restaurant. We have had many difficulties in this out of crisis a very large program directly with the training institutes, or even to be able to do diplomas. It is absolutely critical for us to accompany young people on our jobs, so qualifying courses and which end up with a diploma. There are still a few, two, three weeks We gave back these diplomas to 110 people, 110 young people who made this step just at the Asterix Park. And so we are very proud of that. And so we made them grow with us. Above all, the whole of our trades, and God knows if there are, the question also arises on the technical trades, where there is a classic, I was going to say, a classic of love, on which we must work to revaluate these trades. On the seasoners in skiing, we are rather, first of all, 85% of the seasoners in skiing come back the following year. the geographic zone. That's the first point. We pay maybe a little more than the conventional minimum and sometimes either with housing premiums or with housing, which are proposed for seasonal residents. This take-out the machine, I would say, has become absolutely critical. And so it's a great chance for us to have created the fidelity with regard to these seasoners to be able to run our machines. And then, in some cases, the increase in the opening time, for example, of some amusement parks will allow us but to be able to transform contracts that were up to today in CDD into CDI and to perpetuate these skills within our group. So it's absolutely critical. The relation to the territory, well there you saw it, the Travelsky Express, we go into mobility, we use a little bit of a needle for the relaunch, and of course on a critical market, which is the British market, which is still We will have the opportunity at the end of the first half of 2022 to update our economic impact study so that everyone can realize the impact of the company of the Alps and its subcontractors on the territories on which we are exposed. for France. So this is a very critical point. We also participate in a number of initiatives, we will see it right after. You know that we had put, it was not a strategic priority, because there are two subjects, security at work and the reach for zero carbon net, it can not be a strategy, these are postulates of the bars today. And so on the part, we will change the slide. So we continued our effort In February, for the first time, a dameuse will be designed and manufactured 100% in France, in the Alps, next to Chambéry, with our partner CN Dupont, and which will also be 100% electric. This is the model for this year. Then, next year, on the next winter season, we will be able to do it with an auto extension. is 90% of our clean emissions on a ski resort. That's the damage. So if we manage to get out of this activity, get out of the carbon generated by this activity, reduce the emissions to nothing, either by the electric route or by the hydrogen route, we have not yet determined, we do not know the operating costs, the operational performance to test these new machines to be able to make a choice then, will it be hydrogen, will it be electric or a combination of the two. In any case, by February, this 100% electric dam will work. Biodiversity on the Eau de Lide and in particular the positioning of mechanical mountings and the replacement of several mechanical revolutions by a more structuring and stronger capacity. Examples have been given, as you have seen, on the Ménuires. And then the water management, which will become a subject increasingly critical in Brittany. and the absence of non-valuable waste. So that's a point, it's not a strategy, it's a postulate, it's necessarily what an actor, an operator must put in place. So we are fully committed, and so little by little, and we will have the opportunity to talk about it, I think, next year, we will have a date and cadence plan for the next few years to increase the reach and the result. That's what you can say, it's a key point. Human resources, techniques and hotel restoration are a subject of concern on a daily basis for us. It's absolutely essential. That's what we could say on this subject. Here you can see the photo of the Quai de Lutèce, the hotel of Quai de Lutèce, which is the best hotel themed in the world. a little more pragmatic, on the perspectives, so I said it, our perspectives on the parks of attraction are very good, especially on the trees of Christmas, here Christmas, and on the Christmas period for those who are open. Then, you know, it's the maintenance period, and then from the end of February, beginning of March, beginning of April, all the other parks will reopen. There is an appetite, I was going to say ferocious, record for Halloween is that we have invested particularly this year to improve the relaunch and we see that the investment in the parks generates a rather immediate and fast return. The ski part, the ski part, the French clientele will be there, more than there I hope. I think that this year we will not be on the ski areas at the level of 2019, but we will be 2020. On the UBO, we should keep, and therefore, by consequence, we should keep another level of UBO which will not be quite the one of the 2009 exercise, but there too, from the following year, we will return to it. On investments, on the other hand, the envelope of CAPEX which will be 160 million on this exercise, of what we call Grand Astérix, and in particular of phase 1, that is to say the extension of existing hotels, and the first deployment of the diversification plan was on the Grand Massif, should be around 210 million euros per year over the next four years. Voilà, sur le levier financier, nos guidance n'ont pas changé, un retour entre 3 et 3,5 à fin 2022, toutes choses étant égales par ailleurs, pour avoir un levier qui repasse sous les 2,5 l'année suivante, j'allais dire hors acquisition bien sûr, there will be no proposal to distribute dividends. On the other hand, we will return to a normal rate, on which the General Assembly will express itself from the following year. That's what we could say. Just in conclusion, so here is again a certain focus on the international part of the ski. The results of 2021, I would say, without surprise. We are ready, we were able to prepare for the season. The season of the parks started very strong and will continue to develop. The part of the ski still has some impacts on the international part. On the other hand, a very strong appetite for the French clientele. So more than ever, we are ready and we are ready to find and regain our growth profile liquidities have been paid, it was said by Alexia to be able to give themselves the means in the long term to be able to put in place this financing policy a little longer than what the current profile demonstrates. That's what we could say for today. I do not know if you have any questions and we would be happy to answer them.

Hello, Marie Boniface, Société Générale. I had four questions. We have questions about figures. Could you tell us what has represented the lack of profit on the Belgian market in the last few months? To help you calibrate the effects of growth that we will have on the next exercise. And how will the CAPEX envelope be distributed between the two divisions on the 2022 exercise for 160 million euros, if we can have an idea of the distribution? Then, I would have liked to know the impact of wage inflation, because I understand that there are difficulties in recruitment. Can we expect an impact in terms of wage changes? And finally, I would have liked you to come back to the slide on page 30, and on the global reflections on ski resorts in summer activities. I would have liked you to elaborate a little more on the subject. Are they global reflections on the whole of ski resorts? Are they very particular ski resorts? I would like you to come back to that. And one last question about CMD management. You have worked a lot on the Olympic Games in China. Could we have an idea of what it could represent for the CDA today? And what is the strategy of CMD management in the near future?

Thank you. So I will answer, I will let you complete, but on CDA management, first question, we work in China for different de pays donc il n'y a pas les jeux en tant que tel les jeux d'hiver 2022 n'auront pas d'impact direct au delà de montrer et de servir de référence dans le futur pour de futurs clients dans le désordre le walibi belgique à peu près 18 millions je dirais 18 20 millions Salaries, so salaries, it starts at this time. Often, the annual negotiations are mandatory, so we'll see where it will end. But indeed, with a look at inflation, but we should not be on too colossal increases, as we see appear in some press articles. So we will stay, but there, I can not say more, since we must leave room for negotiation. with social partners. There is still a certain fidelity to our activities, to our parks and to the company of the Alps, which has been able to demonstrate its solidity and therefore its perspectives, its investments. So it's not just a question of money, it's a matter of rhythm, it's a matter of working rhythm. Sometimes seasonal workers want to work a lot for four days and not at all for three days. So it's of the development that makes the, I was going to say, the overall attractiveness of the job in question. That's it. Do you want to answer?

On diversification, you have seen that, in fact, on each of our sites, we have ideas, projects, etc. that incrementally add activities on stations, are interesting, but allow And that's why, at the Grand Massif, we used the know-how of CDA Management, which is a board company whose business record is modest, but which allows us to create an internal expertise, which was used to develop stations abroad. They work in China, but they also work in Russia, in Turkey, in Georgia. They went to many different places. They have a know-how. They know Swiss and Austrian stations very well. And so on the Grand Massif, what they did is what we call a master plan, by saying to themselves, how do I truly transform the destination to make it an attractive summer destination? And so they thought about four zones of attractiveness, which are already arranged zones, by saying to each of these zones, how do I do to have something that, in the summer, allows a family, whether it's beautiful or not, who knows the mountain or who doesn't know the mountain, in fact. to take care of themselves and have a good time. So it goes both through the classic activities of the summer, the electric bike, not the downhill bike because the downhill bike is still reserved for a very small part of the population and it is quite excellent. So the electric bike is something that can be done in a from Montaigne, Tiroliennes, but also accompanied paths, and that's why the acquisition of the Vaux-deux is something that allows us to accelerate in the summer, spaces of well-being, of the restoration, of the sale of local products, so unusual accommodation. And so they imagined a set of coherent activities on these cathodes, which allow to confer attractiveness to the public station. So that's something that we discuss afterwards, and even during the study, that we discuss with the whole ecosystem, with the delegates, etc. There are investments that can be made on the part of delegation of public services, There are doubts that will be outside the DSP, and each needs validation of the sites. There must also be desire on the development site. So, between the potential that we imagined, the global master plan and what will be realized, there will be the online part, there will be projects that will be modified, but in any case, it is a good starting point to discuss locally and to start developing a set of coherent activities. This is the approach we want to develop on our site. We really give ourselves a long-term horizon on it. We think that transforming a destination like that is something that takes a decade. Because it's a lot of discussion, you have to convince at the local level, you have to carry it. There are things that we do ourselves, there are things that are done by others. And in any case, we see with the problem of climate change, it's something on the climate change in a negative way in the long term, it makes the summer destination even more attractive than it was before.

I wanted to extend the question on the strategic roadmap. I had seen that there was an article in Le Monde on summer leisure in mountain stations. There was a very nice picture of a Manivelle gulf. And the question I was asking myself was that to have a stock of hot water in the station, you have partners who need you to extend or help them extend the services. I think to the Club Med, who may need activities, not only of bikes, but maybe also of boats or others. I wanted to know if you could help them. to convince the elected officials that it is important to have heaters, but the heaters also consist of extending the duration of the seasons.

The diagnosis on diversification was something very shared by everyone. Everyone was convinced, we read articles in the press about it. Indeed, we work hand in hand with the owners, with Loclemed, with Bellambra. We had a discussion with Bellambra the other day, who told us, you bought Evolution 2, it interests me a lot, you help me develop an activity in the summer. And there too, you are right, it is that for real estate actors, who depend in any case on real estate, the restoration, the accommodation, from the moment we have this action that is attractive in the summer, their property amortizes over a much longer season. we immediately find a much more important financial interest to develop beds and it is a virtuous circle. So it is this virtuous circle that we want to participate in stimulating with the diversification.

That's it, it's beyond the discussion. We need a global plan, so that's what has been done on Grand Massif. We will decline it in the next 24 months on our statistics. The socio-economic-professional environment is overall favourable. Now we have to convince, we have to have a masterplan, as she said, which shows the logic behind it, and not only small things on the right and left.

Just a question on the project of the ICLA, Mr. Chevalier.

When should this project come out? I think that next year, there is the permit to build definitely purged in nine months, I would say, in prognostic, and then go out. You know that if they go out at that time, it will trigger an investment, I do not know if you know the site well, but it will trigger an investment, investissement qui est là qui est la cabine du pontillasse qui a été arrêté par l'installation d'un télésiège qui s'appelle le Côte Chevalier et donc cette télécabine serait reconstruite complètement et d'ailleurs montrée tout en haut voilà donc dès que l'année prochaine tout est purgé le délai de construction et des résidences et des lits et de la remontée mécanique est une remontée

We have a question at a distance from Christophe Palliers from ECHO.

Thank you for giving me the floor. I have a question about the British clientele. You have pointed out, and we are not very surprised, that there is a phenomenon of outlandish attentiveness I have a question about the exploitation of the Travolsky Express. Do you have a fulfillment commitment of the RASR and at what cost?

A fulfillment commitment? of course the fees and accommodation, possibly also other benefits that we can add, that the customer can add. And so the reservations were in good shape, I was going to say, without a word, until 15 days ago. And so today they are a little British people under 18 will be able to receive a second dose since they were known to be vaccinated if they had received only one dose. There is fresh news 48 hours ago on the fact that there is a need for a test before entering the UK. So here we are talking to all our municipalities, to be able to face this demand and once again reassure British customers.

Thank you. Yes, Jean-François Delclercq, HLG. I have three small questions. The first is, can you clarify, do you have any help today, any devices, in any way today, that support you? That's my first question. The second is the energy or electric bill. In the annual basis, in the normative, what is the order and what do you have as a long-term contract or not, to provide for the increases we are talking about today? And finally, a third, more accounting question. I don't quite understand the depreciation. There are goodwill depreciations, if I understood correctly, on amusement parks. So when I look at the accounting principles, in my memory, it is specified that when we have GT horizons that are to be modified over time. So, can we come back to these deployments and to what extent do they correspond to changes in business plans, negative inflections over time? Thank you.

I'm going to answer the first two questions. I'll let Alexia answer the third one. First question, do we have aid? No. Second, is the electricity bill in negotiation at the moment? You know that it has been... is exposed because we do not have long-term or multi-annual contracts that would cover us. So there will be an adjustment, there will be a revision at the cost of electricity, of course, like all companies in France and Navarre. In what order? Well, we have not completely blocked the purchase of the blocks.

So, as far as... Can you hear me? As for the goodwill, indeed, in our two activities, leisure activities are the activities that present the least margin of manoeuvre in relation to depreciation tests. And in the first semester, we took into account the years impacted by the health crisis. We also had an increase in WACC of 6 to 7%, which certainly played a role in depreciation. However, On n'a pas remis en cause le plan d'affaires et au contraire, donc ça fait l'objet des discussions qu'on a eues avec nos commissaires aux comptes à cette clôture, puisqu'on repart quand même sur des marges de progression et un développement de nos pales de loisirs intéressants pour le futur. Voilà, donc on n'a pas déprécié plus que ce qui avait été fait au premier semestre.

New question from Emmanuelle Parot from Gilbert Dupont.

Emmanuelle, I invite you to unlock your microphone. Yes, hello, if you can hear me well, I have two questions. The first was about your speech on 2022-2023. The plan for the time being would be a return to the normal of the activity. You mentioned 210 million euros of CAPEX. Under these conditions, can we hope for a positive cash flow? That was my first question. And my second, it was more about the M&A. You mentioned the fact that you have ambitions in the field, you are recapitalized. There may be actors who have difficulties Could you give us a little update on that, please?

Thank you. So, on the positive free cash flow, we had already said it, our mantra is obviously to manage the society in positive free cash flow, but I was going to say outside of development CAPEX, because if there are big development CAPEX, they find their balance point and their own profitability. in a positive way, or in any case, EBO minus CAPEX out of development again, in a positive way. So that's an absolutely critical point for us. As for the topics of EM&E or the forecast for 2022-2023, well, it's given in full reserve, because 15 days ago, there was no Omicron variant, so we have to stay very and this period has taught us to be particularly humble on all forecasts. So we don't have a subject for the moment that we look at in an extremely detailed way in terms of M&A. it was the relaunch first on the parks which were made by a fantastic team led by François Fassier and then the relaunch which is in progress, the one in particular on the activity of the mountain areas with David Ponson, he arrives in Becerra. So we are very engaged in this. For now, the priority is to return Christophe Palliers

Rebonjour, you mentioned during the presentation a dividend transfer to the type of exercise 2021-2022, if I understood correctly. Does that mean that you are considering a return to a positive exercise, this exercise?

No, no, we have exercise 22, that is to say the one that has already started and which ends in September 2022. that is to say 23, there will be a return, we wish, we hope, we work very hard, there will be a dividend return as a result of 2022. That's it, it's not very clear, excuse me, but it's written on the...