Welcome, everyone. Welcome to the EDF head office for the presentation of our group's annual results. Thank you for being here today. Some of you have also logged in and are following us online. We will hear a presentation of our annual performance, and then we'll have a Q&A session. For those of you attending remotely, feel free to write down your questions. We will answer them as best we can. Before we hand over to Mr. Luc Rémont and Mr. Xavier Girre, a quick video to review the highlights of 2022. Thank you all. Hello, everyone. Welcome to EDF headquarters for this annual presentation of our group's performance. I'm particularly happy because this is my first time as CEO that I get to welcome you to EDF headquarters. As you well know, I joined the group a couple of weeks ago, and from day one, it was important to me that I get in touch with those who embody EDF, our partners, our customers, and the video showed it clearly. Every time, I was extremely impressed by the level of commitment of our teams and also their sense of service, what the company is providing in terms of a public service. Yes, we are up against a number of challenges, and we are addressing them. When I joined the company, the short-term challenge was getting through the winter, and we still have a few more weeks of winter to go through. I must stress that from day one, I have seen a remarkable level of commitment among our teams. This is why we are fully confident in our ability to get through the winter. I would like to take this opportunity to thank our teams for their daily efforts. Today, we are introducing our yearly performance. Before our CFO, Xavier Girre, presents our results in detail and answers your questions, I would like to begin by highlighting our main indicators that are the basis for our performance and also look back at the highlights for fiscal 2022. In 2022, nuclear generation in France came to 279 TWh. That's 81.7 TWh less than in 2021. Obviously, this is due to lower availability of the nuclear fleet, mainly because of checks and repairs carried out on reactor circuits. After stress corrosion was discovered. stress corrosion is now a well-known phenomenon. This means that we've been able to reduce incidental events and also optimize our power generation schedule. We made the most of that difficult situation. This was an unprecedented industrial problem, at least at that scale, both for EDF and for the rest of the nuclear in industry sector. Hydro generation in France amounted to 32.4 TWhs. This is a decrease of 9.4 TWhs compared with 2021 due to historically low hydro conditions, despite outstanding availability. In the U.K., nuclear generation amounted to 43.6 TWhs, up by 1.9 TWh compared with 2021, despite the shutdowns of Hunterston B in January and Hinkley Point B in August, due to good availability of the fleet and also a less busy maintenance program than in 2021. Carbon intensity for the group came to 50 grams of CO2 per kWh, a slight increase. Carbon intensity is up 2 grams of CO2 per kWh from 2021 due to lower nuclear and hydro generation in France. We can also say that, in millions of tons, our emissions are down, there's a marginal and temporary increase of our carbon intensity as a result. The group's worldwide wind and solar output was 24.6 TWh, up 18% compared to 2021. Our portfolio of wind and solar projects worldwide reached 85 GW gross at the end of 2022 compared with 76 GW at the end of 2021. This is a buoyant result, which encourages to continue investing in renewable energies. Our financial performance in 2022, the EDF Group's EBITDA was negative by EUR -5 billion, despite a strong increase in revenues supported by electricity and gas prices. EBITDA is heavily penalized by the decline in nuclear generation, as well as the one-off regulatory measures put in place in France for 2022. These events meant that the group had to purchase large volumes of electricity at very high prices. EBITDA benefited from the exceptional performance of EDF Trading amid high market volatility and improved nuclear generation in the United Kingdom. Net income before non-recurring items amounted to EUR -12.7 billion, down by EUR 17.4 billion. This change mainly reflects the decline in EBITDA, partly limited by the current financial result and an income tax benefit. Net financial debt amounted to EUR 64.5 billion. The EUR 21.5 billion increase in net financial debt is mainly due to the cash flow generated by operations. At the end of 2022, we had EUR 14.8 billion in net cash. Let me say a few words about our capital situation. As you know, the French government has launched a simplified public tender offer for the shares of EDF. The board of directors has spoken in 2022 and issued a favorable opinion on the offer after taking note of the work and the findings of the independent expert who deemed the offer to be in line with the interests of EDF, of its shareholders, as well as OCEANE bondholders and the employees. As of today, the simplified public tender offer is provisionally closed, pending the decision of the Paris Court of Appeal on the challenge filed by minority shareholders seeking the cancellation of the clearance decision. The French state held, on February 8th, 95.82% of the capital, 96.53% of the voting rights, and 99.96% of the OCEANE bonds at the closing of the offer. As I said before, there have been a number of challenges in 2022. If you've been keeping up with the group's latest developments, you must be familiar with the whole stress corrosion saga. This has kept us on our toes for a year now. I'm now going to review the entire story. I just wanna say that for more than a year, the company has been faced with a major operational challenge following the discovery of stress corrosion on some of our reactors. Assessments and analyses have been carried out, and they have enabled EDF to identify the reactors that are most susceptible to the development of SCC, that's stress corrosion cracking. These are the 16 most recent reactors, the four reactors of the N4 series and the 12 reactors of the 1,300 P4 series. The industrialized treatment process has enabled us to stay on schedule, and we have up to 43 reactors available for production. For 2023, we have decided to proceed with the preventative replacement of pipes in untreated reactors without carrying out prior inspections in order to control the duration of outages, because our objective is to ensure safe power generation. Preventative replacement is the next step for 2023. It's part of our business plan, and we are focusing on the reactors concerned by stress corrosion cracking. This will also be an opportunity to optimize the availability of our nuclear fleet for the winter of 2023, 2024. I spent a lot of time in the field in recent months, and I have seen how much control our teams and our industry partners enjoy when it comes to addressing that challenge of SCC. We have moved into the industrial phase in the process of addressing that problem, and there was a very iconic moment when the Civaux 1 plant was connected to the grid at the end of January. That was the first reactor that was affected by stress corrosion cracking. Symbolically, that was an important time for the company. This was the first reactor where corrosion problems were found, and it was connected to the grid once again. The strength of the company is judged by its collective response to such challenges. I am convinced that we have found, that EDF has found, working together with its partners, the right solution to this industrial hazard. Needless to say, exceptional and urgent efforts have been made. This did not lead us to postpone longer-term efforts to improve our performance. These efforts are continuing, they are ongoing, and they're absolutely key in order to successfully meet the challenges of nuclear power, both in France and abroad. In particular, in 2020, we launched the excell Plan, the goal being to restore the highest level of operational stringency and availability in the nuclear industry. We're continuing this work. The excell Plan has achieved the set goals to a very large extent, as defined in 2020, and we're going to continue and extend this plan so as to further improve availability of the nuclear fleet. We are also continuing the work on consolidating the nuclear sector generally, and we've recently reached a definitive exclusivity agreement with GE for acquisition of GE Steam Power activities for conventional nuclear power plants. This transaction means that EDF can have more technology and skills, for which are essential for the sustainability of the nuclear fleet, both now and in the future. In the U.K., we're delighted that the British government has decided to join in capital investments in the Sizewell C project, and also the fact that the financing model falls under the Regulated Asset Base financing model. This confirms that Great Britain trusts the nuclear sector as being part of its energy mix, and this is very good news. In France, we recently took a fresh look at the calendar and the cost of building the Flamanville 3 power plant. The key stage of loading the nuclear fuel is planned for the first quarter of 2024, and cost to completion is currently estimated at EUR 13.2 billion. I would like here to point out that the project team and all of our teams and our workforce and partners are working very hard together as fast as possible, bearing in mind security issues, so that Flamanville 3 can be connected to the grid as quickly as possible. 2022 was also the year of the president's speech at Belfort, as we saw in the film. France is intending to launch a new nuclear program. Following on from this speech, there was a public debate about Penly and EPR2s. This began in October and will end on the 27th of February. Finally, nuclear has been included in the European taxonomy of renewables. This means that nuclear will be able to play its role in achieving the carbon-neutral goals that we have set. I'd like to now talk about renewables. This is an activity that's developing very quickly in France and also on other continents. Our project portfolio has increased by 12% as compared to the end of 2021 and now amounts to 85 GWs. We have major ventures such as, the, wind turbines offshore of Fécamp and Provence Grand Large, which is a floating, wind turbine project, and the first, floating solar project in France, by EDF, at Lazer. We've completely commissioned now the, first, offshore or wind turbine, park in, France off Saint-Nazaire for 480 MW, and also, the first MW have been produced in the largest solar, plant in the world at Al Dhafra at the UAE. I'd also like to say that we've signed a partnership agreement to develop, build and operate a hydroelectric plant in Mpatamanga in Malawi. The energy context is unprecedented, seen nothing like it over the last 40 years. This is true of the whole of Europe, and in this context, we have worked closely with our clients, and many clients have returned to EDF. Our client contract portfolio worldwide has increased by 3%. In France, it has increased by 700,000 clients, residential clients. We have more and more contracts under market conditions, 2.4 million clients at the end of 2022. However, we also have clients who have returned who, under contracts with regulated sales tariffs, and this has had a negative impact on EBITDA in 2022. Given the very high prices on the market, we've had to buy up. As for businesses, 2.5% increase in market share at the end of December 2022 on the base of the volumes sold to be delivered in 2023, so business clients trusting us. We are determined to help our clients to cope with increase in energy prices. We've put in place measures to support them. We provided them with forms to claim their rights in terms of reimbursement and various measures. We've sent out postal messages and emails to 400,000 very small businesses, and we've put in place a dedicated page on the website and a dedicated phone number to answer our clients' questions. In services, and particularly, electric mobility, growth has accelerated with 280,000 charging points that have been rolled out and managed at the end of 2022. Our independent subsidiary, Enedis, has helped a lot to ensure better penetration of electric mobility in France. 2022, 3.8 GW of renewable power have been connected to the grid. That's an increase of 18% of connections as compared to the end of the previous year. I'd now like to talk about winter and measures to ensure sensible use of energy. The government and public authorities and all our partners have been very much involved in these efforts. The current situation is critical. We have an energy crisis. Electricity has become the focus of much debate and discussion, and obviously EDF has been out on the front line to ensure that our clients are supplied with electricity throughout the winter. I'd like to begin with Enedis, so which managed to save 2.4 GWs at the morning peak consumption time. Thanks to a shift in the heating of hot water tanks during the night, this has saved 2.4 GWs at morning peak. That's equivalent to the total consumption in electricity of a town like Paris. In order to ensure better availability of production fleet, we have worked on all possible measures, beginning with the overall maintenance of all facilities, nuclear, hydroelectric, thermal, wind and solar, which we predicted ahead of time and scheduled before with the winter. We help clients better program their electricity and gas consumption. For instance, we have Tempo special offer at the regulated sales tariff. We also have awareness heightening campaigns, which we launched as of the autumn and been very successful. We note that consumption has fallen over the last months, of course, partly due to prices. Really, I think that our clients have shown considerable sense of responsibility, as have all French people, and have really helped to cut back on consumption and we have increased production. We've also got an in-house energy saving plan, which has meant that we've been able to reduce our energy consumption for tertiary sites by 10% in the fourth quarter. Thanks to all of these measures, we have managed to cope very well with the cold snaps that occurred at beginning of the winter. We are continuing these efforts, but I did want to indicate just how hard we have been working and how successfully in this area. Regarding environmental, social and governance commitments of the group, our commitments are very clear. We have set them out and this for a long time already. The avoided emissions now is 30 million tons for 2030 for our clients, thanks to the sale of new innovative products and services and a change in the perimeter that's now extended to G4. In 2022, we presented a climate resolution to our shareholders. The resolution was adopted to the tune of 99.87% of the shareholders. Another commitment we made was to have more women in top management or management boards. We have been very successful here too. Regarding sustainable finance, we issued a EUR 1.25 billion green bond issue in October 2022 to finance investments in electricity distribution. As of the end of 2022, we've got EUR 10 billion of green bonds issued, which strengthens our place on the market in terms of green bonds. There you have the information about our results generally. I'm now going to hand over to Xavier Girre, who's going to be talking more about the financial results. Thank you, Luc, and good morning, everybody. I suggest that first of all, we come back to some key figures for 2022. First of all, Sales 2022, EUR 143.5 billion. An organic increase of 69.4%, thanks to the marked increase in electricity and gas prices. EBITDA, minus EUR 5 billion, down EUR 23 billion as compared to 2021. Mainly because of buybacks of large volumes at very high prices because of the imbalance between supply and demand in 2022, which was caused by the reduction in output, particularly nuclear, because of stress corrosion and the one-off increase in the allocation of 20 TWhs under ARENH. The net income is minus EUR 12.7 billion, as along with the lines of EBITDA and the share of the group at minus EUR 17.9 billion. Net debt has increased from EUR 43 billion at the end of 2021 to EUR 64.5 billion at the end of 2022. Regarding EBITDA, why has there been this reduction between 2021 and 2022? First of all, nuclear generation has fallen in France to the tune of 82 TWhs. This is because mainly of stress corrosion problems, of which accounts for -EUR 29.1 billion because the corresponding amounts that we couldn't produce had to be bought back on the market at very high prices. Exceptional one-off regulatory measures to limit price increases for consumers had a negative impact of EUR 8.2 billion. Finally, there were favorable price effects because of the increase in prices on the market. This contributed to +EUR 8.7 billion for France. If we look at the other main headings, hydroelectric generation was unusually low in 2022, both in France and in Italy, the impact is estimated at minus EUR 2.7 billion. I would like to point out that net generation in France was 25 TWhs. That's down 10.9 TWhs as compared to 2021. A contrario, thermal generation benefited from a volume and a positive price effect, contributed to plus EUR 1.3 billion. The same is true for nuclear generation in the U.K., where there was a positive volume effect, plus 1.9 TWhs, and prices were high. Whereas generation levels were low in 2021, that led to buying on the market at high prices. Trading activities, this was an exceptional outstanding year. Markets are very volatile, and there was an improvement of EUR 5.2 billion as compared to 2021. Regarding the remaining results. First of all, operating results, EBIT -EUR 19.4 billion, down EUR 24.6 billion. This is along the same lines as the drop in EBITDA that I've just explained, so I don't think I need to come back to that. Net results, a share of the group, -EUR 17.9 billion. I've mentioned a number of points regarding operating results, but I would like to point out that there was a drop in financial results of EUR 3.9 billion. This is due to a worsening of financial markets in 2022. This had a negative impact on the performance of dedicated assets, -EUR 5.8 billion. Their performance amounted to -8.5% in 2022, as compared to +11.9% in 2021. However, the real discount rate for nuclear provisions in France increased by 50 basis points in 2022. This had a positive impact as compared to a drop of 10 basis points in 2021. The coverage rate of dedicated assets for nuclear provisions amounted to 107.1% at the end of 2022, as compared to 109.3% a year previously. For information, this rate is close to 110% now, given the improvement of the financial market since the beginning of the year. Second, significant point to note here is the tax charge, well, which will increase to EUR 3.9 billion in 2022, a change of EUR 5.3 billion. This is directly linked to the negative value of the profit before tax of the French tax group. Once non-current items are neutralized, notably negative changes in the fair value of dedicated assets and impairment losses, net current income is EUR 12.7 billion. Let me finish with a few words on changes in cash flow and net debt. The group's cash flow was minus EUR 24.6 billion. This is mainly due to the deterioration of cash EBITDA, so minus EUR 12.8 billion, as you can see on this slide. The difference between EBITDA minus EUR 5 billion and cash EBITDA minus EUR 12.8 billion is mostly due to the neutralization of the EDF Trading positions that have yet to be unwound by the end of 2022, which are therefore recorded in EBITDA without any cash effect for this year. Conversely, WCR has been reduced by EUR 8.3 billion, and this amount includes a favorable effect for EDF Trading, which is mostly related to the reduction in margin calls in the context of falling prices at the end of the year and the setting up of letters of credit to replace cash margin calls. There's another favorable factor pertaining to WCR, and that's the increase in the CSPE debt to the government. Amid market prices that are higher than those of the renewable energy purchase obligations, EDF benefited in 2022 from compensation for the CSPE, which they will have to pay back in 2023. Net investments amounted to EUR 16.4 billion, up by EUR 0.7 billion compared with 2021. This figure includes an increase of EUR 0.8 billion for EDF Renewables investments. Despite the tax income that I detailed earlier, we're seeing here a cash outflow that was made in respect of income tax, mostly due to the profit of EDF Trading and Edison, excluding the French tax consolidation. Lastly, the capital increase in April 2022 came to EUR 3.2 billion. Net of the issue and redemption of hybrids represented a contribution of EUR 2.3 billion. Net financial debt came to EUR 64.5 billion at the end of 2022, compared to EUR 43 billion at the end of 2021. Thank you. Now I'll give the floor back to Luc Rémont. Thank you, Xavier. Now, let's turn to our 2023 objectives. As I'm sure you understand, whatever the company does seeks to turn around the group's EBITDA by returning nuclear generation to a context of continued high prices, so as to achieve an EBITDA level that is significantly higher than 2021. We have set a net financial debt to EBITDA ratio target of less than or equal to 3x, and an adjusted economic debt to EBITDA target of less than or equal to 4.5x. Our priority is to turn EDF around. I am convinced that all of the actions that are currently underway will bear fruit, and I can already reference the successes that we will achieve in 2023. Firstly, nuclear generation. Thanks to our entire company coming together and the work of our industrial partners, this has enabled us to identify and address the problem of stress corrosion on a number of reactors. We will continue that work in 2023. For 2023, we are confirming the nuclear generation range of 300-330 TWh, and that's a gradual exit from the stress corrosion Cracking crisis. In addition, we're also seeing the initial results of the START 2025 program, which aims to improve the performance of the nuclear fleet on a long-term basis. What is our priority? Well, strengthening that priority and satisfying and supporting our customers over the long term with the most comprehensive range of offers and services on the market. We are increasing our customers' ability to consume less energy, better energy, and also do it at the right time. Amid the energy crisis, we're supporting our customers, be they individuals, industrialists or craftsmen, with suitable solutions to optimize their electricity bill. This is in line with our spirit of service and innovation. We will continue to pursue our plans to decarbonize industry, particularly through Dalkia. From the industry point of view, we will have major successes with the renewable energy projects that I mentioned earlier, such as the Fécamp offshore wind farm, the Provence Grand Large floating wind farm, and the Lazer PV plant, which is the first floating PV plant. We will be making major progress on major international projects with the empowerment of the Nachtigal Dam in Cameroon. Similarly, in the nuclear sector, startup tests for Flamanville 3 are expected at the end of the year, and we will soon be able to look forward to the integration of GE Steam Power's activities into the EDF fold. Finally, distribution networks will, more than ever, play a key role in the integration of renewable energies and the acceleration of electric mobility with a continued acceleration in connections. With a view to raising the group's financial trajectory, I have decided, together with the executive committee, to launch four operational excellence projects at the beginning of the year that I'd like to share with you. Our first project is called Metal Time. It's a well-known phrase that we use. We are referring to the actual working time of the machine, and everybody is affected, the technicians, employees, engineers. We need that metal time to be optimized. It's important for us, for our partners. We have an operational project, the goal of which is to optimize metal time for everybody. We're trying to improve the company's operational performance. Second project, we seek to accelerate and industrialize digital technology. We have a lot of digital strengths, and we need to ramp up. We need to take things up a notch. We have a second project that will focus on digital transformation. Hopefully, in a couple of years, of course, there's gonna be low-lying fruit, but hopefully, in a couple of years, we will achieve industrialized and integrated digital capabilities so that we can all work together effectively and efficiently with our partners on all of our operations. Project number three has to do with skills. The goal is to focus on the considerable requirements of our sector. In recent weeks, I have noticed that we have the skills, we have the expertise. The company has strong expertise, unique expertise in a lot of ways, but we need more. We need to upskill the entire sector in order to meet our future challenges. The third project will seek to improve and upgrade our skill set. Finally, the last project. Well, the last project kind of summarizes the first three, and the goal is to manage our operational performance. Xavier is in charge of that project, by the way. His goal will be to strengthen the group's performance, cultivate this performance-driven culture, and generate a better level of cash flow in order to ensure the group's financial sustainability. Four priority projects that'll keep us busy throughout the year and beyond. In 2023, we're hoping to see results from that hard work, and this will help improve our operational performance in the next few years. We seek to restore generation capacities to a high level and improve our operational improvement. This will enable us to sustain the level of investment necessary to grow. Our objective and our outlook for 2023, therefore, is to achieve an operational turnaround so that we can face the future of the group with confidence. Thank you very much for your attention. Xavier and I, and the rest of the executive board members are standing by to answer any questions you may have. Thank you. Please introduce yourself before asking your question. Hello. Thank you for your presentation. I represent Les Echos. I have a couple of questions, actually. First of all, regarding your targets. You have introduced two different ratios, two ratio targets for the year to come. Where do you stand today relative to those ratios? That way we'll understand better how much further you need to work. Also, what about EBITDA? Where do you stand there? Could you give us your opinion regarding the bill to nationalize EDF, which was adopted by the National Assembly, and also concern among MPs regarding RTE and RTE's capital? A number of MPs have expressed concern about that. The third question, market design. There's a whole discussion at the moment regarding market design. At EU level, a consultation process just came to an end. The French government advocates a lot of CFD, particularly for EDF and EDF Hydro. What do you think? Thank you very much. Maybe, Xavier, you can take the first question, and I will answer the last two. Regarding the ratios, let me read to you our targets. Net financial debt to EBITDA ratio lower or equal to 3x. That's a target for 2023. The latest communication was about 3 or slightly higher than 3. We seek to improve that ratio relative to our initial guidance for the end of 2023. It doesn't really make sense considering the fact that EBITDA is negative at the end of 2020. Regarding to the adjusted economic debt to EBITDA ratio, our target is to achieve a 4.5x, slightly less or equal to 4.5x. For the end of 2023, our guidance was 5x approximately. We seek to improve our financial guidance relative to the guidance we issued at the end of last year regarding our target for the end of 2023. As Luc correctly said, we seek to improve our EBITDA. We expect EBITDA to significantly exceed our EBITDA in 2021, which came to EUR 18 billion. We will achieve significantly more than that in 2023. In particular, this will be driven by a gradual return to nuclear generation standards in France amid strong and amid high market prices. For 2023, regulations do not include exceptional measures such as the measures adopted in 2022. Thank you, Xavier. Regarding the rest of your questions, dear Sharon. Well, French Parliament is responsible for the legislative choices that they make, and they are the sovereign authority in that regard. In order for the government to become the sole shareholder of EDF, they don't need to legislate. As far as the government is concerned, there's a simplified public tender offer underway. They seek to increase their shareholding to 100%. They do not need Parliament to legislate to achieve that goal. The government does not plan to change the group's scope of operations. Of course, the onus will be on Parliament to determine what they want to legislate on or not. The government's plans are clear, and the relationship between the company and its governmental shareholder is clear as well, irrespective of the legislative agenda. This is the early days. The European Commission has started a consultation process. The answers were submitted only last week. Of course, in terms of market design. New market design will need a consensus at the E.U. level. That's how market rules work on European markets such as electricity. That's how things work. As a company, obviously, we seek to comply with the legislation and be part of that E.U. electricity market, because that's a good thing for the French market. Regarding this winter, the fact that it's possible and easy to trade electricity between E.U. countries, there was a drop in output in France and other countries in E.U. were affected by the gas crisis. The E.U. market means more flexibility, and every E.U. Citizen is benefiting, including French citizens, because we have the option to go fetch electricity wherever we can find it, we can do it quickly, and we can do it all the time. Of course, we need to supplement that market. During parliamentary auditions, I had an opportunity to issue an opinion regarding the regulatory mechanism that applies in France via the ARENH. Some people called it at the end of its tether. We need to find a way through those discussions, and we will be part of that effort, and we work together with French authorities to find the best possible way forward. We want to give the best outlooks possible for the French market and French consumers, so they can have access to competitively priced electricity. Electricity markets have been very hard hit by fluctuations in gas prices, and we want to have a better long-term outlook. That's our goal in the course of these discussions. Thank you very much. Hello, I'm from Reuters. Could you give us some idea about your investment trajectory over the coming two to three years? My second question relates to the Hercule project that's now been dropped, but which foresaw specific treatment for non-renewable energies, the idea being to accelerate EDF's involvement in renewable energies. Do you think it's going to be necessary to take a fresh look at this activity cluster to avoid falling behind EDF's competitors for renewables? Thank you very much indeed. I will begin with the second question, perhaps. You've said yourself that the Hercule project has been dropped. This has been confirmed by several members of the government already. We are now defining a roadmap. The Prime Minister wrote to me right at the beginning of my appointment, asking me to produce a draft roadmap for the first half of this year. We're busy working on that. That roadmap's aim is to develop all of the business lines of EDF, which are essential for the group's success. I think I made my point very clear before accepting the job, that the group has to have diversified production, a diversified distribution grid, and meet clients' needs. We're going to continue working on the roadmap with those goals in mind. I would just like to say that regarding the specific question that you ask about, stepping up the development of one or other type of activity, this is something that's already been taken on board in our development model. We don't necessarily need systematically to have 100% ownership of the assets that we're developing. There are lots of activities where we have partnerships, and that's a normal development modality for a group like ours, and it also makes a group like ours flexible. It's standard business practice. This is part of the decisions that we've taken when we're asked about, the legislative or regulatory framework that may apply to our capital and to our assets. Flexibility is a normal business practice everywhere, and we're already applying it to a large number of our activities. Regarding the investment trajectory, I don't know, perhaps Xavier would like to answer. We can't really give you specific figures for the coming years because. This is going to be part and parcel of this roadmap we're working on. You've heard the government statements and the statement made by the French president, who has said clearly that, significant investment's going to have to be made, particularly in nuclear, but not only in nuclear. Xavier? Yes. Perhaps I could just come in to supplement what you've said, Luc. I'm not going to give a figure about 2023, 2024 investments. I think we need to keep in mind that EDF is at a turning point in its history where significant investments are going to have to be made, particularly development investments. If you look at the 2022 figures, at the actual figures, which I think are significant for coming years, we invest EUR 6.4 billion without the sales planned. That's net investment. Of those, EUR 7.5 were investments for maintenance and EUR 8.9 billion were development investments aiming to generate new activities, new capacities. This is renewable energy, for instance. The connections of new renewable energy producers through the Enedis grid, new nuclear capacities. EUR 7.5 maintenance, EUR 8.9 for actual development, total EUR 16.4 billion in 2022. This, I think, is telling for the current and future trends. Thank you, Xavier. Nathalie, AFP. My first question, could you put a figure on the cost of the strikes in the autumn? Do you have any estimates for the effect of strikes against the government's retirement plan since beginning of year? What do you think about the reform of the IRSN that's been suggested? My third question, what about 2035, the objective set for EPR2? Mr. Le Maire said 2034 at one point. 2035 and 2034. Regarding the cost of the strikes in the autumn, I wasn't here then, and I don't have the figure. Regarding since the beginning of the year and possible cost of strikes, I'd just like to say that apart from some very specific and limited cases, social dialogue is continuing within the company. Social disruptions don't concern just EDF and hasn't had a significant impact on our generation capacity and has not negatively impacted our ability to supply the country with electricity. I think that all of our workforce have acted in a responsible manner. They are entitled to strike. At the same time, they have borne in mind the fact that our company has a public service mission. I know that they're very attached to ensuring that we can fulfill that mission. Regarding the IRSN reform, the government wants to change the structure of an authority that monitors and controls EDF, but I can't really have an opinion about how the government wishes to organize that activity. I understand what the government's decision's intention is, but I can't obviously give an opinion on that, for obvious reason, almost by definition. EPR, 2035. We're hard at work. There's a lot to be done. We need to work on this. There's a public debate underway that's of some significance, and there's a lot of work ahead of us to make sure that all of the industrial nuclear sector can have a boost and be shored up so that we can meet that target. We've understood what the target is, and we'll do everything in our power to make sure that we meet it. Could you give us a figure on the second phase of the Grand Carénage operation? The first phase is over, but we've been waiting for the second one. We're told time and time again it's going to happen. We're still waiting. I don't know if we have a figure of the second phase. Do you have a figure for that? We'll have a look. I can't give you a figure off the top of my head. I'm sorry. La Tribune. I'd like to know whether you could tell us whether when the study on the eight additional EPRs, feasibility will be concluded. Can you communicate on a capacity objective that were for installed renewable energy capacity for the end of this year? What about the funding for the six EPRs? We were told about the Livret A savings account, a model, a bit like the one that's being used for Sizewell with the base asset, regulatory asset model. I can't give you a figure on the feasibility study for the eight additional EPR power plants. We've already got a lot of work for the six first ones, and that's obviously our priority. I don't think that we have a figure regarding our installed capacity for renewable energies at the end of 2023, but if we have a figure, we will communicate it to you. Your last question, a lot of work remains to be done on the financing as well, obviously. I'm sure you will understand that this is related directly to changes in European market design. It's the whole business model of electricity operators, including EDF, that will be affected and may be redefined, depending on the market design rules that are agreed. Obviously all of that will have to be taken into account when defining the financing model for coming, upcoming EPR power plants. Could you come back to the Grand Carénage operation? Just to remind you that the cost estimate for the program is EUR 50.2 billion of 2014, 2025, and the second phase of the program, 2022, 2028, is estimated at about EUR 33 billion. I have three questions. I'd like to know whether you consider that your EUR 64.5 billion debt is sustainable, or do you feel you have to scale it back in the medium term? If so, do you think your activities in Italy, Edison, are a part of your core business, or could they be sold off? A third question relating to Sizewell. The idea of bringing in other investors to help finance this project is mentioned. Given the cost overruns and also schedule overruns, what kind of investment investor would be prepared to take on that kind of risk? Regarding sustainability of the debt, I think Xavier will be able to answer more specifically than I can. Clearly, the 2022 debt is a legacy. It's related to the stress corrosion industrial problem that we've been confronted with, and that legacy is a high level of debt. I think our ability to get to generation back on stream and to improve fleet availability over the coming years will help us to reduce the debt level. Of course, our objective over the long term is to stabilize it and to gradually reduce it so that we have more leeway for future investments. That's the first question. The second question, I note that you mentioned Edison, but you could have mentioned others. Our international activities have contributed to a very large extent in 2022 to the group's resilience. I think it would be a mistake to consider that, just because in 1 year France was confronted with a major industrial problem, which is now gradually being overcome, that we should deprive ourselves of business activities in other geographies, which took a long time to set up. I've been following Edison for some 20 years already. After a long time, these business activities are jewels in the group's crown. I think it would be a strategic error, in order to cope with the short-term problem related to an industrial problem that's gradually being solved, that we should no longer continue to develop the group, with high-level performance, activities elsewhere. They've contributed to the resilience of the group in 2022. Regarding Sizewell, work is underway. EDF is delighted that the British government has taken the decision it has to invest in the project, and we are working closely with the British government. Work is underway, as I say, in order to define the investment and investor profiles that would help us move towards the final investment decisions for this project. It's too early in the day to say more at this stage. Um- Regarding your debt, needless to say, our debt level is something that we're taking very seriously, as Luc Rémont rightly said. From the financial standpoint, that's our legacy beyond 2022. There are three things that I would like to reference in order for us to control, stabilize, and gradually deleverage. First of all, industrial performance, in particular our generation level. Secondly, operational excellence is another major driver. Luc has already referenced the projects that he has initiated to help the group further improve its operational excellence. Thirdly, our activity model. Market design issues are key to helping EDF fund the investments that are necessary to embrace the energy transition. A little bit of background information. S&P reaffirmed the BBB rating with a stable outlook. It is really important for us that this rating is being maintained. It is consistent with the group's activity, consistent with a lot of industry players, and we seek to make sure that this rating will remain unchanged. Also the ratios that we introduced, net financial debt to EBITDA ratio and economic debt to EBITDA, we seek to improve those ratios further relative to 2022. Thank you. A question from someone in the room and then questions online. Sophie Tiano, L'Hôtel & Lodge. I don't think you addressed my colleague's question regarding the financing choices, CFD or other types of contracts. I have two other questions. The general inspector of EDF suggests replacing the lid over the EPR tank during the next 10-year visit around 2035. Framatome wants to push that back until the end of the first few cycle, so as opposed to doing it at the end of 2024. Do you have a preference and why? Second question: The general inspector also suggests reducing the duration of the fourth 10-year inspection by removing operations that are not. Security or safety driven in any major way. What are your expectations on that front? I'd like to apologize to your colleague if I have failed to address her question specifically. I think it's too early to have a definite opinion regarding that type of instrument. The kind of instruments that need to be incorporated into the new market design. There is a consensus shaping up at the E.U. level with regard to the need for long-term instruments. PPAs, for example, either CFDs, which come in different shapes and sizes, but discussions need to take place at the E.U. Level before a consensus can be achieved. As far as we're concerned, as a company, what do we want? We seek to develop our strategy, and what we need is long-term visibility. Needless to say, we want to continue to be able to serve our customers and provide them with products and solutions that will help them dampen market volatility and long-term contracts make that possible. The actual shape that these contracts will take has yet to be determined. When it comes to the recommendations of the Inspector General, which just came out, when it comes to the lid above the tank, work is underway. With regard to that vessel lid, it is against that backdrop that we will determine the proper timetable. When it comes to reducing the duration of 10-year inspections, obviously, that's a goal. It's not what we do during those inspections that has or can be reduced. We need to look at the list of things that need to be done as part of that inspection and boiling it down to whatever is absolutely necessary to ensure safety and security. This is part of our START 2025 program. We will continue to strengthen that program. We will continue to make those 10-year inspections as short as possible so that we can work as efficiently as possible and make the most of our time. On those two fronts, replacing the vessel lid or the vessel head. Regarding the timetable, if we look at our history, you may remember that a decision was made to replace that head in 2025, to have at least one cycle complete for the Flamanville 3 reactor. As you all know, since we'll start Flamanville 3 in 2024, it is important to have a few cycles under our belt before we can replace the vessel head. Back it up against the total inspection, total initial inspection, which is absolutely necessary whenever you start up a new reactor. As our Chairman and CEO just said, we're having a discussion with the ASN Nuclear Safety Authority to find the right date so that Flamanville 3 can operate a full cycle first, and also we wanna back that up with a more general inspection. When it comes to the second recommendation from the Inspector General, that has much to with the fact that the 4th 10-year inspection represents five times more work, five times more resources and commitment than the previous inspections. Necessary to jump from 30 years to 40 years. The amount of work to clear the gap between 40 years and 50 years is such that the Inspector General is wondering whether or not it's better to divide things differently so that we will have less work to do in so little time, considering the stress that our sector is under. We have started working together with the ASN Authority, the goal being to simplify and streamline as much as possible that periodic review and work as part of the 10-year inspection. We are working for the visit, for the inspection that will help us jump from 30 years to 40 years. Of course, as we do that, we will comply with all of the post Fukushima safety and security improvements that we believe are necessary without necessarily overloading this sector, which is under so much stress already. We need to look to the Inspector General's report and also our own assessment of the situation. Thank you very much, Cédric. The clock is ticking, so we have time for one more question. Maybe a question from a participant online. France Culture. Hello. What is the estimated shortfall from the energy price cap measures? On that front, we have an appendix on that topic. Maybe we can display it. I think there are two aspects that we need to look at. First of all, the actual mechanism, the ARENH mechanism, plus a 19.5 MWh, the additional MWhs that were allocated to alternative energy producers. On the right-hand side, December 30th, you see the final impact. EUR 8.1 billion, that's the amount. That's a negative impact on the group's EBITDA. We have reference to freeze on profit margin to the tune of EUR 0.6 billion. The question that's been asked has to do with the cap on energy prices in the strict sense of the word, capping it at 4%, capping the IRR at 4%. This was estimated at EUR 0.9 billion initially, as you can see on the left-hand side. Ultimately, a decision was made as part of the 2023 Appropriations Act, which was adopted in December 2022, that this would be addressed via the CSPE mechanism. This meant that we accounted that as EBITDA, but the cash effect will be seen in 2023. This is why from the EBITDA standpoint, the cap on energy prices did not have an effect in 2022, but from a cash point of view, it did have an unfavorable effect. As we can see here, this came to EUR 1.4 billion. That's the unfavorable cash impact in 2022. Thank you, Xavier. How about we call it a day? We'll have many more opportunities to spend time together. Thank you very much for your attention. Thank you for caring about our group. Needless to say, I'm looking forward to meeting you again for the rest of our story, looking at our operational performance and also how we're building the future of our group. Thank you very much.