Hello, and welcome to the FDJ first quarter revenue call. My name is Noemi, and I will be your coordinator for today's event. For the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the presentation. This can be done by pressing star one on your telephone keypad to register your question at any time. If at any point you require assistance, please press star zero and you will be connected to an operator. Please note this conference is being recorded. I will now hand you over to your host, [Foreign language] Monsieur Pascal Chaffard, Executive Vice President in charge of Finance, Performance, and Strategy, to begin today's conference. Thank you.
Thank you, hello, and good evening to all, or maybe good morning according to your time zone. You might have read the press release that we published a few minutes ago at the closing of the market. The presentation that I'm going to comment is available online in the investor section of our corporate website. I will present you our Q1 2023 revenue, and also share some other informations regarding the group. We will have a Q&A session. I begin by the first slide of the slideshow. Really 2023 has started well, with good results in all areas for FDJ. In the first quarter of 2023, our revenue amounted to EUR 662 million.
This represents an increase of 8% compared to the figures published in Q1 2022, based on an almost 9% growth in stakes. Stakes amounted to EUR 5.5 billion in Q1. The revenue is an increase of 5.3% on a pro forma basis, i.e. taking into account in 2022 over the full year the acquisitions of Aleda, integrated from mid-November 2022, and also L'Addition, integrated from the end of July 2022. This growth calculation with this pro forma basis is the one used to communicate our guidance, which is a 4%-5% revenue growth over the whole year. We are in line with this guidance. We confirm our objectives.
Our point of sale activity grew by 7%, thanks to the good traffic level and also the attractiveness of FDJ game offering, especially in sports betting, but also in lottery. Online stakes remain dynamic, driven by both lottery and sports betting. They are up +21.3% to nearly EUR 700 million, a performance that is mainly attributable to the increase in the number of players. It means it's a sustainable growth. The digital penetration is now close to 13% of our total stakes. The lottery revenue rose nicely by 6%, while sports betting revenue remained stable due to high level of player winnings in Q1. This quite usual situation will normalize and have even already normalized by mid-April. We are not worried for the whole year revenue.
I will come back in more details to these different elements. Before, I would like to speak a little bit about our extra financial performance. As you know, FDJ's economic performance goes hand in hand with its extra financial performance that we assess by various agencies. Moody's ESG Solutions has rated the group 72 out of 100, the same grade as last year, but in a more demanding context. It should be noted that Moody's has modified its rating system and no longer issue a letter grade as previously, but only disclose a rating out of 100. This is why we don't refer any more to the A1+ rating obtained the previous years.
Before diving a little bit more to the ESG rating and coming back to our revenue performance, I'm happy to share the positive decision of the French highest administrative court, Council of State, or [Foreign language] Conseil d'État in French, that validates the privatization procedure and confirms FDJ's monopoly in compliance with European law. Taken to court in December 2019 by an association and several gambling companies, the French [Foreign language] Conseil d'État ruled on April the 14th that the monopoly of [Foreign language] La Française des Jeux complies with European Union law. The [Foreign language] Conseil d'État also ruled that the 25 years duration of this exclusive right defined in the PACTE Law is not excessive.
Finally, with regards to the EUR 380 million equalization payments paid to the state by FDJ for these exclusive rights, the Council of State points out that it will decide after the European Commission's ruling on the appropriateness of this sum following its investigation in to the state aid initiated in July 2021. We can move to the next slide to give you some more color about ESG. FDJ received a rating of 72 out of 100, I said that one minute ago, same as in 2022. FDJ is thus ranked 20th worldwide out of more than 4,800 companies, and it's first in the large sector, including hotel, leisure good, and services.
Gambling is part of this larger sector, and this large sector includes 44 companies. If we now look at our peers from the gambling subsector, FDJ is far ahead since the second place goes with a score of 63 out of 100. Remember that we have 72. The 3rd place with a score of 46 out of 100. In detail, the FDJ's grades are 67 for environment, 74 for social, and 71 for governance. We are very proud of our highest ESG positioning, and we will continue to work hard to stay at this level and improve it further. Let's move to the detail of our performance on the next slide. Regarding lottery first, revenue amounts to EUR 497 million, an increase of 6.4% driven by a similar overall increase in stakes.
The performance of Lotto and EuroMillions is notable. The lack of natural high jackpots have been offset by events driven by FDJ, Vendredi 13, [Foreign language] Pluie de Millionnaires, etc. As a reminder, Q1 2022 was a quarter with a low number of high jackpots, and Q1 2023 has the same profile. The performance of instant games reflects the success of the animation of the portfolio with the very successful launch of the ephemeral game named [Foreign language] Carré Or in January, despite a high comparison basis in Q1 2022. We have benefited from the record relaunch of the bestseller Cash at the beginning of 2022, so it was a hard comparison basis. On this basis, we had a nice growth.
Regarding sport betting, the revenue was stable at EUR 129 million, while stakes recorded double-digit growth, mid-teens overall, with online growing at twice the point-of-sale pace. This growth is driven by the momentum regained since the summer of 2022 and accentuated during the Football World Cup, and has been boosted in Q1 with a high level of player winnings. In Q1, 2023, those player winnings are up sharply compared to Q1, 2022. That explains the performance gap between revenue and stakes. For example, in Q1, 2023, prize payout was at 78.5% versus 74.7% in Q1, 2022. As we have already seen on numerous occasions, higher prize payout impacts revenue in the short term, but it's favorable to the business on the medium term.
The PPO will normalize on an annual basis. As I said before, since the end of the quarter, the level of PPO has already returned to normal, if I can say, as the level of revenue growth. No worries for the whole year. We really prefer to face a high level of activity at a high level of PPO than the opposite. Finally, to end with our revenue, adjacent activities are benefiting from the integration of Aleda and L'Addition, and represent globally a growing EUR 37 million revenue, double versus reported 2022 figures. If we now move to the next slide to talk a little bit about our online activity, we can see on the slide the quarterly track record since 2021.
Over the quarter, online stakes grew by 21%, matched the record level of stakes reached in Q4 2022. On the lottery alone, online stakes reached the record level of Q3 2022. If you remember, this quarter benefited from a significant number of iJackpots, which was not the case in this quarter, as I said. In sport betting, online momentum remains very strong, even higher than the 20% growth of 2022. Online stakes growth continues to be driven by the number of players, both in lottery, where we now have over five million online players and in sport betting. All these elements illustrates the strength of the digital stake base. What I said previous previous quarters, that was a peak, it becomes now the base, and it's exactly that.
The digital penetration rate continued to grow and is now, as I said before, close to 13% for this quarter. If we move to the last slide, maybe a word about our financial calendar. Our annual general meeting will be held in a week time on April 27th. Shareholders will be asked to approve a dividend of EUR 1.37 per share for the 2022 financial year with a payment on the 9th of May. Our H1 results will be published on Thursday, July 27th after trading hours. To conclude, I would like to express our confidence in achieving our 2023 objectives, which are revenue growth of between 4%-5% based on the 2022 financial year, including Aleda and L'Addition on a full year basis, i.e., EUR 2.5 billion.
A growth of around 20% in total digital stakes in France and a stable recurring EBITDA margin of around 24%. Thank you very much for your attention, and I am now ready to answer your questions.
As a reminder, if you would like to ask question, please press star one on your telephone keypad. We have a first question from Jaafar Mestari from BNP Paribas.
Good afternoon, everyone. Just two on the regulation for me. Trying to understand exactly the role of the [Foreign language] Conseil d'État with regards to what the European Commission is doing. Do you think they're gonna be running two completely separate conclusions? It just happens that the [Foreign language] Conseil d'État wants to get the EC, I don't know, the EC inputs or at least a starting point, or your expectation that the [Foreign language] Conseil d'État how will be a bit of a gatekeeper and actually either, you know, if they agree, enforce whatever the EC decides or if they disagree, effectively challenge on behalf of the French state and, I don't know, appeal? Just trying to understand if it's separate or really they're getting involved in the same investigation.
Separately from the ANJ, every year, we get a few pushbacks on different things. Sometimes they push back on some of your product launches that you are planning, this time they've pushed back on your promotional strategy. You're reiterating the guidance today, you're clearly, you think you can absolutely meet budgets despite that. I guess my question is more, what would they need to say for you to have to change guidance? Are there things that the ANJ can push back on that would really derail the budgets, big game launches or big changes required to the promotional strategy? Every time there's a bit of a pushback, it seems to be very manageable so far for you. Thank you.
Okay. Two quite important and not so easy question. The first question regarding the [Foreign language] Conseil d'État, this is clearly two different challenges that have been raised in 2029 and beginning of 2020. The first one in the [Foreign language] Conseil d'État, it was a challenge by various people of all the texts that have been put in place for the privatization of FDJ. We were not very worried about that because all those texts have been previously been.
Stamped by.
Stamped by the [Foreign language] Conseil d'Etat. It's not the same people inside the [Foreign language] Conseil d'Etat, but still it's the [Foreign language] Conseil d'Etat. Really, this decision that we have is a very good decision because it is a good sign that all the framework that have been built for the privatization, as we explained to you, is really solid, is really well constructed. It is not the same challenge that the one of the EU. The challenge of the EU was not on the monopoly itself, but more on the way of the calculation mode of the equalization payment.
At the end of the day, this is not linked, but this is a good sign and a good way to reinforce the fact that the monopoly is reconfirmed, the duration of the monopoly is reconfirmed, and all that is compliant with EU rules. It goes in the good direction, even if we cannot say that the two decision would be linked. This is the second decision on the European Commission. That's exactly what the [Foreign language] Conseil d'État said. They said that they will let European Commission have this, the decision of, on the level of the equalization payment.
On your second question about the ANJ, yes, we have some pushbacks, but let's remind you that 85% of all our demands last year have been approved without any remarks. The rest, it means 14%, has been approved with some remarks that we took into account, and we had pushbacks with withdrawals on less than 1% of the older proposition that we made to ANJ. It's important to have this in mind, because if we don't have this in mind, we cannot understand.
We are the only actor, the only operator that has to go to the ANJ to ask for some approval every month, because each new games of FDJ has to be approved. We go in front of the ANJ very often, more often than all our competitors. Yes, last year, end of 2021, more than last year, we had a pushback on one game. This year it's a question on the probably promotional, on the advertising strategy. We have given to them a new version of this strategy, and we are waiting the ANJ to look at it and to have some results, some response, some answers to us.
It's very difficult to say, what would be. I don't think that, it's very hard to say, what will be a very.
Detrimental to our.
Detrimental to FDJ because we don't think about it like that. What we try to do is to propose to ANJ things that are compliant with the spirit of the regulation, which is to launch games and to do things on advertisement, on the retail network, on digital, that are totally compliant with the spirit of the law. The spirit of the law is to develop games but not develop addiction related to those games. We are working on that in this direction, we don't think that we are pushing things in front of ANJ that are going into the wrong direction.
We are totally committed to exploit games that are completely respectful of the responsible gaming, et cetera. It's very hard to say what would be really detrimental if they because we don't think that we propose things that they would have to refuse. Again, 1% of all what we proposed has been refused since now by the ANJ.
Thank you. That's very clear. Just to wrap up completely, the [Foreign language] Conseil d'État, if I read this correctly, is saying that they will have an opinion and they will issue an opinion on the EUR 380 million after the commission has issued.
Yeah.
theirs.
Yeah.
The-
It's a European matter. Mm-hmm.
Okay. You assume they automatically say, "Fine, whatever the EC says.
If you read correctly what they have said before, they said a lot of things, regarding the fact that we are compliant with the EU rules. They cannot technically say that. It would be foolish for them to speak before the EU Commission on this matter.
Many thanks.
Thank you for your question. We have our next question from Kiranjot Grewal from Bank of America. Please go ahead.
Hey. Hey, guys. Just a few questions from me. Could you offer some more clarity on timing if you've got any updates from the European Commission? Secondly, I think you've given, unless I missed it, less color on stakes within lotteries. Are you able to share more color of where draw games versus instant games sort of shook out? Lastly, what's driving that increase in number of players that you flagged as one of the key drivers for Q1? Thank you.
Okay. On the European Commission, I'm sorry, we'll repeat the same thing that I said last time. They are not committed by a timing, a specific timing. What we know is that for now month, we don't have any new questions from the EU. It means that they should have all the elements to make their decision. Those type of decisions we will see coming. As we have seen nothing coming, it means that it is improbable that we will have a decision by this summer. We still hope that we will have a decision by the end of the year.
We will also try to agree as we have no legal procedure to agree them, but to come back to them to say where you are standing. When we will have a decision because it's we know that it is something detrimental for us to wait for this decision. Still we don't have a precise timing of when they will take a decision on our case. Your second question was regarding the stakes on lottery. To give you some more color about that, as I said, stakes globally in lottery have grown by 6.4% this quarter.
The growth is, there is a growth on the two segments. I mean, the draw games and the instant games. Maybe a little bit more growth on the draw games than the instant games, because instant games, as I explained, we had a very strong comparison basis in 2022. Still, we have a mid-teen, a mid-single digit growth on instant games, which is quite nice. Growth on both instant and draw games. I'm sorry, I think I've not taken your third question. If you can-
The driver of the increase in number of players.
Okay.
for the digital.
Okay. Yes. The drivers are clearly your advertisements and trying to turn players to digital. We also use a lot the different events that we have organized to have events, high jackpots or events that we have organized. As I explained, we had a few natural high jackpots in the Q1 that we organized big events around the Friday the 13th. It is, it has a lot of success with our customers. Also, we organized for the second year in a row what we call a millionaire fall, [Foreign language] Pluie de Millionnaires in French, a millionaire fall.
It also drives a lot of customers to our offer. It's both a question of right advertisement and also organizing events that will gather a lot of new customers to our offer. When they have come to our offer, we try to keep them and to make them cross-sell on draw games and instant games, what we have done quite well in the first quarter. We see that with the growth of instant games online that is in line with the growth of draw games online.
For example, for this Millionaire of Rain, it's linked to EuroMillions, and there was something like out of 100, there was something like 24, 25 winnings. So millionaire. Yeah. in France. We try different things. EuroMillions is a huge number of, huge amount of jackpots. Once a year, we organize this millionaire rain or millionaire fall. I don't know what is the correct translation. It is plenty of people that will win EUR 1 million, which is a nice amount.
Was the World Cup a big driver as well on the sports side of things?
Yes. Yes. Sorry. For sports betting, nothing about the Millionaire Rain or fall. For the sports betting, the major support of our new players research was really the World Cup last year. What we have done quite nicely in the Q1 is to keep the players that we have recruited during the World Cup in our offer on the first quarter. Yes. Also, the World Cup is not the only very attractive event.
We also have, the European Championship, Football European Championship, which is also very attractive, [Foreign language] Ligue des Champions League and et cetera, and the different championship, which are also, very interesting, events that are good support to recruit new players.
Perfect. Thank you.
Thank you for your question. We have our next question from Sabrina Blanc, from Société Générale . Please go ahead, Sabrina.
Yes, good evening. I have three questions, if I may. The first ones are somewhat linked, it's concerning, again, reregulation. When you said that you have to come every month to present your games to ANJ, it's perhaps a stupid question, are you the only one to have to present games, if I understand correctly? Your competitors are on the competitive part, have mainly sports gaming, they don't have to present anything. The second question is regarding your strategy in terms of marketing. When are you expecting the answer of your new strategy? Are you still very confident on the impact?
The third one is coming back on the sports performance in Q1, just want to understand what helps explain the higher payout.
On your first question, Sabrina, yes. What happens is when it comes to sports betting, really you don't have new games. You have a new event on which you bet, it's not new games. The operators on sports betting or on poker have rarely the case to propose to ANJ new a new game. In lottery, it works differently because we launch every month a new scratch card game. We launch 2x or 3x a month, a new instant game online, we launch once a year in average, a new draw game or a new version of a draw game.
This means that we have every new game have to be approved by the ANJ for us and for our competitors. Our competitors don't have any new games to propose. Maybe one per year and not one per month or more. This is the reason why it is different. It's not a different regulation. It's just different business model of lottery compared to sports betting or trade betting or poker. On your second question, our marketing strategy, advertising strategy, there is a meeting on the end of June, monthly meeting, a collège, it's called collège in French, I don't know the English word.
We know that there will be a [Foreign language] collège in May, second part of May, and our case, our strategy, should be looked at by the ANJ at this collège, the May, of May. We should have by end of May, beginning of June, the answer of ANJ. On your third question, to talk to you a little bit more about the sport betting performance in Q1, we are quite important winnings on Q4 2022 during the World Cup, we explained that. It happened that we also have an important winnings in Q1 2023. Really, it's, there is no clear explanation.
The explanation, the best explanation is that the best teams have won more than we expected or have, and the favorite team have won. If the favorite teams are winning quite often, it comes with important winning for the players. If we look at the last four years, it was the case in 2019. We have the same profile in Q1. It was the case also in 2021, and it was not the case in 2020 and in 2022. When we compare our activity to 2022, there is a quite high difference.
As I explained, by mid-April, we are back to a normal level of player winning on sports betting, so it can change quite rapidly. It's not a good thing to look at the sports betting just on one quarter. We should look at it on several quarter. What is the good thing about that is that all the players that we have recruited during the World Cup have continued to play on Q1. They have won quite a lot, so they are motivated to continue to play. This has driven a very good level of activity of sports betting, and we think that it is a good thing for the level of activity that we will have in Q2, Q3, because it will drive the growth for the next quarters.
Last year, we have faced a very different situation where the players have lost a lot, and they were quite no more motivated to continue to play as they have lost too much. We are facing a different situation. That is why I said on my speech that we prefer really to be in the situation of this year. Again, by mid-April, the level of player payouts were again at an average level.
Okay. Thank you very much.
Thank you for your question. We have Matthew Spiegelman from Locust Wood. Please go ahead.
Thank you. Was just wondering if you could share any of your observations on the cost side in terms of inflation in the various categories that you see and what you've seen so far year to date.
Okay. Yes, we said on the cost side that we have to face inflation this year. We explained that we have something like a 5% inflation on our cost base. Hopefully, our cost base is not submitted to inflation at 100%. It's around half of our cost base that is subject to inflation. The rest of our cost base is a commission that we pay to the retailers. It is calculated on the basis of a percentage of the stakes. It is not touched by inflation.
On this, on the, on the part that is touched by inflation, the major point that we have to face is are the instant tickets because we have to face the cost of paper that has risen very hard. The cost of transport and the cost of the salaries of the people that are printing those tickets in North America. All that is under control because we have signed contract for the whole year 2023. No surprise between the moment when we disclose our guidance and now. It's just like we thought it would be. Another topic is transport.
But also we have some contracts that we have hedged over year 2023, so no surprise. Energy, no surprise. We know what we are facing because we have also hedged all that. The, or what is done into our point of sales, people that are doing the maintenance of point of sales. In the same way, we have renegotiated those contracts, and we know exactly what will be the price for the whole year 2023. So no, bad surprises. The other point that we have faced is salary cost.
Salary cost, we have find the level of the increase of salary cost, it is exactly in the range that we have forecasted within our guidance. The last, but not least, element, maybe the more important, is the cost of the contractors, IT costs. This is quite challenging. It is quite heavy. The growth is quite heavy, still it is manageable within our guidance. It's maybe a little more important that we have initially estimated, still, again, it is manageable within our guidance.
Thank you. Appreciate the detail on that.
Thank you for your question. We have Sammy Shekhar from Engadine Partners. Please go ahead.
Yes. Hi, thank you for taking my question. The ANJ rejected the promotional plan back in February, and now we're currently in mid-April. Maybe could you tell us in terms of your advertising and your marketing, what can you and cannot do, and can that eventually result into cost savings that you had probably not anticipated given Q1 performance and normalization in Q2? How important is that promotional plan for the new games, mostly be the ones coming towards the end of the year?
Okay. On the timeframe of this promotional strategy, we presented this strategy in January to the ANJ. They said in February that it was not okay. We had since that one month to represent a new version of this strategy that we did, I think by the 22nd of March. We are in the process of when the ANJ is analyzing this new strategy to answer to FDJ. This answer should be given by like I said before, by the end of May, something like that. It's quite a long process.
What is interesting is that for the old time, timing when we don't have any promotional strategy validated, we are still under the rule of the strategy of last year, 2022. That was in volume higher than the one that we issued in 2023. It is we don't have any constraints in our day-to-day business by the fact that our strategy is not yet validated. It is a little bit curious, but it's like that. What we have done, we have proposed to ANJ to reduce a certain number of operations and the volume of certain operations.
What we have done is to figure out what was the less detrimental for us in terms of value to have the less impact on business. We think that the impact on business will be negligible because it forced us to rethink about what are the best levels of promotion and advertisement. Also, what the ANJ wanted from us is to change the way we do this business. It's not only a question of numbers, but also a question of media used, way to express our promotion. We will, and we have already adapted that with also no detriment, no detrimental impact on our business.
Promotion and advertisement is important for in our business. It is very important for draw games and what we explained to ANJ, but they don't say that it's not okay, is that we have to meditize, to make the people know the level of the jackpots. This is the main thing. When it comes to draw games or to, sorry, to scratch cards, the advertisement is really less important as it is more like sweets. You buy those scratch cards because you see them in a point of sale, because you see them when you are connected to the FDJ website or FDJ app, but it's less important to advertise it on large medias.
Sports betting advertisement is important for sports betting also, because it's a more competitive business, we have to make all the people know what are our odds and what we propose on this or that event. At the end of the day, our advertisement, when we compare it to the stakes, is something like on average, 0.5% of stakes. If you look at the figures, in EUR 1 , one year figures, it's something like EUR 100 million and our level of stake is more than EUR 20 billion.
What is also maybe, a last thing, very important that is not in the promotional strategy is the visibility that we have with our 30,000 point of sales, very important because 10 million French people are seeing our products, are facing our shops every week. This is very powerful. This is not linked to the strategy or to the promotional strategy. We are. Even if we would have zero advertisements, we still will have the visibility of this 3,000 point of sales. As we have understood, this has been a very important thing in Italy when advertisement has been banned.
Again, it's not the case in France, and it's even the ANJ is not willing to ban advertisement. Just to take an example, in Italy, the incumbents, the people with a larger number of point of sale did not see any impact on the sales by the advertisement ban because they have a large visibility for a lot of people thanks to the point of sale.
As a follow-up, maybe is it fair to assume that you might be able to have some savings on that, on the advertisement line?
Yes, it's fair to think about that. It's fair also to say that it will help us to offset the inflation costs that we took on some minutes ago.
Thank you, Pascal.
Thanks. Thank you for your question. We have our last question from Alexandre Gérard from CIC. Go ahead.
Yes. Good evening, Pascal. Good evening, Mark. I have a very general question regarding your current corporate development opportunities. Firstly, can you update us on the acquisition of ZEturf? Maybe remind us what will be the maximum earn out that you might have to pay on that acquisition. That depends on the performance of the company in 2023. Secondly, are there any other, I mean, opportunities of this kind for grabs or are you studying currently any investment opportunities of this kind? For example, Lottomatica is coming back on the market. The Apollo, the PE firm, is selling out. Have you looked at that company? Purely organically, the Nederlandse Loterie was a program, if I remember well. Where are we on that side?
Are there any other opportunities of this kind for you in Europe at the moment? Thank you.
To begin with, the ZEturf, I think we've not disclosed precisely the level of earn out, but it is not a very important amount. It's some percentage. It's a small percentage of the total price that we disclosed. We disclosed EUR 175 million. You can figure out a small percentage of this amount. It will not change a lot the case about that. About your other questions, yes, we have seen that Lottomatica has been is in the process of being sold by its shareholder.
We understood that it will, they will try to make an IPO, but we know that if somebody is asking for them to and bid something, it would be possible. Lottomatica maybe to remind what it is, it is quite different from FDJ. As a few years ago, Lottomatica was also the Italian lottery, but now the Italian lottery is IGT Lottery. What it remains under the name of Lottomatica is a result of the merger between Lottomatica and Gamenet Group. It is mostly an activity, I would call it, casino, point of sale casinos. It's a soft, like very small casinos with VLTs, AWPs, and sport betting on the point of sale. It's quite different from the FDJ model.
I don't directly answer to your question, but I give you a clue saying that it's quite different from the FDJ model. About the Dutch National Lottery, we have seen as everyone, that there is a project within Netherlands to privatize the Dutch National Lottery. We understood that the timeframe of this privatization is not completely set because I don't think that there is a decision of the government, of the parliament to go to this process, but a proposition from the government to think about it. It, maybe it, I don't think this would be a project that would occur in 2023, but maybe in 2024, depending on the political decisions in Netherlands.
Is there other case like that in Europe? Yes, there are other case like that, and there will be in the future. We said that we could be interested by those types of developments of other B2C lotteries in Europe. If there are some cases, we will have a look at them very precisely, but I cannot say more today. Yes, it is matching what we said during our investor day when we talked about our potential international growth opportunities.
All right, thank you.
Thank you. There is no further question in the queue. I'll hand over to [Foreign language] Monsieur Pascal Chaffard to conclude this conference. Thank you.
Thank you very much for all your questions and your attention. Now, you are all invited if you are a shareholder, to attend our general assembly. If it's not the case, I will be pleased to welcome you for our H1 results end of July. Since then, I hope you will keep well and also that the business will be also good as it is in this first quarter. Thank you very much and have a good evening.
Thank you.