Good morning, ladies and gentlemen. I'm very happy to welcome you to the presentation of our 2022 annual results. I would also like to welcome those who have connected remotely for this presentation. You will recognize to my right, Maxime Séché, the CEO, and to my left, Baptiste Janiaud, our CFO. I wasn't going to forget him, you can't see him, but our Head of Investor Relations, Manuel Andersen, is here with us also. In particular, he'll be waiting for your questions. You can send any questions you may have to the address that is on the screen behind me. We'll be very happy to answer those questions. I would like to present the key points of our performance for 2022 and to give you some indications on our forecast for 2023. To go straight to the point, we have posted excellent results at the top end of our objectives. Growth was very strong in 2022 across all of our businesses and across the whole scope of the company. This is due in part to our external growth dynamic strategy since we acquired over EUR 90 million of revenue on a full- year basis. Apart from the contribution of these new scopes, growth has remained extremely strong throughout 2022. It has come out at the top end of our forecast, with contributed revenue up +14%, and I would remind you that our target was +10%. This performance reflects the very strong trend in our markets in France and in particular internationally, with a very strong recovery in some regions which were still impacted by the pandemic last year. Growth was also bolstered by the strong level of activity in France and internationally of our environmental emergency businesses. Our results are up strongly. 2022 saw continued growth of our operating margins on our long-standing scope, which reflects our resilience in a very inflationary environment. 2022 also saw our net income up strongly by almost 60%. These excellent results enable me, and I'm, well, I'm delighted to announce an increase in our dividend, which will increase from EUR 1.10 per share versus EUR 1 last year. Our extra financial performance is also up similarly to our financial performance. I will just give you some of the highlights which are strategic, in particular, those which represent the criteria for impact as part of our sustainable financing. For example, I'm referring to our energy self-sufficiency, which went up to 270% in 2022. I'm also referring to the biodiversity action plan progress rate, which stood at 100% in 2022. This really is a very strong performance because I recall that this four-year plan saw a difficult period of two years due to the COVID crisis. Our GHG emissions were reduced by almost 5% in 2022 versus 2021, which puts us on the right track to achieve our intermediate target, which is to reduce GHG emissions by 10% in 2025. Regarding the emissions that were avoided by our clients on... Based on our recycling business, they remained stable in 2022, but they were already up almost 11% on 2020, which is the base year, and are also on the right track to achieve our climate strategy objective, which is to avoid +40% in gas emissions in 2025 versus 2020. We have another important indicator, which is water restraint. Water is indeed essential for life, but it is also a strategic item for our companies. We also saw last year water cuts and many industrial companies had to adapt their production plans, and in some cases, they had to stop their production. This will be the case again this year in March, and we are concerned about water shortages both in the spring and in the summer. Industrial water is therefore a key issue for our clients due to the difficulties regarding access to water resources, regulatory and environmental constraints regarding waste, and in particular, the technological aspects regarding reuse of water. Industrial water is a sustainable development market in which we have invested in 2022, we hope to be one of the leaders. As an industrial corporation ourselves, our water consumption is essential, and we set ourselves commitments regarding water restraint. In 2022, we reduced our water consumption by over 2% versus 2021. I would call on you to look at all our extra financial performance in our universal registration document, which will be put online in a few days time, as well as our integrated report. Our financial and extra financial performance reflects the transformation strategy of our business model, which we initiated some years ago. In a world which is undergoing many crises, environmental crisis, geopolitical crisis, energy crisis, commodity crisis, our transformation confers on our business model the features of visibility, added value, and resilience. This transformation has enabled us to shift from a waste management specialist company, in particular regarding hazardous waste, to an international company positioned on environmental services, whose mission is to accompany its clients, namely industrial companies, in their own transformation, bringing them to a sustainable growth model which will enable them to reduce their environmental footprint. We have built this new group on the basis of three key thrusts, namely circular economy, climate commitment, and the preservation of biodiversity. These three areas set out our core business, which rests on three main businesses. Activities in the circular economy and the decarbonization of the economy, activities regarding hazardous waste management, activities in environmental services, which enable us to deal in a broader sense with the issues arising from the sustainable development for our clients. Our offer addresses long-term societal challenges such as climate change or industrial relocation and local environmental issues, since we are local producers of rare resources and decarbonized resources such as energy, key raw materials, and now recycled water. By the same token, we plan ahead for, and we remedy the consequences of economic activity on the environment and on human health. Therefore, our offering is fully in step with crisis situations such as those that we underwent in 2022, as well as the energy crisis due to rising prices, against a backdrop of a deficit. This positioning also accounts for the resilience of our businesses and our margins because Veolia is a highly relevant player given the sustainable development challenges of our clients. The alignment of our activities with the European green taxonomy and the success of our own transformation through our CSG strategy illustrates the close symbiosis of our energy transition, of our environmental transition challenges, with those of our clients. What I mean by that is that our transition is your transition, that's what we're telling our clients, that is going to be our slogan this year to illustrate our strategic approach. Now a few words on our short and medium-term outlook. I wish to express my complete confidence regarding our objectives for next year, through the roadmap that we presented to 2025, and we'll be talking to you about this again in 2023, and looking ahead further to 2026. In the short term, this year will be a major step in our development with the integration of new acquisitions and new businesses, which will provide us with significant potential on sustainable growth markets. I'm referring here once again to the industrial water market in France and overseas. On the basis of our strengths, given our resilience, given our strong growth momentum in France and internationally, we should be able to deliver contributive revenue close to EUR 1 billion in 2023. There you go, you have our target. We have to motivate everybody here. Operating profitability should remain at a strong level, given the improvement in our margins on our long-standing scope and the integration of new scopes in 2022. Finally, our financial structure enables us to look forward confidently to our continued growth strategy, both internally and externally. Our extra financial objectives in the medium term are remain high. This concerns energy, in particular through a 300% energy self-sufficient rate, which is our target for 2025. We are heading for energy self-sufficiency, but not only. Further to this presentation, we will be talking about energy conservation and energy substitution, et cetera. This also relates to climate challenges. We will be talking about the implementation of our decarbonization plan, as well as biodiversity, which goes hand in hand with the plan against global warming. Having made these introductory remarks, I will hand over to Maxime Séché, who will be talking about the key issues of this presentation with the main strategic aspects which were the highlight of 2022. Thank you very much. Good morning to all. I'm delighted to be with you once again for the results presentation. I'd like to begin with the highlights of 2022. Business level was sustained in France. Markets trended well in volume, above all in value, with favorable commercial impacts, good contribution of energy, and spot markets, and environmental emergency activities for around EUR 10 million. On the international front, growth in volume is linked to market recovery seen since 2021, with a post-pandemic rebound in Latin America. Solarca International activity also benefited from spot markets on emergency markets in Peru for some EUR 15 million. As regards external growth contribution of the new scope with the creation of Séché Assainissement and additional acquisitions, we're developing a national network in these businesses with client synergies. With the acquisition of All'Chem in chemical recycling, we've brought new capabilities for our capability affiliates, Speichim and Industrial Waters, representing a new market that's strategic. Operating margins are strong and up like for like, thanks to our ability to pass through price hikes and to saturate our capabilities and energy. In spite of the capping in the Finance Law for 2023, we also benefited from industrial efficiency policy. Good availability of capability, productivity efficiencies, and improved beneficial capability of our logistics platform, that in spite of inflation on energy, raw materials, payroll, and maintenance. After a year 2022 of acquisition integration, operating margins will grow as of 2023. Turning now to our profile as a player in sustainable development, we were certified SBTi. In other words, our decarbonization strategy is in line with the Paris Agreement. We have a green bank loan that is with ESG impact criteria. In 2022, Séché strengthened in services that account for about 45% of revenue. Full year, Séché is rolling out its services by building on industrial services that it owns. It's integrated across the value chain of the circular economy. It's a winning strategy. Services and the circular economy drove growth in 2022. Our positioning on these services has upside on our midterm growth owing to the demand for industries, for services with also the multiyear contracts of comprehensive offering. We're positioned on the growing externalization of industrial clients managing all their waste issues. We're anticipating a change of our operational balance with growth that is more accretive in COI and EBITDA. The transformation of growth relied on dynamic external growth for several years now. These external growth operations drove growing international. International now accounts for 30% of revenue. This strategy led to an extension of the offering in terms of businesses in 2022 with the acquisition of All'Chem and the treatment of effluent activities of Veolia, acquisition of Assainissement 34, acquisition of Rhône Isère this year that supplemented the acquisition of the sanitation activities of Veolia in the Paris region. We'll continue this strategy in 2023 by incorporating these activities by forging synergies between our legacy business and these new acquisitions, and with targeted acquisitions in our business areas. In June 2022, we strengthened our European leadership in the chemical circular economy with the acquisition of All'Chem. All'Chem brought additional revenue of EUR 9 million in the second half of 2022, bringing the revenue of this unit to EUR 65 million, 7% of our revenue. This acquisition supplements our chemical unit with Speichim in France and Valls in Spain, specialized in the distillation of chemicals and solvent regeneration. We're thereby strengthening our position on high-tech businesses with high value added and high barriers to entry. With the regeneration, purification, and manufacturing that is customized, we offer circular economy solutions to our core clients in fine chemistry and pharma. We integrated the 1st of January 2022, the eight specialized centers in the specialized SAN. We're integrated across the value chain of the waste business. We can guarantee our clients the traceability and the safety of their flows. We can address industrial clients and hazardous waste. They respectively account for 80%, 2/3 of our revenue. Our know-how in the circular economy make us a producer of local resources available at competitive and decarbonized prices, energy, raw materials, and now, processed water. They ensure the sustainability for companies of industrial relocation and local environmental needs. With our services, we can address the issues of client sustainability over and above to waste and resources such as, installation security, chemical solutions preventing accidents, as well as guaranteeing the efficiency of industrial processes, invest with the decontamination of accidental pollution and protection of human health with asbestos removal and sanitation. We're global partners that support our clients over the long term. On the one hand, in their societal acceptance approach by ensuring the sustainability of existing activities or relocation, and in their quest for sustainable development and more specifically, the green transition. For us, it's an assurance of predictability, value added, and resilience of our own activities. We're relevant in these businesses in this initiative with our clients because we have ourselves accomplished this, and as we'll see, with our alignment on the taxonomy and our climate strategy that is SBTi-certified. European regulations requires new reporting to rank economic activities on the basis of their contribution to the economic and green transition. We followed the green taxonomy of the European Commission. Our revenue is 66% aligned. That's to say, under the green taxonomy. It's green, as I said, under the taxonomy. It's all the more interesting because a number of experts indicate that less than 10% of European economic activities can be classified as green. This good result illustrates a substantial contribution to the environmental transition and the support we can provide our clients in this regard. The analysts base themselves on the four criteria that endorsed by the European Commission, that on the reduction and prevention of pollution that concerns us first and foremost. You'll find the details of the taxonomy analysis of our activities in the non-financial performance statement. The ambition of the climate strategy was also signed off by this international SBTI, but Science Based Targets initiative on that in February 2023. Let me remind you that this strategy provides for a reduction of 25% of our greenhouse gases by 2025, and the increase of avoided emissions in our clients by 40%, thanks to our circular economy businesses. This strategy are gradually being rolled out across our various businesses, thanks to energy conservation, reduced energy conservation, fossil fuels with targets per site, energy substitution by using our own production of low- carbon energy, such as the fatal energy from incinerations, and the fight against fugitive emissions on biogas emissions. These non-financial targets will also have a positive impact on the reduction of our energy purchases, the increase of our decarbonized energy sales to our clients. Our initial results are encouraging, with a reduction of our emissions of 4.6% in 2022 versus the previous year. We'll be delighted to meet with you in the second half of 2023. Sorry, I meant the second half of this year for an investor day where we will be spot on regarding the update on our acquisitions, and we'll set out our financial and non-financial strategy through to 2026. Over now to Baptiste. Merci. Thank you. We'll now go through the financial performance for 2022. You have a recap of the key indicators of our results in 2022 in the usual manner. In short, we have contributed revenue at EUR 735.8 million, up over 22%, gross, +14% organic change, which is above our target for 2022. EBITDA came out at EUR 201.6 million +18%, which is +15% organic change, and we'll come back to our operating results. Operating income came out at EUR 91.3 million. Net financial, the profit for the period, EUR 44.6 million +60% organic change. Very strong rise with net income per share, as Joël has said, enabling us to increase our dividend, which has been set at EUR 1.10 per share, up 10% on last year. Cash flow, free operating cash flow, is still significant, EUR 78.4 million. Strong CapEx industrial investment, EUR 95.7 million. Operating cash flow was stable, EUR 78.4 million. Net debt, IFRS net debt, came out at EUR 587.4 million at the end of 2022, up, which is logical given the acquisitions made in 2022. Financial leverage ratio, which is 2.8x EBITDA with the acquisition of STI, as Joël and Maxime have explained, at 30th of November 2022. The EBITDA impact is only on December 2022. The debt impact is for the first 11 months. Looking now at the contributed revenue. First of all, it's up 22% with dynamic organic growth in all our businesses, with a scope impact of EUR 48.3 million, which breaks down into international business with Spill Tech, EUR 8.5 million, due to the fact that we began the consolidation on the first of March 2021. Two months of revenue for Spill Tech. Séché Assainissement, which impacts the whole of 2022 for EUR 27 million. Speichim, Séché Assainissement, EUR 34 million for EUR 2 million in STI, for one month for EUR 2.3 million. Currency impact was positive for revenue, EUR 4.5 million. Due to the appreciation of the Peruvian and South African currencies. We take the average annual exchange rate versus the EUR. Non-contributive revenue came out at EUR 78.4 million, up EUR 23 million, given the impact of IFRIC 12 impact on 2022. It's this mainly the DSP of Montauban, where the amount of work came out at EUR 21.7 million in 2022. TGAP, which is reinvoiced to client, which comes out at EUR 55.5 million, up approximately EUR 10 million on 2022. Organic variation came out at EUR 106.7 million plus 14.5%, which is a strong, very strong across all regions and in all businesses, mainly services and the decarbonization of the circular economy, which were posted very strong growth in 2022. Looking at the quarterly breakdown, we had a strong evolution here. The fourth quarter was very strong indeed, on non-hazardous waste. Depollution contracts contributed significantly with a strong rise in global offerings and strong business internationally, in particular on our logistical platforms in South Africa with Interwaste. Looking now per geographical region. I'll dwell on this because it's extremely interesting. We have a dynamic rise in the French business with organic growth of 10.9%. Very strong growth momentum in 2022, both in the first half and the second half. Strong commercial momentum, with a very positive price impact, against a backdrop of energy crisis, and with a refocusing of our industrial clients on their core businesses. This has enabled us to develop our offering to roll it out to industrial clients. Looking at the international business, +23.4% at constant scope and exchange rate, with strong growth across all our regions, as you can see on the slide. When you look at the different geographical regions, very strong rise in Europe, 15.9%, with a rise in our capacities in Mecomer, in Italy, and strong dynamic growth of our activities in South Africa. Strong momentum, +11.6%. You'll recall the resilience of this geographical region during the pandemic, and we still have a strong growth momentum in this region with the Interwaste activities,, and a growth in our waste storage activity and very strong growth in the first and second half for depollution activities. Latin America is recovering extremely strongly. Revenue close to EUR 30 million in 2022. A very strong increase in particular in Peru, which accounts for 2/3 of the revenue, and we refer to contracts in the first half. Depollution contracts, environmental urgency contracts. These businesses recovered very strongly, and this recovery continued with storage of waste and depollution, and contributing to the global offering in the second half. A very strong activity at Solarca with a recovery of EUR 31.1 million +66% in revenue, well above the pre-crisis activity. This is likely to continue in the first half of 2023. Looking at the business mix, we have strong contribution of services and the circular economy. We have revenue that came out at EUR 406 million with EUR 35.9 million in scope, +19% in organic growth. France, very strong performance, +13%. As I was saying, global offering contracts for outsourcing of environmental issues with our industrial clients, with depollution contracts either on an emergency or non-emergency basis underpinned the growth in 2022. International business +26% at constant exchange rate with very strong momentum on the chemical cleaning depollution contracts in Peru and South Africa. On the circular economy, EUR 286 million +18%, with momentum achieved through energy enhancement, the rise in energy prices, and the use of raw materials, with depollution activities impacted by the price of energy, Hazard waste management, good use of our capacities, positive price impact in France, positive impact in terms of volume in Peru, Chile, and South Africa. Moving on now to the operational results. We can kick off with the EBITDA, +18%, strong performance on the historical scope. EUR 201.6 million operating income of EUR 4.1 million scope impact and EUR 1.1 million foreign exchange impact. Looking at the EBITDA, we can start off at constant scope with an improvement in the margin, which is up from 21.3% to 22.3% with stability in France at 24.9% EBITDA. Apparent stability because there's an impact on the French business due to the capping of electricity sold by the entities which produce biogas due to the Finance Law for 2023, which has an impact on the group. The revenue is impacted by... is reflected in this, and we book a provision in order to transfer this back to the state. This does not come out in the EBITDA. If we restate the revenue, this EUR 5.8 million, we would have an increase of the EBITDA margin in France, which would go from 24.9% to 25.2%. Of course, if we hadn't had this energy contribution in excess, we would have had a margin of 25.9%, which reflects the strong resilience of our French business with our very dynamics sales policy and very strong industrial policy. Looking at the scope impact in 2022, the key factors on EBITDA margins in 2022, given the impact, this is mainly the acquisitions that were made with Ocem, Asenisa, STI. Given that this concerned acquisition of businesses, we had to establish the required IT systems, recruit the administrative teams, all this has an impact in terms of cost on 2022 to the tune of EUR 1 million. In looking at our international business, our EBITDA margin came out at 19.9%, up strongly with EBITDA of EUR 59.9 million and a scope impact, as I was mentioning, of two months on Spill Tech. This reflects an historically high level. It vindicates our international strategy. Looking at price impact volume and gross cost, volume impact is positive, EUR +78 million, with a strong contribution from international business, EUR +61 million due to the recovery of the various geographical regions, as I was pointing out, and EUR +18 million for our French business due to the strong performance of our service contracts and the long-term improvement of our tools. Positive price impact, mainly due to the good use of our waste management tools in France, offset by an increase in our variable operational costs. Internationally, this reflects the strong recovery of our businesses internationally. Looking at our French business, we have an increase in prices of energy, prices which has a direct impact on half of the variable operating costs. Other costs are up by EUR 39 million due to the increase in maintenance costs. You also have the energy contribution, which has a direct impact on EBITDA, which is backdated to July, and which will have an impact from 2023. Looking at the operating income coming out at EUR 91.3 million, up 28% with a scope impact and a foreign exchange impact to the tune of EUR 0.5 million. Operating margin is in excess of 10%. At constant scope, you have an interesting impact here because the operating margin comes out at seventy... 10.7%, which continues to underpin our diversification strategy. Reflects the strong rise of our international business, which uses up less capital and which has an impact, a far, far faster impact on the operational profitability. Stronger provisions you can see in the dark blue shaded area due to the increase in price indices and provisions for social commitments, given our recruitment further to the acquisitions internationally. An impact in contributions to provisions for the new capacity. Looking at the net income, we have non-recurring items with an impact to the disposal of some of our businesses. We have a financial result which is very strong, EUR 18.5 million, which is due to lower financing costs down from... Notwithstanding the increase in the debt due to the decline in the cost of debt, which came out at 2.56%. 2.76% last year, which is a remarkable result given the rise in interest rates and other financial items. Tax is up given stronger results, EUR 19 million in tax, EUR 12 million in France, EUR 7 overseas due to the decline in the actual rate, 28.1% versus 31.5%. Looking at the investment, industrial investments, as I was saying, we have an increase in investments with overall additional investment from a regulatory standpoint, which was strong in 2022 due to development opportunities in our various geographical areas. Looking at available cash flow, we have EBITDA up with an increase in operating cash flow. Operating cash flow is stable. WCR down to EUR 25 million, same level as at the 30th of June, due in part for EUR 6 million to the new scope. We acquired a new scope, and therefore, this has an impact on the WCR to the tune of approximately EUR 6 million. We have an increase in our receivables for Socienis- Enes- Enersys, which we'd already booked at the 30th of June. We were unable to absorb it completely by the end of December. In terms of collection, we have an item for integration of collection within our system, which we will do in 2023. We have an increase in our business in Q4, in particular on depollution contracts with that direct impact on receivables to the tune of EUR 10 million 30-day receivables, which were booked in January and February, which will have an impact also on WCR. Notwithstanding WCR in CapEx, we have a cash conversion rate which is at 39%, which is above our target of 35% set at the beginning of the year. In terms of net financial debt, we have a EUR 113 million impact due to the payment of acquisitions, a scope impact EUR 81 million. IFRS 16 impacts due to our acquisitions, approximately EUR 15 million. Implementation with works for DSP of Montauban, which will become a non-resort financing at the end of 2023. Other CapEx dividends, et cetera, is being financed by the available cash flow. The group maintains very strong liquidity, EUR 313 million, EUR 126 million available cash, 2.8x below EBITDA. 3x the target following the acquisition of STI end of November, directly impacting on the level of debt. Restating STI, we're back at a stable level at 2.7x EBITDA, which reflects the quality of the group's credit rating. Liquidity that I may discuss that gross debt financial maturity, five years with a maturity that's pretty smooth. Very few maturities in the coming years following the refinancing done in 2021. On the outlook for 2023, which I'm sure will interest you. After a year of 2022, extremely dynamic, we expect a year 2023 that will be equally a year of growth in spite of all the uncertainties. Out in our macroeconomic environment, where organic growth of the order of 5% on the historical scope. A scope effect related to the acquisitions, a calendar effect, and also a contribution of the new scope, STI with revenue that will come in overall at between EUR 38 million and EUR 50 million. We need to specify here the contracts of STI are transferred in successive waves between the 1st of December 2022 and the end of H1 2023. The successive waves require client agreements. On the basis of these agreements, we'll have successive waves that have already begun. The EUR 38 million is in the bag, and we continue to impact H1 2023. We can bank for 2023 on global revenue if all goes according to plan, of the order of EUR 48 million. So that's overall, contributed revenue close to EUR 1 billion. For the operating margins we have on the historical scope, was expecting a slight increase in EBITDA margins. We're continuing to strive to grow our operating margins by working on optimizing our industrial capabilities with an active sales policy today, meet the inflationary pressures. International, continued improvement in dynamic activity so as to maximize our commercial synergies while moving increasingly to high- value-added activities. On the new scope, we expect gradually an improvement in margins by benefiting from the disappearing of the one-off costs of EUR 1 billion indicating and the gradual implementation of commercial operational synergies, in total 20%, 22% EBITDA margin, expected mechanically on contributed revenue in 2023. CapEx of the order of EUR 100 million, mechanically, we're back to a 10% of revenue, which is the target that we set ourselves on the level of industrial CapEx liquidity. WCR change, in spite of expected growth that is zero, be the efforts that we have on our receivables. Operating cash flow available above 35% of EBITDA with, of course, flexibility on CapEx. Development CapEx still subject to generating positive cash flow and flexibility on the balance sheet with a financial leverage at 2.7x EBITDA. Leverage that is flat into 2023. Mechanically, this leverage is set to be slightly below, depending on the generated cash flow. A resilience and a predictable model. Just to recall the history of the revenue trend by recalling that in 2023, we're banking on revenue close to EUR 1 billion, EBITDA close to 22% of contributed revenue, and of course, CapEx that are contained below 7% on maintenance CapEx, maintaining production capabilities, and 10% all in all of the CapEx target of revenue. As Maxime indicated, this investor day that we plan to hold in the second half of this year, we'll provide you with an update on the targets we gave you through 2025. It was EUR 1 billion contributive revenue, an EBITDA margin 24%-25% on the 2021 scope, and a leverage below 3x. We can say that given what's been indicated in terms of guidance, we're probably within those targets in 2023. Hence, the interest of providing with the new ambition through 26 on the overall scope and on the acquisitions delivered to really show you the trend in operational profitability and the target activity and the operational commercial synergies on these recently acquired activities. Thanks for your attention. We're now available to take your questions. If there are no questions immediately in the room, we have questions coming into us on the chat. We have a first question for Oddo BHF. These were questions that were put at the beginning of the presentation, and therefore, some of them might have already been answered. I will mention them. Can you return to the mechanism for the capping of products linked to energy sales that accounted to the tune of EUR 6 million on the EBITDA? What are your price effect expectations and energy price forecasts in 23? Question on the leverage, why your forecast of leverage isn't improving 2.7x- 2.8x because CapEx and WCR are under control. What are your recovery or margin improvement targets on the integrated scope? What are the synergies expected on this scope? Could you give us some forecasts on the change in the financial structure, fixed rate, variable rate? What are your expectations in terms of cost of debt guidance on the historical scope +5%? What's the situation of the split between France and international? Can you return to your 25 targets that were announced last year to win EUR 1 billion in revenue on the historical scope? Answer first part of your question. Actually, we should limit the number of questions per person, I think, otherwise I can't take notes properly. Just to recall the mechanism here. Of the sin billion EUR, 5.8 million are the energy contribution. Everything that's above EUR 175, the megawatt hour is covered by the state. That's only on the sales of electricity and so. What can we say further? We incorporate no revenue, so it hurts our margins, and we will return it to the state, but it comes in as an expense in our 2022 financials. The impact kicks in on the first of July 2022, and it stage will end at the end of 2023, so we'll also find this energy contribution in 2023. It has our impact, our financials in 2022 for EUR 6 million, also impact our 2023 financials. Is that clear? Anticipation, energy price impact in 2023. Was that the second part of your question? We're expecting price effects that are at this stage positive in 2023. Today, we're not seeing any break in trend between H2 2022 and early 2023, we're expecting positive price effects in 2023. We'll continue to see pressure on our purchasing costs, inflationary pressures that are strong on both sides, a positive price effect, and price impact on our procurement. We're expecting a positive contribution of energy on our financials in 2023, mechanically, given the impact of the indexation formula that will begin to play out in 2023. We're expecting a positive financial impact. Question three on the leverage. Why not below 2.7x? Well, mechanically, we'll be closer to 2.6x than 2.7x in 2023. The message being that, like- for- like, mechanically, we won't see any deterioration. My message, we won't be seeing a deterioration in our leverage like-for-like, our cash flow will allow us to finance our CapEx and financing requirements. Margin recovery and synergy on the new scope, I think that on that, as I indicated, we won't have a one-off in 2023, but we won't benefit fully from the operational commercial synergies in 2023. Why? Because part of the scope that was acquired at the end of 2022, the transfer of contracts on the treatment of industrial effluent would extend into 2023. It continues to be a year of transition into 2023. We'll have a year of integration of these activities within our scope. The investor day in the second half of 2023, we'll be able to indicate to you what our ambition is on these new acquisitions and these new activities, quote, unquote. On the financial structure, in terms of net debt, we're at 89% fixed rate. I indicated the presentation of our financials that we had a financing cost of 2.56%, mechanically 89% of fixed rate. That means 11% at variable rate. What can change that finance cost? It's the variable rate component. Mechanically, if the rising rates, say an increase of 100 basis points, that's EUR 700 million additional cost, 11% on EUR 570 million or 1%, it's about EUR 700 million. That can happen if rates continue to rise. That can impact our cost of fund. There are maturities. EUR 111 million of maturities, it's likely we won't be able to refinance today at a level of 2.56%. There can be a slight increase in the finance cost on that refinancing that hasn't yet happened, so I can't indicate what it'll be. We can expect a slight rate increase given the increase in short-term rates in 2023. The guidance France and international, well, we put out a global guidance that is strangely similar to what we indicated early 2022. Growth of 5% on the historical scope. Several things to be noted. We said for France and Internet, we had spot contracts in 2023 of an exceptional scale for some EUR 25 million. We have a base that is slightly higher than the previous year, and the fact that we're expecting 5% growth above a high base reflects our confidence in 2023, in spite of all the uncertainties that may linger on industrial production and global growth. Other guidance for 2023, 2025, I recall those. Of course, those guidance will have to be updated at the investor day to be held in the second half of 2026. Of course, it'll require our being more ambitious than we were previously, given the achievements that we delivered over these past few years and that we will deliver in 2023. We also have a question from Gilbert Dupont asking us, are you hedging your ZAR exposure? Are you expecting negative ForEx impact regarding exposure to South Africa in 2023? More topically, are you seeing a slowdown in the activity of industrial clients? What are your expectations on that front in 2023? Well, on currency hedging, we don't hedge currencies. That's to say, today, we're exposed on the margin that is generated in those countries in the sense that our policy in the country is crystal clear. We have revenue in local currencies, and we have expenses in local currencies, so the margin is in South African rand. Are we expecting an appreciation or a depreciation? There was a rise in 2022. I'm not expecting anything in 2023. Don't have a crystal ball, but clearly we're on the margin. We're exposed to the variations in these currencies. The diversification of all our geographies should allow us, all in all, to have a certain diversification of our portfolio of currency. Are we expecting a slowdown in industrials? Same way we said to give you guidance based on the fact that we weren't going to end up in a full-blown lasting recession in 2023. Like I said, we're not seeing a break in trend on the first months of 2023, which lends credence to our guidance. Today, we're not banking at this stage, and our guidance and our budget are not based on a very sharp slowdown. Industrial slowdown, does that mechanically mean a slowdown in our activities? Not necessarily, given our positioning on businesses that today are strategic and significant for industry and for local authorities. A question in the room. Thank you. Good morning. CIC. I have three questions, if I may. Number one, on the tax of the infra-marginal rent, does this also impact the sales of heat and thermal energy? Can you give us some indication of the breakdown in the energy that you sell, breakdown between electricity and thermal power? Second question, acquisitions. You mentioned integration costs for industrial water from Veolia. I did not jot down the amount here, so perhaps you could give us some details on that. In 2023, should we expect further integration costs regarding this acquisition or other acquisitions? My last question is more on the situation in Peru. This year, should we be expecting a decline in the revenue due to the non-recurring nature of a spot contract and given the difficult political situation in Peru? Thank you. Well, I'll start off with Peru, and then I'll hand over to you, Baptiste. Well, looking at Peru, the geopolitical situation is difficult. We don't feel any impact in our own business. We're continuing. We had a strong recovery post-pandemic, as we explained earlier, because we bore the brunt of the pandemic in this geographical region. For the time being, our outlook is positive, as for the depollution markets and also the tonnage markets which are processed on the ground. We don't have any immediate impact arising from the geopolitical situation. Baptiste, do you wish to add anything to that? Well, we are still enjoying strong momentum. At present, there's a decoupling between the in-industry in Peru and the political, social environment Which is in the news, we can all see that. We have industrial momentum, which is underpinned by mines, oil, and petrochemicals. It's very strong. At this point we don't expect any break in Peru. On the contrary, we have an industrial positive trend, but of course, we have to be prudent. Of course, there are social issues which at some point can have an impact on the economy, but we don't see that for the time being. Looking at the cost of integration, as I was saying earlier, integration costs mainly reflect industrial effluent processing and this is acquisition of businesses. We acquire businesses with operational teams, but we don't have the administrative and the applications. When we acquire contracts with operational teams, then at some point we have to book this, and all this requires, overall, on these costs, on these entities, the excess cost for establishment of all the application management and support functions comes out at EUR 1 million. Are we going to have additional costs in 2023? There are excess costs, temporary excess costs for example. We could not immediately take over the application system or the payroll system on the STI acquisition at the end of November. That means that we'll still have some excess costs in the first few months of the year. The goal is that we become independent as quickly as possible, and that we avoid having these excess costs beyond the first half of the year. Will there be excess costs from other acquisitions? I really can't say. I'll, of course, provide explanations to you if there are any. What you need to keep in mind in this is that when we acquire a goodwill, a business there are excess costs involved in the application costs and the transition costs for outsourcing payroll, for example. Now, tax on the rent. This concerns mainly electricity, thermal power, given the indexation will have a positive impact in 2023, as well as this goes for steam as well, and this will enable us to contribute to an improvement in the margin, the EBITDA margin and the operational margin in 2023 on the historical scope, as I've said in the guidance for 2023. We have questions, email questions. Nicolas Royot from Portzamparc, who is asking for additional detail on the transfer of STI contracts. After the transfer, is the revenue still expected at around EUR 60 million per year? The second question, will there be cash disbursement? On the normative revenue, is this slight adjustment there due to acquisitions with lower margins but less capital comments? Finally, on the corporate tax rate, which follows Gilbert Dupont question, the corporate tax rate is 28.1%. Is this a normative, is this a standard tax rate? Well, the transfer of contracts, of STI contracts, will not be as high as EUR 60 million. This is for, very simply because for us in these contracts, on the portfolio of contracts of EUR 60 million, there were contracts which did not relate to industrial effluent processing. These contracts mainly involved water distribution, and therefore, these contracts are not strategic contracts. They're not part of our strategy. Our strategy is to acquire the know-how on process water management and industrial effluent management. That's our strategy, and therefore it's a service for water processing for industrial companies. They're part of the contracts where we have told those clients that this was not part of our strategy, and therefore, mechanically, we feel that the clients will not be able to accept the transfer. This is for a good reason, simply because it didn't reflect our strategy on part of the EUR 60 million portfolio, therefore. It was not simply contracts involving effluent, water effluent, processing, hence the estimate of EUR 30 million which have been acquired. We think it could go as high as EUR 50 million. There's a revenue impact in 2023 of approximately EUR 48 million, and this reflects the portfolio of contracts which we hope to see transferred in the months ahead. The second question? Cash in 2023. There are provisions for additional payments, primarily on STI. Good. Depending on the volume of contracts that'll be transferred. Potentially, the debt impact in 2023 can go up to EUR 6 million. Linked to that STI acquisition. On investment 10% we read. In fact, when we had planned the 10%-11% to have a revenue number that would be so dynamic. De facto, given the volume of revenue generated and expected, we adjusted our investment target to 10%, knowing, as I indicated, that in H2 and across 2022, we have very strong service dynamic, as was indicated. That service segment is less capital- intensive, de facto, we don't need to follow precisely the revenue percentage. That's why we're adjusting our CapEx level to 10%. Of course, all this is subject to opportunities on which we might position ourselves in growth CapEx in 2023. Corporate tax rate 28.1%, is it normative? Yes, possibly. All other things being equal, we can reckon that, all that, assuming that we continue to benefit from deferred tax assets which will occur in 2023. The recovery of deferred tax assets in France stops at the end of 2024. De facto, beyond the normative tax rate, should change on the basis of the new stock of deferred tax asset DTAs. No more questions on my side. Any questions in the room? Further questions? From Invest Securities, if I've understood, your new focus area in water is gonna be limited just to industrial water, not to municipal water distribution? No. We're not returning to La Saulce again. No. Answer, the important point is really the treatment of effluent, process water, industrial effluents for industry. That's our development focus area, still in the various services that we can offer to industry, once there's associated ancillary treatment. Thank you. Any further questions? Well, it remains for me to thank all of you who have joined us and I... Time for a coffee. Thank you.