Good day, and welcome to the Europcar FY Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Caroline Cohen. Please go ahead. Thank you, Gary. Dear everyone, welcome to Europcar Mobility Group full year 2021 research conference call. In a moment, I will give the floor to Caroline Parot, CEO of the group, and Malene Korvin, CFO. They will take you through the presentation, and then we will open up the lines for questions. As today's presentation may contain some forward-looking statements, we invite you to read the important legal disclaimer on slide two of the presentation. This presentation is available on the company's website, and a replay of this call will be accessible shortly. With that, it's my pleasure to pass the floor to Caroline Parot. Thank you, Caroline. Good evening, everyone. Thank you for joining us at the occasion of our full year 2021 results publication. Before we deep dive into these results, let's have a look at the agenda. Please go to slide three. To begin with, I will share with you the highlights of the year. Malene Korvin, our Group CFO, will then guide you through our financial results, and we will conclude with the status update on the concession tender offer, as well as on some 2022 and midterm perspectives. Please go to slide five. In a nutshell, 2021 was good in terms of business recovery, but was also a very unusual year compared to the pre-COVID times. It was unusual in terms of seasonality. The year began slowly as economies were still impacted by pandemic waves, and there are a lot of lockdowns and restrictions. Out of Q1, we began to feel some momentum and traction in the U.S., and to a lesser extent, in the Australian and New Zealand perimeters. These trends grew stronger from Q2 onwards in the U.S. and in Europe as well. Q2 was a good quarter in terms of business recovery and momentum, despite no Easter effects. H2 was very strong, with a high Q3 we discussed already, but also a very good Q4, with unusual high demand in October and November, and a slowdown starting mid-December due to the new Omicron outbreak. 2021 was also unusual in terms of pricing. As of Q2, we were faced with limited in-fleet capacities due to the semiconductor shortage, which was and is still impacting all OEMs. This fleet shortage in all the industry began in conjunction with a strong and sustained customer demand, mainly driven by the post-lockdown appetite for travel. This global tension between low supply and high demand resulted in high prices from the end of H1 2021 onwards across nearly all territories, and in particular, in the U.S. 2021 was finally unusual in terms of fleet pattern. Given our low fleet level during all the year, and in particular during peak seasons and in Q4, combined with the difficulty to acquire new vehicles, very limited de-fleeting happened post-summer, so as to be ready for 2022, while the balance of the non-vehicle programs has increased during the year. Now let's go for the performance on slide six. Revenue-wise, our full year performance was very good. And month after month, we reduced the gap versus pre-COVID levels in almost all geographies, despite limited long haul to Europe. It is in terms of margin that our performance was particularly strong, with 12.5% for 2021 versus 11.5% in 2019, and a record 21.5% for H2, versus 16.4% in H2 2019. Benefiting from both positive price momentum and the combined effect of the Reboot and Connect on our profitability while relaunching the group and investment for the futures. This allowed for a high corporate free cash flow conversion rate at 49% versus 42% in 2019 for the full year, and a particularly good 69% in H2. I cannot comment this performance without coming to the Connect plan, so please go to slide seven. In addition to our sharp business recovery, we also made good progress with significant achievements regarding the deployment of our strategic roadmap Connect. First, in terms of our new go-to-market approach with service lines. Here are three concrete illustrations that have been managed during this year. The service line leisure strongly leveraged Key'n Go and Europcar Premium Pick-up, our direct access to car solutions, in a context of growing demand from customer for fast, simple, and contactless solutions. The professional service lines launched, we discussed already, Flex, SuperFlex, and DuoFlex, which match businesses and especially SME strong demand for flexible and mid and long-term subscriptions as an alternative to leasing. Building on the group purpose to offer attractive alternatives to vehicle ownership, the proximity service line launched on the German market in late 2021 a new service, myEuropcar, a subscription model which target individuals who need a vehicle but wants to avoid the hassle of ownership. Now on page eight, coming to the operational and tech enablers of Connect, good progress were made as well. First, our connected vehicles program. It has been steadily scaling up over 2021 and met its annual targets with close to 100% of our U.K. fleet being connected and around 20% of our global fleet being connected as well. Vans and trucks benefited as well from those fast deployments. In this program, we also deployed new tech features leveraging data such as, for example, machine learning in the field of collision and damage detection processes to enhance our maintenance costs. In terms of our network transformation, we continued to deploy our strategy. We deployed eight new superior van and truck sites with continuing focus on professional businesses. On the EV side, with 250 stations equipped with charging infrastructures, it is now 22% of our corporate network, which is able to operate EVs and PHEVs on track to support our targets, to operate more and more EV vehicles, which I remind you is 20% in 2024. Finally, we resize our networks with approximately -200 stations to adapt to the business environment and to prepare for network specialization and efficient digitized operation. As for the tech enablers themselves, we run a six-month live lab in Portugal to test our one platform new IT system to progressively be deployed across all the group. We also deployed a new fleet planning tool in our European countries that is already allowing a better utilization and fleet management. All these backbone programs and initiatives are key in strengthening both our operation and customer value propositions. Let's go to page nine. Let's finish the 2021 highlights with ESG. As you know, transport accounts for 20% of annual greenhouse gas emissions. Today, the entire mobility ecosystem is at a major crossroad, and the only way forward is decarbonization. As a leading mobility player and building on an already robust ESG framework, we have decided to implement a systematic approach tackling each and every stream of our operational framework, which can significantly contribute to our commitment in terms of CO₂ emission reductions at Scope I, Scope II, and of course, Scope III level. This systemic approach then driving a sustainable path, is now strongly embedded in our decision making and operating processes, as you have noticed in the EV programs we are managing on the network and on the fleet. That is for our 2021 highlights. Now I hand over to Malene Korvin, who is going to guide you through our financial results. Thank you, Caroline. Good afternoon, everyone. Let's now have a look at our detailed financial results. Please turn to page 11. As you can see on this page, we experienced a sharp recovery in terms of revenue progression, reducing quarter after quarter, the gap versus pre-COVID levels, as mentioned by Caroline. Following a strong Q3 at +20% versus 2020 and -27% versus 2019, Q4 was outstanding versus last year and only down by 11% versus 2019. This was achieved thanks to extraordinary October and November, with a late summer effect in the south of Europe, despite the slowdown we faced in December following the Omicron outbreak. This performance mainly comes from the leisure service line, which benefited from a very strong post-lockdown momentum. Revenue landed at almost EUR 2.3 billion for the full year, which translates to a 28% progression versus 2020 and -30% versus 2019, with different recovery and business patterns along the year, as mentioned earlier by Caroline. Please turn to page 12. Rental revenue generated for cars was up 32%, driven by a favorable pricing environment in the context of future page. Leisure service line contributed the most to our recovery, with a 65% revenue progression versus last year, reaching EUR 840 million. Let me underline that our low-cost brands, Fox and Goldcar, have performed very well both in the U.S. and Southern Europe. We are still below 2019 level, but catching up progressively with Q4 at circa -15%. Professional service line revenue has also progressed despite business travel still at a low level compared to the pre-COVID period. It was up 15% versus last year at EUR 740 million, and down by 22% versus 2019. As targeted in our Connect plan, the service line has been able to develop its portfolio of fleet services and flexible subscription offers. As you know, our proximity service line is addressing mobility use case in cities. This service line was also up by 8% compared to last year, reaching EUR 270 million. It is down 32% versus 2019, mainly due to some lockdowns impacting in the first semester. The van and truck perimeter, which proved extremely resilient in 2020, is up 12% and got back to its pre-COVID level at EUR 360 million. Please turn to page 13. Let's now have a look at corporate EBITDA and its main cost lines. With a record EBITDA margin in H2, our full year performance was particularly strong in terms of margin, reaching 12.5% in 2021 or 90 basis points more than 2019. The strong performance reflected the quality of the top line with positive price momentum due to fleet shortage, the outstanding fleet management, and the continued strict control over network and HQ costs. 2021 performance notably reflects the output of all the decisions we took and implemented since COVID outbreak to adapt to the crisis and be able to navigate through it. We have heavily become more agile in terms of cost-based management and optimization at every cost level. Versus 2019, variable and direct costs have decreased by 32%, while revenue was down by 30%, resulting in a margin after direct cost improvement by 200 basis points. Over the last two quarters, utilization rate was significantly above 2019 levels, even though we have reduced the de-fleeting process compared to our classical pattern to prepare for 2022. Fleet cost per unit were stable in 2021 compared to previous year, with favorable remarketing environment compensating for higher fleet operating costs due to fleet aging. We have continued to optimize our network and HQ costs, but without benefiting any longer from further measures from Q3 onwards. These costs were almost fully adapted to 2021 revenue level when compared to 2019 baseline. Overall, despite having lost circa EUR 1 billion revenue, corporate EBITDA is only down by EUR 85 million or below a 10% fall through, which is a very good performance. Please turn to page 14. Let me now comment below corporate EBITDA items and corporate operating cash flows. 2021 net result is back in positive territory, landing at EUR 29 million. This is resulting from strong corporate EBITDA, as just explained, reduced below EBITDA costs in all areas, and the impact of the financial restructuring together with a consistent approach after activation of tax losses. Let me underline the lower depreciation due to HQ and network rationalization. The non-recurring costs are related to HQ and network adaptation plans, tender offer costs, and tax mitigations. With that, let's move to the operating cash flow. As mentioned by Caroline earlier, conversion was very good at 49%, returning to the pre-COVID historical levels. We delivered a strong performance, generating EUR 92 million positive corporate operating cash flow for the full year. The main drivers for this performance are naturally strong EBITDA and the continued focus of all teams on cash collection, and also the seasonality pattern and business mix. For the full year, CapEx, our CapEx reached EUR 61 million, which is below our initial plans, but mostly due to phasing impact following delay in IT recruitment. Please turn to page 15. Net corporate debt landed at EUR 240 million, our corporate leverage of 1.3x, considering EBITDA before IFRS 16. To be noted, we have isolated VAT payment plan that we've obtained from various European states as part of the restructuring plan, aiming at postponing payments initially due in 2020 to 2021. The fleet timing impact is mainly due to fleet working capital normalization and less de-fleeting in Q4 versus historical pattern. As mentioned earlier by Caroline, the fleet was almost not reduced from September 2020 throughout the end of the year. Transaction costs notably reflect the staff and fleet bond refinancing costs, together with fees in connection of the competitive tender offer. Corporate liquidity stands at EUR 371 million, stable versus the end of the last quarter, having in mind that we have financed fleets to prepare the beginning of 2022 in the context of the fleet shortage. As a reminder, in 2021, we have achieved a major refinancing plan for EUR 2.2 billion, being the first player in the industry to finance with sustainability linked criteria. The staff and senior notes maturity were extended to 2024 and 2026 respectively at very good conditions. To close on the debt side, we are happy to announce that we have secured our financing in the U.S. thanks to the implementation of our first securitization there that will allow us to finance our foreseen development in this geography. With that, I hand over back to Caroline. Thank you, Malene Korvin. Now I will share an update on 2022 as well as some mid-term perspectives. Please go directly to slide 17. Let's begin with a status report on the Volkswagen-led consortium tender offer. As you can see on this slide, Europcar Mobility Group is continuing to cooperate heavily with Green Mobility Holding with a view to the completion of the tender offer. The ongoing merger control procedures conducted by Green Mobility with the European Commission is making continuous progress. Europcar Mobility Group and its board of directors have decided to exercise the company options to extend the long-stop date until June 30, 2022, under the tender offer support agreement entered into between the company and Green Mobility Holding. The company and the offeror, the consortium, anticipate that the closing of the tender offer will occur during the second quarter of 2022. In other words, the ongoing merger control procedures conducted by Green Mobility Holding with the European Commission are taking a bit more time than initially expected, and we need to exercise the company's options to extend the long-stop date, and we are going to work hard to make it happen in the close of Q2 2022. Let's now move on our 2022 and mid-term perspectives. Slide 18. All our efforts and actions over the last two years were driven by the objectives to put us in the best possible conditions to fully benefit from the travel and leisure progressive recovery. As demonstrated by our 2021 results, here we are. We managed a sharp recovery and achieved a strong performance, benefiting from both positive pricing momentum and the combined effects of our internal Reboot and Connect programs. In 2022, the parameter of the equation will be different and might prove a little more complex than to deal with. Our overall focus will be on profitability versus volumes, as we anticipate a continuing tension between supply and demand. Volumes will be constrained, that's a certainty, but it's very hard to predict to what extent. We also expect global inflation, in particular on the cars, with a lasting semiconductor shortage to negatively impact our cost base and our business environment. On top, the current conflict in Ukraine provides more global business uncertainties. As a consequence of all the above, we are not in a position to provide any outlook for 2022 and onward. Nevertheless, as we move forward in the deployment of our Connect program, with first concrete benefits already observable, we are confident in our capacity to deliver long-term, profitable growth, building on our leadership on sustainable, connected, and demand mobility solutions. As a conclusion, I would like to tell you how proud I am of all the teams and the management of Europcar Mobility Group, as these full year results fully reflect what we managed to achieve over the last 24 months. All our efforts are clearly paying off, demonstrating how relevant our choice and actions were. We owe this performance to Reboot and Connect, but also to the dedication of our and the engagement of our teams everywhere we operate. Regarding our trajectory, although we expect some headwinds, as I just told you, we are also confident in our long-term prospects. Finally, I cannot end this call without addressing the terrible situation in Ukraine and for Ukrainian people, where they are, and which goes beyond any financial prospects. As a group, we obviously do not take political positions, but the situation faced by population fleeing Ukraine to escape fighting and bombing is not about politics, and calls for solidarity. We consider this is part of our corporate social responsibility, and we will take appropriate solidarity actions accordingly in close cooperation with the UN refugee agencies. Thank you very much for your attention, and now, Malene and myself are available to answer your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal for question. We can take our first question from Jeffrey [inaudible]. Please go ahead, your line is open. Hi. I hope you can hear me well. Congratulations on this year's full year results. I had a question regarding the antitrust review by the European Commission. When you initially published the draft offer document on the bidder date in September, they said negotiations had started with EU. Can you elaborate a bit more on the antitrust issues that the Commission has had? And why the official filing is taking so much time? Is the bidder prepared to propose remedies in order to comply with antitrust regulations in Europe? No, this is Caroline speaking. Perhaps we have not been clear enough. In September, we were entering the pre-notification discussion with the commission together with the consortium, so there's no particular issues. We have answered many questions, and we are on the way to answer to them. The process has been slower than expected because we operate everywhere in the world, as do Volkswagen as part of the consortium, but we do not plan to have any remedies so far as we speak. We are still in the same process, but it is longer than expected. No real issue to wonder on our side. We progress, but it is longer. Thank you. As a reminder, that is star one to ask a question. We will pause again for a moment to allow everyone an opportunity to signal for question. We have no further questions at this time. Okay, great. A short conclusion. Thank you first for your attendance. We are going to continue to progress on our plan. We know that those times are a little bit difficult to have certainties about what will be the next months is. The company is staying focused on delivering its program, delivering a good profitability and having also solidarity actions towards what is happening in Europe. Thank you very much for your attention. This concludes today's call. Thank you for your participation. You may now disconnect.