Hello, and welcome to the Atalian 2023 full year results conference call. Please note, this call is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask a question at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, and you will be connected to an operator. I will now hand you over to your host, Mr. Frédéric Baverez, Group CEO, to begin today's conference. Thank you. Thank you. Good afternoon, everyone, and, or good morning for those joining from the US. I hope that you can hear us properly. So I'm pleased today to present you Atalian 2023 financial results, and I will do the presentation together with Laurent Carozzi, our Chief Financial Officer, and after the presentation, naturally, we will be ready to answer your questions. Maybe let's start with the slide number 5 to have a look back on the main 2023 events. And as a matter of fact, 2023 was a year of many important changes for the Atalian group. The timeline, actually, there are four timelines of different colors on the slide, record the main changes that have taken place since the beginning of 2023. I'm not going to list them all, but in my opinion, there are four main changes to remember. The most significant is the refocusing on Continental Europe through the sale of the UK, Ireland, and Asia activities to CD&R at the beginning of the year, actually it was in February, followed by the exit of the USA in October. The second highlight was the drafting of a new strategic plan and a business plan for the 2024-2026 period, notably to support the refinancing negotiation. And this business plan was elaborated following a bottom-up process that involved more than 50 managers to be fully in transparency. I wasn't yet with Atalian at this early stage, but I personally validated the business plan in the weeks before I take my job, so I'm fully committed by this business plan. The third point concern the changes in the group management with a new CEO and beyond that several new executives in important position in the group organization chart. But the main message is, today the team is stabilized and is fully at work. The fourth major event I wanted to stress, and it is an absolutely essential one, is the launch of the refinancing during Q4 2023, and its conclusion at the beginning of 2024, and I will go into more detail on the next slide regarding the refinancing. Thank you. As you are no doubt aware, Atalian was facing a serious debt problem with three bonds totaling EUR 1,336 million, to be reimbursed partly in May 2024, and partly in May 2025. Some used to talk of a debt wall that had to be managed properly in order to avoid hitting it. Since November, Laurent Carozzi and I have been negotiating, sorry, an agreement with our bondholders, which has finally been approved by 98.5% of our creditors. This agreement has been put in place through a public exchange offer that has been closed on March 28th, just one week ago. As you can see, on the slide, this agreement contains two main points: EUR 400 million of our EUR 1,236 million euro bonds debt have been repaid on March 28th, and the rest has been merged into a new bond to be reimbursed at the end of June 2028. And interest will be paid annually, part 3.5% in cash, and part 5% via capitalization, which means that the cash spent each year by Atalian in financial interest will fall from around EUR 60 million a year to EUR 30 million a year. This agreement is really a key achievement, and I want to say with humility, but I would say moreover with conviction, that I consider that we have reached a very good agreement for Atalian, and I consider also that it has been a good and balanced agreement for the bondholders. And I would say that the quasi unanimous support of our bondholders is, in my view, an evidence, maybe I should say a clear evidence, of their trust in our strategy and our business plan. I would like to take the opportunity of this call to thank all the bondholders for their confidence, as well as for the constructive spirit that prevailed during the negotiations. This refinancing will provide us, you have understood, with greater visibility and flexibility over the next four years, with healthier financial horizon. I would say that in a nutshell, we have now more than four years to deliver our business plan with serenity, but let's be clear, with serenity, but also with a strong determination. Let's move to the slide 7 that give you our 2023 financial results at a glance. Laurent, in a few minutes, will come back later on, in detail, on these financial results, and this is just a brief introduction, at this early stage of our presentation. I have summarized on this slide the main financial indicators, which are presented in accordance with the IFRS 5 accounting rules. That means, that we are only considering for 2023, as well, as for comparison with 2022, the perimeter of the group like it is now. That mean after the sales, as I said, in February 2023, of the activities in UK, Ireland and Asia, and, after the sale in October 2023 of our assets, in, in the US. And before starting to talk about this result, I would like to mention that they are in line with the guidance given last November during the press conference for the Q3 financial results. So the first indicator is net sales. Net sales amounts at EUR 2.003 billion, which represent a growth versus previous year of +4.1%, and on a comparable basis of +8.3%. And as Laurent will explain, this growth has been mainly driven by the business out of France, especially in Central and Eastern Europe. The second indicator, it's recurring EBITDA, which amounts to EUR 96.5 million. It's 97 on the slide, but if you want to have the detailed figure, it's EUR 96.5 million. It represents, versus previous year, a decrease of 15.8%, and on a comparable basis, of 12.3%. I won't go into detail because Laurent will elaborate more on the explanation, but despite the decrease, I see in this results signs of resilience, taking into account the headwinds we had to face, and taking also into account our prudent approach at closing. The third indicator is EBIT, which is slightly negative at -EUR 2 million, and shows a strong decrease versus previous year, so it's clearly and obviously not satisfactory, but this negative EBIT derives, first of all, from numerous and important non-recurring items, more than EUR 40 million, and these non-recurring items are directly related to the strong transformation we went through last year. The fourth indicators, it's the operational free cash flow, which is slightly positive, only slightly positive at EUR 5 million, but it's better than the previous year. What is, for me, more significant, is before non-recurring items, the CFFO amounts to EUR 39 million, an increase by EUR 24 million versus previous year, and this is quite encouraging. It's one of the indicator I like to stress this afternoon. And finally, the net results will be positive at EUR 40 million, but this is only due to the capital gain in the sale to CD&R of our activities in UK, Ireland and Asia. So altogether, I would say that we are where we had foreseen to be when presenting the Q3 2023 results. But in a year of in-depth transformations, these results show, in my view, I already said it, but, a fundamental resilience of Atalian's activities, which can be demonstrated maybe more clearly when considering the quarter-by-quarter evolution on the next slide. Slide number 8. So you see these slides show, the quarter-by-quarter evolution on 2 years of our recurring, EBITDA under IFRS 5 accounting, rules. And as you can see, we have a clear recovery of the 3 last quarters of 2023, from a low point that occurred, at the end of 2022 and the beginning of 2023. And it's clearly the period when, we had the biggest lag between inflation and, indexation, of, our, contracts. And you have, on the bottom of the slide, you have the increase of, the cleaning wages, in France. As we had already the opportunity to explain, the potential lag between inflation and the indexation of our contract has been quite strategic or quite key in our businesses. We are now more or less passing through current inflation to our customers, but we still have a remaining lag if you consider the cumulative inflation since the beginning of 2023, when inflation came back in Western Europe after the launch of the war in Ukraine. One more time, I want to insist on the positive trend during the course of 2023. After a quite hard beginning of the year, Atalian has reacted strongly with indexation campaigns, with productivity efforts, with review of portfolio, with commercial selectiveness, and at the end of the day, we have... demonstrated a quite satisfactory resilience in a context that was not very favorable with many headwinds. External headwinds like inflation, but also internal headwinds like our indebtedness and the, the associated rating or the unavoidable perturbation linked to the reshaping of the group, and potentially some bad buzz brought by our competitors. So resilience is, for me, a word that I think summarize our financial performance of 2023. But before entering in more detail with Laurent about our 2023 financial results, I would like to say a few words about our strategy that is customer-centric and profitability oriented. If we can move to the slide number 10. So this is just one slide to present in a nutshell our different businesses. On the left part of the slide, you have the key figures of the group. EUR 2 billion turnover, a bit more than 65,000 employees, 19 countries, and which is something that is quite specific to Atalian, kind of independence with more than 85% of the service self-delivered by Atalian subsidiaries. On the right side, on the right part of the slide 3, you have on one end, the business sector of our customers, and on the other end, the type of services we operate for them. If I should say it, quite simply, we work for all the type of companies and all type of administration, whatever the sectors, and, as far as FM segments are concerned, with a slight exception of catering, we offer all the facility management services that we can provide, either as a single service or as multi services, or even as fully integrated facility management contracts. We can offer, for some customers, all these services integrated in one single contract for many locations and potentially for many countries. Therefore, as you can see, we are quite comprehensive in our approach of the market. We consider only two limits. The first one is only go into markets that are fully compliant. What might be an issue in some great countries of Eastern Europe, especially for public tenders. The second limit is gaining tenders that we will be really able to deliver from an operational point of view, taking into account the potential difficulties of the job market. Because I value clearly one motto that is: what we promise, we deliver. What we promise, we deliver. It's really something that I want to commit with the operational teams towards our customers. Let's move to the next slide. For those who attended the previous conference, it's a slide that you have already seen. This is an attempt to present, in one single slide, the heart of the strategy of Atalian. And this strategy is fundamentally based on five pillars, and altogether with these five pillars, the refinancing itself used to be a sixth strategic pillar, but I consider that this pillar is now achieved. So the first pillar, it's refocusing on Continental Europe, and as earlier mentioned, I consider that this is done now, and we are satisfied with our current geographical footprint, and this footprint seems sufficient for us to cover the needs for our clients asking for multi-countries services. So we consider that is, it is achieved. We just have to exit from Myanmar, but for the rest, it's done. The second pillar, and it's key in respect to the challenge of Atalian to improve its profitability. We need to improve profitability, and I mean this, first of all, in absolute figures, and the levels, as I mentioned on the slide, are used, well-known levels, and they have to be deployed through continuous improvement plans. But this... They have to be deployed locally in each entity of the organization, taking into account local circumstances, sorry, and it has to be done again and again. This is really a continuous improvement approach. It requires commitment and leadership from the management, and also discipline and determination. And I think I can say that I'm used to it. I've done this for years. Third pillar, it's organic growth, and organic growth, I insist, is in itself a pillar of our strategy, and it should result from the combinations of five actions. Contract indexation, absolutely key in businesses where, 60%-80% of our costs are workforce cost. Secondly, proactive development of special works, and, because special works improves generally the business mix with higher margins, in most of the case, we are not put into tender, we are more or less in a captive position with synergies, therefore, we have, it's beneficial for the profitability as well as for the growth. The third lever, it's a better customer retention at renewal, and, even, evidently, last but not least, additional business on one side by enlarging existing contracts, with existing clients, and, on the other end, by gaining new clients. For these additional businesses, I am convinced that we should leverage, and it's what we already, what we're already currently doing. We have to leverage our segment expertise. We have segment expertise of the different sectors of our customers, and, it's a real strength to persuade new customers to choose and trust Atalian when we can, bring them expertise of their sectors. Fourth pillars, it's the development of integrated facility management, which replies to an increasing demand from industrial clients, and it has been a significant part of our growth in the last two years, so we want to continue to develop it. It will increase our FM share in our activities with higher margin and higher barrier to entry. And fifth pillar, it's external growth that should remain part of our strategy, even if we are realistic regarding the envelope that's devoted to acquisition. We will consider in priority small or medium-sized bolt-on acquisition, offering strong synergies with our existing footprint, and therefore bringing on one side, high valuation creation potential, and on the second side, a contribution to improve our debt ratio, or our debt metrics. Let's switch to the next slide that give you some elements on our guidance for 2024. We just confirmed that what we have announced on January 19, when we disclosed the agreement which with the group of noteholders, and the agreement that has now turned to a successful public exchange offer closed last Thursday. We had announced net sales stable or with a slight growth. We are recurring EBITDA around EUR 100 million, and CFFO in the range of EUR 20-30 million. We confirm this, these figures, and I would say that 2024 should be a year of stabilization and consolidation of what we have initiated in 2023, with a strong accent on indexation campaign. It's really my motto, and in every visit to our teams on the field, I really insist on campaign indexation. The second action, where we probably show an even greater determination, if possible, it's a specific action plan on loss-making contracts. We have to solve all-- we have not so many, but we have to solve all loss-making contracts. Productivity effort is also part of the roadmap, and I want all the team to be more aggressive on sales, to be more aggressive on one, and to improve our hit rate on tenders. It's not too bad, and it's quite good, if we compare it with our competitors, at least when we can evaluate our performance and their performance. But I think we still have to improve it, maybe by being more selective. And on the other end, we have to develop, I would say, add a word on that, to develop more proactively the special works. It's really something that can pay quite quickly, and I like to have a quick return. The further development around IFM is. It's already something that I mentioned. In addition, we are going to reinforce our CSR approach, and the idea is really to contribute more precisely to the very CSR targets of our customers as part of their Scope 3. We are, as a supplier, considered as able to bring something as part of the Scope 3 of our customers. After this year of consolidation, we expect 2025 to benefit from the full impact of our action plan and our strategy. As you know, we already disclose elements regarding our business plan during the last call. We expect an acceleration in the improvement of our EBITDA, as well as of our CFFO. Now, I turn the floor to Laurent to present more in detail the 2023 results. Thank you, Frédéric, and good afternoon, good morning, all. I suggest we move to slide 14. Thank you. So let's start with the slide summarizing the main accounting or presentation changes we applied for these financial results. So overall, these changes are intended to improve, of course, the readability of our financial statements. I will briefly comment on them, but I invite you to read the notes to the consolidated financial statements, that will be shortly posted on our website, for further details. First, as previously mentioned by Frédéric, due to the strategic refocus of the group in Continental Europe in 2023, the group has sold its U.S. assets at the end of last year. So as a result, U.S. operations are now accounted for as discontinued operations as per IFRS 5. It represented EUR 20 million EBITDA losses in 2023, a little bit short of EUR 10 million in 2023. Also, adjustments of accounting for non-recourse and recourse factoring, notably in France, have been made to clarify the impact of deconsolidation of factored receivables, depending on the recourse capacity of the factor. So consequently, as of December 31, 2022, cash and cash equivalents were adjusted down by EUR 25.9 million, and while at the same time, financial debt has been upped by EUR 26.9 million of recourse factoring, so an overall impact of EUR 50 million. Furthermore, we have reclassified the capital gain of the operation sold to CD&R in Q1, from other income and expenses to discontinued operations. This has an impact on the 2023 quarterly comparisons of EBIT, but of course, this is completely neutral on the net income basis. And lastly, as from January 1, 2023, we have reviewed our EBITDA definition, and decided to reintegrate provisions in the EBITDA, which were previously presented in provision and impairment line of the P&L. So this represents, approximately, this, you know, could have represented approximately EUR 3 million, negative of course, in 2022. So here are the main changes, and again, you'll have all the specifics and details within the documents published on the website a bit further, a bit later on. So let's move on now to the slide 15. And thank you. Let's have a brief overview of the key figures, some of which have already been commented by Frédéric, of course. No surprise with the numbers presented, which are in line with the guidance, except perhaps for the CFFO, that is slightly better than initially anticipated, as we are back in positive territories. I remind you that the guidance was heading for, or guiding for CFFO, still negative. 2023 is a year of progressive improvements, notably in the second half of the year, illustrating the benefits of the productivity measures, of the indexation plans in all our territories, the commercial discipline, and of course, the in-depth review of our clients' portfolio. Let's focus on the full year numbers. The net sales are up 4.1% to EUR 2 billion, while the EBITDA is down 15.8% to EUR 97 million. So despite higher revenues, this lower profitability reflects several factors, notably in the context of inflation and even in hyperinflation, like in Turkey. So although we have put in place indexation measures and achieved almost 100% pass-through at the end of this year, 2023 was still impacted by some lag effects in the implementation. Also, as commented in the first slide, we have decided to adopt a prudent approach, at closing. And we had to also book some specific provisions in regards to, as we already told you back in Q3, in some provisions for holidays during sick periods. Lastly, 2022 benefited from some exceptional elements, which did not repeat in 2023, so making the comparison more difficult. So overall, you had a bunch of non-recurring balance sheet impacts and P&L positive reclassifications. This represented an amount of EUR 18 million positive in 2022, of various reclassifications, including the accounting of the uniforms, which were previously capitalized. We also had, in 2022, a positive contribution, around EUR 8 million, of the COVID-19 high-margin special works, that didn't replicate in 2023. So if we have a look now at the operating profit, the operating profit, excluding the non-recurring items, amounted to almost EUR 41 million. Has to be compared to, close to EUR 51 million. I'm still on the previous slide, operator. Thank you. Compared to the EUR 51 million in 2022. So the decrease is mainly explained by the EBITDA decrease, as I've detailed. A word on the non-recurring items. They accounted in 2023 to an amount of EUR 43 million, and that reflects a major transformation year. Of course, this is not a recurring amount, or this is not an amount we expect to foresee again in the near future. So the amount is comprised of, and I've basically summarized all different elements, but you have, believe me, you have quite a few. So this amount is comprised of EUR 12 million of restructuring costs. EUR 10 million in costs in relation to the refocusing of the group's operation into Continental Europe. So many M&A related costs. EUR 4 million of refinancing costs, so they haven't been cashed out yet, but we started to book them, and the refinancing is, of course, the issuance of the new bond. Nine million of provision for sick leave due to change in the French regulation. Some has been taken, has impacted our EBITDA, but some is also impacting the non-recurring. And three million of impairment, mainly in IT, and five million of miscellaneous non-recurring items. So quite a large amount. The net profit for 2023 is positive, at in the region of 40 million, as it includes capital gain from the sale of operations to CD&R. The capital gain amounts to close to 150 million, and of the US assets, close to 4 million, and they are located in the discontinued operations line. As a reminder, in 2022, the net results included losses from the U.S., also in the discontinued operation line now, and they were including, at the time, a goodwill impairment charge of EUR 72 million. That's for the ease of your comprehension of the comparison between the two years. Lastly, I want to highlight again, the CFFO improvement, from being slightly negative in 2022, to close to EUR 5 million in 2023. This represent mainly a positive variation of change in working capital requirements, and lower operational CapEx, more than offsetting the EBITDA decrease. By the way, excluding the non-recurring items, the CFFO improved by EUR 24 million, from EUR 15 million to EUR 39 million. Let's move now to slide 16. Thank you. So the net sales increased by 8.3%, on a comparable basis. What does comparable basis mean? It excludes mainly the Forex negative impact, EUR 45 million. Mainly what you have here is the depreciation of the Turkish lira vis-a-vis the euro. We've also included in this number, we've netted it from the impact of hyperinflation in Turkey. It also includes scope impact to the level of EUR 35 million. And mainly here, what you have at the disposal, the impact of disposal of the Vietnamese and African activities in December last year. The performance was mainly due to new contracts and indexation, notably for cleaning activities in France, but also growth in the CE region, and the development of the integrated facility management operations. This was offset partially by the loss of a major contract in security in France. We've already mentioned it back in at the end of the term. Let's have a look at the following slide, slide 17. This slide focuses on the EBITDA evolution. So in 2023, recurring EBITDA fell by EUR 18 million to EUR 97 million, a decline of close to 16%. It excludes negative perimeter effects, almost negligible, and the impact of exchange rates and the hyperinflation in Turkey to the tune of 3.2%. Looking at the recurring EBITDA on a comparable basis, it fell by 12% in 2023, compared to 2022. If we exclude the EUR 8.4 million of COVID-19 special works contribution that occurred in 2022 but were not reconducted in 2023, the comparable basis EBITDA would have decreased by only 5%. What you have here are the indexation plans and productivity measures, are all ongoing, but they have been partially offset by accounting reclassification in the balance sheet and in the P&L, which had positively impacted 2022, but not 2023. And we also had a loss of some contracts commented in the previous slide. So all in all, we had plans of indexation and productivity starting a bit late in the year, we should say, so more in Q2 than in Q1. But also, that improved the results, and you saw that through the slide presented by Frédéric. But also, we're facing headwinds coming from 2022, which results were, you know, benefited from the absence of some charges we now have to input in 2023. Let's have a look at the slide 18. Thank you. So before detailing all the French operations that are highlighted here, let me mention that we have decided to reallocate the dedicated French holding cost to the segment. Previously, in the slide you were considering, you had France but excluding its dedicated holding cost. So now we've decided to put these two together, in order to better illustrate the performance of the segments. So the full year 2023 net sales increased by 2.7%. You can see that on the right-hand side of your slide. But the EBITDA decreased by 23%, with a margin point down 196 basis points to 5.9%. So indexation plans and productivity measures were more than offset by 2022 positive reclassification already mentioned. but also by the loss of the ADP contract in security and safety business, the non-recurrence of the benefit of COVID-19 special works in 2022, and the impact of inflation. Moving on to slide 19. We say a few words on the international operations, mainly CEE and Benelux. So the net sales of international operations increased by 23.2%. Again, focus your attention on the right-hand side of the slide. On a comparable basis, excluding the change in scope, EUR 35 million, and the full price impact of hyperinflation in Turkey, EUR 45 million. 2023 EBITDA increased by almost 24%, and almost 37% on a comparable basis. So this increase was driven by many account wins and productivity measures, not only in the CEE, less than offset by a lower Benelux contribution. Benelux was impacted by inflation and low profitability of some new contracts of the Netherlands, but the Netherlands is faring well at the start of this year. So very strong performance, obviously, in 2023 of international activities. The CEE region delivered indeed strong results, improvement, and despite, we should say, a difficult environment, marked in particular by the hyperinflation in Turkey. This good performance results from the strong Turkish performance, management changes implemented in some countries, along with specific actions implemented to reboost the organic growth and to secure appropriate pass-through of inflation to clients in all geographies. Let's move to the slide 20. I will comment here mainly the numbers below, of course, the EBITDA, as we have been through in details of the variation of the net sales and the returning EBITDA in the previous slides. So D&A's, depreciation and amortization, they decreased by EUR 7.7 million. That's mainly explained by one of the depreciations that occurred in 2022 and not in 2023. In particular, as mentioned already, we, in 2022, we accelerated the depreciation of the uniforms used in the business, after the change in the accounting methodology, there was an impact of EUR 4 million at the time, not replicated in 2023. I've already commented on the provisions and other income and expenses line when commenting on the exceptionally high level of restructuring costs as part of the transformation of the group. So net financial costs, now, they decreased by EUR 9 million to EUR 71 million. This positive change mainly results from positive financial income from the placement in secure, risk-free instruments of the cash we received following the disposal of activities to CD&R. Net profits for the period is positive, close to EUR 40 million in 2023, as it includes, of course, the capital gain positive impact of the sale of the operations in the UK, in the discontinued operations line, as we've mentioned. 2022, including the losses from the US, mainly the goodwill impairments I've referred to, EUR 70 million, accounted for as discontinued operations. Let's move to the slide 21. It presents you with the evolution of the CFFO, the cash flow from operation, that is now back in positive territories, in the region of EUR 5 million, which basically means an improvement of EUR 5.5 million versus last year. If we exclude the non- the cash non-recurring items, so the CFFO is actually up EUR 24 million. The exceptional non-recurring items amounts to EUR 34 million in 2023. It's different than the number you have in the PNL, because here we're talking about the cash non-recurring items. They're always different from the provisions you have in the PNL. So here, they account for slightly lower, they account for EUR 34 million. They are mainly made of EUR 14 million of restructuring costs, EUR 10 million relating again to the refocusing of the group's operations, so mainly various how many costs? EUR 4 million of refinancing costs and EUR 6 million of various non-recurring items. The CFFO improvements in itself is mainly explained by improved changes in working cap. It reflects basically a better management of the working cap, along with greater use of factoring, and despite a lower EBITDA. In the end, naturally, particularly in Q4, and in particular in France, we build more and we collected more, while still paying well our suppliers, or even reducing our payment terms, so it's actually quite a healthy improvement of the working cap. As a reminder, also, the drop in the CapEx is mainly explained by changes in accounting method. Again and again, it's the same story about the formerly capitalized uniforms that are no longer capitalized today, and they are OpEx. Let's move to slide 22. Here, it shows the net debt evolution, which amounted at the end of the year, still, at close to EUR 800 million, compared to EUR 1.4 billion at the end of 2022. I've already commented on the CFFO. We paid EUR 71 million of interest for bonds, and this amount is meant to decline, reduce going forward, of course, with the new refinancing. And therefore, the net debt reduction mainly, at the time, resulted from the sale of operations in the UK, Asia, and Ireland to CD&R. Well, that concludes my brief presentation, and I now give the floor back to Frédéric for the conclusion. Thank you, Laurent. Maybe if we can go on the last slide, which is number 24. Thank you. I would say that the main message that I wanted to highlight is, first of all, 2023 was a year of major and crucial transformation. The refocusing of geographical footprint in Continental Europe is achieved, and it was something very significant. The refinancing of the bond debt, it's something that we have now behind us. It was a major task. It has been done, and it has been done properly, and with respect of all the stakeholders. And third point, we have rebuilt the management team and the organization, so I would say that we are now on track. We have achieved the transformations that were needed. In the same time, we have shown a resilience in what I may call rather stormy weather, and this resilience is something that will be encouraging for the future. We confirm the guidance for 2024, as well as for the two following years. I think that if we focus, as we do it, on a day-to-day basis, on quality of service and on reactivity, which are the two main qualities asked by customers of facility management, I think that we have what it takes to deliver our strategy. Strategy is, as I said it before, on one side, customer-centric, and on the other side, profitability-oriented. Profitability in absolute figures, not necessarily in margin rate. And I think that if we have the proper discipline, if we are committed to customers, we will turn into reality what is today our ambition, that is in bold on the slide, to become the favorite partner for our customers in the implementation of specific or global FM services in Europe. I thank you for your attention. Now, we are ready with Laurent to answer your questions. Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question or make a contribution on today's call, please press star one now on your telephone keypad, and to withdraw your question, please press star two. Star one to ask a question, please. The first question comes from the line of Miguel Luis, calling from Bain Capital. Please, go ahead. Hi, thank you for the presentation. Wanted to ask about the evolution in churn. Could you give us some figures, how is it evolving? Do you see it trending down? And maybe if you can discuss, you know, on the different markets. Then if you can discuss maybe on new tenders, amount of new tenders won, win rates, margins of those new tenders, and maybe with an inflation pass-through also, you mentioned that you are more or less passing current inflation, but if you can specify a bit and, you know, on this cumulative, you know, lag on inflation, whether you expect to recover some of it or whether that's, you know, lost forever. Well, first off, the trading update. Okay. I would say trading update, what I can say today, I won't give you specific figures, but the first thing that I monitor is the net balance between the offensive contracts that we won and the defensive contract that we lost. And I monitor it zone by zone, and in France, business line by business line, and so far, it's positive, and which is something absolutely key for me. We have achieved some significant wins. Some of them are not published public at this stage, but we will probably give more detail on the Q3 or the Q1 presentation. But the trade balance is positive, and is positive in all the geographies, all the segment of business. That is something that is absolutely key for me. We have one major tender in France on the cleaning business that, where we are the incumbent and where we might potentially lose some market share. But I think that altogether at the end of the semester, because at the end of the semester, we will have the result of this tender, I think that we will still be on a positive balance, sorry, between offensive gains and defensive losses. Regarding the pass through of inflation outside of France, we are close to 98%, I think, at this time. So, it's quite correct, even if, when you're dealing in Turkey, you have an inflation of 60%-70%. I don't know exactly the last figure, but it's something quite high. In France, we are slightly late, but we have many discussions currently with our customers, so it's not a final position. But I think that altogether, we should be more or less in a situation that with respect to the current inflation, we have the coverage of this inflation. But it's true that if you take the cumulative inflation since the beginning of 2022, we will still have a lag if you consider this period. Just to give you figures, in France, when you consider the inflation of minimum wages and some additional costs in the cleaning business, we have 17%, 17% increase between the beginning of 2022 and the end of 2024, taking into account the salary increase that should take place in July. And obviously, we are not going to cover everywhere this 17% increase. That's why we probably will need to have new tender to start with a new cost basis to come back with the figures we were used to have before the COVID period. There was a third question, but no? No, I mean, the level of, basically in the 2023 numbers you have, the mismatch in terms of pass-through being very well performed towards the end of the year, versus not being very well performed at the start of the year, has basically created an impact on the EBITDA. That is, and although we don't publish all these numbers in details, but consider it's in, it's in the region of EUR 3-4 million. That's slightly less than what we were expecting a few months ago, but still, that's there. We hope in 2024 that the current continuous efforts in terms of pass-through will help us to recover some of that, as we were planning to do. It's a bit early to say if we will be successful. And maybe two additional comments. The first one is that, since last year, in most of the new contracts, we obtained indexation clause, or at least safeguard clause, if there is a indexation. And the second comment is that, at least, in western part of Europe, we have a decrease of inflation. That means that, in the coming months, inflation should come back to what we used to know before the Ukraine war. In eastern part of Europe, we still have in many countries high inflation. It is much higher than what we have in France or in Benelux. Okay, that was also thank you. Maybe one follow-up on working capital, I think your position at year-end was better than expected. Are you seeing any changes maybe in, you know, your suppliers requiring you to pay more upfront, given the, you know, the financing situation has improved for you? Or, you know, why, what drove the, the better working cap situation? I will give you a first answer, but Laurent will... I think that for the moment, it's on our side, that we have decided not to pay on a too long, a too long delay, our suppliers. In some case, we have come back to what is more, I would say, the common practice, where when the suppliers used to ask to be paid on a cash, on a cash basis, I don't know if it's the word in English, but we say in French, cul au camion. I don't know how to translate it in English. So far, it has not really improved. They are waiting to... First of all, they wanted to have the clear confirmation of the refinancing. Now it's done, but it's only one week ago. And we are, at the moment, making a kind of roadshow to have a talk with all our key suppliers, to explain that Atalian is back in good shape, and that we can come back to regular payment terms. But maybe you want to... Yes, I mean, we, as we told you before, so in 2023, at the end of the year, we paid early some of the suppliers earlier, let's say, to the tune of EUR 14-15 million. We continue now to pay quite promptly when we need. To Frédéric's point, the pressure remains here, but we should mention that today, this is now mainly a French problem, i.e., we don't have these issues in the CEE or in Benelux. And we have a growing amount of suppliers that seem to understand that the situation is stabilized, but yet we're not out of the woods completely. So we still need to do our marketing efforts to explain. ... There could be any improvements in the coming months. Okay, thank you. We currently have no question coming through, so as a final reminder, if you would like to ask a question, please press star one now on your telephone keypad. Well, there are no further questions, so I will hand it back to your host to conclude today's conference. Thank you. Yeah, then I would like, first of all, to thank you for attending. What we wanted to explain to you, and I hope to convince you with that we are on track. As mentioned, we have achieved the structural transformations that prepare the future for Atalian. We have proved resilience in stormy weather. We have, I consider, and I've visited now almost all the countries of where we operate, and I think that we have good position in the countries where we operate, with a good professional reputation. That means good service quality, good expertise, good technical competencies, and I consider that this good professional reputation is something is an asset we can count on. Our teams are in place, and if I may use a military word, they are in order of battles. They know the strategy. It has been explained in all the countries, in all the French region, and I think that they more than welcomed the refinancing that was considered as an evidence of the confidence of our bondholders and creditors. Therefore, I think that we have what it takes to succeed and to develop further in a business, the facility management, that remains a growing business at Europe level. So, we're on track and we are confident, and I wish you a good afternoon. Okay, thank you. Thank you for joining today's call. You may now disconnect.