Bonjour. Good morning, everyone, and welcome to the presentation of the strategic roadmap live from the Pavillon Dauphine in Paris. Welcome to every one of you who are here in the Pavillon Dauphine, those of you watching us online. We have two parts of this program. The first one, we'll have Augustin de Romanet, the CEO, will give a presentation of his vision and for the group, and then we'll have the executive director will have a presentation of the strategic roadmap for 2022-2025, and the financial translation with the vice financial director, Philippe Pascal. We'll have a short break, and during the second part, we have the three main pillars of our strategic plan. It's more specifically One Ambition, the airport for tomorrow, One Group, the Groupe ADP, and lastly, Shared Dynamics, our business model. We don't wait until the end of the presentation. We expect to have several Q&A sessions throughout the morning during the first part and the second part. You have all the phone numbers and the codes for the United Kingdom, for France, for the United States. If you want to ask a question, you need to press star key and number one, and you'll be in the queue, and we'll be able to answer your questions online and live from the Pavillon Dauphine. I'll give the floor to our CEO, Augustin de Romanet. Well, ladies and gentlemen, dear friends from France, from abroad, those of you who are here with us at the Pavillon Dauphine Hall, who are watching us online, I'm delighted to have you all here today for our presentation of our long-term vision and the roadmap for the Groupe ADP, by 2022, 2025. I hope you'll spend a delightful morning and see all the richness of the group. We have dozens of collaborators who will come on stage with us to present this strategy. I just want to show you the big picture of what was behind our motivation during this very specific period of time. What is the context? Well, now we're in a standstill. We're stopped, and we have to think to reflect on our situation, and we also have to reflect on decarbonization. You see the graph on the slide. By 2050, we expected to have 16 billion people. When I was born years ago, we only have 100 million people taking flight and planes. In 2019, we ground to a standstill. We just remember that we have to close the airports in Paris-Charles de Gaulle and the Orly Airport in March 2020. Because of this shock, we have to review and rethink our business model. This is the first element of the context. Secondly, we have the evolution, because now we know that it's no longer possible to imagine that the aeronautics will use all the fuel available on the planet. In order to be a possible and feasible industry, we need to decarbonize the industry. In order to give you a view of this industry, I'll show you five items, and I'll show you why this strategic plan is in line with what we do. I will remind you what is our core business, what are the needs of our clients, what is the code of honor, and why and how we've chosen this strategic plan that will make us the leaders of the industry. Now we have the raison d'être of our business. We don't want to increase air traffic. We want to welcome the best way we can all the passengers. We have our colleagues from India and from Turkey which are here with us, and they will show us that the traffic will increase much more in these countries than in the mature countries. We try to have this transition as smooth as possible, and we have to have better user experience, and we have a new brand of hospitality. We try to be an innovative group, and this innovation helps us to have the industry to support these decarbonization efforts. Finally, we have a multi-local group that helps us to develop ourselves because we respect the cultural identities of the territories. We are Turkish in Turkey. We are Indian in India. We are Georgian in Georgia. This good reminder of where we are now. This multi-local group is fully implanted in various countries, in various territories, and we are tightly connected with these territories. We have to comply with the regulations in terms of noise, about employment, about training, and the good planning of the areas. To remember the Chicago Convention, and says in its preamble that aviation is a vector of peace, is a messenger of peace. It's mandatory, it's necessary to have this. In overseas territory, for example, the French overseas territory, we have 2.7 million people who live in the overseas territories. It would be extremely sad not to have an airplane to come back to France. We also consider that we need to use in a reasonable way the planes, because we know that it's better to use the train when you can instead of the plane. This is why we try to have a multimodal approach. I have the opportunity to discuss with my friends and my colleagues of the SNCF that the train and the plane are the best friends ever. We know that it's really great to have a train, but if you want to multiply the number of trains by two, and we need to have a good connection between the trains and the planes. We need to have a direct connection between the stations and the airports. We need to adapt to the local reality, and of course, we come back to this. This is our market. What about our clients? Our clients expect to have a good, a pleasant experience, unforgettable experience. It's want to have a smooth, trajectory in the airports. We are committed to, specific, factors. For example, the percentage of planes leaving on time and is, really vital for us. Our métier, our business, our core business will evolve. We'll try to become a multimodal, platform. We'll try to plan our, the development and our connections with the territories. We're going to improve the way we work with these territories, and we'll try to have this the decarbonization, and we pay attention to these new kinds of energy and most specifically, the sustainable fuels. This approach is made in collaboration, in solidarity, first and foremost, with all the actors and all the stakeholders in the airport, because most of our service providers were facing a lot of difficulties because unable to have a good interaction with the public authorities. We didn't really pay attention to their struggle. We've been able to create an association of the stakeholders in airports, and the Groupe ADP became a leader of solidarity and collaboration with these various actors. Everything we do is based on responsibility, accountability, so it's very important and vital for our business activities. This is the foundation of our work and this community, quite remarkable community. We understood that we had the possibility, but we also had it was a duty for us to show the way to the industry. This is why we wanted to call this roadmap, this strategic roadmap, 2025 Pioneers. This is why we focus on the performance of the group while also ensuring the energy transition and a good connectivity with the territories and a good inclusion inside these territories. Of course, it will create some values for the shareholders. Before we go into more financial details, I would like to highlight that the development will be twofold. You know that we have a group, ADP, in France, but we also, you'll discover all the richness of TAV and GMR. We have Sani Şener, Burcu, Serkan, and our colleagues from GMR with one of the members, Mr. Raju, who will be speaking a bit later during the meeting. We'd like to welcome Antoine Crombez, and he will show that these companies have amazing energy because we see that the growth, the potential growth is enormous in these territories. He will also highlight what we can do thanks to this transformation during COVID. Before COVID, the concession period was approximately 8.8 years. During this health crisis, we've bought some shares at GMR, who allowed us to have this partnership with TAV. We bought the Almaty Airport in Kazakhstan. We extended by 25 years the concession of the Antalya Airport, one of the most dynamic airports in Turkey. Now we have an average of 32 years of concession. It will also show us that without any external growth, between 40% and 50% of the operational revenue by 2025 will be brought to the group by these emerging countries. We hope that this morning ses sion will help you to get a good understanding of how talented these people are, how this group will help us to develop, and it will be strong enough for all our shareholders. I really looking forward to all the presentations during this morning session. Thank you, Mr. CEO. Now we have Mr. Edward Arkwright, we have a presentation of our strategic roadmap. Just after this presentation, we have a short Q&A session. I will have Mr. Arkwright and Mr. Raju, GMR Airport to join us on stage. Welcome. Before I give you the floor for the presentation of our roadmaps, I suggest that we watch a short movie to show you the vision, our vision. According to Groupe ADP, what will airports look like in 2050? In 2050, we'll come to the airport to catch a train and not just a flight. The airport will be a connectivity hub for passengers coming through on their daily commute or to catch regional trains. Air travel will become a more considered option for intercontinental trips. In 2050, new means of low-carbon mass transit will be hugely popular. VTOL and self-driving shuttles will enable passengers to get quickly from the airport to city centers. Well, in 2050, we'll get to the airport early in order to make the most of the best hospitality experience in the world. Passengers will be welcomed by a host and their team and enjoy an environment created by the biggest local names. Particular attention will be made to the specific needs of each passenger at every point on their airport journey. In 2050, there'll be no more time-consuming security checks. Instead, a seamless and safe passenger experience, thanks to biometric technologies, and a simple one, thanks to home luggage pickup and delivery. In 2050, the airport will be a hub for national and continental energy. It will be a distribution center for green energies, and particularly hydrogen, not only for the airport community, but for connected regions too. In 2050, the airport will be a reference for intelligent urban design. Properties will be renovated in a sustainable way. Construction will be low carbon, and everything will be operated with zero CO2 emissions. The airport will be a real bubble of biodiversity, whose architecture is in perfect harmony with the natural environment. In 2050, the airport will be an ideal balance between world and village, between the regions and the capital. A place for the interactions that benefit us all and contribute to keeping the world open. It's in order to build this future that Groupe ADP is currently building the airport of 2050. Well, good morning everyone. We, Sani Şener, and Raju will try to share with you our motivation, and then to show you, to prove you that our business is very useful, that there's a bright future for the industry and this industry that will keep on growing, although differently, and not as fast as before the health crisis, but it will keep on growing fast nonetheless, and more specifically in other areas, in other territories. This growth will be possible if and only if the air traffic can transform itself for the future and for the environment. This is really at the heart of our transformation from now to 2050. This will be at the heart, at the core of our strategic roadmap 2022-2025. We have a multi-local approach, but we also have a very local approach. The Groupe ADP is more than able to be the leader. We have a very strong assets. The way we can adapt, the way the strong network of assets, the complementarity of our the business lines and will help us to reach our targets by 2050. First and foremost, we need to do the first step. The first step is this period between 2022 and 2025. It must be in cohesion, in line with this roadmap. We try to have some very specific priorities. Monsieur de Romanet said we have to multimodal approach, and we must have some KPIs. There are some factors we can assess clearly, and we can show that we can create values, and Philippe Pascal will give you more details about this. This strategic roadmap help us to create a new model and try to consolidate, and we try to adapt our new models, and we work on hospitality, on, we build our infrastructure and how we can use our infrastructure for our clients. We have the economic model based on the turnover per passenger. Of course, we have new dimensions and other new ways to use and to do our job. How Mr. de Romanet said, we have energy and the multimodal approach. It's a way to get this growth, to receive this growth. Thanks to this multimodality, it means for us that we need to function in a different way, and we need to keep and reach our targets in terms of CapEx, for example. We try to be more agile compared to the previous models. This roadmap is in line with our ambitions in terms of environment. We try to be carbon neutral by 2030, and we try to be carbon zero by 2050. It looks quite far away, but we have a very closer reality because we have the Orly Airport. We try to be carbon neutral by 2025. It is really much at the end of this roadmap and the carbon neutrality for the ground handling. We try to be carbon neutral too. This test that will be carried out on the Orly Airport, and we try to see the reality of what we want to do and see if it works. We try to show that we are realistic targets. Three axes we have. The first one is called One Ambition. It's a industrial target to see how our industry will evolve. We have an axis called multi-local. We have One Group that anchored that is really included in a specific territory with different ways to work and different ways to function. We have the third axis; it's called Shared Dynamics, with a way to transform our corporate culture and this strategic axis, this new model. It really put hospitality right at the core of our activities, and which this is a factor of continuity, what we did. We have this concept of hospitality, sorry, and the sustainability. We see that some changes, adaptations, the way we consider our infrastructure to be multimodal hubs. Because now we welcome passengers coming by trains, coming by car, by bike. We try to assume this multimodality, and because in Paris, we have strong assets for this. The fact that we are serving, collaborating with these territories, because it's not only about noise and that and air traffic. You need to show that an airport is a hub, is a good asset for the territory. This is why we have these three axes, the industrial ambition, how do we design, how do we build, and how do we use an airport. How do we have this multimodality in the way we work? It's no longer a client; we become a passenger. The second one is One Group, how with ADP, TAV, and GMR, we now have a global network with very unique expertise. We need to use the best way we can all the skills we have because we have very specific skills at TAV and GMR and ADP. Of course, once again, we said that the airports really belong to the territories. We have the accountability, the responsibility. We have the more based on the corporate level. It's how can we imagine the aviation of tomorrow? Because we have new way to use the planes, we have new way to renew the industrial activities based on the geography, based on the various activities. We try to be ethical as possible in the future. This roadmap is not something that's not. It's quite realistic, to be honest. I once again let me go back to what I just said because we have this multimodality, we have the energy, and we know that the airport, as Augustin de Romanet, is the friend of trains. We need to have much more passengers coming by trains, by public transport, most notably by train, but we also need the other means of transportation. Train is how we can decarbonize partially our activities on our platforms. This will help us to. It means to understand that in the future, our airports will be energy hubs because for now, the kerosene is the main fuel for our planes. In the future, our airports have to consider sustainable fuels and what we call the SAF, sustainable aviation fuels. Hydrogen will also be extremely important because it will be important for some of our planes. Hydrogen will also be important to create what we call the SAF, the sustainable aviation fuels. It really forces us to ask a question, how are we going to use this hydrogen? What will be the impact on the CapEx, on the economic models? This is how we're going to create the necessary conditions for the success of our platforms. Of course, once again, we have the more traditional business lines, for example, hospitality. We want to have a seamless trajectory of our passengers. We have Matthieu and Caroline who will talk about this, and we have the sustainable infrastructures. What will be the impact on the soils and biodiversity? We don't want to extend our airports. We must have to comply with the regulations, and we need to show that our airports can be a fantastic place where biodiversity can thrive. These initiatives, these very concrete initiatives, will be implemented and included in this strategic roadmap because it's the first one for the group, because the previous one in 2019 was just for Paris. It will adapt to the various elements of the reality for the whole group. I would like to thank Sani Şener for being here with us today. It's in line with the roadmap of our partner GMR. I would like to thank Mr. Raju for being here with us today. This group has a footprint. There's a geographic footprint, and we see all the main clusters, and you see how they fit together. The complementarity and synergy, and you see GMR, TAV, and ADP. We see there are still a lot of potentials, and we tend to focus on business terminals, about the engineering, for example. The complementary also in terms of traffic. We saw how the traffic on the Black Sea and the traffic in India has been a way to stabilize the traffic mix of the group. We try to mitigate the risks because we also have a mix, a complementarity between the very nature of the assets, about the concessions, the full ownership, the various legal models and financial models, and we have very well-balanced portfolio. We see that we have many airports where ADP is a shareholder. We see that, of course, we know that we are present in 25 airports, and we're active in more than 50 countries. We, of course, see that we have this value chain, and we see that all the activities in the group are developing, are growing. It's based, of course, on the trust of our clients. We know that Havaş is getting more and more important. In Zagreb, we have the mix of activities that we develop, hospitality, travel retail. We are active on many segments and many sectors. We should talk more about TAV OS, about a network of lounges. We opened two new lounges on Bermuda, and we have a telecom subsidiary with cybersecurity, TAV Technologies for all the services in our airports. We won great contract in Qatar, for all the cameras, the CCTVs. With 32 million passengers, we have engineering and consulting. The ADP Ingénierie got restructured, as it was said yesterday, during the presentation of the financial results. Our subsidiaries, whether they're the merchants of the GMR are gaining traction. We have a contract signed in Toronto. In terms of security, we also have the subsidiaries of the TAV Group. We also working on the anti-drone fight. This synergy, this complementarity that makes sure that the group is present all along the value chain. Now I suggest that we have two specific focus to show you how the growth is. Pulled and driven by very ambitious objectives. Thank you. Good morning everyone. Today I would like to present TAV Airports Group, which is consolidated by ADP. When ADP acquired 46% shares of TAV, we became very happy and we thought that one plus one will equal to eleven, and we have seen this. We have seen that Groupe ADP and TAV Group together created an important value in this aviation business. We are operating 14 airports, of which five is in Turkey. In Turkey, we are operating Antalya, Ankara, Gazipaşa, İzmir, and Bodrum Airports. In Medina, it is the second important city for Muslim world, we are operating Medan Airport. In Georgia, we are operating two airports, which is Tbilisi and Batumi. In Tunisia, again, two airports, Enfidha and Monastir. Zagreb Airport, we are together with ADP. It again shows a very important example of what we can do with our partner ADP, because ADP initiated Zagreb project, and in third countries other than France and Turkey, we became partners. This is another important issue for value added value. In Macedonia, we are operating two airports. All in all, 14 airports. We have a portfolio maturity for 30 years. It was only eight years at the beginning of this year, but including Almaty, and including 25-year extension for Antalya Airport, winning the tender on December, we increase it to 30 years portfolio maturity. We are on 55.4% of 2019 traffic in 2021, and it was 89 million passengers in 2021. 119 before COVID. It was this year EUR 52 million. We are taking off. This is a very good sign. We have seven service companies. Dear Edward has already talked about the service companies, but I would like to add one thing. In airport business, we have two kinds of revenues. We have aeronautical revenues, and we have non-aeronautical revenues. Aeronautical revenues are those which are in tariffs, which is regulated, so it is visible. You can see and calculate them very easily. Non-aeronautical revenues, like duty free revenues, food and beverage revenues, and this kind of service companies, technology revenues, are invisible. The connectivity between service companies and airport authority is very important because service companies are your non-aeronautical revenues. We always say that connectivity is productivity, so to create this productivity, to be partner in service companies is really very important. We have seen this. We partnered with Gebr. Heinemann for duty free. We partnered, we acquired Havaş as a ground handling company. Now we are in all the revenue centers of the airport, so the connectivity between these management is very important to increase the revenues. What is our growth strategy? We have a strong credential as an airport operator. Antalya is a very important example for this. It is one of the best airports in the Mediterranean area. When you look at our portfolio, we have all kind of airports. We have touristic airports, we have capital city airports, we have commercial capital city of airports like Almaty. Almaty is not the capital city of Kazakhstan, but it is the commercial capital city of Kazakhstan. It is the gateway of China to the world. When you look individually, Almaty, 75% of the revenues comes from ground handling, cargo, and fuel. 25% is only coming from passenger. We have different kind of revenue diversity as well in all our diverse portfolio. We focus on the development of TAV Airports network on specific regions. I mean, we have a scope we shared with our partner ADP. We consolidate and expand the concessions in the Eastern Europe, Central Asia, Middle East, and North Africa. You know, we are in eight countries. In airport-wise, we are in eight countries, but in service company-wise, we are in 30 countries. We have lounge operations, we have ground handling operations, duty free operations in the airports which we are not operating. Like we have lounges, two lounges in Washington. We have two lounges in JFK. We have a lounge in Kenya. Okay. When you look at this, the culture, the commonality of the culture as Augustin really, I like the word very much, this multi-local. multi-local. I mean, it is very important for us and for them. They are a Turkish company in Turkey. I mean, they always add value to us in Turkey. I mean, we were expecting them to add value to us to, in France and to other places which France is powerful, but they add us value in Turkey. multi-local is multimodal and multi-local. This is what I am going to take home from this seminar, this meeting. Rely on the development of non-airline revenues, as I told you before. It is very important. Non-airline revenues mainstream comes from passenger behavior. The behavior of the passenger is very important. You have to understand their behavior and act accordingly. As I told you, aeronautical revenues are fixed tariff. They have tariffs, and they are visible. Non-aeronautical revenues are those where we have to make marketing and work on it to increase our revenues. This is an important part of TAV. We have three pillars of airport strategy. One is digital, digitalization. No need to talk about digitalization. All the world is going to digitalization. We have to go. We say that if you do not know the business, you cannot digitalize that business. You have to know first the business and then digitalize the business. To digitalize the business, we established a TAV Technologies company. TAV Technologies, we have 400 engineers, computer engineers working in our company. This company, you can go and ask each of them, they know airport operation very, very well. Otherwise, they cannot digitalize airport operations. They are now a really very important actor in our growth. Hospitality, deployment of Groupe ADP's hospitality policy is very important for us, and we are working hand-in-hand in this. We contribute to Groupe ACI, ASQ, and Skytrax rating targets. The lounge network is another important asset for us. During this hospitality and digitalization, the transfer of data is very important. The connectivity between ADP and us is really going very well. Sustainability is another issue. We increase the energy performance and reduce the carbon impact of all our new buildings. We are using cogeneration, we are using trigeneration, we are using photovoltaic panels in all our airports, so we are keen on it. We are keen to establish a carbon footprint over the life of new buildings, and the renewable energy is very important for us. Thank you very much for listening to me. Raju. Thank you. Thank you, Sani Bey, Good morning. Thank you, Chairman Augustin de Romanet and Mr. Edward Arkwright, for giving us this opportunity to address the gathering here on the strategy of ADP and ADP associate companies. GMR Airports is a joint venture between GMR and ADP. ADP has invested 49% equity in 2020. We are very proud of our association with ADP because it gives us a huge opportunity to grow in the emerging market like India. We have around 1.3 billion population, and we have a $2,000 per capita income, and it is growing from a $3 trillion to a $5 trillion economy. We have 120 airports which are operated by government of India. GMR Airports has a portfolio of eight airports, which is the capital city of Delhi, Hyderabad, Goa, Nagpur, and international airports is Madinah, Cebu, and Erbil. pre-COVID, we used to handle around 26% of passenger traffic in India, which is close to around 1/3 of the Indian traffic. In 2019, the entire Indian aviation traffic was 315 million passengers, and we handled close to 26% of the traffic in two airports. Outside India, we just won Medan Airport in Indonesia, which is also an emerging market, and it was in pandemic time. We also have an exceptional maturity of 46 years, which makes a very long-term growth portfolio for both our partners, ADP and GMR. The traffic in 2021, just before the Omicron in December last year, we achieved 100% of the pre-COVID traffic level. That really shows the growth potential in the market of India that we have associated along with ADP to take it to a greater height. Apart from being a concessioner and a developer of airports, we also do various services as an airport consortia. We do operation maintenance of their airports, engineering maintenance. We do duty-free. We partnered with a company called Aer Rianta, and we also have 100% duty-free operation in Hyderabad Airport. Taking inspiration from TAV, we wanted to expand to non-GMR airports. We would like to develop in cargo, car park, logistics, warehousing, and in duty-free, and also in F&B and retail. That is one of the growth potential that we are looking at. This is an incredible growth opportunity, being in India. As I said that, you know, we have close to 120 airports operating in India. It's a continent, it's not a country, and we have a good opportunity. Even in the COVID time, I would like to mention that we have registered a positive EBITA, which is unique, because of the way we are operating it with the help of association with ADP made us to be EBITA positive. We have a great opportunity in external growth with airport privatization and also in Southeast Asia. Our growth strategy plan over the next five years, we would like to catch up with the growth existing airports. We would like to complete our expansion in Delhi Airport, which we are building it from 60 million to 100 million passenger expansion, which will be ready by 2024. We would like to also complete the expansion of Hyderabad Airport from 12 million passenger to 34 million passenger, complete our projects in Goa Airport, which we are commissioning by August this year. We would like to unlock GMR Airport by focusing on deleveraging and also increase the profitability of all our airports assets by not only by giving O&M services and engineering maintenance and also providing various services that I mentioned. We have already signed a industrial partnership with ADP. We would like to bring in the expertise of ADP in retail, in duty free, because ADP has the highest spend per passenger in the world. We would like to bring their expertise through industrial partnership and also all the efficiencies that ADP has got in the airside operation and passenger experience. We would like to use the industrial partnership with GMR and ADP to build our business and increase the profitability. We would like to get the expertise from TAV by improving the lounges. We would like to see how we can work with ADP and TAV and GMR in providing lounge operations and increase our passenger experiences. One of the focus area is on increasing our Skytrax ranking. We are already the highest ranking in ASQ. We would like to maintain that ASQ ranking. That is going to be our focus area. Next is as Mr. Sani Şener has said that, you know, digital transformation is the key as we have the entire value chain in the airport operation, right from construction, development, master planning or in the engineering maintenance. We would like to also transform the entire airport into a Smart Airports initiative. The last is green initiative. We like to proudly say that, you know, we are the only airport in Asia Pacific which has raised a green airport bond, and we are already committed to the green initiatives. Thank you. [Non-English content] Thank you, gentlemen. Thank you very much. Maybe we'll take questions in the room. If you are connected via your screens, you have the phone number being displayed. You can also join us with an audio device. I have a question in the room here. Good morning. Elodie Rall, J.P. Morgan. I've got a few questions actually, but I'm sure that we'll be able to come back to them. First of all, a very down to earth question. We have a plan for 2020 to 2025. What is the regulatory assumption that you're going to consider, a four to come after 2025? How do you see the development of the prices over the last few years? Well, Rolls-Royce in the sixties were extremely powerful. They did not want to give the number hours, and they said, well, they used to say that they were powerful enough. Regarding traffic regulation, we need to have some visibility about the traffic, which means a predictability of investments. This visibility about the traffic is not acquired. It's not there yet. We cannot tell you when we'll have a contract of economic regulation yet. To sign a contract, you have to be two, and the responsibility of the corporate officers say that they can only commit to an economic regulation contract when the average cost of capital depends on that. We have converging discussions, but we are not completely sure that they will enable us to sign a contract that would be compliant with the social interests of the company. I'm still very optimistic because the Transport Regulation Authority has really broadened its different criteria, and we can hope that between 2025 and 2027, an economic regulation contract that requires two years of preparation will be possible again. Thank you very much. Now some follow-up. Does it mean that in the next regulation contract you are considering, the Terminal 4 or with the growth, the traffic growth prediction, will have to wait for longer. We'll come back to that in details later on. You know, this is a country where words are really essential. Terminal 4, that will be renewed. It's not a wording that suitable anymore. What about the negotiation with the regulator? When could we expect the results of the review that is going on? On a formal basis on the 25th of February. Philippe Pascal will tell you in his presentation later on in more detail. Thank you very much. A question about your ambitions, your growth ambition in terms of M&A. Clearly, this is something that will contribute to the group results increasingly as you could show us by 2050. What is the financial budget that you want to devote to your acquisition policy? Well, giving you a very clear answer is difficult because we are going to have acquisitions via three vehicles, TAV, GMR, ADP. We have a deleveraging objective. Thirdly, in our business, in order to earn a living, either you have to buy at a low price or you have to sell at an early stage. I cannot give you the accurate budget because it depends on what we want to buy. Clearly, the budget is not as big as it was three years ago, but the mobility of our teams in order to put a foot in the door. Édouard was talking about the American market, for example, the more our teams will be competent, the more will be the airport reference for major project in which infrastructure funds will become our partners. I'm sorry about this very blurry answer, but I cannot give you any more accurate answer. Now, a question about TAV. You mentioned the focus on the non-aeronautical revenue. Could you tell us about your targets in terms of the retail spend per pax? Where do we stand today, and where would you like to be within three years or within 10 years? Thank you very much. Actually, every airport has its own dynamics, but the ideal way, the split between these two, non-aeronautical and aeronautical revenues, are 50/50. But in Madinah, for example, non-aeronautical is only 10%, okay? Because they are pilgrims, they don't buy, they don't spend money. 90% comes from aeronautical revenues. In Almaty now, non-aeronautical revenues is nearly, in duty free and food and beverage, zero. Because when we make the new terminal, we will get the duty free on ourselves, food and beverage on ourselves, we will bring in our service companies, and it will immediately go up. We have a lot of quick wins in Almaty, for example. In Riga, we are not operating Riga Airport, but we are operating all the non-aeronautical revenues in Riga. It is a very good airport. We like it. I cannot give you a constant number, but we act accordingly, according to the dynamics of each airport. Thank you. Thanks very much. On GMR, you've talked about big project CapEx, I mean, expansion plans. Do you have a number to put behind the CapEx schedule? Yeah. For our GMR projects, I think, the Delhi Airport, which is close to around $2 billion, which is fully secured. Hyderabad Airport, which is close to around $800 million, it's also fully financially closed and secured. Our Goa Airport also fully secured because these projects have been under construction for the last two years. These are the three projects which are really under construction. The fourth one is in Heraklion Airport in Greece. That also is financially fully secured. All our projects that we are under construction and expansion are fully secured, financially secured. Okay, thanks. There is a question at the very end of the room. Virginie Rousseau, ODDO BHF. I've got several questions. First of all, your One Group ambition. The setting up of this strategy, could it lead to some disinvestment or some sales, some part of the group could not be adapted to your new ambition? Well, telling you that we will never sell anything ever will be stupid. We actually told Schiphol that we were putting an end to our partnerships, and we're going to sell 8% of Schiphol. We're going to sell this 8%. I don't know if you remember, but in 2014 we had disposed of our asset in our participation in Mexico because our partnership did not seem very profitable. Today, we have two partners, and we have an extremely fruitful partnership with them. We do not want to dispose of anything. On the contrary. If other partnership were to become sterile, we would not insist on keeping them. For example, we just sold our participation in the Mauritius Island Airport because the cooperation was not fruitful anymore. Thank you. One question regarding multimodality ambitions. I do understand your situation in France and the will to speed up your partnership with the railway company in France. Could you tell us more about what's going on abroad, maybe with GMR and TAV? What type of measures can you adopt to speed up this multimodality? Would you like to answer, Edward? Or Sani Şener or Raju, do you want to, multimodalities in your platform? I think Mr. Chairman Augustin de Romanet has told about multi-local and multimodal. I think in India it is 120 airports. We are an emerging country, and the regulations are new. It's not that as evolved as in the country. Being local is very important, that understanding the dynamics of the domestic passengers and the spend profile, the needs of the country, the regulatory of the country. It's very unique the way, you know, being operation. Having a partnership with ADP, what I was thinking is that, you know, we can get the best practices from ADP. We being local, we can actually understand and operate the airport. The strategy of ADP to be a multi-local is one of the best strategies that is collaborative and also win-win for both ADP and GMR. Yeah. Sorry, my question was more on connection with other kind of transportation, like, railway, et cetera. How do you think that you will be able to develop that in India like what ADP does in France? Yeah. In all our airports there is a multi-modal connectivity. There is a metro station connectivity from the city and to the airports within the airport. You know, in Delhi Airport, in Hyderabad, in Goa, all the airports in India, they are having connectivity from the dedicated stations. Like for example, in New Delhi Airport has contributed to an expressway, where from the New Delhi railway station to the airport there is a dedicated road, so there is a seamless connectivity, people coming from train and from the flights. Same way, the model they're adopting in Hyderabad and in Goa and all large airports investments. In our airport case, we are all working in emerging markets. Actually, now we had some metro in Turkey while we were operating Istanbul. But in Almaty or in Macedonia, in Georgia or in Tunisia, we do not have these different kind of transportation means. In Enfidha. In Enfidha. In India. Merci. My last question, if I may, your ambitions to become an energy hub, maybe I am anticipating on the subject that you're going to deal with later on in the morning. First question, are you going to become an energy producer? And furthermore, how do you see the development of these different types of energy? Do you believe that all airports will be able to use any kind of energies, hydrogen, for example, everywhere? Or will we have to make choices depending on the airport in order to focus on one of these various technologies? Well, you're right, you will mention that later on, but I can give you two avenues to explore. Energy producers, we cannot rule it out because we're already like that. In Paris-Charles de Gaulle, for example, we heat up half. No, sorry, a quarter of the airport with wood. In Orly and Paris-Charles de Gaulle, we went to get water at 75 degrees at 1,800 degrees underground in order to have geothermal energy. We cannot rule out being a energy producer. Secondly, regarding the hydrogen subject, we are at the heart of a big question mark. For example. For Airbus will be able to tell us that we can use hydrogen for its planes, and will be a revolution because then you need hydrogen in the airports. It would be done easily for big airports, but it's a big question mark for the small sized airports. Yeah. In Delhi Airport, we are the net producer of energy by using solar. All our terminals and cargo operations are on solar, and we are the net exporter of power, and the same way in Hyderabad and in Goa. We don't consume power, we actually generate power through renewable energy and PV. In the same way for water, we are rain harvesting, we conserve water, actually we are day by day, every year reducing the water consumption, and same way with the sewerage system. I may add something. In our airports, again, it depends according to the geography of the airport. In Madinah now, we are embarking on the solar power system. In Tunisia, in Enfidha, we have the capacity for natural gas, so we implemented trigeneration. Trigeneration production means with natural gas you achieve electricity, hot water, and cold water for climate as well. In Bodrum, sun is there. Again, it's solar power. We are using solar power. In Georgia, we are using solar power, and now we are going to implement wind energy. Now, I mean, there are 51 billion tons of carbon dioxide emitted to the sky. 51 billion tons. 2.5% represents in aviation industry. We have to be very careful about it, and we have to make it neutral by 2030, and carbon emission will be zero, inshallah, in 2050. Thank you. Now we have a question by phone. Dario, if you hear me, please go ahead. Yes. Hi, good morning. Can you hear me? Go ahead, please. Yes. Okay. First question. In terms of target for international expansion, by 2025, how much of Groupe ADP, say, EBIT, will come from international assets or maybe net income? Question number two is on CapEx for GMR. You mentioned around $2 billion to expand New Delhi, $800 million for Hyderabad, and so on. How much Groupe ADP will contribute in this year, next year, and in 2024? Thank you. For your first question, in 2025, we think that 25%-30% of the EBIT of the group will come from the international activities without new acquisitions. These are the numbers will be discussed and presented by Philippe Pascal, and we consider that we wouldn't have any new acquisition in the group. Without further acquisition, we expect the EBIT to be at 25%-30% in four years, and Philippe will give you more details for our forecasts until 2025. Expansion plans of Delhi is $1.2 billion, and with Hyderabad is $775 million. Both the funds are organized within the Delhi airport and GMR Airports at the point. We are not expecting any funding from ADP for this expansion. I will remind you that the CapEx of GMR has not been consolidated, and they're not included in the objectives of the group. Thank you very much. I would like suggest to finish the first Q&A session. We'll have another Q&A session before the break, and now we've had Philippe Pascal, the Vice Director for Finance, to join us on stage. Good morning, everyone. Let me come back to a few financial elements after the presentation of our long-term vision and after the presentation of some insight of our strategic roadmap for 2022-2025. Now we have the financial pillars of our business model, and we have to strengthen our financial factors. We have levers for growth, and this is two pillars we would like to present you. First and foremost, let's have a look at the financial roadmap for 2022, 2025, and let's start with the first driver of our activities as a manager of airports and its traffic. We have the outlook for the traffic in the Paris-Charles de Gaulle and Paris-Orly. You're quite familiar with these forecasts. They were released during the last few months, and we slightly modified to take into consideration an acceleration of the recovery. The traffic is expected to be multiplied by two by 2022, and we may get very close to the air traffic we had in 2019. We will go back to the levels we had in 2019 at the latest in 2026, and it was made possible by several actions and a good visible improvement of the health crisis. The acceleration will be even stronger on the international platforms, and you see this acceleration in TAV, T-A-V. We should go back to the levels of 2019 by 2023, but the same goes for GMR, and we almost came back to the previous levels at the end of 2021. We expect the whole group to go back to the levels of 2019 between 2023 and 2024. We expect to have levels higher than what we had in 2019 in 2025. This is why we need to have a strong financial performance where we may be able to control our expenses. This is what we wanted to show in this slide, and we try to focus on two KPIs. The first one is the EBITDA margin, and the second one is the operating expenses per passenger for the group. The margin will go back to the levels of 2019 somewhere between 2023 and 2025, where the first step in 2022 with the margin approximately between 30% and 35%, because we know that in 2019 we reached a level of 38% for the EBITDA margin. and 2025, we expect to reach a range between 35% and 40%, and we reach the absolute value of the EBITDA in 2024. For the operating expenses for the ADP SA, we expect to go back to the levels of 2019, and we expect to reach these levels in between 2024 and 2025. We expect to have quite a strong performance in 2022 because the expenses per passenger is expected to decrease sharply as soon as 2022, and the progress will be progressive, and will continue in 2023, 2024, and 2025. Now let's have a look at investments. I would like to give you some very specific elements, quite similar to what we usually give you, because we used to say that everything was all right before the health crisis. We know we can see on this slide that 80% of the CapEx, of consolidated CapEx are the CapEx for ADP's. Just remind you that 2017, 2018, 2019, we experienced a high, very strong growth, and we have been able to mitigate our losses in 2021, and we have a progressive recovery in 2022, and we expect to have the same growth in 2023, 2024. We already have the elements, but now we added the figures for 2025. We try to have a wider range, because we have to consider new needs for the acceleration of traffic. We also have to have a better safety too on our platforms, and most notably for the Olympic Games in 2024. We have to bolster the tangible assets and intangible assets in Paris. You have the real estate, and we have development. I'll have a presentation about real estate, and it's quite a dynamic market. We still have the same dynamic that we experienced in the past, and we'll try to preserve this, and we'll have this in the future for the tangible and intangible assets abroad. We have to add what we had in, especially with TAV. We just remind. Just a quick reminder that Almaty is not being unconsolidated yet, and we have investments in Jordan. To summarize, we try to consolidate everything, all these elements. It's because some models don't take this into consideration. We reach an average per year of EUR 1 billion between 2022 and 2025. This is an investing model, and this at the root of our creation of value. We have the infrastructure, we have the competitiveness of our passengers, the satisfaction of our passengers, and we need to invest to be successful with our group. As the CEO just said, the financial structure is at the heart of our concerns because we need to reduce the debt of the group. We try to stay on the same guidance as before with between 6x and 7x. We'll The ratio between NFD and EBITDA is 6x-7x, and we try to reach a ratio of 4.5x-5x by 2025. We have to review our policy of dividends. We try to preserve the payout ratio at 60% for the group with first positive net result in 2022. We also have a guarantee while adding a limit of EUR 1 per share in 2023, and EUR 3 by 2024. We wanted to pay tribute to the strong support of our shareholders during this health crisis. We wanted to, of course, we want to retribute our shareholders as soon as we have net positive results. Let's give you some the way we want to create values on the long term. We talked about sustainable transformation, a full complete transformation of our business model. This transformation will show that we need to adjust our business models on the long term, and we want to have them positive adjustments. We want to see them to have these transformations to create value, and this is what I want to summarize here. Let's talk about the traffic and air traffic. We highlighted the importance of this air traffic and the acceleration because we know that the economic growth is back, and we have the development of each territory, and the middle class is growing, and most notably in India, and the middle class tend to travel a lot. We also have these very touristic places like the Eiffel Tower in Paris, and this is why so many passengers come to Paris. Things will be quite different. It will create even more values because we have a more reasonable use of planes. Each passenger will be able to choose how they will travel based on social factors, for example. The traffic will become international, and we focus even more on the international dimension of traveling, long-haul flights, for example. You see that this transformation is quite natural. I'll give you some figures about our forecasts. In 2024, we expect international flights to represent 58% of all the takeoffs and landings in Paris. You see that the traffic mix will bring many passengers. We had questions about the long-term plans for managing our infrastructures. We have two blocks. First and foremost, we have a more performing infrastructure, mostly based on this concept of sustainable growth. We have these new kinds of energy, and we have this new concept of multi-modality with what it implies, investments, and they may well be more costly. If we compare to similar objects, it will be more expensive, of course. These investment policies have to be reviewed and transformed drastically. This is why we cannot compare the previous policies and the new ones. We have to transform the whole structure, the whole organization of the group. Thanks to digitalization, we'll be able to transform our activities. We'll be able to transform the traffic mix and while modifying and adapting our infrastructure to cope with this high percentage of international flights. We want to have something more compact because we have a more connected with the rest of the world, and this is why Terminal 4, as it is now, is dead. What we will design is something more compact but with a higher level of quality. This is why in the investment plans, we don't pay attention to roadways. We reached the breaking point, and this is why we need to change things. We need to rethink the roads, our connection with the roads. This is why to have a more premium approach, and we need to develop skills. As some people already said, the long-term economic business model is not that good economic regulation, just like all around the world. This is very important, it must be noted. It's we have very high-performing model now. This is what we want to preserve, we want to keep for the future, we want to have this regulatory model. This regulatory model will help us to propose lower prices. The return on investment is quite good. We have, we think like economists. This fair price will help us to invest in the relevant infrastructure to stay competitive. It will be an important part in the way we create values. This value is created by infrastructure more than by the tariffs and the prices, because prices and tariffs are not as important as you may think in the good turnover of the company. We've been able to propose lower tariffs and prices compared to our competitors. We know that the huge volatility of prices among our competitors when they needed to invest even more in infrastructure. If we can invest more in our infrastructure, we'll be able to keep these prices low. Another point I think important for regulations, at least for our analysts. First and foremost, it's important to have a dual- till system, as has been confirmed by the governments, but also confirmed by the many laws that may come into force. Secondly, we have the WACC, and we see that the regulatory authority has extended its range, and we expect it to be between 2.6% and 5.2%. This extension was caused by the health crisis and improvement of the model and the behavior of the indicators, and they're still quite far away from our own estimates at 6%. Third, the third point is the principle of the allocation of assets and revenues based on whether they're regulated or not. We had a public consultation by the ART, and for the main guidelines in order to interpret the decision that will be taken by the ART. The end of the consultation process is on the 25th of February, and the ART will have to take its decision in the coming weeks or coming months. Now the draft proposal, the draft decision doesn't have any real rules for accounting. We expect the ART will have guidelines for traffic in the airport. We have principles of traceability, principles of transparency, and it'll help us to reopen a debate among the many companies. This is why the ART would like to have a say on the relevance of these proposals. It's way too early to know what will be the consequences of this decision. We can see the intention and the motivation of the regulatory authority in order to create exchanges among the companies. Another point is the commercial activities, and Matthieu Rivière will tell us more about this in a few minutes. We have a hospitality brand called Extime, it of course will be on the basis of the area. Of course, we have to take into consideration this new brand, the Extime, with the revenue per passenger. This is why we try to modify our methodology. We have the pro forma for previous years, and you see the share of retail is extremely important in this creating value. We aim to reach 25.5%. You see the shape of the graph, so we can actually have a better estimate of what we're trying to achieve in the coming years. We talk about the development, international development, and we had a presentation yesterday. Just to remind you that during the health crisis, we didn't stay idle. TAV managed to acquire the Almaty Airport. GMR managed to buy the Medan Airport. We've been able to renew the concession in Antalya for 25 years until 2051, so we have a clear visibility until 2051, and we have an amazing job made by the financial teams, most notably TAV, because we're able to renegotiate some elements. We were able to extend the concession period in Turkey, but also in Madinah. We've been able to renegotiate the debt, which debt restructuring has been extremely important in 2021. We've been able to stabilize all these concessions, and we've been able to bring some visibility as the CEO reminded us. Of course, we have the withdrawal of certain assets. We have, of course, our intention with Schiphol to sell 8% of the shares we have in the framework of this cross shareholding. It doesn't mean that we'll have to continue to do so with TAV, GMR. Of course, we have the same policy as ADP. The board considers it to be a selective approach, and we have to be as rigorous as possible, and we have to be on the lookout and try to find nice opportunities to buy for cheap. The unwinding of the cross shareholding is a very complex operation. We gave you a lot of technical details yesterday in the press release released yesterday. We have the unwinding of the cross shareholding. We sell 8%, Schiphol will sell the 8% of the shares in ADP, and Schiphol will buy back the 8% of the shares in ADP. These sales should take place in the right way between Schiphol and ADP. If necessary, we can count on the help of the government and we have specific authorization by the board of directors and the right of preemptive right, a right of veto. How does it work? Well, it is based on the substitution. We may replace one investor on several investors at that point. We have new concessions, and we have some unwinding of few shareholding. As Augustin de Romanet said, the dynamics of the group in Paris, but also internationally, and we have a stronger dynamic and with TAV and GMR. For the international activities, it forces us to rebalance our presence. In 2019, we have 15%. In 2025, with the assets of the groups, we expect to have the value creation between 25%-35%. We know this is really a real chance, and we know that the international flights becoming more important. Another thing we should pay attention to is real estate. We have two areas for development of real estate in the group. We have one in Delhi, fully exploited by GMR, and a second area in Paris. In Paris, as I was able to say, the investment strategy remains the same because we still have prospective business. There's been some, you know, delay, some negotiations were suspended, but negotiators and investors are there. What we were able to tell you in 2019 during the investor day is still topical with a real value creation, especially in the warehouses and the cargo activities with the arrival of new players or the strengthening of existing players for long-term growth. We know that the cargo business is a major growth possibility for the group. There's also some perspective in the field of hotels. Some hotel chains have expressed a desire to continue their development, especially in Orly, with different diversification steps in the field of hotels with the setting up of a hotel campus. There's also a policy to buy back our assets with some AOT Franco-French specific structure, and it could lead us to a real growth relay in order to you know buy back some assets that are now held by other players. It shows our desire to reassert our business model between 2022 and 2025 and the incredible value creation potential in the future combined with this new industrial rationale. Thank you very much. We're going to take questions now. Who wants to join us on stage? Yes, take a seat, please, and I will take a question. You can also ask questions via EO phone. These are the phone numbers to dial if you want to ask a question on the screen. Good morning again. I have a question about CapEx. Clearly, you increase the guidance and the amount scale. Why did you increase these CapExes? You mentioned a better safety, a better security for Olympic Games, but you knew about that before. You know, you're not running after the traffic growth, so why are you going to increase the CapExes in Paris? We know about the share of the international air traffic, but could we have the split, the comparative split between 2022 and 2025? Okay, I'll ask other questions then. Cost, fixed cost. When we are back to a normal situation in terms of traffic in Paris, I mean, when it's back to normal as it was in 2019, could you tell us about the reduction of fixed cost that will be made possible because of the crisis? If I may, third question about this cross-shareholding participation. What do you think your participation to Schiphol is? Can you give us an idea? What would be the investors that you'll be interested in if you are buying back the participation? Well, I'll give you some additional elements regarding CapEx. We reviewed our CapEx slightly upward for several reasons, as I could say. The first reason for that was to remind you that this range was regulated and non-regulated in the framework of maintenance for our aeronautical activities. It was regulated. There's a lot of maintenance, you know, for peak in 2023, and this especially besides in the airside. It will be regulated also regarding other minor aspects of our development. As you mentioned, we do not need the capacity as such. We took into account an increase of the regulated aspects. Regarding this, different mechanisms have to be beefed up. For example, the strengthening of our electrical barriers that could be regulated, of course. Our strengthening, our beefing up and the deployment of new systems, you know, at the borders location, it is quite essential. We also thought that the raw materials were going to increase in terms of prices mechanically, which explains an increase of, for a unit cost, a few percentages out of EUR 700 or EUR 800 million, it represent a few million EUR. There's also a major block, that is to say the strengthening of some operations just before the Olympic Games. We are discovering this in the discussion we have with the organizing committee for the Olympic Games in Paris. Regarding fixed costs, we had two strategies during the crisis. We tried to variabilize our expenses, and we also tried to reduce different types of costs in a sustainable manner in our operations. Regarding the first aspect, we learned how to be far more flexible and agile in managing our infrastructures. Today, our teams are the best in closing terminals in just two weeks and reopening them again in two weeks. That's something that will continue and that we'll be able to apply once the traffic capacity is recovered. Because when we know how to manage airports with more flexibility, well, this flexibility is acquired for longer term. We have deployed the same recording system on all the recording stations in Paris-Charles de Gaulle, it's called CREWS, while before some air companies had their own system, so we could not optimize our capacities by having air companies that had their recording stations that did not have their own mechanism. Reduction of fixed cost now. This is a consequence of determination of a collective agreement. 1,150 employees left the company, and 700 departures were not going to be replaced. It led to a reorganization of the company, and about 1,150 employees left the company, among which 1,000 employees that changed their positions. It's about one-third of the company that had to be completely adapted because we wanted to have lower costs. It does not mean that these dynamics in terms of expenses that will be slightly down, it doesn't mean that it will not be back when the traffic is back. Regarding our participation in Schiphol Group, maybe Edward, you want to mention something about that? While Edward is better adapted because he was our representative in the supervisory board. Regarding Schiphol, it's still valued in our accounts at EUR 370 million. This is the reference base, and there is a mechanism that was mentioned beforehand of pegging the price depending on the gap between the selling price of its shares by Schiphol and the price of the shares in ADP. So that's an indication. Regarding investors. Well, it's typically shareholder questions, but from the side of the management, well, these are reciprocal countries, and regarding the different sectors, one of the reasons for the unwinding of the Schiphol partnership are the competition stakes that could emerge in between us. It would not be very timely to have, you know, frontal competitors that could be positioned on this operation. We have a question on the phone, I think a French question, someone from Kempen. Good morning. I had three questions. First of all, it's the WACC range. To which point the change in the WACC could have an impact on the Paris investments? Maybe you will invest more if the WACC still increases? And the second question is the same about the asset allocations and the expensive. What impact will this final decision of the regulators will have on your midterm assumptions in Paris? And the last one, could you confirm that the debt net EBITDA ratio does not integrate any assumptions in terms of M&A? Let's start with the last question. Indeed, our debt net over EBITDA ratio does not integrate any major M&A operations. That's the first thing. It does not integrate either the unwinding of the partnership with Schiphol. That's essential. Regarding the other questions, the WACC of the ART, well, it's a very wide range. So we cannot tell you if the optimistic assumption will be the one that will be applied by the regulator at the end of the day in the field of our prices certification. When you do not have any economic regulation contract, you have a maximum that is applied annually, and it is made of three items. First of all, the adequacy of our revenue with the regulated scope expenses. Secondly, the WACC level that has to be regulated, that we should not go over in a provisional manner during the year. And the third one is a bit more subjective, the fact that our development is rather moderate. What I want to say is that when we do not have any economic regulation contract, we test these ceilings, these limits, limitations year after year. We're going to be within this range step by step, and our investment policy will adapt also step by step. The real difference when you have economic regulation contract is you have a provisional WACC for five years, and you have an obligation to invest. Regardless of the variation, we'll have to invest, and that led us to denounce the economic regulation contract over the last few months so that we were not submitted to this obligation of investment. We have no interest today, since we do not have any visibility on this WACC level to sign contract that will commit us to a pluriannual investment policy. To answer your question, if there should be blows on the WACC, we would rectify our investment policy immediately. You see the weight of the responsibility for those who set up the WACC. You know, it could delay our ability to finance energy transition, for example. I say that very solemnly to decide for a WACC that will be de-correlated from the market, would be penalizing the energy transition, penalizing the performance of air companies, without mentioning the fact that it would penalize ADP too. Carry on, Philippe. The impact on the analytic accounting. It's hard to say. What I can tell you is that we trust our model because it ticks almost all the boxes in terms of principles set up by the transport authority. However, the debate organized by the authority with the air companies is about the relevance of these keys. It's not a debate about the principles. No, it's a debate on aspects that could be sensitive. For example, the percentage of one-way regulations in one airport. It could lead to some exchange of views and to a conviction that could be shared by all the airport community. That is to say, if the airport is strong, it can invest for the benefit of the air company pro-profitability. This is not the same world, you know, we are not running and racing for profitability for capacity. Today, we are looking at a balance between investment and tariffs, and this balance will be also expressed by the appreciation of the analytical company keys. Is there a question in the room here? Hello, Nicolas Mora from Morgan Stanley. Just to be clear, in your CapEx pathway, we see that we do not have any more capacity CapExes. We stop everything? No, that's not what we said. I'll put it in another wording. This modernization of airports. Orly is complete. I mean, we're even queuing at the toilets before boarding onto the plane. That's true, my own experience in 2019. Paris-Charles de Gaulle, there's still some space, but what about flexibility? You know, there's a multi-annual CapEx budget where we put aside the long-term growth prospects, and we close in on ourselves in a world with 0% growth or 1% growth in terms of traffic growth. A limited budget. What type of flexibility then? You know, I'll ask other questions later on. There are two things here. We are talking about the time period between 2022 and 2025, and then there's the long-term period. The 2022/2025 period, we do not need any additional capacity, but we'll gain some capacity. You have long-term model. I showed you a slide that show you the traffic mix getting out of shape. It's interesting because it also shows the growth of the expected traffic. It's getting out of shape. It will be different, but it's going to grow. We did not say that there won't be any more traffic. We said that there will be a new dynamic. The domestic time zone is going to grow, the capacity is going to grow. The Europe time zone is going to be brought and pushed by the low cost traffic with some growth. Then internationally, it's going to grow much faster than the two others. On this slide, we did not put the precise figures, but we gave you an idea about the potential of growth for the capacity. The industrial project that will be explained later on will go along with the growth of the traffic. It will change our industrial model and our development model, and we'll be prepared for that. We need some capacity CapExes that mainly are adaptation for our infrastructures. Sometimes it's smart, you know, sometimes it's not. The best sign of that is the digitalization of our structures. With the same amount of square meters, we can have more traffic. We can do that in Orly, typically. There's a large part of the fleet that are A320. In the future there will be A320neo. It will be the same numbers of runways, but we'll have to manage a passenger flow in the airport so that the smartization will enable more passengers going through the airport. That's the rationale. Now, something more related to regulation and the tariff in your own WACC, the 6.3%. Could you help us understand the different components and the key aspects for the regulators? We see that the regulator has changed. You haven't. You're slightly above, as anyone could expect. Could you tell us about the delta, and could we be considering, you know, cutting the pie into half? So we have a clear positioning. We haven't changed our methodology. You have all our indicators being published with the scoring going with it. Just simply that it's these indicators have been updated given the current risk premium, and so on and so forth. They were updated and they led to this result. There are two methodological differences, however. The first one is the timeframe with which you're going to study the historical background of this WACC. We're going to do that with the industrial logics. The ART does not do that similarly. You know, we are long-term managers or concessioners, so we have a longer term. The second aspect, which is far more complicated for us to manage, is that in the ART model, the cash flow remuneration is not taken into account. ART is fine with that. It says that regulation should not be appreciated compared with the need in terms of cash flow for the infrastructure. We thought that could be questioned before the crisis. After the crisis, we think it is ludicrous. If we did not have a good cash flow, what would have become of the airport? Could we have done the administration of the airport without any cash flow? If I may, as last question about the tariffs, about the prices. You saw that in your comments, the traffic is picking up again. We have a good control of forecast with the measures that were taken in 2021. It start generating some savings for 2023, for 2024. CapEx is under control. Mechanically, we have gains that are improving very quickly. It should be indicating a drop in terms of prices, in terms of price grades. In 2022, we'll have a price increase of about 90%. In 2023 and 2024, you're working on an assumption base to reduce the prices in a quite significant manner. Nicolas? I'm sure that your model is very good. I'm not going to question this, but you have to take into account a few elements: the global policy of the company and the regulation performance that I mentioned. Well, we do practice a moderate development policy for our traffic with 0.9% increase for our tariffs, while in other airports it increases by 22%. Heathrow increases by 35%, for example. We did not suffer less or more than Heathrow, maybe less. But globally it means that the regulation model is doing quite well. Other things that you should bear in mind is that you should take into account an inflation model. As such, when we look at the figures, we do confirm that our price policy will be constant. I will take a question over the phone. Christian from the U.S. Can you hear us, Christian? If you hear us, go ahead. Cristian. Hi. Thank you very much. First of all, thank you very much for the presentation, and if I may, three questions. The first one is, what happens to your 2024 EBITDA if the regulator decides that the regulated WACC is at the low end of the range? Secondly, your EUR 27.5 per passenger target, can you talk a bit about the bridge of getting there? What drives the growth? Is it the air-side shops? Is it food and beverage? Is it incremental space? Any color that you could give us. The last one, the EUR 27.5 sales per pax, can you give us a conversion ratio? Can you give us a revenue per passenger or how we should think about it in big lines? Thank you. [Non-English content] Regarding the first question, we do not want to disclose any sensitivity by giving you scenario that will be over-positive or over-negative. We tell you what we know about today, and we give you the items that we have in our possession. We prepare scenario, I mean, optimistic scenario, pessimistic scenario, but we cannot, we are not there to give you, the most pessimistic scenario while we consider that this modification of the airport model will be anticipated and understood, including by our regulator and the public authority. Well, that enabled us to win in 2015. We signed economic regulation contract with the state in 2015 with a WACC of 6.5%. At the time, the state had told us that they shared our feeling that it would be good for the country to invest a lot because it understood that it accepted in granting this WACC. With the pedagogy that we'll have, that is to say that the higher the WACC, the more means we have to increase the investment in the company and the energy performance. Regarding the WACC per passenger, Matthieu Rivière will tell you about all this. I'd like to say that EUR 27.5 per passenger will be in the next perimeter, in the next scope, with all the food and beverages, services, the advertising, the lounges, you know, the bagging of luggages, and so on and so forth. It's more than EUR 2 between the situation today and the situation in 2027. Mathieu Rivière will have the opportunity to explain how they intend to boost these type of revenues. I suggest that we'll take another two calls. José Manuel Arroyas from Santander, can you hear us? [Non-English content] We had two advance payments by the state for airports, one in 2020, one in 2021, for more than EUR 100 million each. So far, there is no new advance payment in 2022 planned. The cash flow of the group is very robust, and we believe that this advance payment, even though they are good news for the group, are not really necessary for the survival of our financial model. Thank you very much to our contributor from Santander. I would suggest to finish the Q&A session now and then to finish the first part of our meeting, and we'll have a break, a 20-minute break now, and we'll have the opportunity to answer two more questions. Thank you very much, and let's meet again in 20 minutes. Well, thank you, and welcome back to this presentation of the strategic roadmap for the Groupe ADP. We move on to the next three pillars: One Ambition, One Group, and Shared Dynamics. We have a lot of questions coming up, so we'll have another Q&A session to answer all your questions. I will ask Mr. Edward Arkwright to join us and Fernando Echegaray, the head of operations, and Justine Coutard, the director of the Orly Airport in Paris. In order to start this segment, let's look at a short video. 70 years ago, the result of a vision ensured that the airplane is the transportation system that reinvents the way we connect with the world, enable individuals to live their dreams, to open up to the world, new cultures and experiences, and to help us better understand each other. This vision has made us, Groupe ADP, aviation pioneers throughout the world. When everything stopped, when our travel dreams were grounded, we stuck together, continuing to innovate despite uncertainty and doubt. This is the pioneering vision that enables us to imagine the airport of tomorrow. Some see travel as a source of stress. We're reimagining hospitality in our airports to make the passenger experience more relaxed. All of our teams are working to provide services, shopping, food, and culture that meets the very highest hospitality standards. Some say that the future is uncertain. For us, the future is an opportunity to reinvent our airports yet again, to meet challenges as significant as those encountered by the pioneers of aviation in the last century. Others say that there's nothing new under the sun. We're transforming the passenger experience into a smart experience, smoother, more intelligent, more connected, more personalized. Some point to travel's impact on the environment. We're innovating to reconcile air travel with ecological responsibility in the construction and operation of our airports. Others think that the airport is just somewhere you take a plane. We're combining transportation modes for a smoother journey with a lower carbon footprint from departure to destination. We're forging new paths to bring distant places together. Some would say 2025 Pioneers is just an idea. We say it's so much more. It's a clear industrial ambition with concrete objectives. It's the vision of a multi-local group strengthened by the cultural diversity of our sites around the world. It's the momentum of the group that relies on the commitment of each employee. It's these men and women, Groupe ADP pioneers, who are building the future of your airport. Well, once again, good morning. As we said, the strategic roadmap will be based on three points, One Ambition, One Group, and Shared Dynamics. Now we'll focus on the industrial model with four big pillars, which are multimodality and multimodal connections, and the reason why we are good friends with the SNCF and the railway companies. How are we going to change the way we build our infrastructure to meet our CapEx targets, the excellence of our performance. For energy, I wanted to say that our trajectory is based on a fine balance between these new sustainable alternative fuels and hydrogen. We have the sustainable alternative fuels. It's already a reality, we are making some experiments, and we are doing some tests. We have the first station in the Paris-Le Bourget Airport that is fueling some flights. We have an almost regular line in France. This is why we have for the sustainable alternative fuels. For hydrogen, we have some questions. We still have some questions, and we know that we have on medium-haul flights, that's also important. Whether we on the long-haul flights or medium-haul flights, we need huge quantities of hydrogen based on the requirements of each manufacturers. Having this hydrogen in our plans, it forces us to rethink our plans and how we organize ourselves, and we need to have a mobilization of all the stakeholders on the airport and outside of the airport because we have many initiatives in. We trying to have some electronic devices, electrolyzer for some vehicles. They trying to develop these electrolyzers to use them. We don't wait for the aviation to get interested in this. Though we have study carried out with Airbus and Air Liquide, we'll be able to identify approximately 30 airports that may have this hydrogen-based infrastructure. The key of this is how do we store all this hydrogen. We know we have different hypothesis, maybe quite realistic hypothesis on the potential performance. It's pretty much the same as efficiency in terms of kerosene for the speed of the flights of the planes. We're just trying to assess the needs in terms of real estate, in terms of infrastructure in order to receive, to store this hydrogen and to transform it and use it. This is while being necessary for us to get ready for what's coming next. Sorry for spending too much time on this, but now let's move on to the fourth pillar, and it's hospitality and Extime. Let's talk about multimodality and this multimodal offer. We have this vision for 2050, and this is our promise. We try to give the priority to means of transportation as carbon neutral as possible, and we're trying to prepare planes and flights that will be as carbon neutral as possible. Of course, we have to be connected with trains. More than two-thirds of people coming to our airports in Paris are coming by car. What does it mean by all the consequences it may have on the city? We would like to reduce the share of people coming by car. We're talking about personal vehicle, individual vehicles, and of course, we need to develop car sharing. Although public transportation is also extremely important to try to solve this problem. This modification of our strategy, try to switch from focusing on the passenger, and we consider them as travelers because an airport is bound to become a multimodal hub, and thus we need to use this new concept to serve the people living in the territory. What are the consequences? Densification of the way we use our infrastructure because we can have too many stations. When we have a station next to our airports and next to our terminals, it should actually cope with the demand and the high number of passengers. We probably have to ban vehicles and cars around our terminals. Secondly, we may focus more on the platform that contributes the most to air traffic. We try to limit, to mitigate the congestion in the cities. Of course, we have to use this concept of multimodality. We know that approximately 800,000 people living nearby. We have line 17 of the Metro. We have the CDG Express, and this connectivity will not be only used. All these means of transportation will not be used for the passengers of our airports. This approach is not only for our platforms because we know that in Tunisia we are having negotiations with the Tunisian government. We have a railway between Tunis and Enfidha. When we had to restructure our debt of our Tunisian concessions, we didn't want to say that it was supported by the airport, but the airport was here to advise them and to try to find a way to have better efficiency in terms of our investment in Tunisia. Of course, we want to increase the share of train in our connections with trains and planes. We want to increase by 50% between Paris and Paris-Charles de Gaulle. We want to increase to multiply by two the connections between Paris and the Orly Airport. Then we have the development of the possibilities of means of transportation. We have eight more lines, metro lines, and of course, they will be added in the multimodal hub for the Olympic Games of 2024. All these lines are already been agreed upon. Of course, we hope they will be built and ready to use by 2024. We have a connection east to west between Seine-et-Marne. Of course, we have a line 17 for the Paris-Le Bourget Airport. It will improve drastically the way to reach the Paris-Le Bourget Airport. Now if we focus a bit more on the Paris-Charles de Gaulle Airport, it will help us to really understand the capacities of Charles-de-Gaulle once we've abandoned Terminal 4. Now we will then have an airport without this terminal. It will have to cope with the number of passengers, the increasing number of passengers, in spite of losing terminal 4. We have a brand-new approach. It's based on networks, on flows of passengers and users, and also the employees, and based on networks and the energy networks. The previous project has the objective of optimizing the flows and air traffic. But we had in mind the air traffic and not really a way to optimize how things were done in the airport. It will be designed around the CDG 2. We have 50 million passengers now. We will have 50 million passengers in 2050. We have all the projects that already been decided. We don't need to have new lines because we already have all the necessary lines, all the necessary projects have already been voted and agreed upon. We have the CDG 2 projects, and we need to design the connections and the connectivity. We shouldn't say that we just will care about the users and passengers once they arrive in the airport. We need to adapt the territories. The future of Paris-Charles de Gaulle will be designed jointly with the local authorities. It means at ab initio, we have to start working on all the different factors like access to the airport and take into consideration all the various projects. We have a project called Agoralim in the north of Paris, and will be built next to the airport, and they'll have, through this connectivity I just mentioned, they will have the sources of energy and at low cost, and helps us to develop even further the platform. You can see on this slide that we're going to use all the levers we have just mentioned as just an illustration for Paris-Charles de Gaulle. You can see how increasing the modal share of long-distance trains. We have a lot of people coming by the TGV train, high-speed train. We need to improve the accessibility for the employees and for everyone who lives around the airport because we have the local means of transportation with line 17 of the Metro by 2026, 2027. We also add new decarbonized means of transportation like for example, buses, car sharing. We need to improve hospitality and use all the necessary levers to create value. We need to be able to reduce the internal movements on the platform. We don't want to have the real estate they don't take all the advantages of this new connectivity I just mentioned. We have a brand-new vision for the airport compared to what we used to have before. That's of course Orly because we have Justine here with us. In 2024, we have the multimodal station and multimodal airport, and line 14 will change drastically the whole configuration of the airport. We'll be able to optimize the way we use our real estate. In 2027 and 2028, we have line 18 that will reach the airport too. In mid-2024, we have the brand-new station next to the station of the Metro of line 14 and line 18. By 2024, we probably have bicycle lanes. That was a brief presentation, and now we can see a very short video to illustrate what I just said. For the Groupe ADP, intermodality is at three levels. The first is long-distance travel, accessing the airport more by train than by car. The second by car. The second pillar is short-distance travel, favoring public transport or modes such as cycling. The third issue of intermodality is innovation. Today, if the Groupe ADP has chosen to invest in a project such as VTOL, it is because it believes in new modes of transport. For Paris-Charles de Gaulle Airport, it is clearly to be the leading hub in Europe, if not globally, in terms of rail and air connectivity. The first is the Paris-Charles de Gaulle Express. The Paris-Charles de Gaulle Express is already tomorrow, early 2027, and it will offer a direct connection to Paris. The second project is today Line 17. It can change the way to access Paris for the Val-d'Oise territory. A third very big project is the Hauts-de-France project. We must not forget that we are fully integrated into an interregional logic. At Paris-Orly, we are lucky to have the main intermodal exchange hub in the Île-de-France region. We have the chance to welcome an automatic metro line 14, capacity, direct with Paris. In the long term, line 18, which will allow us an east-west connection with the territories. Then finally, in the longer term, the TGV station at Grand Rungis. [Non-English content] The second aspect of this is how we're going to build and design our airports. Can we have more sustainable airports? How can we build less? Because the main factor for our CO2 emissions is the volume and the size of our infrastructure. The more we can invest and we can optimize what we're doing, the more we'll be in a good position to optimize our CapEx and to stay on course to reach our targets. We try to extend what we already have. We try to extend the tracks. We have this idea of building less. The second idea is to build better, to have a more adaptive tracks and buildings. We try to have standardized elements and equipment. We'll be able to work and bring new kinds of materials for isolation, for example. We have a lot of innovative companies near our airports and we'll be able to count on the proximity of this knowledge, of this skills, of know-how. We have new use wood and the carbonized concrete, for example, is our need to rethink the cycle of life of our infrastructure. We've been able to recycle more than 200,000 tons of materials. We've been able to recycle a lot of materials. It will help us to be extremely light in terms of carbon footprint, in terms of noise and in the territories. All these innovations, they're in line with the regulations, of course, and the regulations about change, what we call RE2020, the Environmental Regulations 2020, as it is called in France. We'll be working with the government and all the stakeholders of the industry to reach the highest level of quality and compliance. They're completely in line with our targets. Of course, we'll be able to reduce the expenses. We will have to rethink, once again, this cycle of life of all our infrastructure. We may have this CapEx-OpEx syndrome, a well-known syndrome. Starting in 2023 for all the airports in the group, we expect to have a carbon budget. What does it mean by the carbon budget? It means that we won't be able to cheat and try to say, for example, stop buying windows, for example, to replace windows to reduce the cost and then to spend more on heating the rooms. It's really important to have this carbon budget for big groups like ours. During the last three years, we have been able to develop an internal price for carbon. It started to make us think and to develop the necessary technology to be able to control the CO2 emissions. Multimodality, new ways and new methods to build the infrastructure. Now we'll give the floor to the main architect of the group. [Non-English content] The third pillar of this industrial model, of this industrial ambition, is operational excellence. I'll give the floor to Fernando. To have an operational model of excellence. This model wants to provide service of excellence to the airlines, also to the passengers. Of course, this should be naturally based on the digitalization and the use of the new technologies, and it will improve the operational performance. I can put you an example. If we are able to do a turnaround easier, smooth, we are providing to the airline the capacity to have the aircraft more time in the air. So it's a model which increases productivity of the airlines. We want to improve the welcoming of the passenger, the travelers. We want to make the process smoother. We want to give the full time to enjoy the facilities. Of course, we want to improve the productivity of the airport resources. If we are able to give more turnarounds of the connector to the aircraft, we are improving the productivity of the airport naturally. To measure all this, we have set two KPIs. One is provide punctuality. The on-time performance has to be 80% or more, which means at the end of the day that 80% of the aircraft will depart on time and it will improve the performance of the airport. For the second indicator, I would like to give the floor to Justine to explain it. [Non-English content] The second objective in order to improve our operational results is to improve the customer's experience. From the very beginning, we try to have improved by 50% the biometric facilitation. We'll see in the following video that we have a small experiment to facilitate the use of biometrics. [Non-English content] As our Chairman, Augustin de Romanet and Edward Arkwright have explained along this presentation, we are committed to carbon neutral. We want to be carbon neutral in aviation in 2050 for all the flights leaving from European countries. What are we going to do? We are going to join efforts with the sector, with the aviation sector, and also with the airport community. To do that, we are going to reduce the impact of our operations. These operations, of course, in the process of approaching the airport, taking off from the airport, and of course, when the aircraft is on the ground. We are going to use clean energies, as we have been explaining during the presentation, and we want to optimize the operations, consuming less fuel, of course, less emissions and less noise. We have chosen three KPIs to control and to achieve all these targets. One is reduction in the emissions. All the aircraft that are going to move in Paris-Charles de Gaulle and Orly will reduce 10% the emission during the taxi time, during the process that the aircraft does once arrived to the airport in the runway going to the terminal and vice versa, from the terminal to the threshold of the runway. The second one is a strong support to CDO. CDO is a continuous descent approach, which means that the aircraft stays in the air just at the moment to arrive to the airport. In that moment, do a continuous descent, and it has good advantages for all the community. One is that you reduce fuel consumption, which is good, of course, for the airline. The second one is you reduce the emissions of CO2, which is good for everybody, for the community. The third one is you reduce the footprint along the area where the aircraft is approaching. The third one is that making clean the energies, we are going to contribute to this target we said at the beginning. This third KPI is to reduce the energy in the way that we are gonna increase the percentage, 10% of the energy is clean, that we call clean, and 40% in the area which we call the terminal area and the apron area. As you know, in all these airports that are controlled by ADP, as an example, in Paris-Charles de Gaulle or Le Bourget or Ankara, İzmir or Amman, we have a certification in te ACA accreditation program, which arises to three or plus. Thank you very much. Now we are gonna see a video in which you will see all these measures that are contained in our operational program to reduce the emissions. Beyond the decarbonization of our activity, the control of our environmental impact goes through a more harmonious integration in the territorial system. This is why we insist on the preservation of biodiversity in our airports. In order for our activity to be developed harmoniously with these territories, we must have a very firm action to limit our impact on the environment in the broadest meaning of the term, climate, ground, air, in order to better value this pool of biodiversity in our airports. It's a multiple stake. We must strengthen the resilience of our activity in order to guarantee the sustainability over the long term. We want to guarantee the survival of our model in the long term. We also want to conserve and develop our natural capital, which is essential for the neighboring territories. By contributing to the improvement of the living standards for the territory, it's a way to develop the hospitality of the territories around the airports. For us, it is a major impact in terms of anticipations because regulations are going to be increasingly stringent on this aspect. That shows in our very ambitious objective. From the quantitative point, we want to keep a major part of our airport footprint. 20% in Paris-Charles de Gaulle and 30% in Orly will be completely devoted to biodiversity. The qualitative objective, the qualitative side of this objective is that for all airports in the group, we commit to increase our biodiversity, and therefore to guarantee the presence of fauna and flora in our territories. Can I ask you to stay here for the questions? The marketing director is going to join us on stage in order to help us imagine the sustainable airport of the future. Mathieu Daubert is going to join us. I'm going to give him the floor actually as soon as he's here. The welcoming of our passengers is at the core of our raison d'être, and therefore, the service quality and the client satisfaction is really at the heart of our concerns. In order to monitor our performance, we follow mainly two indicators. First of all, the top 100 at the world level of the best airports in terms of service quality delivered by Skytrax. Secondly, the satisfaction of our passengers via ASQ survey. It is actually shared by most airports in the world, and it gives us a score out of five based on various surveys. We've decided for 2025 to set up two major ambitions. First of all, to have eight airports of our group in the 100 of the Skytrax of the world's best airport, versus five paris-paris-Paris-Charles de Gaulle to be positioned in the top 10 while it's 25th in 2021. The second ambition is to position all our airports of significant size to a score of at least four out of five in terms of client satisfactions. In order to do so, we have built a strategy around two main pillars, and that's actually the two major moments of our passengers in our airports. First of all, the public area, the arrival area, the correspondence areas, where our passengers are very stressed. They go process after process, control after control, and the challenge is to give them back the control of their time. We are going to optimize our operation. Justine and Fernando told you about that. We also have the Smart Airport approach. We'll tell you about that later on. The second very essential moment is very different. It's the area just for the departures. Our passengers have gone through all the controls. They start to be less stressed. They have time, about two hours on average, and they are looking for experience and emotions. It's really there that the retail and hospitality territory starts. Today, I'm very happy to tell you about our very new project, and I suggest that we watch this short video of about one minute about it. Extime. Extime is our new brand for retail and hospitality, embracing the whole of the experience that we want to offer to our passengers in the special area before boarding, from the commercial area to the boarding room, going through bars and restaurants or commercial shopping malls. With Extime, we have three promises. First of all, vis-à-vis our passengers, it's a promise in terms of experience and satisfaction. Extime is also a promise of economic performance for all the airports that will choose to be the hosts of Extime. Economic performance in terms of revenue per passenger and economical performance in terms of profitability ratio also. Next, Extime encapsulates all the know-hows and expertise that we have built progressively in Paris airports and more globally within the group. It develops them, it globalizes them so that we can optimize our performance, first of all, in the Paris airports, then on the basis of the success, to make it a real tool to create new market shares in the airport of the group, but also potentially in airports that are not part of the group. Extime strategy relies on three main pillars. First of all, this stimulation of demand. Stimulation of the contributing traffic, thanks to an aviation marketing approach that is very aggressive and deliberately turned towards the development of connectivity for countries that are the most contributing and which have the most growth perspectives. Stimulation of demand upstream the arrival of passengers in the airport, thanks to a digital ecosystem that will be beefed up with a loyalty program, Extime Rewards, and on the other side, an e-commerce platform, www.extime.com. The second main pillar for Extime is the business model with controlled operations in order to make sure via a whole series of operators that, in which we are shareholders via joint ventures, that operations match our strategy and are as imagined. The third major pillar, which is really the nuclear core of the Extime project, is the experience that we want to offer to our passengers. That is to say, the collection of the terminal shops. They were created inspired by a collection of hotel boutiques where all the spa-hospitality codes are present. That shows with different excellence pillars. First of all, the design of the place. We have different promises in order to make sure that we deliver. For example, reserved areas with a human size, with a pathway between the end of the controls and the boarding gate to have an area for intimate moments. Second pillar, these are places that will be designed as an environment with a very singular design. Third point, the integration between the commercial area and the boarding room, guaranteeing and making sure that there is porosity between the different usages, and a local footprint in order to give the best of the culture in the areas we are present. That's what we do in, so we did in a lot of our boarding rooms, the one you saw in the short video in the 2G Terminal, for example. The second excellence pillar feeding this hospitality strategy is the excellence of service. The excellence of service will go through the embodiment of the place with a leader that will unify all the players in the airport in order to have a common spirit or common mindset and a specific way of welcoming people there. We have a whole range of services also that will be adapted to all our passenger usages. They will be customized, there will be event also organized, and also welcoming events that will facilitate the pathway of the passenger. The third excellence pillar that will be fed with this, it's the excellence of our offer that goes through a brand portfolio for which we are really excellent in our current terminals. They are places where we have the entirety of the major luxury brands in France. It is also to do with the work we do on our own brands that are going to be implemented around Extime Duty Free, for example. We need to have a consistency in terms of experience in order to have work synergies with an excellence in terms of catering offer with excellent local chefs and an excellence in terms of cultural programming. This value proposal around Extime will have three ranges. A range that will be the core value, the premium range, where we have the entirety of the value proposal that we'll have for the most exclusive clients. The third range that we call lifestyle for the leisure customer base with a brand portfolio that will be adapted to their usage with a strong focus on catering. The first challenge for Extime is to optimize our performance in Paris platforms. This next year already, because we've decided to develop that on the first semester, 2023. In Paris, a lot of things have been done already, which enable us to have a magnificent growth of our revenue per passenger between 2006 and 2021 to reach 21 EUR last year. It's also a way for us to have the 2E terminal that has the highest revenue per passenger in the world. After two years of COVID crisis, we know today that we need a new momentum in terms of growth, and that we're going to capture this new growth cycle thanks to Extime. It's a new momentum in terms of growth for two reasons. First of all, the revenue with the development of the revenue per passenger with generalization of our project in the different terminals, the fine-tuning of our offer, the integration of new products, the arrival of a digital ecosystem that will be better, for example, with Extime Rewards and the e-commerce platform, and the setting up of synergies and of shared initiatives in between all operators within the framework of our global project. Extime is also a new momentum in terms of growth for our profitability, even though it might not be as visible. Within Extime, we have worked on the entirety of our business models. We have worked on them at length, and today the result we have enables us to recover some growth at two levels. First of all, with our two classical sources, historical sources to capture value, the fees ratio via the lease function and the dividends via the shareholders. We're going to come back to our historical levels and we are going to recover our fee levels as they were before the pandemic. Second element, the arrival of a third source of value capture. It's the franchise function with the setting up of these franchises. I was talking about growth momentum in terms of revenue per passenger. You can see that on the pathway of the revenue per passenger as we would like it to be by 2025. There are two main aspects here on these slides. First of all, this is really the embodiment of the Extime project. We're going to go to a revenue per passenger in the reserved area in, with the shops towards, a revenue, for these, passengers for all the commercial areas, including the boutiques, but also including the bars and restaurants, the advertising organization, and a whole range of services. Secondly, we'll continue growing, as you can see on the slide, with a starting point at the end of 2021 with EUR 25.3 and an objective by 2025 at EUR 27.5, which will be a way for us to continue the growth that we initiated in 2006, which is very atypical in the world of European airports. You can see on the red curve the average revenue per passenger for the airports remains completely flat from 2006 to 2021. First objective, the optimization of our performance in the Paris airports, and that's something that will enable us to reach the second objective for Extime, that is to say, to be a conquest instrument to conquer new market shares abroad in the group airports in the second period between 2023 and 2026. Depending on the opportunities, it will be in airports outside of the group with three privileged territories, the U.S., Asia, and the Middle East, on a model that we imagine as being a franchise. In terms of ambition for 2025, we could have a start of this international business with the opening of two projects with Extime beyond the airport in Paris. We should remember three things. Extime is a global brand, a global brand in its business scope because it includes all the activities in the reserved areas, and it's a global brand in terms of geographical scope because it aims at being part of an international territory. Second important point, Extime is there to serve our passengers. That is to say, to develop the client satisfactions. But also, it is there to serve performance with two major growth levers. First of all, the revenue per passenger, and secondly, the profitability via the major work that we have accomplished to optimize our business model. Thank you very much. I'm sure there will be questions. We'll have a new Q&A session. We have a question here in the room. Good morning. To come back to the spend per pax objective, can you tell us how you're going to go from the current performances to 2025? For us, it's rather clear we have the international terminal that's going to open. Maybe you can confirm the date at the end of 2022, beginning of 2023. We are ramping up regarding the benchmark in the Terminal 2E. Now, what is going to securitize this growth line in terms—I mean, are we going to ramp up the range aiming at the luxury segment? Could you tell us more about the drivers of all this for the four upcoming years? There are different answers to your question. First of all, the terminal one. The opening of terminal one is planned for December 2022, with the idea that it will be the first terminal in which you will have the entirety of the Extime experience. Regarding the growth levers, the growth drivers, and it will be a way to answer the questions that were asked before, several things. Regarding the split between the CA pax boutiques in the reserved area and to a global CA pax, I'm not going to give the split activity per activity, but I can tell you that today the boutiques represent 85% of the revenue per passenger. When you look at the share it represent in the global activity, there won't be growth if there is no growth on the boutique activity. In the future growth, we plan to have a growth of our revenue per passenger in the boutiques. Among these different levers, there will be several. First of all, the lever to set up the terminal boutiques in terminal one is a very good example because we want to turn towards the performance we have in the 2E terminals. Secondly, the digital ecosystem in terms of anticipation for purchasing. Today, we have a loyalty program, My Paris Aéroport, that are going to be switched to a new program, Extime Rewards, that will be fine-tuned with other proposal. I cannot tell you everything that will be included, but in the workshop that we'll have, we'll have the opportunity to give you more details about that. On top of this, there will be an e-commerce platform that exists for some of our activities today in the parking lots, for example. It's far from being deployed for all our presence. The third level, lever is the synergies between the players and the operators via the Extime project. I'll give you an example. Today, for example, we have the personal shopper service. Today, the personal shopper is carried out by SDA, and it's only operating on the SDA scope. When we'll have Extime in the future, we'd like to have a personal shopper to serve all the players in the area. That could be a performance lever for this customer base that has a lot of purchasing power. The last example, in terms of economic performance or business performance and in terms of revenue performance per passenger, I mean, via our global ecosystem, the setting up of a growth that will be driven by the arrival of new products, two types of new products: service-oriented products that do not exist today. I'll give you an example. The commercial lounges. We are going to open different commercial lounges with a first level of cooperation and synergies at the group. Lounges that will be called Extime Lounges. They will provide an offer that today does not exist yet. It will be also the fine-tuning of our product offer. For example, with our new brand of duty free, Extime Duty Free. I hope I have answered your question there. I have another question in the room here. This lady over there. Thank you, Virginie Rousseau. A question about the same theme. Historically, the spend per passenger were very different depending on the nationality of passengers. In the growth you are anticipating by 2025, will we have the same growth drivers? That is to say, are we going to have a major increase of the Asian passengers' consumption, or would it be quite even for all passengers? From this question, another one. You have had very few Asian passengers over the last two years, especially coming from China. But these people have kept on spending on luxury products, so they probably have other consumption habits. Why do you think that they will come back spending money in your airports and buy Vuitton bags in Paris rather than in China? Well, I'll start with the second part of your question. Well, first of all, even though that the Chinese traffic has gone down significantly since the COVID crisis, we haven't lost the connectivity with China. We are one of the only ones in Europe to have maintained this connectivity, which is a daily effort. We had to set up a laboratory in the reserve area to maintain this connectivity, which was a prerequisite because the visitors must be able to have tests before entering China. While keeping this technology the connectivity sorry we know that the Chinese passengers will come back to where the places where the connectivity has been preserved. The second important point in terms of consumption is that we have progressed a lot in terms of turnover, for example, with China, so during the year 2021. There are different reasons, and some reasons are related to the health crisis, because we know that people are buying a lot of things for their families before coming back to China, and this was not the case previously. What we see clearly, and there's a strong will to consume, to buy products, and that's quite reassuring. To be honest, another thing that's quite important for me, too, is that we are talking with our brands all the time, and it must be something very important because you know that these brands we have to to have this network of shops and outlets. What these brands tell us, these brands who are in direct contact with China, is that there's strong appetite to travel, to buy products in France and in Paris. This is one of the main reasons why they keep on following us, supporting us in our projects. If we have a look at Terminal 1 and the main brands that are supporting us, that are accompanying us, of French brands because they have a trust in the future and the future of Terminal 1. To go back to your first part of your question about the turnover per passenger and per destination. We know that we still have quite significant gaps between the turnover in several destinations. We saw this in one of the main assets that one of the benefits of the health crisis is that we have to not rely too much on Chinese travelers, and we try to take care of different passengers of different origins, for example, the American passengers. We've been able to make some progress on this, and we'll be able to improve the turnover on these countries of origin. This is a positive point of the health crisis. To sum things up, we'll still see some gaps and differences, and we try to mitigate these differences because I think we'll be able to improve the turnover of some clusters like, for example, the United States. This is it, though. The last point will be on the medium term, and as developed by Philippe, we know that on mid-term, we know that the international flights, the number of international flights will increase more and faster than the EU flights or the internal flights. We have a final question from Cristian Nedelcu from UBS. You have a question in English, so feel free to ask your question now. Cristian, are you there? Cristian. Hi. Thank you very much. Yeah, yeah. Can you hear me? Hello? Go ahead, please. Can you hear me? Hello? Please go ahead. Absolutely. Sorry about that. My first question, the sales per passenger, EUR 27.5, that is 20% higher than 2019 level. Should the retail EBITDA in 2024, 2025 also be 20% higher than the 2019 level? The second one on SDA and Relay, you used to have an EBITDA margin target of 7%. Is that still feasible on the midterm? Lastly, you're currently retendering the SDA and Relay contract. Do you believe there is room to improve the current concession rate there? It's currently around 33%-34%. Thank you. Thanks for your question. Actually, I won't be able to answer all of them for simple reason is the fact that, as you said, most of our contract are ended December 2022, and we have decided to enter in a tender process that is currently running for duty-free and that hasn't been launched yet for all the convenience part. Of course, the results of the tender will be totally key to answer the question related to EBITDA and the room for improvement looking at the creation of value. What I can already tell you are two things. First, looking at the food and beverage because the tender is ended, so we have already selected our new partner, SSP, inside our JV. What I can tell you is that, first, we have secured our concession rate, and on top of that, we have increased our capture of value as a shareholder. Second thing that I tell you is that, as I said, to prepare our tender, we have made huge work looking at our business models and so on. We are quite confident today that thanks to the optimization we have put in place, which is somewhat compulsory in the tender, it will be possible for you, for us, sorry, to improve our value, not really on the concession rate, but looking at the other capture of values that we can get. Thank you very much. We'll conclude the Q&A session, and now we'll move on to the next strategic axis. Thanks to our speakers. We'll ask Sani Şener, CEO of TAV, Raju to join us and Mr. Lévêque to join us on stage. Thank you very much. We know that for Extime we have to count on the optimization of the group, and we have the second pillar, which is multi-local and actually international too, because we are fully included in the territory. We've been here for a long time, and we'll be here for a long time. We have concessions for 20 or 25 years, or three times 20 years. It's like in India, for example, we know that we live in this territory, and this reason why we have this anchorage on the territorial level. We know that we have an asset of competitiveness and to show the attractiveness of the country, the first point of entry, the last point of exit is really show the importance of a territory. Really it's important to have this in mind and to keep this in mind. We also know that the employees that live in this territory, and we cannot be, we have to be interested in this territory. The second point is also important to develop this multi-local group that's based on the qualities and the skills of everyone. If I can come back to this concept of territorial integrations, we now, as we speak, the airport, until at least the health crisis, we could say that airport could have a connection in a specific territory, just by saying that you need to create new jobs and may create some noise or congestion and rising costs of real estate. We know that we move beyond this because we now have this new industrial concept, this new industrial approach. We have this the core concepts of connectivity, and we try to, of course, to produce energy, and we went beyond this, and we have to be most respectful to the environment. This approach, this new approach with the territories seems to be the key for our development by 2050, and we'll see it clearly demonstrated by two points. We need to increase the connectivity, and of course, we need to have new international long-haul routes. Our objective by 2050, by 2025 to have 100 additional international routes. We'll probably have a total number of 1,157 international routes, and thanks to the support of TAV Airports. The second objective is to make sure that this becomes translated into commercial activities. Of course, we have to comply with all the regulations. We make sure that 80% of our purchases should be done locally in the region of Paris because we were at 77% in 2019, but we make sure that 20% of these purchases should be done with SMEs. Well, in 2019, we were only at 11%. It's quite a demanding challenge because we know that some food industry companies are reaching 68% of their purchases done locally. We have one foot in the territory, but we also have this multi-local approach that we mentioned at the very beginning of this approach, of this presentation, and it should be a long-term campaign. Just to remind you that the average concession period was 8.8 years. Now, thanks to the acquisitions of GMR and the renewal of the contract with Antalya, we'll be able to reach a concession period of 32 years. We have a portfolio maturity of approximately 30 years. In order to do so, of course, we're counting on our partners. We have some development projects in Paris, as mentioned at the beginning of my presentation, in North America on small segments. We have tried to have an opportunistic and selective approach, as mentioned by Philippe Pascal. Of course, we'll have to count on our Indian partners and Turkish partners to describe the method in Antalya, Almaty, and describe the pipeline. Today, sorry, I would like to talk about a renewal of Antalya concession. Antalya is one of the second largest airport in Turkey with the highest proportion of international passengers, 85% of O&D. As you all know, in our business, international passengers financially are very valuable because in domestic passengers, the passenger fees are very low, and there is no duty free, and they don't spend much. International passenger-wise, in 2019, total traffic was 35.7 million passengers, of which 29 million of international passengers. When you compare it to existing Istanbul Airport, our airport's international passenger departure, which we charge fee, is more than Istanbul. In Istanbul, there are connecting passengers, and there are domestic. In total, passenger volume, they are much more ahead of Antalya. When you go into details, Antalya is much better than compared to them. Between 1999 and 2009, international traffic CAGR was 13%. There is a huge growth in Antalya, mainly Russians, Germans, Ukrainians, British, French. A lot of international passengers are coming to Antalya. It's one of the best destinations in Mediterranean, leisure destinations. It's renewed for 25 years. Actually, we are partners with Fraport there, the German airport operator. In Fraport's case, we were 50-50 with them. Still we are now with 51, they are 49 in this new one. We will operate the terminal airport till 2026, and by the end of 2026, the new company, which is the same company, but the new company will take over. This was very important for TAV, as Edward mentioned. With Almaty acquisition and Antalya renewal, our eight years of concession period, EBITDA-weighted concession period increased to 30 years. This is an important issue for us. The total concession price is EUR 7.25 billion plus VAT. Total CapEx is over EUR 700 million. In 2019, we had an EBIT of EUR 220 million. We are very happy with the renewal of Antalya concession. We look at the TAV Airports business opportunities, in the first session I talked about Kazakhstan, Georgia, Tbilisi, Batumi, Latvia, non-aeronautical revenues there, Croatia, and North Macedonia, and all others. Here I would like to give you our growth strategy. First of all, I would like to tell you that in airport business we have, I mean, like in other businesses, we have organic growth. I mean, with the increase of passenger numbers, you grow your existing business. In organic growth, you add more new airports to your portfolio. We have a strategy together with our largest partner, Aéroports de Paris. We say that in organic growth we will never exceed our financial and operational capabilities. According to this, with our firepower, we are shortlisted in Montenegro Airport, in Podgorica and Tivat airports. Tivat is especially a very, very nice airport, touristic leisure destination. The other one is Podgorica, the capital city. There are three companies listed. One is Incheon, Korean, the other one Corporación América from Latin America, and the only European one is TAV and ADP. We are entering with ADP. This is a good opportunity. There is no big investment there, but very nice two airports. Nigeria. In Nigeria, Lagos, Abuja, Port Harcourt, and Kano airports are being concessioned. It has been nearly for four years we are following that project. In that part of the world, the things goes a little bit slowly, but it is in our radar screen. I would like to talk a little bit about TAV Airports guidance. Yesterday we announced it after the board meeting. Recovery of traffic at TAV Airports in 2022: we are expecting 71-76 million passengers, whereas it was 52 this year, 2021, and 89 million in 2019. In 2023, return to the 2019 traffic level in 2023. We are expecting to be around 90 million in 2023. In 2025, we are expecting over 100 million passengers. When we look at the slide of TAV Airports EBITDA margin, this is very important for us. In 2022, this year, we are expecting an EBITDA margin between 32%-35%. In 2023 and 2024, we expect to return to the margin of 2019, which is actually 37%. In 2025, we are expecting an EBITDA margin of 42% or between 42% and 45%. When you look at our TAV Airports net financial debt to EBITDA ratio, now because of our investments, it's a high. In 2022, we are expecting between 6.0x-7.0x. In 2025, we are reducing it between 2.5x- 3.0x. This is what I can say about TAV. I'm ready to answer your questions during the Q&A. Thank you, Sani Bey. Just coming to the GMR Airports. So what we are focusing in the next three years is that, you know, we would like to complete the existing airports expansion. Delhi Airport is, we are preparing the airport for 100 million passengers. We'll be completing the capacity by December 2023, next year. We are actually part of the expansion is we are completing the entire airside. We're building a fourth runway and also eastern taxiway and a larger terminal that we are expanding for the entire low-cost carriers that will be completed by next year end. The second one, which we are actually building it, is in Hyderabad Airport, which is in southern part of India, which we are building it from 12 million to 34 million passengers. We'll be completing it by this year end, by 2022. We have a couple of greenfield airports portfolio. That Goa Airport in north of Goa, it's a new Goa, which we are completing it by August 2022, this year. The Bhogapuram Airport, again, it is in southern part of India. It's getting started. We are expecting around third quarter of this year to start construction and completion by 2025. We have construction of Heraklion Airport, which we already started. Heraklion Airport is commissioning by 2025, so this already financially closed. The expansion of Delhi, Hyderabad, Goa is completely financed, the closure, and equity and debt has been organized. For Heraklion also, the entire financing has been closed. Recently we won Medan Airport, which is a brownfield airport in North Sumatra, which is the fourth largest urban city in the country of Indonesia, and it's an emerging market, and it is a 25-year concession. In 2019 pre-COVID, they were handling 8.1 million passengers. It's very dominantly international traffic to Singapore and Malaysia and in that region. The next airport, which we have won recently, is Nagpur Airport. We won quite a couple of years back, but there was a legal issue which we won in the High Court, and it has been pending with Supreme Court. We are hopeful that the next two, three months it will be sorted out. See, the growth drivers for GMR Airports is, there's a strong potential in India. The aviation market is increasing. We see that, you know, compared to China, we are only 0.007 trip per capita compared to China, which is 0.3. We are a developing economy. We have, you know, urban connectivity is very much needed when we are actually growing from a $3 trillion to a $5 trillion dollar economy. A very important thing of dynamism in the aviation industry is that, you know, the national carrier, Air India, has been privatized, which is a very, very important growth factor for all our Indian airports. Air India got privatized and acquired by Tata Group, which is a very large conglomerate in India. The new airlines which also have been set up, that's Akasa, Jet Airways, and we feel that a lot of, you know, international traffic will grow, especially for long-haul flight from IndiGo, from Indian Airlines, and Air India because of the privatization and new investment and the way they ordered long-haul flights, which they have booked with Airbus and Boeing. Another important factor is the third pillar is the real estate. The real estate that we have is around 250 acres of land in Delhi Airport, which is around 51 hectares has been developed, and 93 hectares is what we have in Delhi. 51 hectares has been developed, and we have a huge balance of development that we are looking at. If anybody been to Delhi, we have 4,000 keys hotel rooms in the Delhi Airport, which is called Delhi Aerocity, which is we also have 2 million sq ft of office space. We have given a concession to a real estate developer who's building a 5 million sq ft of office space in the next three years. That's going to be a huge development and which will actually give us a huge growth and creates the city within the airport. We have 120 airports. We are expecting another 25 airports to get privatized by this year. The immediate is around 15-25 airports will get privatized this year. It's on the cards because the government of India and Airports Authority of India has seen the success of privatization in India. GMR Airports is well-positioned with the support of ADP investment, well-positioned to actually participate in those airports, which is all are brownfield airports, which are having an existing traffic and has high potential to grow in EBITDA and also in other services in the real estate. Merci beaucoup, Raju. Thank you. Thank you very much, Raju. You have synergies that way, informal synergies, because the CEO of Air India is a former CEO of Air India. We also have industry synergies we can see in the Smart Airports and the smart IT as presented by Gérald Weber. Good morning, good afternoon, everyone. As mentioned previously, the smartization of our airports is one of the key factors of success to meet our strategic targets. Before I introduce you to the concept of smart airports, we have the collaboration of 1,000 engineers specialized in IT, so they can rely on the know-how and the knowledge of the employees of 28 airports in our network. ADP has been able to design and roll out innovative IT solutions. This is probably a one of a kind innovation. It will help us to speed things up when it comes to the rollout of our projects. Thanks to TAV Technologies, we'll be able to propose these technologies to our partners and our passengers. We'll be able to work jointly, and we're able to consolidate our acquisition policies. We'll be able to optimize our solutions, and we're able to find new technologies, so each of our airport can get a better access to groundbreaking technologies. We have a common goal that was consolidated in a program called Smart Airports in order to have and make sure that our airports will be on the leadership of the digital transformation and digitalization. This was quite an ambitious program. The main objective was to support and to accompany all our passengers, the whole way by guaranteeing them the seamless trajectory and can actually meet their demands, and we can ensure that we have seamless movements on our platforms. We talked about robotics, artificial intelligence, augmented intelligence, and connected objects. In order to be successful and to guarantee the success of this program, we have a framework of reference to assess the level of maturity of our airports, and we can adapt to the economic reality. This framework of reference can help us to assess the level and put each of our airports in digital maturity. The first level is called digital beginner, is good implementation of passenger journey. The second level is called digital friendly, so we have to digitalize the main key milestones to have the management of airport resources. The third level, called full digital, is a good way for you to have a completely controlled and completely monitored journey on our platforms. We have the final and the ultimate level, what's called a digital pioneer, so we can have a tailor-made and dematerialized end-to-end digital journey from the very moment you leave your house to the moment you reach your destination. This is why we have defined a KPI as by 2025, we make sure that 100% of the airports in the group with more than 4 million passengers should have reached the digital friendly level, and three airports represent approximately 40% of the number of passengers should have reached the level full digital, the third level. Well, thank you very much for the presentation of this pillar. Now we're going to move on to the third strategic pillar. I'm going to ask Laurent Gasse, Human Resources Director and the Director of the Audit and of the Risk Control, to join me on stage. Well, thank you very much. We're talking about the third pillar, Shared Dynamics, trying to identify and set up the innovation levers in order to drive this environmental transformation. The innovation policy is a reason for pride. It's also a factor of transformation and transformation assistance in the field of sustainable development. It is also revealing the new usages. It's a culture of responsibility, of commitment, of ethics, which is essential given the countries and the geographies where we are present, and also given the multiplicity of the people we work with. The innovation policy is not new in the group. It was completely overhauled four or five years ago. The most important point is to put this innovation policy to serve the environmental innovation. The first pillar is being open, capitalizing on a territorial ecosystem. We have partners. We have large and small companies. We have research centers, incubators. How will this territorial ecosystem be put in a network? How is it going to enable us to identify solution and experience all this in a industrialization logic? It's not experiencing just for the sake of experiencing. We have example in the group in the field of cleansing with a solution called Casper in terms of drones and biodiversity with a solution called Alteia, which enable drones to monitor the fauna and flora in our airports. Third pillar, invest. We have different partners that need to be assisted in this growth with a direct investment or with a presence with different funds and direct investment in order to identify solutions and benefit from new ideas. We also have a sectoral and geographical watchdog. A fourth pillar, reinvent, in order to explore new territories in a massive manner, a pre-industrial way, so to speak, for new activities, the advanced air mobility, all the new air mobilities, you know, the airships, the new energy issue, the regional electric, but also the fight against drones. Still today, as a matter of fact, and tomorrow it will be about energy. These innovation policy will be serving the different functions in the group. For example, for the passengers experience, I'm not going to dwell on the different examples that we've been giving you since the start of this meeting. You can see that we try to use these different experiments. For example, in the field of architecture, our teams are working on the Metaverse, and we saw the potential in the design for many of our infrastructures. The automation of our airside operations are facilitated by innovations, especially in the field of the rolling optimization or the taking off cycle for the planes. The lever we should not forget is innovation in terms of managerial levers. It's a source of pride. In the time we've just gone through, the fact that we have a major innovation policy enabled a lot of employees that were completely disturbed by what was going on to regain some pride in what they were doing. It's. We have actually set up different pathways along with the engineering schools we work with in order to be able to rely on this innovation approach and put it at the service of our recruitment policy. By 2025, we want to have a group approach and not only an approach per asset. We have the innovation hub in Paris. We have another one in Istanbul. We want to network this community and share the different experiments in all the fields I mentioned, with a specific attention on the pre-industrialization approach. Out of the 120 experiments, a lot will be devoted to the industrialization. Now, let's take the focus on investment. Direct investment, as I said, we have a portfolio of about 10 participations, and we have a regular rotation. We have CD. We had the startups that needed to be restructured. It's more than EUR 20 million invested in five years' time, a portfolio that did not lose any money, and we are there to look at what's going on. Lastly, you know, the infrastructure chapter with new solutions and with flying taxis and direct investment because we are present in different funds. Over the last eight or 10 years, we've been present in the funds. EUR 100 million have been invested. The funds are chosen because of their geographical complementarity, Europe, Asia, West and East Coasts in the U.S. The sectoral complementarity, for example, the last investment is in the clean hydrogen field in order to have the possibility to benefit from a low carbon hydrogen solution. We have different partnerships with the funds in which we invest. This innovation policy is also a way for us to invest in some specific practices. I mentioned that before. It's the advanced air mobility, for example. It's the future in the new air mobility. EUR 5 billion have been estimated for Europe. There are extremely important perspectives, especially in Asia. Paris, in terms of air mobility, urban air mobility, is one of the three cities that are the most advanced in the world. Thanks to the ecosystem we set up with the RATP, the Parisian region also, and a support from the state. It started in the Pontoise Airport, a real airport located 30 kilometers away from Paris, an experiment campaign on all the components of this air mobility. It's not only about having a plane flying. No, it's about seeing the maintenance operations, the passenger experience, the associated business model, the safety, the security, the infrastructures on the ground, and so on and so forth. Today it's in Pontoise. It's going to be there for several months. On the 22nd of March, we'll have some experiments going on, and you will see fantastic things happening. This is the experiment part. The second step is to go towards two lines during the Olympic Games for passenger transport. The line between Saint-Cyr, which is the airport, in Versailles, and the heliport in Issy-les-Moulineaux, and a line between Paris-Charles de Gaulle, Le Bourget, and an entry point in Paris that will be quite symbolical. In 2026, we'll start working on the ramp-up, on the scale-up of this program until the end of the decade, and we'll have also increased the practices in terms of logistics. We'll have open in 2026 an airport, the first vertiport. You saw that in a video. It will be a modular infrastructure in order to capture the value that will be revealed by these new air mobilities. Innovation culture to serve the revelation of new air usages in order also to serve the environmental innovation. Now, in order to achieve this plan, we need human resources. In order to do that, we're going to have the opportunity to recruit in the coming months several hundreds of employees by also paying attention to their integration within the company, because it's absolutely essential if we want to succeed. In order to do that, we'll be able to rely on a dynamic social policy. We'll put our focus on remuneration to make sure that we are attractive. It means that beyond making sure that our practices are in line with the labor market, we have a real opportunity to change our management methods. In terms of remuneration, we'll develop an operation of employees shareholding. In order for all the players in the company, including the employees, in order for them to have a common interest in achieving this plan and reaching the objectives, it will be also a way to beef up the responsibility mindset for all our employees. Alexandra is going to tell us about the training program for that. Thank you, Laurent. Indeed, the culture of responsibility relies on reciprocal commitments from our employees and from the company. For ADP, we commit to fine-tuning the professional pathway of our employees with mobilities training schemes in order for our employees to fulfill themselves. We also want to increase the awareness in terms of ESG. Our objective is to take ESG into account in the remuneration of 100% of our employees. We also commit to training them to good practices in terms of ethics and compliance. Since 2017, we have started different actions, for example, the setting up of ethical committee, more trainings for some of our employees given our geographical expansion, and more recently, the setting up of an ethical day at the group level. Our objective is to train 100% of our employees regarding the ethics and the compliance dimension. Today, it's more than 80% that have been trained in the group. In the upcoming movie, you will see the ethical culture at the heart of our hospitality cultures and our responsibility culture. It's really quite well disseminated within the group. What employees should do in terms of obligations, rights, and maybe society standards. I try to set an example for all employees. One of our values is hospitality. We promote for this value by caring, trusting, and investing in our stakeholders. Groupe ADP helps me to practice ethical values through many ways. Merci beaucoup. Thanks a lot, everyone. Bye. A culture of responsibility. The group culture will be also about the citizen commitment. We want to make sure that everybody can commit by developing our sponsorship actions in various territories. We want to increase fivefold the number of days for our citizens commitment by 2025. With our transformation, the role of our managers will be really essential. This is why we want to pay attention, specific attention to their training for a successful transformation. To finish, an illustration about our actions in terms of citizens commitment. I don't think we have this video. This is the end of the presentation for this pillar. Thank you to all our speakers this morning that were on stage with me this morning. For the conclusion of this morning, I would like to give the floor to our CEO. Dear friends, 2,428,000, that's the number of words that in 246 minutes you were willing to listen to. There were a lot of words this morning, so I'm going to be stingy with my words just to thank you for your attention. You will have understood that what was explained this morning is an alignment of our visions, the visions of all our players throughout the world. Therefore, the strategic roadmap is shared, the objectives can be measured, and are very tangible, and the financial roadmap is extremely yummy. That will lead us to be the leader in five fields. The first airport multi-local group, the first airport hospitality franchise, and the group that will take air transport towards energy transformation and sustainable transformation. I would add to that the fact that the group will be a leader in terms of attractiveness and performance for all employees. ADP employees have to continue be the best in order to attract to the group and in order to continue feeling all the advantages of being ADP employee. We also want to be the favorite group for investors because we want to be leader in terms of visibility, transparency, and performance for all shareholders. I'm sorry for these 128 additional words for this very long morning already. On the eighteenth of March, there will be a workshop on the retail strategy. On the twenty-ninth of March, there will be a presentation on the social and environmental strategy. On the eighteenth of May, the TAV Airport strategy. Furthermore, we are at your disposal to answer to all your questions. We had to shorten the Q&A sessions, otherwise we would be intoxicated with words. Our phone lines are open, and naturally, everything we said will probably lead to some comments or to some questions, so do not hesitate getting in touch with us. I would like to thank all our staff members to have taken part in this event, and more specifically, the ones that have come from far away, our friends from India, our friends from Turkey. For the rest, I say, well, see you very, very soon. A few words, a few additional words. All the presentations will be available on the Groupe ADP site, and the entire broadcast of this morning will be available on the group website also. Thank you very much for your participation and see you very, very soon.