Compagnie Des Alpes Sa

Bonjour à tous, merci de votre présence comme traditionnelle. On est ici pour présenter les résultats annuels qui sont sortis ce matin donc répondre à vos questions évidemment. Résultats annuels en euros comme vous l'avez vu dans la documentation et ce qui est très important pour nous also in carbon because these two elements are part of the way we manage society, we manage the group and it goes even up to the interests of the main managers who all have and of course an incentive in euros and in carbon. I'm just going to make a first presentation, then I'll give the floor to Alexia Cadiou, as many of you know, who is the financial director, and Loïc Bonneau, the general director-delegate, of course, will express himself on one of the points of the presentation. Results that are, you have to spend a little time to look closely, since, but which are, wait, it's okay, here. Let's go. So the remarkable effect of the exercise, I will obviously come to the results in detail. First, the adoption of the reason to be with the 10 commitments, the synchronizations, you have seen it without a doubt, it also appears in the book that was the press release. So we have this year 2023 and the first step of our Thank you. of our carbon footprint, 34% you see it compared to the year before, we will come back to it later. So the recognitions of the RSE policy is an important point for us, but beyond recognitions by such or such label, What is important is the meaning, and the meaning that we give, beyond the adoption of the reason to be, is how in practical terms, concretely, we measure and take everyone, so you saw it, including on the subject of shares, we take everyone towards performance, towards the creation of values, values, we put it in the plural. The second point is the first exercise of the Distribution and Hospitality division, with the acquisition of MMV last year, which was integrated from October 1st. We have created a division for a better readability and comprehension and a better sense of our figures, creating a separate division rather than leaving it in the famous holding, seat and I don't know what it was called, but which was quite unreadable or incomprehensible. Today, thanks to the integration of MMV and its good performance, we have been able to have a separate division. I was going to say about the economic and financial results, a bit of the cold water of Robinet, which is the minimum. So this year on the intrinsic performance, because there was both last year non-recurrent one-offs, I think in particular an insurance indemnity for nearly 30 million euros, but also relics of COVID-19. And so retirement and the change of perimeter in addition with the acquisition of MMV. On comparable data, we are in business growth, strong, you have already seen it, and also in growth in EBO in a more modest way, I was going to say. And all this in a context of doubling the price of energy, on which we are particularly exposed. But subject, I was going to say, for this year 2023, since we have already secured The prices for 2024, we will come back to it. But despite that, despite these opposite winds, the mobilization and the performance are there with growth both on the turnover and on each of the intrinsic aggregates of the group. And then behind the recognition, it's not so... but also to demonstrate the commitment of the teams and their recognition, not only by the group itself, but also by external stakeholders who are used to it. to judge the quality of service. We come back to a little look at the guidance, that of last year. So we are perfectly aligned with our guidance, we are rather improving. So the improvement can mean more or less. The B.O. is growing, I said it on the part on the intrinsic part, industrial investments eroded either by reports or by a better use of our committed capital. The positive operating cash flow, you know, is our compass, our North Star, so we are always on this on this perspective, which has no vocation to change in the years to come, believe me. The financial leverage, we have still performed well and therefore we still have the margin of manoeuvre, I was going to say, since we end at 2, then we had planned 2.5, 2.5, 3, partly by a little less industrial investment and above all a little more EBITDA compared to what was planned. And since we like to see reduce, see decrease, it is the carbon footprint with compared to 2018-2019 we are at minus 39%. I remind you, these are numbers that are audited. So the definitive audit is still in progress at the time we are talking. but these are figures that are audited by one of our account commissioners, so with the same level of requirement as accounts in euros. It is very important, it is very important because we consider that in a few years, maybe not right away, maybe for some right away, but in a few years, environmental performance will be a criteria of choice for customers, and as we are working for the clients, for the shareholders as well, but for the clients in the first place. And so it's a very captivating subject for us, and I was going to say it's also a profitable subject, profitable in the long term, where we have been able to demonstrate and we have proven that investment, we had given a figure last year, since it is our ecological transition for the group, and slightly higher than 50 million investments over a decade, a small decade over 8 years and that is profitable for us by the savings we can make right to left and not only on CO2. So scope 1 and 2, we are at minus 39% This is very significant in relation to the commitments that have been taken. We will resume the figures, 1 billion 126,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 we have a progression in spite of a price of electricity I have already said that there was more than doubled the result from the group 83 million we go to 87 million there was still to give a little explanation on the 3 million of 2023 there was still a small relief of aid covid in Austria in particular and therefore which explains to be completely comparable it is non-recurrent Here is the margin rate, we have tried to reconstruct the performance, the bridge between the published and the intrinsic performance, which once again interests us. You see almost twice the increase in the cost of energy in MMV, which is 1.9 times, almost twice we will say, and yet we were able to limit this increase by energy sobriety, where a lot of work has been done, especially in the ski areas that do not benefit from the AREN tariff. Moreover, we have modes of operation that have evolved and that have the vocation to reproduce over the year. So there you have the detail exactly of the construction of the BO. Then we will move on to the capex nets, I said a few words about it. So the 177 million was out of Covid, so it was a little low. Loïc will come back later on the investments and the financial leverage at 2, which is a little less than what had been presented and announced, planned and announced. Voilà rapidement sur les activités. Domaine skiable et activités outdoor. Domaine skiable, nous, dans nos stations en haute altitude. Donc vous le voyez avec de la croissance en volume, 1,8% plus 5,9% de la croissance en prix, dont une partie d'ailleurs, une renégociation avait eu lieu au cours d'année. Cette renégociation a permis de remonter, mais 1,8% en volume. the evolution of the number of ski days in the Alps is minus 5%. And we did plus 1.8, which proves that there is a resilience, a particular appetite for high altitude stations which are ours. And so we were able to repercute, it will take a little time, temporarily sometimes, the prices of electricity. And so in two or three years, we should be able to recover this surplus. which has decreased since, as I said, 2024 has already been bought, we are already buying 2025, we started the year 2025. And then our activities, so here are the main figures, so there you see it, we find it well, it is the ski that takes the maximum impact because they are at more than x2, the maximum impact of energy costs, and so we are still on a very profitable activity obviously, with obviously a B.O. rate that is eroding, but a very dynamic market. We will come back to the perspectives for 2024 later. Distribution Hospitality is a group and MMV and the network of agencies that will go under a unique brand called Mountain Collection, the first network of agencies in the Alps. And then the tour operator Travel Factory, you remember last year we also had rail activities that the SNCF did not want to report this year, so we do not have the means to report. to put this railway service back in place. We are working, you may have seen it recently, we launched a call for the European candidacy. We are working with other operators to be able to contribute to scope 3, which is not in what I indicated in the introduction, but it is our contribution, you saw it in the commitments and the renouncements. So MMV, very, very good performance with occupancy rates and satisfaction that are exceptional. The real estate agencies are also in very strong progress and then Tour Operator also boosted by the railway part and its ability to package the railway with accommodation and sale of interest. So you see the change in scale with the acquisition of MMV. There is a big perimeter effect. Our historical activities have remained well oriented. Obviously, the acquisition of MMV transforms the figures and also allows to show independent figures, X7BU, distribution and hospitality. Here are the amusement parks, there we are still on very strong progress when you see the effect volume at 5.2, the price effect at more than 7%, close to 7%. So there we are on growth that remains very good with for the first time last year Christmas openings at Parc Astérix, Walibi Rhône-Alpes and Walibi Hollande, which are experiences. You remember, our strategy was to extend the opening periods and therefore experiences that will obviously be renewed this year, which were rather a success at the Météo-Presse in Hollande. And this year, we will also open the Bell Award and Walibi Belgique park at Christmas. So it's more nocturnal, more Christmas openings, and then always working on the quality of service, the quality of what we produce, especially on the restoration. You have some indicators here. The opening to the public of the new Toutati area, some of you are lucky enough to go there. but also new hotels in the Futuroscope Park where it was a very good success and then the same for the hotels of the Asterix Park with a hotel turnover on our parks which is increasing by 28%, an occupancy rate higher than 85% and much more in peak periods I was going to say. So success that is not denied in terms of progress in the turnover, progress in the B.O. It remains the second job of the group in terms of economic performance. A little less, you see it a little less exposed to the price of energy, since it benefits... Beneficiants, for what concerns France, of the prices in Rennes, largely, in fact, in a reverse way, in relation to the ski area. That's what we could say. Investments, but Loïc will also talk about it, which continue to be quite dynamic and which generate returns, you see it. and you will see it as very interesting as in our other professions. So all our professions are growing, all our professions are profitable and improving profitability, so intrinsically, and that's what shows the capacity for growth of the business model. That's what we could say, I think, And here I give the floor to Alexia who will detail the figures that you have in your hands.

Thank you Dominique. Hello everyone. Our figures for this exercise, a turnover of 1.125.5 billion, with an increase of 17.4% on the total perimeter, for which MMV accounts for 7.4 points. On a comparable perimeter, we will come back to this very often, disturbed the figures of last year. I remind you, in the BO, last year we had 6 million in turnover of non-recurrent elements and about 37 in charge. At a comparable perimeter, the charges increase by 13.5% out of non-recurrent elements. This increase actually hides two contrasting trends. Out of energy, in fact, the exploitation charges fall earlier in percentage of the turnover of 0.8 points. while energy costs have almost doubled, obviously based on the B.O. margin. The B.O. is at an increase of 3.1% at comparable and non-recurrent perimeters, but a slight decrease in published data of 1.6%, essentially linked to these energy costs. And the B.O. margin rate, out of non-recurrent elements, is at a decrease of 1.4 points, with an impact of 2.7 points linked to the increase in energy costs. The B.O. is 308 million compared to the last year's 313, which included 43 million non-recurrent elements, I remind you. Amortization subsidies are increasing a little bit, with in particular the part of MMV which is 21 million in these figures. The other operational products include an indebtedness linked to the resignation of the DSP of the 2 Alpes following the judgment that took place this summer, an indebtedness of 4 million which remains to be seen. And we have an operational result of 139 which was received, which remained to be seen on September 30. An operational result of about 140 million in an increase of 6.5% out of non-recurrent elements. Below the operational result, we can see the net debt rate increasing to 25 million against 16.3 million last year. This is obviously the combined effect of the increase in interest rates for 9.8 million. An increase in the cost of the IFRS 16 debt in the amount of 4.7 million, partly due to the integration of MMV, the full-year effect of the Hotel Cosmos and the opening of the Ecologe at the Futuroscope. I remind you that these hotels are rented. And it was partially compensated by 5.8 million of interest perceived on the treasuries that we have managed to optimize during the year. The decrease of 13.3 million in taxes, which has risen to around 25 million this year, is linked to the decrease of 25% of the taxable base and to a decrease of 3.2 points of the tax rate, partly linked to the decrease of 1.5 points on tax integration in France. The equivalences at nearly 10 million are in very slight decline. It is essentially the result of a small decline on the Mont Blanc company, but very good performance on Avoriaz. Minorities are also in decline since they include the minorities of certain ski stations. And I remind you that the ski areas have had results a little bit in decline due to the cost of energy, as we have already said. So the net results from the group and 90 million non-recurrent elements. It is at 87 million against 83 million last year. So non-recurrent elements, the RNPG is actually at an increase of 4.1%. A small review of the flow variation table, which is looping on the net debt. After an EBO of 308 million, we have a BFR variation of less than 13.5 million. The normative BFR is in fact a fund resource which rises to about 14% of the turnover, And last year, there was a strong reconstitution of this negative rolling stock after the absence of activity the previous year. So here we have a strong gap between the variations of BFR of 2022 and 2023. Net industrial investments of 235 million, a tax paid up to 30 million and other elements for 5 million brings us to a operating cash flow of 24 million for the year. Financial costs have risen to 18 million. The dividends paid to the shareholders of the Company of the Alps as well as to the minority of the consolidated companies have risen to 47 million in total. The debt of IFRS 16 has been refunded to a height of 23 million and the other elements of perimeter variation have risen to 163 million. This is essentially the impact of the entry of MMV in the group which was consolidated on October 3, 2022. for an acquisition price of 82 million for 85% of the titles with a put on the 15% of the remaining capital of 14 million and the accounting of the opening net debt. All this leads to an increase in the net debt outside the IFRS 16 of 227 million and with an increase in the IFRS 16 debts of 133 million, an increase in the total net debt of 360 million euros. The graph of the following slide illustrates the increase in the net debt with its different components where you can find the impacts of MMV in particular. In this increase in net debt, we also have an increase in investments, obviously, compared to the previous year of 58 million and the impact of the dividend since there had not been any the previous year. The leverage rises twice, so a net debt leverage on EBO outside IFRS 16. And the next slide illustrates a little bit the maturity profile of the group's debt on September 30, 2023. So you can see that in 2024 there will be important deadlines, especially for 1 euro pp at a height of 100 million and that we continue to reimburse the PGE for a fifty million each year for another three years and we will have finished to reimburse the PGE season with a deadline of 65 million during the year. I also recall the new funding that had been put in place during the previous and this year's exercise. A RCF for 300 million with a maturity of five years and two extension options of one year each and a term loan of 200 million which will be drawn in the coming days with a maturity of five years as well. Sorry. These two funds include RSE KPIs, which I recall were targets of zero net carbon trajectories and work accidents, targets that are both achieved over the year and which will therefore give rise to a small bonus on the financing rate of six points. We also concluded a pre-participation recovery of 47 million, with an 8-year maturity, amortizable over 4 years after a 4-year franchise. And we maintain a very strong liquidity position on September 30, 2023, with treasuries equivalent to treasuries of 112 million. The RCF and Term Loans lines, which were therefore not withdrawn on September 30 for 500 million, and unconfirmed and not withdrawn authorised discoveries, in the event of a problem of 128 million. I leave the floor now to Loïc.

Hello everyone. At the Compagnie des Alpes, we are passionately committed to offering exceptional moments of leisure generating links and well-being, and to create living spaces that vitalize territories and ecological transformation. This is our reason to be. You know, we adopted it, it integrated our statuses in March last year, and so now it is the compass that has completely integrated our strategy, and you will see it again. This strategy has been unchanged since June 2021, since Dominique and I were named Social Mandators, since we launched the strategy for capital increase. It revolves around the great satisfaction of our clients, our collectivities and our collaborators. It is articulated around three points. The first is to dynamize the activity of our sites, which means what? Which means unique, immersive experiences, which means expanding our opening periods, Dominique said it earlier, strengthening the fluidity of the customer journey, exploiting the digital as much as possible to dynamize sales and marketing, and capitalizing on the know-how of our different BUs. This is the foundation. On this, we develop our growth relays, and in particular through a value-creating investment policy. So it is about exploiting to the maximum the development of our sites, and I will come back to it, to accompany the transition of the territories of Montagne, and finally to be agile in terms of M&S, which made us do MMV, especially last year. And finally, all this is done by integrating strong RSE commitments, two priorities, two essential ones, the zero net carbon objective and the zero accident ambition for our collaborators. And on this, following the adoption of our reason to be, we have taken and published 10 commitments and 5 renouncements. So these commitments, you see them here. What is very important is that behind each of these commitments, there is an action plan. We are more or less advanced on each of them, but we are advancing at full force on all of them. So reaching zero net carbon, you saw it, we have advanced very quickly and we continue to advance very quickly. We also act on our scope 3. These are all the steps around the train, but we are also developing mobility plans for our parks. We participate in the management of the water resource and we do a lot of research on our impact on the water resource, especially given the fact that we make culture snow. So we try to understand what our impact is and to optimize this impact to limit this impact. The same goes for biodiversity, and once again we give priority to action. We will publish things later, but I think that when I compare what we do with what many groups are doing, I think we are extremely advanced. This is for the environmental part of our RSE commitments. We also have societal commitments. in particular to think about the evolution of our models and we will soon launch a lab by CDC, also support innovation and leisure projects. We will create a CDA foundation and contribute to the re-industrialization of our territories. This takes multiple efforts but to mention only one, there are in particular all the approaches that we do with Dupont CM to create an electric dameuse. We have a prototype that works and we announced that we ordered eight in the coming years. Enfin, un volet social, la formation de nos collaborateurs, la CD Academy, investir pour le bien-être des collaborateurs, on s'est engagé à investir 2% de nos capex sur l'amélioration des backstage, et un plan d'action gratuite pour tous sous condition de présence. Depuis l'année dernière, on l'a fait la première fois en août cette année, on distribue 30 actions à tous les salariés sous réserve qui étaient là depuis au moins deux ans pour simplifier. In parallel to these commitments of renouncements, you have seen them, you know them, I will not go through them one by one, but all this is now something that integrates our way of acting on a daily basis in the company. So I wanted to come back to our model and in particular to the CAPEX. You may have seen it in the guidance at the end of the book where we announce about 270 million euros of CAPEX over the next two years, which compared to the guidance we had given in the last two years is a little lower since we had communicated on an average of 4 years. What are these CAPEX for? For one, they are used to maintain the attractiveness, but for the most part they support the attractiveness of the sites and they allow us to accelerate development and growth. As for the ski, these CAPEX are contractualized, we have DSP contracts, we manage these DSPs. At the end of the DSP, either we win the renewal or we are not renewed and we recover the net value of these assets, so it represents very significant amounts. They allow us to boost growth both in terms of frequency, the 1.8% of frequency in addition that we do this year, it is linked to the fact that we are high altitude stations, it is also linked to the quality of the areas. and it also allows us to improve the income per day, and you can see that this income is extremely dynamic, which is linked to indexation formulas, but which is also linked to the investments we make and to the attractiveness we can generate in our areas. All of this allows us to generate, as you can see, an extremely dynamic growth in the turnover. which also resulted in a very dynamic growth of the GDP, a little contrary to last year, certainly due to the effects of energy, but the price of energy is going down and therefore we will return to more normative levels gradually in the coming years. So, a few illustrations of these CAPEXs. Today, we are only on very structured CAPEXs, which allow us to have competitive advantages in our area and to increase the capacity to fluidify. Serre Chevalier, the telecabine of the Pontillat, which allows us to access a place in the area that we could not access from the Pontillat before, which is also linked to the creation of beds, since there is an MMV residence that is under construction, and also a clomette that is under renovation. New telecabines, less energy consumption on the new telecabines and the creation of a snow front at altitude, so we are at risk of climate change. On the Plagne, again, a very strict investment in two phases. A first phase in 2023-2024, since we are actually redoing the entire chain of glaciers that allows us to go to the top of the station. This year, we are redoing the telecabines of the glaciers, that is to say the high part that you see on the graph. and next year we will do the Roche de Millau part again. On the arcs, we are redoing the trans-arc cable car for two years, which leaves 2008, which goes to the top of the station and which allows access to Arc 2000. So there again, it is something extremely structured. And every time we do that again, we create in the arrival stations, spaces of life, panoramic terraces. So we also have an offer that lends itself well in the summer. And so we accompany the transition of our stations. And finally, on Tignes, there again, the Télésiège du Marais, which has a vocation of fluidification. All this aims to really give a competitive advantage to our areas. As far as amusement parks are concerned, we still have dynamic CAPEXs that support the increase in the capacity of our sites and it is a real alternative for us. It is something that completes the actions that we can have in terms of M&A to accelerate growth. So we see it, we have an extremely dynamic growth in terms of frequency. We were at 4.6% until 2019 in Tecap. Between 2019 and 2022, we made 6% more in frequency and it is because we continued to invest even during the Covid, even if we slightly reduced the investments, we continued to invest during the Covid, which allowed us in particular to exit the all-data zone that you saw last year. and 5.2% growth in frequenting this year. This growth in frequenting is in addition linked to a growth in spending per visitor. Both are accumulating and you can also see that it is dynamic. And again, it is because we invest in quality on our sites and in the increase in capacity that we manage to increase this spending per visitor. plus 3.3% in TECAM before COVID-19, 5.5% between 2019 and 2022 in TECAM and 6.8% between 2022 and 2023 above inflation. And you can see that our turnover, the two accumulating, increased by 13.4% between 2022 and 2023. This is the type of growth that we have managed to generate thanks to this policy and which translates In the EBO, since we have an EBO that has increased by 16% on parks last year, we are really on a development activity, not on a mature activity, with, we think, on the parks, an offer that is lower than the demand, so a strong potential for growth. So I would like to illustrate it. The CAPEX that we are doing in the next two years, we are massively increasing the capacity on our parks. We are extending Aqualibi in Belgium, which will become the first water park in terms of proposed activities in Europe following this extension, so it opens there in December. We were at 300,000 visitors, we are waiting for 450,000 visitors at the end. On Belvard, we create a new area, the Amazonia area, with a flume, a mini-coaster, a restaurant, a shop. You see, it's the same state of mind as what we did in Toutati, it's not just an attraction, it's a themed area with, just on the attraction, a capacity of 900 people per hour. On Walibi and Rhône-Alpes, we finish the third zone and there the renovation of the park will be completed. The exotic island area with there again a coaster, 600 people per hour and a restaurant. On the Asterix park, we continue to transform the Egypt area. On the Futuroscope, we will release the Aquascope this year. It is not our capex, these are capex that are carried by a third and it will allow us to welcome 400,000 visitors in the long term. In 2024-2025, there will be three more structural attractions, Futuroscope, Wallibi-Hollande, Wallibi-Belgique. In total, it will be about 3,000 people per hour. If we take all the investments that we are going to make on our parks over the next two years, we create the equivalent of a half-Astérix park. This is to illustrate to you how massive these investments are and allow us to boost our growth. So a few words about the energy exhibition, since it is a subject that has occupied us a lot for some time. So the first thing is that we expected to have an increase of x2.6 on our costs last year. We managed to contain it at x2.3, in particular thanks to our actions in terms of sobriety. So at the group level, we managed to make minus 5% of sobriety. We were already following our consumption in a fairly precise way before the crisis. We put even more focus on the way we follow it and we managed to make minus 8% on the ski areas, which is all the more important because it is in the ski areas that the cost of electricity is the strongest because that is where we have the least arena. And you see below, the increase in unitary costs in the ski areas was more than 170%. We also managed to limit a little in the amusement parks, a smaller level. The increase in unitary costs was 51% in the amusement parks. So we will have a progressive drop in these costs. Why progressive? Because you know that we are in a shift in fiscal exercise from October to September. However, we buy electricity in the civil years. So we will still have this year a quarter of 23 with electricity very expensive and three quarters of 24 with electricity much cheaper. It turns out that in the first quarter we consume a lot of energy. This is in particular where we make an important part of the culture snow for the scale areas. So the decrease in electricity costs over 2023-2024 is estimated at 10%. It will be a progressive decrease, it will be more important next year, knowing that we have already secured 100% of electricity costs for next year, so for the civil year 2024. and that we have already secured 40% of the volumes for 2025. So we have an extremely clear procedure where we set our energy price two years in advance in a progressive way in order to smooth our risk. Moreover, we continue the actions of energy sobriety, which are managed on each site by an energy manager. And finally, we continue the implementation of our doctrine at the level of the group, in the medium and long term. In particular, we have an offer on self-consumption on three parks to develop umbrellas. Walibi Rhône-Alpes, Parc Astérix, Futuroscope. We have already installed umbrellas on Walibi Belgium. It will come out soon and we are very happy with the way it is progressing. We will later study the possibility of contracting PPAs. We expect to have a little more visibility on what will become the arena, knowing that there have already been first communications but which remain quite vague. And I leave the floor to Dominique for the Carbon.

As I said, we also work in carbon. As every month there is a new certification, a new label, a new I don't know what that comes out. There is a new one, each one sells his camelot. Us, as simple people, we work in grams of CO2, we audit it. It is something very understandable by all. So here you have the results, which were exceptional, 12 million, almost 34% compared to last year. I will come back to it. We are in scope 1 and 2, that is to say the misery that we ourselves generate in terms of CO2 emissions. We are almost at 10,000 tons or 10 million kilos of permanent reduction. of our carbon footprint, so you see the figures. So how have they progressed? You see on the ski areas, it is mainly the use of HVO, you remember these food oils used without palm oil, which works very well and which, instead of fossil fuels, gasoline in this case, which emits 90% less CO2, 65% less fine particles and which strictly does not require any adjustment on any machine. Not only does it work on dams, the only MMV residence where there is today an air-fuel heat is going to go to the HVO. We have buses, we use buses, I was going to say Robin in quotation marks, in Tignes and Val d'Isère, so while waiting for their migration to the electric, the residual thermal buses went to the HVO, it works very well on boilers, classic diesel engines and as on buses and so we are after tests that took place at the beginning of the year 22 at the end of the pre-season, we decided to move entirely to the HVO. There are still a few sites, I will come back to the amusement parks. Wait, just ... Distribution Hospitality, the change and the integration of MMV, which by joining the group, has joined the ambition and therefore the need to focus on the net zero carbon. We don't buy indulgences, as we used to say in the Middle Ages. No carbon credits, no carbon compensation. For us, it's a real reduction. And I will come back to it later. Parking lot, the decrease is a little longer because there are certain infrastructures that need to be improved. But you all know it, we are at the same place, at net zero carbon before 2030. So everyone goes at their own pace, it will accelerate a little bit on the year 2024 for the amusement parks. The scope 3, we are working on it, we are going to make an exhaustive approach, an exhaustive evaluation on the year 2024, we will present it to you. We contribute. So rail initiatives and other things, in particular, it was said by Loïc on the commitments to bring our supply sources closer for purchases and investments. So we are, we are working on this subject there on 2024. The next slide, it's always interesting because the left diagram is the one we made public in October 22. that you probably know, and so we will follow each year if the promise is kept. All this is in tons, in grams of CO2, and so we will follow, and we set ourselves as a reference point obviously the trajectory of the Paris agreements, So that's our challenge, we do it for a lot of reasons, and in particular one by conviction, two also by commercial attractiveness, I have already said it. So to give you an order of magnitude, because it is always important to have images, a ski day last season in terms of carbon intensity I was going to say, It's 320 grams of CO2 emissions, scope 1 and 2. A day in the park is 1140 grams, I think, if I'm not mistaken. Pardon? 1130, excuse me. And 950 grams for a night at MMV. So these are the starting points, not the ones after the end of the first year. To keep you in the picture, the emissions of 1 and 2 of CO2 per kilo of French apples are 320 grams. All this is scientifically sourced, there is no debate, so it is good to give dimensional images so that everyone can judge the effort that is made. And then, I will come back to this because there was sometimes some misunderstanding, so to be eligible, to be eligible for sequestration at the end of the journey since no sequestration will take place before 2028. It must be reduced by then. We have planted as close as possible, so we are talking about the last 45 grams to give you an order of magnitude. We plant as close as possible, we have planted, we are waiting for 5 years. to see the trees that have undergone, because the ONF follows this very closely and will tell us only in 5 years what is possible to sequester or not sequester. It is not an express purchase where in 20 minutes we sign a check and in 21 minutes we have reached carbon neutrality, it is not very expensive by the way, carbon compensation. but for us it's not at all the way we work. So if it happens, it will work, it will not work, but in any case it does not change anything. And so for five years there will be no sequestration, we are in the pure and permanent reduction of our carbon footprint. This is very important. for us and you see it at the NF or with other partners it also allows us with our municipalities which are on which we have our activities whether they are parks or ski areas to have a dialogue also on reforestation on their municipalities and exactly on their municipalities that is to say as close as 45 last grams of residual emissions Voilà. Ah, maintenant on va revenir, on n'est plus du tout dans le carbone, là on va revenir dans quelque chose d'un petit peu plus sonnant et trébuchant. Le dividende qui a été proposé et qui sera proposé par le conseil d'administration à l'Assemblée générale des actionnaires qui aura lieu le 14 mars, 0,91 en croissance de 10% par rapport à l'année dernière. Ça fait un rendement de 7% par rapport au cours de bourse en clôture de l'exercice. So it's a dividend, you see, we have retraced a little the history, obviously record. It is both our will, but we had said last year, you remember, we had adopted a rule, beyond the dividend, a rule that was at least 50%. of the net result by the group, out of non-recurrent elements. We are slightly above, we are at 52, 53. And so 0.91 per share is obviously a record dividend. You have the amounts in absolute value. On the right, it is both a fair remuneration of the trust of shareholders and then both a trust in the future. and in particular the year 2024 which is rather positive, if we had to measure it not at the height of Jean-Cyan's poles, but it works too, but above all the height of snow that has already fallen. This is what is proposed at the General Assembly of shareholders. Perspectives and Guidance, as we say, so the EBO, we expect an EBO at a minimum growth of 7%. Industrial investments, it was said by Loïc, as we will build a half Asterix park. In terms of capacity, the envelope is around 270 million euros for the next two years. The positive free cash flow, I have already said it, it is our absolute compass. The maintenance of a lever at 2.5, all these elements, The distribution policy has been given and is not questioned and the objective of a reduction of the pursuit of our trajectory, it is very important for us, of permanent reduction of our greenhouse gas emissions. So we expect 15 points more to go to 54% compared to 18-19, so exercise 19. Voilà ce qu'on pouvait dire. Ça doit appeler des questions. Tout ça, vous l'avez en main, mais je vous en prie.

I had three questions. The first is on your CAPEX 270 plan. Could we have an idea of the phasing, of the progress between 2024 and 2025? La deuxième question, c'est sur la facture énergétique dont vous annoncez moins 10% sur 2024, une baisse plus forte en 2025. Est-ce que vous pouvez penser compenser le surcoût que vous avez eu en 2023? Et la dernière question, c'est sur le scope 3. Vous êtes en train de mesurer un peu le scope 3. Est-ce qu'on peut avoir une idée de ce que ça peut représenter par rapport au scope 1 et au scope 2, même si en ordre de grandeur, si on peut avoir des éléments? Merci beaucoup.

So on the CAPEX, it's 270 million euros each year for the next two years. On Scope 3, we don't have it, but it will be much more important than Scope 1 and 2, since Scope 3 starts at the iron mine in Australia or Mauritania, and the main thing is still the movement and mobility of our visitors. And your second question was about... Ah yes, electricity, by increasing the pricing power that we have over two or three years, including this year, we should be able to compensate, both for a time a chisel effect that plays in the right direction, that is to say a price of electricity that will be in decline, We hope, well we hope, we know, now on 2025 we bought 40% so we put in place a « rolling cover » where we buy at the end in a rolling way with a doctrine because on these subjects you must not try to speculate in one way or another. So in two or three years, we will be back, I don't even think this year, but next year at normal levels of compensation for the overcharge of electricity.

Eric Blin, Finance Connect. Yes, three small points. The first, the mass of financial costs of 18 million euros, do you see it falling to what level this year, given the modifications and refunds that have been made? And does your trade union credit pass to do all the financing of refunds in 2024, which is quite heavy anyway? That's my first question. The second question is out of curiosity. Does the HVO cost the same price or is it a surcharge for you in operational terms? And then I will have a last point that I have for the moment forgotten but that will come back to me in a moment.

On the financial costs, we should have a similar envelope. We have covered most of the debts to come. Before, there was no such problem. Your question was on the envelope of the financial costs.

The envelope of the financial costs means that we remain on a debt rate of around 3-4%?

Exactly. And in addition, we had still signed with good margin rates.

The HVO, that was my second question.

The HVO, we have a small surcharge.

The HVO between 15 and 20 cents per liter. We will have a small, there we are, we are securing. The HVO, it's a transition energy because elsewhere, we, we, what is it called? We announced it. We jointly helped a company, CM Dupont, to put to the French point the first 100% electric dam, which worked very well in its test models. We ordered pre-series, some of which will run from this winter in real use conditions, I was going to say. It works very well so far and it will work very well and so we will pass after later a migration. You may have seen it, by the way, Virgin Atlantic made a flight from New York, London to New York with HVO. The Chinese also, there was an article recently in the press on the Chinese who fly their planes on the interior line with this HVO. This is a technology of the last century that works very very well. which has a small surplus since it is taxed in the same way as fossil fuels. And the fact that the demand is increasing will not end up causing a little problem? I do not know anything at all. Yes, the demand is increasing. Now, many operators, we saw it again this morning, many operators in the Alps have seen that it worked at home, so they are trying to buy it. Remember, we are lucky because we are also a storage of used food oil. since the food oil used in our parks is collected, treated and used in dams. The more we sell fries, the better it is for the planet.

Okay, it's recycling. Just the last point, it was actually not the smallest, it's the price policy for parks and ski areas for 2024.

On est sur des croissances de prix avec des clauses contractuelles pour le ski qui sont de l'ordre d'inflation plus 1 ou plus 1,5 après plus affinités et négociations mais généralement descendent dans ces niveaux-là et puis sur les parcs et dans l'hébergement on est à peu près sur ces mêmes niveaux également. That's not how I would say it. I would say that we will increase the price-quality ratio. As always.

We still have to continue to absorb, in a certain way, the cost of energy, since, as you have seen, this year it was not entirely taken into account in our rates. So the indexation base of last year, plus that of this year, will allow us to cover the residual energy price set for the year.

Hello, Emilien Leparment, Gilbert Dupont. I had three questions. My first was about free cash flows. You communicate in an ordinary way on an operational free cash flow. Then, if you look at the free cash flow post-FREFI and then the rents, you are in negative territory, which means that the debt increases. Do you have an ambition to come back to something positive? And if so, at what stage? That was my first question. My second point was on your slide about CAPEX and the impact on the activity, etc. I was surprised not to see, except for one from me, but I did not see the ROCE. There was a time when you communicated a lot about the ROCE. Would it be possible to have its level on the past exercises? And finally, my last question was about your guidance of B.O. at 7%. Is it possible to have the underlying hypothesis of a share price to know if you are betting on an improvement of the B.O. margin or not? Thank you.

Regarding the free cash flow, as you may have noticed, our current strategy is to have an accelerated development on the amusement parks in particular, but not only, to put them at the top of a frequency level. The objective, in any case, is to be able to generate positive free cash flows, including to cover the fees and our dividends. As for the Roche, it is an indicator that we will obviously put in the ERD, so we have not put it in this presentation without wanting to betray anything. It is around six and a few this year on our operational activities with the energy costs which play for one point at the drop of this indicator.

On the last question, we answered about the growth of the B.O.

and you asked the question about the growth of the associated turnover, right? Yes, in fact, we would actually like to increase the B.O. margin a little bit, so that would mean a slightly higher turnover growth. Well, we don't really communicate about the increase. But as we said, our prices will follow inflation plus. That gives a small indication anyway on the total.

In fact, the price discussions for the winter seasons take place in April-May, March-April-May. This is for the ski season of the year that begins at the end of the year. And for the price revisions for the parks, they take place at the end of the year for implementation at the reopening of the spring season. 1st April, we will say.

We always work on projections anyway.

At the time when we talk to each other, we know the price increases and for the winter, this winter, and for the parks for next year. Next year until March 31, 2025 somewhere. And then, by the way... That's what I told you.

Well, if I told you... You can go to the Val d'Isère counter, but be careful, there are not only price increases, there are also all the games on the tariff grids. And you see, the increases that are displayed are a mix of the two.

We give a general indication that I gave earlier, and then we best yield according to the classic elements of yield management.

Yes, sorry, hello. Christian Devim, CIC Market Solutions. To bounce back on the phrase on free cash flow, a way to answer would be to help us on investments of 70 million euros. If we can have an idea of maintenance investments, growth investments, traditional investments, transforming investments. and what would be the landing point once all this phase of overinvestment is over, at the horizon of 2026, 2027, if we can find 220, 230. The idea is perhaps also to help us on investments that are very, very heavy and try to see what would be the landing point post, I mean, overinvestment.

Thank you. So we have a boss over the two years, that's what we explained since we recreate a half Asterix park somewhere, a little distributed on different sites in terms of capacity. We already had the opportunity to talk about it last year. The normative rate, we will say between 18-19% and we must go to 22-22% during these two years. That's about it, the normative rate J'allais dire dans nos deux métiers pas tout à fait parce que dans les parcs on va dire c'est ça le taux normatif et puis dans le ski c'est en fonction du contractuel et là on a plutôt une bosse et après on devrait être un petit peu inférieur à cette eau là.

In reality, in the parks, the lowest maintenance rate is 14%. We consider that we have 9% maintenance of the facilities, etc. There is always a little 5% for some novelties of attractiveness, renewals of shows, things like that. And what goes beyond is really the investment of capacity and new attractions, etc.

Hello, Jean-François Elkaire, HMG. Three points. Should we wait for M&A? First point. Second point. There is a big debate, I heard, it's the school calendar, which may evolve. Can you remind us a little bit where we are and what would be the impacts for the group in case of modification of this school calendar, which I think has not moved for a very long time. And then just a point of detail is the electric dams. It is very visible in my opinion in terms of marketing, it is exceptional and I can not understand that we do not go faster or that there is no more offer from the builders because I imagine that all high-end stations want to show silent dams and CO2 emitters and that's a very good point for pricing.

So on M&A, we keep things, except that we have nothing to announce, so we do not announce anything, but when it will be ready, we will announce if it is ready. So obviously, we are quite active on this front, always a leisure site in France, Europe, and M&A is a little different, but even if we saw Grand Montana, which was sold recently, but we were not interested by Grand Montana, we kept it well. We were even in advance, if we did not take it, it is that others have taken it, but we had the lead on these subjects. But it did not interest us, it was not quite the profile we were looking for. For reasons, I will not detail here, but we could talk about. On the electric dammer, it's not completely harmless. Because today there are two dammer manufacturers, a German and an Italian, who have, but it's a little annoying because I would not like to qualify what they did, who left a thermal dammer, they said to themselves, we will do like a retrofit, we will remove the engine, And in place, we will put batteries. Except that behind, there is all the hydraulics, etc. What we do, the teams of David Ponson with CM Dupont, is that they left a chassis, a blank sheet, I was going to say. of a chassis and they rethought it. We, at Dameuse Électrique CM Dupont, Alpine, I don't know what it's called, but it doesn't go as fast as the other one, it was thought of as natively electric. So that means not only do we no longer have fuel, whether it's diesel or even HVO, so we earn the last 10% of CO2, but in addition there is no more hydraulics. It seems simple, but it is a complex industrial tool for the management of electric power in the mountains. The advantage is that each mechanical comeback is an electric plug, so it's easy. Yes, it's cold. There are a number of subjects to deal with, but the trial models have turned out very well. The pre-series are in progress. There has already been a second one, the brand new one, which will arrive soon. And we ordered eight of them. And if it works, we will start the migration of our park. when we will have the confirmation of the confirmation. And so we will start, as we did a little with the buses in Val d'Isère and in Tignes, we will start this migration and therefore as we renew, we will switch to the electric, knowing that a dameuse, we change it every 7-8 years we will say. It's the rhythm of life, the duration of life of a dameuse. So it's not there yet, we are working on it, we have invested skills, money also with this company and we hope to be able to move to a moment, to an industrial phase with a manufacturer that would be based in the French Alps. Sorry? 500,000 euros, approximately, a dameuse. 140 and something, 145, 140. But it is planned in our evolution. Each year, there are already dameuse renewals when they reach their eight years of life. And the school calendar, well, it appeared, and then it disappeared, because he said, no, but finally no. That's it. Yeah, no, no, it was a, oh, there's this subject there, a week later. It was a bit, as they say, to test the water of the bath. And then a week later, it started to move a little everywhere. So what I understood is that it was not at all a priority. Now, I think there is little risk that on the holidays of February, if that's what you think, there is all of a sudden the division by two of the French school holidays. On the holidays of February, it will not happen. It's more of a shift, and I understand, but well, we'll see. But it's a topic that comes up every year. Anyway, but now it's not a priority at all. There are other things that, in my opinion, to take care of in France than school holidays.

But even in this case, the ideas that have been put forward, they went from three zones to two zones, but they kept two weeks, plus two weeks. So it's been four weeks in February. So we looked, it didn't impact us. So even if these proposals that have disappeared came out, in itself, it doesn't worry us. There are biologists who work on it. There is the well-being of children, so we really let them work. There are our interprofessionals who also discuss with the national education and their problems are clearly taken into account. So there is no subject of concern anyway.

We take care of the chronobiology of our BO, do not worry.

Yes, do you hear me? Yes, from Soulanges. I wanted to ask you three small questions. The first, do you have a feedback on the thresholds in terms of energy consumption and energy recovery for your own sites? The second is, what is the particular risk that you see for a non-renewal of DSP? And my third question is about the nature of incentives, managers, especially on the main CAPEX or CO2. How do you handle this year after year?

So on the last point, I'll start with this one. You saw there is a curve, you have to reach the curve. It's as simple as that. So the curve that was publicly put in 2022, you have to hold the curve to get there. We all know the starting point, we all know the starting point. So when we are a little bit ahead, that's it. If we are late, we can't be late because at some point it has to be compensated. So it's the curve. That's the first point. The second point was on the renewal. We think and we hope and we will fight We will renew everything. We will renew in value-creating conditions, with an S in the plural. So we are committed to this. A priori, if the conditions, but it will also depend on the specifications that will be requested, If our weather and climate forecasts create the conditions for a response, we want to renew everything. This is the first point. The second point is the umbrella. There was a picture there, it was that of Walibi Belgium who come, I was there last week, so they have just been installed, the finalization. So at the same time to cover a part of our consumption. So we also look in some places, especially in Bellewaerde, if we can not also put a wind turbine or two. Because generally when it's nice in these countries there, Well, the wind turbine does not turn, but when it goes wrong, the wind turbine turns and the photovoltaic less well. So in fact, it's exactly this picture that has just been installed. We also install charging lines since our customers come to spend 4 hours, 8 hours, 12 hours in the parks. And so, of course, we pay for the charging of electric vehicles. So we're going to put some lines. Then we can not cover the entirety of our parking because we also have customers who come by bus, groups, and so it's a little more complicated. So here we are in the middle of an order, so I think we will announce things before Christmas, I think, we'll see. In any case, to clarify what was indicated here by Loïc earlier. No, we are already in hydraulic energy. It does not modify the CO2 curve. On the other hand, it modifies our exposure. It is a way of hedging our electricity price risk. And so it modifies the exposure profile to the risk of electricity price. So electricity, I said it, tends to drop over the next few years. But we understand that it can happen in the other direction. It is an investment that will be profitable in any case. And so we will do it. We do not invest in infrastructure. These are external partners who finance the infrastructures. We recover the electricity and eventually if there is a overproduction and that sells it back, it gives us a reward in addition. Plus the products related to the sale of the charging performance of the vehicles. Which DSP is in renewal soon? FLEN, SAMO1, Tignes and La Plagne. So 25, 26, 27 in this order.

Yes, hello. I had three questions for my part. The first on your objective of BO, if we try to rebuild it. Could you tell us the amount of the one-offs on the last exercise? We saw 5 million in your communication this morning. If you can confirm this. The second question, I am a little surprised by your target leverage on the short-term exercise of 2.5 times without acquisition. We can assume that the progression of CAPEX will be partly or even more than compensated by the progression of EBITDA, so if you could comment on this. And the third question, maybe a follow-up on the question about the post-2025 CAPEX. I imagine that you already have a good visibility on the DSPs to be renewed, the amount of CAPEX to be invested The answer to the third question is no.

If we could get involved, we would have written it. So we do not commit, we have presented, so we will not enrich our guidance there now. So I'll let you answer for the rest. But so we are always in the logic of creation of value in the plural with, we do not know the content of the DSP that will be renewed. since it would be illegal for us to discuss the content of the payroll before the call for offer. So we will see according to the content of the payrolls. This is the first point. The second point will be in the URD this year. very precisely what happens in the event of renewal, non-renewal, the associated financial flows. And then we will also put the elements, the value proposition, as we say, on what it is to work to mitigate this risk of non-renewal. This is basically what a delegate earns by working with the CDA, and what he loses if he doesn't work with the CDA, it will be written in black and white, including in financial flows, so you can see it at this point.

Regarding the non-recurrent elements of the year on the BO, it is 4 million. You have it in the slides. And the target of levers is the maximum level that we do not want to reach. But it's just a maximum level, it's not necessarily the target to which we will arrive. We want to stay in it, but that's it.

Yes, hello, Julien Nyon-Stiefel. I wanted to come back to the goal of B.O. of 7%. If I look a little bit what happened last year, your prices have increased by 6% in everything that is skiing, the expenses have increased by 7%, so you have prices that have been significant. Prices have been fixed and we already had inflation levels that were very high, so we know that prices will already be rising of the same order of magnitude, maybe not on the expenses, but we can imagine maybe price increases in total between 6% to 7%, maybe a little less, but we are in this order of magnitude. On the volume part, when we look a little bit your investments that you have made in your parks, it is a half-park that you will add, so it is very significant, you have made a very major investment, so we will also have, theoretically, in the parks, increases in frequency if everything is fine, good, and as for skiing, we saw snow, we know that orders are also very favorable. So we can imagine maybe 2-3%. This means that on the business figure, we might be able to approach 10%. And so I come back to your 7% BO, knowing that there is a decrease in energy costs at the same time. So you have noticed that it is a minimum of 7%. So we understood that it is minimal. we still have the feeling that you are going to be cautious. I take up a second element that shows me that your 7% prudence is perhaps important. You have increased your dividend by nearly 10%. Very sensitively, you went beyond 50%, which means that maybe you have the idea of ​​saying, well, we're going to normalize ourselves behind, we'll show you, but if we do that, we realize that you have to normalize. If you continue to increase your dividend, we can say that you will also have Yes, it is prudent, we assume prudence.

No, but it is 7% minimum. We are trying to give an indication that it is a floor. It is always complicated to determine a floor. After the snowfall in December versus growth of the EBO at the end of the year.

We know that even if it snows a lot, it can not harm, it can not harm, we will say. We know that, we know anyway that, we already know for a certain number of months that the advances of customers have been very strong and that also if it snows a lot, it also makes you less culture snow and therefore potentially lower costs and therefore that between the costs, the volumes and what you have invested, that's it.

on assume notre prudence minimum donc voilà après c'est à la fois un élément de race réassurance avec un dividende vous l'avez dit qui est assez qui est of what we had announced last year. So it's 52% instead of 50%, but that's not what makes the difference. And so that's more or less how we see it now. I think it's a board. We took care to put 7% minimum. We could have put more, but we didn't put it. Thank you. That's it. Just one last question. Yes. Do you have an idea of the impact of the Olympic Games I think it's a bit premature for 2030. And it's not done yet. No, 2024, yes, it's an element. I think there are Parisians in the room. I'm not sure many Parisians stay in Paris. So we'll see. It's never quite a generator. On the other hand, it will be a free place of circulation to go up north of Paris. And I tell you, there will be no need for QR codes to enter the Asterix Park. And that's good news. Merci de votre présence. J'espère que ça a été utile. On est encore là si vous avez des questions. Merci.