Ladies and gentlemen, welcome to the Earnings Meeting for Q3 of 2023 for Atalian. We have Frédéric Baverez, Executive Chairman of the Group, and Laurent Carozzi, the CFO of Atalian. If you want to ask questions, please log into the conference call by using the information which is present on the webpage. I'm turning over to your speakers. Hello, everyone. My name is Frédéric Baverez. I'm delighted to be here to welcome you for this Audio and Web Conference Call to review the Q3 performance and the cumulative September year-to-date performance for fiscal 2023. I hope the connection is fine. We speak French, and we will answer your questions in French language as well for technical reasons. But obviously, you are free to ask questions in the language you want to, in French or English, and you have a live simultaneous interpretation service. As you know, I took over as Executive Chairman on the 6th of November last, to be specific, so it's very recent, only some 10 days ago. But I had the opportunity for the last 3 weeks, before I took over, to review documents, to meet and discuss with the key managers and executives of Atalian, as well as the key shareholders. So basically, I took over based on existing knowledge of Atalian. For those who do not know me, let me briefly introduce myself. I'm an engineer by background. I've had a professional career of some 35 years. I spent some 9 years as a French public servant, working on corporate issues and business issues. I spent 8 years in the SUEZ Group of companies, partly in what is currently the SUEZ Group and partly in what is now the ENGIE Group. I spent 5 years in waste management business operations, which is connected somewhat to the cleaning services business. I also spent 18 years in Keolis, which is a public transport operator, an international global transportation operator, and I held for 10 years, from January 2014 to September 2023, the role of CEO for France, with the responsibility of all Keolis operations in France, covering some EUR 3.8 billion in net sales and some 39,000 employees. In this respect, based on my Keolis experience, I have been confronted with business operations and activities which are very similar to those of Atalian. These are services-driven businesses, highly labor-intensive business operations that you need to be able to operate on the back of quality of service and productivity. These also are business operations with contracts for demanding clients which manage their contracts using penalties. These are low-margin business operation, very much like a cleaning business operations. These are low-margin business with the need to be disciplined in the way you manage things across all organizational levels. These are business operations which build upon decentralized activities and operations, because in both safety, security, cleaning services, and public transportation, the services are carried out at a local level. So you need to adapt management to the decentralized operations and organizational structures. As I said that, I guess I can tell you that I do not feel at all disoriented as I've been discovering the business operations of Atalian. So the mission, which was entrusted to me by the supervisory board and by the lead director, has been to successfully refinance the group and to continue its expansion and development in the facility management business operations, including the field of integrated facility management, which offers clients a complete and integrated range of services covering soft facility management, including cleaning, hosting services, security services, as well as the so-called hard facility management operations, which include more technical activities and services, building technical equipment maintenance services. When you speak about integrated facility management, the stake and challenge is to come up with a comprehensive and integrated range of services to best serve our clients. So much for my brief introduction. I suggest we move on to the first slide, which is slide number 5. Slide number 5. Yes, this is it. So let me start with the performance for Atalian. I will review it, and Laurent Carozzi will go into more detail in a few minutes. The key takeaway message that I want to pass on in my brief introduction is really to confirm that the operating performance of Atalian has been turned around as it was initiated in the early part of the year, which has become effective and tangible in the second quarter of fiscal 2023. This turnaround is continuing across all of our scope, including, and especially the scope which we have decided to focus on or refocus on, which is Continental Europe. In this respect, this refocusing experienced a new major milestone with the divestment of our U.S. operations, which was finalized in the course of October. That is after the close of Q3. This is a region where we had taken a hit, posting losses in the U.S. So we've turned the page, even though it has not fully translated into the numbers, September year-to-date. So this improvement of performance was obtained on the back of disciplined management and in-depth work across the three key segments, which are productivity, involving optimizing means and resources, including operating means and resources, as well as structural. Basically passing through inflation in the selling prices is number two. This was a major stake for Atalian, and one of the reasons why we posted the poor performance in the Q1 of 2023, as there was a lag in the passing through of inflation. And we had lost the habit of having inflation in Continental Europe, and with inflation kicking in very strongly and massively, this is second driver, which we used significantly. The third area was business development in gaining new business and basically cleaning, trimming the client portfolio with terminating some loss-making contracts or renegotiating those loss-making contracts. And this momentum can be seen in the good performance for Q3. If you compare Q3 2023 with Q3 2022, that is on a scope which is the one as with the refocusing operations, that is excluding the U.S., we show 8.5% growth of our net sales and 7.3% growth in our recurring EBITDA. So within one year's time, in both net sales and productivity, we've improved significantly. The last takeaway message in my introductory remarks is that Atalian basically is falling within an objective which has been announced to the market, which is to successfully carry out the general refinancing of the group by the twentieth of February 2024. So we've been very busy in this quarter to work towards this goal with a new strategic plan, which was developed, which was finalized, in fact, with myself, with my own contribution in the course of October. This strategic plan will involve refocusing our operations on Continental Europe, and this is basically finalized. A new business plan was drawn up for the period from fiscal 2024 to fiscal 2026, and it was built up on a bottom-up approach, engaging dozens of employees, some 50 of them, making the task force, drawing up this plan in a process of continual improvement. I fully appreciate this roadmap. I told you that I signed off the business plan in the final step of it, and it's a set of solid foundations to carry out this refinancing effort, and I will tell you some more about it in a few minutes. I suggest we move on to the next slide, slide 6, which goes into some high-level numbers, knowing that Laurent Carozzi in a few minutes will review those numbers in some more detail. So you can see with these numbers, which are here up on the screen, the positive impact of productivity measures, which for the scope, including the U.S., indeed, to show significant improvement of Recurring EBITDA, up 13.2 for a 2.1% growth in net sales. So showing an improvement of EBITDA margin, which is partially originating in improved profitability for the U.S., knowing that the U.S. operation remains loss-making for the period, yet improved its performance. France, on its side, is posting fine performance on both the net sales and profitability levels. I would like to commend the very strong growth of operations in Central and Eastern Europe. Laurent, in a few minutes, will tell you more about these results for the period. Above and beyond the increase and improvement of EBITDA, I would like to underline the good development of cash flow from operations. If you take the free cash flow, excluding non-recurring items, basically for the quarter, you have a positive free cash flow in the order of EUR 6.7 million, and EUR 17.2 million for up until September year to date, nine months, the first nine months of the year. So up from more unfavorable numbers back in 2022. Last item on this slide is relative to the guidance we announced for fiscal 2023. We consider that we should land a last quarter, which will be above that of 2022 for the reconfigured new scope, not including the U.S., beating the 2022 numbers, yet falling short of the performance posted in the third quarter of 2023. Anticipating good operating performance, yet having to make some provisions, which will weigh down on numbers. But please, the takeaway message is that we'll be posting a level slightly below Q3 2023, yet above the same quarter in 2022. Last slide for my introduction before I turn over to Laurent Carozzi is to review the refinancing plan. So remember that today we have three bonds with maturities coming closer. A first bond of EUR 625 million, with a maturity of May 2024, a bond of EUR 350 million, and a bond of GBP 225 million, with maturities of May 2025. We need to meet the first challenge for these close maturities. The second challenge will be to give the group the right level of peace of mind and visibility so that it's capable of carrying out its strategic plan. When I when I say, quote, "peace of mind," unquote, I mean having leeway to dedicate all of the efforts efforts and resources and time to carry out the strategic plan. The third challenge is to renegotiate our bond debts as part of a larger process to refinance the group over the medium term, based on our strategic plan. So much for the first pillar in our presentation. The middle pillar is just to tell you that basically we put ourselves in a situation to renegotiate this refinancing effort based on the strategy and based on governance mechanisms which are well in place with the new management team in place. With its hands at the helm, with a new redefined strategic plan based on a bottom-up business plan covering the next three years. We also have decided to call on highly reputed counsels, Rothschild & Co, Messier & Associés, and White & Case law firm. So on our side, we are backed by highly reputed and well-known counsels for their experience and expertise. In front of this, if I may say, the bondholders or part of them decided to group together and be represented by a merchant bank and a law firm, which will be representing a large majority of bondholders in value terms. So, in excess of the threshold of 66%, which is of importance in such a respect. So on the right-hand side, on the slide, in terms of the lawyers on our side and the bondholders that I said that are grouped up into an ad hoc group, there were initial negotiations. On our side, we saw initial discussions with the lawyers from the bondholders, and we should be embarking upon direct discussions with the bondholders between now and the end of the month, or in fact, between now and the end of the week. And the first or the initial exchanges that we had made it possible to meet our target that had been given thus far, in other words, to have refinancing done by February 2024. And in theory, we're hitting a timeline which should help us reach an agreement in principle before Christmas. So that's what I wanted to say about refinancing, due dates, in line with the aforementioned or pre-announced timeline. So we're getting into the heart of the matter. What I suggest now is that we move to Laurent Carozzi, so he gets into the finer detail of the financial results. Thanks very much. Thanks very much, Frédéric, and good afternoon to one and all. What I suggest is that we look at slide nine, nine now, please. And let me show you the main figures. We'll look at the finer detail of that later on. So the net sales in the third quarter is EUR 523 million, up 2.1%, compared with Q3 2022. In the first nine months of the year, net sales EUR 1,574 million, up 3.4% compared with the same period in 2022. Now, if you look at the recurring EBITDA, it stands at EUR 23 million in the third quarter, equating to 13.2%, up compared with the same period last year, and at EUR 66 million for the first nine months of 2023, so down about 15% or so compared with the same period last year. Now, these figures include, however, the United States, and we sold those assets at the end of October. So in compliance with IFRS 5, those assets will be booked as assets held for sale on the balance sheet, but they're still in the P&L because they didn't fulfill on the 30th of October 2023, they didn't fulfill the criteria for being booked under discontinued operations. They will after that. So the net sales in the U.S. stood at like 27 million EUR in the third quarter in 2023, and they stood at around 34 million EUR in the third quarter 2022. Over the nine month first months of the year, this year, they stood at 85 million EUR, and they were 108 million EUR in 2022. Recurring EBITDA in the United States was down EUR 3.7 million in the third quarter 2023, and up therefore, compared with the EUR 6.4 million loss of the third quarter 2022. But it remains down at EUR 5.1 million over the first nine months of this year, and this should be compared with -EUR 14.3 million over the first nine months of 2022. So, a significant improvement, it must be said, over that particular period. So what about operating income? Not including non-recurring items in Q3 2023, it stood at EUR 7.2 million. So in the black, rather, as against EUR 8.8 million in Q3 2022. Now, if we look at the non-recurring items, that's pretty numerous, and we'll return to that point later on. It was negative EUR 9.9 million in the whole in Q3 2022, as against a positive operational income figure of EUR 18.6 million in Q3 2022. Now, if you look at these non-recurring items, I think it's important to note that they stood at minus EUR 17 million, so a loss of EUR 17 million in the third quarter of 2023, as opposed to EUR 10 million in the black in Q3 2022. So mainly, they're made up of restructuring costs, restructuring the group mainly, engaged or in the first quarter, and some provisions as well, miscellaneous, some for holiday pay that we had to bring into the fore now. But the non-recurring items stood at 1.0, one hundred and forty-one million euros for the first nine months of 2023, as against a loss of EUR 18 million for the nine first months of 2022. For nine first months of 2023, they obviously include the disposals capital gains, the sales of assets in the UK and Asia, and Aktrion. All right, then net income, to round off, it's a loss of EUR 25 million in the third quarter of 2023, a loss of EUR 2.6 million in third quarter, 2023. Cash flow from operations is negative, minus EUR 10.8 million. But if we restate non-recurring items, particularly those linked to restructuring, they improved by EUR 23 million as opposed to the third quarter of 2022, where it was positive; it's at pretty much EUR 6.7 million. But I'll return to those points in greater detail later on in my presentation. Now, turning to slide 10. Next slide. Thanks very much. Here we see in greater detail the changing face of net sales. Let's start with the third quarter. Just remember, last year they posted net sales figure was EUR 809 million, and after IFRS 5 impact on booked as discontinued operations in UK, Ireland, Asia, and Aktrion, following the disposal at the end of 2022. Net sales in Q3 2022 stood at EUR 512 million. In the third quarter this year, however, net sales stand at EUR 523 million, so they're up 2.1% increase. And this growth is to be understood in the following way. Where we had negative effects, negative scope effects, which weigh down on growth to the tune of -EUR 8 million. That equates to -1.6%. What effects are we talking about? You may remember, we disposed of some business lines in Vietnam, the African businesses in December last year. Then there's also an unfavorable Forex impact, EUR 18 million or 3.6%. And here, it's really primarily due to the fall of the Turkish lira against the euros. Significant fall, it must be said. Then lastly, we have a fall in net sales in the United States over the period to the tune of -EUR 7 million, equating to -1.4%. So if we restate these items that I would say, well, hopefully, they're non-recurring, and so I hope, anyway, the growth of net sales in the third quarter of 2023 on a comparative basis is 8.7%. So, you know, it's pretty satisfactory, and this performance mainly flows from the obtaining of fresh contracts and the positive effect, the monies from indexation, particularly for cleaning in France, but also activities in Central and Eastern Europe. Now, let's look at the first nine months of this year. Net sales increased by EUR 52 million, up 2.4%. On a comparable basis, it's an increase. It's not a tiny uptick, 8.7%, same figure for the previous period, excluding the negative effects on growth. So what are we ruling out? We're ruling out the scope change, weighs in for -EUR 27 million, that equates to -1.8%. The Forex, we've already made mention of that, same cause, same effect, but here we're talking about 9 months, so it's -EUR 31 million or -2%, on our comparative basis. In the United States, as well as the last point, down to this -EUR 23 million, equating to 1.5% contraction over the first 9 months. Same thing over the first 3 months. This good performance is primarily realized by French operations and by Central Europe and Eastern Europe. Now, if we look at slide 3 now, what do we see? Now we're going to drill down to the changing faces a bit, a bit. Let's start with the third quarter. EBITDA, recurring EBITDA went up by EUR 2.7 million to reach EUR 23 million. Now, if we rule out three points, and you'll see, we're always using the same three points, actually, when we're returning to a comparative basis. So the negative effects of the, of scope change weighs in for 0.3 million euros, which is 1.5 million, 1.5%, and Forex negative effect, EUR 1.2 million or 5.9% negative. And then lastly, the impact of the United States. So over the period was up, we saw an improvement of, +EUR 2.7 million or 13.3%. Now, if you take all that into consideration, recurring EBITDA, EBITDA on a comparable basis, was up 7.3% in the quarter compared with the same period in 2022. But let's not forget that the first quarter of 2022 was slightly improved to the tune of EUR 1 million because of the positive impact of COVID-19. All right. So this improvement is mainly due to productivity efforts. We're talking about EUR 10 million or so, and this is compensated, in part at least, by the indexation effect, which is although it's up, it stays down EUR 1 million, slightly down over that period. Why is that the case? Well, because we've still got this lag effect between the time when our salaries increase and the time when we can increase our prices. We shouldn't forget that particularly in France, there is a wave of pay increases in July, so you have to wait one or two months to find it creeping into the prices that we pass on to our customer. And then lastly, we've got our balance of commercial flows. What we mean by that is it's the sum of inflowing and outgoing flows, the losing and the losses of contract and the winning of contracts. The same is down over the quarter, EUR 3 million impact, negative impact here, and we particularly lost a big contract in security in France. I mean, we can't give you these figures here, but you need to bear in mind it's a pretty sizable contract with a fat margin and which really equates to a huge chunk, if not, that explains the entirety of this slip here. We also, we've taken up fresh contracts, but with a low profitability in a number of countries such as Benelux. Now, if you look at the nine first months of the year, and we're talking about. Now we're talking about the quarter, but let's talk about the new, the nine first months, right-hand graph, EBITDA shrank to EUR 66 million. It shrank by EUR 11.5 million. Remember, we had a first quarter that was quite tricky, which explains that fall. Now, if we look at recurring EBITDA, so we need to rule out our three traditional effects, if you will. So the scope effect, about 1%, the Forex effect by 2%, and the United States, which improved here, and it would have helped us to the tune of about 12%. But if we withdraw them from the equation, then we're carrying EBITDA on a comparative basis, shrank 23.9% over the first nine months in 2023. And if we remove the 60% COVID effect, that contributed to the tune of a +EUR 6.2 million effect over the first nine months of 2022. Now, the indexation plan and the productivity measures, those are in the they're flowing ahead, and we're looking at EUR 22-23 million as opposed to EUR 9 million last year. They're in the pipeline, but this is an important point to note down. They've been partially offset by accounting reclassifications on the P&L and the balance sheet that contributed positively to our 2022 EBITDA, but today we don't see them in the accounts. So there's gonna be an accounting effect there, which I would say is not necessarily very flattering, but well, it helps the comparative with 2022. Now, let's move on to the next slide, slide 12. The goal here is to give you a quarterly view so as to better illustrate the turnarounds of business operations. Now, this chart illustrates the gradual improvements of EBITDA very well, which started to kick in quite clearly in Q2 of 2023, and with the same drivers, that is the productivity efforts and the operating fundamentals. Looking at the EBITDA level, excluding the U.S., knowing that the U.S. operation can be seen at the bottom of each of these charts in color red, with negative contribution, as you can see, and have been negative for the last two years. You can see that the EBITDA level in Q3 has been in line with the Q2 level, and as Frédéric mentioned, our policy for provisioning and risk control has been conservative, which illustrates these good numbers in Q3. So based on this, blue bar, on this blue portion in your chart, you need to consider what, ENGIE, the landing numbers that Frédéric mentioned for year-end, and Let me repeat this. Recurring EBITDA, not including the U.S. operation impact, which should be up compared with Q4 of 2022, slightly down on Q3 of 2023. You have the numbers here, and you can make your own forecasting. Please note that over the period, the US operation contributed for all of 2022, some EUR 20 million in losses, and today we've recognized some EUR 5 million in losses. So basically, slowing down the loss-making contract, as you could see, with strong discipline efforts, yet this operation remained loss-making all the way until divestment. Now, moving on to slide 13. Next slide, which shows you the picture for France. In Q3, you have net sales quite stable, up 1% to EUR 351 million, which basically originates in cleaning services as well as the good business development momentum for integrated FM. Yet we are penalized by some lost contracts, including one large security contract, which was lost at the beginning of Q2, so with the impact being felt late this year and early next year. Now, for the first nine months of the year, net sales increased EUR 34 million, some 3.3%, reaching one billion and 66 million EUR, and here again, originating in IFM and cleaning services operations. Now, in Q3 of 2023, recurring EBITDA declined by EUR 1 million, almost stable, down 3.6%, with a recurring EBITDA margin reaching 8.2%, down 30 basis points compared with Q3 of 2022. As you know well, there were the negative impacts of a number of events, inflation impact on wages, which wasn't caught up, which affected late 2022 and 2023, which was offset, partially so, by the indexation plans and the very aggressive productivity measures, which were implemented as early as the first quarter of 2023. With respect to methodology, to be noted, I am now commenting a slide, which you know well. It was presented to you in the previous earnings meetings for France. What you have here for France does not include the view of the French holding company operations, which in next year's publications, will be reinstated, will be reintegrated. To give you an idea, we are talking about 1-1.5 percentage points of margin, so you can adjust your numbers by reducing them by 1 or 1.5 percentage points. So for the first nine months, recurring EBITDA declined by EUR 8.5 million, down 18.4%. If you exclude the benefit of special works and measures connected with COVID-19, which reached some EUR 6 million, recurring EBITDA would only be down by 13%. EBITDA, recurring EBITDA margin reached 7.7%, down on last year by some 2%, and the so-called indexation plans and productivity measures were more than offset by the positive impact of some accounting reclassifications in the balance sheet and in the P&L, which will not be repeated in 2023 and which will not help in 2023. So you have some kind of a distortion in this lower margin, which does not reflect the reality, as you can see. So next slide, slide 14. You have here the view of international operations, similarly to France, where you can see there was a strong marked improvement starting from Q2 and Q3. The same momentum is happening in international operations. Net sales, let's focus on Q3. That is the left-hand side of the chart. The net sales increased by close to EUR 8 million, a bit less than 5% growth. If you exclude the conventional impact, scope impact, some EUR 8 million, down 5%. The U.S. operation impact, -EUR 7 million, -4.2%, and currency effect, currency impact, quite comparable by some EUR 80 million, down 11%. And the same conventional reasons, the Turkish lira against the euro with a stronger impact. So on a comparable basis, you have net sales, which reflects the strong momentum in the region. Net sales increased by 25%. So this is really the underlying net sales associated with this business operation, and this mainly and primarily originate in business operations fostered by Central and Eastern Europe and Europe, because international, the international scope includes Central and Eastern Europe, as well as Benelux, not including the U.S. anymore since the divestment. So in this region, called CIS, a number of specific measures and new operating governance mechanisms were implemented. Basically, there was a new management team, and there were changes made with a strong impetus by the new management in countries like Poland, but not only so, which revived organic growth and boosted it, and strictly applied the passing through and indexation of prices to clients. If you look at the first nine months of the year, net sales increased by EUR 80 million, up some 3.7%, reaching EUR 530 million, and on a comparable basis, it increased by some 20%. Now, for those involved in modeling, those items are deducted to show you the comparable basis are basically a scope impact in order of 5%, the US impact of 4.6%, and currency impact by 6.2%. And the same can be done looking at the EBITDA. EBITDA is up by some EUR 5 million, up to EUR 7 million in Q3 of 2023. So strong rally in EBITDA. If I exclude the three conventional items, scope impact, EUR 300,000, the positive contribution at the U.S. up EUR 2.7 million for the period, and the negative impact of change of -EUR 1.2 million, you have recurring EBITDA increasing by EUR 3.7 million compared with the third quarter of 2023. You have EBITDA margin level up by 280 basis points to 4%. If you restated these numbers for the U.S. operation, the international recurring EBITDA margin would reach 7.2% in Q3 of 2023, sorry, up 90 basis points on the back of new business, productivity measures, better indexation, which was partially offset by some recurring items like wage inflation and lower rent and lower profitability of some new contracts in the bidding lot. For the first 9 months of the year, recurring EBITDA increased by EUR 9.5 million, almost doubling, in fact, to EUR 19.4 million. If you restate this EBITDA number for scope items by -EUR 0.7 million, the positive impact of the U.S. operation, because in the international area, the US operation helps. So, by +EUR 9.2 million, you deducted by the negative impact of currency, -EUR 1.5 million, you have a recurrent, recurring EBITDA, on a comparable basis, up 25.3 basis. EBITDA margin is up 180 basis points to 4%. Excluding the US, the international recurring EBITDA margin reached 5.7%, down 60 basis points. Now, moving on to slide 15, you now have the P&L, the full P&L picture. I walked you through the net sales numbers and EBITDA numbers. Let's now look at the other areas. Depreciation and amortization, close to EUR 16 million, down from EUR 14 million at the same period last year. So, EUR 44 million over 9 months versus EUR 45 million, so no big change, no new major CapEx across the region, and these are the consolidated numbers. This is a good picture. So for France, for CIS, for the Benelux and for the U.S., all in the aggregate, you had the depreciation and amortization for the 9 months, and impairment, sorry. There was a reversal of provision, which was for the so-called CJIP, the French word for Deferred Prosecution Agreement, with a provision of EUR 12 million as a non-recurring item. So, the operating profits not including the non-recurring item reached EUR 7 million for Q3 of 2023, against EUR 9 million in 2022. So over the first nine months, it reached EUR 21 million versus EUR 46 million in 2022. So we are lagging behind 2022 due to a harder start of the year in Asia and in the U.S. I already walked you through the non-recurring items, so we'll now focus on the financial performance, financial results of Q3, improving by some EUR 10 million compared to Q3 of 2022, remaining an expense, a cost of EUR 9 million. Now, what you have in this financial cost? You have two things. You have interest expense that is paid out primarily on our factoring activity, Euribor plus 0.7, with the Euribor level increasing over the period to some 4%. With the increase, conversely, we are starting to see quarter after quarter, the gains and proceeds of the investments and the proceeds of the British and/or the English and the Asian divestments, which bear interest, which explains the positive contribution, which will go on in Q4. Now, net profit for Q3 is a loss. In fact, it's a net loss of EUR 25 million, and for the first nine months of the year, it's a profit of EUR 114 million, but mainly due to the capital gain of EUR 165 million, which was recognized following the divestment of operations in the U.K., Ireland, Asia, and Aktrion. Now, next slide. Slide 16, a few words on cash flow from operations. So if you deduct the non-recurring items, so CFFO is significantly up, slightly below EUR 7 million. A year ago, it was a loss of EUR 16.2 million. So showing a clear improvement by some EUR 23 million. Now, what has happened in between these two time markers? Well, you have hard work, which was put in to improve operating performance by the teams, better management of working capital requirements on the conservative notes. And so improving the SO calling on factoring a bit more, just illustrating better management in the various drivers in working capital requirement management. So you might wonder about the other CapEx items. Basically, we've changed accounting methodology as applied for those who have an interest in that. It's not a small expense item, but we recognize the cost for the uniforms and the livery for worksite workers, which was recognized as capital expenditures in the past, and which is now being recognized as operating expenditures. So it's basically a reduction in CapEx and an increase in OpEx. Next slide now. Thanks. So this is slide 17. We almost reached the end of the presentation. You can see the change of net debt. It stands at EUR 731.5 million at 30 September 2023. It stood at 1.344 million at 31 December 2022. We talked about gains from disposal and the CFFO. You can see on the slide, we've got a cash outflow of EUR 36 million, which is due to financial interest paid, paid on this quarter, on this half, rather. And the EUR 4 million is the same thing, financial expenses that haven't yet been booked. So, but there are. We also have the EUR 17 million, which is the balance, which is exchange rate losses and some cash elements following payouts for settling some litigation. Last slide now to round off our position on the 30th September 2023, liquidity is at EUR 652 million. Well, cash position, EUR 616 million in cash and cash equivalents. That's part of its makeup, which includes, EUR 519 million of term deposits that bear interest. We talked about that earlier on when we talked about the financial gains, financial proceeds, and that remains EUR 36 million available for our line of credit or factoring, which stands at EUR 250 million. We've drawn, from memory, EUR 224.5 million, we were at EUR 300 million or so at the end of June. So we've increased a little bit our factoring program by about EUR 20 million. All right, that brings my presentation to an end, and Frédéric and myself, of course, we're at your avail to take your questions. Thank you very much for your attention. Ladies and gentlemen, if you wish to put a question, then please dial star one for your telephone keyboard, and if you want to cancel a question, then it's star two. Now, please hook up to the telephone call by using the information that appears before you. We can start with the questions in English. Thank you. Our first question is coming from Jemma Permalloo, calling from J.P. Morgan. Please go ahead. Hi, good afternoon. I had three questions, if I may. My first question is on the results for France for the third quarter. So I understand that you've had the labor cost inflation, and you mentioned the time lag of 1-2 months, and then you had some loss of some contracts there, which you mentioned, I think earlier, they were pretty sizable contracts. Can you maybe broadly help us understand how much of the relative softness in France was due to volume and pricing? You know, whether that would be like 40, 60, 50/50, any sort of indication will be helpful. My second question is on your guidance for the fourth quarter. So based on your commentary of the weaker, relatively weaker, EBITDA for the fourth quarter, if we take the nine months, excluding the U.S., which is about EUR 71 million, and if we were to even assume EUR 25 million for the fourth quarter, we're looking roughly at about EUR 95 million of EBITDA for the year. So given the time lag would really have come off after 1-2 months. I'm trying to understand what's really driving the potential softness in Q4, if that's due to loss of some contracts again. And then just finally on refinancing. Just wanted to confirm that you mentioned earlier that we could hear back from you before Christmas, and if that's really going to be just a business plan or an actual outcome on the refinancing. Thank you. So I should answer in French. I was almost gonna speak in English. All right then. So thanks very much for your questions. Frédéric, perhaps we can take them in turn. All right, I think I've understood. I hope I've understood the thrust of your first question. So for the third quarter we referred to losses of sizable contracts. We lost that contribution to our P&L, and of course, inflation continues to weigh down on our metrics. Now, I can't give you the finer detail exhaustively, but what I can say is that on the contract side, I can't really give you the details of the contracts, unfortunately. Yeah, I can't do that. But just to consider that we've lost about something in the order of EUR 2 million, just shy of EUR 2 million for that quarter. So I think that gives you an indication of the well, I don't know whether it's a volume effect, but it's an effect which quite clearly is negative. Now, what about indexation? Well, we're still slightly down. That's true. Slightly penalized still by the indexation effect. What I can say is that, over the six months, just to keep it simple, we're still seeing a fall of EUR 6 million, a loss of EUR 6 million, or the delta is about EUR 6 million over the nine-month period, and over the three months, we're looking at much less than that. We're looking at, I don't know, EUR 1 million or EUR 2 million. And once again, it's a sum of money which shrinks from one quarter to the next. But just to help you understand a bit more, let me, I mean, how can I put it so that you really understand what's going on? Over the year, I mean, my anticipation is that the indexation effect will remain negative. Well, we haven't reached the end of the year at this point, have we? So, but I mean, looking at EUR 7-8 million. Why? Well, because as part of the rising costs in 2022, that couldn't be totally retrieved from the customers, if you will. Now, the price increases, we saw them in January, in July. It's between France and the CEE, for example, but the teams are going to the customers, and the pass-through that we're looking at going forward is, what? Around 100% pass-through. A little down from 100% in France, but maybe between 95% and 100% for the CEE. So it's an effect that has been hit at the beginning, well, in 2022 and in the beginning of 2023, but it's starting to diminish. Now, turning to your question about the fourth quarter. Now, I heard your math that you did, and I mean, I make no comment about your math. Suffice to say that you know how to do math, and so you can you know how to walk around in math comfortably, so well done. But what I can say is, just to give you some flesh, more flesh on the bones about Q4 and in respect to the guidance. Now, I think you will have understood the operational dynamic is good. It's notched downwards, and then it's incrementally up from the third quarter, and it will continue into on that trend into the fourth quarter. But in parallel, we've got a conservative policy in terms of provisioning of our teams to really keep a watchful eye on anything in terms of risk, client risk, for example. We've got one or two new things on the radar. Well, it's not a stoppage. It was a judgment that may turn into a regulation that goes to holiday pay for sick pay. Now, for the non-French, this may strike you as a bit strange, but in France, this is a European regulation. That's right, European regulation. So in France, when you're off sick officially from work, thus far, the company didn't book gains for holiday absences, but from now on, we need to. Over 2023, what we've done, and you'll see that in the EBITDA, but you also see that in non-recurring, we're provisioning that risk for a full year, 2023, for EBITDA, and there's also a retrospective effect, three years for the non-recurring item, which explains partially why, you know, why we're being so conservative and the greater uptick with our forecasts with EBITDA. Now, with the sales, Frédéric can know more about this. We did lose one or two contracts in the past, but today I can tell you business is satisfactory. Yeah, what we can say is that, in terms of cleaning in France, it's holding up from a sales perspective. There may be a slight dip in the full year, but, you know, it will be only minor. The only major contract that was lost was that in the security field, and this contract was structurally profitable, and obviously, that hits our accounts. But there's one point I'd like to say about indexation, and it's true, at least in France, we weren't accustomed to strong levels of inflation, high levels of inflation up until the beginning of 2022. Now, the cleaning contracts were pretty short, didn't have any indexation formula, which explains why it hits and pinches in 2022 and 2023, and our Atalian teams are very much involved in reprofiling the group's scope. Maybe you know, throughout 2022, in the beginning of this year, maybe they weren't particularly attentive, for, you know, passing through this indexation effect. It was quite clear right from the beginning of 2023, and it had an impact from this, from the second and third quarter. But now, I think this has really been baked in to the DNA of our teams, if you will, on all contracts henceforth. We're gonna be looking for this indexation. Now, when you've got a business where 70% of costs are manpower costs, quite obviously, when you've got inflation that is wandering between 6% and 7%, well, you know, you're gonna see pay increases that are gonna have to be passed on to the customers. And the customers will end up by, you know, taking it on board and taking it on the, on the chin. And perhaps just to round off on your last question, one or two additional points I can make in terms of refinancing. This is basically what Frédéric said, really, it's the thrust of what he was saying. I mean, the idea really is that, there is a strong drive, from our, loan providers to reach a successful conclusion. So the idea really is to try and have agreed upon terms in mid-December, to then embark upon the documentation, process of being rather protracted about the debt, and which will come to a close end of January, beginning of February. But yes, this is our hypothetical timeframe, because once again... Yes, but, you know, you'll understand, hopefully, you'll, you will appreciate that while negotiations haven't yet properly started over securities that may fall subject to negotiation, obviously, we have to, have to be certain, and, be relatively discreet about what we say. But quite clearly, there is a desire on either side to come, to bring this to a successful conclusion in a short and reasonable timeframe. And, you know, this is why, we've offered you these objectives, and, we try to reach, an in-principle agreement by Christmas and have the banking documentation brought to a close before end, of January, possibly, possibly beginning of February. Thank you very much. Thank you very much, ma'am. Our next question is coming from Miquel Luesma of Bain Capital. Please go ahead. Hi. Thank you for the presentation. I just wanted to ask about your guidance for Q4. I understand this, you know, the point on provisioning, et cetera, but how do you see the underlying business evolving? How do you see price indexation catching up? I mean, you still said that you expect, you know, by the end of the year to still have a similar negative effect. So should we expect Q4 margins to be roughly in line with Q3 on, you know, on an underlying basis, excluding those extra provisionings? In terms of the contract losses, do you expect any additional contract losses in Q4 that should impact, you know, incrementally the results, or should it be similar to Q3? No, I'll start and maybe Frédéric will add to that. Again, in French. Apologies, I was starting to answer in French. So with respect to the pricing effects, as I told you, they have a declining negative impact, significantly declining, reaching a nil impact and even a slightly positive impact in France. There are differences between countries in the CEE area, but you shouldn't be counting on a negative impact of indexation. We'll go back to some slightly positive territory, and this will help us, in fact, for part of the year. This is a strong message. Now, this is the result of lengthy negotiations and hard efforts by the sales and marketing teams, so this is not incidental. But so we are now going back into positive territory on the back of indexation, so yielding either a neutral or positive impact for Q4. This is my first answer. The second answer for Q4, the scope will exclude the U.S., right? Number one. And number two, our commercial momentum. Basically, what you're asking is whether it will be in line with the blue part of the chart for Q3. Well, what we can tell you, and I guess you'll understand, is that not including any special caution or any non-recurring item, it will be higher. And the reason is because we've made a decision to keep a cushion of provisioning, including provisions for paid sick leave, which is not incidental, which will weigh down on our Q4 numbers. So I cannot tell you more about this guidance, but your underlying item is getting better, but we are taking a slightly more cautious approach for Q4. The negative impact of indexation is behind us, and I will let Frédéric tell you more about it. On the commercial level, says Frédéric, there's no lost contract which will have an impact on Q4 that has not been visible in Q3 of 2023. The last contracts, in fact, will be signed in 2024, and there might be a slight, But this will be really marginal. It will be very slight impact. The only contract which was lost was done effective on the first of April of 2023, and yielding its full impact on Q3 and on Q4. Yet we have good visibility on the last quarter of Q of 2023. Thank you. Thanks so much, sir. Our next question is coming from Mustaba Davoodi of Arini. Please go ahead, sir. Your line is open. Hi, just, thanks for taking my question. Just two from my side, please. One, you talked about the change in accounting for how you account for the cost of uniforms and stuff. How much of a difference does that make to CapEx, and how much of an impact is that to EBITDA margins? And the second question is around the US disposal. Could you clarify what the net proceeds are from disposing U.S. business? Thank you. We don't Yes. Yes, and now, with respect to the impact of the change in a full year, the cost of uniforms, and speaking off the cuff here, has an impact of some EUR 4 million, approximately in additional costs, for the full year. It has to be prorated by the quarter. This is just off the cuff. I don't have the exact number for Q3. Now, with respect to the U.S. impact, I'm looking at my colleague because in my notes, I can't remember which specific numbers we announced publicly. We are not, in fact, authorized by the friendly party, quote, unquote, because we're still working with them, to disclose this amount. But what we guided, we guided, in fact, two pieces of information. What we said was that we already cashed in proceeds because this is an asset deal, right? We also already cashed in the amount for this. We are managing the working capital requirement because we're still the owner of this business until the 31st of October, so we're still managing our receivables. We also have to pay our suppliers, so we're in charge of that. We'll be unwinding this part of the business in the next few months, and there are a number of litigation cases from the past, and sometimes even before we acquired the company, which we will handle over time. We told two guidance indications. We said that the net of the proceeds plus the positive working capital requirement amount, as deducted from the expenses of the working capital requirement and the litigation, should yield a slightly positive amount. Again, it will be not much. So, with respect to the Q4 impact, we'll see, because we are still reviewing the operations. Again, it should yield a slightly positive amount, but yet these are not, these will not be big numbers. What's essential as a takeaway message is that we are terminating an operation which was loss-making, and a way down on profitability for 2022 and 2023. Basically, it was a loss-making operation that we are terminating, and this is in line with strategic plan to refocus on Continental Europe. So it's a major step forward in executing our strategic plan, while keeping a partnership agreement with the possibility to keep serving and supporting an industrial client, which might want to enter into facility management agreements with part of the services in the U.S. And we have a partnership agreement with GDI to outsource this business out to them in the U.S. So we are not moving away from a business opportunity. If we come up with an industrial account wanting a worldwide approach, most of the industrial accounts having continental or regional approaches rather than a global facility management approach the world over. Mr. Davoodi, does that answer your question, sir? All good. Thank you. Thank you, sir. We'll now move to Piotr Ossowicz, Signal Capital. Please go ahead. Good afternoon, and thank you for taking my questions. Just maybe starting with the cash flow that you are showing on page 16, can you please walk us through the cash non-recurring items of EUR 17.5 million? That was obviously a fairly sizable amount this quarter. And also, you have this elimination of non-cash items, which is positive EUR 13 million. So obviously, very good to see a positive number here, but can you tell us what actually happened there? We Yes, indeed. Yes, indeed. We will show slide 16 up on the screen in a few seconds. So let me start from the P&L view. In P&L, you have non-recurring items, right? In the amount of EUR 17 million. In the P&L statement, you have basically two things. You have some EUR 9 million of provisions for paid leave covering 3 past years. This is a non-cash item, and for the variance, basically, these relate to provisions for essentially restructuring costs, because there were lots of restructuring efforts being conducted in France and across Europe over a long period of time. And you have these costs and expenses recognized in the P&L. Now, looking at the slide number 16, what you have here, number one, you have the line, and I quote, "Elimination of non-cash items," unquote, in the amount of EUR 13 million. So this basically is an entry, an accounting entry, basically, to reposition what's truly cash in operating cash. These EUR 13 million are broken down into the reinstatement of non-cash items, which are part of EBITDA or below EBITDA. And these are the so-called provisions for paid leave in the amount of some EUR 12 million. So they are being reinstated here, otherwise you wouldn't have the full cash view. They are provisioned, yet not cashed out. I need to add them in accounting terms, otherwise one, otherwise, this wouldn't be appropriate. For the part below that, the non-recurring items. So this is a cash flow item, and the amount here, the principal item in this amount relates to restructuring costs, which were incurred. And here again, these, some of these expenses date back to 2022. Some have been incurred in 2023, because the cash out is not necessarily in one or the other year. So you have the aggregate amount of this cash out. Without giving you a formal guidance information, basically, the full amount of these restructuring costs will gradually decline over time because the bulk of the changes and restructuring is behind us. I hope I'm answering your question, sir. Partially. So within this EUR 12 million of provisions that are part of the 13 non-cash items eliminated in the cash flow statement, was it all EUR 12 million? Was it all referring to this quarter or this year, or this is for the past years as well? See, this is provision. This is provision, as I said, which covers two things. It covers fiscal 2023, from January to end of September, because this is what we report a s part of the nine-month reporting, and it is below EBITDA, and it also covers the three past years from 2020, 20, and amounting to EUR 9 million, which is not part of EBITDA, but which was recognized as non-recurring provision, as such, yes. Well, I'm asking because if you add this 13 non-cash to the 23 recurring EBITDA, you essentially gets to EUR 36 million EBITDA No, no, no. in the quarter. Wrong is the answer. No, you can't do that. No, you can't do that. No, you can't do that. As part of the 13, you only have EUR 3 million, which are part of EBITDA. So if you want to depollute, quote, unquote, cleanse my EBITDA of these EUR 3 million, you get it, it gets you to 26. The others are non-recurring items. And, indeed, these are provisions for real events, i.e., the change in regulations. And as I speak, it can have a retrospective effect. So we need to consider that there is some degree of risk, which is why we make a provision, which is why we are required to consider that this expense is to be provisioned. Also, said Frédéric, for the future, this will be part of those items which will add it to the payroll, which we will recoup from the clients, because it will be a new rule. It will be a change in law, which can be passed on, which can be passed through to clients. In highly labor-intensive operations, it will have a true, real impact. Okay, so if I want to depollute the quarterly, EBITDA would be EUR 26 instead of EUR 23. Then, going forward, we need to consider those additional expensive part of OpEx, but then you expect to fully recover them from the clients. Is that the fair summary? Fully recover? Well, we'll try and recover them from the clients. You know, it's the rule. We'll try and be aggressive, and we need to do that. Yes. Okay, I see. Just another topic. What is the plan for the facilities management business in France? Like, this has been struggling for a number of years now, slipping to negative EBITDA in this quarter. What's the plan? Sorry, could you repeat the question? Because it was. The sound wasn't very good. Yes. So the question is about the facilities management, the FM business in France, which has been struggling for a number of years. That used to be, I think, EUR 20 million business. Now, the EBITDA slipped into negative territory in Q3. So what is the plan regarding this business? Facility management, no. All right. Well, the answer is, I don't know what you are referring to really in France. Let's keep things simple. We have a cleaning, cleaning services, which is a core business of our group, which has been very successful, which has been performing very well, which has been very largely profitable. We have another business operations, which we call multi-technical, multi-tech, I don't know how it translates in English, which is a more recent business line or more recent business operation, which is not making losses, which is making profits, and which is making significant profits. Now, and then we have the security operation, which is not faring well. The operation, the business operation in France, which is not doing well, is the security and safety services business. The entire security and services business in France is not performing well, and what ensured its general profitability was a contract which we lost. Because we lost it, we took an action plan, which will bring us back to the black by terminating some loss-making activities. But the facility management business at large is doing well. The only slight issue it may have is that it has been more affected by a shortage in labor than the other operation group. Technical specialists are in high demand, have been in high demand lately, and we have a shortage of a few technical specialists to be fully staffed, but its performance has been very fine. Yes? Okay. I was referring to the line item called Other activities on slide 13, that shows the EBITDA of -EUR 800,000. So from what you just said, I understand that this is a combination of the profitable operations, multi-tech operations, and the, and the loss on security, on the lost contract. Yes, sir. Is that correct? No, no, c'est le, the security. The security. Where is the security? It's security and safety. It's only security Yeah and safety? Okay. It's security. Okay, I understood then. Okay. Moving on. After selling the U.S., can you give us a sense where should we expect the central costs to go? They have been increasing, obviously, this year. So where should we expect the central costs to move? And similar question, after selling the U.S., where should we expect the cash lease payments? Obviously, leases are a significant portion of the cash flow. So are the central costs now, with the business being smaller, less complex, where should we expect those two line items to move central costs and leases? Laurent? Well, perhaps I can start. I'll probably have to go into the finer detail of the data on central costs. So what do you mean by central costs? Well, these are the holding corporate costs. Yes. They're going to shrink quite considerably between 2023 and 2022. You know, quite considerably. They'll be standing at a level that, for the time being, we think is on an even keel. Well, you would have seen a strong fall from 2023 as opposed to 2022. I can't give you the details, but, you know, that is already baked into our figures. I don't quite remember. Yes, but the sale of the United States won't have a significant impact on the central costs. There'll be one or two trips to the U.S., but it's not the withdrawal from the U.S. which will have a significant impact on the central costs. Okay, and then you have the lease payments. Would there be any changes in the lease payments after the U.S. or otherwise? Actually, people o n the leases? Well, yes. On the cash leases, yes, yeah. Shown in the U.S.. Yes, yes, obviously, necessarily, there'll be less rents, so there were less leases to pay in the United States. I mean, I don't have the numbers. I mean, about EUR 50 million ballpark, I suppose that's the bill for the lease for over the group, taking as a whole. I suppose we're looking at under $10 million, well below the 10 million threshold in the U.S.. We know already, because teams were very dynamic in this field, they have slashed. I mean, we had a long real estate lease on a big building. It was next to New York, New Jersey, that's right, that was handed back, that lease. So exceptional costs that we'll see creep into the fourth quarter because we're closing that lease. So we'll see a drop in that. Yes, I mean, that is what you'd expect, by the way. Yeah. So just, just to be very clear on the numbers, right? So for the Q3, you had EUR 13 million in central costs or holding costs, and EUR 12 million in lease payments. So what I'm asking is: What is the trajectory for those two line items? Should they stay the same, or from what you are saying, we should expect some decrease, but can you give us a sense how much? Uh, yeah. I would have 2 comments. I can't, I can't really look at such exact forecasts. I can't do that. But in terms of 12, 12 and 13, and I'm not sure what really you're referring to, perhaps you need to make an appointment with me or the, or t he people responsible for the investments, but I can't give you an exact an accurate answer at this juncture. That's okay. Let's take it offline. Also want to ask about the contract pipeline. So we talked a lot about the contracts you have lost. How do you see the pipeline and contract wins in Q3, Q4, or into 2024? Are you talking about the length of the contract, the pipeline? Oh, the pipeline. Yes. Well, on Yes, I'm talking about the new, new contract lengths. The duration of the contracts, the contract length? Well, I don't know whether I've answered the question. No, I'm talking. Well, are you winning any contracts? Oui, oui. Yes, of course. Yes. And the contracts at the end of the year, obviously, we, we're seeing gains, and the pipeline, which was provided for in 2023, has almost been fully completed. So 2023 will be very secure. As opposed to next year, our visibility is pretty short term. We're looking at six months visibility, but today, contract wins are continuing as expected. There's nothing noteworthy to say in terms of the sales wins at this juncture, but perhaps we can, and I don't really want to monopolize things. Perhaps we can move on to the next question, but obviously, we'll be delighted to pick up on any questions over the phone if you want to look at finer detail. Okay, thank you. Thank you much, sir. Our next question is coming from David Alty of Arcano. Please go ahead, sir. Hi, there. You mentioned something about French holding costs coming into the group. I was just wondering if you could elaborate a bit on what those are and the 1%-1.5% reduction in margin that I think you mentioned. Ah! Yes. Well, look at how the group is structured? Right at the top of the group, we've got a holding company, a corporate company, so you've got CEO, CFOs, general secretary, et cetera. And then we've got the regions. And among, you know, within the French region, which is crucial, it's EUR 1.4 billion. That's what it weighs in for. Here we have a specific holding company, a French holding company, which has its own management structure, CFO, legal, and what have you. And it's that holding that I was referring to earlier on. Now, in that holding company, there's a mixture, various divisions that are purely central and other divisions that are more operational or sales. So it's not a vanilla structure. The indication I gave, which was a bit loose and broad brushstrokes because we don't give this type of, of detail over this type of event, but, I mean, if you look at 1.1% or 1.5% of sales, then you pretty much got its global cost. And what I did add is that it could be, we'll have to wait and see, when, of course, time, time will tell, but we'll be building it into the French picture to give you a full and exhaustive view of France with the support functions and the sales functions incorporated into that, into that margin. Okay, so is this something that was previously taken out of the French operating company and put into this management structure and is now being put back in, or is this always have been like this? I, uh. Well, I arrived on the first of July. I'm sorry, I might come across as a coward, but I really don't know. I don't know how to answer your question really. I mean, I don't know when or how this was done. There are many newcomers to the company sitting around the table. We'll try and retrieve an answer to your question. If we find the answer, we'll give you an answer, but I don't want to say something that is inaccurate. Okay. My second question is, I believe it's EUR 55 million of deferred deferred payment for the sale of the U.K. business to CD&R. Just wondering, there was some discussion around factoring that and getting those proceeds sooner rather than having to wait till 2025. Just wondering if there's any update on that. No. No, there's nothing new on that point. But this is actually Okay, so EUR 55 million still remains outstanding. Overlapping speaker, says the interpreter. Did I answer your question, or shall we move on to the next question? I guess it's still outstanding, and you expect to collect it in 2025. I guess that's the takeaway, is it? Voila. Exactly, exactly. Exactly right. Great, thanks. Thank you, Mr. Alty. As we have no further questions in the English call, we'll turn it over back now to the French callers. Thank you. Okay. Ladies and gentlemen, now we're going to be taking French questions. Next question comes from Ghislaine Cortina from Melqart. Off you go. Over to you. Yes, good afternoon. Two questions. A follow-up question. EUR 55 million of deferred profits, you would confirm that it's not included in the cash figure? And the second question for, on page 18, and the second question: when I look at your results and the EBITDA figure that you're reporting in France, internationally, and for the group as a whole, if we're looking at the quarter, EUR 12-13 million elimination of EBITDA, that figure, it's changed. I'm thinking about this disposals in the U.S. and the restructuring efforts and focusing on costs that was mentioned by your predecessor. What can you tell me about that? Well, listen, I really don't know how to answer your question. You've, you know, we've offered guidance for the four, for the fourth quarter, so there you have it. You know, we're improving things operationally from one quarter to the next. What can I tell you? You, you won't have the U.S. in the picture. In one fourth quarter, there'll be one month where the U.S. will still be there, still be relevant, then it'll be, Then it, it won't be the case, and then we'll be improving on all these metrics. Well, that's our hope in France, Europe, and the Benelux, and that's what I can tell you. And I don't really know how else, It was more about the elimination line item, given the fact that you're reporting on France and internationally, and then there's a line item, elimination of EBITDA, to arrive at the group figure. And that elimination line was around. So only you, are you talking about cash flow? Where are, where are you in the P&L? No, I'm looking, I'm looking at the EBITDA. You know, you, you report for geographical regions, don't you? And then there's a report, what you report for global. Yeah, they're lacking two things. Yes. The holding in France, which is support functions dedicated to business lines, and Laurent gave an indication to that point, and then expenditure of holding corporate, and I can see nothing more. All right, then the trend. Do you think you can be reduced, you can reduce those costs? I've understood what you said about Q4, but what about medium term? I think compared with the past, in all likelihood, the corporate holding will be shrunk a little bit, you know, in line with what was, has been done in the past, but the bulk of the restructuring work is already behind us. You saw a strong reduction of the costs of the corporate holding in 2023. In terms of France, well, we haven't looked at that in any great detail, but it's to do Thank you very much. There are no further questions, so I will give the floor back to the speaker so that you may conclude this conference call. Thank you very much. So thank you to all. I would like to thank all of you for making yourself available and for asking these questions. You understand that our logic is to be open and transparent vis-à-vis the market. Atalian is in a stage of being transformed, and this transformation process started back in 2022 with the changes in scope, which have been significant, with divestments from operations in the U.K. and Ireland and in Asia. Having said that, our post-divestment from the U.S. will be starting in 2024 with a stabilized scope, focusing or refocusing on continental Europe, with the capability to deploy an action plan, which is a strategic plan, a concurring plan with organic growth. We're convinced that there's lots of things which can be done in a fragmented market, and if there are opportunities to engage in external growth, we'll seize them. And generally speaking, we believe that we have levers and drivers to further improve profitability, contract by contract, entity by entity, basically engaging in what can be done. With respect to our trajectory, we will discuss it a bit further when we are able to communicate on our refinancing process. After this re-focusing effort, we'll go back to redeveloping and improving and boosting our profita bility. Thank you all. Goodbye.