Good morning, ladies and gentlemen. Welcome to Alstom Capital Market Day. I'm welcoming you today in the Line 15 of the Grand Paris Express, the new metro expansion in Paris. Actually, the largest expansion of any metro in the world today. We will go through the classical agenda for this Capital Market Day, where I will introduce the market and the general context. Each of the product lines, Rolling stock, Signaling, Services, will go through their own strategy. Laurent will come back with the financial framework. I will come back at the end for the conclusions. I just remind you that at the end of this presentation, you will have ample time to ask any questions you may have. Let's start with a general overview of where we are today. First of all, before we go into our strategy and action plans, I would like to give you a general perspective of what is Alstom today after the merger with Bombardier. We have become a leader in Rolling Stock, Signaling, and Services. A leader in mobility and rail transportation. We have now a truly balanced workforce throughout the world and over all the continents, actually. We have a very balanced portfolio of activities between rolling stock, service, and Signaling, and we have an extremely resilient business model with more than 1,000 customers all across the globe, as well as a backlog of more than EUR 74.5 billion. Despite the recent sanitary conditions and economic crisis, all the secular drivers of our markets are still there, whether we talk about sustainable development, urbanization, or economic growth. We've seen an increased investment decided by a number of governments throughout the world on sustainable mobility, which will favor, first and foremost, rail transportation. We have also seen a number of new regulations, which have been taken by a number of public authorities in order to favor sustainable mobility and therefore, again, rail transportation. Whether it's about ban of airplanes, whether it's about the ban of cars in the cities, or the ban of diesel trains themselves. The market is therefore sustained, and the latest study from UNIFE has shown an average of 3% growth per annum in the coming years, even without taking into account all the latest developments and the latest announcement of the different governments. This growth is driven geographically by emerging markets, and in particular by AMECA, Middle East, Africa, Latin America, or by product, by Signaling, notably because of the digitalization of the different networks across the globe. We have two priorities for the next four years. Two very important priorities, which will help us to take full responsibility, to endorse our responsibility vis-à-vis our market and vis-à-vis our fellow citizens. The first one is to capture the growth, to extend our innovation, to continue to extend our portfolio, and to continue to transform our business to the satisfaction of our customers. The second priority is definitely to integrate Bombardier Transportation. You know, the more we deep dive into Bombardier, the more we find new complementarities, new things that we can build together. Globally, all the teams of Alstom, the board of Alstom, is definitively committed to lead the way to greener and smarter mobility worldwide. Let's look at our strategic roadmap for the next years. First and foremost, we want to build upon our past successes. As you know, we launched two years ago, Alstom in Motion, This has proved to be a very successful strategy. Our main pillars have been fully achieved, whether we speak about growth, with the book-to-bill year after year greater than one, with a particular focus on Signaling and service. We have also made some very dedicated and focused M&A activities in order to boost our growth. We are now truly recognized as one of the leaders in terms of innovation, In particular in terms of green traction. I will come back to that later on. In terms of efficiency, we have greatly improved our operations, our project executions, and this has been translated into an improved profitability of the company. Now we have reached 8% average EBIT. Of course, CSR, which is part of our DNA, ESG, which is one of our first goals, has been fully achieved thanks to the efforts of all the company. We definitely want to build upon this success, to leverage this success in order to project ourselves into the future. Not surprisingly, the market remaining the same, the main pillar of our new strategy will be the same. Alstom in Motion 2025 will be based upon three main pillars, growth, innovation, and efficiency. All that will be driven by one Alstom team. Our people, our managers, our engineers, are definitely at the heart of our strategy. Growth will be primarily based upon our unique portfolio, combined with a unique footprint worldwide. Innovation will continue to be at the heart of our DNA, particularly towards smarter and greener mobility. Finally, efficiency, project execution, footprint optimization, project execution optimization, will still be, and will continue to be, the day-to-day bread and butter of our 70,000 employees. Let's start with growth. We want to leverage our unique portfolio. We have the most comprehensive portfolio in all our competitors. First in rolling stock, from light rail to very high-speed train, monorail, metros, regional trains, all types of rolling stocks. In services, spare parts, maintenance activities, up to train operations, actually. In Signaling, from urban Signaling, light rail Signaling, metro Signaling, to mainline Signaling, of course, the European system. We have the most comprehensive technological portfolio which we combine together in order to offer to our customers the best solutions. Of course, we have already some bestsellers. I can think about our Coradia regional trains, which we have sold in Denmark, in Spain, in Italy, in different countries. Bombardier is bringing as well some bestsellers, such as the TRAXX locomotives or the INNOVIA metros. In terms of Signaling, I think the combination of Bombardier technology and our technology will allow us to bring Signaling solutions in any type of geographies. You know that you need to combine some European technologies with legacy technologies, with geographically focusing technologies. With the two portfolios, we can do both of it, general technologies as well as local technologies. We have already proven in some tenders that we are capable of combining bricks coming from Alstom and bricks coming from Bombardier. One of the main examples of that, or the most recent example of that, is for the Tren Maya in Mexico, where we have combined technologies coming from Alstom and coming from Bombardier. I could multiply the examples. We have also metros, for example, in India, where we are already combining the different technologies of the two legacy companies. In terms of geographical footprint, we'll be uniquely positioned to combine our technology with the footprint which is best suited for our customers. You know that there is an increasing need of localization. Most of our customers worldwide want proximity. Proximity to be better served, proximity for efficiency, but also proximity because they want their project, their infrastructure, to benefit for local employment. With such a worldwide footprint from Latin America, North America, to Asia-Pacific, to Australia, covering all countries in Europe, we can combine our unique technology, our best technology, with a unique footprint. If you look geography by geography, we have zones, we have regions, continents, countries, where we have a very strong historical presence, such as, for example, in Western Europe or Southern Europe. I'm talking about France, Italy, Spain. Bombardier has brought to us new footprints, like in the U.S., North America, Canada, of course. In some geographies, Bombardier was strong in the past, and I'm thinking, for example, in Germany. We need to regain the historical presence of Bombardier, the historical market access, market penetration of Bombardier within Germany, but within Scandinavia, the Nordic countries as well. If you talk about Asia, we are extremely present in India, and we are also the most present Western company in China through 11 joint ventures. We have been pioneers in Middle East Africa, and we are the only large company with industrial presence in Middle East Africa. As you can see, in all markets, we have a strong presence. In all markets, we want to hold a strong market share. All my colleagues will come back on the different product lines. We have, of course, different strategy depending on product lines. The first one, rolling stock and turnkey, we want to improve our competitiveness, and we want to improve our profitability in rolling stock. This is where we want to leverage our new portfolio and also to create new rolling stock with the different bricks of technologies coming from Alstom and coming from Bombardier. I think this is a unique combination of standardization on one hand, standardization of the bricks, as well as modularization, enabling us to create new types of solutions for our customers. In Signaling, we simply want to become number one. We have both the technology to do so in mainline Signaling, and in particular, on the European technology, but also on the CBTC, on the classical urban Signaling. We combine this unique technological portfolio with a global reach. Thanks to the combination of Alstom presence and Bombardier presence, we are now present on all markets, in particular in Germany, which was lacking in Alstom portfolio, and which is one of the most promising markets in the coming years. Finally, service, we want to sustain our leadership. We want to be the leader on the market, leveraging our very large install base, you know with the evolution towards predictive maintenance, how important is the access to data. Again, with 150,000 cars in installed fleet, with 35,000 cars being maintained, we have an immense access to a large data pool, which we can leverage to build our predictive maintenance. Innovation. Innovation will continue to be at the heart of our strategy. We all know that rail mobility is by far the most sustainable means of transportation. Still, we need to continue to improve rail mobility to make it more attractive. We intend to double our R&D effort from roughly EUR 300 million to close to EUR 600 million. Of course, there will be some rationalization, and we'll stop duplicating efforts which were done separately in Bombardier and in Alstom. Still, we are going to increase significantly our R&D efforts in order to be able to continue to be at the leading edge of the technology in our sector. What does it mean to be at the leading edge? It's one, to target green mobility. Again, sustainability is at the heart of our strategy. We want to improve our traction, energy saving. We want, of course, to go towards greener traction. I will come back to that later on. Sustainability will drive our efforts. Digitalization, cybersecurity, predictive maintenance are the way to improve reliability and efficiency of our systems. The second priority is smart mobility. We definitively want to be as well at the leading edge of the technology in terms of digital technologies. Last but not least, we want to make rail transportation an evidence. We want people to be attracted by rail transportation, not only because it's sustainable, but because for them, it's the most attractive means of transportation, the most convenient way of going from point A to point B. For that, we will invest a lot in passenger experience, in making sure that everybody feels safe on board of our trains. We want to have inclusive solutions, healthier mobility. These are the three main axes of our innovation, green mobility, smart mobility, but as well as a mobility for everybody. Just to focus on green traction. As you know, we have been truly pioneering this green traction. In Europe, half of the lines are non-electrified. We have more than 6,000 diesel trains to be replaced or refurbished by 2035. There is a strong public demand. There is a strong requirement by public authorities. We have already delivered back in 2018, two hydrogen trains, and now we have commercial contracts for more than 59 hydrogen trains to be delivered. Not only new trains, but also refurbished trains, retrofit. Hydrogen will be one of the key solutions, if not the largest solution to this issue. We should not neglect as well battery, and we have our solutions for short hauls to equip trains with batteries so that they can, for a limited distance, use battery instead of catenaries. You can see on the map that we can say that 2021 is the year of hydrogen, where most of the countries in Europe, which you are being early adopter of hydrogen technology, most of the countries in Europe have now launched program to implement hydrogen trains on their network. Digitalization, one of the main focus of our strategy. We need to be more and more software-oriented with all which goes with it, i.e., cybersecurity, reliability, efficiency. We have relaunched, I would say, an effort in terms of predictive maintenance, combining the predictive maintenance of Bombardier with the predictive maintenance of Alstom, enriching our two solutions. We need to enrich all what is about smart mobility, and we are already there. We have launched the most advanced CBTC, train-to-train CBTC, what we call Fluence. We are also at the forefront of autonomous trains, of course, not only for metro, but also for regional trains, which we have launched, for example, in Germany. Efficiency. We need to continue to transform this group. We have embarked over the last years in a complete transformation of the group, first and foremost, by digitalization of our processes, of our factories, of our sites. We continue to deploy our Alstom Digital Tools Suite. It took us time to actually design this digitalization. It took us time to deploy it within Alstom, now we want to deploy it much faster in the new part of Alstom, i.e., in the ex-legacy Bombardier sites. We can leverage our size to even further improve this digitalization, to even further boost automation. Once you have digitalized one site, it's of course much easier to replicate this digitalization in the different sites across the globe. Project execution. We have learned, and it took us time in Alstom, to get to an excellent project execution, to get to an excellent on-time delivery, to get to an excellent client satisfaction. That, we want to deploy within Bombardier. We should not stop there. We should continuously improve our operations. We should strive to even further satisfy our customers and eventually, at the end of the day, all passengers. Last but not least, our footprint. We have now a unique footprint, which, as I said, will primarily serve our customers in terms of proximity, but we can also leverage in terms of BCC content to make it more efficient. We'll continue to put some emphasis on using and leveraging our global footprint, both locally to be close to our customers, but as well as globally to use the best place to produce either engineering, manufacturing, any kind of goods that we want to produce. We have very clear targets that we want to follow because we are convinced that only by measuring all these different operational indicators, we will push the companies to be even better day after day. ESG sustainability. You know Alstom, it's our DNA. I would say even more, most of the employees, if not all the employees of Alstom, are working for Alstom because they truly believe that they work to improve the world going forward, that the world needs our solutions, that we have an immense responsibility vis-à-vis all the world to provide the solution in order to decarbonize mobility, which has become one of the main challenges of the world today. Decarbonization of mobility, we believe it is possible. We believe it is possible through a modal shift toward rail transportation. We believe it is possible by decarbonizing rail transportation itself, taking out of the network diesel trains, by improving the efficiency of our tractions. We will only do that if we manage to care for our people, care for employees. We are one big community working, again, to develop these solutions. We need to do that together without forgetting anybody inside the company, to be inclusive within the company, to be diverse within the company. We are creating immense positive impact on the planet through, again, our solutions. We want to create also a positive impact for the communities around our factories, for the communities around us. That's why we are year after year increasing our contribution to Alstom Foundation, so that Alstom Foundation can help thousands of thousands of citizens around the world to develop themselves. Of course, we want to make sure that we act as a responsible company, not only vis-à-vis our employees, vis-à-vis the communities, but also vis-à-vis our suppliers around the world. Just a few words on Bombardier integration, which is one of our priorities for the next years. The more we look at it, the more enthusiastic we are about this integration. Actually, it goes much faster than what we thought. We have been in a position to deploy the one organization only after a few months. People are already working together on the technology. We have unified the IT organization. The customers, all our environment, is welcoming this integration. We had, as I said, the first commercial successes. Frankly, the more we look at it, the more our employees are looking at it, and more than 90% of our employees are positive about this merger. It brings so much to both companies in terms of technological breadth, in terms of competence, in terms of expertise, in terms of technology. What we need to do now is to make it up and running. We have a challenge today, which is to stabilize the Bombardier portfolio. It's true to recognize that Bombardier projects were complex. If you ask me what is my diagnosis on this situation, I think it was first and foremost a managerial issue. The employees, the engineers of Bombardier are first-class, world-class people. They know their work. They know their technology. They have been in this market for decades. Yes, Bombardier has gone through a period of destabilization, and therefore, some of the projects were badly resourced. Some of the coordination between the different sites were not there. We need to reestablish these managerial routines. That's what will enable us to stabilize the projects. We are, of course, discussing with all customers in order to find, again, a good relationship with these customers, in order to find a common ground, a positive common ground, to deliver all these projects. We give ourselves two to three years in order to come back to a normal sound portfolio. We know it's going to take some time, and I'm so pleased to see the customers' reaction to the dialogue that we have with them. We are pursuing the same goals of stabilizing this project portfolio. Thereafter, in two to three years, we'll be one company, because this is the time which is also needed in order to deploy all our tools within the different sites of Bombardier. To deploy all our digital know-how within all these sites. In three years, we'll be only one company, and we'll be able to fully capture the synergies, because I can tell you that the more we look at it, the more we see synergies between the different companies. Yes, we have to go through this period of project stabilization, but I can tell you that the future will be extremely bright and very promising, and we can really endorse our responsibility. The company which will be created through the addition of these two companies will be really world-class, and will really endorse its responsibility to bring to the world the solution needed by the world. Now it is my pleasure to hand over to the different product line heads, which will explain to you for each of the product lines, which are their main priorities. I will come back at the end for the conclusions and of course, for the questions and answer sessions. Danny, I am leaving the floor to you. Thank you. Thank you, Henri. Good morning, good afternoon to everyone. I'm Danny Di Perna. I'm pleased today to present, alongside my colleague Benjamin Fitoussi, our product line of Rolling Stock and Components for Alstom. Let me start by taking a look at the market. As you can see on this slide, the rolling stock market is a very steady, large, growing market. All told, the accessible market is roughly EUR 45 billion spread across multi segments, which I will cover in a moment. The market is naturally growing roughly around 1.5%, buoyed by government injection of funding, both here in Europe and in the U.S., focused on infrastructure and green mobility, the trend will continue to rise and grow. As you can see on the right-hand side of our slide, the market share for Alstom after the acquisition of Bombardier is now roughly 1/3, from an addressable market perspective, of overall market size. As you can see, next to our nearest competitor, we are quite significantly the number one global player. The market has responded. Our customers have, fortunately for Alstom, rewarded us over the last six months with several recent wins, all totaling EUR 7 billion secured within the last six months. These range from here in Europe to the United States, and most recently with Tren Maya in Mexico. Let me take a look at you and how we're going to create value for our customers and stakeholders. I want to cover three key elements, which will frame the remaining portion of our presentation. Number one, our broad portfolio and scale. The combination of Alstom and Bombardier Transportation provides us an incredible platform worldwide, globally, to reach and to be in proximity with our customers all over the world. This provides us an ability to understand all the norms and standards, and to be able to work intimately with our customers to provide the very best mobility solutions. The second key element is technology. With our continued investment of roughly a quarter of a billion euros annually, we continue based on the building blocks we already have for technology and continued investment in R&D, with a clear roadmap for technology to continue to drive mobility solutions for the future. Finally, and most importantly, customer satisfaction and value creation for our shareholders, our employees, and our customers is really going to rely on quality of execution and delivery and execution of our projects on time. I have no doubt with the rigor and discipline and process focus that the Alstom company has, we will be successful. Now let's take a look at our portfolio. As you can see, the complementary aspects of all of our product platforms across the world certainly have put us in a position, corner to corner, all over the globe, to have products and to have building blocks for us to meet all of our customers' demands. As you can see here, from what we have in main Central Europe, down to Australia, over into Latin America, and up into the United States, we have a multitude of platforms and technologies to select from. Our engineers are now capable to take the best of platforms and component building blocks to be able to offer improved solutions to meet the design cost targets, to meet the performance targets. Of course, overall passenger comfort that our customers require. On the right-hand side of the slide, it demonstrates that we can offer a full, broad range of both speed and capacity. Starting down towards the bottom of the axes with the monorail and airport people movers, up into the middle of regional and intercity. All the way to the far right, for very high speed and high-speed train, Alstom offers a broad portfolio that matches all of the speed and capacity requirements that the market needs. Let's dive a little bit deeper into the component building blocks. We have an unmatched component building block library for our engineers to pull from and work for improving design features for our customers. We have the broadest portfolio of components in the industry, from bogies and drives, and traction, and our train control and information systems. This library of components are available to all of our platform and engineering designers, so that they can pick and choose depending on the needs and the design requirements for our customers. Down the middle, starting with the pioneering effort of the hydrogen fuel cell, championed here at Alstom. In the middle with battery power, and then down below, we're investing in healthier mobility solutions. What is featured there is our HVAC air filter design. From a sanitary concern perspective, overall, we are investing more on healthier mobility to provide better solutions for passenger comfort for our customers. On the far right, we've got a few more toys in the toy box that we are investing in. We've decided to have some specific targeted M&A activity targeted towards brakes, brake pads, and of course, fuel cell technology, so that our engineers can go deeper in the design attributes of these components and technologies. Also broadening our opportunity to understand from both an engineering and operations and aftermarket services in the future. Let's dive a little bit deeper now into our platforms. Let me start with light rail. Light rail market, the tram market, is roughly EUR 1 billion a year in annual sales. Combined together, our two platforms, Citadis, which is very successful in securing positions on new infrastructure. Flexity is competitive on infrastructure that is legacy and has an incumbency with Flexity. Together combined, we do have many building blocks from a platform perspective to offer the best of best. In addition to that, and tailored specifically for the North American market, the trams in the United States and Canada have now a breadth of components and platforms for us to choose from that is slightly different from what is required here in the European market. Let's move over to the urban market. The urban market is roughly EUR 8.5 billion, and over the last three-year slice of data, has grown almost 24%. It's a growing, exciting market in urban, and we have what it takes with Movia and Metropolis to be able to combine the best of bets and offer great urban solutions at cost targets, at performance levels, and at passenger comfort for our customers. Finally, down, if we look at the suburban, specifically in our German market, a market that is growing. Our German market is very important for us, and provided that we have all the right components now from a solutions perspective, we can leverage the scale of our local capabilities in Germany for the suburban market. Let's take a look at main line. By far, the largest segment for rolling stock is regional. It's roughly EUR 11 billion as a market. The flagship program for Alstom is the Coradia Stream. Coradia Stream is built on a standardized platform basis that offers the flexibility of single deck and double deck. Also, as I'll feature in a video in a moment, it leverages green traction and the pioneering efforts of hydrogen power, also equipped with battery power for Coradia. If we take a look at main line, the main line business, which is high speed and very high speed, Alstom now has both the Avelia Horizon product, a game-changing product that is designed out of the box for better than 30% total cost of ownership as designed, coupled with the legacy Bombardier ZEFIRO Nordic product. Now we have two great product platforms to be able to cover the high-speed and very high-speed markets. In addition, Alstom has been very successful with the Avelia Liberty in the U.S. as the very first high-speed, very high-speed train for North America. Finally, on locomotives, the combination of the two, the Prima, which is capitalizing on Indian and CIS markets, and Bombardier’s legacy TRAXX product for pan-European application, provides us the basic locomotive capability that we need for both freight and for passenger for years to come. Let me show you an example of how we’ve combined this tremendous asset portfolio to strengthen our value offering to our customers. Two examples. In Mexico, Tren Maya. On the basis of the X'Trapolis product platform, in addition to the Bombardier legacy FLEXX Eco bogie system, and the production capability, capacity, and skill set that we have in Sahagun, Mexico, that combination was unmatched and was the winning combination to win for Tren Maya. More than EUR 1 billion, and as you can see, a very significant kilometrage, number of stations, a very significant win that we were fortunate to secure earlier this year. The second example is based on a program that was won already in India based on the Movia platform. Now to improve our customer offering, using Metropolis subsystems, we are able to combine the best of best, produce in an already existing legacy Alstom facility in Sri City, India, and secure deliveries and execution of a great product for our customer in India. Now, let's take a ride on our Alstom Coradia iLint. Now let me hand it over to Benjamin Fitoussi. Benjamin? Thank you, Danny. Good morning and good afternoon to everyone. It's my pleasure to be with all of you today. Danny has focused his presentation on the growth pillar of our strategy. I will now move to the second pillar, which is related to innovation. As a combined company, we are spending in the range of EUR 300 million per year in the field of rolling stock, and our customers are more and more demanding. Not only they value more and more the life cycle cost over the capital cost of the project, but the technical performance during the tender phase is gaining traction. For example, in Europe, in many projects, on many tenders, we have up to 70% of the scoring which is related to the technical performance. Our R&D program is focused on four main initiatives. The first one is a TCO systematic approach where we are working on reducing the weight of our solution, as well as improving the efficiency of our traction system. Second activity is related to healthier mobility. Obviously, with the pandemic, we have been forced to increase our effort in that field, in particular related to treatment for all contact surfaces. We are working as well on noise reduction and climatic comfort optimization. Third pillar is security and availability, and the last pillar is sustainable solutions. Henri has explained all the action we were doing in the field of re-tractioning and hydrogen. Besides this, we are also investing in eco-design and recyclability of our solution. Just to illustrate, the Avelia high-speed train that will replace the current high-speed train in France, for example, and that will come in service in 2024, will bring significant innovation on the market. Now I will move to the third pillar of our strategy, which is related to efficiency. I will focus my presentation to start with on all the integration initiatives we are conducting. Obviously, the priority number one of our teams is to make sure we stabilize the difficult projects we have currently in our portfolio. This has been the priority from day one for all our teams. We have conducted detailed assessments, and we have set up task forces to support the project teams on the most complex projects. Just to illustrate the type of action we are conducting actually. First one is to mobilize the technical expertise of the group throughout the world to support and fix the technical issues. We are also investing in bringing additional resources on our projects, in particular in the field of engineering, to cope with the increasing peak load that we have currently on those projects. We have adjusted the project management organization and aligned it with the current way of working of Alstom, and we have reinforced the governance of those projects. All the planning are being reviewed, all the gate reviews are being checked, and in particular, we are conducting re-baselining action to make sure we are aligned with our customer demands. We are mobilizing our key suppliers, but we are also investing in our plants. For example, in Derby, but also in Crespin in France or in Česká Lípa in Eastern Europe, to cope with the throughput we need to deliver in a context of huge ramp-up of production, which is expected this year and next year. Also to allow us to serve our customer with better quality products. Obviously, this is a huge effort, and it has an impact on the cash and cost position of our projects. Everything will not be solved in six months. We are very confident that all the issues can be solved. None of them is insurmountable. We will fix all of them. I'm very confident. I will move to the second axis of our integration effort, which is related to the product convergence. Obviously, the two companies combine a unique offering on the market, and it is our intent to maintain this wide offering to all our customers. We are convinced we can combine vehicle architecture, components, and technology to the benefits of our customers, as well as to the competitiveness of our offering. Just to give some example, in terms of best component selection, for example, on the Mumbai Line 4 project that has been secured last year, at the end of last year, we have decided to use the architecture of Alstom Mumbai Line 3, but with a bogie and traction system coming from Bombardier. We have other examples that we can also communicate in the field of leveraging the mech capabilities of Alstom in terms of transformers and electrical harnesses. We are just at the start of the journey, we know that it will take a bit longer to develop the full synergy, by March 2022, all the product convergence will have been applied. Procurement is also a very important driver. As you know, we are spending every year in the range of EUR 14 billion, both in terms of direct material, also in terms of indirect services. The efficiency of our procurement is key to our own competitiveness. We have launched, at the start of the acquisition, a program called Leading Together, which involved all our key suppliers, with the objective to review the supplier panel and deliver the synergies we can expect from such an acquisition. Now I will move to the integration of our processes. We are conducting this integration in two steps. The first step is this year, to be able to operate as one company. What does it mean? It means that the 26 most critical processes are being aligned. We are able to steer the global performance of the company with a set of common KPIs and common data. What is the objective? The objective is this year to be able to tender and to execute a project combining the sites of the two legacy companies. Just to illustrate, for example, with Tren Maya, which is a recently secured deal, we are developing the train out of Bangalore, which is an Alstom legacy site. Bangalore is getting the support from both Hennigsdorf and Derby, which are two legacy sites for Bombardier, and the manufacturing will be done in Sahagun, which is also a BT legacy site. That's for the short term. For the midterm, by 2025, we want to have the full operation aligned on the same core model, fully digitalized. It means that in terms of engineering, we are deploying the new PLM, we are also automating all the tasks that are repetitive. What is the goal? To deliver 6% of savings on every car we are designing. On the manufacturing front, we are deploying the Alstom operating system, and we are also bringing further robotization in our plant with the goal to reduce the hours per car by 10% by 2025. To illustrate more in detail this digitalization effort, which is at the cornerstone of our strategy, I want to give a couple of examples. In engineering, we are deploying what we call robotic process automation, with the goal to automate, in terms of engineering, all the repetitive tasks. We have identified 50 RPA opportunities with significant savings at stake. On the manufacturing front, we are also digitalizing some manufacturing operation as well as some testing operation. For example, the watertightness of our traction [inaudible] in Tarbes will be fully now automated with a lot of savings in terms of efficiency, as well as quality improvement and reliability in our processes. Efficiency is not only about integration of Bombardier, it is also about continuing our transformation journey that was initiated at the time of Alstom in Motion, with clear ambition set on all the aspects of our value chain by 2025, as you can see on this slide. I will just name a list of initiatives we are conducting. For example, in terms of project management, after a phase of pilot, we are rolling up now a project management based on subsystems rather than on method. We are also consolidating our effort in terms of standardization and modularization. On the manufacturing front, we are deploying the 5S at shop floor level and making sure that the right first-time quality culture is implemented in all our operations. What you see on this slide is the complete footprint of our rolling stock activities. It represents 26,000 employees and 7,000 engineers. This footprint is of great value for the company, this for three main reasons. First, we are able to remain very close to each of our customers, which is a strong asset because our customers are very often requesting some local content. Second, we can leverage our best cost-competitive sites that we have both in engineering and manufacturing, in Eastern Europe, in India, in Mexico, in Morocco, for the benefit of our customer and our own efficiency. We have set clear ambition in terms of BCC content with the goal to deliver 40% of our engineering hours from India and up to 60% of our manufacturing hours from our BCC location. The value of this footprint is also to reach a certain scale effect and to allow the specialization of the site per product and per technology. With specialization comes professionalization, with professionalization comes performance. This means, for example, that the new development of trains will be secured in 10 main development sites. Each of these development sites will be focused on some geographies and some products. You will see a video highlighting the world- class of our operation. Then I will turn the floor to Danny for a word of conclusion. Thank you. Great video. Thank you, Benjamin. Let me wrap up for Rolling Stock and Components. Four key messages. Number one, we are a market leader in green mobility solutions, and we are the provider of choice. Number two, our integration is well on its way. We've come a long way in six months. It's been an incredible journey, and the integration is clearly focused on bringing increased value to customers and stakeholders by combining the best of our components and our product platforms, including worldwide reach with our now new global scale and customer intimacy, and finally, real rigor and discipline that the Alstom business processes bring to bear. Third, we are now more competitive together by looking at all of the standardization opportunities from our library of components, and we are better positioned today through our investments in technology to drive real technology and cost competitiveness. Finally, as Benjamin quite eloquently said, it really all sums up into excellent project execution. Quality and delivery is what our customers pay for, and they expect no less from us to drive customer satisfaction. Now, let me turn the stage to Jean-François Beaudoin. Thanks, Danny. Thanks, Benjamin. Good morning, good afternoon to all of you. I'm Jean-François Beaudoin. I'm the Head of Digital and Integrated Systems, which notably encompasses our Signaling activities. Rail transportation is the only way to address both the congestion and sustainable mobility challenges we are facing today. At Alstom, we're working hard at making rail transportation more attractive and more affordable. Digitalization of rail is actually a great enabler to meet both expectations. Here's why. First, digitalization of rail is a solution to increase capacity of existing infrastructure. It allows to reduce the time and distance between two trains without compromising safety, which leads to higher throughput for an existing line. It also improves reliability and passenger comfort. For instance, when deploying passenger flow and traffic management systems. Driving automation is the best way to find the right compromise between trip time and energy consumptions that could lead to energy efficiency improvement by as much as 45% in some use cases. Advanced asset management leveraging data, condition monitoring, predictive maintenance, allows to reduce the total cost of ownership of the assets, while improving availability by reducing the occurrence of failures. Those recognized benefits turn into a Signaling market which is worth EUR 15 billion per annum, which is largely made of mainline, followed by urban, freight, and services. After a relative softness of the market over the last couple of years, primarily because of the COVID pandemic, it's fair to recognize that the market is currently rebounding and expected to grow further at a growth rate of approximately 5%, which is actually higher than the average rail market growth. If we look at the Alstom performance over the last couple of years, and in spite of the COVID pandemic, it's fair to recognize that we've delivered a solid top-line growth with a CAGR of about 7%. The implementation of the Alstom in Motion strategy also helped us improving our bottom line and profit margin. While delivering those numbers, we've managed to maintain our technological leadership in key segments. For instance, further expanding our footprint for driverless metros, being entrusted to deliver the latest ETCS Level 2 standard in India for the first time, or providing new innovation on the market. Let me give the example of the radarless odometry in Norway that we're currently deploying. It's a great innovation that is meant to detect accurately and safely the position of trains in harsh weather conditions. It combines satellite positioning and inertia measurement unit with techniques like artificial intelligence and data fusion, which basically, practically, allows the operators to run their trains with the highest possible level of availability in spite of heavy snow. Of course, one of the key events of the previous months is the acquisition of Bombardier Transportation by Alstom, which has led to a step change in rolling stock activities, but which is equally strategically significant for our Signaling activities. The combined entity delivers EUR 2.1 billion of revenue per annum, positioning ourselves as the clear number two on the Signaling market. We've got more than 13,000 colleagues, most of them being engineers, distributed very well in what we can call the most global footprint in the industry. A very good balance between historical knowledge centers in Europe, in Asia, in America, combined with best-in-class BCC footprint in Asia and Eastern Europe, as well as deployment centers more or less everywhere in the world. We've got great assets to leverage going forward. Number one is, of course, our complete offering of solutions. With the combination of Alstom and Bombardier, we can now address all market segments in Signaling. We've got a proven track record in terms of technology leadership with latest solutions like ETCS, digital interlocking, CBTCs, and others leading the competition. We also have a global footprint leveraging very well BCC. Of course, a very strong market positioning, both in terms of install base and in terms of customer proximity with our local presence in more than 70 countries. With this, our mission is very clear. We want to be the market leader leading technology for Signaling by 2025. It will translate into a high single-digit growth of the top line consistently over the next four years, as well as an ambition to continuously improve our margin to get best-in-class profit margin. We look at that now by segment and spend a little while on the Mainline segment. Mainline, like I said, is the largest market. It is also the fastest-growing. This is primarily due to the fact that many countries, notably in Europe, have decided to launch nationwide digitalization program of railway networks. It translates into opportunities to change interlockings into digital interlockings and, of course, deploy the ETCS across the network. The benefit of ETCS are now well-recognized. Let me give you the example of the Paris-Lyon corridor, which is currently the busiest high-speed line in Europe. We're currently deploying the ETCS Level 2 technology on that corridor. With the implementation of ETCS, we're able to reduce the time gap between two trains and increase the capacity of the line by up to 20% without upgrading the infrastructure. We're basically making the busiest line in Europe even busier. When you look at the current coverage of ETCS across Europe, it's today, only 10%-50%. The potential for growth is absolutely huge. It's huge, not only in Europe. ETCS, which was originally a European standard, has become a reference overseas as well. We've got references in India, in Australia, in some countries in Latin America. The potential for expansion is even higher. Alstom is very well positioned to capture that growth. Number one, because of the complementarity of our domestic markets, particularly France, Italy, India, the U.K. coming from Alstom. Poland, Sweden, Thailand, coming from Bombardier. We become as well, very significantly strategically positioned for the German market as a combined entity. Germany is very important for us because through the German rollout that has been launched by the German government, it's going to be the largest market in Europe for the next 10-15 years. We have great ambitions for Germany, we believe we are very well positioned, the recent successes we've just signed in Stuttgart is an indication of that positioning. Of course, we also have a very competitive offering. We are the market leader on ETCS onboard units, we've grown our market shares on the track side segment by 8% over the last few years. If you combine this together with our leadership in technology, we are the first one having certified the ETCS both on onboard and wayside with the latest standard, the so-called Baseline 3 Release 2, and the great footprint that we have in terms of install base, in terms of presence in various countries, we are very well positioned to be successful in that market. If we now look at Urban. There are two key market drivers for Urban. One is urbanization, and second is city congestion. That leads to an expectation for many metro networks and municipalities to launch large-scale digitalization programs for their urban network. It leads to larger and more complex projects requiring high level of performance and very often, more and more, driverless operations. Here again, we are very well positioned. Because we've got the most innovative technology on the market with Urbalis Fluence currently being deployed for the first time in the world in Lille. This technology relies on the fact that trains communicate the one with each other rather than talking directly to the infrastructure. That translates into a reduced need for equipment wayside, which are usually more costly and more difficult to deploy, as well as an increased performance because we can reduce the headway, the time gap between two trains, down to one minute only. The combination of Alstom and Bombardier has enhanced the portfolio of CBTC that can cover now all urban applications, light rail, metros, heavy rail, as well as today, monorail, and people movers. We also have a very strong track record in delivering complex projects, as well as an unrivaled customer proximity and install base. Services is a market that is at a turning point. I think there is a change of paradigm today on the market with more and more customers having explicit demand on making sure that they get long-term support for lifecycle management, obsolescence management, parts, and repairs on the long-term from the technology provider. This, combined with extremely high demand in terms of availability of the systems, going towards a zero-failure system. Of course, there is an emergence of an expectation for new digital services, particularly leveraging data to create additional value for our customers and the passengers, as well as a need for the technology providers to offer solutions to maintain effective cyber defense on the long-term of the lifecycle of the asset. Here again, Alstom is very well positioned. First, we've doubled the revenue on that segment over the last couple of years only. Second, we have now, with the combination with Bombardier, a huge install base. More than 200 lines equipped with CBTC, thousands of onboard units running on our trains, thousands of kilometers equipped with our ETCS technology. We've got now an offering which addresses end-to-end needs from services, going with more and more digital content. The key of our offer is Alstom, and Alstom Signaling is totally integrated in our global Alstom offering. That basically leverages data to enforce condition monitoring and predictive maintenance to increase the availability of the systems while reducing cost of ownership. We're investing a lot in innovation. It's at the core of our strategy. Here are three axes on which we are giving some priorities. The first one is the digitalization of our portfolio of solutions and products. By digitalization, we mean less hardware, more digital content, more software, more automation. We are trying to virtualize our application software and getting ready to move to the cloud. Why? Because it reduces the dependency on hardware, which is much more efficient to manage obsolescence, as well as a way to increase the scalability of our applications for larger scale operation. I'll give you the example of the Mastria platform that we've deployed in Panama. It's an intelligent platform that collects data from multiple sources, the Signaling solution of course, but also video surveillance, mobile network, ticketing systems, and gathers all those data in such a way that it can, in real time, adapt the transport offer to the transport demand, depending on passenger flows. It was initially deployed to address a very specific congestion bottleneck at the junction between Line 1 and Line 2 in Panama. In the COVID pandemic, it has been redeployed very quickly to help the operator managing the fact that the capacity of the line should be controlled as to enforce the social distancing measures. The second key axis is autonomous train and autonomous driving. There are multiple grade of automation. We are leading the way for the more advanced grade of automation, the so-called GOA 4. GOA 2 over ETCS, which is a very advanced automation level already, is becoming a reality, and we've been entrusted to deliver such kind of assistance in India, in Luxembourg, and more recently in Germany, in Stuttgart. With this, we can improve the energy saving by 45% and the capacity of line by 20%. Full driverless prototype are meant to run in France by 2023. Cybersecurity is already a reality and a key axis for our development. It's what I call the flip side of digitalization. Two key areas of focus. Number one, making sure that all the products and solution that we're putting on the market are cyber inside by design. Number two is to provide solution, like intrusion detection measures, to our customers who have install base for which the solutions have been designed five, 10, 15, 20 years ago. To do this, we rely on strong partnerships with Airbus and Cylus, which is an Israeli startup in which we invested a strategic participation this year, as well as in-house workforce. We've got more than 100 cybersecurity expert today. We plan to double that number within the next few years. Delivering with efficiency is another key strategic axis for us. First, by leveraging our best-in-class BCC footprint, which is a great combination of Katowice in Poland, Bangkok in Thailand, and Bangalore in India. In Bangalore, we've already multiplied by three the number of skilled engineers in the last four years. We're not doing this only because of cost. We are doing this because, in India, the potential to staff skill engineers is almost infinite. Our target is that by 2025, we'll reach 50% of our engineering hours being delivered by our BCC colleagues. The second key axis is platforming and standardization, which is basically reducing the number of hardware platform and technical platform to serve more applications in more markets to capture scale effect and reduce the cost of operations management. Of course, the third axis is the digitalization of our own operations to gain efficiency, lead time, and reduce cost of non-quality. It's now time for me to introduce Ling Fang, my colleague, Head of Asia Pacific, to say a few words about our great Asian footprint. I'm Ling Fang, President of Alstom's Asia Pacific region. My region, on top of being in charge of delivering projects to the customers in Asia Pacific, is also a global delivery center for Signaling. We host two very large engineering centers, Bangalore in India and Bangkok in Thailand. They deliver close to 30% of the global Alstom Signaling engineering workload, boosting Alstom's capacity for growth in this business. 10 years ago, Bangalore was only a back office for a few projects worldwide. Over the years, we have developed Bangalore into a strong engineering center working on both Urban and Mainline business, on project engineering activities, and R&D programs for the Indian market, but also for the rest of the world. Today, more than 2,000 Signaling engineers are working out of Bangalore. The number of engineers has been multiplied by three in the past four years. This very fast growth has not only focused on quantity, but also on quality. Today, we have a high number of Signaling experts recognized by Alstom's world-class engineering program. One advantage of India is that we can find locally trained, highly skilled engineers. With the acquisition of Bombardier Transportation, we have further strengthened our capabilities with the addition of a second engineering delivery center in Bangkok. 400 engineers are serving both the local and the global market in Urban and the Mainline engineering, including some iconic projects in Thailand. This team has developed also a strong expertise on turnkey business and contributes to many turnkey projects in the world. Alstom is designing the future of rail in a way that's close to 40% of Alstom's global Signaling engineering to be delivered from Asia by 2025. I'm proud my team is leading the way. Now it's time to wrap up. What we believe is that we see very positive market perspective with a growing need for more efficient transport system, where digitalization will be at the heart of that progression. Of course, we believe we're very well positioned on that market because of our complete offering, very strong portfolio with the combination of Alstom and Bombardier, our global presence, our best-in-class solutions. Not only we believe we'll be able to capture growth, but we'll be able to continue improving our profit margin, leveraging scale effects, best cost country's footprint, and the digitalization of our solutions. We're very confident that we'll meet our ambition, which is to be the leader on that market. High single-digit sales growth and best-in-class adjusted EBIT. It's now time for me to hand over to my colleague, Matt Byrne, Head of Services. Thank you, Jean-François. Let's now take you through the most exciting part of the Alstom portfolio. I'm Matt Byrne, and I'm the President for Services. Services is not only one of the most profitable parts of the Alstom portfolio, but also has huge potential for growth. Today, I will take you through not just the landscape of the current services market, but also our growth strategy for growth going forward. The rail services market is growing, but still remains largely untapped, and there's a number of advantageous tailwinds funding that growth. The market liberalization, particularly in Europe and particularly in high-speed routes. The eco-friendly drive towards green solutions driven by environmental, commercial, and public pressures. The rising PPP for agencies and regions to find ways to grow and to fulfill their transit ambitions. The efficiency concerns of operators driving towards a much lower cost of ownership as a consequence of funding pressures. The increasing complexity of trains compelling operators and owners into long-term partnerships with OEMs such as Alstom. That market, we see to be around EUR 37 billion by 2023 to 2025. There's a number of characteristics which make the services market highly attractive, not just the good margins. Long-term contract stability, low risk. We know the product, we know the technology. High rate of renewal. 95% of our contracts get renewed because of our customer intimacy and performance. A strong delta in efficiency between public and private entities. The ability of the likes of Alstom to invest and drive efficiency savings compared to the public operators who have constraints. It's a very asset-light model. The ability to have low cash injection, low CapEx, high returns. We believe Alstom is well-positioned to exploit this growth going forward. We are the number one player in the services market. We outrank our competitors consistently. A good sales revenue of over EUR 3.4 billion combined. We not only are growing, but also our ability to win major services projects is also growing, particularly after the acquisition of Bombardier. We saw that with Tren Maya. If you take the Delhi Rapid Metro, for example, 210 cars for 15 years maintenance. Those cars built by Alstom. This is the first time in India where rail procurement and maintenance have been bundled in the same procurement, which shows even the most capable of national operators are looking to outsource to address their pressures from a cost and technological perspective. Also, it demonstrated very well our digital-driven maintenance solutions can be very competitive in every segment. We have over 15,000 employees, 250 sites in over 40 countries, a EUR 25 billion backlog, which we're intending to grow. Alstom has got the right portfolio service offerings, scalable portfolio, which allows us to give the right solution to the client to address their commercial, operational, and socioeconomic requirements. We are a unique one-stop shop. We have the full portfolio, which allows us to support the asset for its entire life cycle, from cradle to grave. The last piece of that puzzle and that portfolio was acquired as a consequence of the purchase of Bombardier Transportation. This allows us to provide a fully integrated solution now to our clients, driving cost and operational efficiencies. It also gives us a bigger insight into technologies and to experiences which previously we wouldn't have. Customer intimacy improves and return of experience feeding into our rolling stock designs. We've also benefited from the combination of our traction and modernization capabilities. We've now got a full suite of green traction. We also benefited hugely from the convergence of our design, engineering, and digital solutions capabilities. That means we can provide a full suite of products to our clients. Size does matter. Our capabilities, our capacities, our proximity, and customer intimacy means that we can project our capabilities to everywhere in the world, and that's a huge factor for our clients. Now, our clients are key to our growth. Customer intensity, intimacy, focus. We believe with the right strategy, we can outpace the growth in the market by two times. Underpinning that will be our innovation, not just in terms of our scalable solutions and fine-tuning our current offerings, but using our size to enhance and expand our premium positioning, also driving partnerships and M&A where it gives us the advantage. What's critical is an unwavering focus on our execution. Have the right people and the right to perform and execute at a world-class level consistently. This is fundamental to the service we offer to our clients. Let's go into a little bit more detail in terms of strategy. Our strategy is built upon four growth pillars and four enablers. Those four growth levers and the four enablers, we believe, give us the core foundation to open up the potential of this market. It gives us the benefit of having both long-term growth and stability, but that translated to the short-term profit to maximize shareholder interests. It also allows us to not just drive and be responsive and competitive to formal tender process, but also to drive and accelerate the opening of the market. We saw that with some of our projects which we've won recently. In terms of the growth levers, an intense focus on our maintenance business. We've got 250,000 vehicles as an installed base. We can upsell our existing fleet of 35,000 as well as going beyond that. Increased globalization of our parts and component repair and overhaul business. Customer intimacy is critical, but also customer dependency and ease of transaction will allow us to grow that business. Expand our operations outside of North America and the APM sites, and also reinforce our position on smart and green traction. The ability to solve the pressures which our clients are seeing in terms of funding and environmental pressures to drive their current assets. As we see through the presentation, the enablers are fundamental to achieving that growth. Now, in terms of maintenance market, Alstom is number one, not just in terms of sales revenue and certainly not just in terms of its ability to have the best tools, techniques, processes, and technologies. Its ability to capture this growing market is also underpinned by our innovation in terms of commercial, financial, and contractual solutions to our clients to be able to tailor those solutions to the client's needs. We saw that with the R151 project in Singapore, where a compelling solution by Alstom changed the client's philosophy and also opened up their procurement strategy, giving us a number of contracts as a consequence. A laser focus on cost, risk, and upsell means that the services market in respect to maintenance is also extremely stable. 97% of our contracts either continue to meet the as bid margin or grow, majority being the latter. A good example being the U.K. for the Voyager and the Pendolino contracts. These both contracts are over 20 years old, both have consistently delivered increasing margins whilst being able to improve customer value and satisfaction. It's where we pioneered the benefit share program to ensure collaboration between ourselves, the government, and the clients. The services maintenance market is also very scalable, this allows us to tailor solutions to the needs and constraints of the client. The Amtrak TSAA is a good example. This not only provides Amtrak with all preventative, corrective, and overhaul parts, but provides offsite overhauls, onsite technical support, and fleet planning. That means Amtrak are gaining the benefit of Alstom's engineering, operational, and digital strengths whilst retaining their own blue collar. This is of particular interest to the national operators. They want to modernize. They want to gain efficiencies. They want to manage the technological risk that comes with new trains, but also they're constrained by the need to retain their frontline staff. The TSAA model gives that. Our book-to-bill is consistently over one. We've now got 50 contracts which are over 20 years in duration. We maintain 35,000 vehicles out an installed base of 150,000, and we see considerable growth, not just in the upsell of those 35,000 vehicles, but also in the other 115,000. In addition, we're also expanding beyond Alstom assets. Around the world, we maintain successfully, operationally and financially, non-Alstom assets, in Australia and North America being two good examples. We see the market for maintenance growing and Alstom being very well positioned to capture that given its technology and its foundations. New rolling stock maintenance and greenfield turnkey and O&M takes about three to five years to translate order intake into sales. The parts business, the parts and overhaul business, alongside brownfield O&M, can translate order intake to sales in a matter of months. We believe this gives us an ideal combination to ensure maximized shareholder interest, long-term stability, short-term sales and return. In respect to the parts and overhaul business, we have a clear strategy. We're combining the strengths of two legacy companies. Gain efficiencies where possible, but using their complementary footprints to improve and expand our service coverage to our client base. We're increasing customer intimacy, but also customer dependency and ease of transaction, which will ensure customer return. We're expanding the market and our offering, not only in respect of strategic partnerships with our supply chain and through M&A, but also in-house expansion of our capabilities. We're enhancing our aftermarket protection, making sure that we use IPR, strategic partnerships, and other means to protect the aftermarket and ensure the sales come to Alstom. Now, a key component to this strategy is the globalization of the management of our suppliers. Not only to ensure we get maximum value from our size and our strength, but also to align strategically with our suppliers to ensure that we deliver the best possible solution and product to our clients and align on investment over the long term. Now, train operations are new to the Alstom business. It provides us with the full suite of solutions that a client needs to operate trains. When combined with our traditional approach to maintenance, it gives us a fully integrated solution, driving efficiency savings and performance improvements. It also gives us that return on experience, which we mentioned earlier. That business has been extremely successful, particularly in North America, both in respect of our financial and operational performance. It also has significant improvement in our customer intimacy, and we see customer satisfaction and passenger satisfaction rates increasing when Alstom take over. A good example of that is GO Transit in Toronto, a commuter railway which serves the entire Greater Toronto Area. Now, our strategy for train operations is going to be selective. The market is huge, so it enables us to be selective. We'll pick and choose the projects where we provide the greatest value to our clients, either in strategic partnership or as a standalone solution. We do see that market growing in Europe, in North America, in Asia-Pacific, and also in the Middle East. Now, we see modernization also as a considerable growth market. We mentioned the acquisition of Bombardier gives us a full suite of green solutions, hybrids, battery, and hydrogen technologies. Different technologies for different duty cycles. We can offer the full suite to the client base. Also our modernization to extend vehicle life by over 20 years to introduce new capabilities and passenger amenities relieves the pressure that our clients are facing in respect of funding and passenger behaviors. That helps us reduce cost, helps our clients reduce cost. A good example of this is the French National Railways' AGC fleet, a diesel fleet which we're converting to battery technology. This conversion will allow that train to operate 80 km-120 km on pure battery capability. It also allows that train to reduce its energy consumption by 20% as we capture the energy from braking which previously was lost. We see the modernization market growing and we will bring new solutions to market, particularly with our interface with rolling stock as new technologies are developed for new build, they're made retrofittable for existing rolling stock. This market is also important because with the new technologies being introduced to existing fleets, it changes our relationship with our client base. Longer-term relationships, longer-term intimacy, benefits in our parts business and our maintenance business. Now, in terms of enablers, we've already stated people, partnerships, innovation, digital solutions are going to be critical to our growth. Services is a people business and we need to make sure we have the right people with the right skills. We embark upon an integrated and systematic program to not only ensure we attract the right talent going forward, but to make sure that we retain and develop our existing talent. Mergers and acquisitions have been a strong success factor for Alstom over the years, and going forward we intend to still leverage that capability for targeted select solutions to either expand our capabilities, allow ease of entry to new markets or segments. A good example of this is the Shunter procurement in the Netherlands, which has given us strategic maintenance bases for our locomotive clients. Another example being the procurement and acquisition of IBRE and Flertex, brake discs and brake pads. That has not only opened up new sales avenues to us, given us a competitive solution to bring to market, but also significantly benefited our maintenance contracts by addressing two of the major cost drivers under our maintenance contracts. Our digital solutions have underpinned our competitiveness for several years. The convergence of the Alstom and Bombardier roadmap has given us an even stronger position, and going forward we intend to continue to invest in that area. The R&D investment will be better utilized given the strengths of both organizations. Our innovation, not just technological innovation, but financial and commercial innovation, the ability to scale our solutions to our clients to address their needs, whether or not the social, economic, financial or operational. The acquisition has given Alstom a new scale, and that's changed the dynamic of how we are competitive in the services market. Not only are we able to deliver a better solution to our clients, and our clients is the focus and our center of everything we do. We're able to deliver greater solutions, more proximity, better capability. Also, we're able to develop our people and have an organization which has got the breadth of skill necessary to meet the client demands. The focus on operational excellence, the move towards depots of the future, combining the Bombardier philosophy with the Alstom philosophy. Which has now given us a much more comprehensive philosophy going forward. Those skills, and that convergence of strategies and philosophies, we've calculated, has given us already a 5% competitive advantage compared to pre-acquisition when it comes to maintenance and O&M tendering. Our digital solutions will remain a key component of our enabler. It will generate sales, we believe the premium positioning for digital solutions the next three to five years is enabling our maintenance, our O&M businesses. Let's take a good look at our current offerings for digital solutions. Let's look at the key takeaways. The rail services market is growing but still remains largely untapped. Alstom is the undisputed number one leader in the services market, and with the acquisition of Bombardier, has now got the full suite of solutions and people and capabilities to ensure that we fulfill the growth aspiration and potential of this organization. Let me now hand across to Laurent Martinez. Good morning, everyone. Thanks for listening in. I will be presenting you now the financial framework of our Alstom in Motion 2025 strategy. First of all, let me guide you through the recent achievements as part of our Alstom in Motion strategic plan on the Alstom standalone legacy perimeters. Overall, we made positive progress toward our Alstom in Motion financial objectives, and we have been resilient to the COVID-19 crisis since March 2020. Starting with the backlog, where we have secured more than EUR 42 billion order book. On sales, we limited the impact in 2021, and we are back on growth trajectories with close to 5% in our second half 2021. Profitability-wise, we made positive step with 8% profitability in 2021, i.e., 50 basis points above 2018, 2019. Finally, we secured recurring positive cash flow generation across the years, including in 2021. All of this despite the environment impacted by COVID-19, Alstom standalone stand firm on our Alstom in Motion trajectory. Turning to the future. We have added our framework within Alstom in Motion 2025 strategy, integrating mobility, transport, and adapting to our new company profile. Starting by looking at the top line, we are targeting above 5% of CAGR over the period 2021 to 2024, 2025. 2021 pro forma sales being at EUR 14 billion. What are the key drivers? Number 1, very positive market momentum accelerated by government stimulus packages. You have seen our recent successes. We're combining the strengths of the new group. EUR 6 billion of order intake in Q1 2021, 2022 with healthy margin, demonstrating clearly that we are benefiting fully from this positive market traction. Second, our strong backlog of EUR 74 billion as of March 2021, which is securing EUR 30 billion of sales for the next three years. The dynamic above market growth is supported by all our product line. Rolling Stock growing above market pace. Services growing at strong mid-single digit pace with huge potential, as explained by Matt. Signaling enjoying the growth rate at high single-digit, benefiting from positive market catalyst both on urban and main line, as you have seen with Jeff. In terms of top line, sitting on a dynamic market and expecting solid growth for all our business. Looking at the profitability now of the new group. We are targeting an adjusted EBIT margin between 8%-10% from 2024, 2025 onwards. As a reminder, we consider the combined entity group proxy profitability of circa 5% in 2021. Profitability uplift will be driven by three main elements. First, volume with strong top line growth associated with control of SG&A and R&D investment, moving toward 3% of sales by the end of the plan. Second, margin and efficiency, including operational excellence initiative, building on Alstom track records such as best cost countries step-up. Stabilization and execution of our challenging rolling stock project in the first years. Continuous improvement of growth margin on new orders. Finally, product line mix while we confirm the product line margin ambition range provided in the AiM strategic plan. Third, of course, progressive execution of synergies from the acquisition that I will detail on next slide. In terms of synergies, we do confirm our roadmap to achieve EUR 400 million of cost synergies run rate in year four to five. Delivery will be progressive across the plan and structure on the following axis. Number one, financing synergies, which will kick in by aligning financing cost of BT with Alstom profile. Second, procurement synergies with savings benefiting from new scale, massification of purchase, commercial power, best cost sourcing, design to cost. This both on indirect and indirect community. Third, process and efficiencies by reducing overlap on tenders, project management together with standardization of processes, methods, and tools across the group. Fourth, utilization of R&D project and structure cost overall optimization. Finally, industrial footprint investing on our manufacturing engineering centers of excellence in BCC countries such as India, Eastern Europe, or Mexico. Overall, we are very confident on synergy execution to be delivered across all dimension thanks to a rigorous synergies execution plan. As you know, these synergies will lead to implementation expense of around one year of run rate. Now looking closer at this fiscal year, our focus will be definitively on project stabilization, including industrial ramp-up, resulting in significant cash impact in 2021, 2022. Related to project stabilization, as Benjamin Fitoussi mentioned, we are deploying our action plan with meaningful progress on product technical performance, development, industrial supply chain deliveries, for instance, in Derby. Quality of our deliveries to our customers and reliability of our product and the SBB reliability growth program is a very good example for that. Overall, we do confirm project risk assessment and associated provision booked in our account for our fiscal year 2021. This action will have significant cash impact during this fiscal year with -EUR 1.6 billion to -EUR 1.9 billion free cash flow impact net one, driven by project stabilization effort on engineering, supply chain, together with phasing and industrial ramp-up of our large rolling stock project. We will turn to cash generation as of second half of 2021, 2022, driven by deliveries, take-up, sound cash generation on Alstom legacy perimeters, and progressive working capital stabilization. Looking ahead, we do see yearly positive free cash flow generation toward our midterm target. On the midterm, in terms of cash generation, we do target above 80% of cash conversion from net income from 2025, 2024-2025 onwards, consistent with our previous Alstom in Motion target. Four key axis to deliver this target. Delivery performance driven by sound project execution on time, on quality, on cost, delivery across the board. This is, as you know, our main foundation. Stabilization of working capital. Reduction of CapEx to around 2% of sales. Finally, positive impact of our Cash Focus Program, which will be deployed across the group on tender, inventory, supply chain management, together with specific cash incentive implementation. Overall, we are very confident in reaching above 80% free cash flow conversion from 2024, 2025 onward, building on sound project execution and consistent deployment of our structured cash-focused program. Looking at the capital allocation. We intend to protect our financial flexibility while pursuing growth opportunities and keeping a sustainable return for all our shareholders. First, we know it's important for us as a project-led industry, we are committed to maintaining our investment-grade profile. Second, we keep flexibility to pursue external growth and focused bolt-on M&A in the field of Signaling, services, or specific technology, as we have done in the last 12 months. Finally, we do commit on a sustained shareholder dividend policy in the range of 25%-35% payout. Looking at value creation, EPS uplift will be delivered with sales above 5% of CAGR, margin improvement driven by synergies and operational excellence, positive contribution from our joint ventures in China and Russia. All of this turning into a very significant EPS step-up along the plan. To wrap up, we have set ambitious targets in our Alstom in Motion 2025 strategy, confirming our ambition to strengthen our leading position in the industries and to provide our customers best-in-class solution. To sum up, 5% of CAGR on sales benefiting from our buoyant market. Adjusted EBIT between 8%-10%, leading to leading profitabilities with efficiencies and sound execution. Sustained midterm cash flow generation with the objective of a cash conversion of above 80% from 2024, 2025 onwards. Finally, 25%-35% net income payout. Thank you very much for your attention. I leave back the floor to Henri for the conclusion. Thank you, Laurent, and thank you to all my colleagues who have presented to you the strategies of their different product lines. It is now time to conclude. As you have seen during the presentation, Alstom is today benefiting from an exceptional market, a unique market. The train renaissance is absolutely unprecedented. On this market, we have all what we need to be extremely successful. We have a very large footprint, a very large portfolio of technology, of product, of solutions that we can leverage to better serve our customers. Of course, innovation will stay at the heart of Alstom strategy. We are already well-known for our innovation capabilities, but we need to significantly enhance these capabilities. We have now a very clear roadmap, fully engaged teams in order to push Alstom towards new horizons, in order as well to integrate Bombardier Transportation and to combine the two groups in order to create a world-class company. We have set for ourselves ambitious targets, which I remind you, 5% growth year after year, which will lead to a market share increase of five points, 8%-10% EBIT, adjusted EBIT, which is a normalized, I would say, world-class profitability. Last but not least, 80% cash flow conversion going forward. I just want to end my presentation by outlining the importance of all our colleagues worldwide. All what we do is entirely due to the dedication, the engagement, the commitment of our 70,000 employees worldwide. Their expertise, their professionalism is absolutely needed to bring the solutions to the market and fundamentally to lead the way to greener and smarter mobility worldwide. Thank you for your attention. Now I will invite you to follow me to go to the Q&A session. Thanks a lot. Thank you again for your attention. It's now time to take your questions. I've been told that there are a few people lining up for questions, so let's get started, and let's have the first question being asked. Our first question is from Alasdair Leslie from Societe Generale. Sir, your line is open. Oh, thank you, and good morning. Just a couple of questions. First one is a little bit more detail on the free cash flow guide. I'm just wondering if you can confirm how much of the circa sort of EUR 500 million of cash release from BT's excess contract assets you expect to benefit from in H1 or H2 this year, if at all. Laurent, I think you also said in May at the full year results that down payments could be very significant this year, and we've seen obviously a strong order intake in Q1, a buoyant pipeline still. Do you need a strong level of down payments to achieve the positive cash flow in H2 as well, or does that kind of represent further upside risk? The second question was just a quick one on Signaling. Previously, you had an ambition there to achieve double-digit margins in Signaling. Can you say where that kind of pro forma margin stands now as a kind of starting point, and how much of a gap you can continue to close with the number one player there, given your sort of strong growth ambitions as well? Thank you. Thank you for your questions. Indeed, in terms of working capital requirements, as you have seen, H1 will be fully dedicated to ramp-up the production facilities across the globe in order to serve our customers, in order to make sure that we are stabilizing the projects, notably, of course, coming from the Bombardier portfolio. Yes, the quoted entirety of EUR 1.6 billion-EUR 1.9 billion will come from this working capital evolution. Maybe as you are referring to, Laurent, comments, I will hand over to Laurent for further details. I will come back on the Signaling questions. Thanks, Alasdair. In terms of the contract assets you are mentioning, this is all part of the guidance we are referring to, the EUR 1.6 billion-EUR 1.9 billion negative in H1. We are turning in H2 to a positive cash generation, thanks to the delivery pickup that we are seeing in France, U.K., India in the second half, and the incremental sales profit going with it. We will have indeed in H2, a positive impact expected from the LC order intake pipeline we are looking ahead of it. This is all part of our positive cash for our H2 2021, 2022. Thank you, Laurent. On Signaling, I will hand over to Jean-François Beaudoin. Let me tell you that in general terms, the Bombardier acquisition was not dilutive as far as Signaling was concerned. Margin within Signaling Bombardier was of the same order of magnitude as ours, and we are actually pretty good in recording a lot of small contracts, quite good, highly relative small contracts. Yes, as you said, not only we intend to be number one in terms of size, we also intend to have a world-class margin in Signaling, which as you know, is definitely a double-digit one. Maybe, Jeff, you can say more about that. It's correct, Henri, what you said. The profitability of Signaling from legacy Bombardier and legacy Alstom were at the end fairly similar. I'm not sure we communicated explicitly on the double- digit or not. I'm not sure we'll go and mention any specific numbers today. The road towards best-in-class margin, which indeed is double- digit, is very clear. One of the key aspects is, of course, leveraging our BCC footprint. Rationalization of our portfolio and digitalization of our portfolio will, of course, increase the top line, and we expect to create R&D synergies, of course, which is one of the key levers, because we are a very R&D-intensive business. Thank you, Jeff. Next question, please. Our next question is from Guilherme Pinheiro from UBS. Sir, your line is open. Thank you. It's Guilherme from UBS. I wanted to ask maybe a couple of questions regarding the free cash flow again. I wondered whether you could give any granularity on the first half free cash flow guidance as to how much of the cash outflow is driven by project stabilization, or how much is driven by pure working capital needs. A second question on the free cash flow for the second half of this fiscal year and probably next year, could you be a bit more granular? I think we're trying to obviously understand how much do you mean by significant cash outflow in this fiscal year. How much will be the cash inflow, or at least a little bit of guidance on how much can we see in the second half? Second, when you say gradual conversion towards the over 80% free cash flow target, what are your aspirations or ambitions in fiscal year 2020 or next fiscal year? If you could shed some light on those, that would be really helpful. Thank you. Thank you for the question. Indeed, as you know, the variation of our free cash flow is entirely due to the working capital change. Actually, when you look at our profitability, then what drives the difference between the free cash flow and our profitability is the working capital change. During H1, the vast majority of the cash outflow will come from this working capital change variation. We have not given any guidance for the full year, because indeed what we need to do, what we want to do, is definitely to stabilize the project. Wherever we need to invest in supply chain, in resources, in order to stabilize this project, we will do it. Yes, we think, and that is our guidance, that we'll be cash flow positive during the H2 as well as during the subsequent semesters and years after that. In terms of detailed numbers, it will vary depending on some of the projects. We also want, as you know, to stabilize the customer relationship. For that, we have a number of discussions with some customers. Depending on the results of these discussions, the timing of these results, it may also influence the cash of H2. That's why we have concentrated on giving you a guidance for H1. We'll have a gradual ramp-up year after year as we are stabilizing our project and as we are also entering into all the discussions with the customers. I don't know, Laurent, you want to add something on that? H2 is indeed stemming from the deliveries pickup as well incremental sales. We are expecting definitively a cash positive in the second half. You explained the volatility we have usually as well around the midterm perspective. Our next question is from James Moore from Redburn. Sir, your line is open. Yeah, good morning, everyone. Henri, Laurent, Julie. If I could go back to Signaling and free cash flow, please. On Signaling, I think you talked about a 9% margin previously. Could we confirm that the pro forma margin was roughly 9% last year? I believe Siemens in their Signaling business made just over 15% last year. Can you really say you can do a 600 basis point increase in Signaling for fiscal years? On the free cash flow, Henri, you talked about drawing a line in the sand two months ago after we dropped EUR 750 million of free cash flow and increased the debt reclassification by EUR 450 million. We now have another EUR 1.6 billion. That's EUR 3 billion of cash burn in eight months. What moved the line so much so quickly? Can you give a bit of shape to years two, three, and four? Are we going 25%, 50%, 80% conversion in a straight line, or do you see a hockey stick at the end? No. Thank you, James. I think in terms of margin of Signaling, as being said, we have never given any precise guidance. What we said, it was a high single-digit, I do confirm this is high single-digit, this was the pro forma. As being said by Jeff a few minutes ago, again, the Bombardier portfolio was more or less in line with the Alstom portfolio, so the high single-digit is there. Similarly, Siemens has given some hints on the margin, are not really disclosing precisely the margin of Signaling, we know that within Siemens, it varies from one year to another one. We have basically agreed on saying that it should be double-digit. I will not say that it would go, and I will not comment on the 15%, but you can read my words that it's probably a little bit of a high number at that stage. We are probably more in the low double-digit rather than the 15%. I think on average, it's similar to what Siemens is, even though, again, these numbers are not public, so we just take out from your own comments and your dialogue with us. I will comment to Mike on the points. There are two different elements. One, the amount of provisions we had to book at the end of March of last year, as you know, in order to face the risks which were embedded in the Bombardier portfolio. Here I was very clear. I said I would draw a line in the sand saying that we looked at the portfolio of Bombardier, and we said these were the risks embedded in this portfolio. I confirm, and what we announced today is by no means an increase of this level of provisions. We said it as well at the end of March and during our May announcement, that we need to find what was the trajectory in order to get back to a more normal situation. We knew that basically Bombardier had unsound relationships with the suppliers, with the customers, and so forth. We need to reestablish these relationships. We need as well to ramp-up the manufacturing facility. There is, just to give you an order of magnitude, we will produce during the second half 35% more cars than during the first one. Of course, this requires heavy investment in terms of supply chain. It's two different aspects. One is definitely the risks which are embedded in the contract, and two is what is the cash which is needed to get back to a more normal working capital situation, considering a more normal, I would say, working capital situation, which is in line with the level of production which is anticipated in the future years. When I said that we are growing in H2, of course, this level will be sustained for the future years. In a way, it's a new normalized working capital evolution. Also, as I said, we need to have customer satisfaction as being our first priority. We need to ramp-up the production and to deliver as fast as possible all our trains, and certainly not start to try to save some cash and delay further and further the deliveries of our trains. Thank you. Can we have the next question, please? Thank you very much. Our next question is from Simon Toennessen from Jefferies. Sir, your line is open. Good morning, gentlemen. My first question is on the margin target of 8%-10%. Could you be slightly more specific here as to how you see Alstom standalone here and BT? Obviously, you have the 9%+ margin target for 2023. Even competitor targets now 10%-13%. Is it fair to assume that you think Alstom standalone will be a 10%+ margin business by 2025, and then correspondingly, BT obviously at a lower level? Just a bit more color on that would be helpful. Secondly, on the synergies. In one of your opening remarks, Henri, you said the longer you look at the deal, the more you see the synergies. How do I interpret this in line with you confirming the synergy target? Do you think there's upside eventually and you're just trying to be conservative today to stick to the target? Maybe just a bit more color on revenue synergies, which I don't think are included in your current guidance. Very lastly, on your investments in digital and green initiatives and services, how do I think about the competitiveness of the market overall with a lot of investment in these initiatives? Do you think it really favors now large players over the coming 5-10 years at the expense of smaller players? Just how you see competitiveness in light of this. Thank you. Yes. Thank you for the question. Frankly, it's going to be very difficult to give you any color on the margins or the ex- Alstom margin and ex- BT margin. Today, we have now a portfolio of projects. We have merged the two portfolios, and now we are managing, as you know, our company by geography. In the U.K., we have the portfolio of projects combining the two legacy companies, and Germany, France, the same. It's very difficult to follow, and in the future, it will be impossible to follow what was the margin of one or the other. What I want to tell you today is that the margins, which is embedded in our backlog, and I'm talking now the global Alstom portfolio, is superior to the margins that we are trading today. The margin that we are recording from new order intake is also better than the margin which is today in the backlog. We are starting what we did in the past within Alstom, and it was few years ago, which is this virtuous circle where you are trading lower margin projects and we are recording higher margin projects, and your backlog is improving with time. Of course, this needs to have a proper execution of the projects so that the margins within the backlog is not deteriorating. That's the key to this virtuous circle that we are starting. To tell you in 2025 what would have been the margin of the portfolio within both Alstom and Bombardier, frankly, does not really make sense. By the way, in 2025, 80% of the sales will come from projects which would have been recorded in the meantime. Already today, the projects that we are recording during the Q1, which as I remind you, is pretty high, EUR 6 billion for us, EUR 6 billion+. Where are they coming from? Is it an Alstom portfolio? A Bombardier portfolio? Nobody can say. Let's focus now globally on the Alstom global portfolio, and we cannot really split between the two. On the synergies, I'm fully with you. I say it, and I'm very much impressed, and my colleagues probably will confirm that the more we talk between colleagues, the more ideas we find in terms of synergies. Whether it's in terms of technical synergies, product platform synergies. Maybe I will give the floor to Matt who will illustrate between HealthHub and Orbita, which were the two predictive maintenance tools of Alstom and Bombardier. Where I'm prudent, cautious, is in terms of timing. As I said, the first year of the plan will be entirely dedicated to the stabilization of the projects. Let me be clear with you, I will clearly prioritize stabilization of the projects over synergies. We are not going to try to perturb the supply chain, perturb the industrial setup, perturb the engineering setup just to have some synergies when project execution could be at risk. Yes, 400 is probably a conservative number, but we need to have the time to have these synergies being, I would say, fully embraced in our portfolio. Just to give you an example, again, I will give the floor to Matt to explain to you between HealthHub and Orbita what were the complementarities between the two systems. Thanks, Henri. In terms of synergies, we do see, while there's a backlog benefit from footprint in terms of duplication, we see a benefit from skills and capabilities. The big driver is actually the merger of the strategies of the old BT and the old Alstom, which is driving a lot of the backlog improvement which we see could be possible. HealthHub versus Orbita is one aspect. Instead of investing in two systems going forward, we've merged the systems and we'll be investing in one system going forward. We see an R&D benefit. We're also seeing substantial opportunities going forward in terms of optimizing the backlog by merging the philosophies and moving away from standalone projects to hubs which support projects. That's arising from the technologies of both Alstom and the old Bombardier. The services backlog of EUR 25 billion, we've already said it's stable. We've already said 97% of those projects achieve their as-bid or beyond in terms of margin. We do see the technology which is in Alstom and the old Bombardier converging together to allow a reduction in R&D, while still maintaining our pace of investment in terms of output. The philosophies of the two companies allowing us to extract more value from the backlog. Thank you, Matt. To your last point, this is absolutely essential and crucial. Yes, we do believe that the combination of Alstom and Bombardier, the new scope of Alstom, its worldwide presence, its new innovation capabilities, will give us a competitive edge. I would say otherwise, we would not have chosen this strategy. It gives us a competitive edge on two sides. One, on the technology itself, I can tell you, tenders and customers are increasingly demanding in terms of energy saving, in terms of noise, in terms of weight, in terms of passenger comfort, and so forth. Innovation is absolutely key, in most of the tenders, you have at least 50%, 60% of the marks which are related to these technology aspects. We do have also the question of the localization. More and more, you know that this is a political trend worldwide. More and more, you have some requirements of localizing projects. Sometimes it's a compulsory, it's an obligation, a pure obligation, like in the U.S. with the Buy American Act, for example. Sometimes as well, you get some extra points if you localize more than 25%, more than 30%, more than 50%. We are quoting several times in the presentation, the win in Mexico. Typically in Mexico, we did get some extra points. Actually, not to go into details, these extra points, which we did get because of our localization in Mexico, were absolutely instrumental in the fact that we won the contract. We can multiply this example. Australia is another one. Canada and Quebec, now they are asking for localization as well. This combination, and that's why this question is absolutely crucial. This is the combination of the high end of the technology, the high level of technology, and the possibility to localize, which will really give us a competitive edge against our competitors. Actually, there is no other competitors who benefit from such a combination. Thanks, Henri. Thanks. Next question. Our next question is from Martin Wilkie from Citi. Sir, your line is open. Thank you. Good morning. It's Martin from Citi. To come back on the cash flow, can you clarify one point? You talk about the working capital moves, but in the provision that you've taken, the EUR 1.1 billion, roughly, for the onerous contract, how much of that is going to get used in the first half of next year? How much of the EUR 1.6 billion-EUR 1.9 billion is utilization of that provision? How much would still be on the balance sheet at the end of the first half? That was the first question. The second question was, obviously, you've raised some bonds and financing to finance the deal. I couldn't see any covenant as part of that, to clarify, are there any leverage covenants as part of the financing taken out as part of the deal financing? Thanks. Thank you. Thank you, Martin. I will hand over to Laurent for these questions. Clearly, the vast majority of the cash outflow for the first half will come from working capital and the pure, as I said, investment in supply chain and so forth. I'm not saying that this cash outflow is due necessarily to provision consumption. We are working, as I said, we're discussing with some customers, but I don't expect in the first half a massive cash outflow coming from these discussions. It will be vastly coming from the working capital. On this global balance sheet, I will let Laurent answer. Technically, I can tell you that we are committed to the investment grade, and therefore, we are committed to keep the same kind of, I would say, fees and so forth on our bonds and bonding requirement and so forth. Laurent, maybe you can answer more technically. Yep. On the first one, Henri explained on H1, vastly a working capital movement. There will be some provision, but this will be more over time to be more progressive. On the financing, indeed, as you know, we have very strong cash liquidity as of end of March 2021, EUR 4.5 billion. We are definitely continue to work in this environment. To be specific to your question, we don't have any covenants to our bonding or credit line as we speak. Thank you, Laurent. Next question. Thank you, Martin. Thank you. [crosstalk] Martin, you had a follow-up question? Maybe? Oh, sorry. Yes, I do. Just on, obviously, the very good orders this quarter, roughly EUR 6 billion, I think. There had been some market conjecture that would customers want other companies to commit to tenders, i.e., to keep a large number of potential suppliers, and there was some fear of dis-synergies. It seems like that's not the case. You've done very well with order intake so far. Have you had any negative comments about customers wanting to have other rail companies that may not previously have bid for customer contracts and now bid because Alstom and Bombardier are together? Has that not been a feature of what you've seen so far? No, not at all. Thank you for the question. It helps me to clarify a little bit how our market is working, because I've seen this comment. First, we have 1,000 customers. Their decisions are very much independent from one each other. When a city is asking for a metro from Alstom, the city next door or the city 100 km away, 1,000 km away, will not take his decision depending on what the other cities are taking. The point that you are raising could only happen in a very, very limited number of customers, which could take their decision in a very short period of time. Sometimes, and this is what I'm heading to, in the last decade, I've been heading Alstom Transport for 10 years now, I've seen maybe two or three cases where you have that. Sometimes it's very clear, like in Riyadh, for Riyadh Metro, where we could not win more than one lot. It's the case today in Tel Aviv, for Tel Aviv Tram. You cannot win more than one lot and so forth. It's extremely rare that you have that. Maybe two or three times in a decade. Then when a city like Singapore, for example, and I discussed that with Singapore, they say, "Okay, you are now present in the majority of our lines." They have to balance. On one hand, they may say, as you say, "Okay, we need to have challengers and so forth," which they have. At the end of the day, let's not forget that what we are targeting is roughly 36% of market share. 36% is far from being a dominant player. 36% is 1/3. Still, they have this choice of saying maybe we should multiply the number of rolling stock provider. On the other hand, and that's what has been told to me by Singapore, they are benefiting from a huge investment of Alstom locally, and therefore we can serve all their lines locally with local presence, local maintenance capabilities, local expertise, which they value more than having two, three, or four different fleet. On the contrary, I said most of the customers are happy to have homogeneous fleet, and more importantly, to have a fleet which can be served by local people. What they hate by far is to have somebody coming, delivering some trains, and then going away for the next 40 years. Frankly, this is not at all, I've seen that in a comment, but it's not at all the case, and this is not what we have seen commercially. We had a very good quarter, and the perspectives are very good as well for the coming quarters and years. Thank you, Martin, for the questions. Next question. Thank you. Bye. Our next question is from Daniela Costa from Goldman Sachs. Madam, your line is open. Thank you for the presentation and good morning. I would like to ask two questions. The first one on the organic growth target of over 5%. Excluding the COVID year, in the last eight years, you did several years above that. Now there's much more stimulus, your positions in hydrogen, and a lot of the things that you've spoke about. Why are you still sticking to the 5%? Why isn't there an increment versus where you were in history? That's my first question. The second question is just following up again, sorry, on the free cash flow point. You've anchored on the first half commentary to largely being an outflow on the working capital. Can you elaborate on the full year 2022 margin? Normally, you have a guidance for that. Why don't you have a guidance this year, or maybe can you clarify there? The third point related to this as well. Historically, it looks like your highest cash conversion in the past in the second half had been around 90% or slightly over that. Should we think that it could be meaningfully different from history this year, given all these strange movements around the legacy contracts and perhaps some deliveries on Bombardier? Or do you think that kind of historical seasonality still applies? Thank you. Yeah. Thank you for the question, Daniela. You are trying to push us to give you more guidance, which I fully understand. On the growth aspect, we have given you some market perspective, which, by the way, these perspectives do not include some of the stimulus packages. As you know, the Biden plan is extremely recent, and we need to know how it will fall through the sieve. Maybe our cautiousness or prudence comes from the fact that these stimulus packages will feed some orders in one year or two years, probably in the U.S., which in turn will feed the growth in revenues in three, four, five years. You will not see any impact of the stimulus packages, this year or next year and so forth, which is purely the backlog deliveries. We hope that we will do better than this 5%, of course, and I think we have everything in hand to do better. At that stage, I will remain cautious and I will stick to this 5%. On the margin and on short-term guidance, historically, we didn't give any really short-term guidance. We did it when we had very specific operations, for example, on our capital and things like that, where we really needed to give some very short-term guidance on what's going to be our results announcement one month, two months, three months after the operation. We are in a long-term business, a long-term market. We prefer giving a long-term guidance, which I think is more in line with our business model. I also think that short-term, as we know in cash flow, you have some volatility. Likely so, as you said, Daniela, all the moving parts today are probably even more moving than in the past because you have the working capital evolution, as we have seen. We have large down payments as being said by Laurent. You have also, as we have said, the provisions that we need to cash out, and I don't know exactly the timing of this cash out. We want to privilege customer satisfaction. We want to privilege the production over some short-term cash optimization. We have a lot of moving parts, and I don't think that what has happened in the past is a good proxy of what will happen during H2. I will stick to my comment that we will definitely be cash positive during H2. The extent of it really remains to be seen. To be fair, depending, and I will then be, of course, transparent with you at that point in time, depending if it's a cash out related to a provision which has to be expensed, for example, which has already been booked, it is going to be good news if we can do it before the year end. The sooner the better. If we can come up with an agreement with the customer and so forth, that is definitely better. I do not want to over-commit on H2. I think it is good to have a progressive ramp-up of our cash flow, and this was a previous question as well. It will be a progressive ramp-up as we are stabilizing the working capital, and as I said, as we are cashing out the different provisions, increasing the profitability. To be fair, difficult to take the past as a proxy of what will happen in the next few months. Laurent, you want to add things to that? No, it's clear. Okay. Thank you, Daniela. Next question. Our next question is from Gael de Bray from Deutsche Bank. Sir, your line is open. Oh, thanks very much. Good morning, everybody. Look, I have so many questions that I don't even know where to start. I guess the main surprise today is obviously the negative cash development in H1. It's just that, you previously sort of suggested that free cash flow could indeed be negative this year, but that there was perhaps still a possibility to see it positive. Now we are talking about a very big negative number. What's changed so much over the past couple of months, really? What I'm trying to understand is to what extent this is purely related to an acceleration of the manufacturing and the supply chain build-up for BT's TRAXX projects, or is there something else? That's question number one. The second question is on the targeted cash conversion rate. Could you actually confirm that the 80% level is calculated on the adjusted net income, before PPA? The third question I have is on the margin performance at BT. I know you don't really want to comment about BT versus Alstom anymore, but is it fair to say that the margins have not fully developed according to initial expectations for BT, and that they are hardly around 2% this year rather than the 3%-4% level than had been previously suggested? If I may add a final one in the interest of time, I will stop here, but on the BT execution side, you've talked a lot about their managerial issues, the lack of coordination, the lack of resources. I was also wondering to what extent Bombardier had been this sort of price spoiler that people have talked about in all their tenders in the past five years, and how this consolidation move may actually change the pricing dynamics for the industry going forward in a significant way or not. Thank you very much for the time. No, thank you. Thank you, Gael. Difficult to comment on all your points. On free cash flow, I don't know. We have never guided, to my knowledge, on what should be the cash flow of this year previously. There may be we were, and I fully admit it, and I fully confirm it, that we have guided a lot on the provisions that we have taken and the fact that they would be cashed out progressively. On the working capital evolution, I don't know if there'd been an acceleration or so forth. We knew and we worked on what was needed in order to accelerate the production. It's true that we are now five months from the acquisition. Five months ago, we had an idea of what to do. It has been confirmed. The ramp-up of production is probably stiffer than what we thought at the time, and therefore the amount of effort which is being required in order to get to where we should be to satisfy our customers and to deliver this large amount of cars during H2 and forward is definitively very high. That's what we are today disclosing. Again, I don't recall having really guided on this particular point, but true that this number, of course, was not known by the market today. Frankly, we worked on it a lot during the last months to work on the supply chain, to work on what, again, was needed for this to happen. On the 80% conversion, yes, I do confirm that this is on the adjusted net income. I don't know exactly, and Laurent you may confirm, but in four or five years, the PPA should start to decrease quite significantly. The difference between adjusted net income and net income will be probably relatively thin in four to five years. Practically, you are right. This is to be compared with the adjusted net income. On the margin of BT, and mathematically, I've not made the computation, I will confirm that this is as compared to the 3%-4%, which was in the backlog, we are probably on the low side. Whether you've seen that during the last two months of last year, we have disclosed 2.7% as being the margin of BT, and it's clear we are more in this vicinity. 5%, of course, were the pro forma of last year ending March 2021. This 2.7% is probably more of a number. We are cautious. We are not giving any guidance for the first year. As you hear from all our comments, we are cautious on this first year. First year being fully dedicated to the stabilization of the project. As I said, we put this stabilization as a priority, even over short-term synergies where we need to start to work on the synergies, but stabilization of the project is a top priority. We are cautious for the coming year, definitively the case. Last question, which is an interesting one, and Gael, we discussed during years and years, so you may recall some of my comments. The issue of who is the price spoiler of the market varies with time. Some of our competitors, they love to say and point out on one or the other being the price spoiler. Usually, when you lose a tender, you tend to believe that the other one has spoiled the price. I will not quote some tenders where Alstom has been said to have spoiled the price, and now this project is one of our best cash cows. It's not black and white. I'm quite cautious on that. Myself, I said at one point in time that Stadler was extremely aggressive, and indeed, they were very aggressive at one point in time. It's true that sometimes Bombardier was quite aggressive. Sometimes Siemens has been aggressive. In general, of course, the consolidation of the industry is a good thing for innovation, it's a good thing for the customers. I think it will drive our competitiveness. I will not go into this debate of whether Bombardier was more of a price spoiler than Alstom, than CAF, than Stadler, than Siemens. Frankly, you tend to see the market through your own lenses, and sometimes you lack a little bit of rationalization. I will not go in that direction. Thank you, Gael. Thank you very much. Thank you, Henri. Thank you. Next question. Our next question is from Iris Zheng from Credit Suisse. Madam, your line is open. Great, many thanks for the presentation and for taking my questions. I've got a couple of follow-ups, and the first one, and my apologies, is on free cash flow again. I would like to ask more specifically about the working capital phasing, because I think that in the first half, the next numbers will be mainly coming from the working capital phasing. I'm more thinking about how this relates to the progression of the backlog delivery of BT and how front-loaded it is when it comes to the working capital phasing. Can we think about the big chunk, maybe 50%-70% of the negative working capital phasing will be done in H1, so that we'll be seeing much, much less headwind from it going forward? It's actually, maybe it will be a more gradual process than maybe I would have expected. Secondly, can you confirm that the majority of this working capital drag is from the BT backlog rather than on the Alstom side? If there's any comments on the Alstom, maybe legacy projects execution and working capital phasing, that will be also very helpful. My last question is on BT again, because it sounds like today you've mentioned a couple of times, actually several times, that actually you found BT more complementary, maybe you had previously expected. Could you maybe comment on areas more specifically which maybe have surprised you on the upside when it comes to maybe BT being a bit more complementary to you? Thank you. Yeah, thank you for the questions. First, to your first question on free cash flow. Again, I fully understand that there are plenty of questions on free cash flow. No need to apologize for that. On the contrary, you're right. Most of the headwinds will be recorded in H1. By the way, this is, I would say, purely mechanical or mathematical. If we want to deliver, and as we said, we'll deliver cash during H2, the variation of working capital, by definition, has to be much, much lower than the variation of working capital during H1, because to be at such a negative cash outflow during H1, it means that the variation of working capital is extremely large. Now, as we are going to deliver cash during H2, of course, all the headwinds have to come from H1, definitively. This is also in line with the ramp-up of our facilities. I can quote you a number of examples. If you take Derby, and Matt who is coming from the U.K. as well, based in the U.K., knows that very well. I think at the beginning of the year, when Alstom acquired Bombardier, we were delivering a few cars per month, probably four or five cars per month. Per week, sorry. Now we are at 20, 25 cars per week. That shows you the ramp-up of the industrial capabilities. If you look at Crespin, we need as well in France to ramp-up Crespin extremely significantly. To your point, the headwinds are vastly in H1, and then you have some volatility and so forth, but the bulk of the headwind is definitively in H1. To your second point, and maybe this will be my last comment, or at least today will be my last comment between Alstom and Bombardier, it's vastly coming from Bombardier. It's not entirely coming from the ex-Bombardier portfolio. On your question of complementarities, I can give you some example. What is extremely striking is when you talk to our tech people, when you are talking to the solutions, when you look at in the detail of the bricks, we have a lot of technological bricks. I'm sorry, because I will go to a very, very technical matter on, for example, if we have a very specific type of control of our bogies, of our trains, very specific features which are asked by customer, for example, to take a simple one, lightweight bogies. For example, Bombardier has very lightweight bogies, which Alstom didn't have. We could easily combine some of the Alstom products with these lightweight bogies of Bombardier. I will spare you the detail with dual odometr which is being developed by Bombardier, which we will apply to Alstom product as well. Where we see more complementarities is really in the technological part of it. Even just to give you a very precise example, which came, frankly, as a very good surprise, is that we have what we call a CCN, which is core competency network, which is basically regrouping all the experts of a certain discipline, hydraulics, train dynamics, electrical, software, and so forth. The guy in charge, the Chief Technological Officer of Alstom, who is in charge of animating this core competency network, told me that he was extremely surprised that the strengths and weaknesses of the two companies were definitively complementary. You had plenty of experts in Bombardier, which were covering areas which were badly covered by the experts of Alstom and vice versa. Therefore now, with the two set of experts together, we are really covering the full complexity, if I may say, all the disciplines which are necessary to ensure the good quality and the good performance of our trains. My message to you is very coming from a day-to-day dialogue with everybody within the company, and the company is actually, when you discuss with the people inside, the company is extremely excited by all what can be done together. This is proving to be extremely powerful within the company. Thank you. Maybe next questions. Our next question coming from William Mackie from Kepler Cheuvreux. Sir, your line is open. Good morning. A little like Gael, a long list of questions, I'll try and concentrate on three, and a clarification, please. Firstly, I understand your reluctance to guide on profits or cash, at least at the top line, given your framework around the strong ramp-up in Rolling Stock and the growth potential in Service and Signaling, could you at least put a frame around where you see revenues for this year, given that I think it's a very nonlinear progression in your growth profile for 2024, 2025? That's the first qualification. The second would be just to ask your impression on how you would characterize the investment levels in and across the Bombardier operations. We've heard that there was perhaps an under-investment in some project execution, did you see a similar level of under-investment around the technologies and the manufacturing capacities across the group? What impact does that have on how we should think about CapEx going forward? The last, and I'll stop here, is around the rolling stock portfolio. It's great to hear that you have many technologies that you can cherry-pick from, but when we think about the real life cycle of Rolling Stock within the rail sector, which is very long, at what point could we start to see a trend towards rationalizing your product portfolio or platform portfolio, and perhaps with it, rationalizing the whole optimization of the components and the Rolling Stock footprint? Thank you. Thank you for the questions. First, in terms of revenues, yes, what we are investing today is to prepare the future growth. You will see a progressive ramp-up of our revenues during the first half and the second half. Yes, we intend to have I would say, I was prudent, to make it different, I was prudent on the margin, saying that it's going to take time because we are stabilizing the project. On revenues, clearly, the average growth, not only the compounded average growth, but this is a growth that we should at least achieve a bit year after year. That's something that we are aiming at definitively. Now, in terms of investment, CapEx is not really the issue. We have a very large footprint today, so I don't expect any large CapEx needed in our industrial platform and even in the ex-Bombardier platform. If we need to invest, and if there was a lack of investment on the industrial platform of Bombardier, that was more in terms of digitalization. On the contrary, to some extent, I would say that, if you compare, but again, I promise it is really the last time I will compare the two legacy companies. Bombardier was probably more advanced on some aspect of the industrial setup, and they had some because they had very large factories. For example, you go, again, north of France with Crespin. They are aiming at delivering 1,000 cars per year, which is a huge number. They have invested a lot in some of the tools and so forth, and they are continuing to invest in the tools. In terms of digitalization, it was far less advanced than Alstom. The good news is that it helps us in a way, if you want to look at it from the good angle, to deploy our tools. When we have to create one Alstom, there will be no debate on whether you have to choose the processors and the tools which have been deployed and, I would say, developed by Alstom or the tools which have been developed by Bombardier, because there is no global tool which has been developed by Bombardier. We're going to deploy relatively easily, I would say, with good acceptance from all the teams, all the tools which we have developed by Alstom. On this one, you should not expect any pickup in CapEx. We have globally the footprint which is being required. On your question of rolling stock portfolio, this is a very important question. First, you need to know that in our world, we are not talking, as you know, like in the car industry, where you have two types of platforms. For each project, we have a platform which we are modifying, where we are complementing with different types of bricks in order to exactly suit to the customer needs. We are working, and the teams are working very heavily on aligning our different portfolio. Starting, as you said, by the bricks, so by the components, which is the most important one. Starting by the components themselves and the portfolio itself before moving to the industrial platform. That's why you may remember that I said that it will take a few years to really align the industrial platform. You first need to align our different platforms. It's obvious, for example, the TRAXX locomotives for Bombardier, which is one of the best seller in Bombardier. Of course, at Alstom, we don't have similar locomotives for Europe, so that is easy. Even for this one, we may think, and we have already proposed to the customers to actually implement within these TRAXX locomotives, the onboard unit, i.e. the Signaling equipment of Alstom and no more the Signaling equipment of Bombardier. Already we are taking this kind of decision to say, now our new TRAXX offering will be the X rolling stock coming from Bombardier, plus the Signaling coming from Alstom. This kind of decision, we take them one by one, but it will take, let's say, another six months to be very clear on exactly the full picture on all our product lines and on all our products. Then we'll implement, then it takes two to three years for the industrial sites to really align to their new mission and new visions. i.e., you are going to do this kind of metro, this site, you are going to do this kind of metro. Which is always complex because also, as you know, we need localization. You cannot decide to totally specialize your site because you always need to have a kind of matrix between the technology, which is the core competence of a site, and the geography, because you want to be close to your customers. I don't know if Danny or Benjamin, you want to add something on this one? Maybe just at the last point, I think what we've seen as we've put together the building blocks, as we presented earlier today, I think you're absolutely right, Henri. The rationalization, we shouldn't be in such a big rush because it takes time for the engineers to decide the best of best. I think, as you just said, we have a great matrix of footprint, and we have such great components and platforms. Over time, we'll be able to probably rationalize and select one platform to sell. Right now, honestly, I think you're absolutely right. We should allow the engineers to cherry-pick. It's already invested in, so it's the best opportunity for everybody to really find out what the design features and attributes should be for the winning solution. Again, our strength is to be on all markets. We really need to find the right balance between standardization and modularization, because we don't want to let down some markets. I think we have the technology to serve all the markets. This is one of the strengths of Alstom. We don't want to let down markets through this standardization. It's a fine balance, and we allow us a few months to do that. I think this is a key decision for the future. Okay, next questions. [crosstalk] Maybe we should take the last question. Our last question is from Jonathan Mounsey from Exane BNP Paribas. Sir, your line is open. Thank you for fitting me at the end there. Not on free cash flow, I think obviously you've given a number there. It's somewhat shocking, obviously, bearing the stock price, but at least it's out there. The failure to give a margin target for this year, I think we learned this last year, with many companies, usually when you don't give targets for a single year out guidance, it's because the range of possible outcomes is too wide and there's lack of visibility. I'm just worried that's the scenario this time, and that the risk is almost certainly to the downside. Can we just comment directionally? Are margins likely to be down in FY 2022 relative to FY 2021? Secondly, just to sort of understand the risk profile around all of this when it comes to profitability and execution. A couple of years ago, I think Stadler had some problem projects, and they took some of their best people from around the group, moved them into those projects, and quite soon afterwards, the rest of the group started to have problems as well, because those people were not where they should have been. I imagine a situation where the best people in Alstom are moving across now to Bombardier to help with this ramp and solve the problems. Do you concede that the risk profile on the core Alstom business, which up till now has been going relatively well, is now starting to rise, too, as perhaps the focus moves to Bombardier and not to Alstom's day-to-day business? Thank you. Thank you. First, on your first point, let me be clear. We have decided not to give any guidance for the first year, not because we believe that the margin will be nowhere, because we don't want to give that guidance for the first year. We want to give long-term guidance. We are starting from a 5% margin, which is a pro forma margin. As I said, I'm very cautious. There will be the project stabilization. If I believe that the margin could go nowhere, I would have told. You could say as well, the fact that there is no guidance as a proof that I don't think that there's a need to give any guidance, if I may say it like that. That's on your first point. The second point is more fundamental. I think it gives me the opportunity to share with you exactly one of the core elements of our turnaround of Bombardier. You're right. I don't want to comment on the story of Stadler. I think I did it with some of you. Sometimes Stadler comments on us. I may take this liberty of giving one or two comments. We knew it in the past. You remember that Stadler went to a very, very fast growth pattern. I think they have quasi double in size. They have doubled their project portfolio in a matter of one or two years. What we are doing here at Alstom is, yes, of course, we are mobilizing a lot of Alstom people to help the Bombardier people. It's not like as if we were doubling in size without anybody, which was probably the case of Stadler. We have taken on board 35,000 of Bombardier's employees, which I can tell you, and I have illustrated with the technological aspect, are extremely competent people. There were some managerial issue, strong managerial issues, a lack of rigor, a lack of discipline, a lack of processes. That's true. The managers themselves, the engineers themselves, were not to blame in that process. The point is that, of course, you're right, some of the Alstom people will come and help some of the Bombardier people, and that's what we are doing. By the way, again, it will be the last time, because now within the company, nobody knows who is ex-Alstom or nobody knows who is ex-Bombardier. We are now 70,000 employees, all working toward the same goal. Theoretically, you're right, there is a balance. We need to take care about the difficult projects, so we need to pay attention to these difficult projects. We do believe that indeed, this is something which we can do without endangering the rest of the portfolio of Alstom, and I'm very conscious of what you say. As I said, I've been running this business for the last 10 years, and this is the number one goal, is to make sure that we keep the company under control. That's why I can tell you that everywhere in the world, all our managers are taking the problems one by one and are solving the problems one by one with an extreme sense of responsibility, of can, and we need to do it, and we need to keep it like that. The last thing that we want is to transform ourselves into a kind of firefighting, running around the planet. This is not at all what's happening today. I think on this one, I'm absolutely confident that the perspective that we gave to ourselves, or the decision that we made when we decided to integrate Bombardier, we knew that there would be some problems. I can confirm to you that the combination of the Alstom team and the Bombardier teams are totally up to the challenge and are actually, we can see a lot of signs of that, positive signs of that, of improvement of the delivery of our projects already today. On that one, I absolutely have no problems, no worry on that. The situation which we are describing on Stadler, I know it extremely well. I have that on top of my head, and I make sure that this does not happen to Alstom, that's for sure. I think this is ending now our Q&A sessions. Thank you very much for your time. Thank you very much for your attention. There will be of course further dialogue and Laurent is at your disposal to answer to all your questions going forward. I'm also thanking all the teams who have participated to this Capital Market Day. Again, for those of you who were not there at the beginning, we are here at the Line 15 of the new Paris Metro. I take also the opportunity to thank the Grand Paris for having given us the opportunity to have this Capital Market Day within their own facilities. We have an excellent relationship with the Grand Paris, and this is extremely, I would say, positive to be able to be there. Thank you, everybody, and talk to you soon. Thanks a lot.