Good morning, ladies and gentlemen. Welcome to this presentation of Séché Environnement consolidated results as of 31 December 2021. At my side, you recognize Maxime Séché, the CEO, and on the other side, Baptiste Janiaud, our Chief Financial Officer. Again, this year, this presentation is taking place only via webcast. To make things more interactive, I'd ask you to please begin sending your email questions to Manuel Andersen, Head of Investor Relations. You can see the email address on the screen behind me sending me questions. We'll be happy to answer those toward the end of our presentation. To begin with, I would like to underscore right away the excellent sales performance, operational, financial, and non-financial performance of Séché in 2021. The excellent performance makes us even more confident in our Group's medium-term development, especially confident in its potential for growth and profitability. During this presentation, we will be explaining to you our Roadmap, which is looking forward to 2024. In 2021, Séché Environnement has excellent commercial, operational, and financial results. Now to talk about growth in our business. Contributed Revenue is up 15%. Now to talk about operational profitability. EBITDA is up 24%. Current operating Income is up by 51%. To talk about net profitability, our net income Group share has more than doubled. Séché is also seeing excellent financial performance, generating strong amounts of liquidity. Cash and Cash Equivalents up 64% compared to 2020. We're further improving our financial flexibility and headroom with a Financial Leverage Ratio 2.7 times EBITDA versus 3.1 times a year ago. Basically, these are performance levels that are in line with the targets that we set in 2019 looking toward 2022, sorry, excuse me. We're 1 year ahead of our target timeline. This performance demonstrates that Séché is very much moving forward with profitable growth, thanks to its focus on added value in markets of the Ecological Transition. Secondly, thanks to our commercial momentum in buoyant markets. Thirdly, thanks to the work by our teams to further improve our industrial efficiency. This performance is also a reflection of our financial agility, which is to say our ability to control our investments with an objective of generating Cash Flow and extra financial flexibility. Our ability to move on debt market opportunities to think ahead to refinancing in the best possible conditions and terms. 2021 was all about business lines pertaining to Ecological Transition. They very much drove our organic growth. This demonstrates yet again the relevance of our business model, focusing on one mission, to propose to our clients innovative environmental solutions in this area of the ecological transition. The good 2021 results are based firstly on the quality of our positioning in ecological transition markets. 2021 organic growth was strong in our core business, which is activities in the Circular Economy, Decarbonization, and Hazard Management. Beyond this, our results are also thanks to the relevance of our growth strategy. Internal growth, of course. We're active in buoyant long-term markets for the ecological transition. There's a real long-term momentum here, which is boosted by regulations, needs of our industrial clients and municipality clients, as well as predictable changes in fossil resources. Furthermore, another important aspect is external growth. There are many opportunities in our markets in France and internationally. Our acquisitions strategy makes it possible for us to step up our growth by extending the scope of our business activities. In 2021, internationally, we acquired Spill Tech, the specialist in environmental emergencies in South Africa. In France, we acquired 8 branches of OSIS Île-de-France, Greater Paris, in the business lines of sanitation. To talk about our Non-Financial Performance, which is also improving strongly. I won't talk about all the points. It'll be easier for you to look these up when we report our non-financial performance. We're posting this on our website in the next few days. This will be contained in our Universal Registration Document, which we'll be posting on the website very soon. I would like to point out a couple of these targets. It's all about measuring the performance of our activities in the area of environment and social considerations. This is in line with also in line with our ESG impact of some of our sustainable bonds. Here we're alluding to Energy Self-Sufficiency in conjunction with our energy production activities, which are low carbon production activities, the idea of countering climate change. Thanks to the performance of our activities in the area of energy recovery, especially thanks to the ramp-up of the Osiris contract around Lyon. The Energy Self-Sufficiency in France under our remit grows by 230% in 2020, reaching 269% in 2021. The second indicator, this is the progress of our action plan to bolster Biodiversity. It's a very specific action plan being rolled out over a 4-year period, monitored by several environmental associations. This indicator is an especially important one. It's a direct measurement of the impact our activities have on the environment. Therefore, in 2020, in spite of the health crisis, we met our target. In 2021, we also met the target, reaching the score of 75% progress after a 3 year period. We're very much shall be reaching this target in 2022, achieving the 100% mark. The third indicator is Health and Safety on the job, and accident rates measured by what's called the TF1, the frequency rate one. This is an essential indicator to coordinate and run the business. For that matter, it's a strategic objective for Séché. We're targeting the lowest possible accident rate. Our performance in 2021 was significant. Accident rates improved substantially. For the future, we want to continue with that downward trend in accident rates. These performance levels are sustainable because our business model is resilient and provides us with great visibility. I defined a Roadmap looking forward toward 2025. Now in the area of non-financial considerations, I determined several objectives here. First of all, having to do with our actions to fight climate change. We've defined an ambitious climate strategy, which is in line with the Paris Accords. Saying that as from 2025, there should be a reduction in our CO2 emissions, and also avoidance of greenhouse gas by our clients thanks to our recycling activities and our energy recovery activities. Pertaining to our commitment to biodiversity, a new strategy here is going to be announced midway through 2022. Among other things, it'll be based on a Group-wide program, as well as new commitments site- by- site in Act4nature International, specifically working together with the Environment Ministry. Now to talk to you about our social objectives, particularly when it comes to health and safety on the job. We're targeting a trend which should lead us to a FR1 divided by two, approximately, compared to its level in 2020. Now in the financial area, our 2025 Roadmap provides for the following, Contributed Revenue nearing EUR 1 billion, EUR 1 billion. Operating Profitability growing compared to 2021, and maintaining normative Financial Flexibility, including in the event of acquisitions. Those are the main messages I wanted to give to you by way of introduction to our presentation today. Now I give the floor right away to Maxime Séché. Merci. Thank you. Good morning to you all. Séché is a benchmark player in the realm of sustainable development. Our mission is to supply our clients, both industrial and municipal environmental solutions, to facilitate their green transition in a long-term perspective. The Group strategy is focused around ESG challenges with three focus areas. Firstly, promoting the Circular Economy by producing regenerated resources and recovered energy, we become a player of industrial relocation. It's also our ability to contain hazards applied to industrial Waste, complex materials in order to protect the environment with respectful processes, notably with regard to discharge. Second focus area, the Fight Against Climate Change. Séché commits to reduce its own GHG emissions. It's also a strong prong of our industrial offering to offer recycling solutions to our clients. Aim to reduce GHGs, greenhouse gases for their initiative, and I'll return to the Decarbonization initiative at the heart of our sustainable growth. Third focus area, Biodiversity Preservation. It's a key focus area since the company was founded 35 years ago, 'cause our activities have a land and environmental impact that we've always measured and controlled. This approach has become systematic over the years, for example, with ecologists to assess the environmental balance of our industrial development, provide remedies and focusing around common efforts with major partners. We were among the 11 first companies in France to join Act4n ature, now Act for Nature International in partnership with the Environment Ministry. Since the DNA of Séché Environnement is sustainable development, we've revamped our businesses in light of the economic and environmental outcome in three categories, Circular Economy, Hazard Management, and Services. Our businesses are now focused around three such activities. Circular Economy and Decarbonization, that's one-third of our Revenue with the activities of material recycling and energy recovery. Then Hazardous management, that's a quarter of our Contributed Revenue with the activities of depollution and the processing of Hazardous and end Waste. The services unit, services to the environment and Waste logistics services. It's a simplified image, but makes sense and consistent with our values in respect of our involvement in the green economy. Activities linked to the circular economy and Decarbonization are major challenges for our societies, and the markets are growing strongly. With the current increase in the price of raw materials and energy, activities linked to Hazardous management are a necessary complement because there can't be a circular economy possible without full control of environmental and health activities. Thirdly, Environmental services, key to activities linked to the green transition. They constitute a range of activities and services that allow us to implement dedicated and personalized offers for our clients. 2021 was dynamic. It's our Circular Economy and Decarbonization and Hazardous Management activities that drove our growth. For example, with the startup of the Osiris contract, supplying low carbon energy to the platform. It's a good example of industrial facilities applied to Hazardous Waste. We continued our M&A with the acquisition of Spill Tech in South Africa, emergency response services and 8 agencies, OSIS IDF, specialized in environmental services with sanitation. 2021 is also a key year where the recourse to Green Finance financed our growth with a bond issue Euro PP in March with ESG criteria and metrics that are social, such as accident rate, with an inaugural issuance of Senior Obligations in November with environmental criteria linked to our decarbonization targets. I'd like to return to some of these points. First of all, the acquisition of Spill Tech. It's a benchmark player in South Africa in the business of environmental response and pollution remediation. With Revenue ZAR 365 million in last year and at current forex about EUR 5 million, it's a company that was founded in 2008, present across the country with teams that are trained and competent with tech facilities to respond with relevance and swiftness to environmental emergencies. Since the integration of Spill Tech, we see the strong industrial commercial and geographic fit between Spill Tech and InterWaste. Commercially, Spill Tech will have access to the decontamination facilities of InterWaste. Geographically, thanks to Spill Tech, we're present in the nine provinces of South Africa, thanks to its 1,300 employees and 16 branches. In addition to its core business and environmental emergency situation, Spill Tech offers in clean up and depollution. Also insurance solutions are offered. Spill Tech is essentially a high growth company with Revenue up over 40% per annum on average between 2018 and 2020, with a strong profitability. In France, we achieved the acquisition of the eight branches of OSIS IDF. These centers present in the Paris region in sanitation, and they're a industrial and geographic fit with our current activities. We're gonna extend this activity to other territories where Séché is present in complementarity with other activities. It was integrated in the Group at January 1 under the name of Séché Assainissement. With the activities of our new unit, Séché Assainissement, 230 people, we offer expertise in maintenance of networks, in the control of networks to large industrial corporations and municipalities. Also an activity that allows us to develop our presence in the Paris region. We've identified synergies with existing units for processing Hazardous Waste. Let's mention some of the major achievements in terms of Circular Economy and decarbonization. To return to the Osiris contract, the supply of low carbon energy to Roussillon, and we can triple our steam supply after the revamping work on the Salaise Hazardous Waste facility. Down the road, it'll be 600,000 tons of steam. The supply of energy is ramping up since the start of last year, allowing our client, Osiris, to reduce his use of fossil fuels and to avoid 180,000 tons of carbon equivalent. That's the emission equivalent to emission of some 300,000 people in the town. The Mo'UVE contract in Montauban started off in November 2021. In 12 months, we put in place quality systems certified environmentally. Triple safety and security at work and energy efficiency. It's a good example of our know-how in energy enhancement and supplying low carbon energy to the urban network. It's also the example of an achievement in recovery of polluted soil. We've developed expertise for the recycling of soil. In a Circular Economy logic, our La Roque-sur-Garonne recovery platform has just been certified exemplary. It was created in sites to receive the rubble from the larger Paris sites. It's the first platform to receive this distinction outside the Paris region. The Group's growth also rests on an ambitious climate strategy aligned in the 2017 Paris Accords, limiting global warming to 1.5 degrees by the end of the century. We have two main targets, Reduction of our carbon emissions by 25% between now and 2030, and the Increase of avoided emissions in our clients by 40% by 2025. To give you a few examples of our action plan regarding the reduction of our emissions, we've identified drivers such as decarbonization of transport activities, decarbonization of incineration, or the increase in biogas capture regarding the increase of GHGs avoided in our clients. It's the recovery of low carbon energy produced and recovered in our facilities and the increase in our recycling high value added operations such as bromide, solvents, plastics that we offer to our clients. The financial and non-financial performance promotes our growth because our profile is attractive for green finance players. Already in 2018, we put in place a senior bank loan with ESG impact criteria, including Energy Self-Sufficiency and biodiversity. In November 2021, we achieved an issuance of EUR 300 million maturing in 2028 with climate criteria. The first in Séché's history of bonds backed to our climate strategy with the following commitments, a reduction of 10% of our GHGs by 2025, increase of 40% of avoided GHGs in our clients by 2025. Previously, we rated our long-term debt by S&P and Fitch. They awarded the BB rating with a stable outlook, which is comforting in the situation, in our financial situation and our outlooks. On the subject of finance, I'm gonna hand over to Baptiste Janiaud, who will detail our 2021 results and our midterm prospect. Merci, Maxime. Thank you, Maxime. Good morning to you one and all. First of all, I'd like to talk you through the consolidated financial statements, December 31, 2022, then outlook in 2022, and then also look forward to 2025. As usual, we're showing you the main metrics here for economic and financial activities. As indicated previously, we're seeing a strong increase in business in 2021, a strong uptick in Group profitability in 2021. All in all, Revenue up 14.7%, reaching EUR 735.8 million. We'll talk about the various elements here, +9.3% organically. All in all, an improvement in margin rates. EBITDA margin 23.1%. We see the EBITDA margin is up compared to H1 by 22.9% and versus 2020 as well. It was 21.3% in that year. This is thanks to market trends that are looking good in our longstanding markets. Also, thanks to hard work done on our production facilities, enhancing industrial efficiency, and all broadly, thanks to good news, good business news from our growth platforms. We mentioned South Africa, which saw dynamic growth for the year. This has also led to an increase in Current Operating Income going from EUR 47.5 million to EUR 71.5 million, which is up 51%. This has meant a doubling in Net Income Group share, reaching EUR 28.4 million. Also led to an improvement in operating cash flow and control of the debt levels. Financial debt is up around EUR 25 million in net terms, which is a clear reflection of our acquisitions policy. As was mentioned, leverage is substantially better as of the end of the year, reaching 2.7x EBITDA. Let's begin by talking about Revenues, up strongly, 15%. Reported Revenue is EUR 790.1 million, which includes EUR 54.3 million of non-Contributed Revenue. Breaks down to EUR 45.6 million, which is the TGAP including activities, and EUR 8.7 million in IFRIC 12 investments, which basically means the refurbishment of the Montauban furnace. If we exclude these non-Contributed amounts, we see an increase in Revenue of 14.7%, which includes the EUR 34 million relating to the acquisition of Spill Tech. Which includes the entire scope effect, which you can see in orange on the chart. Like for like scope, an increase of 9.3% in 2021 versus 2020. This is a reflection of very good business in all geographies except for Latin America, and also positive contributions from all Group business activities. Now, if we look specifically at our Hazardous Waste and Non-Hazardous Waste sections, the quarterly changes in both sectors are shown on the slide here on the screen currently. Let's start with Hazardous Waste. In 2021, representing 66% of business versus 63% in 2020, reaching EUR 484 million, up 19.4% thanks to the integration, of course, of Spill Tech, which has Hazardous Waste activity. Like- for- like currency and scope, up 11.4%, driven by France, up 11.7%, with an increase in the circular economy, broadly energy, which is low carbon, energy production, which is up thanks to the startup of Osiris, as mentioned. Also an increase in environmental services, highly impacted in the first half of 2020 due to the health crisis, and also hazard management looking good with volume and price effects both heading in the right direction. Internationally, up 10.4% in Hazardous Waste. A dynamic recovery in all of our markets, as I mentioned, excluding, except for Latin America. Let's talk about Non-Hazardous Waste. This is green, bottom right of your slide, in green. A third of Non-Hazardous Waste, up 6.5% at constant exchange rates. We observe the resilience of the Non-Hazardous Waste activities. Quarterly Revenue between EUR 61.9 million and EUR 64.1 million. Highly stable from quarter to quarter. French business here up 5.4%, which the sector's looking good in terms of prices, bolstered by circular economy activities. Internationally, up 5.5% on like for like basis currency and scope, up thanks to South Africa. If you look at France versus international, interesting to see in 2021 French business and international business sees strong momentum up 9% organically. France Revenue EUR 531.7 million up 9.3%. 72% of Contributed Revenue. Momentum is similar for the full year as we saw in H1. Industrial markets are buoyant. Industrial production is reaching high levels, good commercial momentum, good price effects and volume effects. The circular economy being implemented more and more within our scope. Internationally, Revenue reaching EUR 204.1 million, including EUR 34 million scope effect, which is an increase of 8.8% like for like currency and scope. Broadly, a return to growth in Europe up 7.5%, which is good news. South Africa business is very buoyant, as I mentioned, up 9.3% at constant currency. Up 14.5% at current currency. Latin America, the impact seems limited at constant currency -9.3%. To move on to talk about the business mix broadly, to say that basically all of our activities, services, circular economy, hazard, are all making a positive contribution to the Group's Revenue. We observe the strong contribution from the circular economy thanks to the very good momentum, as you mentioned, in waste- to- energy and materials recovery in 2021. Let's talk about profitability. We start with changes in the EBITDA reaching EUR 170.3 million, which is up 24%. This includes EUR 10.2 million of scope effect relating to Spill Tech. We'd observe an EBITDA margin on Spill Tech activity is 33%, immediately accretive for the Group's margins as from year one. We point this out because this is contributing to our performance internationally in South Africa and Group wide. At constant scope, EBITDA increasing EUR 23.1 million. There's some price effects which continued in 2021. Price effects in orange here, EUR 22.6 million, up 3.5% on average. Volume and mix effect are both positive, EUR 43 million, mainly relating to treatment business offset by an increase in variable expenses, related to business upticks and an increase in fixed expenses, EUR 8.2 million. This includes mainly employee expenses due to the very good recovery in our services and depollution businesses. This is labor intensive. These remediation services are labor intensive. There are also some items, two point eight million increase in communication spend. There's been a resumption in trade fairs. Also increases in insurance and other taxes. Let's look at this by geography. In France, EBITDA up EUR 21.1 million. We've seen improvement in the EBITDA margin, which is significant. 2 points going from 22.9% to 24.9%, mainly thanks to positive commercial effects and more marginally thanks to increased utilization of our facilities, which offsets some extra energy and transport costs, which we observed at the end of 2021. Internationally, plus EUR 12.2 million, including EUR 10.2 million related to Spill Tech and plus EUR 2 million relating to organic growth, which is profitable. We're seeing increases in South Africa, EUR 1.5 million. In Europe, plus EUR 1 million and a drop in Latin America. To talk about current operating Income, we see an increase in current operating Income, which is a reflection of the increase in the EBITDA. We'd observe an increase in depreciation and amortizations, and provisions, which mainly are due to our investments or Capital Expenditure policy in recent years and implementation of new facilities at Saint-Vulbas and Trédi mainly. Now, if you go down to net ncome, first of all, we can see some non-recurring items between current operating Income and operating Income relating to value losses which happened in the first half. In Peru, EUR 0.9 million value loss after a goodwill impairment, which we conducted due to the lower performance during the COVID period. Also, there was the damage to tangible assets, EUR 0.9 million. Also amounts paid for acquisitions, EUR 0.9 million. Financial net financial Income or loss are two components. The cost of financial debt, a net figure. Here we see all in all, the debt rate remains stable between 2020 and 2021. Due to the increase in gross debt, there's an increase by 1 million in the cost of financing going from EUR 17 million to EUR 18 million. There are one-off charges under other Income expenses of EUR 4.4 million relating to repayments of private placements done during the refinancing in November 2021. All in all, these elements, of course, are non-recurring. Once things have been repaid, they've been repaid. Income tax going from EUR 8.4 million to EUR 14 million, including EUR 9.7 million Income tax paid in France versus EUR 7.5 million last year. EUR 4.4 million taxes at foreign subsidiaries. This is due to the improvement in our profits in France, as well as the integration of Spill Tech, which makes up EUR 2.3 million under foreign subsidiaries. Effective tax rate going from 35.3% to 31.5% overall for the Group. The share of Income from associates, negative result of EUR 0.9 million due to provisions which should be written back as of 2022. Net Income Group share reaching EUR 28.4 million, which is EUR 3.6 per share, making it possible for us to propose to the Shareholders Meeting a dividend of EUR 1 versus EUR 0.95 last year. Now to quickly talk about capital expenditure. We've got industrial CapEx and EUR 92.4 million in 2021 versus EUR 63 million in 2020. It's a strong uptick in development investments going from around EUR 20 million to EUR 42 million. These are investments in our platform-growth platforms, Mecomer Italy, InterWaste South Africa, and also new treatment capacity, EUR 7 million there. Speichim solvent regeneration, EUR 3.9 million and so forth. These are investments that are made this development investing, which is going to fuel future growth. Maintenance CapEx up mainly due to regulatory safety CapEx, EUR 9 million, which is up EUR 4 million compared to 2020. Now to talk about cash flow. Mechanically, we see an improvement in cash flow due to the increase in EBITDA, making it possible to have recurring operating cash flow, which is up EUR 140 million versus EUR 111 million last year. We see a slight increase in recurring net CapEx in conjunction with the changes in maintenance CapEx. Working capital requirements well under control in spite of increased Revenue scope changes. Tax paid all in all, minus EUR 4.4 million under French tax consolidation and minus EUR 4.3 million in the South African scope. Available cash flow before investments for development, acquisition, and dividend reaching EUR 77.4 million, which is up approximately EUR 16 million compared to 2020. Therefore, the cash conversion rate is 45%, which remains stable compared to 2020. This is a high level in 2021. Changes in net financial debt fairly straightforward, going from EUR 450 million to EUR 475 million, mainly due to our acquisitions policy, the acquisitions we conducted. You can see these under the heading Net Financial Investments. Remainder Free Cash Flow was used to finance development, capital expenditure, and pay dividends. Other changes you see here, non-cash changes are related to some lease considerations. Financial flexibility continues to be very strong, stronger than last year. As of the end of 2021, our liquidity position, EUR 342 million, EUR 172 million worth of available cash on hand, which is strong liquidity. An improvement in financial flexibility, financial leverage was 3.3x EBITDA. It's 2.7x EBITDA now, in spite of the increase in debt due to acquisitions. Slide 33, you can see a description of the bond issue which was indicated by Maxim. Coupon 2.35%. Refinancings done 2.25%. Refinancing done well. The rating is BB, outlook stable, which means we'll be able to tap into the deep market to refinance our investments and acquisitions via these bond issues. Now, maturity is lengthened for financial debt. Average duration maturity 31/12/2020 was 4.6 years. Now, at the end of 2021, it's 6 years. As you can see, not many maturities are coming due in near years. We've been proactive when we issued the high-yield debt in November. This gives us a good overview and good liquidity levels in our coming years. I'll now move to the outlook for 2022 through 2025. I'll start with 2022. First of all. On the business front, what we can say is that we have strong embedded organic growth on trends identical to H2 2021. No change in trend in 2022. Organic in H2 2021, we were at around 5%. In 2022, we'll experience 2 scope effects. Séché Assainissement consolidated as of January 1, 2022. To remind you, Séché Assainissement, EUR 27 million Revenue and EUR 4 million EBITDA. Second scope effect linked to Spill Tech. Spill Tech consolidated over 10 months in 2021, consolidated over 12 months in 2022. So de facto, this will increase the Revenue, all other things being equal. When we look at the French international scopes on the business front, on French scope, we're expecting to see a continuation of the market trends, positive on our historic markets with the implementation of favorable regulation, of course, promoting the circular economy that will sustain volume and price effects in recovery and services that will continue to remain dynamic with positive price effects in hazard management. On the international front, we're expecting to continuing our growth in Italy, of course, with a sustained increase in our capabilities that will generate positive volume effects, a rebound of our global activities, and a good trend in South Africa confirmed at the start of the year in spite of the unfavorable effects that we're seeing currently on energy prices, on the price changes for subcontracting. In terms of profitability, we're indicating a target for our EBITDA margin over Contributed Revenue maintained at the minimum on a par with 2021, thanks to price effects that are expected positive, favorable in 2022, thanks to an industrial efficiency policy that's continuing and that will contain costs. CapEx levels expected of the same level as 2021 with development CapEx that will remain significant. Why? Because we're on buoyant markets, and we have growth platforms on which we've identified CapEx that are profitable with interesting IRRs and paybacks. This will maintain an operational cash flow higher than 35% of EBITDA. Stable financial leverage, excluding acquisition. For the purists, we should see a marginal improvement of this, given the guidance given. There are, in fact, two items that will play in the reverse direction. It's the acquisition of OSIS IDF in 2022 and the question of change in WCR, we expect increased Revenue and so an uncertainty on WCR in 2022. At this stage, we prefer to have as a target a stable financial leverage as compared to 2021. When we move into looking at 2025, as was indicated, we're expecting Revenue close to EUR 1 billion by 2025 on the basis of the current scope as at first of January 2022. Overall, average growth rate of the order of 7%. Be careful on the chart. You see a CAGR from 2016 to 2021 of 11% with scope effects over the period, and growth that's not comparable before and after. An EBITDA margin reaching, as we saw, 23.1% in 2021. Our target is an EBITDA margin between 24%-25% by 2025. How are we going to achieve to reach these the guidance in France? We're gonna continue to benefit from structural market trends that remain favorable, linked as we saw in 2021. Favorable regulation promoting the circular economy, decarbonization, change in our offering with environmental services that are increasingly high value added and hazard management that will continue and will promote favorable price impacts. An increase, as was indicated in our energy recovery projects, which will enable us to reach our decarbonization targets of recovery of fatal energy that of course generates Revenue, business, EBITDA, and current operating Income with reduced CapEx over the period 2021 through 2025. Overall, an energy efficiency policy that will intensify several aspects, as you know, because first of all, we live in a world where we're saturating the resources, so it's very difficult to seek out new authorizations. We're acting by optimization through constraint, by investing in our production facility in order to improve the availability rate and to generate further business. Our target is to improve the availability rate by five points through Waste mix improving, combustion techniques, et cetera. We'll improve our cost price by inter-site benchmarking and the optimization of site costs. Thirdly, a cancellation or at least a better management of loss pockets. We always had loss pockets and action plans that will allow us to return to break even or even a positive trend. Cost reduction will obviously continue the cost containment strategy, even if it's in an unfavorable setting short term. Internationally, of course, within the growth assumptions in the out years, there are improvements linked to the payback on our development investments achieved significantly over the past few years, and we will continue to grow, and which will de facto accrue to our Revenue and margins. We're expecting a return to a strong growth pathway internationally. In Europe, of course, buoyed by a strong continued increase in our capabilities. Over the years, we have an ability to up our capacity of the order of 60% in the Italian segment. Global activities that were heavily impacted during COVID are set to return gradually with the end of COVID to a strong growth trend with today historic order book levels in the crisis that has reduced local competition. Strong growth in South Africa, notably of InterWaste, thanks to the increased treatment capacity, synergies forged with Spill Tech because we'll offer both high value-added solutions to offer our clients and for our industrial clients which will supplement our treatment and logistic activities. At InterWaste, we're expecting strong growth and increased EBITDA margins in the area. Internationally, it's 18% EBITDA margin in 2019, 6.6% in 2020, 18.6% in 2021. The target being to have double-digit growth and to rapidly reach EBITDA margins higher than 20%. On the investment policy going forward, we're expecting CapEx that gradually return to historic average level, 7% of Revenue for maintenance CapEx, up to 3% of Revenue for development CapEx, on which, let me remind you, we have strong flexibility. We only deliver these development CapEx if we have industrial opportunities as part of strict governance. All these development CapEx go before the Investment Committee. We need a double-digit IRR on short payback. We can freeze them if need be, as we did in 2020 if there are uncertainties on the level of cash flow generated by the business. We're currently experiencing a peak percentage of Revenue with CapEx levels at 12.6% in 2021, given the investment opportunities and the rollout of the new Group ERP. In terms of cash flow generation, credit, and liquidity by 2025, we maintain a financial policy that protects credit, creates value with a positive cash flow generation. We maintain a cash conversion rate above 35%, a target financial leverage lower than 3x EBITDA middle of the cycle, including acquisition. What it means is potentially when we achieve M&A, if we have opportunities that create value, we could be above 3x EBITDA, but because of the acquisition, we have visibility to return mid-term to leverage lower than three. Rather strong cash position through a cash position that allows us to meet short-term needs and a liquidity line that can be drawn if need be. Merci, Baptiste. Thank you, Baptiste. That was crystal clear. Now I'm looking toward the Head of Investor Relations, Manuel Andersen, and I'd ask Manuel, are there questions? Yes, there are a few questions, yes, Manuel, from Arnaud Palliez, for instance, from the CIC. The first of his questions: Could you tell us what the situation is of our exposure to energy price hikes and the possibility of passing these on to their clients? Second question. Under your Revenue targets, almost EUR 1 billion by 2025, what's the contribution through external growth? What will be the contributions from international businesses? Third question, what about the projects for energy recovery of CSR Waste? What about replacing Russian gas as listed by the energy authorities? Well, let me just go on to the first question first, on that subject of impact of energy prices. This is from CIC. Well, first of all, a preliminary point. Our Energy Self-Sufficiency rate is 269%. Now, of course, in the short term, there is a little bit of a squeeze for two main reasons. Firstly, we buy energy at certain locations and we supply energy at other locations. Furthermore, some contracts are broadly indexed at a given date, mainly toward the end of the year. Rate renegotiations with clients tend to take place based on observed energy prices toward the end of the year. Then we buy energy throughout the year, which is why today, de facto, due to current energy prices, there's a little bit of a squeeze taking place. That's just for the short term. This also explains why we've decided to be cautious in our 2022 guidance in terms of EBITDA margin. No one knows basically how long this squeeze is going to be lasting. It's a short-term squeeze, and let me tell you why. In the medium term, as I've said to you, our pass-through to clients is very high, either through indexing clauses or through renegotiations that take place every year, or through spot contracts that we have throughout the year, which we can use to adjust our rates. That's medium term. Gradually, we can adjust, but there's somewhat of a shift in time. Longer term, strategically speaking, this is an exceptional opportunity for the Group because as I mentioned to you, our developments in the area of Waste-to-Energy, where they're talking about energy, fatal energy recovery to then provide it to cities, to industry. This is up and running. We'll continue developing all of this. That's going to be even more important, more meaningful, as energy trends continue. Furthermore, remember, we're pioneers in the area of creating boilers that use solid recovered Waste. This is very important to continue developing this type of technology at other locations as fossil energy prices rise as they are currently. Yes, a second question from Mr. Palliez. In your targets, EUR 1 billion, what's the proportion of external growth? What will the contribution be from international activities along the timeline? Under the target of EUR 1 billion, we're not including acquisitions. This is based on our scope of 1 January 2022. We're expecting growth, positive growth in France in our working assumptions based on our historical observations. We're expecting stronger growth in international businesses relating to development of our growth platforms in our main geographies. Another question, we answered this to some degree. Where do things stand in terms of using reusing energy as this part of the possibilities for substituting Russian gas, which is targeted by the authorities? As Baptiste Janiaud said, Séché Environnement was the first French business to develop a CSR boiler, which is a solid Waste recovery boiler. In 2017, it's the only such boiler in service in France now. Rolling out these facilities is being very much promoted by the government authorities with an eye to decarbonization. We're gonna see this speed up even more in the current situation. We're now working on various new projects to produce solid Waste recovery boilers and also to further be able to reuse solid Waste. A last question from Mr. Palliez. Could you be more specific on the outlook for Latin America? The health crisis is the only reason you're having encountered difficulties in the last two years in South America, or are there more structural considerations? Yes, I didn't speak at great length on the situation in South America simply because currently that's a geography that's still feeling the impact of the pandemic and the macroeconomic repercussions. Business, therefore, is more uncertain today than it was previously. We've not assumed a significant growth in Latin America. Nevertheless, I would point out in Peru, 2022, activity in Peru should see an uptick. We're involved in the pollution remediation project having to do with north of Lima oil slick, which directly impacted the coastline. Our local teams were active there to remediate the pollution problems to assist in that area, be part of the teams. This will also impact 2022. In our modeling, looking toward 2025, we're not expecting a lot of growth from Latin America due to changes in the economy, and we'll see further changes in the next months and years. As the economy changes, we'll readjust our working assumptions, but we don't yet see an exit of the crisis in that geography. Now, question from Jean-François Granjon. First question: What are the indirect risks for Russia and Ukraine and slowdown in industry and the economy in France? Well, today in these areas, we have no operations. We have no permanent staff, so we're not directly impacted, but we're tracking consequences and developments in the situations on a daily basis. Do you wanna add anything? Yeah, there's a lot of uncertainty around this, but today, in terms of the guidance that we're presenting to you, we're presenting it to you on the basis of information currently available. We're not making any indirect assumption on the unfavorable development of the macroeconomy that could potentially have an impact globally on industrial output. No assumptions on that. Another question regarding the 25 targets. What's the potential for margin improvement internationally? Is the potential more limited in France? Well, as I indicated earlier, these are drivers that are somewhat different internationally in France. In France, what's going to boost margins is clearly our commercial and energy and industrial efficiency policy. I can return to that if you wish, but it's the commercial effort work on industrial efficiency, that's to say our ability to generate an improvement in our margins through optimization, which will boost our margins. Today, we're seeing the benefits of that because there's an improved EBITDA margin linked to the sales commercial effects and energy efficiency, and we assume that will continue in France. Internationally, we're looking at a very different momentum because we picked countries that are growth platforms for us. I mentioned Europe, mentioned South Africa. Margin growth will come from the fact that either in Europe we will increase our volume effect, all our capacities, or in South Africa we will pool our activities in order to forge commercial synergies, in order to generate cost synergies that will improve our margins via a top-line increase and synergies. Next question: What will be the catalysts of growth between now and 25? Is it volume, mix, prices, and what will be the main business segments concerned? Or are you viewing pretty uniform growth? I think I pretty much answered that question. In your EBITDA margin target 24, 25%, what about the current operating income margin? Will it be higher than 25%, given the current operating income margin that we're seeing in 2021? Mechanically, the growth of the EBITDA margin should lead to an increase in COI margins. What can impact, of course, in the meantime is CapEx, but we're turning gradually to normalized CapEx, excluding amortization provisions. The growth in COI margin should follow EBITDA margin. M&A front, what are the targets you're looking at? Answer: We remain on an active watch for our core business. So I'd say that the opportunities that might arise in the circular economy, decarbonization, hazard management in services, we're looking at opportunities available on our core business. We now have questions from Finance Connect. What are your main loss pockets in France between now and 2025? Second question, the impact of IFRS 16 on net debt and EBITDA in euros. Do you have an idea of the EBITDA margin in your new segment? So losses. Well, they're small and numerous. Well, we always have loss pockets in the company we're gonna work gradually to plug to resolve those. I won't detail them exhaustively. On the EBITDA margin of new activities, as I indicated, for 2022, we have Séché Assainissement because in scope effect I indicated EUR 27 million in Revenue and EUR 4 million EBITDA. Spill Tech, second scope effect, you can take the numbers that you have on the charts. That's to say EUR 34 million Revenue and EUR 10.2 million EBITDA. IFRS 16 impact, that should be, if I'm not mistaken, in the annex of our press release. Let's continue and I'll get back to you. We have a question from the investor publication. Are you looking at the buyback of certain assets from the Suez- Veolia merger? As I said, if there are assets that form part of our core business, we'll obviously look at those. Very good. We have questions from Nicolas Royot from BNP Paribas. Can you remind us of the organic growth H2 2021? Organic growth in H2 is about 5% from rev. What's the expected weight of international business in 2025? Will the EBITDA margin be lower than that of France? There's no reason why structurally the EBITDA margin of international should be lower than that of France. We're expecting gradually over time to see a return to the same margin level because give or take, we're applying the same model. Change in regulation should help us to see a return to the same margin levels and also, the change in growth rates across international geographies higher than that of France. Increase in output levels higher than those in France mean that we should see a return to similar margins. The dividend is increasing lot less than net Income. Can you give us some clarity on the dividend policy going forward? Given the current macroeconomic situation, the Group and the board wish to retain some flexibility regarding the dividend payout going forward. Nevertheless, the results are very good. Change in net Income, that was actually doubled in 2021, required clearly an increased dividend. Our decision was to suggest that we move from 0.95 EUR to 1 EUR, reflecting both the increase in net Income but also the prudence linked to the macroeconomic situation. Can you account for the reduction in maintenance cost of concession sites in 2021 versus 2020? I'll get back to you on that one. No more questions in session. We'll get back to Nicolas on the two outstanding questions. Well, Manuel, if there are no questions, I'd like to thank you all for joining us this morning. Have a very good day. Thank you.