Compagnie Des Alpes Sa

Nothing has changed, we are no longer in the theater, we are in the Colonne room. Welcome to the Grévin Museum, one of the jewels of the company of the Alps, as you all know. This morning, we will present you the annual results that were made public just before the opening of the markets. Very quickly, we will prepare a certain number of slides and above all we will answer your questions. who is the general director-delegate, Alexia Cadu, who is the financial director, and then all the others, a few other members of the management team are here and will be able to answer your questions, which I imagine are numerous. We will try to answer these questions in advance during this presentation. A fairly short presentation that takes up the main elements of the communication that you had in your hands. There are not too many slides of PowerPoint with arrows that go from square to round or the other way around. We tried to limit all this to go straight to the essential. So here is the striking effect of the exercise. An exercise, a year ago we were talking about it earlier, a year ago we were fighting with sanitary pass, not sanitary pass to climb in the mechanical climbs. So that was, but finally we had a good level of frequentation in the ski areas, at the limit of the British market which, as you know, has been closed until mid-January, second half of January, we will say, and which obviously felt the absence of this clientele The first month and a half, the first six weeks of the season, we felt it on the volumes. We'll see it later. On the other hand, a very strong growth, especially in our amusement parks, where we passed the 10 million euro threshold. You saw it in October when we announced our results, our turnover, sorry, turnover. For the first time in the history of the company Les Apples, the leisure parks in terms of volume of activity, of business, have passed in front of the ski areas and this growth does not fade away, we will say a few words, including on the recent Halloween period. We also manage the first network of real estate agencies in the Alps, so this year we have consolidated it, we have made a certain number of movements of simplification of the group, you saw it with the public office. two retreats on the Grévin museum here, there were still a few percentages held outside the group. And of course, very clearly at the end of October, during the presentation of the business suite, the net zero carbon trajectory, which was a completely indicated element. In fact, in general, we stick strictly to the strategy that was presented In June 2021, during the capital increase, there is no deviation in relation to this strategy. We deploy it with order and method. on our different professions, and one of these movements, and not the only one, was the acquisition of NMV, whose closing was carried out on the last October 3rd. To complete the distribution and hospitality VU, which is entrusted to the BCA at this time, and therefore, in this regard, I say it, from the year 2023, we will communicate with independent figures on the three VUs. in a separate way. Skiing area, mountains, everything that is outdoor. And then the amusement parks, of course, and the distribution, the mountain with the distribution and hospitality. There you have it. We are very happy because it gives positive vibrations positive for the group, so to have the recognition of the clients is very very good, that's why we are here, but also the recognition of these pairs, so the three business units have been rewarded, it's a quick nod. It is also always important to build, to enhance the employer brand, I say it in the DRH, the employer brand, to improve our attractiveness for talents. It is rare to attract talent, but rather to merit talent. So we are all attached to it. It is not only the work of the DRH, it is the work of all to be able to be on this mood, I had said. Now the figures, without further delay, that you have seen. So, record turnover, well beyond 2019, you have it under your eyes, at 958 million. An EBO at 313 million, of which a part is We call it recurrent numbers, which are related to the relics of COVID-19 that have been received, whether in Europe, Belgium, in the Netherlands, in Austria, in Switzerland. This element, we have chosen to isolate, for perfect understanding and to give a good idea of the intrinsic performance of the company beyond these elements, I was going to say non-recurrent. So, 313 million, 270 million in terms of B.O. This is the absolute record never achieved by the company of ASES and of course a very significant net result of 114,000. in which there is also a non-recurrent part, I was going to say, so 83 million net results by the recurring group, and this is what will serve as a basis for the proposal that we have made to the Board of Directors and that the Board of Directors has endorsed regarding the dividends, we will come back to it, So the investments that follow their rise, of which 177 million, a little beyond what we had initially planned, because a number of small measures have been put in place to accelerate the generation of EBITDA. I am thinking in particular of restaurants in some parks or small carrioles, mobile points of sale. So these are not big investments that require, but these are very generating investments in EBITDA and we have indeed chosen to unlock them and to bring them. The free cash flow, 182 million, there too, non-recurrents and recurrent effects. We will see it later, the operational free cash flow guidance religion but the method we manage the society and therefore the operational free cash flow positive is absolutely critical there we see it with particularly high levels and once again fed by fed by exceptional elements that you have seen there the magnitude On the net financial debt, 336 million. So there too, both the impact of the free cash flow and also the increase in capital last year of 18 months, which is still available in the ING. This is where we are on the main aggregates. So quickly, this is the first slide with arrows pointing to circles. So this is a very quick reminder of the strategy. Once again, it has not changed. The strategy has no reason to change every 18 months. So we stay exactly on this logic, on the attractiveness of our sites. to deploy our new growth relays, we talked about it, and then the commitment, the commitment, you saw it on the net zero carbon trajectory, which is a first essential step, since we are working, in quotes, in a way, at the moment, in two currencies. in euros and in grams of CO2 or in tons of CO2, each has its own roadmap, each site has its own roadmap, and it's profitable. This ecological transition is profitable, and the elements I was going to say, of realization are audited by our commissioners in the same way as our euro accounts. It is very important to establish credibility, so each of our sites will reach net zero carbon before 2030. That's what we could say really in a quick summary. So then quickly on the areas that are there. So, the new products of this season, after the white season, the last season of the 2022 exercise. So, a certain number of very emblematic investments. I think, obviously, the point of the mass to reduce and the red light to the arcs, but also to a multitude of investments. And then, the restart of the railway connection between London and Mont-Saint-Maurice, made by Travolski, the Travolski Express. So we were almost very, very well filled at the end of the season. As I said earlier, the British market only opened at the end of January. So this experience is set up again this year, of course, and with a load that is quite satisfying. This is the evolution of outdoor activities. As you can see on the last season, it's the 3.5% in volume. It's the impact of the British market and its late opening in the season, so towards the end of January. And this late opening also had an effect after the month of January, since accommodation was no longer necessarily available. So this year we are on a full season. So the bookings on the British market are good, as elsewhere, and so we will find this clientele there. We have two stations that are particularly exposed to the British market, which are Val d'Isère and Meribel. Meribel is for good, because it was created by the British. And again, Bookings are very good. In terms of revenue, there is a cumulative effect since pre-Covid. So the cumulative effect also of the mixed product, also of the accumulation of tariff indexations, a little less of intermediation. And then that has been translated into a growth in revenue. So in all and for all, a 10% increase, still at two figures, despite a decline in volume. Here, in turnover, you see under your eyes a rather low point in terms of investment this year, these are big industrial investments which obviously those that were delivered last season are those that were worked on during the Covid, so a little less, but in any case we will resume this year on a significant That's what we could say. So a growth of 12.8% of the turnover, 10% on ski areas as such. So it's going to be a very significant growth. And so there is a part of recovery post-COVID and a part, obviously, of very redoubled for our... for our sites. I will not come back to the numbers, but it is a growth of nearly 15%, so it remains very solid in terms of performance on this exercise. That's what we could say about these points. Hello everyone, so we talked about the price of tornadoes.

What we wanted to tell you about this is that even though we have a frequency that has increased significantly on our parks of more than 6%, customer satisfaction has also greatly increased. The satisfaction in terms of quality-price ratio also leads us to 9 out of 10 visitors who think they will certainly come back to our parks and who will recommend them. This is the strength of the great customer satisfaction, it is the notoriety of the parks and the ability to create civilization. We also have a recognition of the profession on many other prices and where it is interesting is to see that it fountains on different areas. At the same time on the quality of the attractions, we saw it on Chasseurs de Tornades, but we also have it on Family Park and on Tonnerre de Zeus, you know, which has been renovated, where we had the price of the best attraction, budget limited, which is also interesting in terms of return on our investments, but also on our ability on social networks and on Grévin, or the integration of an emblematic site for the territories in the Auvergne-Rhône-Alpes region, on Walibi-Rhône-Alpes, where you see that the return to the territories is the ski, it is also the parks. So a beautiful illustration of the operational excellence in different sectors which is found in the customer satisfaction. So the strategy on the parks, it is based on different categories that you know, with realizations, the acceleration of eventization, we see it in the sales figures, both on Halloween, the multiplication of nocturnes and new events like the carnival on Walibi Rona. The commercial strategy, with an ever-growing part of the web, we went from 40% of sales via the website, where we were at 25% in 2019 and a more rationalization of promotions. You know that this year we are creating B2B sales tunnels that we are waiting for in terms of commercial progression. Intensification of in-park sales with the multiplication of points of sale, new points of sale on Astéries, either Libby Belgique or Libby Rhône-Alpes. And a two-digit increase in sales in our shops. And finally, a densification of the offer of the IER. This is the first year that we have made them full of hotel tickets. And our new hotel at the Futuroscope, the Hotel Cosmos, with 90% of all occupations. So all this brings us to the sales figures très bonne fréquentation, 6% par rapport à 2019, là où en croissance annuelle moyenne, on était jusque là à 4,6%. since 2019, so we have three years with an annual growth rate of 5.5%, where we were also at 4.6% in annual growth. So we have both a strong frequency, an increase in frequency, and we succeed at the same time as this strong increase in frequency to have a strong increase in revenue per visitor, so the two additional. This allows us to have the results that I present to you on So you know the turnover that has increased by 23%. At the same time, OPEX is progressing by 18%. We have some elements that have increased over the past few years, the main one being the compensation for flooding in Walibi, Belgium, for a net cost increase of 19.5 million euros, and a relic of COVID-19 for 5 million euros. All of this brings us to an EBO of 158 million euros, a stable margin out of an IFRS impact, so if we really want to compare to 2018-2019, a 63% increase. And net industrial investments at €88 million that feed the products that we have been talking about. I leave the floor to Alessia for the implementation of the figures of the European Union.

Bonjour à tous. Concernant les holdings et supports, vous savez que ça regroupe les holdings bien sûr, mais aussi notre activité de tour opérateur. And since this year, some housing activities and real estate agencies have been consolidated since October 1st, since the first time, although previously they were already in the consolidation period, but in participation. So we are integrated globally. It is an activity, the real estate agencies, which today represents 9.6 million business figures. So this figure has of course an impact on the business record of 34.6 million of this division. In terms of the perimeter of the activities, we can also note that Trafal Factory has focused on mountain activities by abandoning in particular the camping activities that took place in the summer and we have stopped the commercialization of the destination of the two Alps. So this has a total impact of about less than 10 million on the business record compensated by a good progression of the Travel Factory activity on the mountain with a sourcing in France, in the United Kingdom, in the Netherlands and in Belgium in particular. You will notice the low progression of OPEX on the whole of this BU despite the integration of real estate agencies. In terms of BO, we have an improvement of the ratio of BO over CA compared to 2018-2019. and we must also note here the IFRS 16 impact of 2.7 million. And finally, net investments in progress since today it is in the holding and support that we rent all the digitalization investments which are made in a transverse way for all of our parks but also for the ski areas with the new bi-ethic, in particular Open Resort. I will now comment on all of our consolidated figures. So, in terms of results, a very good progression of the turnover, I will not go back on it. A strong growth EBO, which is therefore the result of this very good dynamic of the activity, with a load control despite a small increase in energy flows, already this year. A stable wage in percentage of the CA and which includes a charge of 23.4 million of provisions for participation and interest. So obviously a very strong progress compared to last year, where we had just a few million in this regard. Positive non-recurrent elements in terms of turnover, 5.8 million in terms of turnover, so related to the no-show bill related to the health crisis, aid and compensation related to Covid, and also insurance compensation and some costs following the Sinistre in Belgium for a total of 42.5 million euros. And finally, this EBO includes the positive IFRSS impact of 15.4 million euros, which would have to be withdrawn if we wanted to compare to the year 2018-19, which did not yet understand the application of this norm. In terms of EBO margin rate, we are this year at 32.6% over the 313 million euros, progressing by 5.2 points compared to 2018-19. And out of the impact of IFRS 16 and recurrent elements, the margin rate is in a very slight drop of 0.7 points. The subsidies to the amortizations include this year an impact of 13 million euros related to the amortization of the right of use, capitalized rents, so IFRS 16. and we note other products and loads almost zero compared to last year to the impact of 55 million, if you remember, linked to the impairment of the roads and parks as a main consequence of the health crisis. With almost 170 million, the operational result shows an increase of 65% So, without non-recurrent elements, the operational result would be an increase of 23.6% compared to 2018-2019. This is a very good performance. If we look here, we illustrate a little the EBO bridge between 2018-2019 and 2021-2022, which allows you to make comparison bases. So, we start from an EBO of 223 million in 2018-2019, an increase in activity which brings us to an EBO of 255 million, with a margin of 26.7%. So an EBO here without IFRS 16 and without non-recurrent elements linked to the sanitary crisis and the Belgian disaster. An IFRS 16 impact of 15 million, which will constitute the reference EBO for next year, which will be 270 million euros, with a margin of 28.3%. and then the impact of non-recurrents of about 43 million, which brings us to our published B.O. of 313 million euros. To make the transition between the operational result of 170 million and the net consolidated result, a net debt cost in improvement compared to 2020-2021 which had been strongly impacted by the first PGE's guarantee costs, the first PGE's prorogation at more than 4 million euros. And we note, of course, a decrease in the average interest rate of the debt this year, which also plays on the debt rate. Compared to 2018-2019, on the other hand, it is an increase due to the PGE's guarantee costs again, since there is 1% on the interest rate of the first PGE and the season PGE. and a small increase in the average cost of debt, since we are at 1.95% of the average cost of debt after coverage against 1.72% in 2018-19. The tax burden returns to a slightly more normative level compared to last year, since last year we had mainly the result of ideas linked to deficit results, so a tax burden of 38 million this year. and a good result of the societies put in equivalence, in particular with the results of the Mont Blanc Company and our participation in Avoriaz, La Rozière and Valmontrel. So a net consolidated result of 123 million and from the group of 114 million compared to 62 million of 2018-2019 and of course to the significant loss of less than 121 million of last year. a RNPG per action of 2.27 and diluted of 2.26. A flow variation table that shows a flow rate of 182 million with a fairly significant and positive variation of BFR linked to a reconstitution of the negative BFR that the group traditionally has with a normal activity. So we have an increase, in particular, in supplier debt. There is a very strong activity of parks at the end of the year and also the increase in staff debt, but which returns to a normal level. And you will also notice that this year in the Fricachevaux, we saw the 10 million aid received as COVID aid, so fixed costs on leisure parks that we had seen in the results account last year, but that we saw with delay. net industrial investments in retirement in relation to 2018-2019 of 177 million, an income of only 8 million this year since we have paid very little account during the year, and other elements of retirement of non-cash assets mainly, and also the financial interests on the debt of FRS which come in the less than 13 million that you see to reach the total. The financial investments of 9.5% concern in reality mainly a loan reimbursement that we had made to one of our non-consolidated participations. Financial costs paid of 14.7 million against 11.1 million last year. and other elements of less than 10.4 million which concern mainly this year the repayment of rent debts, while last year we had some other elements in the amount of 19 negative million. So a decrease in net debt outside the FRSS of 166 million, brought back to 123 million after the FRSS impact since we have seen the new rental debt relative to the Hotel Cosmos on the Futuroscope for around 40 million. You can see here the net debt amount, which goes up to 540 million in total on September 30, including 336 million net debt outside IFRS 16, which is the net debt used for the calculation of our bank accounts. In terms of leverage, a leverage of 1.1, so much lower than what we had given in the guidance last year, and much lower obviously than the 8.8 that we had seen a year ago. So a very good recovery and a solid financial position for this end of the year. You can see here the raw debt balance sheet, we have in June Refinancing the RCF line, which was 250 million, with a new line of 300 million associated with KPIs and RSEs, which I remind you will be the curve of our greenhouse gas emissions, as well as work accidents. A very good liquidity position with this line of RCFs not drawn on date of 300 million euros, and a net treasury available of about 300 million euros as well. And I remind you that in case of hard costs, we always have an authorized discovery line, of course not confirmed today, for about 150 million euros. I now leave the floor to Loïc for a little focus on electricity.

The first thing is that electricity represents about two-thirds of our energy costs in 2022. And today we consume 99 gigawatts of electricity on ski areas and 41 gigawatts of electricity on skiing. In terms of arena rights, in 2022, we had 20% of arena volume on the ski. and 67% of arenas on the parks. You know that this is related to the rules of attribution of arenas depending on the periods of consumption, knowing that there is almost no attribution on the periods of winter consumption. So that's why skiing has fewer arenas. Today, on this exercise, 21-22, electricity represents 2.6% of the turnover. So, on the coming year, several things. The first thing is, like all of us, we have put energy sobriety in our priorities, without impact for the customer service. So, in terms of objectives, reduction of 8% to 10% of the consumption per site and beyond, we work on our heels, that is to say, the basis of consumption, whether the sites are in activity or not. And also, we pilot the production of crops to do it before December 31st. because we benefit from more interesting prices before and after December 31st. Of course, we will continue these measures of sovereignty. You may remember that last year, you talked about innovation, in particular of the headwaters, the method of consuming 30% less energy on our headwaters. Of course, we are multiplying this type of reflection and this type of technological solution to reduce our energy consumption. All the same. So, on the electricity cost for 2023, we have contracted all our volumes for the coming year. And before measures of sovereignty and before state aid, we estimate that the electricity cost, in absolute value, will increase by 2.6%. compared to that of the previous exercise. So here you have the elements that allow us to calculate the cost of electricity. We are very serene about that. We think that there will be gains related to sobriety. And then, by the way, the government has published a certain number of elements on future aid. So we will decrease this cost. And then, by the way, we also have measures on the top line that allow us to increase this cost. So, once again, a lot of serenity. Moreover, in the long term, we are thinking about exposing ourselves to the market. We are developing production projects for self-consumption on our sites. and in particular photovoltaic energy on the parking lots of the parks. We are developing hydroelectricity projects in the mountains, and we will probably complete these devices with PPAs, that is the Price Purchase Development, which allow the purchase of renewable energy, which are made elsewhere, for example on wind farms. which will allow us to expose ourselves to a fairly important part of our market consumption. I leave the floor to Thomas on the new BU.

The new BU is not new because it has existed for some time, but indeed for the first time in 2023 we will communicate in a separate way since it represents a sufficient volume of business to be able to show separate figures. So just a little reminder of our activities, what they represent, they represent both Travel Factory, the digital tour operator site, with the Travolski brand in particular. It also represents, it also brings together the housing management, I was talking about it earlier, with the real estate agency network, which does not have a common brand. for the moment, which does not have a common umbrella mark, so if you practice the style, especially in our stations, you do not necessarily see what I want to talk about, but in any case it will converge towards a common mark and obviously MMV. This business unit with a few real estate assets, some of which are a little historical, but which also keep beds. So you see, it's more than 30,000 beds. And 30,000 beds mainly on our stations, but not only on our stations, as you know for RMV. So 30,000 beds, that's about 10% of the skiers' days. of the company of the alps whose we master the commercialization from end to end to this it would be necessary to add as I said both the british travel ski express train from london and at the same time this year an innovation also with a development of the decarbonized railways with the trains since from paris so here it is so that's it so there we have reconstituted it is to your attention read it quietly, try to reconstruct how we pass from one trapeze to catch the other in terms of figures. It also allows not only the 3 BU, but also to show the net cost of the seat, which is particularly low and which has been a provocation to stay at these levels, rather low to our taste. But in any case, today you have the state of passage from one to the other, and what would our figures give? by integrating a MMV proforma on 2022. So today, it's holding and support that will allow us to separate, as you can see, both the distribution and hospitality that is here, and at the same time show a bit of the seat which is, I was going to say, separated and which is an information, it seems to me, interesting. And then the last point at the bottom right, this is what would give with the figures 2022, the accounts of these pro-forma countries with the figures 2022 again of MMV. So it allows you to have a table of passage that allows you to appreciate at best the impact that MMV will have on the basis of the figures already published. That's what we could say. We will be able to answer your questions. Alexia will be there, so it represents a volume of activity, this EBU of a little more than a hundred million. Net zero carbon, we come back to that in a few moments, it's very important for us. So once again, we said it, two critical subjects. Before even talking about strategy, it's safety at work. Alexia talked about it, and the net zero carbon. Each of our sites in scope 1 and 2 comes to zero, in a profitable way by the way, and all while reconciling the economic and social logic with the environmental logic. And so that's what we, after a lot of work, we have to make this plan where each site knows exactly what it has to do to get to zero. On the 3rd scope, we participate, I said for the trains in particular, and for the closings in our call for offers, etc. But we are very engaged on these topics. Moreover, a continuous dialogue, in particular, but not only, but in particular at the Montague, with environmental organizations, because it is essential to, how should I say, to have an engagement on this subject, the future of our stations is ecology. So that means a better taking into account, always better taking into account environmental constraints. It's a bit of our manufacturing brand and we try to stick to it as often as possible. So it's a 10-year plan that will cost, that will invest an investment of about 50 million euros and that will have a return in the medium term, quite positive. It's not a question of doing things that destroy value. So our reference scenario, we put it in place, we made it public our curve and therefore every year on this curve there we will be able to implement it and see the way we act to be able to reduce. So this curve you will see every year over the next few years and we will see the performance if we are online or not online, we will be online of course. But remember, work security and net zero carbon are also criteria that fit into the funding, Alexis talked about it. It is therefore interesting that our banking partners have been able to integrate these two elements, including in the definition of interest rate, which are the heart of our commitment to the company. We put it here on report to the skiers day, so you see it, and then in the amusement parks, report to the visitors and nightly, and this allows, for the little story, because it is always very important to give dimensioning images, 300 grams is a kilo of apples, so it gives a little the relative weight that our activity also represents from this point of view, so everyone will have their judgment, all this being audited on independent bases by an independent auditor. This is very important. So, we come to the dividends. This is an image of the Cosmos that I invite you to visit, it is so beautiful. The dividend, so we chose to ... we made the proposal to the Board of Directors, I said it earlier, who returned this proposal. There are two things to remember, there is a general principle of dividend policy, which is a distribution of 50% of the net result by the group. And this is the first point, which depends on the board of directors. And then there is a second point, which is the application of this policy in particular cases of this year. And so we propose, what we have done, is that we have retained non-recurrent elements, and therefore divided by the number of actions, which, I remind you, following the capital increase, have doubled. When we see the results by action, we don't forget this element. And so we offer 83 cents by action, which represents on the closing period of 30 September last, the end of the exercise, a yield of 6.7%. And so, that's what we could say. And so, we obviously did not want that, here, it is said that it is the insurance indemnities, but even less, especially not, the smallest euro of COVID aid, whatever the country where it was received, whether distributed in dividends, This is the reason why we did this retraining. So, both a general dividend distribution policy and a particular case that will be proposed by management, adopted by the Board of Directors and submitted to the General Assembly vote in March. Thank you for your attention, we are here to answer your questions. The first elements on the holiday parks with a Halloween since October 1st, a Halloween season that was very, very good. And therefore, the success of this period, of this eventualization, and therefore we are also on a development on Christmas and in particular with openings for the first time on Walibi on Wallibi-Hollande and Wallibi-Rhône-Alpes. So always this strategy, we had said, of extending the opening periods and in the coming year, other parks will also open for Christmas. On distribution and accommodation, I already said it, but the railway offer, which has been enriched this year. Today, the bookings according to the different indicators that circulate are in order between, let's say, 3% and 7% advance compared to a season, I was going to say compared to last year, a normal season. So the truth is between these figures, but we are waiting, even if the calendars are not ultra favorable this year. Obviously, the integration of MMV, which... is relatively ahead compared to its usual operating plan. And then for the ski areas, we have a very good level of reservation and we have also been able to adjust a certain number of rates in relation to the evolution of electricity prices as the ICC has just talked about. So a growth turnover next year. which will be comparable to that of 2023 compared to that of this year, except for non-recurrent elements, and despite the very important increase in the price of electricity. So it will be a good performance, but it will be a new approach. On industrial investments, there is the integration of M&V that plays a role. There is also the addition of the net zero carbon trajectory, which we have planned for 250 million next year. And then the development of the Assyrian Park, which is in particular with the delivery of a new zone in the month of March next, for the opening of the season, the Toutatis area which is absolutely exceptional. Fricaschelot, I'm not going to come back to it, I said a word earlier, obviously positive, as I said it has the same character, very important for us, so obviously positive. The leverage between 2.5 and 3 post-acquisition of MMV, which was realized on October 3, 2022, was before before the acquisition of MNV, we are very confident. So the new dividend policy that we talked about, which is an innovation compared to what had been imagined, and was also indicated at the time of the capital increase, which was rather of the order of 30%. So here we are more on this policy of distribution at 50% of the net result. by the group is very important for us to continue the descent, the trajectory, we talked about it a few moments ago on net zero carbon and therefore to continue this work there and therefore we are planning a reduction, we have planned, we have reduced on 2022 2000 tonnes, we are planning a little more in particular, we are talking about the fact of our total abandonment of fossil gas energies in our dams on the entirety of our sites immediately and therefore we no longer use fossil energy without an impact since as you know we use used food oils which are treated and used as fuel in our dams in place of this fossil energy and therefore it saves obviously emissions of 90%. That's it, it's very important for us. Besides, I say it, the management team is interested in the objectives but also on the performance of CO2 reduction of activities placed under their responsibility. That's what we could say. I think it's over. Thank you. So if you have any questions, we're here for that. You don't have to hesitate a second.

I would like to come back to the relative decline of the margin compared to 2018-2019, gold is 16 and gold is less than the current one, so there is indeed the energy structure, but in the ups and downs of the OPEX, what are the other significant elements that you can describe to us?

I'll put it this way, it's essentially the energy structure, both electricity, we have five products of sugar, but we also had all the fossil energies, gas, etc., which still weighed, including this year, on the total.

Yes, and there is also an element of taking into account the annual, full-year effect of the opening of our hotels and the extension of the opening periods in the parks, and in particular the nocturnes, So, for example, on exercise 18-19, we did not necessarily have the integrity of open hotels, or even some were not open at all in work. And so it also has a relative effect, so we would not call it a comparable perimeter, because it is not a comparable perimeter in the legal sense. But in any case, there is the development of the quality and especially the extension of the opening periods that explain this.

It is dilutive but hiding.

And maybe a word about the contractual conditions and the wage inflation that you have experienced this season and that you anticipate for the new season.

Thank you. So on that, we are very clear, that is, it is not a question that the increase in the electricity price may have an impact on our employees and our investments. So we are delighted, the figure was given by Alexia earlier, to share the value. but that was in 2022, in a general way the employees will be protected from inflation. So in a way that will be negotiated in the case of NAO, but we started with the objective of protecting our employees from inflation in one way or another. And then on investments, you saw it, we went back to an investment cycle, which we consider to be normal. And so, it's not the time to disunite, not at the same time on what makes the quality of our of our product, which is a very tight and very engaged combination between investments and employees who are in the parks or in the ski or in the accommodation, in all our jobs which are essential for the experience that we offer. So there is no ... we will be on inflation in one way or another in terms of salary growth.

Thank you. Hello, thank you for the presentation. Two questions from my side. The first is about the envelope of CAPEX and in particular about MMV. Can you give a little more detail on what it includes? Does it include an expansion policy in terms of the number of sites in the stations? And the second question is about the maturity of the debt. There is a part of the debt that comes to maturity in the next few years. So I wanted to know if you have already started to discuss with certain banks. Do you have things to share with us? And how do you think about the cost of the debt after its financing?

I would like to say that the project related to the acquisition of MMV has not changed, it is to accelerate the development of MMV. So we will be in the acceleration and all the projects that are value creators and that are interesting for our clients will be pursued, obviously. Alexia?

Regarding the debt, we will make an announcement very soon around December 15, but already I can tell you that we have secured about 250 million euros of new financing.

To complete on the M&V CAPEX, we said it during the acquisition of about 5 million euros per year of CAPEX des investisseurs tiers et pas de les porter nous dans nos capex. Temporairement il peut arriver qu'on ait du portage mais l'objectif c'est qu'on n'a pas vocation à porter des murs au long terme.

Ni par des aides, ni par des propriétaires individuels.

of CAPEX for the current year. Is it related to inflation? Is that the delta in relation to what you had planned? Are there other explanatory elements?

No, what is indicated is a third of inflation. The remaining two thirds are the integration of MMV, it's the integration of net zero carbon, it's Casterix with Tutatis in particular, which will be delivered in the next few months. And so on this exercise, there was a fourth element. And in reliable domains, of course.

And if we look beyond, do we have to see it as a peak, this figure, or can it be reduced?

I do not have the information to give on it, but we are rather seeing it as an average on several exercises. I will ask the question again later. It's a normal point of a normal year.

A corollary question on the free cash. This year you benefited from a BFR effect that was quite favorable. You were talking about a positive operational free cash flow, but it's the operational, behind there is the FRS, there are the tax financial fees, etc. My underlying question is, are we still the debt net this year, despite the boost on the capex?

You have to see all this as a whole. When we do CAPEX, it is to create growth, to create B.O. Dominique said that we manage in positive operational cash flow. Yes, there are some other cash flows behind, but it represents less significant sums. So we have a dividend policy. And what we indicated is that we were going to... So here we have the MMB operation. We were going to be around 2.5 times in leverage by the end of the next crisis.

question c'est un levier qui diminue du fric à feu opérationnel positif et des capex c'est significatif mais parce qu'ils sont créateurs de valeur il y avait un levier de 1 km de 1 c'est pas c'est pas optimal on va dire comme ça d'accord et dernière question alors merci pour le focus sur l'électricité mais pour bien comprendre si on prend l'ensemble du coût énergétique donc c'est 25 millions d'électricité sur l'exercice électrique for this year, and if we enlarge the amount of the energy bill, how much are we talking about?

The rest is very low, in fact, on the energy bill. Especially since, as Dominique pointed out, we are making a transition, especially on the dams, which were very consumptive of gas. So, for the rest, it remains... Yes, hello, Alain Simillon.

you gave us a lot of reflections on precisely the sites owned by MMV so if we translate it means that you intend to give up the fundraising activity and if so, what does this activity represent in the value of the company of MMV when you made the acquisition in September last year?

We were thinking about this subject. The goal is to ensure that it is a creator of value and that it is not just a transfer of value from one to the other by an effort of rent. So this subject is under review, we do not have any particular announcement to make today. The reference that was given earlier is more in relation to new residences, new village clubs, or club residences that do not have a vocation to be carried by us, that's for sure, or even majority of the landowners. We do not have the ambition to do that. Moreover, this reasoning would also apply to the walls of possible new hotels on other sites, especially in terms of leisure. We do not have a vocation to engage capitals to carry walls. So that's the message, and it would potentially be supported by institutional investors for future residents, as is the case for the last ones that have been inaugurated, and surely not by institutions.

Okay. And second question, maybe to come back to the dividend, you talked about this 50% payout as a new standard, at least on this exercise. Historically, we were more or less at a 30% payout, if I'm not mistaken. So in the coming years, is 50% a new weapon?

Yes, that's what I said. There are two things. There is both the distribution policy which depends on the Board of Directors, which was passed yesterday, which was passed on the fact that we start on 50% of the net result by the group, in a way, I would say, in a multi-annual policy, we will say it like that. And then, on the other hand, there is the decision on the dividend at the expense of exercise 22, which is submitted to the General Assembly and which is the one that was presented here. So there are two separate elements between them. Indeed, as I said, we have a change compared to the way of doing in the past.

Jean-François Leclerc, HMG Finance, I'm at the bottom. We are currently living in a period of concern about the purchasing power of consumers. I wanted to come back to your hypothesis of the elasticity of the demand according to the price of the invoices and the price of the entries and the consumptions. What is your feeling? And then a technical question, after the smallest one. How is it going for the season in terms of the positioning of holidays, holidays, school holidays? Because sometimes it plays quite strongly too.

Thank you. So, on inflation, as I said, we will protect. I think the sense of history, well, not history, but in any case, There is a kind of convergence today on the information you receive from all the companies on the fact that this sudden return of inflation makes companies rather in the state of mind to protect their employees without exactly knowing what will happen next year. we are rather in this logic there and therefore the impact on the revenues should still be relatively limited, we wish it. On the other hand, what we observe is that indeed, even if some of our visitors can stop a certain number of trips or a little further away, they keep this this alchemy of visiting a family, or a tribe, or a friend, of spending a whole day in the amusement parks, or skiing, and so it's still on the radar, I told you, I didn't give any numbers, but it gave a pretty good indication of what we experienced during the Halloween period that just ended. So we're not too worried, today the sense of the story is always everything changes very very quickly but in any case we are relatively stable and we have a good visibility on the REM. Well, the holidays, we have this year, the last one was on Friday, so this year it's Christmas, the awakening of Christmas, the awakening of Easter on Saturday. In a number of cases, we were able to move, in fact, the date of arrival, it's not the traditional Saturday-Saturday, but in our residences at the same time, we were able to evolve, make arrivals on Sunday, or even on Monday, for this part there, I would say. On the other hand, we have... In France, the school break is on January 2nd. On the other hand, in other European countries, the holidays continue to completely encompass the Epiphany, which are important in other countries. That's the first point. And then, the season, the classic school holidays, the World Ski Championships in Meribel, it's never completely... good news for some Meribel clients, but during this period there, and then there is a small shift in Belgium in particular, on a decline at the end of April, early May, especially in May, which can have an impact on the ski season, where they were a little earlier last year. All this is balanced from one year to the next, so in the term of March 31, anyway, it will not really have an impact. Of course there will be snow, of course, there is already a lot, a lot, a lot, a lot. And we will not slow down and we will not reduce the hours of opening of our stations. That's it. Sobriety, as the Prime Minister said, sobriety is not a problem. Thank you, thank you. We are at your disposal if you have any other questions. With great pleasure. Thank you very much for coming. See you very soon.