Good morning everybody. I'm happy together with Paul to present Covivio 2024 results. Let's start page two with the key highlights. These key figures illustrate a successful year for Covivio without mentioning all what we see. Reinforcement in total healthy balance sheet while values are stabilizing, strong operating performances and growth in recurring result and dividend. Let's go into more detail. First, on the transformation of the portfolio.
Page 5. You know our portfolio and unique model of diversification. This model, based on the three pillars you have on the right part, has even driven the performance of the year and also been reinforced in 2024 by our asset rotation.
See page 6. With EUR 766 million of disposal agreements secured, 3% above 2023 values, and with an average exit yield of 5%. All in all, what do we see here? Most of the agreements deal with offices for EUR 361 million euros close to book values. A mix between non-core assets and one development project in the south of Milan. In German Resi, to interesting moves. First, the setup of a JV with Caisse des Dépôts. second, the continued progress of privatization with 40% margin versus book value. Finally, in hotels we include in those figures the swap transaction we had with AccorInvest as it is a disposal on one side and an acquisition on the other. With this transaction and further disposals of non-strategic hotels, we streamline the portfolio in parallel. Page 7.
In 2024 we did for EUR 1.1 billion of investment at a yield above 6.5%. Reflecting our strategic moves, 2/3 of these investments were in hotels, including the contribution in kind for Covivio Hotels shares and the acquisitions of the AccorInvest OpCos. In parallel, we reinforce our footprint into city center offices through our development project and continue to upgrade the quality of the German residential portfolio with modernization CapEx.
Thanks to this, asset rotation 2024 has been a key year for the transformation of our portfolio with more hotels and more centrality. See that page 8. Taking a step back, since 2020 we increased by 5 points hotel exposure of each 3 points. In 2024 we also increased our German residential exposure and finally we increased the share of city center offices to 70%. Now this trend should continue over the long term as we show on the right part of the slide and as described longer during our capital market day last November. I will now leave the floor to Paul to comment our operating activity.
Thank you, Christophe. Good morning everyone. So the year was not only active on the asset rotation side, it was also active on the operating side as we can see starting with offices, page 10, we signed 176,000 square meters of letting during the year. A good performance across all of our clusters. As you can see on the right part of the slide on city centers first the main part of our portfolio, the occupancy has slightly increased to 97.6% and in parallel we benefited from a plus 12% uplift on our relatings on major business hubs. Our operated office offer is bearing fruit with letting successes as you can see on the slide on Saint-Ouen in Paris, Saint-Ouen, So Pop and in Issy-les-Moulineaux. This enabled us to increase by 200 basis points the occupancy rate to 94.9% and on non-core assets only 6% of our portfolio.
We also have been able to improve the occupancy rate to 84.5%.
Thanks to this letting activity and moving to page 11, our office occupancy rate is up by 100 basis points to 95.5%.
This directly contributes to a significant part of the strong like for like rental growth we had in 2024 plus 8% for the office portfolio.
An active year also for hotels, and move it to page 12, 2024, as you probably remember, was marked by the asset swap with AccorInvest with, as you can see on the left part of the slide, the acquisition of the OpCos at 12% EBITDA yield in exchange of disposals of PropCos at 5% rental yield. This deal was closed at the end of November 2024 and enabled us to merge OpCos and PropCos of 43 hotels gaining the full control and the capacity to extract growth for this portfolio, so since then we signed management contracts with hotel operators.
We are fine-tuning the CapEx program, and we expect a 20% yield on this CapEx program. And in parallel, as you see on the bottom right part of the slide, on the remaining part of the AccorInvest portfolio which is not concerned by the swap, we achieved joint disposals alongside AccorInvest to continue to streamline our hotel portfolio. So this asset swap contributes to the transformation of our hotel portfolio. As you can see on the next slide, page 13, we keep our balanced revenue profile. 57% of the hotels are under fixed leases. But in parallel, we gain flexibility and control on the variable part, moving from variable leases to operating properties. With this balanced model, we show on the right part of the slide the main elements.
We have the security with long-term revenues on the leases. We have the growth potential of the operating properties, and finally, the remaining part of the variable leases offers further asset management opportunities in the future.
So, moving to the performance now of the hotel portfolio on page 14, 2024 has been a strong year for us. First of all, we benefited from positive momentum on the markets. RevPAR in Europe is up by 4%, a performance which has been driven by Southern Europe, especially Spain plus 13% but also Germany +7%. In this context and moving to the right part of the slide, we outperformed with a 7% like- for- like revenue growth on our portfolio benefiting from indexation on the fixed fees + 4.3% and benefiting from the growth of the market and from our asset management deals on the variable revenues which ends up at +12% growth. Like- for- like.
Let's turn now to German residential on page 15. Successful year as well. The increasing housing shortage benefits our positioning. You see the reversionary potential we get on the relettings in 2024 +24% on average. Two years ago it was + 15% and on top of that plus 36% only in Berlin. Overall that means that we were able to accelerate on the like-for- like rental growth for this portfolio. We were at 3.1% like-for-like growth in 2022, 3.9% in 2023 and 4.3% in 2024. Thanks to this increasing reversionary and thanks also to the indexation, Berlin is outperforming. You see that on the right part of the slide, +4.9% growth.
So, overall, and moving to page.
17, sorry, that means 5% increase at constant scope for our revenues up to EUR 680 million group share thanks to the reinforcement in hotels thanks to the dynamic letting activity I just mentioned which enables us on the current scope to offset the impact of the disposal program. That means also and moving to the right part of the bottom of the slide that we have a +6.7% for revenue growth in 2024. You see the drivers indexation 3 points, asset management rental activity + 2.9 points and 80 bps coming from variable revenue in hotels.
Moving now to the financial results and starting with the appraisal values, a word first of all, page 19 on the investment market.
2023 has been one of the most calm market overall historically, and we started to have a recovery in 2024 as you can see in this slide, 23% increase in the investment market. A recovery that we start to see across all our asset classes.
In this context and moving to our portfolio valuation, page 20, values are stabilizing, and this has been confirmed with our appraisal values in the second part of 2024, so after -1.3% like-for-like value in H1, we record + 0.2% in the second part of the year, which can be split between -0.5% in office, where basically we have back to growth in the city centers, you see Paris CBD + 3%, + 1%, then on German residential with the outperformance of Berlin. Keep in mind that this is block values and +1% in the second part of the year into the hotel business benefiting from the revenue growth.
An increase of the yield at 6.4%.
In parallel, our balance sheet has been further reinforced during the year. We have the figures on page 21. First of all, our LTV is down by 200 bits to 38.9% now in line with our LTV policy below 40%. Our net debt to EBITDA is also improving by 90 bits to 11.4 times. Today we have a strong balance sheet. You can see the main elements on the right part of the slide. We have a controlled cost of debt. We expect it to stay below 2.5% until the end of 2028. We have a long term debt maturity close to five years and we have a high liquidity of EUR 2.5 billion which covers all the debt expiries by June 2027.
Let's now look at the results and first of all at the net asset value. So here page 22 we put the NTA which ends at 79.8 EUR per share at the end of 2024. You see in the bridge, first of all we had a decline in the first part of this year linked to the value decrease. I just mentioned 2.3 EUR per share impact, linked also to the scrip dividend which has been subscribed by close to 78% of the shareholders at a price of 38.6 EUR per share, but then in the second part of the year stabilization of the values and cash flow generation enable us to increase this net asset value by 3% over the second part of the year.
Then second main TPI for us is recurring net results. And moving to page 23.
We start with revenue net revenue which grow by 6% at EUR 686 million. Then what you can see in this P&L is basically that we have also improved our cost profile, decreasing the operating cost and we were also able to control the cost of the net financial debt. Thanks to that the 6% growth in net revenues become 10% growth in the adjusted EPRA earnings at EUR 477 million. On a per share basis, we have the effect of the increase of shares linked to the scrip dividend and to the contribution in Covivio Hotels. And so, despite the increase of the number of shares, we were able to stabilize the EPRA earnings per share at EUR 4.47.
You see the bridge of the planning on the slide 24.
What we can do. Basically, first of all, we benefited from our reinforcement into hotel increasing our stake to our subsidiary Covivio Hotels. It represents four points in the growth of our recurring net results. But putting that aside, we were also able to increase the results kind of a like- for- like on our portfolio, despite the effect of the disposals and despite the slight negative impact of the pipeline. This is thanks to EUR 40 million of additional revenues coming from the operating activity. And this is thanks also to the improvement of our cost base. Thank you. And now give the floor to Christophe.
Thank you, Paul. Let's now look ahead with the outlook. Starting page 26, Covivio is entering 2025 stronger than before the crisis. Looking at the market first, we see positive fundamentals across all our asset classes. We believe that the investment market is starting slowly to recover. In parallel, looking at ourselves, we have reinforced the quality of our portfolio. We have demonstrated our agility over the last years and our capacity to innovate. On top of that, we can rely on the healthy balance sheet. For all these reasons, Covivio is in good shape to seize new opportunities.
In this context, and in line with the long-term ambition we provide at our Capital Market Day last November, we fixed ourselves three main priorities for 2025 to pursue the reinforcement of the portfolio quality and centrality to continue to extract growth for our existing portfolio and to deploy our operated real estate offer, a key component for our tenants.
First, on portfolio rebalancing page 28, we want to invest further in hotels. In this context, our subsidiary Covivio Hotels will launch a capital increase with the scrip options on the dividend. In 2024 we will opt for the scrip option. In parallel, our hotel portfolio will continue to extract growth through conversion of offices into hotels, through delivering of our office pipeline in the city centers and through our CapEx program in German Resi. We will also continue to streamline our portfolio by selling non-core or peripheral assets. We currently have EUR 150 million of advanced discussions.
Moving to the second priority, page 29, on growth potential. See some examples. Office to hotel conversions we intend to launch in the next 12 months: two projects in the eastern part of Paris. Bobillot, a 3,400 sq m office building in Paris 13, and Voltaire in Paris 11 arrondissement, and another 10,000 sq m office to be vacated soon by Orange. Overall, these two projects have a total budget of EUR 150 million including the land with an average all-in cost of 6%.
We also continue to transform office into Resi. See this example in page 30. We are in location well known by upper- middle- class families and clearly lacking of quality housing. We just obtained the building permit to build 140 units and so we start the work soon for delivery targeted in 2027. Here the total budget is EUR 65 million and we target a margin of around 10%.
Staying in the Resi segment and moving to Germany. Page 31. We continue to see there a lot of potential in our portfolio. So the rental growth like-for-like rent is now significantly above inflation and market trends continue to grow, especially in Berlin. Second driver privatization mostly in Berlin where we have a highly diversified portfolio. Over the long term, the potential value extractions amount to EUR 1 billion. It will take time. The third driver modernization program with yield from 5% to 10%.
Now, third priority. Page 32 to deploy our operating real estate offer. Offering flexibility and services is key for our end users in any asset classes. It also brings value through to our assets. This is why we are front-runner on this key element of our business and want to push further on it in our three business units.
Let's take the example of offices. Page 33. Our approach of operated real estate has been incremental to our letting successes. See the example of the left part of the slide. Three assets in markets with a lot of competition. Sop op in the north of Paris is today 90% let. Maslo in Levallois is fully let. Urban Garden in Issy-les-Moulineaux is 85% let. This approach is exactly what we want to do in CB21 tower in La Défense. You know that we have one single asset in La Défense, CB21. La Défense is a volatile market, but in the long term it remains a good one. On the back of strong fundamentals, location's biggest, strong access to public transportation. And today a record gap in rents versus the center of Paris. That's why take-up in La Défense.
Défense is really now rebounding by more than 60% in 2024 compared to 2023 and significantly above the 10-year average for +14% last year. In this market, our tower is one of the best located assets, the closest to Paris and in front of the metro line. We already repositioned the lower floors in 2021 with an improved service offer. Thanks to that, we are able to fully re-let this part of the tower. Our tenant for the other part of the tower, Suez, is leaving in the coming months. They are occupying the best floor of the tower. We have there a dual strategy to re-let those spaces. Re-let the medium floor with a low level of CapEx. We already have advanced discussions to re-let as is the first floor on the upper floor.
We are designing a CapEx program to create state-of-the-art spaces and target higher level of rents above. Finally, the EUR 50 per sq m.
On hotels page 34, will also further deploy our operated offer, changing brands and deploying high yielding CapEx programs. Two examples here. Ibis Paris Montmartre, an asset for which we bought the OpCo in the asset swap with AccorInvest just at the end of last year, we just signed a new franchise, Passing from Accor to an international brand. In the meantime, we will fully refurbish the hotel to higher standards. Another example in Le Touquet-Paris-Plage, a famous destination in France. Here we will change the brand also and we will refurbish and extend the capacity of the hotel. Overall, these two examples of projects offer a yield CapEx above 20% and a value creation above 30%.
Let's now conclude with the dividend and the guidance. First, page 36, with the dividend as announced earlier in 2024, we come back to full cash dividend and we propose to the general meeting an increase by 6% to EUR 3.50 per share.
Regarding the guidance for 2025, page 37, the good dynamic you have seen underperformed in 2024 should continue in 2025. That means that despite the full effects of the total plan and progressive increase of financing costs, we expect to continue to grow recurring results and target +4% in 2025 to EUR 495 million. That means that we expect a stability per share at EUR 4.47 per share despite the full effect of the increased number of shares of 2024.
So, before opening the Q& A session, what shall we keep for those results? Three key takeaways. On my side, we emerged from the real estate crisis stronger than before. During those two years of crisis, we have also demonstrated the relevance of our positioning on the back of strong results. And we are entering in 2025 optimistic and we see a favorable outlook. Thank you for listening, Paul and myself. And we are now ready with Paul, but also with Olivier Estève, our Deputy CEO, and Tugdual Millet, the CEO of hotels. To answer your questions, we will now.
Begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. If you wish to remove yourself from the question queue, you may press star and 2. The first question comes from Véronique Meertens from Van Lanschot Kempen. Please go ahead.
Good morning all. Thank you very much for the presentation and taking my questions. A few from my side, maybe. First on the guidance you just mentioned EUR 4.47 stable per share, but in my calculation I actually get at EUR 4.44. So just wondering if you are indeed expecting a stable per share basis. Plus what are the exact drivers of the guidance? So how many disposals or acquisitions or investments do you have penciled in to drive to that EUR 495 million?
Hello Véronique. Precise number of shares, etc. We have some shares that we own, so maybe this is the explanation. I confirm 4.47 EUR per share. What is included in the guidance in terms of drivers? First of all, we have the hypothesis that we continue to have a good operating performance outperforming inflation. Basically, we will have also the full effect of the disposals of 2024 that the main impact, I would say, to the guidance 2025, not much of impact of the asset rotation of the year 2025. We have a slight increase of the average cost of the debt. On the positive side, in addition to the like for like rental growth, we expect to have the full effect for 11 months of the swap with AccorInvest. We also have one quarter.
In addition of our reinforcement into our subsidiary Covivio Hotels. That's the main hypothesis.
Okay, that's clear. And maybe on those investment opportunities in hotels, what are you currently seeing in the market? How serious are the opportunities out there? Because through the Scrip dividend of Covivio Hotels, you I guess hope to increase that stake. But do you already have an indication that the rest of the shareholder base might not take up the Scrip dividend?
I would ask to speak about the opportunities and after I will speak about those shareholders.
Yes, so on opportunities, our priorities today is to strengthen our Southern Europe exposure. It's what we detail during our capital market day. One of the first example that we have offered is the acquisition that we've done in December with EUR 80 million. Acquisition under a lease agreement, mixed fixed and variable with Iberostar in the Canary Islands. So we continue to identify a lot of opportunities there. So Spain, Portugal and Italy we benefit from local teams sourcing the market. And it's due to our confidence in finding good opportunities that we are.
Offering this capacity to strengthen the Covivio Hotels balance sheet to easily finance those opportunities.
On the scrip at Covivio Hotels at this stage we don't know what the shareholders will decide, but whatever they say. It's the good news for us. If they subscribe, we have more capacity to invest in the hotels and they will not follow. We reinforce the stake in Covivio Hotels.
Okay, that's very clear. Maybe one last thing for me. So on the office lettings, you already briefly mentioned CB21 and just wanted to get a bit of a view on how you expected that occupancy or vacancy to roll out. Because you mentioned that the middle floors, you're in advanced discussions, but if you're refurbishing or have quite an extensive program on the upper floors, does that put a delay on the letting of the middle floors as well?
No.
Thanks for these questions, really.
The tower will continue to be let. The first part of the tower today is fully let to 15 different tenants. We imagine, as I said before, to try to deal with a minimum amount of CapEx middle parts of the tower. We have really one lease which is ready to be signed for 1,500 sq m that will start in the 1st of July. We have other really discussions there. Just last week we had five visits. We imagine to be able to create a significant part of the tower as it is with the minimum level of CapEx on the middle part. On the top part of the tower, we imagine really to improve the quality of the tower to offer because there is really the best use comparison so on. We imagine to be able to reach also a higher level of rent.
And that will take little more time for that. But that will not have any impact on the capacity to relet the middle part of the tower.
Okay, that's very clear. Thank you.
The next question comes from Stéphanie Dossmann from Jefferies. Please go ahead.
Hello everyone. So maybe three questions from my side regarding your non-core portfolio on offices which is 6%, what is the strategy going forward? I know.
You quoted EUR 150 million and job discussions, but what can we expect in terms of disposals?
I would say, and also on the German office portfolio, what is your strategy there? Given the value decline was very significant again this year. The second question on German residential, what is your view on the German elections? More regulation expected or not? I know it depends on the polls and the coalition, but do you have a view on that and maybe the last one for the guidance of 2025. I agree with Wernicke. I was at 4.44 and assuming the number of shares you disclosed in your report yesterday. So yeah, maybe a more precise figure on that and your indexation assumption for 2025, please.
Okay, so first on the non-core office part.
First of all, it's today, it's only EUR 400 million value on your portfolio. That means really a small part of your EUR 15.5 billion of facet in group share. We reduced only this part during the last two years thanks to disposals. But thanks also in part by the fact that the values are going strongly down in this part of the portfolio by roughly 40% since the peak. The strategy is really to exit on this part.
We have really EUR 150 million of potential and advanced disposition today. Most of them are in this pocket. So we will see after that he is able to secure this. This will be for the next year, but for us, in two years from now we would like to be fully exit for this part in terms of value on German office, part of the German office are also in this pocket. It's also part of what we have today. Yes, you're right. The values are going strongly down also in 2024 in this pocket. I have to say German offices remain a weak market compared to what we see especially in Italy or in center of Paris.
We don't have the same dynamic in terms of letting and in terms of also in terms of investment today when you compare just the prime yield in Milan are below the prime yield in Berlin. So that's really when you are looking to the interest rate is really strange.
But it's.
It's the first time we see that. So that's why really also there is this negative effect on the German office market. We will continue to work and to try to improve the situation in the future in the German Resi election. We will see a lot of elections on Sunday. So I think it's too early to have any view on that. What we imagine is that whichever party will be part of the majority this time and.
As we expect, perhaps it could be small good news on the regulation, but really difficult to imagine because we know that will be after the election a discussion to build a coalition in Germany.
The question of regulation could be one thing on the table. But we are more optimistic than before on this topic also and perhaps could be good news for the future on the guidance 2025. I let Paul to try to answer another time to this question.
Stéphanie. So we have 111.6 million of shares outstanding. Out of that we have 0.8 million of treasury shares. So if you exclude the treasury shares and you divide EUR 495 million, you will find EUR 4.47 per share. Keep in mind, maybe this is what you used. The number of shares used for the NAV calculation is diluted. That means that it includes the free shares program.
Thank you. And maybe on indexation, what assumption do you take for 2025?
Yes, basically it depends on some if it is directly linked to CPI or not, et cetera. But overall around 2% indexation is taken as a hypothesis. We are slightly above on French offices because we have a lag effect due to the index which are above as of today in terms of ILAT and ICC. And for the other part it's really directly linked to the CPI. So overall around 2%.
Thank you.
The next question comes from Florent Laroche-Joubert from ODDO BHF. Please go ahead.
Looks so. Thank you for the presentation. I would have one question.
About investment and disposal. So what would be reasonable to expect in terms of acquisition and disposal in 2025? So after the high volume of disposal in 2024, notably. Thank you.
Yes.
We enter, as I said, in a new part of the cycle. So for us today, and we are able to also achieve our target in terms of LTV, we imagine that we are at a low point of the cycle in terms of values. That's why we will continue to put on disposal on what is non-core. That's not a question, that's something we want to exit. But we will, I imagine, reduce the speed of the disposal of what is called today in the future. So that means that today we could imagine to have roughly a minimum of EUR 400 million disposal in 2025, taking into account what we could do in terms of investment, we have to finance further capex plans so that we have under pipeline and what is also in the hotel sector what we have in mind.
That's roughly EUR 250 million. On top of that, yes, we imagine to do some investment and we will see what could be done in 2025, depending on the opportunities that we will find. As you understand, it will be mostly in the hotel sector.
Can we ask you if you have some active discussion at the moment?
We have some discussions, we can say they're active, but yes, we are studying some potential acquisition.
Okay, thank you very much.
The next question from Allan Marley from Colitas. Please go ahead.
Morning, guys, thank you for taking my question. Just two, the first one on German office. Appreciate, I think you already answered this, but maybe just asking a different way. Occupancy has been depressed there for quite a few years now. Is that something you expect to pick up over the coming years or does the economic and political uncertainty in the region potentially put more downward pressure on occupancy levels there? And then just on the hotel portfolio which you said that you would expect to increase, particularly in Southern Europe, do you expect that mainly to be fixed leases or or do you expect to continue growing your exposure to the operating properties beyond the current 40%?
German office, we have a target to increase occupancy. We have some discussions now on some project. But I have to say it took more time than expected. That's sure. So we will see exactly where we will be in the coming months. But the market is really not as easy as I said that we see in France and in Italy. On the hotel's portfolio in terms of. We like our current mix in terms of variable on what we have in terms of fixed lease and what we have in terms of operating properties. So we would like to stay in this mix. That means roughly close to 60% fixed lease and 40% operating properties.
So we are currently discussing more, I have to say, on acquisition on fixed lease. But that could change and I want to add something.
Yeah, it's also not only about fixed lease, but our preference would be to have a more I would say upside potential through minimum guaranteed rent and variable part. This is probably more the evolution where we want to go. That was the example of the last acquisition that we've made. So that will enable us to benefit from the outlook that we see on this part of Europe.
That's good. Maybe just one. If the German portfolio in office was to remain particularly weak this year, maybe a bit of a prolong period of time, would you consider potentially some rotation selling some of those assets and moving more into the hotel sector there with some of that disposal cash?
We have really today significant part, as I explained on the non-core office part which is in Germany. So that's already something which is planned and we will see. But if we have opportunities to perhaps dispose some other assets in German office, we will do. But I don't expect that. I have to say in the coming months first we need to increase the occupancy to work on the asset management. But in the medium term, yes, why not to continue to.
Dispose some German offices to reinvest in the hotels in the future.
Thank You.
The next question comes from Adam Shapton from Green Street. Please go ahead.
Good morning.
Hope you're doing okay. Just one on capital structure and balance sheet. So you set out for a while now the split of the portfolio that you want to achieve: a third, a third, a third, which is a change in risk profile, I think, of the overall portfolio. Can you talk about what you think is the appropriate capital structure and balance sheet by 2030 in terms of debt EBITDA, in terms of debt maturities, any other measures that you think about? Assuming that that's not something you can achieve overnight, where do you want the balance sheet to be by 2030 with that change in portfolio mix?
What is sure is that we intend to continue to decrease our net debt to EBITDA ratio, and thanks to what you said, because the investment in hotels is more accretive in terms of cash flow, so that would be mechanical and that will be there. At this stage we don't give targets to the market, but you can easily imagine where we could be in the future, but with the same level of LVT, we will have less.
Net debt to EBITDA ratio. That shows in the future.
Okay, thank you.
The next question comes from Céline Soo-Hu from Barclays. Please go ahead.
Hi, Christophe. Hi, Paul. Just one question for me on German Resi, please. The best capital location you can think of at the moment is selling your low yielding German Resi and investing into higher yielding hotels. So what are your expectations for German Resi privatization this year? And should we expect a ramp- up here going forward? Thank you.
Paul, will answer this one.
In terms of capital allocation, I mean, we like being diversified, as you know, and we like having this balance between high yielding but also variable revenue structure with the hotel and counterbalance by very, very low risk but lower yield of the German residential portfolio. Keep in mind also that as we have seen in 2024, the growth of the German residential has increased, so we are also very comfortable on the capacity to continue to further push on rental growth in this asset class, and we have the feeling that the values are troughing in the German residential segment. Coming to your question more precisely on privatization, this is a strategy to continue to push on privatization. On a total share basis, it's more than EUR 80 million in 2024, and the target is to continue in this direction.
EUR 80 million to EUR 100 million per year.
Thank you.
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Gentlemen, so far. Now, for the question back over to you for any closing remarks.
Thank you. Thank you to everybody for listening and see you soon. For some of you in the forthcoming roadshow, bye bye.
Thank you. Bye bye.
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