Getlink SE (GET) Earnings Call Transcript & Summary

Ladies and gentlemen, dear shareholders, good morning. We are about to officially open this general meeting in a very specific context, which is the one of the sanitary measures implemented by the government. This general meeting is held behind closed doors and as the decision of the Board of Directors, I'm now going to remove my mask. The 2 people who are behind me that I shall introduce in a few minutes are the scrutineers. Because in these very specific conditions, we of course, respect with caution, the way the administration should operate. By my side, we see Yann Leriche, the Chief Executive, Chief Officer -- CEO, the Chief Administrative and Financial Officer; and Claire Piccolin, the General Secretary of the Board of Directors. You've been invited to exercise your right of participation prior to the holding of this general meeting. By remote voting or giving your proxy to the Chairman or to a given third party. No admission card was delivered. Since we very much take to heart the active participation of shareholders, we have implemented everything possible so that you shareholders could vote remotely and follow live this general meeting, either through this live broadcast or through replay. We also wanted to make sure that you could ask your questions. We extended the deadline for reception of written questions until 2 days before the general meeting. And of course, for those who wish and who have identified this request, we have made sure that they could ask their questions live, and I hope there will be many questions. Despite the circumstances due to the pandemic, you have voted in large numbers, and I sincerely thank you for this. I now declare the general meeting open. As Chairman of the Board of Directors, I shall chair this general meeting. The members of the Board of Directors, who I would like to greet today do follow this general meeting remotely, just like you. I would like to remind you that the present general meeting was convened in compliance with legal and regulatory provisions. No specific request to add resolutions or items to the agenda was formulated following the notice of the meeting, which was issued on the 12th of March 2021. As Chairman of this general meeting, and I suggest we constitute the Bureau. As allowed by regulatory provisions, the Board of Directors in its meeting of the 1st of April 2021, has appointed as scrutineers, and they're here just behind me. First, Mr. [ Patrick Joyea ] who represents the FCPE, that is to say, the CIF of course, represents the employees of the company as well as Patrick, [ Patrick ] [indiscernible] from the company Derva participation [ 14 ] . This information is published in the [ day log ] on the 7th of April and on the website of the company. I now suggest to appoint Claire Piccolin as Secretary of this General Meeting. And I now invite the scrutineers to join their offices. Thank you very much, gentlemen, and see you soon, if necessary. I now suggest we appoint Claire Piccolin, who is the General Secretary of the Board of Directors as Secretary of this General Meeting. The Getlink statutory auditors, KPMG audits and Mazars are represented, respectively by Philippe Cherqui and Francisco Sanchez. They will speak to us through video and update us on their reports. Of course, as you can imagine, due to sanitary measures, their presentations has -- have been prerecorded. Before I give the floor to the Secretary of the General Meeting, Claire Piccolin, I would like to say that on the screen, you have -- you can see both the speaker and when we start presenting the different reports, you will see slides. You can have access to both images on your screen, you may wish to concentrate on the speaker or only on the slide. It's a matter for you to manage your screen as you wish. And as you can see, you have a first slide, which is going to be commented by our General Secretary, Claire Piccolin, to whom I give the floor.

Ladies and gentlemen, good morning, Mr. Chairman. This year, in view of the organization of this general meeting behind closed doors, all those have been expressed before this general meeting. The final quorum and the vote results were closed yesterday at 3:00 p.m., it allows me, therefore, to indicate that 5,856 shareholders have expressed themselves by correspondence through the Internet or giving proxy to the Chairman or to a given person. The final quorum amounts to 74.746%, representing 401,922,396 shareholders with voting power. The general meeting, therefore, gathers the quorum prescribed by law to decide either ordinarily or extraordinary. The present sheet has been signed by the members of the Bureau, and of course, verifies this quorum. The agenda has been published in the notice of the meeting published on the 12th of March 2021. And in the notice to attend the meeting dated 7th of April 2021. And in the Bureau of the General Meeting, you will find the documents, which were prescribed by law. Mr. Chairman, the general meeting is, therefore, normally constituted and can validly be held and deliberate.

Thank you very much, Claire. I now would like to say in a few words, how we're going to proceed during this general meeting. Before I do so, you can -- you've seen behind Claire Piccolin, the Helix, which allows us to, of course, pool inside the tunnel the cable. And then behind the 2 other speakers, Yann Leriche and Géraldine Périchon, a beautiful picture of a train hold by Europorte in excellent conditions. Yann Leriche will present to you the main highlights of 2020. Géraldine Périchon, our CFO, will present to you the 2020 financial results. Then Yann Leriche will take over for the group perspective. I will also take again the floor to enter a long tunnel or corridor corresponding to administrative or governance issues, then our statutory auditors will speak to you through video. And then we will address the questions asked by shareholders and Yann Leriche, Géraldine Périchon and myself shall answer live to your questions for the retransmission of broadcast platform for shareholders who would wish to ask questions and who have previously identified themselves for that purpose. And then, of course, we'll present the votes corresponding to the different resolutions. I would like to stress right away. And for this, I would like to thank the shareholders who voted yesterday. You've seen that the quorum we have reached is -- reaches almost 75%. It's a real historical record, which shows how keen you are on our company, and this goes right to our hearts. And now I would like to give the floor to Yann Leriche so he can start presenting the results. Over to you Yann.

Thank you, Jacques. Good morning, ladies and gentlemen. I would like to come back on the highlights of a year 2020 before I start introducing the past year figures, which shows the robustness of our economic model. The main item or the main highlight for 2020 has to do with COVID-19 pandemic and the measures we have taken to protect both our customers and our team members and employees. Thanks to their commitment, we were able to operate 24 hours a day, 7 days a week, while ensuring remarkable health conditions. Sanitary measures were expected, and of course, these conditions were praised by our passenger customers. They're happy. We offer a contactless system. And this is much safer than everything which is offered by competitors on the Strait of Dover. This has allowed us to reach a market share, which is a record market share, which is a very important event. The year 2020 was also the year of Brexit preparation. We have invested in new infrastructures and new services for our freight customers. And one of the first products that we have developed is the Eurotunnel border pass. It allows haulers to digitize, of course, their formalities before they cross the channel so that when their truck arrives to a terminal, we recognize their license plates, and they can easily then cross the border because we are the ones, of course, who transfer their ideas and formalities to both the French and British border authorities when they cross the border. We've also created the truck village. For this, we offer a wide range of services to truck drivers. Once again, the objective is to increase their travel experience. On the next slide, you see the first truck, which arrived to the French terminal just after midnight on the 1st of January. Of course, our team members were all highly engaged and mobilized on that particular night, same as authorities. And in the first hours of the year 2021, everything happened, all of our systems switched to the new arrangements, everything worked perfectly and smoothly and ensued excellent collective success. I now suggest we move to the main figures corresponding to the year 2020. We have finished the year with solid results. Our revenues resisted and did well. We reached a total amount of EUR 816 million, a setback of only 24% compared to 2019. Our EBITDA has reached EUR 328 million, set back of 41%. Our free cash flow was positive, reaching EUR 31 million, which is remarkable. Free cash flow means for us. So cash flow, operational cash flow after investments in Eurotunnel and Europorte and after debt servicing, the net result is negative, minus EUR 113 million and the financial debt amounts to EUR 4.149 billion, that is EUR 92 million less compared to 2019. Of course, Géraldine will come back on these figures later on. But before I do, she does this, I would like to come back on the main economic pillars which explains this solid and resilient situation. We have 4 main pillars. First of all, our revenues were able, of course, to overcome the situation, thanks to a customer base, which is diversified. And the way we have set prices. We also want to stress how we make efforts to reduce costs and strictly manage our cash flow. Thirdly, we pursue our efforts in terms of CSR. And also, I would like to say that I would like to praise the efforts made by staff and the good social dialogue that we accepted in the company, which has allowed us to remain very engaged. And finally, fourth point, we need to say that we have development -- positive developments, both for ElecLink and Europorte. Europorte has very good results and has reached its highest EBITDA ever reached. And ElecLink, which has obtained the consent to install the cable in the tunnel. I'm now going to review the 4 main pillars. We have 3 types of customers: trucks, passenger cars and Eurostar. They all represent at least 1/3 of our revenues, which makes our model very solid. In 2020, the revenues for trucks and cars, that is to say, the shuttle pod, only went down by 17% despite the travel restrictions, which is worth mentioning. Eurostar traffic was more affected by the pandemic because its traffic was reduced by [ 77% ]. But nevertheless, our revenues only went down by 49% (sic) [ 48% ], thanks to our tariff model. What is remarkable is the swift recovery of the passenger segment as soon as travel restrictions were lifted last summer. As mentioned, we have concentrated on cash flow management in 2020. We have a very ambitious plan for savings and CapEx that we call Shield. Thanks to this plan, we have saved EUR 40 million worth of OpEx at Eurotunnel and deferred, EUR 50 million worth of Capex. Of course, the postponing of these investments will be carried out without compromising neither safety maintenance nor projects linked to Brexit. This very cautious management of cash flow has also led us to refinance our green bonds and to contract a waiver on the covenant of a [ Eurono ] debt, and this covenant was fully respected at the end of December 2020. On the next slide, let's concentrate on CSR. The year 2020 was also a year which led us to strengthen our commitments in terms of CSR. We consider that our initiatives in terms of CSR, our leverage is to improve our competitiveness. And I would like to illustrate this with 3 examples. First of all, customer satisfaction. We continue to invest in our customers. It's absolutely crucial to maintain both the high level of quality of service and a high level of satisfaction of customers, which both strengthens our premium position and our profitability. Secondly, climate, we have carried out a thorough assessment of our CO2 emissions in 2020 with a special focus on Scope 3 which allows us today to define a midterm ambition in compliance with the framework of TCFD and a vision that we shall officially present at the end of May this year. Thirdly, social dialogue or relations. Of course, the year was a difficult year. The whole company remains engaged, mobilized to offer an excellent level of service to customers. And all this, even if we've had to take activity lessened measures, furlough in the U.K. Let me now conclude on Europorte. Europorte has obtained very good results back in 2020. Its EBITDA increased by EUR 4 million, reaching EUR 28 million, which is its best level ever, quite an historical figure. And we've also continued to develop our strategic segments, in particular, the transportation of chemical products for the pharmaceutical industry, but also international transport towards Belgium and Germany. These 2 countries now represent 30% of our traffic. All this demonstrates that Europorte today is certainly one of rail freight company, which is the most competitive in Europe. And I would like to give the floor to Géraldine Périchon, which is our Chief Administrative and Financial Officer, who's now going to introduce the financial results and the financial situation of the group in 2020.

Thank you, Yann. Now let's move to financial performance. It's, in fact, a very strong illustration of everything that Yann has just said in terms of resilience and our capacity to protect our free cash flow. In this presentation, we'll first examine why we have derived as much profit as possible of the traffic of 2020 while adapting yourselves, and you will see how we've been able with savings to, of course, keep a positive free cash flow level and reduce our net debt. First of all, in terms of passenger traffic, we've had a lot of stop and go for this type of traffic, but also, generally speaking, some evidence of resilience and proof of our capacity rebound. Freight traffic went down by 9% in 2019, and this results -- this is due to different factors, a very negative impact of the first lockdown in Q2 with a closing down of industrial plants, minus 25%. A rebound started in June with minus 3% in Q3 and stockpiling in November, December with plus 3% in Q4, generally speaking, apart from the closing down of industrial size traffic remained quite solid. However, for passengers, traffic went down by 46%. Here again, with different periods. We have a massive drop in traffic during the first lockdown with Q2 at minus 80%, an impressive rebound or recovery as soon as travel restrictions were lifted during summer. And we've broken historical records of reservations, and the market share in Q3 was 3%. And figures were much lower in autumn with a gradual implementation of new restrictions, but still a quite historical position, Q4 minus 60%. Globally, the passenger traffic is much more resilient than the one of airline companies and ferries. As far as railway networks are concerned, results are more contrasted, Eurostar is the most impacted business due to a pandemic, minus 75% (sic) [77%] versus 2019. We clearly suffered same as airline companies, especially in summertime, with a slight recovery after the lifting of restriction. Eurostar also launched a direct service to Amsterdam, a very important contribution of the future. For freight trains, they were impacted essentially during the first lockdown. With a closing down of industrial plants, and with a decline of 35% in Q2. Activity, of course, went back to normal in the second half year. Nevertheless, we had an average decrease of [ 9% ]. This is illustration of fundamental which are very solid services. In summary, the freight activity showed a very strong resilience for passengers, the freight, shuttle service has resisted much better compared to airline companies and ferries, thanks to our contactless offers suffered much more than us. We just covered the first part of the equation of revenues. Yann has explained to us how the second part of the equation was strong this year. With a progression of a yield amounting to 15%. Now let's move to the savings we've made. We've had a very strong reduction of cost in 2020 with a decrease of 10% of our OpEx that is EUR 40 million with comparable basis. This comes on the Shield program with 2 pillars productivity and activity [indiscernible] furlough. First, productivity, we've optimized our financial and human resources to offer a good level of service. And secondly, activity [indiscernible] in France and [indiscernible] was covered a large number of employees in relation to activities. These 2 pillars explain the EUR 40 million. And of course, as we'll seen later on, the Shield program is a living project. We'll see later on, but this is a very vivid and living program with some substantial savings in 2021. We've talked about resilience in traffic. We've talked about yield and cost reductions. Let's see how this translates into profitability. First of all, when it comes to the Eurotunnel activity, the revenues of the fixed link amounted to EUR 693 million, a decrease of 27% versus 29 (sic) [ 2019 ]. This includes minus 17% for the shuttle services. This, of course, is important to mention. When it comes to OpEx, we find the same decrease, minus 10% with comparable basis. That gives us an EBITDA of EUR 301 million, a decrease of 44% compared to 2019 and a margin of 43% despite the fixed nature of our cost structure, the obligation to maintain full-service during the pandemic, EBITDA was significantly protected during the crisis. On the next page, you can see that Europorte has delivered a very strong growth in 2020. A very profitable growth. Revenues of Europorte are stable in 2020, thanks to the responsiveness and the commercial appetite of the team, which managed to compensate the cancellation of trains to [indiscernible] , adding ad hoc flows of traffic. The sobriety in the management of operational charges, this also allows to increase the EBITDA by 7%. We therefore reach an EBITDA of EUR 20 million in growth by 17%, which confirms a solid trajectory of the profitable growth of this activity, as Yann has mentioned earlier on. On the next slide, we find the consolidated figures for the group with consolidated revenue for the fixed link in Europorte, down by 24% at EUR 815 million (sic) [ EUR 816 million ]. EBITDA, EUR 428 million (sic) [ EUR 328 million ], a decline of 41% with a margin of 40%. We have refinancing excellent conditions, our green bonds back in October 2020. Financial charges stable, EUR 255 million. And the net result equals minus EUR 113 million. As I was saying, we've concentrated on a very strict cash flow management. The next slide illustrates this. And let us say that the free positive cash flow in this difficult year amounted to EUR 31 million. Operational -- SCP free cash flow amounted to EUR 375 million, debt service EUR 263 million (sic) [ EUR 262 million ], including EUR 54 million worth of reimbursement, CapEx, EUR 82 million. The use of a free cash flow, EUR 34 million (sic) [ EUR 35 million ] were invested in the ElecLink project, plus the impact of the exchange rate on the gross debt, the net debt of the group, at the end of the year was down to EUR 92 million in 2020. I'm now going to give back the floor to Yann Leriche for the 2021 perspective.

I'm now going to start with the figures of the first half year of 2020. These figures, obviously, of course, identified with 2 events. Second adaptation of the freight market to the new customs formalities after the Brexit. So as you can see, in these conditions, our truck volume decreased by 21%. The number of cars decreased by 72%. The Eurostar passengers decreased by 95%. The goods freight trains decreased as well. So our revenue increased up to EUR 154.4 million, decreasing by 33% compared to first quarter of 2020 with unfavorable basis effect because we are comparing this quarter to the first quarter of last year and because the travel started again, from mid-March last year. Our market share are overall good compared to March 2020 when it comes to the passengers market. Our market share is increasing of 16.1%, up to 83.2% still under the favorable effect of the accident health protection that we give. The market -- the freight market share is stable with an increase of 0.1%, up to 39.3% in March 2021. So in this context, we are focusing on a few key priorities. So these priorities are short term, immediate management, we keep protecting both people and also we keep focusing on our cash flow. So all markets have remained impacted by the COVID, and our visibility is still limited as for the evolution, the changes in the travel restrictions imposed by the states. Consequently, we keep deploying and reinforcing our Shield program with -- still with the purpose to limit our expenses to the strict net necessary. Our objective this year is to do better than the EUR 40 million of the cost reduction done in 2020. We will also keep managing strictly our CapEx with investments between EUR 70 million, EUR 80 million in 2021. Our management of the crisis is also done through an increase in flexibility for us to adapt as much as possible to the traffic downward, upward, downward when the Board is [indiscernible] so upward because as we saw last year, as soon as the traffic restrictions are levied, removed, then people or clients come back very quickly into our services. And this is what is going to happen again this year. When Boris Johnson, for instance, announced on 22 February 2021, that the borders of Great Britain would reopen on 17th of May. And the bookings improved up to 125% on the same day. So beyond the Shield, we are also preparing the future. And therefore, I've launched that -- rolled out program in order to increase our leadership as for these activities, our activities, and we call it way forward. So the purpose is to ensure a long-term growth to improve our margins, to increase the quality of the services that we offer, but at the same time, in reinforcing our CSR performances. As we know, we know that Brexit and COVID are going to generate different behaviors, consumption behaviors in our clients. And we want to understand that very quickly in order to seize the opportunity related to these changes. And in doing -- in order to do that, we're going to reinforce some marketing and commercial capacities including our capacities related to the yield management. Also, we're going to want to be more ambitious in terms of efficiency -- operational efficiencies in order to be -- to improve our productivity. And we're doing this with a lean management program and digitalization of our processes. So when it comes to the CSR, we keep investing in the health of our teams, of course. We've also been reinforcing our efforts when it comes to reducing our carbon footprint, and we've done a lot already, but we want to go beyond. We have a short-term objective, which is to reduce again our emissions down by 15% until 2023. And this is a climate curve in the long term that would be presented in the next month. So the CSR is indeed at the core of our strategy. And indeed, by far, we are the main -- the most environment-friendly means to travel to go -- to go across the channel. So a few words on ElecLink and Europorte. So the Project ElecLink is going forward in compliance with our schedule to this date, we've laid 30 kilometers of cables out of the 50. The pooling of these cables will be done by this summer, and then we'll start the testing. The commercial rolling -- rolled out is planned for mid-2022. Next slide. Europorte, as we said, is -- keeps growing first quarter 2021, the revenue was 4% higher than the one of 2020. And the current traffic density enables us to launch a new service called Flex Express, high frequency, as you can see on the map, the access is north to the south. And this service will enable us to offer better frequency, so to speak. And in other words, better services to our clients, but also at the same time, to be more efficient from an economic point of view. Also, we have Regioneo. It's our joint venture with the RATP. And Regioneo is getting ready to and started to tender in the east of France, but with this logic of caution and profitability. So as you see, we are totally mobilized to face the crisis and the current uncertainties. Our visibility is not clear. When it comes to the future decisions that the government will take when it comes to opening the borders. And that's why, at this stage, it's not possible to do reliable forecast when it comes to the traffic or profits when it comes to 2021. However, we're trustful in the strength of our economic model, our business model and the long-term outlook of the company. And we propose to the vote of the GA, the distribution of the dividend, which is EUR 0.05 per action. I'll give the floor to the President, who is going to tell us about the evolution of the governance and the works of the Board.

Indeed, this is the distribution of the dividend -- of a dividend is really part of the DNA of the company. And we're very keen on maintaining the distribution of dividends, whatever the situation and circumstances. And of course, this is something which makes us stand out in comparison with competitors. As Yann has just said, we're now going to deal with governance issues. You know that in 2020, on the first of July, we've decided to split the position of Chairman and CEO. I'm the Chairman of the Board of Directors since that particular date. And Yann Leriche is, of course, our Chief Executive Officer; in charge of general management of the company. And I'm convinced that the functioning is harmonious and effective and relevant. And we have proof of this every day. Now Yann has, of course, and I, we've had to implement this new system. And we have different terms of office, which now come to expiration. As this was presented, in the resolutions of this general meeting. So 2 appointments took place, 2 nominations, the nomination of Yann Leriche as a member of Board of Directors in replacement of Peter Levene, whose mandate was about to expire. And I would like to say we also have to ratify the cooptation of Carlo Bertazzo as Board of Directors, following the end of the term of office of Giancario Guenzi from the Atlantic Group. I would like to welcome Carlo Bertazzo who contributes to the company with all his competence. And also, we would like to implement the nomination of staff representative from the U.K., an elected member of a European works council. This person is going to replace Tim Yeo. Tim Yeo spent 12 years with us and has suggested to step down. And I would like to pay tribute -- particular attribute to both Peter Levene and Tim Yeo. They were 2 foundation shareholders that is an individual shareholders of the first hours. They've always followed -- supported Eurotunnel the group and their vision, their enthusiasm has considerably contributed to the enrichment of the work of the Board of Directors. On behalf of shareholders, I think we can really thank them enormously and sincerely. In 2020, the Board of Directors worked hard. 13 meetings were held, and directors were present at 97%. So we attended very regularly the meetings. This process of selection of directors at Getlink allows us to gather very important experts, contributors with very in-depth knowledge of the business and a very wide international experience in different activity sectors. After this general meeting, the Board of Directors will have a total of 15 members with 50% of women and very satisfactory international representations. On the next slide, you'll see that the Board of Directors are very active, thanks to its expert committees or specialized committees, which focus on the different items, which are submitted to the approval of Board of Directors. We have 5 committees which appraise different dossiers and they submit to us their advice. We first have the Audit Committee. We have a Nomination and Remuneration Committee. The Safety and Security Committee, we have the Ethics and CSR Committee. And finally, the Economic Regulation Committee, which is, of course, absolutely crucial to everything we do. The Ethics and CSR Committee, if you recall, used to be called the Corporate Committee. We've decided to change its name, which is much more explicit, explicit for outside stakeholders. Here again, efficacy and CSR, this is part of our DNA. This change in the wording of this committee shows our growing will to increase our work on CSR issue. As Yann has said, we will have opportunities to talk about it again. After this general meeting and following the withdrawal of Tim Yeo or stepping down of Tim Yeo, who was the Chairman of the Ethics and CSR Committee, this committee is going to merge with the Economic Regulation Committee. And this merged committee will be chaired by Patricia Hewitt, who has accepted willingly to play the role of climate -- Leading Climate Director to make sure that the Board can provide a new impulse in this field. It will help us in terms of investments, and it will help us to progress on the issues related to climate protection. And no doubt, this will become a particular important parliament. This is part of the green credentials of the group. On the next slide, you will see the recommendations provided by the Nomination and Remuneration Committee on the remuneration policies for, of course, we hope that this policy will be as simple as possible. We want to make sure that it shows a certain amount of continuity in time and needs to be moderated and consistent with the salary policy of the company. The main objective is sobriety. We need to make sure that we need to remunerate people for branded service, but we need to do it modestly. This remuneration policy takes into account all the challenges of a company. It's not only financial performance. The Board of Directors make sure that the remuneration of corporate officers, especially for the first half 2020. For myself or Yann, we want to make sure that this is aligned with the long-term objectives of the company as well as your objectives, and we want to make sure that the different components of remunerations of executive officers, the variable part, the fixed part, options or shares, retirement, all this needs to be proportionate and compliant with the principles specified by the Afep/Medef Code that you can see on the screen. The general meeting is consulted both on remuneration for 2020. This is what we call ex-post and the remuneration policy for 2021 ex-ante. I'm now going to move to the different remuneration elements for Yann Leriche and myself. Of course, in the context of the pandemic, the choice of Getlink was one of responsibility. We wanted to be -- insist on shared efforts. Priority was given, of course, to people safety, we wanted to make sure that we could keep people employed and pursue as smoothly as possible our activities. I think we can say with a certain degree of pride, that Getlink didn't resort to any state guaranteed loans or state subsidies, and we haven't also used the option of deferred taxes or social charges. So really had a real financial year. January 1. Of course, we had to withdraw the distribution of dividends for the year 2019 out of precaution. We've had to engage a reduction in operation charges and Capex, as Yann and Géraldine have mentioned, thanks to the measures of furlough or activity [ parcel ] in France. And just out of social justice, we've made sure that in the application of activity [ parcel ] a furlough, we could offer some compensations for the lowest salaries. This particular approach was accompanied by a reduction of remuneration of executive offices as well as for members of the executive Committee and main or senior executives on a voluntary basis, and this is quite unique. Directors have also given up one part of their fixed remuneration during this particular crisis. Now I would like to present resolutions, which have to do with remuneration of, of course, executive officers. It's quite an important issue. There are more than 12 resolutions. So I'm going to try and be as simple as possible, so we can save time to answer your questions. On the next slide, we now move to the remuneration, CEO, Chairman, the remuneration policy was voted by you last year, but remuneration of the CEO of second half here and myself, for the first half year have a similar structure. But the Yann Leriche, the CEO, has received a variable long-term remuneration under the form of performance shares, which was not my case. In compliance with the Afep/Medef Code, I wasn't allocated these particular performance shares because I was terminating my term of office as Chairman and CEO in 2020. Therefore, the remuneration policy is simple and one adapted to the situation and annual fix remuneration and annual variable remuneration submitted to performance and additional retirement pension scheme, which is modest. The annual variable part is assessed according to different criteria, economic, social and societal and CSR. It's important and there are also comparisons versus budget. And when it comes to the EBITDA, it depends on what has been announced to the market. Here again, we have the first difficulty because the target of the EBITDA 2020 was withdrawn or abandoned due to the sanitary crisis. In view of the technical impossibility to appreciate performance according to best criteria for variable remuneration the Board of Directors has exceptionally suggested to replace the 2020 EBITDA criteria by performance criteria, of share compared to the GPR Getlink index, which is the reference index that you have on Slide 42. You know that the share price was maintained quite at a high level all for how 2020, and we hope that it will continue to be so in 2021. This GPR Getlink index is based on a range of different international companies and you have a list of these companies on this particular page or slide. However, even if the Getlink share overperformed compared to the GPR Index, the Board of Directors wanted to make sure that one part of the performance, which needs to be allocated, shall be reduced in the spirit of modesty or measurement, which characterizes our remuneration policy. On the next slide, you will see remuneration for 2020. It's very simple. You can see that it doesn't comprise any perianal variable. It is made up of a fixed part. For the Chairman, for the CEO and a bonus for the first half year 2020. This bonus following the modification, which was exposed to you and proposed to you in the resolutions, amounts to EUR 273,002 compared to what I could have hoped for. As indicated, I haven't received any long-term remuneration and no indemnity for the end of my term of office as CEO. On the slide, corresponding now to Yann Leriche for the second half 2020 we find once again the same remuneration structure, but with -- in addition, because he is fortunate, some long-term performance actions. And it has this opportunity because it needs to be forming, and it will be performing. The bonus for the second half of 2020 following the modification we've mentioned, amounts to EUR 139,968 well below what he could have expected. The CEO was very enthusiastic, hasn't received any bonuses for his coming to his position, and he has no work contract. On the next slide, you will see the ex-post vote for the remuneration paid in 2020. I'd like to remind you that François Gauthey left the company and you have some indications on his salary as well, which are given. I've mentioned that the Directors have abandoned part of a fixed remuneration 2020, that the remuneration of François Gauthey of course, only corresponds to a fixed remuneration. On Page 46, I'm now providing you with some information, which has to do with these different ratios in terms of equity. This is important for British companies because we want to make sure that we keep this particular binational balance. And you can see that we are at levels of equality ratio, which are very, very significant. In these periods of very severe crisis, it's quite extraordinary to say that the mobilization, the engagement of senior executive is very strong. And I think they should even get an over remuneration, a bonus plus but it's not always easy to take the right decision to make sure that the group moves forward in this very, very difficult situation. And in the context of Brexit. On Slide 47, you have the remuneration policy for the CEO, 2021. Here again, simplicity, moderation, of course, as you can see, there is 1/3 fixed remuneration, 1/3 annual variable, 1/3 long-term LTI in shares. We -- and this is very important. 50% on strategic criteria and on long-term development and sustainable development. On the next slide, you have my remuneration, fixed annual remuneration, which hasn't changed. We've no annual variable remuneration. We have no annual bonus and no long-term LTI remuneration and other elements indicated on this slide. What matters to me is to continue to make sure that this great company can keep on growing. On Slide 49, you have the resolution 18, which is a democratic plan aiming at allocating 100 ordinary shares to each employee with no performance objective. That's a total of 370,000 of shares that we propose to allocate to employees. So that is 0.60% of share capital. You know how important it is for the future of a company. Employees, if they play the role of shareholders also have an important role to play in the company. We also have a long-term incentive program. This is the Resolution 19. It's an incentive program with a maximum of 300,000 ordinary shares with conditions of performance for the main senior managers. You will note that this volume of shares is inferior to what you offer to employees. And this is quite identical to the previous plans. And out of continuity, it is partly revised. In view of the work we have done to give more importance to CSR and how we try to limit our CO2 emissions in the next 3 years. Because even if we've done a lot for the past, we want to continue to make progress in this particular field. The objective of resolution #20 in view of the impossibility to assess performance and EBITDA 2020 aims at suggesting to neutralize in this 2018 plan, which is now about to come to exploration. The EBITDA of year 2020 with differentiated criteria between, of course, senior managers, they will cash less than expected. With, of course, more options for employees. Resolutions 21 to 23 have to do with the classic renewal of capital issue, remuneration, we have a reduction of capital for the cancellation of self-owned shares. Resolution 25, that's the compulsory resolution, which is reserved for employees. And after this, I now suggest we listen to our excellent auditors who are now going to present to you their reports. As indicated at the beginning of the meeting, their presentations have been prerecorded. Over to you, auditors.