Aeroports de Paris SA (ADP) Earnings Call Transcript & Summary

[Foreign Language] [Interpreted] Good morning, everyone, and welcome to the presentation of the Strategic Roadmap live from the [ Paris Dauphine ] in Paris. Welcome to everyone of you who are here in the [ Paris Dauphine ] and those of you watching us online. We have 2 parts of this program. The first one, we have Augustin de Romanet, the CEO, will give a presentation of his vision for the group. And then we'll have the Executive Director -- we'll have a presentation of the strategic road map for 2022-2025 and the financial translation with Vice -- Financial Director of Philippe Pascal, then we'll have a short break. And during the second part, we have the 3 main pillars of our strategic plan, is more specifically one ambition, the airport for tomorrow, one group, the ADP Group and lastly, share the dynamics business model. So we don't wait the end of the presentation. We have -- we expect to have several of our Q&A sessions throughout the morning during the first part and the second part, so you have all the fun numbers and the codes for -- the codes for the United Kingdom, for France, for the United States. [Operator Instructions] And I'll give the floor to our CEO, Augustin de Romanet.

[Interpreted] Well, ladies and gentlemen, dear friends from France, from abroad. Those of you who are here with us at the [ Paris Dauphine hub ] who are watching us online, I'm delighted to have you all here today for the presentation of our long-term vision and the road map for the ADP Group by 2022-2025. We also hope you spend a delightful morning and see all the richness of the group. We have a dozens of collaborators, who will come on stage with us to present this strategy. And I just want to show you the big picture of what was behind our motivation during this very specific period of time. What is the context? Well, now we are facing a -- we are in standstill stops, and we have to think to reflect on our situation, and we also have to reflect on decarbonation. So you see the curve on the graph on the slide. And by 2050, we expect it to have 16 billion people. When I was born years ago, I only have 100 million people taking flight and planes. So in 2019, we wound to a standstill. We just remember that we have to close the airports in Charles de Gaulle and the Orly airport in March 2020. So because of this shock, we have to review and rethink our business model. This is the first element of the context. And secondly, we have the evolution because now we know that it's no longer possible to imagine that the aeronautics will use all the fuel available on the planet. So in order to have to be possible and feasible industry, we need to decarbonize the industries. In order to give you a view of the industry, I'll show you 5 items. And I'll show you why this strategic plan is in line with what we do. Then I will remind you what is our core business. What are the needs of our clients? What is the code of conduct? And why and how we've chosen this strategic plan that will make us the leaders of the industry? So now we have raison debt of our business. We don't want to increase traffic. We want to welcome the best what we can, all the passengers. So we have our colleagues from India and from Turkey, which are here with us. And they would show us that the traffic will increase much more in these countries than in the mature countries. So we have to be -- have this transition as smooth as possible, and we have to have better user experience, and we have a new brand of hospitality. And we try to be an innovating group. And this innovation help us to have the industry to support this decarbonation efforts. And finally, we have a multi-local group that will help us to develop ourselves because we respect the cultural identities of the territories. We are Turkish in Turkey. We have India in India. We are on in Georgian in Georgia. This is a good reminder of where we are now. So this multi-local group is fully implanted in various countries, in various territories. And we are tightly connected with these territories. And we have to comply with the regulations in terms of noise, about the employment, about training and the good planification of the areas. In -- to remember the convention of Chicago and it says in this preamble that aviation is a vector of peace, is a messenger of peace. And it's mandatory, it's necessary to have this. [indiscernible] territory for both the French overseas territory, we have 2.7 million people, who live in the overseas territories that will be extremely sad not to have enabling to come back to France. We also consider that we need to use in a reasonable way the planes because we know that it's better to use the train when you can instead of the planes. So this is why we try to have a multimodal approach. So I have the opportunity to discuss with my friends and my colleagues of the SNCF that the train and the plane are the best friends ever. So we know that it's great to have a train, but if you want to multiply the number of trains by 2 and -- so we need to have a good connection between the trains and the planes. So we need to have a direct connection between the stations and the airports. And we need to adapt to the local reality. And of course, we come back to this. So this is our market. So what about our clients? Well, our clients expect to have a good -- pleasant experience, unforgettable experience. It's want to have a smooth trajectory in the airports. And we are committed to specific factors, for example, the percentage of planes living on time and is really vital for us. So Almaty, our business -- our core business, will evolve. So we can try to become a multimodal platform. We'll try to plan our -- the development and our connections with the territories. We're going to improve the way we work with these territories, and we'll try to have this decarbonation, and we'll pay attention to these new kinds of energy and more specifically, the sustainable fuels. This approach is made in collaboration and in solidarity, first and foremost, with all the actors, not the stakeholders in the airport because most of our service compliance and service providers were facing a lot of difficulties because enable to have a good interaction with the public authorities. We didn't really pay attention to their struggle. So we've been able to create an association of the stakeholders in airports. And the ADP Group became a leader, solidarity and collaboration with these various actors. So we -- everything we do is based on responsibility, accountability. So it's very important and vital for our business activities. This is the foundation of our work, and this community quite remarkable community. And -- so we understood that we had the possibility, but we also had -- it was a duty for us to show the way to the industry. And this is why these -- we wanted to call this road map, the strategic road map, 2025 pioneers. So this is why we focus on the performance of the group while also ensuring the energy transition and a good connectivity with the territories and a good inclusion inside these territories. And of course, it will create some values for the shareholders. And before we go into more financial details, I would like to highlight that the developments will be twofold. We -- you know that we have a group, ADP in France, but we also -- you discover all the richness of TAV and GMR. And we have Sani Sener, Bouygues, Serkan, and our colleagues from GMR with one of the member, Mr. Raju, who will be speaking a bit later during the meeting. We'd like to welcome Antoine Crombez and he will show that these companies have amazing energy because we can see that the growth -- the potential growth is enormous in these territories. And he will also highlight what we can do, thanks to this transformation. During COVID -- before COVID, the concession period was approximately 8.8 years. But during this health crisis, we bought some shares at GMR, who allowed us to have this partnership with TAV. We bought this -- the Almaty Airport in Kazakhstan, we extended by 25 years, the concession of the Antalya Airport, one of the most dynamic airports in Turkey. And now we have an average 32 years of concession. It will also show us that without any external growth between 40% and 50% of the operational revenue by 2025 will be brought to the group by these emerging countries. And we hope that this morning session will help you to get a good understanding of how talented these people are, how this group will help us to develop and it will be strong enough for all our shareholders. And I'm really looking forward to all the presentations during this morning session.

[Interpreted] Thank you, Mr. CEO. And now we have Mr. Edward Arkwright, and we have a presentation of our strategic road map. And just after this presentation, we have a short Q&A session. I will have Mr. Arkwright And Mr. Raju, GMR Airport, to join us on stage. Welcome. So before I give you the floor for the presentation of our road maps, I will suggest that we watch a short movie to show you the vision, our vision. [Presentation]

[Interpreted] Well, good morning, everyone. We have Sani Sener and Raju, who will try to share with you the -- our motivation. And then to show you -- to prove you that our business is very useful, that there's a bright future for the industry and this industry that will keep on growing although differently, not as fast as before that has crisis, but it will keep on growing fast, nonetheless. And more specifically in all areas, in all the areas, in all the territories. And this growth will be possible. And if and only the air traffic can transform itself for the future and for the environment. And this is really at the heart of our transformation from now to 2050. And this will be at the heart at the core of strategic road map 2022-2025. And we have multi-local approach, but we also have a very local approach. So the ADP Group is more than able to be the leader. We have very strong assets, the way we can adapt, the way the strong network of assets, the complementarity of our -- the business lines and will help us to reach our targets by 2050. So first and foremost, we need to do the first step, and the first step is this period between 2022 and 2025, and it must be cohesion, in line with road map, and we tried to have some very specific priorities. As Mr. de Romanet said we have a multi-modal approach and we have must have some KPIs very -- that some factors we can assess clearly, and we can show -- that we can create values and Mr. Pascal will give you more details about this. And this strategic road map will help us to create a new model and try to consolidate and we try to adapt our new models, and we work on hospitality, on -- we build our infrastructure and how we can use our infrastructure for our clients. And we have the economic model based on the turnover per passengers. And of course, we have new dimensions and other new ways to use and to do our job and Mr. Romanet said, we have the energy and the multi-model approach, and it's a way to get this growth to receive this growth. And thanks to this multi-modality, it means for us that we need to function in a different way, and we need to keep and reach our targets in terms of CapEx, for example. And then we try to be more agile compared to the previous model. So this road map is in line with our ambitions in terms of environment. We try to be carbon-neutral by 2030. We will try to be carbon [ zen ] by 2050. It looks quite far away, but we -- as a very closer reality because we have the Orly airport. We try to be carbon neutral by 2025. It is really much at the end of this road map and the carbon neutrality for the crowd handling. We try to be carbon neutral, too. And this test that will be carried out in the -- on the Orly Airport. And we try to see the reality of what we want to do and see if it works. And we try to show that we have realistic targets. Three axes, we have -- the first one is called one ambition, is an industrial target to see how our industry will evolve. We have an access called multi-local. We have one group that anchored, that is really included in a specific territory with different ways to work in different ways to function. And we have the third access which is called share dynamics with a way to transform our corporate culture and the strategic access, this new model, we put hospitality right at the core of our activities, and this is a factor of continuity, what we did. And we have this concept of hospitality and the sustainability. And we see that some changes, adaptations, the way we consider our infrastructure to be multimodal hubs and because now we welcome passengers coming by trains, coming by car, by bike. And we'll try to assume these multi-modality because in Paris, we have strong assets for this. The fact that we are serving, collaborating with these territories because it's not only about noise and that air traffic is -- you need to show that an airport is a hub, is a good asset for the territory. And this is why we have these 3 axes, the industrial ambition. How do we design, how do we build and how do we use an airport? How do we have this multi-modality in our -- the way we work. So we -- it's no longer clients will become a passenger. The second is one group. How with ADP, TAV and GMR, we now have a global network. We've very unique expertise. We need to use the best way we can, all the skills we have because we have very specific skills at TAV and GMR and ADP. And of course, once again, we said that the airports really belong to the [indiscernible], and then we have the accountability, the responsibility. We have more based on the corporate level is how can we imagine the aviation of tomorrow and because we have new way to use the planes. We have new way to renew the industrial activities based on the geography based on the various activities we thought to be as ethical as possible in the future. So this road map is not something that is not -- it's quite realistic, to be honest. And once again, let me go back to what I just said because we have new this multi-modality, we have the energy, and we know that the airport as Augustin de Romanet is the friend of trains. We need to have much more passengers coming by trains, by public transport, most notably by train, but we also need the other means of transportation. And the train is how we can decarbonize partially our activities on our platforms. This would help us to focus more and to -- the energy and means, the means to understand that in the future, our airports will be energy hubs because for now, the kerosene is the main fuel for our planes. But in the future, our airports, we have to consider sustainable fuels and what we call the soft sustainable aviation fuels and hydrogen will also be extremely important because the importance for some of our planes with hydrogen will also be important to used to be -- to create what we call the SAF, the sustainable aviation fuels. And it really forced us to ask a question, how do we going to use this hydrogen? What would be the impact on the CapEx on the economic models? And this is how we're going to create the necessary conditions for the success of our platform. So of course, once again, we have the more traditional business lines, for example, hospitality. So we want to have a seamless trajectory of our passengers, and we have Mathieu and [indiscernible], who will talk about this and we have sustainable infrastructures. And while we build the impact on the source and biodiversity, we don't want to extend our airports. We need -- we must have to comply with the regulations, and we need to show that our airports can be a fantastic place where biodiversity can thrive. And these initiatives, these very concrete initiatives will be implemented included in these strategic road map because it's the first one for the group because the previous one in 2019 was just for Paris. And we'll adapt to all the various elements of the reality for the whole group. I would like Sani Sener to be here with us today. And it's in line with the road map of our partner GMR. I would like to thank Mr. Raju for being here with us today. So this group has a footprint. There's a geographic footprint, and we see all the main clusters, and you can see how they fit together. The complementarity and synergy, NEC, GMR, TAV and ADP. And we see still a lot of potentials. And we tend to focus on business terminals, about the engineering, for example. The complementary also in terms of traffic. We saw how the traffic in -- on the Black Sea and the traffic in India has been a way to stabilize the traffic mix of the group. And we try to mitigate the risk because we also have a mix of complementarity between the very nature of the assets, about the concessions, the full ownership, the various legal models and the financial models, and we have a very well balanced portfolio. And we see that we have many airports where ADP is say older, and we see that, of course, the -- we know that we are present in 25 airports, and we're active in more than 50 countries. And we, of course, that we have these chain of values, and we see that all the activities in the group are developing, are growing. It's based, of course, on the trust we -- of our clients. And we know that Airbus is getting more and more important in Zagreb. We have the mix of activities. But we -- in terms of hospitality, travel retail, we are active on many segments and many sectors. And we should talk more about travelers, about a network of lounges. And we have opened 2 new lounges in Bermuda, and we have a telecom subsidiary with cybersecurity, tough technology for all the services in our airports, and we won a great contract in Qatar for all the cameras, the CCTVs with 32 million passengers. We are engineering and consulting the ADP engineering and got restructured, as it was said yesterday during the presentation of our financial results. So -- but our subsidiaries, whether the merchants of the GMR, are getting traction. And we have a contract signed in Toronto. And in terms of security, we also have the subsidiaries of the TAV Group. And we're also working on the anti-drone fight and we -- this synergy, this complementarity that makes sure that the group is present all along the value chain. Now I suggest that we have 2 specific focus to show you how the growth is pulled and driven by very ambitious objectives.

Thank you, everyone. Today, I would like to present our Airports group, which is consolidated by ADP. When ADP acquired 46% shares of TAV, we became very happy, and we thought that 1 plus 1 will equal to 11, and we have seen this. We have seen that ADP Group and TAV Group together created an important value in this aviation business. We are operating 14 airports, of which 5% is in Turkey. In Turkey, we are operating Antalya, Ankara, Gazipasa, Izmir and Bodrum Airports. In Medina, it is the second important city for Muslim world. We are operating Medina Airport. In Georgia, we are operating 2 airports, which is Tbilisi and Batumi. In Tunisia, again, 2 airports, Enfidha and Monastir. Zagreb Airport, we are together with ADP. It again shows a very important example of what we can do with our partner, ADP because ADP initiated several projects, and in the third countries other than France and Turkey, we became partners. This is another important issue for value added value. And in Macedonia, we are operating 2 airports. So all in all, 14 airports. We have a portfolio maturity for 30 years. It was only 8 years at the beginning of this year, but including Almaty and including 25 years extension for Antalya Airport winning the tender on December we increase it to 30 years portfolio maturity. We are on 55.4% of 2019 traffic in 2021. And it was 89 million passengers in 2021 -- '19 before COVID, it was this year, 52 million. So we are taking off. This is a very good sign. We have 7 service companies. Dear Edward has already talked about the service companies, but I would like to add one thing. In airport business, we have 2 kinds of revenues. We have aeronautical revenues, and we have non-aeronautical revenues. Aeronautical revenues are those which are in tariffs, which is regulated, so it is visible. You can see and calculate them very easily. But non-aeronautical revenues, like duty-free revenues, food and beverage revenues and these kind of service companies, technology revenues, you are invisible. You can -- the connectivity between service companies and airport authority is very important. Because service companies are your non-aeronautical revenues. And we always say that connectivity is productivity. So to create this productivity, to be partner in service companies is really very, very important. And we have seen this. We partnered with Heineman Group for duty free. We partnered -- we acquired Havas as a ground tending company. And now we are in all the revenue centers of the airport. So the connectivity between these management is very important to increase the revenues. What is our growth strategy? We have a strong credential as an airport operator. Antalya is a very important example for this. It is one of the best airports in the Mediterranean area. And when you look at our portfolio, we have all kinds of airports, the are touristic airports, we have capital airports, we have commercial capital city of airports like Almaty. Almaty is not the Capital City of Kazakhstan, but it is the commercial capital city of Kazakhstan. It is the gateway of China to the world. So when you look individually, Almaty, 75% of the revenues comes from ground handling, cargo and fuel, 25% is only coming from passenger. So we have different kind of revenue diversity as well in all our diverse portfolio. we focus on the development of TAV Airports network on specific regions. I mean we have a scope. We shared with our partner, ADP. We consolidate and expand the concessions in the Eastern Europe, Central Asia, Middle East and North Africa. We are in 8 countries. In airport-wise, we are in 8 countries, but in service company-wise, we are in 30 countries. We have lounge operations. We have ground-tending operations, duty-free operations in the airports, which we are not operating, like we have lounges, 2 lounges in Washington. We have 2 lounges in JFK. We have a lounge in Kenya. Okay. So when you look at this, the culture, the commonality of the culture, as Augustin, really, I liked the word way to very much, this multi-local. I mean it is very important for us and for them. They are a Turkish company in Turkey. I mean they did not -- they always add value to us in Turkey. I mean we were expecting them to add value to us to -- in France and to other places, which France is powerful, but they add us value in Turkey. So multi-local is multi-modal and multi-local. This is what I'm going to take home from this seminar, this meeting. It rely on the development of nonairline revenues, as I told you before. It is very important. Nonairline revenues mainstream comes from passenger behavior. The behavior of the passenger is very important. You have to understand the behavior and act accordingly. As I told you, aeronautical revenues are fixed tariff. They have tariffs and they are visible. Nonaeronautical revenues are those where we have to make marketing and work on it to increase our revenues. So this is an important part of Tau. We have 3 pillars of airport strategy. One is digital, digitalization, no need to talk about digitalization. All the world is going to digitalization, we have to go. But we say that if you do not know the business, you cannot digitalize that business. So you have to know first the business and then digitalize the business. To digitalize the business, all we establish a TAV technology company. TAV technology guy, we have 400 engineers, computer engineers working in our company. And this company, you can go and ask each of them. They know airport operation very, very well. Otherwise, they cannot digitalize airport operations. So they are now really very important actor in our growth. The hospitality, deployment of Groupe ADP's hospitality policy is very important for us, and we are working hand in hand in this, and we contribute group's ACI, ASQ and SkyTrak's rating targets. And the lounge network is another important asset for us. So during this hospitality and digitalization, the transfer of data are very important. So the connectivity between ADP and us is really going very well. Sustainability is another issue. We increased the energy performance and reduced the carbon impact of all our new buildings, and we are using cogeneration. We are using [indiscernible]. We are using photovoltaic panels in all our airports. So we are keen on it. We are keen to establish a carbon footprint over the life of new buildings and the renewable energy is very important for us. Thank you very much for listening to me. Raju?

Thank you. Thank you, So good morning. Thank you, Chairman, Augustin and Mr. Edward for giving us this opportunity to address the gathering here on the strategy of ADP and ADP associate companies. GMR Airports is a joint venture between GMR and ADP. ADP has invested 49% equity in 2020. And we are very proud of our association with ADP because it gives us a huge opportunity to grow in the emerging market like India. So we have around 1.3 billion population, and we have a $2,000 per capita income, and it is growing from a $3 trillion to a $5 trillion economy, and we have 120 airports, which are operated by Government of India. And GMR Airports has a portfolio of 8 airports which is the capital city of Delhi, Hyderabad, Goa, Nagpur and international airports is Mactan-Cebu and Heraklion. So pre-COVID, we used to handle around 26% of passenger traffic in India, which is close to around 1/3 of the Indian traffic. In 2019, the entire Indian aviation traffic was 315 million passengers, and we handled close to 26% of the traffic in 2 airports. And outside India, we just won Medan Airport in Indonesia, which is also an emerging market, and it was in pandemic time. And we also have an exceptional maturity of 46 years, which makes a very long-term growth portfolio for both our partners, ADP and GMR. And the traffic in 2021, just before the Omicron in December last year, we achieved 100% of the pre-COVID traffic level. That was really -- shows the growth potential in the market of India that we have associated along with ADP to take it to greater heights. Apart from being a concessioner and a developer of airports, we also do various services as an airport consortium. We do operational maintenance of the airports, engineering maintenance. We do duty free. We partnered with a company called Aer Rianta, and we also have 100% duty-free operation in the Hyderabad Airport. And -- taking inspiration from TAV, we wanted to expand to non-GMR airports. We'd like to develop in cargo, car park, logistics, warehousing and in duty free and also in F&B and retail. So that is one of the growth potential that we are looking at. So this is an incredible growth opportunity being in India. As I said that we have close to 120 airports operating in India. It's a continent. It's not a country. And we have good opportunity. Even in the COVID time, I would like to mention that we have registered a positive EBITDA, which is unique because of the way we are operating it with the help of association with ADP made us to be EBITDA positive. And we have a great opportunity in external growth with environment privatization and also in Southeast Asia. So our growth strategic plan over the next 5 years, we would like to catch up with the growth existing airports. We would like to complete our expansion in Delhi Airport, which we're building it from 60 million to 100 million passenger expansion, which will be ready by 2024. And we would like to also expand -- complete the expansion of Hyderabad Airport from 12 million passenger to 34 million passenger, complete our projects in Goa Airport, which we're commissioning by August this year. And we would like to unlock GMR Airports by focusing on deleveraging and also increase the profitability of all our airports assets by not only by giving O&M services and engineering maintenance and also providing various services that I mentioned. And we'd like -- we already signed an industrial partnership with ADP. We would like to bring in the expertise of ADP in retail, in duty-free because ADP has the highest spend per passenger in the world. So we would like to bring their expertise through industrial partnership and also all the efficiencies that ADP has got in the airside operation in passenger experience, we would like to use the industrial partnership with GMR and ADP to build our business and increase the profitability. And also, we would like to get the expertise from TAV by improving the lounges. And also, we would like to see how we can work with ADP in -- ADP and TAV and GMR in providing lounge operations and increase our passenger experiences. And also one of the focus area is on increasing our Skytrax's ranking. And also we are already the highest ranking in ASQ. We would like to maintain that ASQ ranking that is going to be our focus area. And next is, as Mr. Sani has said that the digital transformation is the key, as we have the entire value chain in the airport operation, right, from construction, development, master planning, or engineering maintenance, we would like to also transform the entire airport into a smart airport initiative. And the last is green initiative. I'd like to probably say that we are the only airport in Asia Pacific, which has raised the green airport bond, and we are already committed to the green initiatives. Thank you.

[Foreign Language] [Interpreted] Thank you, gentlemen.

[Interpreted] Thank you very much. Maybe we'll take questions in the room. [Operator Instructions] I have a question in the room here.

[Interpreted] Good morning. Elodie Rall, JPMorgan. I've got a few questions, actually. But I'm sure that we'll be able to come back to them. First of all, a very down-to-earth question. We have a plan for 2022-2025, what is the regulatory assumption that you are going to consider after 2025? How do you see the development of the prices over the last few years?

[Interpreted] Well, Rolled Royces in the 60s were extremely powerful. They did not want to give the number of horses. And they said, well, they used to say that they had -- they were powerful enough. Regarding traffic regulation, we need to have some visibility about the traffic, which means a predictability of investments. This visibility about the traffic is not acquired, it's not there yet. So we cannot tell you when we'll have a contract of economic regulation yet. To sign a contract, you have to be and the responsibility of the corporate officers say that they can only commit to an economic regulation contract when the cost of the average capital cost depends on that. We have converging discussions, but we are not completely sure that they will enable us to sign a contract that would be compliant with the social interest of the company. I'm still very optimistic because the transport regulation authority has really broadened its different criteria. And we can hope that between 2025 and 2027, an economic regulation contract that requires 2 years of preparation will be possible again. Thank you very much.

[Interpreted] Now some follow-up. Does it mean that in the next regulation contract you are considering the terminal 4 or with the growth -- the traffic growth prediction will have to wait for longer?

[Interpreted] We'll come back to that in detail later on. This is a country where words are really essential. So Terminal 4, that will be renewed. It's not a wording that's suitable anymore.

[Interpreted] What about the negotiation with the regulator? When could we expect the results of the review that is going on?

[Interpreted] On a formal basis on the 25th of February. Philippe Pascal will tell you in his presentation later on in more details.

[Interpreted] Then a question about your ambitions, your growth ambition in terms of M&A. Clearly, this is something that will contribute to the group results increasingly as you could show us by 2050. What is the financial budget that you want to devote to your acquisition policy?

[Interpreted] Well, giving you a very clear answer is difficult because we are going to acquire -- to have acquisitions via 3 vehicles, TAV, GMR, ADP. First of all -- and then we have deleveraging objective. And thirdly, in our business, in order to earn a living, either you have to buy at a low price or you have to sell at an early stage. So I cannot give you the accurate budget because it depends on what we want to buy. Clearly, the budget is not as big as it was 3 years ago. But the mobility of our teams in order to put a foot in the door, Edward was talking about the American market, for example, the more our teams will be -- the more competent our teams will be, the more will be the airport reference for major project in which infrastructure funds will become our partners. I'm sorry about this very blurry answer, but I cannot give you any more accurate answer.

[Interpreted] Now a question about TAV. You mentioned the focus on the non-aeronautic revenue. Could you tell us about your targets in terms of the retail spend per pax. Where do we stand today? And where would you like to be within 3 years or within 10 years?

Actually, every airport has its own dynamics. But the ideal way the split between these non-aeronautical and aeronautical revenues are 50-50. But in Medina, for example, non-aeronautical is only 10%, okay? Because they are pilgrims, they don't spend money. 90% comes from aeronautical revenues. In Almaty, now non-aeronautical revenues is nearly in duty-fee and food and beverage 0 because when we make the new terminal, people get to duty-free on ourselves, food beverage on ourselves. We will bring in our service companies, and it will immediately go up. We have a lot of quick wins in Almaty, for example. In Riga. Riga, we are not operating Riga Airport, but we are operating all the non-aeronautical revenues in Riga. It is a very good airport, we like it. So I cannot give you a constant number, but we act accordingly according to the dynamics of each airport.

And on GMR, you've talked about big project, CapEx expansion plans. Do you have a number to put behind the CapEx schedule?

Yes. For our GMR projects, I think the Delhi Airport, which is close to around $2 billion, which is fully secured and also Hyderabad Airport, which is close to around $800 million, it's also fully financially closed and secured and our Goa Airport also fully secured because these projects have been under construction for the last 2 years. So these are the 3 projects, which are really under construction. And also the fourth one is in Heraklion Airport in Greece, that's also financially fully secured. So all our projects that we are under construction and expansion are fully secured -- financially secured.

[Interpreted] There is a question at the very end of the room. Virginie Rousseau, ODDO BHF.

[Interpreted] I've got several questions. First of all, your one group ambition. The setting up of this strategy. Could it lead to some disinvestment or some sales, some part of the group could not be adapted to your new ambition?

[Interpreted] Telling you that we will never sell anything ever will be stupid. And we actually told Schiphol that we were putting an end to our partnerships, and we're going to sell 8% of Schiphol. We're going to sell this 8%. I don't know if you remember, but in 2014 we had disposed of our assets in our participation in Mexico because our partnership did not seem very profitable. Today, we have 2 partners and we have an extremely fruitful partnership with them. So we do not want to dispose of anything. On the contrary, but if the partnership were to become sterile, we would not insist on keeping them. For example, we just sold our participation in the Mauritius Island Airport because the cooperation was not fruitful anymore.

[Interpreted] One question regarding multi-modality ambitions. I do understand your situation in France and the will to speed up your partnership with the railway company in France. Could you tell us more about what's going on abroad? Maybe with GMR and TAV, what type of measures can you adopt to speed up this multi-modality?

[Interpreted] Would you like to answer, Edward or Raju, do you want to -- modality in your platform -- multi-modalities in your platform.

I think Mr. Chairman, Augustin has told about in a multi-local and multi-modal. I think in India, it is a -- it is 120 airport. We're an emerging country, and the regulations are new. It's not that has evolved as in the country. So being local is very important that understanding the dynamics of the domestic passengers and the spend profile, the needs of the country, the regulatory of the country. It's very unique the way being operation. And having a partnership with ADP, what I was thinking is that we can get the best practices from ADP. And we being in the local, we can actually understand and operate the airport. So -- the strategy of ADP to be a multi-local is one of the best strategies that is collaborative and also a win-win for both ADP and GMR.

Yes. Sorry, my question was more on connection with other kind of transportation, like railway, et cetera. How do you think that you will be able to develop that in India like what ADP does in France?

Yes. In all our airports, there is a multi-modal connectivity, there is a metro station connectivity from the city and to the airports within the airport in Delhi Airport, in Hyderabad, in Goa. All the airports in India, they are having connectivity from the dedicated stations. Like for example, in New Delhi, we have -- Delhi Airport has contributed to an expressway, where from the New Delhi Railway Station to the airport, there's a dedicated route. So there is a seamless connectivity people coming from train and from the flights. Same way, the model they're adopting in Hyderabad and in Goa and all large airports investments.

In our airport case, we are all working in emerging markets. Actually, now we had some metro in Turkey when while we were operating but in Almaty or in Macedonia, in Georgia or in Tunisia, we do not have this different kind of transportation means.

[Interpreted] my last question, if I may? Your ambitions to become energy have maybe I am anticipating on subject that you're going to deal with later on in the morning. First question. Are you going to become energy producer? And furthermore, how do see the development of these different types of energy? Do you believe that all airports will be able to use any kind of energies, hydrogens, for example, everywhere or we will have to make choices, depending on the airport in order to focus on one of these various technologies?

[Interpreted] Well, you're right, we'll mention that later on, but I can give you 2 avenues to explore. Energy producers, we cannot rule it out because we're already like that. In Charles de Gaulle for example, we heat up half -- no, sorry, 1/4 of the airport with wood. In Orly and Charles de Gaulle, we went to get water at 75 degrees at 1,800 degrees underground in order to have geothermal energy. So we cannot rule out being an energy producer. Secondly, regarding the hydrogen subject, we had the heart of a big question mark, for example. [indiscernible] will be able to tell us that we can use hydrogen to full its plants and we will be a revolution because you've -- you need hydrogen in the airports. So it will be done easily for big airports, but it's a big question mark for the small-sized airports.

Yes. In Delhi Airport, we're the net producer of energy by using solar. For -- all our terminals and cargo operations all are on solar, and we are a net exporter of power and the same way in Hyderabad and in Goa. So we don't consume power. We actually generate power through renewable energy and VQ. At the same way for water, we are rain harvesting, we conserve water, and we don't actually -- day by day every year, we are reducing the water consumption, and the same way with the sewerage system.

I may add something. In our airports, again, it depends according to the geography of the airport. In Medina now, we are embarking on the solar power system. In Medina -- sorry, in Tunisia, in Emfida, we have the capacity for natural gas. So we implemented 3 generation. Three-generation production means with natural gas, you achieve electricity, hot water and cold water for Kalima as well. In Board room, sun is there. Again, it's solar power. We are using solar power. In Georgia, we are using solar power and now we are going to implement wind energy. Now there are a lot of -- I mean -- there are 51 billion tonnes of carbon dioxide is emission-ed to the sky, 51 billion tonne. 2.5% represents in aviation industry. So we have to be very careful about it, and we have to make it neutral by 2030 and carbon emission will be 0 [Foreign Language] in 2050. Thank you.

[Interpreted] So now we have a question by phone Dario Maglione, BNP Paribas. Dario if you hear me, please go ahead.

Can you hear me?

[Interpreted] Go ahead. Please go ahead.

Yes. Okay. So first question, in terms of target for international expansion, by 2025, how much of Group ADP, say, EBIT will come from international assets or maybe net income? Question number 2 is on CapEx for GMR. You mentioned around USD 2 billion to expand New Delhi, USD 800 million for Hyderabad and so on. How much group ADP will contribute in this year, next year and in 2024?

[Interpreted] So for your first question, in 2025, we think that 25% and 30% of the EBIT of the group will come from the international activities without new acquisitions. So these are the numbers will be discussed and presented by Philippe Pascal. And we consider that we won't have any new acquisition in the group. And if we have the acquisition with further acquisition, we expect the EBIT to be at 25% and 30% in 4 years, and Philippe will give you more details for our forecast until 2025.

Expansion plans of Delhi is $1.2 billion and with Hyderabad is $775 million. And both the funds are organized within the Delhi Airport and GMR airports at the point. We are not expecting any funding from ADP for this expense.

[Interpreted] I will remind you that the CapEx of GMR has not been consolidated, and they're not included in the objectives of the group. Thank you very much.

[Interpreted] I would like us to finish the first Q&A session. We'll have another Q&A session before the break and now we'l have Philippe Pascal, the Vice Director for Finance, to join us on stage.

[Interpreted] Good morning, everyone. So let me come back to a few financial elements. After the presentation of our long-term vision and after the presentation of some insight of our strategic roadmap for '22-2025. And now we have the financial pillars of our business model, and we have to strengthen our financial factors and we have levers for growth. And this is two pillars we think we would like to present you. First and foremost, let's have a look at the financial road map for 2022-2025. And let's start with the first driver of our activities as the manager of airports and its traffic. And we have the outlook for the traffic in the Paris airports and Paris-Charles de Gaulle and Paris-Orly. So you're quite familiar with these forecasts. They were released during the last few months and be slightly modified to take into consideration the acceleration of the recovery and we -- the traffic is expected to be multiplied by 2 by 2022. And we may get very close to the air traffic we had in 2019. And we will go back to the levels we had in 2019 at the latest in 2026. And it was made possible by several actions and a good feasible improvement of the health crisis. And the acceleration will be even stronger on the international platforms, and you see this acceleration in TAV, we should go back to the levels of 2019 by 2023. But the same goes for GMR, and we almost came back to the previous levels at the end of 2021. And we expect the whole group to go back to the levels of 2019 between 2023 and 2024. And we expect to have a levels higher than what we had in 2019 in 2025. And this is why we need to have a strong financial performance where we need to be able to control our expenses. And this is we wanted to show in this slide, and we try to focus on 2 KPIs. The first one is the EBITDA margin and the second one is the operating expenses per passenger for the group. And the margin will go back to the levels in -- or levels of 2019, somewhere between '23 and 2025, we are the first step in 2022 with a margin approximately between 30% and the 35% because we know that in 2019, we reached a level of 38% of -- for the EBITDA margin. And between 2024 and 2025, we expect to reach a range between 35% and 40%. And we reached the absolute value of the EBITDA in 2024. So for the operating expenses for the ADP SA, we expect to go back to the levels of 2019. We expect to reach these levels between 2024 and 2025, and we have expected to have quite a strong performance in 2022 because the expenses per passenger is expected to decrease sharply as soon as 2022. And the progress will be progressive will continue in 2023, '24 and '25. And now let's have a look at investments. And I would like to give you some very specific elements quite similar to what we usually give you because we used to say that everything was arrived before the health crisis. And we know -- we can see on this slide that 80% of the CapEx -- of consolidated CapEx are the CapEx for ADP SA. Just remind you that 2017, '18, '19, we experienced a high -- very strong growth, and we have been able to mitigate our losses in 2021, and we have a progressive recovery in '22. And we expect to have the same growth in '23-'24. So we already have the elements, but now we added the figures for 2025. We try to have a wider range because we have to consider new needs for the acceleration of traffic, but we also have to have better safety to -- on our platforms and most notably for the Olympic Games in 2024. And we have two blocks, the tangible assets and intangible assets in Paris, and you have the real estate. And we have development -- I'll have a presentation about real estate, and we got a dynamic market, and we have -- we still have the same dynamic that we experienced in the past, and we'll try to preserve this, and we'll have this in the future for the tangible and intangible assets abroad, and we have to add what we had in -- especially with TAV, we just remind -- just a quick reminder that Almaty has not been consolidated yet, and we have investments in [indiscernible]. And to summarize, we try to consolidate everything, all these elements. It's because some models don't take this into consideration. We reached an average per year of EUR 1 billion between '22 and 2025. This is an investing model. And this -- at the route of our creation of value, we have the infrastructure. We have the competitiveness of passengers, the satisfaction of our passengers, and we need to invest to be successful with our group. So as the CEO just said, the financial structure is at the heart of our concerns because we need to reduce the debt of the group. We try to stay on the same guidance as before with -- between 6 and 7 and we -- the ratio between NFD and EBITDA is 6 and 7, and we try to reach a ratio of 4.5 and 5 by 2025. So we have to review our policy of dividends, we preserve -- try to preserve the payout ratio at 60% for the group. We, first, positive net result in 2022. We also have guarantee while adding a limit of EUR 1 per in 2023 and EUR 3 by 2024. So we wanted to pay tribute to the strong support of our shareholders during this health crisis. And we wanted to -- of course, we want to our shareholders as soon as we have net positive results. So let's give you some -- the way we want to create values on the long term. We talked about sustainable transformation, a full complete transformation of our business model. And this transformation will be -- will show that we need to adjust our business models on the long term, and we want to have them positive adjustments. We want to see them to have these transformations to create value. And this is what I want to summarize here. So let's talk about the traffic and air traffic. So we highlighted the importance of this air traffic and the acceleration because we know that the economic growth is back, and we have the development of each territory and the middle class is growing and most notably in India and the middle class tend to travel a lot. And we also have this very touRistic places like the Eiffel Tower in Paris, and this is why so many passengers come to Paris. So things will be quite different. And it will create even more value because we have a more reasonable use of planes. Each passenger will be able to choose how they will travel based on social factors, for example. And the traffic will become international. And we have a more -- we focus even more on the international dimension of traveling, our long-haul flights, for example. So you see that this transformation is quite natural. So I'll give you some figures about our forecasts. And in 2024, and we expect international flights to represent 58% of all the takeoffs and landings in Paris. And so you see that the traffic mix will bring many passengers. So we had questions about the long-term plans for managing our infrastructures. So we have 2 blocks. First and foremost, we have more performing infrastructures, mostly based on this concept of sustainable growth. So we have this new kinds of energy, and we have this new concept of multi-modality, which these implies investments. And we're maybe more costly. And if we compare to similar objects, it will be more expensive. Of course, in these investment policy have to be reviewed and transformed drastically. And this is why you cannot compare the previous policies and the new ones. But we have to change the whole structure, the whole organization of the group. And thanks to digitalization, we'll be able to transform our activities, we'll be able to transform the traffic mix and while modifying and adapting our infrastructure to cope with this high -- the high percentage of international flights. And we want to have something more compact because we have more connected with the rest of the world. And this is why Terminal 4, as it is now is dead, what we will be designed something more compact, but with a higher level of quality. And this is why in the investment plan, we don't pay attention to roadways. And we reached the breaking point. And this is why we need to change things. We need to rethink the roads, our connection with the roads. And this is why to rethink, to have a more approach, a more kind of a premium approach. And we not to develop skills. And as some people already said the long-term economic business model is that good economic regulation. Just like all around the world, it is very important. It must be not -- these -- it's -- we have a very high-performing model now. And this is why we want to preserve, we want to keep it for the future. We want to have this regulatory model. Will help us to propose lower prices. And the return on investment is quite good. We have -- if we think like economists, this fair price will help us to invest in the relevant infrastructure to stay competitive. And there will be an important part in the way we create values. And this value is created by infrastructure more than by the tariffs and prices because if prices and tariffs are not as important as you may think in the good turnover of the company. So we've been able to propose lower tariffs and prices compared to our competitors. And we know that we -- a huge volatility of prices among our competitors, when they needed to invest even more in infrastructure. So if we can invest more in our infrastructure, we'll be able to keep the prices low. So another point, I think, important for regulations at least for our analysts. And first and foremost, it's important to have a dual-tail system as being been confirmed by the government, but also confirmed by the many laws that may come into force. Secondly, we have the WACC, W-A-C-C. And we see that the regulatory authority has extended it's range and we expect it to be between 2.6% and 5.2%. This extension was closed by the health crisis, an improvement of the model and the behavior of the indicators, and they're still quite far away from our own estimates at 6%. And thirdly, the third point is the principle of the allocation of assets and revenues based on whether they're regulated or not. So we had a public consultation by the ART and for the main guidelines in order to interpret the decision that will be taken by the ART. And the end of the consultation process is on the 25th of February and the ART will have to take its decision in the coming weeks or coming months. So now the draft proposal, the draft decision doesn't have any real rules for accounting, and we expect it to -- the ART would have guidelines for traffic in the airports. So we have principles of traceability, part of transparency. And it will help us to reopen the debate among the many companies. And this is why the ART would like to have to say on the relevance of these -- the proposals. It's way too early to know what will be the consequences of this decision. But we can see the intention and the motivation of the regulatory authority in order to create exchanges among the companies. Another point, commercial activities. And Mathieu will there will tell us more about this in a few minutes. And we have an hospitality brand called Extime, and of course, will be [indiscernible] area. And of course, we have to take into consideration these new brand, the Extime, with the revenue per percentage. And this is why we try to modify our methodology. So we have the pro forma for previous years. And you see the share of the retail is extremely important in this created value. We aim to reach 25.5%. So you see the shape of the graph, so we can actually have a better estimate of what we try to achieve in the coming years. So if we talk about the development, international development, and we had a presentation yesterday. And just to remind you that during the health crisis, we didn't stay idle. We -- the TAV managed to acquire the Almaty Airport. We -- GMR managed to buy the Airport. We've been able to renew the concession in Antalya for 25 years until -- so we have a clear visibility until 2051, and we have an amazing job made by the financial teams, most notably TAV because we're able to renegotiate some elements. We were able to extend the concession period in Turkey, but also in Medina. We've been able to renegotiate the debt, which has debt restructuring has been extremely important in 2021. And we've been able to stabilize all these concessions, and we've been able to bring some visibility as the CEO reminded us. And of course, we have withdrawal of certain assets -- and we have, of course, this -- our intention with skip or to sell 8% of the shares we have in the framework of this cross share holding. And it doesn't mean that we will have to continue to do so with the TAV, GMR. And of course, we have the same politics as ADP. And we can't -- the boss considers it to be a selective approach, and we have to be as rigorous as possible and we have to be on the outlook and try to find any nice opportunities to buy for cheap. So the unwinding of the cross shareholding is a very complex operation. We gave you a lot of technical details yesterday in the press released -- a press release released yesterday. So we have the unwinding of the cross shareholding, so we sell 8%. Schiphol will sell 8% of their shares at ADP. And Schiphol will buy back the 8% of the shares on ADP. And these sells would take place in right way between Schiphol and ADP. And if necessary, we can count on the help of the government. And we have specific authorization by the Board of Directors and the right of preempt to be, the right of veto. And how does it work? Well, based on the substitution, we may replace one investor on several investors at that point. So we have new concessions, and we have some unwinding of few shareholding. As Augustin de Romanet said, the dynamics of the group in Paris, but also internationally and we have a stronger dynamic and with TAV and GMR. So for international activities, will force us to rebalance our presence. And in 2019, we have 15%; in 2025, it just with the assets of the group, we expect to have the value creation between 25% and 35%. And we know this is really a real change, and we know that the international flights becoming more and more important. Another thing we should pay attention to is real estate. So we have 2 areas for [indiscernible] of real estate. In the group, we have one in Delhi, fully exploited by GMR and the second area in Paris. In Paris, as I was able to say the investment strategy remains the same because we still have prospective business. There's been some delay. Some negotiations were suspended, but negotiators and investors are there. So what we were able to tell in 2019 during the Investor Day is still topical with a real value creation, especially in the warehouses and the cargo activities with the arrival of new players or the strengthening of existing players for long-term growth. We know that the cargo business is a major growth possibility for the group. There's also some perspective in the field of hotels, some auto chains have expressed the desire to continue the development, especially in Orly with different diversification steps in the field of hotels with setting up of hotel campus. There's also a policy to buy back our assets with some [indiscernible] French-specific structure, and it could lead us to a real growth relay in order to buyback some assets that are now held by other players. And it shows our desire to reassert our business model between 2022 and 2025 and the incredible value creation potential in the future combined with this new industrial rationale. Thank you very much.

[Interpreted] So we are going to take questions now. Who wants to join us on stage? Yes, take a seat, please. And I will take a question. [Operator Instructions]

[Interpreted] I have a question about CapEx. Clearly, you increased the guidance and the amount scale. Why did you increase these CapExs? You mentioned better safety, better security for Olympic Games, but you knew about that before. And you're not running after the traffic growth. So why are you going to increase the CapExs in Paris? And we know about the share of the international air traffic, but could we have the split, the comparative split between 2022 and 2025? Okay. I'll ask other questions then. Cost -- fixed cost, when we are back to a normal situation in terms of traffic in Paris in -- I mean when it's back to normal as it was in 2019, could you tell us about the reduction of fixed cost that will be made possible because of the crisis? And if I may, third question about this cross shareholding participation. What do you think your participation to keep all at ease? Can you give us an idea? And what would be the investors that you'll be interested in if you are buying back the participation?

[Interpreted] Well, I'll give you some additional elements regarding CapExs. We reviewed our CapExs slightly at Board for several reasons, as I could say. The first reason for that was to remind you that this range was regulated and nonregulated in the framework of maintenance. For our aeronautic activities, it was regulated. There's a lot of maintenance for peak in 2023. And this, especially beside in the air side. It will be regulated also regarding other minor aspects of our development. But as you mentioned, we do not need the capacity as such. But we took into account an increase of the nonregulated -- regulated aspects. And regarding this, different mechanisms have to be beefed up. For example, the strengthening of our electrical barriers that could be regulated, of course, or strengthening or beefing up and the deployment of new systems at the Board's location, it is quite essential. And we also thought that the raw materials were going to increase in terms of prices mechanically, which explains an increase for unit cost, a few percentages out of EUR 700 million or EUR 800 million, it represents a few million euros. So it's also a major block. That is to say the strengthening of some operations just before the Olympic Games. And we are discovering this in the discussion we have with the organization committee for the Olympic Games in Paris. Regarding fixed costs. We had 2 strategies during the crisis. We tried to variablize our expenses. And we also tried to reduce different types of costs in a sustainable manner in our operations. Regarding the first aspect, we learned how to be far more flexible and agile in managing our infrastructures. Today, our teams are the best in closing terminals in just 2 weeks and reopening them again in 2 weeks. That's something that will continue and that we'll be able to apply once the capacity -- traffic capacity is recovered. Because when we know how to manage airports with more flexibility, well, this flexibility is required for longer term. We have deployed the same recording system on all the recording stations inside the [indiscernible] it's called [indiscernible] while before some air companies had their own system. So we cannot optimize our capacities by having air companies that had their recording stations that did not have their own mechanism. So reduction of fixed cost now. This is a consequence of determination of a collective agreement. 1,150 employees left the company and 700 departures were not going to be replaced. So it led to a reorganization of the company and about 1,150 employees left the company, among which 1,000 employees that changed their position, so it's about 1/3 of the company that had completely -- that had to be completely adapted because we wanted to have lower costs, but it does not mean that these dynamics in terms of expenses, expenses that will be slightly down, it doesn't mean that it will not be back when the traffic is back.

[Interpreted] Regarding our participation in Schiphol. Maybe Edward, do you want to mention something about that? Well, Edward is better adapted because it was a representative in the [ surveillance ] Board.

[Interpreted] Regarding Schiphol, it's still valued in our accounts at EUR 370 million. This is the reference base, and there is a mechanism that was mentioned beforehand of pegging the price depending on the gap between the selling price of its shares by Schiphol and the price of the shares in ADP. So that's an indication. Regarding investors. Well, it's typically shareholder questions, but from the side of the management, well, these are reciprocal countries and regarding the different sectors, one of the reasons for the unwinding of the Schiphol partnership are the competition stakes that could emerge in between us. So it will not be very timely to have front-haul competitors that could be positioned on this operation.

[Interpreted] We have a question on the phone. I think a French question, someone from [indiscernible].

[Interpreted] I have 3 questions. First of all, it's the WACC range. To which point the change in WACC could have an impact on the Paris investments? Maybe you will invest more if the WACC still increases? And the second question is the same about the asset allocations and the expenses. What impact will this final decision of the regulators will have on your midterm assumptions in Paris? And the last one, could you confirm that the debt net EBITDA ratio does not integrate any assumptions in terms of M&A?

[Interpreted] Let's start with the last question. Indeed, our debt net over EBITDA ratio does not integrate any major M&A operations. That's the first thing. It does not integrate either the unwinding of the partnership with Schiphol. That's essential. Regarding the other questions, the WACC of the [ ADP ]. Well, it's a very wide range, so we cannot tell you if the optimistic assumption will be the one that will be applied by the regulator at the end of the day in the field of prices certification. When you do not have any economic regulation contract, you have a maximum that is applied annually. And it is made of 3 items. First of all, add equation of our revenue with deregulated [indiscernible] expenses. Secondly, the WACC level that has to be regulated that we should not go over in a provisional manner during the year. And the third one is a bit more subjective. The fact that our development is rather moderate. What I want to say is that when we do not have any economic regulation contract, we test these settings, these limits, limitations year after year. So we're going to be within this range step-by-step, and our investment policy will adapt also step-by-step. The real difference when you have economic regulation contract is you have a provisional WACC for 5 years and you have an obligation to invest. Regardless of devaluation, we'll have to invest, and that led us to denounce the economic regulation contract over the last few months, so that we were not submitted to this obligation of investment. So we have no interest today since we do not have any visibility on this WACC level to sign a contract that will commit us to a blurry annual investment policy.

[Interpreted] And to answer to your question, if there should be blows on the WACC? We would rectify our investment policy immediately. So you see the weight of the responsibility for those who set up the WACC, it could delay our faculty to finance energy transition, for example. So I say that very solemnly to decide for a WACC that will be correlated from the market, would be penalizing the energy transition, penalizing the performance of air companies without mentioning the fact that it would penalize ADP, too. Carry on Philippe.

[Interpreted] Then the impact of the -- the impact on the analytic accounting. It's hard to say. What I can tell you is that we trust our model because it ticks almost all the boxes in terms of principal set up by the transport authority. However, the debate organized by the authority with the air companies is about the relevance of these keys. It's not a debate about the principles, it's a debate on aspects that could be sensitive. For example, the percentage of runway regulations in 1 airport. It could lead to some exchange of use and to a conviction that could be shared by all the airport community that is to say. If the airport is strong, it can invest for the benefit of the air company profitability. This is not the same world. We are not running and racing for profitability for the -- for capacity. Today, we are looking at a balance between investment and tariffs, and this balance will be also expressed by the appreciation of the analytical company keys.

[Interpreted] Is there a question in the room here?

[Interpreted] Nicolas Mora from Morgan Stanley. Just to be clear, in your CapEx pathway, we see that we do not have any more capacity CapExs. We stop everything?

[Interpreted] No, that's not what we said.

[Interpreted] I'll put it in another wording. This modernization of airports. So Orly is complete. I mean we were even queuing at the toilets before boarding into the plane. I -- that say my own experience in 2019. [indiscernible], there's still some space. But what about flexibility? There's a multigen CapEx budget where we put aside the long-term growth prospects, and we close on to ourselves onto world with 0 growth or 1% growth in terms of traffic growth. So limited budget. What type of flexibility then? And then I'll ask other questions later on.

[Interpreted] There are 2 things here. We are talking about the time period between 2022 and 2025. And then this is the long-term period. The '22-'25 period, we do not have -- we do not need any additional capacity, but we'll gain some capacity. Then you have a long-term model. I showed you a slide that show you the traffic mix getting out of shape. It's interesting because it also shows you the growth of the expected traffic. So it's getting out of shape, it will be different, but it's going to grow. We did not say that there won't be any more traffic. We said that there will be a new dynamic. So the domestic time zone is going to grow the capacity you're going to grow. And the Europe [indiscernible] is going to be brought and pushed by the low-cost traffic with some growth and then internationally, it's going to grow much faster than the two others. So on this slide, we did not put the precise figures, but we gave you an idea about the potential of growth for the capacity. The industrial project that will be explained later on will go along with the growth of the traffic. So it will change our industrial model and our development model, and we'll be prepared for that. But we need some capacity CapExes that mainly are adaptation for our infrastructures. Sometimes it's marginal, sometimes it's not. And the best sign of that is the digitalization of our structures. With the same amount of square meters, we can have more traffic. We can do that in Orly, typically. There's a large part of the fleet that are A320. In the future, there will be [ A320neo ]. It will be the same numbers of runways, but we'll have to manage a passenger flow in the airport so that this modernization will enable more passengers going through the airport. That's the rationale.

[Interpreted] Now something more related to regulation and the traffic and you own WACC, the 6.3. Could you help us understanding -- understand the different components and the key aspect for the regulators? We see that the regulator has changed. You haven't, you're slightly above as anyone could expect. Could you tell us about the delta? And could we be considering counting the payer into half?

[Interpreted] So we have a clear positioning. We haven't changed our methodology. You have all our indicators being published with the scoring going with it. Just simply that these indicators have been updated, given the current risk premium and so on and so forth. So they were updated and they led to this result. There are 2 methodological differences, however. The first one is the time frame with which you are going to study the historical background of this WACC. We're going to do that with the industrial logics. The ART does not do that similarly. We are long-term managers or concessioners, so we have a longer-term. And the second aspect, which is far more complicated for us to manage is that in the ART [ model ] the cash flow remuneration is not taken into account. ART is fine with that. It says that regulation to not be appreciated compared with the need in terms of cash flow for the infrastructure. We thought that could be questioned before the crisis. After the crisis, we think it is ludicrous. If we did not have a good cash flow, what would have become of the airport? Could we have done the administration of the airport without any cash flow.

[Interpreted] If I may, a last question about the tariffs, about the prices. You saw that in your comments, the traffic is picking up again. We have a good control of our costs with the measures that were taken in 2021 start generating some savings for '23, '24. So CapEx is under control. Mechanically, we have gains that are improving very quickly. So it should be indicating a drop in terms of prices, in terms of price grades? So in 2022, we'll have a price increase of about 90%. But in '23 and '24, you're working on an assumption base to reduce the prices in a quite significant manner?

[Interpreted] Nicolas, I'm sure that your model is very good. I'm not going to question this. But you have to take into account a few elements, the global policy of the company and the regulation performance that I mentioned, well, we do practice a moderate development policy for our traffic with 0.9% increase for tariffs, while in other airports, it increases by 22%. Heathrow increases by 35%, for example, so we did not suffer less or more than Heathrow, maybe less. But globally, it means that the regulation model is doing quite well. Other things that you should bear in mind is that you should take into account an inflation model. As such, when we look at the figures, we do confirm that our price policy will be constant.

[Interpreted] I will take a question over the phone. Christian from the U.S. Can you hear us, if you hear us go ahead.

First of all, thank you very much for the presentation. And if I may, 3 questions. The first one is what happens to your 2024 EBITDA if the regulator decides that the regulated WACC is at the low end of the range? Secondly, your EUR 27.5 per passenger target, can you talk a bit about the bridge of getting there? What drives the growth? Is it the airside shops? Is it food and beverage? Is it incremental space? Any color that you could give us? And the last one, the EUR 27.5 sales per pass, can you give us a conversion ratio? Can you give us a revenue per passenger or how we should think about it in big lines?

[Interpreted] Regarding the first question, we do not want to disclose any sensitivity by giving you a scenario that will be over positive or over negative. We tell you what we know about today and we give you the items that we have in our possession.

[Interpreted] We prepare scenario. I mean, optimistic scenario, pessimistic scenario, but we cannot -- we are not there to give you the most pessimistic scenario, why we consider that this modification of the airport model will be anticipated and understood, including by our regulator and the public authority. Well, that enabled us to win in 2015. We signed economic regulation contract with the state in 2015 with a WACC of 6.5%. And at the time, the state had told us that they shared our feeling that it would be good for the country to invest a lot because it understood that it accepted in granting this WACC. So with deep pedagogy that we'll have, that is you say that the higher the WACC the more means we have to increase the investment in the company and the energy performance. Regarding the WACC per passenger, Mathieu Daubert will tell you about all this. I'd like to say that EUR 27.5 per passenger will be in the next [ permit ] in the next scope. With all the food and beverages, services, the advertising, the lounges, the packing of luggages and so on and so forth. So it's more than EUR 2 between the situation today and the situation in 2027. And Mathieu Daubert will have the opportunity to explain how they intend to boost these type of revenues. I suggest that we'll take another 2 calls.

[Interpreted] Jose [indiscernible] from Santander. Can you hear us?

[Foreign Language] [Foreign Language] We had 2 advanced payments by the state for airports, one in 2020, one in 2021 for more than EUR 100 million each. So far, there is no new advanced payment in 2022 planned. The cash flow of the Group is very robust and we believe that this advanced payment, even though there are good news for the Group, are not really necessary for the survival of our financial model.

[Interpreted] Thank you very much to our contributor from Santander. I suggest to finish the Q&A session now and then to finish the first part of our meeting, and we'll have a break, a 20-minute break right now, and we'll have the opportunity to answer to more questions. Thank you very much. And let's meet again in 20 minutes. [Break]

Welcome back to this presentation of the strategic road map for the ADP Group that we have. Move on to the next 3 pillars, 1 ambition, 1 group and shared dynamics. We have a lot questions coming up. So we have another Q&A session to answer to all your questions. And I will ask Mr. Edward Arkwright to join us; and Fernando Echegaray, the Head of Operations; and Justine Coutard, the Director of the Orly Airport in Paris. In order to start this segment, let's look at a short video. [Presentation]

[Interpreted] So as we said, the strategic road map will be based on 3 points: The industrial model; the group model on group; and the dynamics of management. So now we will focus on the industrial model and with big pillars which are multimodality and multimodal connections. And the reason why we have good friends with the SNCF and the railway companies. Then how are we going to change the way we build our infrastructure to meet our capital targets? The excellence of our performance. For energy, I wanted to say that our trajectory is based on a fine balance between these new sustainable alternative fuels and hyrdogen. So we have the sustainable alternative fuels. It's already a reality so we have -- making some experiments and we're doing some tests. And we have the first station in the Le Bourget Airport that is fueling some flights. And we have a regular -- almost regular line in France. So this is why we have for the sustainable alternative fuels. So for hydrogen, we have some questions. We seem to have some questions. So we know that we have on medium hauls flights is also important. So whether we own the long-haul flights or medium haul flights, we need a huge quantities of hydrogen based on the requirements of each manufacturers. And having this hydrogen in our plans is -- force us to rethink our plans and how we organize ourselves, and we need to have a mobilization of all the stakeholders on the airport and outside of the airport because we have many initiatives in -- so we try to have some electronic devices, actualize to -- for some vehicles and they try to develop these electrolyzers and trying to use them. And we don't wait for the aviation to get interested in this. We have study carried out with Airbus and Air Liquide. We'll be able to identify approximately 30 airports that may have this hydrogen-based infrastructure. And the key of this is how do we start with the store of these hydrogen? And we know we have a different hypothesis, it may be quite realistic hypothesis on the potential performance. It's pretty much the same as the same efficiency in terms of kerosene and both the speed of the flights, the planes. So we're just trying to assess the needs in terms of real estate, in terms of infrastructure in order to receive, store this hydrogen and to transport it and use it. So this is -- while being necessary for us to get ready for what's coming next. So sorry for spending too much time on this. Now let's move on to the fourth pillar and it's hospitality and [ next ] time. So let's talk about multimodality and this multi-model offer. So we have this vision for 2050 and [ sell ] promise. We try to give the priority to means of transportation as carbon neutral as possible, and we try to planes and flights that would be as carbon-neutral as possible. And of course, we have to be connected with the trains. So more than 2/3 of people coming -- who are coming to the airport in Paris are coming by car. So what does it mean by all the consequences it may have on the city? So we would like to reduce there the share of people coming by car. So we're talking about personal vehicle or digital vehicles. And of course, we need to develop car sharing, and we have [ trouble of ] the public transportation is also extremely important trying to solve this problem. So this modification of our strategy based -- try to switch from focusing on the passenger, and we consider them as travelers because we know that we -- the airport is bound to become a multimodal hub. And thus, we need to use this new concept to serve the people living in the territory. So what are the consequences for densification of the way our infrastructure because we don't -- we can't have too many stations. So when we have a station next to our airports and next to our terminals, so we should actually cope with the demand and the number of -- the high number of passengers. So we probably have to ban vehicles and cars around our terminals. And secondly, we may focus more on the platform that contributes the most to air traffic. So we try to limit, to mitigate the congestion in the cities. And of course, we have to use this concept of multimodality. We know that approximately 800,000 people living nearby. So have the Line 17 of the Metro. We have the CDG Express. And this connectivity will not be only used all this resource for transportation, will not be used for the passengers of our airports. And this approach is not only for our platforms because we know that in Tunisia, we are having negotiations with the changing government. So we have a line between the railway between Tunis and [ El Fidale ]. So when we had to restructure our debt of our Tunisian concessions, we didn't want to say that it was supported by the airport, but the airport was here to advise them and to try to find a way to have a better efficiency in terms of our investments in Tunisia. So of course, we want to increase the share of train in our connections, with trains and planes were actually increased by 50% between the Paris and Charles de Gaulle. They want to increase, to multiply it by 2, the connections between Paris and the Orly Airport. And then we have the development of the possibilities of means of transportation. We have 8 more lines, metro lines. And of course, it will be added in the multimodal hub for the Olympic year in 2024. And all of these clients are to [ be agreed apart ]. And of course, we hope to really build a ready to use by 2024. So we have a connection in the east to east, east/ west between [indiscernible]. And of course, we have Line 17 for the Le Bourget Airport, it will improve drastically the way to reach the Le Bourget Airport. Now if we focus a bit more on the Charles de Gaulle Airport. It will help us to really understand the capacities of Charles de Gaulle once we've appended the Terminal 4. So now we will then have an airport without this terminal and we have to cope with the number of passengers, the increasing number of passengers in spite of losing Terminal 4. So we have a brand-new approach which is based on networks, on flows of passengers and users, but also the employees and based on networks, the energy networks. So the previous project has the objective of optimizing the flows in air traffic. But we had in mind the air traffic and not really a way to optimize how things were done, and it will be designed around the CDG 2. We have 50 million passengers. Now we will have 15 million passengers in 2050. And we have all the projects that already have been decided. We don't need to have new lines because we already have all the necessary lines, all the necessary projects that have already been voted and agreed upon. So we have the CDG 2 projects and we need to design the connections and the connectivity. And we shouldn't say that we just -- we'll care about the users and passengers once they arrive in the airport. So we need to adapt the territories, the future of Charles de Gaulle will be done jointly, designed jointly with the local authorities. So it means that we have an issue, we have to start working on all the different factors like access to the airport and all the -- take into consideration all the various projects. So we have a project called [ Accor Alim ] in the north of Paris and will be built next to the airport, and they'll have this connectivity I just mentioned. They will have the sources of energy and at low cost. and will force us to develop even further on the platform. So you can see on this slide that we're going to use all the levers we have just mentioned as just illustration for Charles de Gaulle. You can see how the increasing the model share of long-distance trains. We have a lot of people coming by the TGV train, high-speed train. And we need to improve the accessibility of -- for the employees and for everyone who lives around the airport because we have the local means of transportation, Line 17 of the Metro by '26, '27. We can also add a new decarbonized means of transportation, like, for example, this versus car sharing. We need improve hospitality, and we will use all the necessary levers to create value. We need to be able to reduce the internal movements on the platform. So we don't want to have like the real estate. I didn't take the advantages of this new connectivity I just mentioned. So we have a brand new vision for the airport compared to what we used to have before this, of course. Only because we have Justine here with us. In 2024, we have the multimodal station and multimodal airport and Line 14 will be we changed drastically the configuration of the airport. We will be able to optimize the way we use our real estate in '27 and '28. We have Line 18 that will reach the airport in mid-2024. We have the brand-new station next to the-- the station of the metro of Line 14 and Line 18 and Line 24. We used to have -- we'll probably have bicycle lanes. So otherwise a brief presentation. And now can see video to illustrate what I just said. [Presentation]

So the second aspect of this is how we're going to build and design our airports? Can we have more sustainable airports? And how can we build less? Because the main factor for our CO2 emissions is the volume and the size of our infrastructure. So the more we can invest and can optimize what we're doing, the more we'll be in a good position to optimize our CapEx. And to stay on course to reach our targets. So we tried to explain what we already have. We try to extend the trucks. And we have this idea of [ needing ] less. The second ideas is to be better, to have a more adaptive tracks and buildings. We try to have a standardized elements and equipment. And we'll be able to work in brand new kinds of materials for isolation, for example. We have a lot of innovative companies near our airports, and we'll be able to count on the proximity of this knowledge, of the skills of know-how, and we have new -- [ used boot ] and decarbonized concrete. For example is the -- our need to rethink the cycle of life of our infrastructure. So we -- being able to recycle more than 200,000 tonnes of materials. We've been able to recycle a lot of materials. And it will help us to be extremely light in terms of our carbon footprint, in terms of noise and -- in the territories. And all these innovations, they're in line with their regulations, of course and the regulation is about to change. What we call RE2020, the environmental regulations 2020 as it is called in France, and we'll be working with the government and the holders of the industry to reach the highest level of quality and compliance, and they're completely in line with our targets. And of course, we will be able to reduce the expenses. So we will have to rethink, once again the cycle of life of all our infrastructure. And we may have these CapEx of excess syndrome, the well-known syndrome. And starting in 2023 for all the airports in the group, we expect to have the carbon budgets. What does it mean by the carbon budget? It means that we won't be able to cheat and try to for example, stop buying windows, for example, to replace windows to reduce the cost and then to spend more on heating, the rooms. So it's very important to have this carbon budget for big groups like ours. So during the last 3 years been able to develop an internal price for carbon. And you starts to make one think and to develop the necessary technology to be able to control the CO2 emissions. So multimodality, new ways and new methods to build the infrastructure. And I will give the floor to the main architect of the group. [Presentation]

The third pillar of this industrial model, this industrial ambition is the personal operating excellence. I'll give the floor to Fernando.

To have an operational model of excellence, this model wants to provide service of excellence to the airlines, also to the passengers. Of course, this should be naturally based on the digitalization and the use of the new technologies. And it will improve the operational performance. I can give you an example. If we are able to do a turnaround, this year is move -- we are providing to the [ air landing ] capacity to have the aircraft time in the air. So it's a model which increased productivity of the airlines. We want to improve the welcoming of the passenger, the travelers. We want to make the process smoother. We want to give the full time to enjoy the facilities. And of course, we want to improve the productivity of the airport resources. If we are able to give more turnarounds of the connector to the aircraft, we are improving the productivity of the airport, naturally. So to measure all these, we have set 2 KPIs. One is provide punctuality. The on-time performance has to be 80% or more, which means at the end of the day that 80% of the aircraft will departure on time, and it will improve the performance of the airport. For the second indicator. I would like to give the floor to Justine to explain it.

On the second objective in order to improve our operational results is to improve customers' experience. So from the very beginning, we try to have -- improve by 50% the biometric facilitation. So we see in the following video, that we have these small experiments to facilitate the use of biometrics. [Presentation]

So as our Chairman, Augustin de Romanet and Edward have explained along this presentation, we are committed with neutral carbon. We want to be neutral carbon in aviation in 2050 for all the flights leaving from European countries. So what are we going to do? We are going to join efforts with the sector, with the aviation sector and also the airport community. To do that, we are going to reduce the impact of operations. And these operations, of course, in the process of approaching to the airport, taking off of the airport and of course, when the aircraft is on ground. We are going to use clean energies, as we have explained in -- been explaining during the presentation. And we want to optimize the operations, consuming less fuel, of course, less emission and less noise. So we have chosen 3 KPIs to control and to achieve all these targets. One is reduction in the emissions. So all the aircraft that are going to move in Charles de Gaulle and Orly will reduce 10% the emission during the taxi time with -- during the process that the aircraft does once arrived to the airport in the runway going to the terminal, and vice versa from the terminal to the first hall of the runway. The second one is on a strong support to CDO. CDO is a continuous lessen approach, which means that the aircraft stays in the air, just at the moment to arrive to the airport. In that moment, do a continued descent, and it has good advantages for all the community. One is that you reduce fuel consumption, which is good, of course, for the airline. The second one is you reduce the emissions of CO2, which is good for everybody, for the community. And the third one is you reduce the footprint alone, the area where the aircraft is approaching. So the third one is that making a clean the energies. We are going to contribute on this target, we said at the beginning. So this first KPI is to reduce the energies in the way that we are going to increase the percentage, 10% of the energy is clean, that we call clean. And 40% in the area, which we call the terminal area and the prone area. As you know, in all these airports that are controlled by ADP, as an example, in Charles de Gaulle or Le Bourget or Ankara, Izmir or Amman, we have a certification in the [ Corban ] accreditation program, which arises to 3 or plus. So thank you very much. Now we are going to see a video in which you will see all these measures that are containing our operational program to reduce the emissions. [Presentation]

Beyond the decarbonization of our activity, the control of our environmental impact goes through a more harmonious integration in the territorial system. This is why we insist on the preservation of biodiversity in our airport. In order for our activity to be developed harmoniously with these territories, we must have a very firm action to limit our impact on the environment in the broadest meaning of the term, climate, ground, air in order to better value this pool of biodiversity in our airports. It's a multifold stake. We must strengthen the resilience of our activity in order to guarantee the sustainability over the long term. We want to guarantee the survival of our model in the long term. We also want to conserve and develop or mature our capital, which is essential for the neighboring territories. And by contributing to the improvement of the living standards for the territory, it's a way to develop the hospitality of the territories around the airports. And for us, it is a major impact in terms of anticipations because regulations are going to be increasingly stringent on this aspect. That shows in our very ambitious objective, from the quantitive point, we want to keep a major part of our airport footprint, 20% off in Charles de Gaulle and 30% in Orly, will be completely devoted to biodiversity. The qualitative objective, the qualitative side of this objective is that for all airport in the group, we are committed to increase our biodiversity and therefore, to guarantee the presence of fauna and flora in our territories.

Can I ask you to stay here for the questions. The marketing director is going to join us on stage in order to help us imagine the sustainable airport of the future. Mathieu Daubert is going to join us. I'm going to give him the floor, actually. As soon as he is here. The welcoming of our passengers is at the core of our raison d'être. And therefore, the service quality and the client satisfaction is really at the heart of our concerns. In order to monitor our performance, we follow mainly 2 indicators. First of all, the top 100 at the world level of the best airports in terms of service quality delivered by Skytrax. Secondly, the satisfaction for passengers via ESQ survey. It is actually shared by most airports in the world, and it gives us 4 out of 5 based on values service. We've decided for 2025 to set up 2 major ambitions. First of all, to have 8 airports of our group in the 100 of the Skytrax of the world's best airports versus 5 today with Paris, Charles de Gaulle to be positioned in the top 10 while it's 25 in 2021. The second ambition is to position all our airports of significant size to a score of at least 4 out of 5 in terms of client satisfaction. In order to do so, we have built a strategy around 2 main pillars. And that's actually the 2 major moments of our passengers in our airports. First of all, the public area, the arrival area, the correspondence areas where our passengers are very stressed. They go process after process, control after control. And the challenge is to give them back the control of their time. So we are going to optimize our operations, Justine and Fernando told you about that. We also have the smart airport approach. We'll tell you about that later on. The second very essential moment is very different. It's the area just for the departures, our passengers have gone through all the controls. They start to be less stressed. They have time about 2 hours in average, and they are looking for experience and emotions. And it's really there that the retail and hospitality territory starts. And today, I'm very happy to tell you about our very new project. And I suggest that we watch this short video for about 1 minute about it. [Presentation]

[ Extan ] is our new brand for retail and hospitality, embracing the whole of the experience that we want to offer to our passengers in the special area before boarding, from commercial area to the boarding room, going through walls and restaurants or commercial shopping malls. With [ Extan ], we have 3 promises. First of all, vis-a-vis our passengers, it's a promise in terms of experience and satisfaction. [ Extan ] is also a promise of economic performance for all the airports that will choose to be the hosts of [ Extan ], economic performance in terms of revenue per passenger and economical performance in terms of profitability ratio also. Next, [ Extan ] encapsulates all the know-hows and expertise that we have built progressively in Paris Airport and more globally within the group. It develops them. It globalizes them so that we can optimize our performance. First of all, in the Paris airports then, on the basis of the success, to make it a real tool to create new market shares in the airport of the group, but also potentially in airports that are not part of the group. [ Extan ] strategy relies on 3 main pillars: first of all, the stimulation of demand; stimulation of the contributing traffic, thanks to innovation marketing project is very aggressive and [ categorically ] a turn towards the development of connectivity for countries that are the most contributing which have the most growth perspectives, stimulation of demand upstream, the arrival of passengers in the airport, thanks to a digital ecosystem that will be beefed up with a loyalty program, [ Extan ] rewards and on the other side, the e-commerce platform, www.extan.com. The second main pillar for [ Extan ] is the business model. Controlled operations in order to make sure via a whole series of operators that -- in which we are shareholders via joint ventures, that operations match our strategy and all as imagined. And the third major pillar, which is really the nuclear core of the [ Extan ] project is the experience that we want to offer to our passengers. That is to say the collection of the terminal shops. They were created and inspired by collection of hotel boutiques where all this hospitality codes are present. That shows with different excellence pillars. First of all, the design of the place, we have different promises in order to make sure that we deliver. For example, reserved areas with the human size with the pathway between the end of the controls and the boarding getaway, to have an area for intimate moments. Second pillar, these are places that will be designed as an environment with a very singular design. Third point, the integration between the commercial area and the boarding room, guaranteeing and making sure that there are [ perusative ] between the different usages and a local print, a local footprint in order to give the best of the culture in the areas we are present. That's what we did in a lot of our boarding rooms, the one you saw in the short video in the 2G Terminal, for example. The second excellence pillar feeding this hospitality strategy is the excellence of service. The excellence of service will go through the embodiment of the place with a leader that will unify all the players in the airport in order to have a common spirit or common mindset and a specific way of welcoming people there. We have a whole range of services also that will be adapted to all our passenger usages. They will be customized. There will be event, also organized and also welcoming events that will facilitate the pathway of the passenger. The third excellence pillar that will be fed with this. It's the excellence of our offer. That goes through a brand portfolio for which we are really excellent in our current terminals. There are places where we have the entirety of the major luxury brands in France. It is also to do with the work we do on our own brands that are going to be implemented around [ Extan ] Duty Free, for example. We need to have a consistency in terms of experience in order to have -- work synergies. And with an excellence in terms of catering offer with excellent local chefs and an excellence in terms of cultural programming. This value proposal around [ Extan ] will have 3 ranges, a range that will be the core value, the premium range where we have the entirety of the value proposition, value proposal that will have for the most exclusive clients and the third range that we call Lifestyle for the leisure customer base, with a brand portfolio that will be adapted to their usage with a strong focus on catering. The first challenge for [ Extan ] is to optimize our performance in our Paris platforms. And this, next year already because we've decided to develop that on the first semester 2023. In Paris, a lot of things have been done already, which enable us to have a magnificent growth of our revenue per passenger between 2006 and 2021 to reach EUR 21 last year. It's also a way for us to have the 2E Terminal has the highest revenue per passenger in the world. After 2 years of COVID crisis, we know today that we need a new momentum in terms of growth and that we're going to capture this new growth cycle, thanks to [ Extan ]. It's a new momentum in terms of growth for 2 reasons. First of all, the revenue with the development of the revenue per passenger, with generalization of our project in the different terminals, the fine-tuning of our offer, the integration of new products, the arrival of a digital ecosystem that will be better. For example, with [ Extan ] rewards and the e-commerce platform and the setting up of synergies and of shared initiatives in-between all operators within the framework of our global project. [ Extan ] is also a new momentum in terms of growth for our profitability. Even though it might not be as visible. Within [ Extan ], we have worked on the entirety of our business models, we have worked on them at length. And today, the result we have enables us to recover some growth at 2 levels. First of all, with our 2 classical sources, historical sources to capture value, the fees ratio via the lease function and the dividends via the shareholders and [ willing ] to come back to our historical levels and we are going to recover our fee levels as they were before the pandemic. Second element, the arrival of a third source of value capture. It's the franchisees function with the setting up of these franchisees. I was talking about growth momentum in terms of revenue per passenger. You can see that on the pathway of the revenue per passenger as we would like it to be by 2025. There are 2 main aspects here on this slide. First of all, and this is really the embodiment of the [ Extan ] project. We're going to go to revenue per passenger in the reserved area in -- with [ the shops ] towards revenue for these passengers for all the commercial areas, including the boutiques, but also including the bars and restaurants, the advertising organization and a whole range of services. Secondly, we'll continue growing, as you can see on the slide, with the starting point at the end of 2021 with EUR 25.3. And an objective by 2025, that's EUR 27.5, which will be a way for us to continue the growth that we initiated in 2006, which is very atypical in the world of European airports. You can see on the red curve, the average of revenue per passengers for the airports remain completely flat from 2006 to 2021. As objective the optimization of our performance in the Paris airports, and that's something that will enable us to reach the second objective for [ Extan ] that it was to be a conquest instrument to create a new market shares abroad. In the Group airports, in the second period between 2023 and 2026. And depending on the opportunities, it will be in airports outside of the group with 3 privileged territories, the U.S., Asia and the Middle East on a model that we imagine as being a franchise. And in terms of ambition for 2025, we'll -- we could have a start of this international business with the opening of 2 projects with [ Extan ] beyond the airport in Paris. So we should remember 3 things. [ Extan ] is a global brand, a global brand in its business scope because it includes all the activities in the reserved areas, and it's a global brand in terms of geographical scope because it aims at being part of an international territory. Second important point, [ Extan ] is there to serve all passengers. That is to say, to develop the client satisfactions but also it is there to self performance with 2 major growth levers. First of all, the revenue per passenger. And secondly, the profitability why the major work that we have accomplished to optimize our business model. Thank you very much.

I'm sure there will be questions. So we'll have a new Q&A session. We have a here in the room.

[Interpreted] Good morning, to come back to the sales/PAX objective. Can you tell us how you're going to go from the current performances to 2025? Whilst it's rather clear we have the international terminal that's going to open, maybe you can confirm the date, at the end of 2022, beginning of 2023? So we are ranking up regarding the benchmark in Terminal 2E, now what is going to secularize this growth line in terms -- I mean are we going to ramp up the range aiming at the luxury segment? Could you tell us more about the drivers of all this for the 4 coming years?

[Interpreted] There are different answers to your question. First of all, Terminal 1, the opening of Terminal 1 is planned for December 2022, with the idea that it will be the first terminal in which you will have the entirety of the Extime experience. Regarding the growth levers, the growth drivers, and it will be the way to answer the questions that were asked before, several things. Regarding the split between the sales/PAX boutiques [indiscernible] to a global sales/PAX, I'm not going to give the split activity per activity, but I can tell you that today, the boutiques represent 85% of the revenue per passenger. And when you look at the share it represents in the global activity, there won't be growth if there is no growth on the boutique activity. So in the future growth, we plan to have a growth of our revenue per passenger in the boutiques. Among these different levers, there will be several. First of all, the lever to set up the terminal boutiques. And Terminal 1 is a very good example because we want to turn towards the performance we have in the 2E terminal. Secondly, the digital ecosystem in terms of anticipation for purchasing. Today, we have a loyalty program, My Paris Aéroport, so they are going to be switched to a new program, Extime Reward, that will be fine-tuned with other proposals. I cannot tell you everything that will be included, but in the workshop that we'll have, we will have the opportunity to give you more details about that. And on top of this, there will be an e-commerce platform that exists for some of our activities today, in the parking lots, for example, but it's far from being deployed for all our presence. The third level -- lever is the synergies between the players and the operators via the Extime project. I'll give you an example. Today, for example, we have the personal shopper service. Today, the personal shopper is carried out by SDA and is only operating on the SDA scope. When we have Extime in the future, we'll like to have a personal shopper to serve all the players in the area. That could be a performance lever for this customer base that has a lot of purchasing power. And the last example in terms of economic performance or business performance in terms of revenue performance per passenger, it's -- I mean via our global ecosystem, the setting up of a growth that will be driven by the arrival of new products, 2 types of new products, service-oriented products that do not exist today. I'll give you an example. The commercial lounges. We are going to open different commercial lounges with a first level of cooperation and synergies at the group, lounges that will be called Extime Lounges. They will provide an offer that today does not exist yet. It will be also the fine-tuning of our product offer. For example, with our new brand of duty-free, Extime Duty Free. I hope I answered to your question there. I have another question in the room here, this lady over there.

[Interpreted] Virginie Rousseau. A question about the same theme. Historically, the spend per passenger were very different depending on the nationality of passengers. In the [ close ] you are anticipating by 2025, will we have the same growth drivers? That is to say, are we going to have a major increase of the Asian passengers' consumption? Or would it be quite even for all passengers? And from this question, another one. You have had very few Asian passengers over the last 2 years, especially coming from China. But these people have kept on spending on luxury products. So they probably have other consumption habits. Why do you think that they will come back, spending money in your airport and buy Vuitton bags in Paris rather than in China?

[Interpreted] Well, I'll start with the second part of your question. Well, first of all, even though that the Chinese traffic has gone down significantly since the COVID crisis, we haven't lost the connectivity with China. We are one of the only ones in Europe to have maintained this connectivity, which is a daily effort. We had to set up a laboratory in the reserved area to maintain this connectivity, which was a prerequisite because the visitors must be able to have test before entering China. But while keeping this technology, the connectivity, sorry, we know that the Chinese passengers will come back to where the places where the connectivity has been preserved. The second important point in terms of consumption is that we have progressed a lot in terms of turnover, for example, with China during the year 2021. So there are different reasons. And some reasons are related to the health crisis because we know that people are buying a lot of things for their families before going back to China. And this was not the case previously. But while we see clearly that there's a strong will to consume, to buy products. And that's quite reassuring. And to be honest, another thing that's quite important for me, too, is that we are in discussing, we are talking with our brands all the time. And it must be something very important because you know that these brands, we have to have this network of shops and outlets. And what these brands tell us, these brands who are in direct contact with China, is that there's a good appetite to travel to buy products in France and in Paris. And this is one of the main reasons why they keep on following us, supporting us in our projects. So if we have a look at the Terminal 1, the main brands that are supporting us, that are accompanying us are French brands because they have a trust in the future and the future of Terminal 1. So to go back to your first part of your question about the turnover per passenger and per destination, we know that we still have quite significant gaps between the turnover in several destinations. But we saw this and one of the main assets that something we -- one of the benefits of the health crisis is that we have to -- not to rely too much on Chinese travelers and we try to take care of different passengers of different origins, for example, the American passengers, and we've been able to make some progress on this and we've been able to improve the turnover on these countries of origin. So this is a positive point of the health crisis. So to sum things up, we will still see some gaps and differences. And we try to mitigate these differences because I think we'll be able to improve the turnover of some clusters, like, for example, the United States. This is it. And the last point maybe on the medium term and as developed by Philippe, we know that on the midterm, we know that the international flights will -- the number of international flights will increase more and faster than the EU flights or the internal flights. And we have a final question from Cristian Nedelcu from UBS. And you have a question in English, so feel free to ask your question now.

Yes, can you hear me?

Go ahead, please.

Can you hear me?

Please go ahead. Absolutely.

Yes. Sorry about that. So my first question, yes, my first question, the sales per passenger, EUR 27.5, that is 20% higher than 2019 levels. Should the retail EBITDA in 2024, '25 should also be 20% higher than the '19 level? The second one on SDA and Relay, you used to have an EBITDA margin target of 7%. Is that still feasible on the midterm? And lastly, you're currently retendering the SDA and Relay contracts. Do you believe there is room to improve the current concession rate there, which is currently around 33%, 34%?

So thanks for your question. Actually, I won't be able to answer all of them for simple reason is the fact that, as you said, most of our contracts are ended December 2022 and we have decided to enter in a tender process. That is currently running for duty-free and that hasn't been launched yet for all the convenience part. So of course, the results of the tender will be totally key. To answer the question related to EBITDA and the room for improvement, looking at the creation of value. But what I can already tell you are 2 things. First, looking at the food and beverage, because the tender is ended. So we have already selected our new partner, SSP, inside our JV. What I can tell you is that, first, we have secured our concession rate. And on top of that, we have increased our capitation of value as a shareholder. Second thing that I tell you is that as I said, to prepare our tender, we have made huge work looking at our business models and so on. And we are quite confident today that thanks to the optimization we have put in place, which is somewhere -- compulsory in the tender, it will be possible for you -- for us, sorry, to improve our value, not really on the concession rate, but looking at the other capitation of values that we can get.

[Interpreted] Thank you very much, and we'll conclude the Q&A session and now we'll move on to the next strategic access. Thanks to our speakers. And now we will ask Sani Sener, CEO of TAV; Raju, to join us; and Mr. Lévêque to join us on stage.

[Interpreted] Thank you very much. So we know that for Extime we have to count on the optimization of the group. And we have the second pillar, which is a highly local and obviously international, too, because we are fully included in the territory. We've been here for a long time and will be here for a long time. And we -- concessions for 20, 25 years or 3x that, 20 years. Just like in India, for example, we know that we live in this territory. And this reason why we have this anchorage on the territorial level. And we know that we have an asset of competitiveness and to show the attractiveness of a country is the first point of entry, the last point of exit. It really shows the importance of territory. And really, it's important to have this in mind and to keep this in mind. And we also know that the employees that live in this territory and it cannot be -- we have to be interested in this territory. The second point is it is also important to develop this multi-local group that's based on the qualities and the skills of everyone. So if I can come back to this concept of territorial integrations, we -- now as we speak, the airport, until at least until the health crisis, we could say that an airport could have a connection in a specific territory, just by saying that you need to create new jobs and may create some noise or congestion and rising cost of real estate. And we know that we move beyond this because we now have this new industrial concept, this new industrial approach. We have this -- the core concepts of connectivity and we try to, of course, to produce energy and we went beyond this, and we have to be most respectful to the environment. And this approach, this new approach with the territories seems to be the key for our development by 2050 and we'll be -- we'll see the clear demonstrated by 2 points: We need to increase the connectivity and of course, we need to have new international routes. Our objective by 2050 -- by 2025 to have 100 additional international routes and we'll probably have a total number of 1,157 international routes and thanks to the support of TAV Airports. And the second objective is to make sure that this is become translated into commercial activities. So of course, we have to comply with all the regulations. So make sure that 80% of our purchases should be done locally in the region of Paris because we were at 77% in 2019, but we make sure that 20% of these purchases should be done with SMEs. Well, in 2019, we were only at 11%. So it's quite a demanding challenge because we know that some food industry companies are reaching 68% of their purchases done locally. So we have one foot in the territory, but we also have this multi-local approach that we mentioned at the very beginning of this approach -- at this presentation. And it should be a long-term campaign and we -- just to remind you that the average concession period was 8.8 years. And now, thanks to the acquisitions of GMR, we were able -- and the renewal of the contract with Antalya, we will be able to reach a concession period of 32 years and we have a portfolio maturity of approximately 30 years. In order to do so, of course, we're counting on our partners. We have some development projects in Paris, as mentioned at the beginning of my presentation in North America on small segments. And we have tried to have an opportunistic and selective approach, as mentioned by Philippe Pascal. And of course, we have to count on our Indian partners and Turkish partners to describe the method of -- in Antalya, Almaty and describe the pipeline.

Again, today -- sorry, I would like to talk about the renewal of Antalya concession. Antalya is one of the -- I mean second largest airport in Turkey with the highest proportion of international passengers, 85% of O&D. As you all know, in our business, international passengers, financially, are very valuable, because in domestic passengers, the passenger fees are very low and there is no duty-free and they don't spend much. And international passenger-wise, in 2019, the traffic, or total traffic was 35.7 million passengers, of which 29 million of international passengers. So when you compare it to existing Istanbul Grand Airport, then our airports' international passenger departure, which we charge fee, is more than Istanbul. But in Istanbul, there are connecting passengers and there are domestic. In total passenger volume, they are much more ahead of Antalya. But when you go in details, Antalya is much better compared to them. In '19, between 1999 and 2009, international traffic CAGR was 13%. There's a huge growth in Antalya, mainly Russians, Germans, Ukrainians, British, French, a lot of international passengers are coming to Antalya. It's one of the best destinations in Mediterranean, leisure destinations. It's renewed for 25 years. Actually, the existing -- we are partners with Fraport there, the German airport operator. In Fraport's case, the -- we were 50-50 with them. Still, we are now with 51, they are 49 in this new one. We will operate the terminal airport till 2026. And by the end of 2026, the new company, which is the same company, but the new company will take over. This was very important for TAV, as Edward mentioned, with Almaty and -- with Almaty acquisition and Antalya renewal, our 8 years of concession period, EBITDA-weighted concession period, increased to 30 years. So this is an important issue for us. The total concession price is EUR 7.25 billion plus VAT. Total CapEx is over EUR 700 million. And in 2019, we had an EBIT of EUR 220 million. So we are very happy to -- with the renewal of Antalya concession. When we look at the TAV Airports business opportunities, in the first session, I talked about Kazakhstan, Georgia, Tunisia, [ Batumi ], Latvia and aeronautical revenues, Croatia and North Macedonia and all others. But here, I would like to give you our growth strategy. First of all, I would like to tell you that in airport business, we have -- I mean like in other businesses, we have organic growth. I mean with the increase of passenger numbers, you grow your existing business; and inorganic growth, you add more new airports to your portfolio. And we have a strategy together with our largest partner, Aeroports de Paris. We say that we'll never exceed -- in inorganic growth, we will never exceed our financial and operational capabilities. So according to this, with our firepower, we are shortlisted in Montenegro Airport, in Puerto Rico and [ Chipata ] Airport. [ Chipata ] especially is a very, very nice airport, touristic leisure destination. And the other one is Puerto Rico, the capital city. There are 3 companies listed. One is Incheon, Korean; the other one, Corporación America, from Latin America; and the only European one is TAV and ADP. We are entering with ADP. So this is a good opportunity. There is no big investment there, but very nice 2 airports; and Nigeria. In Nigeria, Lagos -- Abuja Airport, Harcourt and Kano airports are being concessioned. It has been nearly for 4 years. We are following that project. In that part of the world, the things goes a little bit slowly, but it is in our radar screen. I would like to talk a little bit about TAV Airport guidances. Yesterday, we announced it after the Board meeting. Recovery of traffic at TAV Airports, in 2022 traffic between, we are expecting 71 million to 76 million passengers, whereas it was 52 million this year in '21, 2021; and 89 million in 2019. In 2023, return to the 2000 traffic levels in 2023. So we are expecting to be around 90 million in 2023. And in 2025, we are expecting over 100 million passengers. When we look at the slide of TAV Airports EBITDA margin, this is very important for us. In 2022, this year, we are expecting an EBITDA margin between 32% to 35%. And in 2023 and 2024, we expect to return to the margin of 2019, which is actually 37%. And in 2025, we are expecting an EBITDA margin of 42% or between 42% and 45%. When you look at our TAV Airports net financial debt or EBITDA ratio, now because of our investments, it's high. In 2022, we are expecting between 6 to 7x. And in 2025, we are reducing it between 2.5% and 3%. This is what I can say about TAV. I already -- I'm ready to answer your questions during the Q&A.

Thank you, Sani. Just coming to the GMR Airports. So what we are focusing in the next 3 years is that we would like to complete the existing airport expansion. Delhi Airport is -- we are preparing the airport for 100 million passengers. We'll be completing the capacity by 2023 December next year. And we are actually part of the expansion is we are completing the entire air site. We're building a fourth runway and also Eastern taxiway and a large terminal that we are expanding for the entire low-cost carriers. That will be completed by next year end. And the second one, which we are actually building it is in Hyderabad Airport, which is in the southern part of India, which we're building it from 12 million to 34 million passengers. We'll be completing it by this year end, by 2022. And we have a couple of greenfield airport portfolio, at Goa airport in north of Goa, it's a New Goa, which we are completing it by August 2022, this year. And the Bhogapuram airport, again, it is in the southern part of India. It's going to be the new capital city of Andhra Pradesh. It's getting started. We are expecting around third quarter of this year to start construction and completion by 2025. Then we have construction of Heraklion airport, which we already started. Heraklion airport is commissioning by 2025. So this is already financially closed. So the expansion of Delhi, Hyderabad, Goa is completely financed, closure and the equity and debt has been organized. And for Heraklion also, the entire financing has been closed. And recently, we won Medan airport, which is a brownfield airport in South Sumatra, which is the fourth largest area -- fourth largest urban city in the country of Indonesia and it's an emerging market and it is a 25-year concession. And 2019 pre-COVID, they were handling 8.1 million passengers. It's predominantly international traffic to Singapore and Malaysia in that region. And the next airport which we have won recently is Nagpur airport. It will -- we won quite a couple of years back, but there was a legal issue, which we won in the High Court and it has been pending with Supreme Court. We are hopeful that the next 2, 3 months, it will be sorted out. See the growth drivers in the -- for GMR Airports is there's a strong potential in India. The aviation market is increasing. We see that compared to China, we are only 0.007 trip per capita compared to China, which is 0.3. We are a developing economy. We have -- urban connectivity is very much needed when we are actually growing from a $3 trillion to a $5 trillion economy. And very important thing of dynamism in the aviation industry is that the national carrier, Air India, has been prioritized and which is a very, very important and which is a growth factor for the all our Indian airports is Air India got acquired by -- privatized and acquired by Tata Group, which is a very large conglomerate in India. And the new airlines which are also have been set up, that's Akasa, Jet Airways. And we feel that a lot of international traffic will grow, especially for long-haul flight from IndiGo, from Indian Airlines and Air India, because of the prioritization and new investment and the way they ordered long-haul flights, which they have booked with Airbus and Boeing. And another important factor is the third pillar is the real estate. The real estate that we have is around -- we have 250 acres of land in Delhi Airport, which is around 51 hectares has been developed and 93 hectares is what we have in Delhi. 51 hectares has been developed and we have a huge balance of development that we are looking at. If anybody been to Delhi, we have 4,000 keys hotel rooms in the Delhi Airport, which is called Delhi Aerocity, which is -- we also have 2 million square feet of office space. We have given a concession to a real estate developer who's building a 5 million square feet of office space in the next 3 years. That's going to be a huge development and which will actually give us a huge growth and creates a city within the airport. And we have 120 airports. We are expecting another 25 airports to get prioritized by this year. So the immediate is around 15 to 25 airports will get prioritized this year. It's on the cards because the government of India and Airports Authority of India has seen the success of privatization in India, and GMR Airports is well positioned with the support of ADP investment, well positioned to actually participate in those airports, which is all on brownfield airports, which are having an existing traffic and has high potential to grow in EBITDA and also in other services and the real estate.

[Interpreted] Thank you very much, Raju. So we have synergies that are informal synergies because the CEO of Air India is -- the former CEO of Air India, so we have -- we also have industrial synergies. We can see in the smart airports and the smart IT as presented by Gilles.

[Interpreted] Well, good morning, good afternoon, everyone. As mentioned previously, smartization of our airport, one of the key factors of success to meet our strategic targets. So before I present -- introduce you to the concept of smart airports, so we have the collaboration of 1,000 engineers specialized in IT. So we can rely on the know-how and the knowledge of the employees of 28 airports in our networks. So ADP has been able to design and roll out innovative IT solutions. So this is probably a one-of-a-kind innovation. It will help us to speed things up when it comes to the rollout of our process. So thanks to TAV technology, we'll be able to propose these technologies to our partners and our passengers. We'll be able to work jointly and we're able to consolidate our acquisition policies. So we'll be able to optimize our solutions and we're able to find new technologies. So each of our airports can get better access to groundbreaking technologies. So we have a common goal, and that was consolidated in a program called Smart Airport, in order to have, make sure that our airports will be on the leadership of the digital transformation and digitalization. So this was quite an ambitious program. So the main objective was to support and to accompany all our passengers the whole way by guaranteeing them seamless trajectory and can actually meet the demand and we can ensure that we have seamless movements on our platforms. And we talked about robotics, artificial intelligence, augmented intelligence and connected objects. So in order to be successful and to guarantee the success of this program, we have a framework of reference to assess the good maturity, the level of maturity of our airport and we can adapt to the economic reality of this framework of reference. It can help us to assess the level and put one of -- each of our airports in the digital maturity. The first level is called, what we call digital beginner, is good implementation of passenger journey. The second level is called digital friendly. So we have to digitalize the main key milestones to have the management of airport resources. And the third level called a full digital is a good way for you to have a completely controlled and completely monitored journey on our platforms. And we have the final and ultimate level, is called digital pioneer, so we can have a tailor-made and dematerialized, end-to-end digital journey from the very moment you leave your house to the moment you reach your destination. So this is why we have defined the KPI as by 2025, we make sure that 100% of the airports in the group with more than 4 million passengers should average the digital-friendly level and 3 airports represent approximately 40% of the number of passengers should have reached the level full digital, so the third level.

[Interpreted] Well, thank you very much for the presentation of this pillar. Now we're going to move on to the third strategic pillar. And I'm going to ask Laurent Gasse, Human Resources Director and the Director of the Audit and of the Risk Control to join me onstage.

[Interpreted] Well, thank you very much for talking about the third pillar, share dynamics, trying to identify and set up the innovation levers in order to drive this environmental transformation. The innovation policy is the reason for pride. It's also a factor of transformation and transformation assistance in the field of sustainable development. It is also revealing the new usages. It's a culture of responsibility, of commitment of ethics, which is essential given the countries and the geographies where we are present. And also given the multiplicity of the people we work with. So the innovation policy is not new in the group. It was completely overhauled 4, 5 years ago. The most important point is to put this innovation policy to serve the environmental innovation. The first pillar is being open, capitalizing on a territorial ecosystem. We have partners. We have large and small companies. We have retail centers, incubators. How will these territory ecosystems be put in a network? How is it going to enable us to identify solutions and experience all this in an industrialization logic? It's not experiencing just for the sake of experiencing. We have examples in the group in the field of planting, with a solution called CASPR; in terms of drones and biodiversity, with a solution called ALTEIA, which enabled drones to monitor the fauna and flora in all airports. Third pillar, invest. We have different partners that need to be assisted in this growth with a direct investment or with a presence with different firms and direct investment in order to identify solutions and benefit from new ideas. We also have a sectorial and geographical watchdog. The fourth pillar, reinvent. In order to explore new territories in a massive manner, pre-industrial way, so to speak, for new activities, the advanced mobility, all the new air mobilities, the air shifts, the new energy issue, the regional electric, but also the fight against drones. Still today, as a matter fact and tomorrow, it will be about energy. This innovation policy will be serving the different functions in the group. For example, for the passenger's experience, I'm not going to dwell on the different examples that we've been giving you since the start of this meeting, but you can see that we try to use these different experiments. For example, in the field of architecture, our teams are working at the metaverse and we saw the potential in the design of many of our infrastructures. Then the automation of our airside operations are facilitated by innovations, especially in the field of the rolling optimization or the taking off cycle for the planes. The lever we should not forget is innovation in terms of managerial levers. It's a source of pride. In the time we've just gone through, the fact that we have a major innovation policy enabled a lot of employees that were completely disturbed by what was going on to regain some pride in what they were doing. It's -- we have actually set up different pathways along with the engineering schools we work with in order to be able to rely on this innovation approach and put it at the service of our recruitment policy. By 2025, we want to have a group approach and not only an approach per asset. We have the innovation have -- in Paris. We have a another one in Istanbul. We want to network this community and share the different experiments in all the fields I mentioned, with a specific attention on the pre-industrialization approach. Out of the 120 experiments, a lot will be devoted to the industrialization. Now let's take the focus on investment. Direct investment, as I said, we have a portfolio of about 10 participations and we have a regular rotation. We have a [ CED ]. We had the start-ups that needed to be restructured. It's more than EUR 20 million invested in 5 years' time, a portfolio that did not lose any money. And we are there to look at what's going on. And lastly, we had the infrastructure chapter with new solutions and with Flying Whales and direct investment because we are present in different funds. Over the last 8 or 10 years, we've been present in the funds. EUR 100 million have been invested, the funds are chosen because of their geographical complementary: Europe, Asia, West and East Coast in the U.S. The sectorial complementarity, for example, the loss before -- the lost investment is in the clean hydrogen field in order to have the possibility to benefit from a low carbon hydrogen solution. We have different partnerships with the funds in which we invest. This innovation policy is also a way for us to invest in some specific practices. I mentioned that before. It's the advance mobility, for example. It's the function in new air mobility, EUR 5 billion have been estimated for Europe. There are extremely important perspectives, especially in Asia. Paris in terms of air mobility, urban mobility, is 1 of the 3 cities that are the most advanced in the world, thanks to the ecosystem we set up with the [ Air at DP ] the Parisian region also and the support from the state. It started in the [indiscernible] and the airport was located 30 kilometers away from Paris, an experiment campaign on all the components of these air mobilities, not only about having lane flying. Now it's about seeing the maintenance operations, the passenger experience, the associated business model, the safety, the security, the infrastructure in the ground and so on and so forth. Today, it's in Pontoise. It's going to be there for several months. And on the 22nd of March, we'll have some experiments going on and you will see fantastic things happening. This is the experiment part, the second step is to go towards 2 lines during the Olympic Games for passenger transport. The line between Saint-Cyr, which is the airport in Versailles and the heliport in Issy-les-Moulineaux and the line between Charles de Gaulle and Le Bourget, and an entry point in Paris that will be quite symbolical. In 2026, we'll start working on the ramp-up, of the scale-up of this program until the end of the decade and we'll have also increased the practices in terms of logistics. We'll have opened in 2026 an airport, the first that vertiport. You saw that in a video, it will be a modular infrastructure in order to capture the value that will be revealed by these new air mobilities. So innovation culture to serve the revaluation of new air usages, in order also to serve the environmental innovation. Now in order to achieve this plan, we need human resources. In order to do that, we're going to have the opportunity to recruit in the coming months several hundreds of employees by paying also attention to their integration within the company because it's absolutely essential if we want to succeed. In order to do that, we'll be able to rely on a dynamic social policy. We'll put our focus on remuneration to make sure that we are attractive. It means that beyond making sure that our practices are aligned with the labor market, we have a real opportunity to change our management methods. And in terms of remuneration, we will develop an operation of employees' shareholding. In order for all the players in the company, including the employees, in order for them to have a common interest in achieving this plan and reaching the objectives, it will be also a way to beef up the responsibility mindset for all our employees.[ Alexander ] is going to tell us about the training program for that.

[Interpreted] Thank you, Laurent. Indeed, the culture of responsibility relies on reciprocal commitment from our employees and from the company. For ADP, we commit to fine-tuning the professional pathway of our employees with mobilities, training schemes in order for our employees to fulfill themselves. We also want to increase the awareness in terms of ESG. Our objective is to take ESG into account in the remuneration of 100% of our employees. We also commit to training them to good practices in terms of ethics and compliance. Since 2017, we have started different actions. For example, the setting up of the ethical committee, more training for some of our employees given our geographical expansion. And more recently, the setting up of Ethical Day at the group level. Our objective is to train 100% of our employees regarding the ethics and the compliance dimension. And today, it's more than 80% that have been trained in the group. In the upcoming movie, you will see the ethical culture at the heart of our hospitality cultures and our responsibility culture. It's really quite well disseminated within the group. [Presentation]

[Interpreted] So a culture of responsibility. The group culture will be also about the citizen commitment. We want to make sure that everybody can commit by developing our sponsorship actors -- sponsorship actions in various territories. We want to increase fivefold the number of days for our citizens' commitment by 2025. With our transformation, the role of our managers will be really essential. This is why we want to pay attention -- specific attention to their training for a successful transformation. And to finish, an illustration about our actions in terms of citizens commitment. I don't think we have this video. This is the end of the presentation for this pillar. Thank you to all our speakers this morning that were onstage with me this morning. And for the conclusion of this morning, I would like to give the floor to our CEO.

[Interpreted] Dear friends, 2,428,000. That's the number of words that in 246 minutes you were willing to listen to. There were a lot of words this morning. So I'm going to be stingy with my words, just to thank you for your attention. You will have understood that what was explained this morning is an alignment of our visions, the visions of all our players throughout the world. And therefore, the strategic road map is shared, the objectives are -- can be measured and are very tangible. And the financial road map is extremely yummy. That will lead us to be the leader in 5 fields: the first airport multi-local group, the first airport hospitality franchise and the group that will take air transport towards energy transformation and sustainable transformation. And I would add to that the fact that the group will be a leader in terms of attractiveness and performance for our employees. ADP employees have to continue be the best in order to attract to the group and in order to continue feeling all the advantages of being an ADP employee. We also want to be the favorite group for investors because we want to be leader in terms of visibility, transparency and performance for all shareholders. I'm sorry for this 128 additional words for this very long morning already. On the 18th of March, there will be a workshop on the retail strategy. On the 29th of March, there will be a presentation on the social and environmental strategy. On the 18th of May, the TAV Airports strategy. And furthermore, we are at your disposal to answer to all your questions. We had to shorten the Q&A sessions, otherwise we would be intoxicated with words, but our phone lines are open. And naturally, everything we said would probably lead to some comments or to some questions, so do not hesitate getting in touch with us. I would like to thank all our staff members to have taken part in this event and more specifically, the ones that have come from away, our friends from India, our friends from Turkey. And for the rest, I say, well, see you very, very soon. A few words, a few additional words. All the presentations will be available on the ADP Group site. And the entire broadcast of this morning will be available on the group website also. Thank you very much for your participation and see you very, very soon. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]