Good day, and thank you for standing by. Welcome to the FL Entertainment nine-month 2023 results webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Alternatively, you may submit your questions via the webcast. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Caroline Cohen, Head of Investor Relations. Please go ahead. Thank you, Sharon. Good evening. This is Caroline Cohen, Head of Investor Relations. So welcome to FL Entertainment's 2023 nine-month results webcast. Before we start, let me draw your attention to the disclaimer on slide two. I also want to remind you that this presentation is available on the company's website, and a replay of this call will be accessible in the coming days. Your speakers today are François Riahi, CEO, and CFO, Sophie Kurinckx-Leclerc. First, François will go through key financial highlights for the period, followed by a quick business update. Sophie will then cover the financial results in more detail before François provides some concluding remarks. Over to you, François. Thank you, Caroline. Good evening, everyone, and thanks for joining us. Results for the first nine months for FL Entertainment are solid across all activities, demonstrating the strength of our business model, as well as the creativity and agility of our team. On the content production and distribution side, we continue to profitably leverage our IP and grow our catalog. Our Super Brands continue to perform strongly, and we see sustained demand from our content from major streaming platforms, as well as linear broadcasters. During the nine months period, we created Banijay Events to expand into the attractive and highly complementary segment of live event productions. We already have a leadership position, thanks to our investments in Balich Wonder Studio and The Independents. You maybe saw a few weeks ago during the MIPCOM that we invested in Hyphenate Media Group to meet demand for inclusive premium content from the Americas. On the online sports betting and gaming side, our ability to capitalize on continuous strong momentum in player numbers drove double-digit revenue growth across all segments. Betclic also became the first non-U.K. operator to receive the International Safer Gambling Standard or GamCare. I think it's a, it's a great achievement because that's an external assessment, demonstrating our strong commitment to responsible gaming. And we released a new Betclic app, which is already highly rated by our users. So now moving on to financial highlights. Group revenues were up 7.5%, which is a very good result when we consider the impact of the post-COVID recovery on the first nine months of 2022, which gave us higher comparative figures for that period. Adjusted EBITDA was up over 8%, while adjusted net income was up 5.6%. Importantly, we maintained our high level of cash conversion at 83%. Our financial leverage ratio was 3.2x as of 30 September 2023. Following the successful refinancing at Banijay, 85% of group debt now has a maturity of 2028 or 2029. That's our financial highlight for the first three months of 2023. Now, if we just have a look at the Q3, later, Sophie will take you through our nine months performance in more detail. But if we zoom on the Q3, you can see that the revenue growth was 6.6% compared to last year, and driven by the group-wide performance. At constant exchange rates, content production and distribution revenues were up 3.7%, which is a very steady performance that reflects the delivery of scripted and unscripted shows to our diversified client base, and this is on this activity that the COVID impact was really visible, strongly visible in 2022. Revenues grew by over 17% for online sports betting and gaming, reflecting continued momentum in terms of unique active players. Here, on the Q3, you also have a base effect in 2022, as World Cup was in Q4. So, during the Q3 2022, there were a lot of Champions League games, more than usual and more than in 2023. So this 17%, 17.3% revenue is very, is a very strong achievement. Now, in terms of some business elements, let's start with content production and distribution, where Banijay's high quality IP and multi-format, multi-geography offer makes it the premier partner for both linear broadcasters and streamers. The combination of proven super brands, the renewals, and global circulating IP is a core driver of recurring revenue. A few examples here, Big Brother, already present in over 30 territories, made a major return to U.K. screens on ITV after a five-year hiatus, and has recently been commissioned for a second season. That's exactly what happened in France with Star Academy. We relaunched it last year, and we have the second season this year. The program also performed well in Italy this year, with demand for additional episodes. Iconic non-scripted shows like Big Brother and MasterChef consistently perform well and are particularly competing, thanks to lower co-production costs. In a tougher advertising environment, risk-averse broadcasters and streamers are looking for guaranteed winners and more profitable shows, and they come to us. Our ability to create successful shows and produce them in several countries is another powerful growth engine. Just a few examples, I could name many. Good Luck Guys, which is a non-scripted reality production first created in France, under the name Les Improbables Aventuriers, has been picked up by Amazon Prime Video in Norway, Denmark, and Sweden for a second season, and a first season in the Netherlands. Another example, Love Triangle, a non-scripted show produced by Endemol Shine Australia for the Nine Network. It is going for a second season and is also commissioned in the U.K. by Channel 4. So that's really a very strong element of our business, the recurring nature, given these three elements: iconic Super Brands, seasonal commission, and IP circulation. Of course, to feed all that, it's about relentless creativity, and we continue every year to create original and scalable IP. It's true for the scripted shows. In France, we are currently co-producing Carême, an eight-episode scripted drama show, and we released recently Alphonse. But it's also true in non-scripted, where several new formats have been created this year, and of course, which should lead to second seasons next year and circulation in other countries. So that's how our model is working. In terms of documentary, I would just name one because the name is nice. Moulin Rouge: Yes We Can Can, a six-part documentary for the BBC, and we also have a very good, a very strong documentary on in sports with All-In: Team Jumbo-Visma, which is very successful. So this continuation of recurring business and relentless creativity continually enriches our portfolio. So that's the first, the third, I would say, part of the building. We have the largest content catalog in the world. And I think it's important to see that at the end of September 2023, it amounted to 180,000 hours, which is up 13% since the beginning of the year. That's a very important element, and it's a strong. It's a powerful element in today's market. So this is appealing for both linear broadcasters and streaming platforms all around the world, and it's key to them retaining and attracting audiences. So just a little focus on the development we announced a few weeks ago, and which happened in the Q3. We invested in Hyphenate Media Group, which is an exciting new partnership. Hyphenate Media Group is a multi-platform media company led by actress, producer, and director Eva Longoria, that maybe you have heard of, and Chris Abrego, Chairman of Banijay Americas Group. Eva and Chris are both highly respected in the industry and have collaborated for over 20 years. We have taken a minority stake in the business and have the ability to increase our shareholding over time. Hyphenate aims to develop groundbreaking, premium, inclusive content with broad appeal, both in scripted and non-scripted. For scripted, the scripted part, it's the first time we produce scripted content in the U.S. The business will target linear broadcasters and streaming platforms, as always, for us, we are agnostic, and have strong development opportunities in the Americas. Banijay has acquired the full slate from Longoria's independent production label, UnbeliEVAble, and who also has an ongoing exclusivity agreement with her. The business will also target growth by acquiring independent creator-led studios with proven leadership and the potential to scale up. Let's turn to online sports betting and gaming, where we continue to see positive progression in terms of player numbers. I say it, I think every quarter, unique active players is really the most important metric to measure the commercial performance and the development of the business. And you can see that year-on-year, we have seen a 34% rise, reflecting a high level of player retention after the FIFA World Cup at the end of last year, as well as the organic growth that we are experiencing in our market. Betclic, the company built on high-quality technology, and we continue to develop our market-leading platform, launching a highly rated new app that enhances our product offering and provides an improved user experience. And the third element I already mentioned is responsible gaming. We are very serious about it. We are very happy about this certification, which is GamCare. And you know that we also always underline the percentage of our revenues coming from regulated markets. So this time we are around 99% of our revenues coming from markets with specific and robust local regulation. We cannot improve much. So that's for Betclic. That's all from me for now. I'll be back at the end for some closing remarks before we open the line for questions, but I leave the floor to Sophie. Thank you, François. So let's start with group revenue for the nine months, up 7.5% at constant FX rates. So as mentioned by François, the period saw a positive contribution from content production and distribution at 3.5%, thanks to sustained customer demand. Online sports betting and gaming performance was very strong, with the revenue up 21%, thanks to strong Unique Active Player growth, our high quality product offering, and a diverse geographic footprint. This positive performance was reflected in our Adjusted EBITDA, which is up 8% at constant exchange rates, and this leads to a very satisfactory level of profitability with an Adjusted EBITDA margin of 16.5%. At a group level, external expense rose by 7.5%. This increase primarily reflects an increase in tax paid in online sports betting and gaming, in line with the increase in revenue in the business. In content production and distribution, we also saw a small increase in external expense due to a change in the allocation of costs related to freelancers initially booked in the personal expense line. So if you look at these two lines together, you can see that the increase is in line with the business growth as it increased by 5.5%. Looking next at our consolidated P&L. LTIP expense are up due to adding new beneficiaries this year and the initial impact of the accelerated phase, first phase. As you know, in content production and distribution, the LTIP lasts eight years, but have an accelerated first phase lasting four years. Over the duration of each plan, this expense will average around 10% of annual Adjusted EBITDA, which is the level we target, and we are fully in line with this. The decrease in other finance costs is mainly explained by the change in fair value of financial instruments, including hedging and put on our debt, and includes also currency losses. Cost of net debt mainly increased due to one-off costs related to debt refinancing. And as a result of the above, adjusted net income rose by 5.6% in the first nine months of the year compared to 2022. Let's go now to results by business, starting with content production and distribution. Revenue for the first nine months of the year was up 3.5% at constant exchange rates, a solid performance that reflects the delivery of scripted and non-scripted shows to our diversified client base, as already explained by François. We saw solid performance in content production despite, as you remember, a strong post-COVID catch-up period in the first half of 2022. Production revenues were up over 4% in the nine months and almost 8% in Q3, explained by the delivery of scripted and non-scripted shows, new scripted and non-scripted shows, as well as additional episodes for recurring shows. Distributions revenue were up over 5% in the nine months and down 12% in Q3, which is mainly due to the comparison with Q3 2022, which saw the significant delivery of scripted shows with broad international appeal, most notably SAS Rogue Heroes and Marie Antoinette, which allows the distribution team to distribute these finished tapes during the Q3 2022. The content production and distribution business maintained its profitability at around 14%. The reduction here in the change in working capital is mainly explained by year-on-year seasonality patterns due to production delivery timing, particularly in Q3 2022, due to the post-COVID catch-up. This also led to significantly higher operating free cash flow, up 79% year-on-year. Now, if we move to the next page, to online sports betting and gaming, the revenues were up over 21%. All activities around this business recorded double-digit growth in the first nine months of 2023, with sports book revenue up 17% and online casino, poker, and turf revenues up forty-one percent. This performance is particularly strong as the sports schedule in Q3 2022 was more favorable due to the early start of the Champions League ahead of the World Cup. Online sports betting and gaming Adjusted EBITDA was up over 22% at consistently high margins, while our adjusted free cash flow conversion increased by 2 percentage points to 96%. The increase in income tax seen here is due to the payment of higher income tax linked to stronger performance and a change of the mix in countries. Adjusted free cash flow reached EUR 392 million in the first nine months of 2023. This was driven by the earnings generated during the period and supported by the tight control of cash expense and capital expenditure. This resulted in a cash conversion rate after CapEx and lease payment of 83%, which is in line with our guidance. Our adjusted for change, and adjusted for changes in working capital and income tax paid, our adjusted operating free cash flows were EUR 308 million. On the next slide, you can see that the group's net debt stands at EUR 2.38 billion. The increase during the year is mainly due to accretive M&A, balanced by a solid cash generation. The EUR 198 million shown in the middle of the slide relates to acquisitions completed during the period, mainly Balich Wonder Studio, but also includes EUR 63 million relating to the acquisition of the minority shares in Endemol Shine India, as highlighted in our last URD. We have a strong cash position and significant undrawn secured credit line. During 2023, Banijay successfully refinanced the majority of its debt, extending maturities until 2028 or 2029. This demonstrates the group's financial strength and flexibility as a highly cash generative business. That's all from me. I will now hand back to François for some concluding remarks. Thank you, Sophie. In summary, it has been a strong first nine months. In content production and distribution, we have seen solid trends and sustained profitability. We have continued to strengthen our IP offer with our investment in The Independents, among many things, and we have diversified our business with the creation of Banijay Events. Online sports betting and gaming performance was excellent and is underpinned by our strong commitment to responsible gaming, as demonstrated by our GamCare certification. So all in all, a very satisfactory first three quarters of the year. Looking ahead to Q4, in content production and distribution, and for Banijay, Q4 is always a strong quarter in terms of show deliveries, and this year will be no different. On full year, Banijay should land in line with our expectations. We continue to consolidate this fragmented industry, and as announced last week, we have acquired The Forge, one of the most highly regarded drama producer in the U.K., which is a good illustration of the fact that Banijay remains the preferred partner for the best creative talent. When it comes to Balich Wonder Studio, it will be consolidated into content production and distribution from Q4 onwards. As we mentioned previously, the business has a strong presence in Saudi Arabia, Qatar, and the United Arab Emirates. In this market, some events have been postponed or canceled out of respect for the ongoing conflict in the broader Middle East region. As a result, we anticipate a negative impact of EUR 10 million-EUR 15 million on the pro forma 2023 Adjusted EBITDA guidance we provided at H1 results. Now in terms of online sports betting and gaming, the business momentum is very good, and even better at what we expected at the beginning of the year, as illustrated by the growth of unique active player, and we expect this trend to continue in Q4. As we said many times, we have some volatility elements in sports betting due to the sports results, when the sports results are not in line with the statistics, which has been the case in October, where, like many of our peers, we experienced some adverse series of sport results. But we are already seeing this impact beginning to reverse with strong volumes recorded in recent week. So this impact is expected to be fully offset by the end of Q4 2023, or in Q1 2024 at the latest. So we don't change our views on where Betclic should land at year-end. But as there is only two months left before year-end, there's a part of uncertainty. That's all from me. Thank you for your attention, and back to you, Caroline. Thank you, François. So it's now time for questions. So please, can I just ask you to state your name and your company? I leave the floor to Sharon, the operator, to explain the procedure. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. If you wish to ask a question via the web cast, please type it into the box and click submit. We will now go to your first question. One moment, please. And your first question comes from the line of Thomas Singlehurst from Citi. Please go ahead. Thank you, François. Thank you, Sophie. Thank you, Caroline. And yeah, congrats on the results. A very, very solid set of numbers. I had a couple of questions, if it was okay. Maybe starting with the shorter term one. You talk about that hiatus at Balich, which you've obviously just acquired. Is that something we should expect to sort of reverse back in 2024, when, you know, hopefully things calm down? That was the first question. Secondly, we've heard from a number of your peers that there is pressure as a consequence of broadcasters sort of struggling for revenue, so the sort of second order impact of deferrals. But you seem to be talking about, you know, a high level of deliveries into the fourth quarter. I'm just wondering whether you think there will be any pressure, maybe, for you in 2024, if, you know, ad markets remain weak, that puts pressure on content production budgets for broadcasters around the world, and whether that will have a an impact on your 2024 outlook? Those are the two questions. Thank you. Thank you for these questions. On the first one, yes, at this stage, we expect most of the shows to happen in 2024, but as the situation is what it is today, of course it's very difficult to consider that it's a given. So we'll see how it evolves. But yes, the majority of it is about postponements. On the... Your second question... So yes, we are actually for we see a high level of deliveries. We, you know, I think we have a very diversified geographic footprint. If you look at the publication of our peers and our clients, you can see some very, very different trends in terms of broadcasting forecast for broadcasters, for advertising, advertisement revenues for broadcasters and also what are their intention in terms of content purchase. So, we see trends that are not all the same in the different countries. It's too early for us to give some outlook in 2024. We, next quarter, we don't have today a view on 2024. You know, we are a very decentralized organization. But yeah, we see these trends that are different from among countries. For example, in the U.K., I think the advertisement market has been tougher, for example, than in France or in some other continental Europe countries. So it's not just one way, there are different things. And also, you know, we consider that we have some good elements in a difficult market, Super Brands, strong catalog, et cetera, that are very helpful. Also another element, some of our peers have said that they were impacted by the strike in the U.S., and, as we mentioned, it's not our case, as we are not active in the scripted business in the U.S. We were not before Hyphenate, but, just to start. That's very clear. Thank you very much. Thank you. We will now go to our next question. Your next question comes from the line of Conor O'Shea from Kepler Cheuvreux. Please go ahead. Yes, thank you. Thank you for taking my questions. Good evening. Three questions from my side. Just first question, François, if you could maybe remind us of the expected contribution or the pro forma contribution of Balich, just so we can do the calculation versus the EUR 750 million pro forma Adjusted EBITDA, so if you're looking for EUR 10 million-EUR 15 million below that, what kind of range that might come out or reported Adjusted EBITDA for 2023? That would be helpful. Then second question, maybe for Sophie. The run rate on the LTIP and cost of debt for nine months is, should we extrapolate that for the 12 months? Is that a fair assumption? I think that's about EUR 200 million cost of debt interest costs and about EUR 140 million LTIP. Then the last question, maybe also for Sophie, you gave some numbers on adjusted net income. I think if I'm right, in 2023, that implies a decline year-over-year of about 30%. I don't know if that's related to tax or some other timing issues. Maybe you could just come back on that one. Thank you. So you decide who will answer the question? We will follow- No, no, no. I mean, it's, it's open season. No, no, no. I'm joking. So on the first, on your first question, so we have given two guidances, our guidance at the beginning of the year, and one on the pro forma of acquisition. So what we are saying, Riahi, is that on the pro forma of acquisition, the guidance is lowered from EUR 750 million to EUR 735 million, maybe more. But that's the Banijay impact. We have not given a guidance on the reported, which will include part of the acquisition and et cetera. So, on the EUR 710 million guidance, that's includes only Banijay and Betclic. That's, we don't change this guidance. Maybe we just have a potentially an effect impact on Banijay, because we are in line with our expectation in the different countries. But that's a, it's a, it's a minimal element. And then, on sports betting, as we mentioned, we expect to be in line, but we have we had some really a lot of room before October with our because we were ahead of our expectation before the adverse results in October. Now we think we will be just in line, but we cannot exclude that there are some other adverse sport results in next two months. For the moment, it's not the case, but we cannot just predict this trend. And it gives me the opportunity to come back on that, because of course this type of statistical elements can happen every time anytime in the year. I give you an example. Last year, it was the final of the World Cup on the eighteenth of December. I would have liked France to win as a because I'm a patriot, but I must say that if France had won it would have been negative for us in terms of EBITDA. It was the 18th of December, so you cannot really catch up before year-end. Here, we had already, during the year, a month that was not in line with, you know, the statistics, which was February. And we caught up in two months, and as it was in February, we had no, you know, no doubt that it will be corrected in compared to our expectations. Here, we still think it will be caught up, but we are closer to the year-end, so that's why we have a part of uncertainty about it. But there's a strong mechanism. There are strong mechanisms to be sure that, you know, on a few months, we have, you know, the trend is caught up, and if we have some volatility, we can catch it up. Here, again, that's our best estimate, is that we should be able to catch it up at the end of the year, but there's a little bit of uncertainty. So that's our situation on the EUR 750 that we are revising down to what? To EUR 735. On the EUR 710 that we are not revising down because our businesses are really, you know, really in line with our expectations. Again, it was on commercial point of view, I think was ahead of our expectation, but given this October month, now we just expect to be there. Okay. Thanks. There were other questions for Sophie? Yes. So regarding the run rate and EBITDA and cost of net debt, so what we usually give is that in terms of LTIP, as I explained, we have some accelerated phase during the first four years in especially in content production and distribution business. So that's why we prefer to give a guidance over the next several years, I mean, to give an average. So on an average basis, we take 10% of the EBITDA. So that's that's what we think is better just to model our business. In terms of cost of debt, so as we mentioned, in March, we amend and extend the two Term Loan B from March 2025 to March 2028. As you know, we had some hedging instruments for these two Term Loan B, with a maturity at the end of March 2025. We will continue at group level to benefit from this, from these two hedging instruments. So that's why on this part of the Term Loan B, on this part, sorry, of the financing of Banijay, we don't expect an increase of the cost of debt for the next two years. On the other side, in September, we refinanced the two Senior Secured Notes, and of course, we knew an increase of the interest rate. And we expect an annual increase for this part of the debt by around EUR 33 million on a yearly basis. Then we have some small also increase as we add a new Term Loan B on the sports betting side and a new additional Term Loan B in Banijay, but the incremental cost of debt should be around EUR 5 million for these two parts. Okay. And so that is versus 2022, is that right? Yes. Yes. About an extra EUR 38 million, but is that a full year effect, or is that something we will see- Yes -already in 2023? No, it's a full year. Okay. Okay. So will be less for 2023? Yes. But what is important is that at the end of September, you have some one-off cost due to this refinancing of Banijay. And this one-off costs are around EUR 35 million. Uh, okay. That's why you have this increase also, you know. This is the redemption cost and everything like this. Okay, makes sense. Thank you. Thank you. And then, Sorry. On the Adjusted Net Income? Sorry. Sorry, one last- I didn't understand this question. Sorry. Yeah. I think, I think if, if I'm not wrong, the Adjusted Net Income growth slowed a lot in nine months. So I think if you just take the third quarter, it implies a decrease year-on-year of, like, 28%. So I'm just wondering if there was some timing effects or tax or something like that, at the Adjusted Net Income level, in the third quarter? I think, yeah, this is the- Or the cost of the refinancing, I guess. Yes, that's mainly the cost of the refinancing that we discussed just earlier. Okay. Makes sense. Thank you. You're welcome. Thank you. We will now go to our next question. Our next question comes from the line of Jamie Bass, from Redburn Atlantic. Please go ahead. Hi, guys. Yeah, thank you for taking my question. Firstly, sorry, this is actually a bit of a repeat of the question, but could you just clarify on how this works on what you were saying about adverse sports results in October and that reversing from November and beyond? Is that basically saying you just have more volume coming in, rather than the actual, like, beneficial sports results coming out over the next few months? Could you just clarify that, please? And also on The Forge acquisition, could you give us any sort of guide as to how material this will be for 2024 numbers? Thank you. On your first question, yes, I confirm, we don't have unstatistical result in the other way, but we have more volumes, which is a kind of mechanical, because when players win, they actually withdraw very little and because it's an entertainment, so they want to continue to bet, and finally what they win is a way to bet more and to have more fun. And so we see the volumes up. Another element also is the fact that if you take France, the regulation caps the return to player to bettors to players. So, all the market, you know, increase margins, to make sure you take into account the fact that you have paid more, the players. So, you have some, I would say, automatic or mechanical impacts, and that's why we are confident that the results we didn't make on the, on the statistics come back. We have a lot of past experience on that, it's not our first bad month. So of course, the more we have players, you know, the more impact is a bad month. But, but we are confident on how it reverse. On the fourth, we don't disclose this number. Okay, no problem. Thank you very much. Thank you. We will now go to the next question. Your next question comes from the line of Frauke Boekhoff from ODDO BHF. Please go ahead. Hello, and thank you for taking my questions. A couple of housekeeping questions. You have a warranted, I think, an EUR 80 million-EUR 90 million vendor loan maturing in November this year. Any plans for that? And, any plans for the June 2025 Betclic maturity? And, what was, the amount of recourse factoring, which you used end of September? And that's all. Thank you. So the vendor loans maturity, yes, you're right. The first maturity was in November this year, but it has been automatically extended for one year. So now the vendor, the new vendor loans maturity is November 2024. Regarding the term loan, Term Loan B in Betclic with maturity in June 2025, we will review this, and we will think in due time, but we will refinance it in due time, if need be, or we will be able to pay it back in June 2025. And your last question was on non-recourse factoring. And the amount is quite consistent with what we saw in the previous year, in the previous quarter. So no significant change in this month. What was the amount, please? It's around EUR 170 million. Okay, thank you. Thank you. We will now go to the next question. Your next question comes from the line of Jean-Yves Guibert from BlueBay Asset Management. Please go ahead. Excuse me, Jean-Yves, is your line muted? Yeah. Hello. Hi, good afternoon. I've got two questions, one housekeeping question and one strategic question. Housekeeping question, I refer to the slide 31 in the appendix. You report as of September 2023, an adjusted leverage ratio of 4.85x, and that's based on the total net financial debt, including allowed put option. So from that, I derived a pro forma EBITDA of EUR 525 million, which implied a EUR 56 million bridge to the LTM EBITDA on a reported basis. And this EUR 56 million bridge represented a EUR 35 million increase compared with the previous bridge as of June 2023. I just wanted to come to hear about whether you can confirm whether this EUR 35 million differential correspond to the pro forma EBITDA from Balich Wonder Studio, that you include now in this pro forma EBITDA EUR 525 million. Previously it was more or less EUR 40 million, but it looks like it's EUR 35 million included in this pro forma EBITDA. My second question is about All3Media. Liberty Global and Discovery have reportedly kicked off the sale process. If you can comment on that, whether you have decided to look at it, and what is the current timing with respect to this asset, if you were to contemplate putting a bid on it? Thank you. I start with that. We are not going to comment on it, and I leave, and let Sophie answer on the more technical question. On the technical question, yes, the EBITDA to take into account to calculate this adjusted leverage ratio should take into account the last 12 months pro forma by EBITDA, so that's why you have this. Which amount has been included for that, especially for Balich? Is that EUR 35 million or EUR 30 million in this pro forma calculation? It's around this, yes. Okay. Thank you very much. Thank you. We have one further phone question, and the next question comes from the line of Jean Maltais from Palm Lane Capital. Please go ahead. Thank you for taking the question. Just a housekeeping, please, on your LTIP arrangements, can you please give us a sense of cash movements we should anticipate in the short to medium term, please? Well, we don't provide with the scheduled payments in the future of the LTIP. But what you can take as an assumption in your modeling in the terminal value is 10% of the EBITDA. Concretely, should we anticipate, say, next year, a cash outflow for LTIP? Yes, well, every year we will have some amounts to be paid in this line, LTIPs. Yeah, thank you. Thank you. There are currently no further phone questions. I will hand over to Caroline for the webcast questions. Yeah. Thank you, Sharon. So we've got a couple of questions. The first question is to explain the drop in EBITDA margin in the content production and distribution in Q3. The reason why? So we can go on the 18. There is a... Well, in fact, what is important to see here is that the EBITDA for the first nine months, 2023, increased by 0.9% at a constant exchange rate, which is clearly in line with the revenue increase during these first nine months, as it is around 1.2%. Did I answer the question? Yes. Yes. And then can we provide some more color on Q4 for Banijay, in terms of revenue growth? That's Q3 results. So we'll give the Q4 at Q4. But as explained, we give a global guidance and we are in line with what we expected on Banijay. That's what we say here. And then maybe the five- Again, again, let's not forget about, you know, if you take 2022, it was a very, very high year compared to 2000, even 2029, before COVID. There has been a huge, huge growth, and this is a high base. But, again, we are quite happy with Banijay. And then, another question is, is the end of the actors' strike a positive for us in any way? Not directly, because we are not active in scripted in the U.S. But if it's positive for the industry and for our clients, it's positive. We prefer to be in a situation where it has found a good solution. I think that's it on our side, Sharon. I guess I leave the floor to you. There are currently no further phone questions. I will now hand back to François Riahi for closing remarks. I don't have more closing remarks. Thank you very much for joining this call. Next interaction will be on March 7 for the full year results. Thank you very much. Thank you. Bye. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.