Eiffage Sa Unsp/Adr

for joining us at this meeting presenting the 2024 annual results. I'd also like to acknowledge board members, company executives who joined us this evening. Allow me for that matter to begin by warmly thanking Philippe Nouri who having spent two and a half years in the company will be retiring at the end of this week. After a career in our road businesses until he became general manager of Ronalp, he was chosen as senior executive by Jean-Francois Roverato to head up APRR, an area in 2006 after the privatization. He accompanied the businesses of motorway concessionaires up to the present day. As you know, Philippe always went to great pains to give detailed answers to your first traditional question on traffic forecasts, and I'm sure you'll miss his very detailed and loquacious answers. Camille Bonenfant-Jeanenet succeeded him yesterday's President of Motorway Concession. She's with us this evening. Camille, would you like to briefly introduce yourself? Good evening. I'm delighted to be with you this evening and very honoured to have joined the IFASH group early January. Well, in a few years, I've been working for some 20 years. First half in... the European institutions in Paris, Brussels, and their network companies, RATP and NG, the utility worked on other infrastructure and concessions businesses, and I... Got a first taste of motorways, being an independent board member of something. Before joining, if I thank you, Benoit, for your confidence. It's a first for me. I'm sure that I won't be on a par with Philippe when it comes to traffic forecasts. Turning now to the highlights, 2024, once again, a very strong year, both in terms of earnings as well as order intake. These good results, what's more, were accompanied by extremely good results. cash flow generation order intake 2023 ended with a record order book, boosted by the entry into order of the two major contracts of the EPR2 of line 15 east of the Greater Paris Express, bringing a major scale change to our order book. 2024 has marked by the acquisition once again of some major contracts that strengthen visibility in Europe but also in energy systems and construction business lines. Business franchises remain very active and we can even note the stabilisation indeed at the low point of new housing. The order book at the end of 24 ends up 11%. over the record level at the end of 2023, but it's even more solid because it's growth both in volume as well as depth. covers all the construction businesses of the group and it doesn't integrate the balance of operations that haven't yet got underway. The Nove project and the future strengthening of works currently underway for Amprion and Rail Baltic are representing several billion euros for the out years. A few illustrations of our recent order intakes. On the back of the of the project for the Paris-Saclay Hospital. We won a new contract for the design, build, operation and maintenance of the University Hospital campus at Greater Paris North at Saint-Ouen. Work will begin in the spring of 2026 after a design period of 17 months to be delivered at the end of 2029. Only the design contract is included in the order book. Thus far, another major contract won by FH Construction in Constorcium. The extension and restructuring of the Henry Bechael Centre at Rouen, one of the 18 buildings, French centre specialised in the fight against cancer for an amount of 72 billion euros. It comprises the construction of a new building, a bridge building on three levels to establish the link with the existing structure. There'll be renovated work undertaken and occupied sites as to continue to care for the patients. Delivery planned in 2026. In Poland, our team's between now and July 2026. We'll build the Sunita office building for Eneva in Krakow. It's aiming for very good BREAM certification in Belgium. We're going to built in a consortium, the Realex project at the heart of the European district in Brussels. This is an ensemble comprised in the Future Conference Centre, the European Commission, office area and retail space. The group that is anchored in its territory has always been present in niche markets, in ski resorts, effage, immobilier, is building a residence at the Tuab Centre with 78 apartments and high-end services. Work will begin in May this year, following the end of the ski season, if Hayash remains very involved as a private developer for over... 40 years development is a key lever to secure long-term land and to highlight the innovative solutions of the group. It allows us with local authorities to boost city centres or to create eco-districts. The development plan here at Saint-Apollinaire over some 40,000 square meters guaranteeing better access to social and health services benefiting all local inhabitants. In 2024, we won. Eleven major contracts in offshore wind, bringing the smoulders order intake to over 1.1 billion euros. These contracts strengthen the position of Eiffage Metal as European. on the turnkey market for metal structures for wind. There's the platform and jacket foundations of two electrical substations as part of the offshore wind farms, Baltic 2 and Baltic 3 off the coast of Poland. Second contract. for the manufacture of 100 transition elements on these same fields. Other example, the foundations of the future power substations of the offshore wind farms, Marsh 1 and Marsh 2 in Normandy. Each structure will weigh around 7,000 tons and support a power conversion substation of a capacity of 1.25 gigawatts. Spanish and French teams are continuing to expand in photovoltaic. They won 158 new plants in 2024 for over 1.5 gigawatts. In Germany, is undertaking all the technical work on the office building and retail space, as well as the Q office building in Nuremberg for some $43 million. million euros. Let's not forget the major contracts that I mentioned to you last August. The unique site of the Interior Ministry in Saint-Saint-Denis for some 700 million euros. Civil engineering of the future project linking Rhein-Main for Empryon in Germany for some 2 billion euros retained share. 600 kilometres of work supporting power plants Transmission cables from the North Sea offshore wind farms to the Rhine mine region. Also, supply and installation of the 24 diesel backup generations. Projects of six... EPR2 nuclear reactors at Pont-Ly-Graveline and Bugis for some 900 million euros, and Eiffage Construction, the new motorway link A412 over 16 kilometres between Tenant-Machilly and Haute-Savoie. The year 2024 was also very dynamic in terms of revenue, both in concessions as well as construction, as you've seen earlier. The last quarter posted growth in the construction division that offset the declining revenue of this business line full year. All in all, the group is delivering a year of dynamic growth plus 7.3% revenue growth, 7.5% in construction, 6.5% in concessions. In works, organic growth reached 3.5%. attracting property and housing market in general, external growth in works more dynamic in 2024 brought in a contribution of some 4%. On screen you have a summary in volume of the external growth transactions of these past few years. in construction. Our efforts in accordance with our strategy are focused on energy service business. A group in its target countries of the heart of Europe plans to be a market consolidation player buoyed by the major transitions of the green and digital transitions. The highlights of 2024 are without doubt our strength and presence in the Netherlands but above all our total change of scale in Germany. As mentioned in August, the acquisition of Salvia and Equus combined with the historical German structures of the group allows us to now address all energy service markets across the country and what's more, to have a fine footprint in Austria. Eiffage Energy Systems in Germany henceforth numbers over 4,500 employees. Organic growth was also present in 2024. Let's just review some projects that illustrate the dynamism of all our business lines. Shona here is the athletes village that came into the adaptation phase of the housing units initially designed for the Paris Games in order to transform into family housing and offices. This is part of a circular economy initiative. 75% of materials from the Games reutilised in its new configuration. It will comprise 527 housing units, offices and shops. Our teams restructured the... former Ricles mint alcohol distillery at Saint-Ouen to turn it into the new head office of the Paris region office of the construction bill. It's characterized by its high energy and green performance. which seeks to become the first tertiary project of its size in concrete structure to achieve higher certification level. The distillery is also an example of reuse, reasoned deconstruction of the former building, conservation of the facade, use of bricks, recovery of materials with the input of materials required, from surplus stocks of other worksites. Fine illustration on screen with the auditorium built with the seats of the Palitszejo. In Poland, we, as general contractor of process, we built a filling and storage plant for gas, for air liquid. We launched the major... refurbishment work of the Crystalis project, three main buildings to extend and raise one of the buildings, replace the Festa, the engineering works, foundation strengthening and restructuring of the concourse. These past few years I mentioned the start-up organically of the real estate business in Poland. This activity is now growing strongly and ensures quite a substantial part of the works activities of our Polish Subsidiary, Postopu, this is illustrated on screen in Warsaw, with 430 housing units as well as this residence, two buildings with 144 apartments in Poznań. management and design team, some 300 people, immobilized a tour at Lyon and the Paris region, as well as at Dieppe. There's also over 700 workers who were busy on the site installations and the beginning of the earthworks on site, as you can see on the screen, in support of the logistics necessary for To host the many workers who will take part in the constructions of the EPR2 at Penly, Eiffage Immobilier with Eiffage Civil Engineering has applied for planning permission to build, in a radius of 10 km of the Penly plant, a first tranche of 480 modular housing adaptable and temporary with shared living spaces on the greater paris expressed a major contract for line 15 east for some 2.54 billion euros has entered the works phase after over a year of design phase still in engineering the work of the toulouse metro with the building of some 3.85 kilometre tunnel, three stations and four ancillary structures are continuing on screen, the descending cutting wheel of one of our tunnel boring machines. wearing the local colors the a3 autobahn in Germany essentially lane widening works achieved under traffic by each section in both directions four sections out of eight have been completed and the latest handovers are underway so as to finalize this project early in 2026 still in Germany where we are possess strong rail expertise. We're undertaking the renovation work of the rail link at the Potsdamer Platz in the downtown area of Berlin in Norway on the E18 water reef project. Our team sub-pierced the Grenland tunnel, marking the end of the digging phase and the beginning of the paving phase, also the first launch on the Grenland tunnel. A bridge in the UK, IFH civil engineering teams continue work on the HS2 rail link. Early February, IFH Metal successfully completed the largest launch on this project, Ford. days were required to position the 350-metre metal deck and 4,500 tonnes of the Small Dean Viaduct above the A413 and the railway line. Eiffage Métal, in continuity of the Louis Vuitton Foundation and Luma Foundation in Arles, is building the envelope of the LVMH Arch Talents Heritage Building near the Jardin d'Acclimatation in Paris, designed by Frank Gehry in Paris. After the pilot park, Provence Grand Lounge, three other floaters on a manufacturing site of Fossuremer will be delivered in 2025 as part of the pilot project of floating wind farms in the Golfe de Lyon. Month's theme... Portugal designed the new steel structure for the first agrivoltaic on vineyards in the Gare, developed by Sanagri within IFHAR's concession. This innovative solution producing low-carbon PV energy is accompanying agriculture in the face of climate change structures. The activities... for renovating bridges and train stations remain very active in Germany, such as Berlin train station. SEH is renewing all the metal structures and the glass ceilings.

is still borne by territory development, development of collective urban transport. Our teams have taken part in virtually all the tramway projects and bus, high-level service for bus projects over the past 20 years throughout France. And here on the chart you see the future Line 5 of the North River Tramway. The road business also draws its strength from... quarries and industries. Our quarries, like the one of Picompois, which you see on the slide, have worked on their carbon footprint. They also produce the vital ballast for rail infrastructure. These are also sites that are undergoing transformation to use materials from the surrounding area contributing to the establishment of the circular economy in the region. Looking at industry, many investments have been made in order to modernize our production stations, in order to increase the recycling level up to 70% and reduce significantly CO2 emissions required. for the use of, for the manufacturing of our coverings. You see here our new plant in the Madrid suburbs that we've just inaugurated. On the EO project, further to the extension of our RER line E towards the west of Paris, Eiffage Energy Systems delivered in 2024 all the electrical units, the high voltage units, as well as low voltage work in order to ensure the proper functioning of the escalators, lifts and architectural lighting as well as ensuring the safety of the travellers and of the whole structure. Eiffage Energy Systems, a European leader in photovoltaic structures continues to grow with many construction markets. In 2024 157 plants producing 1.5 gigawatts were connected to the networks. On the screen, you see two Spanish examples, the plant representing 35 megawatts in Albalote near Granada, and the Lorca Solar plant producing 386 megawatts of power in southeastern Spain. In both instances, EFAG Energía Sistemas will be in charge of the operating and maintenance of for a 20-year period. Again, in Spain, our teams established electrical installations of the industrial logistics hub for Airbus in Autosete. The project concerned low-voltage electrical works in an industrial site with four logistical cells. Our facade contractor Goyer has just completed a major phase on the renovation project of the Ariane Tower, which is on the dais of La Défense. Work was undergone while the site was occupied. We've contributed to enhancing the use of materials from deconstruction, And our Polish teams at DEFOR have just completed the largest contract in their history with the facade of the bridge tower with 40 stories, 170 meters, 5 meters high in the center of Warsaw. And, of course, we're extremely proud to have contributed to restoring Notre Dame Cathedral in Paris. to the success of this extraordinary project that was made possible through the know-how and cooperation of Eiffage Energy Systems, involving IT installations, safety, the technical management of the building, AC heating, ventilation systems, the fire safety system, and Prado Morin for the masonry work. On motorway concessions, notwithstanding economic uncertainty and industrial action by our farmers at the beginning of the year, traffic remained stable across the network. and it was higher on our more recent concessions, such as Adelaide and the Millau Viaduct. The A79 motorway has continued to develop with impeccable functioning in free-flow mode. misunderstanding over the concession business model continues to provoke debate with a lot of untruths, even though it has become extremely self-evident that when a new water motorway is established, with the proof of A79 and A412 that were completed without any public financing. However, in recent years, our motorway concessions have consistently faced criticism, which unfortunately has already led to a new motorway tax, which is contrary to the contractual commitments made to ensure the fiscal stability of our contract. So it's down to us to prove through the quality of our service to our clients and the impeccable state of our infrastructures that the concession model or the public-private partnership PPP model is relevant and that as a partner of our public authorities we can ensure proper maintenance of the infrastructure in place the required capital to contribute to stepping up the ecosystem transition after 18 months of work we have inaugurated the third motorway diffuser established on the a6 motorway north of shalom This development will enable better management of traffic, smoother traffic flows at local level. And looking at services, our teams have mobilized during this winter holiday period in order to respond to peak periods on our service areas with recharging stations. Recharging points, additional recharging stations to the 848 existing stations have been destroyed in key areas. Fully has teamed up with Eden Red in order to complete its service offering by including a multi-brand fuel card. This card enables access to the largest network of stations low-cost petrol stations in France representing over 4,300 petrol stations as well as better control over expenses for business travel and the provision of a pro-management platform for the services. We have an electric corridor for HGVs and coaches on the Paris-Lyon access. We have celebrated with the city of Millau and the Aveyron department the 20th anniversary of the Millau Viaduct. This celebration was held throughout September with highlights such as the flyover of the Viaduct by the Patrouille de France and we were greatly honored to have them with us once again the nove project for the defense ministry and its ambition family plan is developing nove has renovated and delivered approximately 300 housing units since the launch of the concession in 2022 the peak in the activity is expected in 2025 and 2026 with approximately 600 new units and 2 000 renovated units to be delivered by the end of this year and over 3,000 by the end of 2026. NOVE still represents €1 billion of work that have not yet been included in Eiffage Constructions Order Book, as published at the end of 2024, which this work will be completed by end 2029. Eiffage Concessions is completing the modernization of the port of Marina Bay des Anges at Villeneuve-Loubet, In order to complete this major project, the group has involved several of its businesses. The full implementation of the infrastructure is planned by the spring of 2025. And if I may, I would like to dwell on five pillars of the group strategy. Pillar number one, the increase in the relative share of the construction businesses. Organic growth underpins civil engineering, metal and energy services. The latter also enjoy the contribution of external growth that has stepped up. In four years, our energy systems division has risen from 30% to 37% of our construction activity and 40% to 50% of its operating income. The second pillar is the continued European development of the group in construction. saw the acquisition of some major contracts which strengthened our visibility in Europe, with only 4% of its activity outside Europe and business outside France that has grown from 32% to 40% over the past four years. It's the growing presence in Europe of the construction businesses with the group that continues. This growth outside of France has taken place with a dynamic underpinning momentum of over 15% over the past four years. Third pillar is the strengthening of our concession portfolio. It is essential that we create new concessions that will take over over time from those that are due to expire, particularly APRR and EREA, which are expiring in 2025 and 2036. This strengthening will be done in four complementary manners. New concessions that we have won through tender, such as NOVE, the A412, and the port of Toulon, extension of the duration, acquisitions and increased share in the capital to start looking at, for example, at Getlink by 2086, to take them to 2086. Fourth pillar, carbon strategy. 2024 confirmed the decline of our CO2 emissions and of the carbon intensity of our revenue and CDP climate has raised our rating to A-, recognizing our commitment and efforts. The fifth pillar, is our extraordinary collective adventure over the past four years. Our headcount has risen from 73,500 to 84,400, which is up 15%. We have managed to preserve the compact structure of our organization, which facilitates the work between the businesses and enables us to extract the value that our client expects from us, as well as our culture, our entrepreneurial spirit, and our anchoring in the regions of the country where we have a strong presence. We can indeed take pride in the work that has been done over the year by the group's employees, which has enabled us to achieve revenue up by 7.3%, operating profitability up 3%, notwithstanding the major impact of motorway tax, because if it hadn't been for that, it would have been up 8.2%, net income up 2.8%, and 9.2% if we exclude the motorway tax. The very significant point is indeed the very strong cash flow generation, which quite apart from our good results is also underpinned by a very good WCR for the construction business. And finally, the visibility of the group has been further strengthened with the growth of 11% of our order intake. With all this, we expect for 2025 an increase in our business and of our ordinary operating income, both in concessions and in construction. The Energy Systems Division should post revenue close to €8 billion, an operating margin that could be as high as 8%, 6%. Net income group share will be up at constant tax levels, but down after the exceptional contribution from large companies in France in 2024. Against this backdrop, the board will be recommending a dividend of €4.7 per share, up 15%, and for 2025, a payout policy of 45% of the net income group share. Thank you very much, and Christian will now give you some details on the financial aspects.

Good evening to you also. As usual, let's enter the financials with a few photographs, essentially figures, a lot of numbers to start business growth. Once again, in 2024, 7.3% on a par with 2023. We're at plus 7.4% and we said that it would be less sustained growth. in its organic momentum than 2023, that's the case, but we do have organic growth of 3.7%, that's far from negligible, and it was 50-50 achieved between organic and external growth, so all in all, 7.5% growth in contracting, 6.5% in concessions. We opted this year to present the four-year, no, five-year history to erase the year 2020, which is not really useful for comparison purposes. We'll return to five years next year. Contracting major disparities by business marked since 2023. I'll return in the operational review of divisions. Regular growth of contracting in Europe up 16.8% over three years. It's plus 68% Europe outside France. achieved three quarters organically. Operating profit on orderly activities up 3% on spite of the tax on motorways for some 123 million that displays the Operational performance, a constant tax. Operating profit up 8.2%. The operating margin contracting is strong, 4.3%, up 30 basis points. That mechanically increases contribution of contracting to operating income of the group of 14%, 100 million concessions. Shrinking margin is largely attributable to the new tax on motorways and an amortization expense that is growing at APRR as anticipated. We saw it last year already with this increase in the amortization expense. On the holding, since 2023, we include a non-cash tax. Expense supplement linked to the new calculation IFRS 2 for group savings plans. Fully booked on the H1. In construction, declined activities, limited 6.6%. Limited, we need to compare this number to the decrease noted mid-year, 11.4%. It was still 11.8%. 30th September Q4. was up less so should be the case in 2025 double effect the landing of new housing returned to its level and secondly contribution of novae that will increase in 25 and 26. in the Declining context of revenue that I mentioned, we can underscore the resilience of the operating margin of Eiffage Construction linked to good control of execution of building sites. France and Belgium, a contribution that remains positive in spite of the real estate crisis coming in at 41 million euros EBIT as compared to 59 million in 2023. 41, that's an operating margin at Eiffage. 5.7%, that's very commendable. So really the watchword at IFRJ Construction is really good to lie on this integrated model developer, and to remain selective in contracting. What's more, our order book, as you can see at the bottom of the slide, has grown in visibility. We saw examples of that in 24. A shot here of the IFRJ Construction head office in Belgium, La Source, the renovation instead of building new, we've opted for this sustainability approach with a waste recovery rate that's above 70% during the construction phase. I mentioned that metric. I want to illustrate each of our activities through recovery initiatives. This rate is one of the data points of the sustainability report, the famous CSRD that you find on our site. It's the sustainability metric that we roll out. It's a key challenge for our businesses, and I'll mention that in our various activities. In the infrastructure division, roads, flat, as we've seen, less road maintenance, more urban development and private contracts. Civil engineering in France, first of all, The Toulouse Metro worksite we saw a shot in the start of Parachute Works have partly more than offset the reduced activities on the Greater Paris Express that nevertheless generated 285 million in revenue in 2024. Civil engineering in France is up 8.6%. Internationally, still in civil engineering, growth is driven by our major projects. HS2 in the UK and the E18 auto route in Norway, whereas our business franchise in Germany and Spain are flat. Lastly, in metal, you see an activity dip in France, a phasing, final phase of the floating offshore wind contract that's meant to reduce metals up 13% internationally, still driven by offshore wind and also by structures that we're building in Germany. operating margin slightly up 3.3 percent due to an increased contribution of metal projects and visibility remains strong thanks to the major projects addressed end of 2023 also the orders that we secured in 2024 bringing our order book to above 15 billion euros photograph here one The DENC is a subsidiary that dismantles swords, recovers waste. 142 job sites in 2024 with a waste recovery ratio 95%. The target by 2030 is to achieve waste recovery of dismantled waste of 99%. systems. Organic growth remains the key driver and a major driver for the business line. 9.7% in 2024, organic growth 8% in 2023, 7.7% in 2022. So these are pretty substantial figures when we add the The acquisition cited it brings growth in 2024 to 21.3%, largely focused on Europe outside France. Our German capabilities change scale. As was said, that's what we're... also achieving more progressively in the netherlands where in a few years through successive acquisitions we've gone from 150 million in activity when we entered the company with the acquisition equipment to some 400 million euros a very impressive track record in spain through internal growth we crossed the bar 1.1 billion activity with High levels of profitability, and our profitability is up 40 bits this year thanks to market momentum, quality of our business franchise, and best control on the fine construction projects. The order book... is heralding a further year of growth, less sustained than in 2024 because of the base effect, less a contribution of acquisitions. And what about the audit book? Companies acquired in 2023 account for $1.4 billion and the $8.2 billion of audit. Without those acquisitions, our book would have been up 6% here a shot. And Sestas, why Sestas? is because we've entered a maintenance, 10-year maintenance phase for this solar plant. And so we're changing the parts, 132 tons of electrical electronic waste and recovered to the tune of 85% this year. We'll be replacing 50,000 parts by 2026 that will be reused externally. Turning now to concessions with this slide we're showing the request of some of you since last year with the list of our concessions portfolio. consolidated through global integration. You have the end day for each of our assets and the bottom chart shows that henceforth we have a contribution, our concessions and PPP excluding APPR to some 20% of revenue of this division. It takes into account the consolidation of Adelaide by global integration and of course GetLink that's consolidated at equity. Here we're operating our subsidiaries that maintains the high speed line Brittany and Loire with an action plan to improve waste recovery on the scope of the concession we've got great results recovery rate of waste above 46% in 2024 we focus on APRR Traffic on APRR and area recovered well in H1 to end the year at plus 0.3. We were at minus 0.9 at the end of July. EBITDA margin is no surprise, significantly impacted by the tax on motorways. 70% otherwise it would have been stable at constant tax that of course impacts EBIT in the same proportion and as regarding as EBIT the trending increase of amortization 32% 2024 versus 23% consequent of a shorter amortization whenever we introduce one of our major investments because the deadline is of course the end of the concession and of course the other part of motorway concessions since our meeting in august we were active in terms of financing september a bond a tranche 10 years at 3.125 and very recently we refinanced the loan of the APR control for some 900 million and the undrawn RCF APR and we reduced the size of that to 1.5 billion. I'd like to take this opportunity to thank the 17 banks that were involved, more specifically their representatives, most of whom are with us this evening. My thanks to you all. Turning now to our asset site from APR for the A79. In the $50 million, we have the revenue of the service areas that are up. And this operations of service areas, of course, very profitable for the rest. You see the margin, EBITDA margin, concessions very satisfactory, 80%, if not more. In France, on the right, the contribution of concession to France. Operating income, an increase of some 100 million over 2023, if we exclude the Meadoway tax mentioned previously. Final part of our concessions, GetLink, we've incorporated in our results in 2023. 24 million of Getlink. I'll quote a share of net revenue based on the consensus of 246. That's 50 because we're waiting on the publication of the Getlink accounts. Remaining earnings of some 6 million down. The amortization is a goodwill 13 million per year. The contribution of Getlink in cash is above the $3 million, $62 million. That's the dividend that we receive from Getlink. And we remind you the key numbers, 100% on the right. Turning now to the financial statements of Propo, very little to add on the operational front. A word on the financial cost of debt is contained. It's only up 6 million, whereas we consolidated Adelaide. That brings back some money. Financial expenses, $21 million. We're down $15 million, all the things being equal, and that's on the Miljovada capital index on inflation as inflation is down a fixed cost adjustment. Of products and financial expenses, we had a profit of the re-evaluation of Getlink, $33 million that needs to be restated for comparability purpose. The other item is taxes. corporate tax that is up to 612. Dual effect of the increased profitability, of course, but of course the non-deductibility of the motorway tax, which brings our effective tax rate to 29.4% against 26.7% last year net income. 1 billion 41 million up 3% and over 9% constant tax basis. Net debt shown in the usual form with the 2023 reminder EBITDA up 125 million. The increase would have been doubled without you know what. We have isolated the dividend flow received from companies consolidated equity, essentially Getlink, 73 million. The seasonal change of WCR generates a lot of cash thanks to growing order book and some projects that contribute more. That's probably a record interest and tax paid higher than those of last year, particularly for taxes by some 100 million leading organizations. operating cash flow in green of over 3.7 billion up 400 million euros. Investments contained in contracting in spite of increased activity, an increase of capex on our concessions concerned essentially the NOVE contract is ramping up in construction. Of course, that's reflected. In concessions cap, a total investment flow over €1 billion as in 2023. Free cash flow once again record €2.6 billion, once again up this year by €360 million thanks to the good operating performance, earning and WCA. And to follow the new tax on motorways, this free cash flow is financed. External growth significant this year, €900 million. Over and above the major acquisitions mentioned by Benoit, there's still smaller acquisitions and the buyback of minority interests. Our side three, we strengthened to the tune of 0.5%, the capital of APRR. Firstly, we extended our stake in the Exnev Group. To 70%, we now own 70% of Smulders against 84% previously. And then the final flow are the capital transactions. Make up, of course, dividend paid to our minority shareholders. APR paid by IFASH to its shareholders placed on 400 million and share movements. Treasury stake that's increased to 5.8% at the end of the year versus 4.1% at the end of 2023. Net debt down 3%. by €500 million. This debt of €9.4 million. We like this chart in black without recourse down €120 million, €10.8 billion and €1.3 billion available cash in the holding company and in the contracting division. Thanks to good operating performance of contracting dividends received from concessions also allows us of course to maintain all requisite financial agility after 900 million acquisitions while significantly upping the dividend and having reduced our debt by 500 million. Point order book, its composition was illustrated by Benoit's points. What's notable, it's up across business lines in corporates to tune at 1.4 billion. The book of newly acquired companies in 2024. And the growth in the order book of companies that were already announced in 2023, that represents 6%, reflecting the good organic momentum that I mentioned at the outset of my presentation. That's for me on the financials. Let's move to Q&A. Thank you.