Aeroports De Paris Sa

Hello and welcome to the group ADP 2023 half-year presentation. My name is Holly and I will be your coordinator for today's event. Please note this call is being recorded. For the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0 and you'll be connected to an operator. I will now hand you over to your host to begin today's conference. Thank you.

Thank you, and good evening, everyone. I am Cécile Combeau, Head of Investor Relations at Groupe ADP, and with me are Augustin de Romanet, Chairman and CEO, Edouard Harpreit, Deputy CEO, and Philippe Pascal, CFO. After going through some prepared remarks about our first half results, We will open the line to Q&A and in order to allow a greater number of you to dialogue with the management, I would like to kindly ask you please to limit your questions to one or two each time you get the line. As a reminder, certain information to be discussed on today's call is forward-looking and is subject to risks and uncertainties that could cause actual results to differ materially. For these, I refer you to the disclaimer statement included in our press release and on slide 42 of our presentation. And with that, let me hand it over to our chairman and CEO, Augustin de Romanet.

Good evening, ladies and gentlemen. Hello, guys. Thank you, Cécile, and good evening. Thank you for joining us to talk about our first half results. And let's move directly to slide three with the highlights. So the half-year performance is in line with our expectations. We are posting €2.5 billion revenue, up to 26.9% compared to last year. EBITDA is up to 22.9% to €863 million, representing a margin of 33.9% revenues in line with our forecast. Net result is up plus 31.8% to 211 million euros and we've improved our net debt to EBITDA ratio to 4.3 times EBITDA. All of our traffic assumptions forecast and financial targets for 2023-2025 are confirmed. We're keeping a strong focus on deploying our 2025 Pioneer Strategic Roadmap, acting to decarbonize our industry, and prepare for the upcoming sports events organized in Paris later this year. I want to speak about Rugby World Cup mainly, and next year. Looking at traffic in the first half on slide 4, we see traffic developing just in line with our assumptions, both in Paris and internationally. Recovery rate against 2019 stands at 97.3% for the group, representing a growth of 30.3% against the first half of 2022. In Paris, traffic grew plus 25.7% compared to the first half of 2022. We welcomed more than 47 million passengers in the last six months, representing 90% of 2019 level. Travelers are flocking to airports this summer, And on certain pitch days, we will have exceeded 2019 traffic in Paris-Orly, and we will be getting close to 2019 record levels at Paris-Charles de Gaulle as well. Everybody can count on all group ADP employees and the entire airport community who are fully mobilized to welcome passengers in the best conditions possible. This leads me to slide five. with a focus on the initiatives deployed in Paris for this summer. As you know, hospitality is very important for us. It's our priority. Our airports need to be efficient at every stage of checks and formalities and pleasant in terms of contact with reception staff and while you wait in the boarding lounge. At the same time, We have a wonderful challenge with the upcoming major sport events. I've already talked about the Rugby World Cup in 2023, and for sure, the Olympics next year. They provide a unique opportunity to showcase our expertise in terms of performance of our operations and infrastructure for peak management. Therefore, to meet these challenges, we are putting in place additional resources, human, organizational, and equipment. I will just give you two examples. First, we've redesigned the queues, especially the queues for the control of passports, and deployed additional workers to better support and guide passengers to the queues dedicated to them. Second, we've carried out preventive maintenance on our luggage systems and asked our service providers to increase the number of maintenance technicians, especially during the weekend. Moving on slide six with some examples of projects commissioned in the last few months and ongoing. I will highlight in particular the work that is underway in Orly to build the future multimodal station, which will notably accommodate the extension of Metro Line, Line 14, and the future Line 18. With Line 14 operational in June 2024, it will take only 25 minutes to travel to the center of Paris from Paris-Orly. We consider that this will be a game changer to access to Orly, which is currently 80% by road. Within this future multimodal station, we open in April 2023 a new car park with more than 2,000 parking spots and the former underground car park has been closed in the same time. All in all, More than half of our capital expenditure program is devoted to maintaining our assets and ensuring regulatory compliance. Recent examples of that are first, the upgrade of the legged sorting system for the Terminal 1 in Paris Charles de Gaulle that started operations at the reopening of the terminal. Second, the new firefighters station in Paris Le Bourget Airport. You can see that on the right of the slide number six. Last highlight, I would like just to tell a few words tonight about the launch of our new employee shareholding plan called Abélia. Following the authorization of shareholders, we have launched in June a new employee shareholding operation. Its rollout will be phased in 2023 and 2024. And Avelia is a two-step operation. First step, a free allocation of shares for each employee of the company. Second step, an offer to acquire shares on preferential terms for employees who are subscribed to the group saving plan. It means everybody will be able to do that. This operation is fully part of 2025 Pyrenees roadmap in which we have set an objective to carry out at least one employee shareholding operation by 2025. Our objective for sure is indeed to develop a new culture of value sharing involving employees in the company's performance. Speaking about performance, it's now the time to give the floor to Philippe Pascal who will comment more in detail our first half financial results.