Update situation Le Valais - as of July 30, 2024

As of July 30, 2024

The primary cleaning and drying processes are now complete. However, a significant amount of mud (more specifically silt) remains embedded in our components and machinery. Thanks to the assistance of 300+ third-party specialists, the meticulous effort continues for cleaning this residue and restore our equipment to working condition. Specialists including mechanics, electricians, and hydraulic experts, are now assessing the situation, performing initial testing, repairs, and providing guidance on our equipment.

We are working closely with our insurance company and the latest insurance estimates have a gross damage assessment of approximately €135 million. This figure includes estimated damages, cleaning costs and business interruption expenses. This gross damage assessment is before consideration of our insurance claim of up to €50 million, the impact of mitigation plans which are currently underway, and potential government assistance, of which certain benefits have already been approved.

Our main focus is to execute a comprehensive restoration plan for our infrastructure, machinery, and equipment. We are prioritizing tasks based on the criticality of the equipment as part of the recovery process.

We are encouraged by the progress made to date, which is helping us to better understand the extent of the damage and establish priorities. While it is too early to set a resumption date, we are committed to resuming operations in a timely, efficient, and safe manner.