Bonjour. Good morning and welcome to everyone. It's a pleasure to open this investors' conference for ADP Group. We'll be talking about our ESG strategy 2025, pioneers for trust. We also added in CSR and ESG together, and we wanted to focus on trust because, without trust, air transport and the airport infrastructure would really not have a future, and we are here to talk about our future. I'm here with Alexandra Locquet, who is Director for Audit, Security and Risk Management for ADP Group, and Yannaël Billard, who is Vice President in charge of environment and energy. CSR is represented at a Comex level by Alexandra and Yannaël and is headed up by our director, who is actually on maternity leave and couldn't attend this meeting today. The three of us here today to talk about ESG, to talk about the environment, and to talk about societal matters. How local communities can benefit from all of our business as the primary beneficiaries of that business. Talking about social elements, we'll be talking about employees. Then, finally, about governance, how governance can really drive forward our strategy. All four of these key pillars are part of our CSR roadmap. Before getting into the fine details and then heading on to the Q&A at the end, we have a quick video to show you what our business will look like for airports and communities in 2050. As you saw with that short video, all of the topics we'll be touching on this morning are part of that video and make up the pillars of our strategy at, as was presented back on the seventeenth of February as part of the Extime. Moving on to our raison d'être, our purpose. This dates back to 2019, so it was pre-crisis, but it also incorporates a number of the commitments that we have made, and it shows that this is a long-term strategy. Our raison d'être, our purpose, is to welcome passengers to operate and imagine airports in a responsible way around the world. We really see that it is a long-term commitment, that our business can only be thought of in a sustainable manner, in a long-term manner, and that the way we work on airports should be a way to push forward environmental transition. It's also the fact that airports are part of the local fabric, the local businesses, local employment basins, and that is what we are committed to do because we want to be committed to developing work within the local territories. It's where we want to head. Lastly, it's also that we also want to be exemplary. An airport group is not alone. We are responsible, and we need to be held accountable for all the commitments that we have made and all the promises that we make to all of the different stakeholders. With that in mind, we really understand why the future and growing and developing our business is so important, in particular the airport business, because the airport business can really help accelerate environmental transformation. We have to convince all stakeholders that we are really pushing forward to enter into a new airport model. The previous model was one based on the unlimited growth of airport activity by trying to optimize financials to make it as profitable as possible. That's the old model, but the new model is a model to be able to continue operations to have a license to grow so that that growth also goes hand in hand with the number of commitments to societal, environmental, and local commitments. It has to be well-considered, it has to be moderate growth, and it has to be always done while taking into account the impact that it will have on the local communities. That is the roadmap that we have for our 2025 roadmap, and it is part of an overall vision that we will now present to you all. We have some activities that we carried out in the past, and we'll talk about them a little later. Back in 2019, we really understood that we had to change the way we operated, and then the crisis accelerated that thought process. We had to strike a new balance with the local regions in which we have our airports, because it was no longer to strike a balance between creating jobs on one side, but also being a pain in the neck, for want of a better word, on the other side. We now had to show that we were properly supporting local communities, but also we had to show that we could become a hub for transport, for local mobility solutions. All of that falls into the CSR strategy. We had to show that this CSR strategy could benefit local communities. We really understood the need to accelerate our efforts to reduce the carbon impact of all of our business, in particular the aviation sector. That's important for Group ADP, for its partners, but generally speaking, for all those people running businesses on our airport platforms. The 2025 pioneers are built on those CSR commitments that I just very quickly touched on, and it will come into fruition in the coming years up through to 2025. We want to reach carbon neutrality, zero net emissions, and we will phase it in airport by airport, and we will look at that calendar in just a few moments. We want to have a carbon- neutral airport in Paris by 2050. What that means is that we have to completely transform all business in the way we manage our airports, the way we build airports, and in relationships with the local regions, by actually incorporating our own airport plans and development plans into local urban planning initiatives, so that we ensure that we tie in nicely with local initiatives. Also, it's about bringing forth new mobility solutions by focusing on public transport solutions, other different forms of transport, so that our airports can help drive local businesses and local change, which is what I was talking a little earlier about when I was talking about energy. Again, it's also about having a well-structured approach in terms of the relationship that we have with all stakeholders. That roadmap, well, it didn't come from nowhere, and here is a bit of a timeline to show you where that strategy came from. I could just take a quick example. The entire industry, as part of the ACA initiatives that started in 2009, the ACA program, well, this was the Paris-Orly Airport that was involved in that, and it was a program of voluntary commitments to reduce CO2 emissions. Now, in terms of the local region, for the past 30 years, we have been in open dialogue with all local actors, and that saw the creation of a foundation, the ADP Group, a corporate foundation created in 2015. Moving on as part of governance, we had the first ethics charter signed in 2015, and then we also have a lot of work being done in terms of equality, non-discrimination, fair compensation, and that you have on the right-hand side of the screen. All of that was drafted as part of the Charter Airport for Trust, the common ambition to reduce our environmental footprint, and it covers a whole number of CSR topics, and that is also recognized by our extra-financial rankings. That is not just one ranking, but there are a number of rankings out there that show us as being a strong business. Our strategy has been expanded and ramped up; we want to move from Scope One to Two to Three in terms of our environmental impact. We also extended our strategy beyond Paris because we have a number of airports that are managed by the group, and hopefully we'll be able to give you the most inclusive, all-inclusive vision of that strategy as possible. Because while we had a number of useful initiatives that we brought in earlier, they weren't necessarily part of this overall effort to improve our environmental impact. Now that is happening. I'd like to quickly talk about the environmental pillar, about imagining the sustainable airport of tomorrow. That's what we call it. It's about coming up with a new energy mix, new ways of using that energy. Also, we have a societal pillar. We have to rethink our businesses. We have to do business differently, and not just talking about airports, but also about air traffic control and all other involvement that we have with businesses who, and subcontractors who work on our airports. We also have to find ways of attracting new talents, not just in Paris, but again, but all across our group. We have to come up with a group that is what we call multi-local, where we have multiple businesses, multiple stakeholders, all working together, that are involved across the board when it comes to the governance. That CSR has to be fully integrated within our governance, rather than just a list of commitments that we have in a book on the shelf. These four pillars will make us a truly sustainable, committed, and exemplary group. A group that will be able to achieve its CSR goals, so it will be the world's leading airport group in terms of CSR. I'd now like to hand over to Yannaël Billard, who will quickly talk to us about the environment. Thank you, Edward. Good morning, everybody. The first pillar we're going to be talking about is the environment. The purpose of the presentation is to explain how we intend to design and operate airports sustainably, as has been possible for decades now, and look into the future. The philosophy here is to work with what has been achieved in the past. An environmental policy that focuses on ADP's activities in France, Charles de Gaulle, Orly, Le Bourget, and related real estate activities. This is true for 2016, and 2021. This is a policy where you can see, with some of the illustrations on the slide, that the emphasis was on operational performance, biodiversity, for instance. There, we have been able to reduce by 80% our use of phytosanitary products, and that has actually since 2008. Orly Airport, since 2015, doesn't use any phytosanitary products at all. This is interesting because it shows how the group is able to combine airport security, care for the area that we occupy, but also protect the flora and fauna. We have this know-how, and this also is to be found in design, construction, and development. For instance, Bâtiment de Jonction, a new building in Orly Airport, which has been given an environmental label that certifies its environmental rating, HQE, and BREEAM. Progress has been achieved over the last few decades, and this is particularly visible with Orly and Charles de Gaulle airports. We've just heard about the ACA program. The two airports in Paris, the main airports, are certified at Level 3. This, really, we've got all of our stakeholders on board with this since 2012. Regarding CO2 emissions and, of course, energy use, which goes hand in hand with that, what we can see is that with internal emissions, a two-thirds reduction in absolute terms since 2019. How did we manage that? Well, there's been a whole cycle of investment in the Paris airports, which has led to this very good CO2 and energy performance using geothermal energy in Orly and biomass for Charles de Gaulle. These are investments that have been made over the long- term and are now demonstrating extremely good results, particularly with the rising cost of gas. Also, in international terms, we've been expanding our policies, particularly in biodiversity. Since 2018, we've been working with an association called Aéro Biodiversité. We are observing the situation of biodiversity on our platforms and working closely with them. We have also been working to restore mangroves, for instance, at Nosy Be in Madagascar, reforestation, and other examples. We can see that there's been an acceleration of environmental issues, and the ADP Group has responded by ramping up our environmental commitments. This will now encompass our international activities, and beyond our direct scope of responsibility, we're going to be working more and more with our stakeholders and partners. 2020 was emblematic, was iconic. There were disruptive events there. New Delhi Airport is the first airport in the world to get certification ACA 4. The same year, ADP in Paris signed a power purchase agreement, which is a direct purchasing agreement, with renewable energy suppliers. This was real innovation in France. We did that as of 2020. Also seeing an acceleration in the use of hydrogen. ADP has subscribed to a hydrogen fund, and it announced yesterday evening its third investment. ADP thus is contributing to the decarbonization of transport for day-to-day mobility. Perhaps just one last example in terms of construction. We've talked about sustainable operation, but also sustainable building and construction. We have worked in partnership with a company, Société du Grand Paris, and we have won an award for a project called DÉMOCLÈS, where we are working on re-employment, which is a key component of an environmental strategy of reutilization. Now, perhaps we can look more closely at the climate. In terms of climate, various commitments have been made. Edward explained that this is being done in a phased-in approach. There are four types of commitments. First of all, carbon neutrality for our internal emissions, which is probably what is best known. The innovation that we're introducing is related to a broad portfolio of airports, more than 20 of these, which will have attained carbon neutrality for internal emissions by 2030. We're going to be accelerating further, still with internal emissions, what's known as net zero CO2 emissions without carbon offsetting. Commitments have already been made by 10 airports in our network at various dates. 2030 for the first airports and through to 2050 for other airports, internationally in Turkey, Chile, Croatia, and elsewhere. The third climate-related ambition is specific to Orly Airport, and I think it's worth zooming in on this. The idea is to have net- zero emissions on the ground, so decarbonize access to the platforms and all of the air side operations. That as of 2030, so very high ambition there. Finally, the last stage of the climate rocket is the idea of a carbon- neutral region that we hope to be implementing by 2050 in Paris. Net zero emissions internally. Access will be completely decarbonized, and all of the air transport for departures from our Paris airports by 2050. To do this, we need to accelerate multimodality and intermodality, as Edward explained, and Alexandra will be coming back to this. We've become a multimodal hub, and this is a key component of decarbonizing our platforms. It's also based on a low- carbon strategy that is regularly updated by the French government. There, you can see that access and logistics-related activities need to be decarbonized, and we're working closely on that. Then, of course, we have airside emissions and emissions related to air transport as such. We are going to have to work with companies to help reduce taxiing time and taxiing emissions, find alternatives to auxiliary engines using jet fuel, and other fuel alternatives. I will come back to this in a minute. This is very ambitious and sweeping, but it's also a major opportunity to generate value. With an energy hub with our various partners, but also working with the local authorities and communities, which will benefit from new low-carbon energy for their own activities. We're convinced that this can work, and this is why we have made a number of commitments which were presented to you in February, and particularly the 10% of low carbon energy both on the airports and air side in various international airports. Let's look at the airplane emissions. There are numerous studies that have been carried out on this. What we see generally is that there are four levers, four ways to reduce the emissions. A technological progress with hydrogen plane, operations infrastructure, sustainable aviation fuel, and market-based measures. Sustainable aviation fuels are by far the major lever for decarbonization in terms of quantity, but also in terms of momentum, because it's something that can be done as of now. In concrete terms, how are we going to work on sustainable aviation fuels in ADP? Our infrastructure is already able to work with sustainable aviation fuels. As of now, we can use the existing infrastructure. Sustainable aviation fuels can be mixed with jet fuel throughout the whole chain of production, right through to the fuel tank of the plane. We already have sustainable aviation fuel in large quantities used in Le Bourget as of 2021, and this is accelerating the decarbonization of business plane travel, and we also see increased demand for freight. This is a subject of international relevance, obviously. You may have heard last Friday that a FASEP project financed by the Ministry of Foreign Affairs in India has been launched with our partners GMR for sustainable aviation fuel. This will probably also be promoted further by the regulatory framework within Europe. Incentives introduced by the Biden administration in the U.S. the idea being to make sure that costs can be brought under control. We need to have incentives for investments. Obviously, we need to make sure that these fuels are competitive so that airlines can adopt them as quickly as possible. Then hydrogen. Hydrogen is a supplementary building block for sustainable aviation fuels. We need both. They need to go hand in hand. Before moving to a hydrogen-driven plane, there are various intermediate steps. What we need to do is to have a hydrogen local ecosystem, so that the airport can be a hub that makes hydrogen available for all mobility-related uses and stationary uses for which hydrogen is suited, and there are more and more of those applications. In the second phase of hydrogen planes, 2035. This is something that we've been working on with Airbus and Air Liquide for more than a year now, with feasibility studies with hydrogen refueling stations directly to our planes. We're going to be working also with Nuevo Pudahuel, the airport in Chile, near Santiago. Biodiversity is also part and parcel of the acceleration of our environmental commitments. The idea is to restrict the group's impact on factors that may erode biodiversity. I've already talked about climate change, but there are also changes in the way in which land is used, pollution-related aspects and restricting invasive species, the spread of invasive species, and so on. We're working on all of this with three major actions. Rethinking land use with biodiversity in mind, working with the whole of our value chain, our purchasing, and trying to limit the impact of all of our activities on biodiversity. Moving now to construction methods. This is the complementary pillar of the operational activities that I just mentioned. We need to work in an environmentally friendly way in operational terms, but that's not sufficient if we don't have a construction strategy that is also sustainable. In other words, we need to have dynamic construction methods that are flexible with higher density, so that we can build as best possible and not as much as possible. This is also an opportunity thinking of reutilization of materials. There are hundreds of thousands of tons of material that can be reused. Also, if we have sustainable low- energy buildings, that's very good, and we can work with local materials, which are low- carbon, and that's good for the local regions that we're based in. The idea is to have a low- carbon strategy that we're going to be using throughout our airports, so that all of our investments are based on a life- cycle approach. We're convinced that this is key to succeeding in the environmental transition. As we've seen, we're going to be accelerating on all environmental-related pillars. We're very proud of one project in particular, which is called OLGA, which was financed by the European Commission. ADP won an award for this. It's a very holistic approach of environmental performance, encompassing all of the various aspects of this, and with many partners who trusted us. DGAC, Industrials, Air Liquide, and many others. A whole ecosystem of startups, academics who are competent in this area. We work with partners in Austria and, of course, all of the local authorities who are key partners in the environmental transition, who were fully integrated into this iconic co-project, OLGA. Regarding the local regions and communities, I will hand over to Alexandra. Good morning, everyone. Moving on to the second pillar, the societal pillar. Our ambition is to make local communities and local regions the first and primary beneficiaries of our business. As was mentioned a little earlier, a lot of our businesses in the past have focused on reducing noise pollution, developing local employment pools, and so we want to continue working on that. We actually want to take it a step further. We want to work in a more structured and holistic way. As you can see here, our primary commitment is to build further connectivity between our platforms and local communities. We want our airports to be a true hub for all- inclusive mobility where we have employees, users, and also local citizens benefiting from our hub. For example, we're going to continue working on current projects, the CDG Express and other lines. We've got the Line 17 connecting through to Paris-Charles de Gaulle. We're also going to focus on long-standing sustainable transport solutions by focusing on a multimodal approach so that we can truly feed into all regions. We will also work on other additional public transport lines, in particular bus lines, so that we can reach out into all of the direct neighborhoods. Connecting our platforms to the local community, it means about including our airports in local urban planning policy. That means that we will determine midterm scenario to look at current needs for transport and future transport needs. By focusing on transport, it is a way of rethinking transport around our own platforms, and that's why we are going to also focus on what we call soft mobility or soft transport and individual solutions. For example, shuttles, shuttle services, so people can reach car parks, car sharing platforms, or even cycle paths. As you can see here on this picture, the airport will be right at the heart of a multimodal transport hub, and it will be an air to rail platform. Being a pioneer in terms of societal impact, it also means improving the local environment for local inhabitants. Obviously, that means by also helping soundproof homes for people in the direct vicinity. In 2020, when ADP was hard hit by the crisis, we helped improve the soundproofing of a few hundred homes in the direct vicinity. That shows just our commitment to this, and we know that we need to do more and faster. To that extent, we are going to be fully transparent in everything we do, which is why we measure and monitor all noise pollution for local inhabitants. Going faster, it means also further soundproofing and faster soundproofing of local homes. We have a number of procedures already in place, and we will ramp them up so that local homes can be better soundproofed. It also means focusing on the source of where that noise comes from. Therefore, we're going to try to expand the continuous descent procedures between 2023 and 2025 at Paris-Charles de Gaulle and Paris-Orly. In addition to that, we are working with airlines, for example, reducing taxiing time, reducing the takeoff time as well, therefore reducing noise. On top of that, we have committed to reducing the noise pollution by six decibels between 10:00 P.M. and 6:00 A.M. at Paris-Orly. That is the target that we have set for 2026. The reason for that timeframe is because that is the critical noise pollution period for local inhabitants. We will add further initiatives as we go forward, and this will tie into our the impact studies that we're carrying out, in particular at Paris-Charles de Gaulle. Being a pioneer also means that we are being fully involved in transforming jobs and local employment basins. Back in the late 2010s, we worked on a number of projects, for example, CDG Alliance, which is about focusing on local airports, local communities, and training institutions. We're going to ramp up efforts in that vein by planning ahead for what airports are going to need in the future, by carrying out outreach programs for those specific skills that we'll need, and also by working closely with local inhabitants who will hopefully become employees for our airports in the future. We can really tap into that local basin. We want to have 60% of internships being given to local students, local secondary high school students, especially those young adolescents coming from priority neighborhoods around Paris airports. Hopefully, they could come up with a mid and long-term career path. Also, in terms of societal impact, it's about developing a sense of employee engagement. We are going to champion such involvement by working on sponsorship programs through employment. For example, we want to multiply by five the number of what we call civic engagement days for our employees by 2025. Through that, we will provide a quota of three days for each employee, so that they can focus those three days on that sort of form of civic engagement. The third pillar of our CSR policy is the social pillar. This is about attracting new talent, about developing career paths for all, and also about empowering employees. In terms of social policy, we want to continue training 22,000-odd group employees and 5,700 ADP employees. We want to do that by focusing on further diversity, because we believe that is what makes a rich and diverse workplace environment. We want to reach it. We currently have initiatives to increase the female employment rate to 38% and the employment rate of disabled people to 7% by 2020. We actually reached that. Since 2004, we have been ramping up our employee shareholding program, and we are currently at nearly 2% of employee shareholdership. We also want to further extend this initiative to the group level. As you can see, there are 10 key industries and business lines within our group. Obviously, we want to better integrate each of those specific components within the overall group so that everyone can really benefit from our financial and operational excellence. Each of these business lines incorporates a number of fantastic careers for people in the local regions who want to work internationally. People can tap into that, thanks to the continual training programs that we provide. Also at the group level, focusing on diversity and gender balance is something that we are really improving. In fact, in 2021, we won a competition organized by the World Bank for diversity. In the future, we want to take things a step further. We want to attract new talent, and we want to be seen as a responsible employer. We're going to ensure that we have clearly understandable compensation policies that are on par with market standards. We are also going to ensure that workplace conditions improve, for example, by focusing on collaborative or hybrid type of workplace arrangements. We also want to fully ensure that our employees are on board with this. Ultimately, we want to be seen as CSR responsible, and we will do so by ensuring that CSR and ESG is actually a key part of compensation for all of our employees. Being a pioneer in terms of this social pillar, it means taking strong commitments to gender equality and diversity. We're going to ensure that we have a stronger gender balance in our governing bodies. The executive committee is currently one third women to two-thirds men. We want to extend that group- wide across all governing bodies in all management committees of ADP SA. Championing further gender balance, it means that we are going to have 100% of our managers trained up in terms of non-discrimination. We also want to achieve equal pay, be it when people are first hired or in terms of promotions. There are still gaps. There are small gaps. Gaps that current pay gap is below 2%, and it has already been halved since 2015. Finally, the last pillar of our CSR roadmap is governance. In this area, obviously, we will continue to organize our activities in a responsible manner and to make sure that there is a corporate culture of responsibility. This corporate culture has developed within the group around all of the risk management pillars. To that end, we have introduced various tools, which are listed here. In particular, a code of conduct, which encompasses all of the entities of the ADP group, and a third-party assessment process to secure our business relations. We also have a whistleblowing system, which is accessible to all of our employees and our partners, so that they can alert us to any behavior they think is inappropriate. You can see some figures here as well. This culture of responsibility is very widespread throughout the group. 75% of the employers are aware of the whistleblowing system, and nearly 80% of them would be prepared to bring up an ethical issue with the hierarchy were they to see a problem. We want to be pioneers in this new culture of responsibility and ethics, using all of the levers available to us. For instance, to make sure that we can control risks throughout the group in the short, medium, and long term. By having a best practice vision. It also implies that we guarantee business continuity, as has been done throughout the health crisis. Of course, we will continue to support employees, and we have committed to train 100% of them in good ethics and compliance practices. More than 80% of them have already been trained in this throughout the group. Being a pioneer in responsibility also means showing responsibility to the regions where we operate, and we're going to have more responsible purchasing. We are going to inform the local communities and businesses of our needs, and we are trying to work more closely with SMEs in our sourcing practices. This is why we've set an objective, to facilitate 80% of French local purchases, 20% from SMEs. At the moment, it's just 10% of our purchases. Being responsible also means that our activities should benefit more vulnerable population groups, and we have committed to increasing the number of employees working in job reintegration programs, bringing this up to 7% of works contracts, and EUR 50 million for ADP SA. Edward has also mentioned this; we have to be accountable. We have to show that we are working towards objectives, and this means we will continue to measure non-financial results and share them with the group's governance bodies. We will also continue to involve stakeholders so that we can continue to work together on the issues that are so important for the future. We have a stakeholder committee that was set up in 2021 with 16 leading personalities who are in charge of dealing with various key issues related to CSR. I will now hand over to Edward Arkwright for the conclusion. Thank you, Yannaël and Alexandra. By way of conclusion, I would say we've shown you a whole gamut of initiatives, and activities in Paris for the group as a whole within a global strategic vision for 2025 and 2050. We feel that our business can be useful. It has a good future ahead, and just by way of illustration of this, I'd like to focus on advanced air mobility. A new frontier, new possibilities, with drones, EVTOLs, hybrid, and electric light aircraft. New ways of traveling by air, for emergency supplies, health, deliveries, logistics, and all of this within an overall framework of decarbonization, which, with a marked reduction in noise pollution opens up air transport to a new approach, creating new services and very sustainable, and as a relay of growth. The second part of the conclusion is the financial aspect. All of what has been presented to you is part of the financial road map and with controlled financial impact. Our reasoning is quite straightforward here. Air transport will perhaps increase less quickly than we might have thought prior to the health crisis, so there may be a slowdown in the growth of air transport, but this means that our airports will be able to provide better quality services, which contribute to all of our activities, and notably hospitality activities, which you saw in the previous presentation, Extime. We will also be better using existing infrastructure with a more modular approach. We will be taking on board environmental issues in maintenance, for instance. Half of our investment plan relates to maintenance. We'll be able to use energy more effectively and be more sustainable. The whole concept of smart airport will come into play, so we'll be using what we have better. This maintenance policy and smart use of infrastructure will mean that we have lower carbon emissions, so we also want to build less but better. If we need to build anew, we will try and use what we already have in terms of the land use and the amount of land that is sealed by buildings. This environmental policy is part of sustainable investment policy. Of course, we want to have new drivers of growth to cope with infrastructure investments, with the development of intermodal mobility and new services that will be provided on our platform and the linkage with public transport. You can see that this CSR strategy is systemic. It encompasses all of the components of CSR policy. It is done with partners and not alone. It will help to drive the transformation of our business, which has a bright future. It will renew the relationship with the local communities and regions and stakeholders. It will strengthen the economic model and look to the future with controlled costs and. By being exemplary in terms of CSR, we will help to make ADP as a group more competitive and really at the cutting edge of the sector and its commitments to the planet and to society at large. Here we are with Yannaël and Alexandra and ready to answer any questions that you might have. These are a wide range of subjects that we've covered. They're quite innovative, and we've left plenty of time to answer questions because of that. Good morning. Thank you very much for your presentation. It was very clear. I've got two questions. First, on integrating CSR in compensation for employees. Are there specific criteria or KPIs that will have to be met, and if so, what are they? And a general question on investment. How much is it going to cost to roll out the strategy? Do you already have figures? Have you put a budget on rolling out this strategy, especially when it comes to, for example, having hydrogen-based infrastructure? And I guess a follow-on question is, how are you going to incorporate those investment needs, especially in light of changing regulations? Well, thank you very much for the questions. Just on CSR in terms of compensation criteria. As said, in all compensation, there are key CSR targets, individual targets, so an individual variable share or spread collectively through other forms of collective mechanisms. Now, all of the criteria are made publicly available, and in the list of all criteria that need to be met, there are CSR principles, especially for the CEO and President, Mr. de Romanet. Now, in terms of investment, half of our money being invested goes into maintenance. We can incorporate part of our energy efforts in that maintenance program. For example, if we have to repair or renew a terminal, if it means that we can have better glass, or if we can improve energy efficiency through those repairs, then we can do that. We also have new infrastructure, which goes beyond that. For example, the biomass terminal in 2026. Sorry, the geothermal plant in 2026. I'm not sure if anyone will have a question about that, but we can talk about that a bit more. Some of our investment plan up to 2025 goes into making our infrastructure smart, quote-unquote. 65% of our multimodal transport hub at Orly has already been completed. Talking about energy, environmental impact, it is already part of our overall strategy, part of our investment roadmap. Now, beyond that, in terms of regulation, we will incorporate, and we already have incorporated a number of pricing measures when looking at the environmental impact. Now, it's not necessarily your question, but in the conversation that we are having with regulators and airlines is that the environmental footprint of our business is already taken into account. To give you an example, for 2022 prices, we looked at all of the acoustic impact, the noise impact of our business, to try and look at those planes that produce the most noise and that prices are higher or rates are higher for those specific planes. That's the first stage. If you recall in a number of proposals that we made for the ERA 4 regulations that we tried to bring in, that is now no longer in effect, but it just is a reminder. If you can recall back to a previous investors day, we have had other conversations with investors. If we want to ensure that we can properly change our industry and make it more environmentally friendly, we need to properly work our WACC-type of commitments. Therefore, everything needs to be in line. We're lucky because in France, our national regulator is not only competent and has jurisdiction over the airports, but is also competent when it comes to trains, and therefore becoming a multimodal hub. It means that we have just one regulator that we need to negotiate with to look at all aspects of that transport hub. It's actually quite a, quite an advantage that we have here. Another point that I wanted to mention is when thinking about new business models, we're actually looking at the transport model or the energy model, so that maybe we can tap into new revenue streams, especially when looking at tr To people who are transiting through our airports, so they're not necessarily using the businesses there, but they're still transiting through there. We need to find business models, again, a business model that will look at current business or the future business of airports. Finding ways of utilizing the heating and cooling systems to better reach our environmental targets. The next question comes in from the English line, from the line of Marcin Wojtal, calling from Bank of America. Please go ahead. Yes. Good morning. Thank you for the presentation. I've got some questions as well. I mean, the first one will be on CO2 emissions. I believe that, typically in airports, a significant part of the CO2 emissions actually comes from road transport, so basically, passengers arriving by a private car or a taxi to or from the airport. Could you share with us what percentage of your passengers is actually using private cars? How do you expect this to be reduced in the years to come? Question number two, it's a little bit general, but can you provide a bit of an update? I mean, how do you manage relationships with your employees and with the trade unions? Obviously, there has been some reduction in the headcount in the last two years. Also, there are inflationary pressures. Can you comment on, how do you manage that? How do you keep your workforce, let's say, motivated and focused on the job in that environment of increasing pressure on wages? Thank you. Yannaël will answer your first question, I will answer to the second one. Okay. Thanks a lot for this question regarding the footprint and the share of access to the airport in our CO2 footprint. Indeed, if I take the example of Paris-Charles de Gaulle and Orly, accessing the airport is done by two categories of people: passengers and employees. All in all, this contributes to roughly one-third of the CO2 emissions at the airport, as per the Airport Carbon Accreditation Guidelines. The modal share for those passengers, roughly two-thirds, can still come by car, individual passenger cars. Whereas for the employees, it's over 90% coming by car, something like. The purpose, of course, is to reduce the modal share, the part of the individual car, of course, which is why, as Alexandra has described, we put lots of effort and emphasis on a diversification of the ways you can access the airport with new lines. This is maybe not very French specific, but [Foreign language: ligne quatorze], Line 17, CDG Express, and so on. All these lines will help you access the airport more easily. On top of that, of course, there are some alternatives that we develop, discussing with the public transportation companies. Lastly, to be able to access the airport by what we call active ways to access the airport, like cycling, for instance, of course, more for employees. These are the various actions we have ongoing. On top of that, it raises, of course, the question of the CO2 air quality impact, which is driven by the fact that we decarbonize the access. All the shareholders are decarbonizing access to the airport, the environmental footprint, thanks to electromobility, sometimes hydrogen mobility, sometimes natural gas vehicle mobility. Altogether, that will also reduce the environmental footprint for this. On your second question, let's remember the two previous years, all our employees faced a huge crisis with the stop of all the activities, with a lot of discussions in order to reduce the impact on them. The strategy of the management in this crisis has been to avoid any departure which were not chosen by the employee in Paris. The second target of the management was to maintain the skills inside the company. That was the purpose of the discussions with unions. In order, first, to organize a voluntary departure scheme, 1,150 employees in Paris left the companies, and we decided not to replace 700 of them. We have a huge plan in order to recruit more than 450 people in order to replace this departure, these people who left the company on the new skills and the new jobs that Alexandra mentioned in her presentation. First, we decided to review the wages structure in order to reduce automatic increase, automatic growth of wages, and to reduce globally the wages of all the company, globally speaking, I insist, around less than 5% with a mechanism of guarantee, personal and individual guarantee, in order to be sure that anybody will lose more than 5% and will see his remuneration decrease more than 5% in 2022, and with a target of be sure that everyone will be paid as in 2019, in 2024. That was during the crisis. As you said, now the context has completely changed with inflation, with a full employment environment. We have to review this human resource strategy in the directions that Alexandra described. We have launched this recruitment plan on these new skills. We can see day by day how this company is still attractive, and we don't have any difficulty getting the people that we would like to attract in this company, except on very dedicated jobs, very technical one, where there are a lot of tensions for climatization, power, or some technical ones. Second, we have to continue and maintain the dialogue with unions in order to review the skills, what we call in French GPEC, the programming, the long-term view on skills and employment. We have continued to increase the wages this year. The natural increase of all the salaries with all the mechanisms is around 2.4%. We see in our Skytrax indicator how motivated and committed still are our employees. Globally speaking, we keep them motivated and focused if we are able to explain to them that our job, our business, our industry has a future. We are convinced that it has a future if we make this environmental transformation. By spending a lot of energy on all the subjects we described, but also on new uses of aviation like eVTOL, like Advanced Air Mobility, like drone policy, like efficiency, like multimodality, like energy, all the employees of the company see that there are new fields to develop their career in Paris, but also, and that may be the last word, in outside of Paris, around the world, by this group human resource policy and strategy. Thank you. The next question comes in from the line of Dario Maglione, calling from BNP Paribas. Please go ahead. Hi, good morning. Thanks for the presentation. I have three questions. The first one is on the I believe Scope One emission for airlines. The European Union proposed last year a package of several measures called Fit for 55. What do you think the impact will be on ticket prices and, in general, demand for flights in Europe? The second question is in the multimodal strategy, and especially the link between train and plane. Can you give us a sense of what the journey will be like, for instance, for a person who wants to fly from Bordeaux to New York City via Charles de Gaulle? Whether the transfer time will take longer, what happens if there are issues, like you know, a train being late, and so on. A final question on sustainable buildings. You talked about one of the action points for ADP. How much more expensive, or is it more expensive per square meter, compared to traditional building techniques? How is that factored into your CapEx guidance for the next few years? Thank you. Thanks. Yannaël will answer to the first and the last questions. I will answer the second one. Okay. Thanks a lot for these three questions. Regarding Fit for 55, as a reminder, this does cover various regulation that are still under discussion between the council, the parliament and so on. Several of them are of great interest, of course, for the airlines and airports, including ReFuelEU Aviation and the SAF mandate that you were referring to. I may also mention AFIR, which is about alternative fuel, which is also of a great importance for us to decarbonize activities airside. This is still ongoing process to discuss. Will there be an increase on the ticket price? Well, might be. The best people to answer are, of course, the airlines. There is one clear example today. Air France has announced a small increase as a consequence of the introduction of sustainable aviation fuel in France, since we already have a small 1% mandate, blending mandate in France, as of January this year. So, there might be a small increase. We've got a lot of studies ongoing at the European level to make sure that the full package Fit for 55 won't have negative consequences in terms of environmental but also economic performance of airline and airport activities in Europe. Regarding the sustainable buildings, yes, actually, there is one figure that we know. It's an estimate provided by the French Senate that they made a study about that. We estimate that the additional CapEx, due to very high standards in terms of environmental performance, would be around +10%, but that's only CapEx. If you consider on a life cycle basis, all-in-one, it is anticipated that it will have a reduced life cycle cost due to lower energy consumption, lower water consumption, and so on and so on. This has also been demonstrated in that study. Just one complementary on top of the first question. We have integrated the impact of Fit for 55 and the impact on the ticket price into our long-term assumptions of traffic. When I say that the growth of traffic and when Philippe Pascal and Augustin de Romanet explained on February 17th is that the long-term growth of the traffic in Paris will be a little bit lower than it would have been before the crisis. It is due to this impact. They have already been integrated in our assumptions. About the multimodality strategy. You have to keep in mind that all the necessary infrastructures in terms of the railway system have already been decided in Paris. We know what will be the offer in terms of rail and what will be the connection by rail in Orly and in CDG in the next 10 or 15 years. We are not in a dream, or we are not in something that would be a project that we would need the approval of half a dozen governments. Everything has already been decided, either decided or financed. For some of them, already built or we are at more than half of the construction. Some examples that Alexandra and Yannaël described, CDG Express, the direct link between Gare de l'Est inside Paris to CDG, is two-thirds already built. Line 14 will arrive in early 2024 for the Olympic Games, 65% is already ready, but all the railway infrastructure is now completely built. Line 17 has been decided on finance and will be in Le Bourget first and in CDG after that, between 2028 to 2033. Line 18 between Paris-Saclay, the most important research and university center in the region in France, will direct to Paris Orly, will be opened around 2030. We have a new bus line with low impact on environment, which has been already decided for CDG. We have the high-speed railway station to CDG, which already exists, and its capacity will be increased by 50% in the coming years, probably in the next 10 years, due to investments that will be done in the railway system in Paris, in the south of the railway system in Paris. This investment will also benefit to Paris Orly by creating a station dedicated to high-speed train close to Orly, just one station of automatic tube to Orly. That's for inf. There will be a new railway line between the northern part of France to CDG, which is the Roissy Picardie project, the main project for President Macron. Sorry to have been a little bit long, but infrastructure, which is the most expensive, the longest to decide and the longest to build, everything is now on track, decided, and most of them financed. We arrive to the second part of your question, which is the experience for the passengers and the customer. Today, this experience is not very good because you have to change, you have the ticket is not connected, the luggage experience is not connected. The environment, you are in a railway system environment, and you go to an airport environment. We will work on that, and that's the key of this multimodality project. It is not very expensive in term of CapEx. It creates a lot of new possibility of revenue in terms of retail revenue, hospitality projects, and also a luggage system and innovation to develop. We are working line by line to see what is the connection time is and what is the maximum of connection time that can, which is acceptable for a passenger. Coming from Bordeaux, exactly, you see, if I take your example, when this investment will be made in the south of Paris, you can take a high-speed train from Bordeaux, either stopping in Orly in this new station, either going directly to CDG. Right now, 9% of the O&D traffic of CDG is done by high-speed train. It's not something new. We work with SNCF, the railway, main railway operator, but all the other one will be of course welcome. We work with Air France and all the airlines in order to see how we can implement airport services inside the station and review the station, in order to increase capacities of the station, but also put inside the station all the airport facilities that you as a passenger can expect. Thank you. The next question comes in from the line of Andrew Lobbenberg, calling from HSBC. Please go ahead. Morning. Thanks for the presentation. Two questions. The first one, you spoke about how the Fit for 55 proposals are all incorporated into your long-term traffic plan. I'm curious to understand what you're assuming actually happens in Fit for 55, and very specifically, you know, whether you're assuming that the kerosene tax on inter-European flying is applied, because as the airlines argue, that poses a significant threat to the relevance of intra-EU hubs. Because hubs outside the EU can fly without the kerosene tax, and therefore you would lose traffic to the likes of London, the Gulf or Istanbul. What are you assuming on Fit for 55? My second question would come to your external strategy. I'm just very curious to know how your strategy of aggressive expansion around the world can be seen as consistent with your CSR or your ESG focus, when you're speaking so intensely and incredibly about the importance of linking with local communities, about running the airport for the good of local communities, downplaying growth, downplaying profitability. I don't see why a French international airport investor should be the best person to carry out the support of local communities around the world. I don't see how the international expansion is consistent with this. Do you think you'll continue growing internationally or might you divest? Because you're probably not the best people to support the local communities scattered around the world, because you're not local. Thanks. Okay. Thank you. On your first question, there is a difference between what we integrate as a main hypothesis, a credible hypothesis in our assumptions, and what we explain and say with the airlines and with all the industry when we discuss, as I did yesterday morning with a member of the European Parliament, with the European Commission, et cetera. Of course, I won't, I will not reveal to you all our technical assumptions, as we can imagine an exit point of these discussions and negotiations, which will be long. As you know, Groupe ADP since a long time, we know is that we always been cautious in our assumptions, and we prefer to be surprised by good news rather than to be surprised by bad decisions. We have integrated in our traffic assumption something which is realistically cautious and in line with what we consider is a political and a social, societal environment. In our discussions with European institutions, globally speaking, we are asking for a level playing field in order to avoid the Istanbul effect that you mentioned. We are asking for more time and maybe a longer-term view to implement all the measures of Fit for 55. Each measure is not negative by itself. It contributes to this necessary transformation, environmental transformation. The combination of end of ETS, a new kerosene tax, and a mandate in terms of the consumption of sustainable aviation fuel. At the end, if we do it too quickly, too fast and all together, it can create something which can be a little bit dangerous or can maybe slow the rhythm and our ability to make all the investments that we mentioned. I think that we are able to convince that there are some risk to go too fast and we can think and work on some measure in order to, sorry, increase the length of the transition for instance. On your second one, don't forget that we are not a French group everywhere around the world. Our strategy, which has been described in detail the seventeenth of February with my colleague and our colleagues from TAV and GMR, is a multi-local approach. We are French in Paris, we are Indian in India, we are Turkish in Turkey, we are Jordanian in Jordan, et cetera. That's a huge conviction of ADP Group. Towards maybe some competitors. We have to adapt our way to work with all our partners, and we don't do it alone. We are always with the local partners. We are shareholder at 46% of TAV. We are a shareholder and close to co-control, but in India by 49% with a huge a very important family in charge of all this activity. We have with local partners in Jordan. We as with partners in Chile. Everywhere we try to adapt. What is important, it is what is not negotiable and what Alexandra described in terms of ethics and compliance, what we describe in terms of sustainability approach and responsibility with all the employees is part of what is not disputable and negotiable between us. On the other hand, we work all together in order to find the good ambition and the good target for all the components of this strategy, sustainable strategy. As Yannaël mentioned, the target for Amman is not at the same time as the target of our Turkish airports, et cetera. That's our conviction and that's the way we manage the group and the way we manage its development all around the world. Will we continue to make some international developments? We have answered to this question the seventeenth of February. We can do it if some opportunities appear, but always in the respect of a target in term of profitability, if it makes sense in term of strategy and we, if we are able to develop and implement our target in term of sustainability. The next question comes in from the line of José Arroyas, calling from Santander. Please go ahead. Hello, good morning. Just one question from me on sustainable aviation fuels. I want to better understand what the role of ADP is in this transition, what is the role of airlines, and what can be the role of oil companies. Who has to do more of the three stakeholders? If you can put a number focusing on ADP only and assuming the Fit for 55 initiative happens as we know it, what percentage of the investments that the SA-SAF transition requires have already been made by ADP and what remains to be made? Thank you. Thanks for the question specifically about SAF. You're right, it's a combination of a full value chain. You need producers, which can be either typically oil and gas producers, but also new players. There are some new players entering the game. You also need some other players who are the operators of the networks that are existing, kerosene pipeline, for instance. You need the airlines. You also need some ground handlers on top of that. Lastly, of course, the airlines, which are the off-takers. Each of these specific players have a different role. Of course, the most important one at the two ends of this chain, I mean, the airline on the one end, since they are the one paying for the sustainable aviation fuel, and the producer which have to produce. The mandate that have been proposed by the European Commission in Europe, there have been in-depth investigations on the best position for the level of the mandate, the 2%, 5%, 20%, and so on and so on. Under that, you've got some assumptions, but it is feasible to produce these respective quantities by producers, and this has been reviewed by producers to make sure we are able to produce the mandate, of course. On the one end, you shouldn't be too low else you don't decarbonize fast enough. You shouldn't be too high, else costs will be unrealistic for airlines. This is how it has been constructed, designed. The role of airports, I must say, at least in the case of Paris, is quite minor. It will remain minor as long as we rely on sustainable aviation fuel that are ready to blend in, since you can mix kerosene with sustainable aviation fuel. All the infrastructure is already existing. We don't have to invest a single euro to welcome sustainable aviation fuel. It might be different in other airports where you don't already have this infrastructure since you don't rely on the centralized system of pipelines. In that case, there might be investment, but not in Paris. At least not in Charles de Gaulle and Orly. Now to fully answer the questions, how do we work all together? I will take the example of France. There are some calls for tenders ongoing right now for sustainable aviation fuel specifically. We are designing consortium, gathering, of course, producers, airlines, airports, and most of the time we also work with manufacturers since it's always interesting to have them on board. Okay, we don't have yet the result. Call for tender are ongoing. The next question comes in from the line of Elodie Rall, calling from J.P. Morgan. Please go ahead. Hi, Marcin. Is your line muted? Hi, can you hear me? Yes, we can hear you now. Please go ahead. Oh, great. Thanks for the presentation. Yeah, thanks for taking my questions. Just two on oil prices real quick. Just why the rise in oil prices recently, what are you currently seeing from airlines and passengers on the price increases? Secondly, does this place more emphasis on the importance or, I guess, acceleration towards sustainable aviation fuel going forward? Thank you. On the first question, we have worked on each destination as the main destinations in Paris, and we have tried to modelize the impact on the price of the ticket over the diminution of the free ETS in terms of CO2, the increase of the cost of CO2 emissions, the increase of an incorporation mandate of SAF and a low decrease in terms of SAF. We have taken what we could call a combination of a pessimistic/aggressive hypothesis, and we have tried to model it in our traffic assumption model. When we discuss with the airline, we see that they try to avoid too high an impact on the tariffs, and we'll see what will be the reality in the coming months. We consider that in the long- term view, the price of air transportation will, of course, grow and be increased by how many, I don't know, but we have made some, as I said, some hypotheses. Due to the price elasticity of the demand, it will have an impact on this demand. It is to contribute to this evolution and to make possible the growth of the traffic in our infrastructure by all the ways that we described. Maybe the second one on the SAF? Sorry, I didn't get the second one. The line was bad. Yeah, sorry. It's just that the rise in oil prices may be shifting or accelerating the shift towards sustainable aviation fuel. Thanks. Well, honestly, we don't have a clue on that one. We know there are lots of discussions ongoing, including on the mandate, for instance, including on other topics that are covered, by the way, on Fit for 55. There is not only ReFuelEU, but as Edward was saying, well, a lot of discussion with the European Parliament, with the Commission, with the Council these days, so hard to be very precise on that one. Thanks. Slightly more concrete, in our assumptions, of course, we take into account that the figures that have been announced by the European Commission will apply. In case there is a change, of course, we will update our assumptions accordingly. In our Scope Three emissions reduction strategy, while we've got some scenarios whereby we integrate sustainable aviation fuel, hydrogen, as I explained, by starting 2045 and so on, we know very precisely where we should be in terms of CO2 emissions in 2045, 2050, depending, of course, on these assumptions from the European Commission and so on. Thank you. The next question comes in from the line of Ruxandra Haradau-Doser, calling from Kepler Cheuvreux. Please go ahead. Yes. Good morning. Thank you very much for this presentation. I apologize in case I ask questions that have already been answered. I was out of the call, and it took some time to dial back into the call. Several questions, please. First, how should we expect your direct CO2 emissions to decrease on average a year until 2025? Second, could you please talk about how your tariff structure currently incentivizes airlines to replace older aircraft with newer aircraft? And going forward, do you target further changes in tariffs at Paris Airport in order to incentivize environmental targets? Third, could you please talk about how the satisfaction levels of employees at Aéroports de Paris compare to French companies in general? Fourth, coming back to the investment in different parts of the world, could you maybe give details on systems you have in place to check and monitor the integrity of business partners, other shareholders in projects outside France? Thank you very much. Thanks, Ruxa. Maybe you can answer to the first. I will take the first one about the direct Scope One and Two CO2 emissions. Your question in 2025 is not an easy one to answer, so I will try to turn around. In Orly, it will decrease very quickly, since we plan to implement a heat pump that will complement the existing geothermal asset, and this heat pump will arrive in the winter 2024-2025. Thereby, in 2025, remaining CO2 emissions in Orly should be roughly around 4-5 kilotons of CO2 per year, which is quite low. In Charles de Gaulle, you would have to wait two more years, since there will be this geothermal asset implementing in 2026. And that will produce 90 GWh of heat, renewable heat. And reducing, if I remember correctly, something like by 60%. We'll have 60%-70% renewable heat in our network, in addition, of course, to the existing biomass. In Le Bourget, one additional year, that will be in 2027, that we will have a connection to a geothermal network that is developed, by the way, by a local community, by the city of Dugny and Le Bourget, which are two cities very close to the airport. It's really a question of building an ecosystem with the surrounding territories. To quote one figure, we are pretty convinced we can achieve around 95%-96% CO2 reduction on Scope One and Two, five years before the year when we said we would be net- zero CO2 emissions. You can refer to the slides where the data are quoted. We estimate we can be 95% CO2 already achieved, five years before. On your second question. Ruxandra, first one, we try to integrate this noise emission component in our tariff structure. As you know, it is not always very easy in the dialogue with airlines. They are not as friendly as they could be towards this question. If you remember our proposal of the former and now dead proposal of ERA4, we had made some propositions around this integration of noise and CO2 emission in the tariff structure. What we have done for 2022 is to review the acoustic group in order to grant airlines who have made appropriate investment in renewal of the fleet. We also have very deep discussions in public consultations that we have around Paris, Orly and Paris CDG, in order in CDG to convince the airlines which make operations by night to put out of their fleet the very noisy aircraft and very old aircraft. That's very important in the dialogue with all the local partners and authorities. The French government has already decided to take some measures in order to forbid, in a couple of years, the most noisy aircraft operating by night in CDG. On the employee satisfaction, we make a study every two years, and the next one will be in September. I'm really sorry not to be able to answer to you precisely today. We can, for the publication of the revenues of Q3, maybe answer if you can wait till this time, answer to your question about that. Sorry, Ruxandra, because I missed your last question. If you could repeat, I will thank you. Yes, thank you very much. Well, can you maybe give some details on the systems you have in place to monitor the integrity of shareholders in projects, of the other shareholders in projects that you have outside France? Alexandra will answer to you in French, maybe, but we'll answer to you. We actually implemented an assessment system for third-party stakeholders. Before we invest in any project, we go through this process. We actually look at all of our stakeholders to make sure that they are trustworthy so that we can. We do that before signing off on any business with these sorts of businesses. We have made these inquiries not only by one agency, but sometimes by two agencies and sometimes by three agencies. We have a check and double check and triple check. The more we are in some new countries, maybe a little bit far from the well-known one, the more we need this preliminary check. Good morning, everybody. I just got one question. With the idea of having a more moderate use of the airport, how are you going to incentivize airline passengers to take fewer short-haul flights and more long-haul flights? I believe that you've already tried to do this in the past, so you have a better balance of the mix, not necessarily successfully, but, of course, in the meantime, there's been COVID. I wonder if it might not be necessary to really move up a notch and be much more aggressive in terms of incentives. At the moment, the focus is very European with low-cost flights. Whether really we want to incentivize passengers to move to longer-haul flights. First, answer to this regulation. It was the same question as asked by your colleague. If we have regulations that stipulate that you cannot fly if there's an alternative mode of transport, for less than two and a half hours, that already covers 1 million potential passengers in Paris as a whole, that alone. Some might be tempted to say that that will be a growing trend. One of the components of the vision that we presented today is that we have to be ready, we have to predict and not taken by surprise if the regulation changes and it's no longer two and a half hours by train, but three hours or three and a half hours. Some of the candidates in the French election have made proposals like that. We want to high... Put the emphasis on the visibility of connectivity in the airport with other modes of transport, particularly if this becomes a regulatory constraint. Of course, airlines' strategies are evolving all the time, and is a passenger's approach. If passengers see for themselves that air-to-train connectivity is a pleasant experience, they will switch over more readily. Now, to make it more attractive, you have, of course, to better integrate the logistics and luggage handling, but also quite simple measures in terms of marketing, such as having the same ticket for both legs of the journey, thinking in terms of competitive positioning, and the like. There's also the issue of pricing. We showed you some predictions about traffic on February 17th. There will be a switchover fairly gradually, at least on the basis of the predictions that we showed you. In 2019, 50% of traffic in Paris was international, 49% was Schengen, and domestic. We're expecting that it will be 48%, 52%, and so on, gradually, 42% or 56% by 2040. This means that the service offer will be an incentive and help to support societal developments if those societal developments do turn out to take place. I'm not sure if there are any more questions. Sorry, what was that? We didn't hear that. Well then, I guess that means we have answered all the questions. We'll bring this session to an end. Thank you for signing in and joining us today. It's a pleasure to be with all of our investment teams and ADP Paris management, and we are still here today and in the future should you have any further questions. There were so many topics that we could have touched upon, but we didn't have any questions on them, especially in terms of the work that we're doing in terms of local biodiversity. I'd like to thank you all for being with us today. I would like to reiterate how committed we are to ensuring that we can see further growth in our industry by accompanying society as it changes. We want to be at the forefront of environmental change. We want to be able to manage, and we will be able to manage any financial impact because it is one of our true competitive edges, be it for our business here in France or around the world. Thank you very much. Hope to see you soon in our airports, and we are looking forward to meeting you. Again, thank you very much to all.