ANTIN Antin Infrastructure Partners

Regulatory News:

Antin (Paris:ANTIN):

(€m, unless otherwise indicated)

2023

2022

% change

AUM, in €bn

31.1

30.6

+1.7%

Fee-Paying AUM, in €bn

20.2

19.1

+5.8%

Revenue

282.9

214.2

+32.1%

Underlying EBITDA

175.5

118.5

+48.2%

Underlying EBITDA margin

62%

55%

+7pp

Underlying net income

127.9

79.7

+60.6%

Underlying EPS (after dilution, in €)

0.73

0.44

+65.7%

2023 HIGHLIGHTS

• AUM at more than €31bn, up +1.7%. Fee-Paying AUM at more than €20bn, up +5.8%
• Robust fundraising in a challenging environment: Flagship Fund V passed €9.0bn in commitments, fundraising continues into 2024; NextGen Fund I closed at target size of €1.2bn
• Four investments announced across Flagship and NextGen investment strategies
• All funds continued to perform on or ahead of plan
• Strong revenue growth of +32.1% with long-term contracted management fees representing more than 98% of revenue
• Significant underlying EBITDA growth of +48.2%, underlying EBITDA margin at 62% (vs. 55% in 2022)
• Underlying net income growth of +60.6%
• Proposed full-year dividend of €0.71 per share (+69% vs. last year), representing a payout ratio of close to 100%
• 2024 outlook: successful completion of fundraising for Flagship Fund V above €10bn target, underlying EBITDA expected at or above 2023 level

ALAIN RAUSCHER, chairman and CEO, declared:

“Antin delivered strong financial results in 2023, with significant growth across all financial metrics, including considerably higher EBITDA and net income. This is entirely driven by increased management fees that are long-term contracted, while the potential for future performance fee revenues remains substantial.

In a challenging market for fundraising, we already secured 90% of Fund V's target, raising significant commitments from existing investors and record commitments from new investors. We also closed NextGen Fund I at its target. Meanwhile, our portfolio companies continued to deliver growth and robust margin improvements, resulting in resilient fund valuations.

Most important, we believe the medium-term prospects for infrastructure and for Antin are better than ever, with supportive megatrends such as the energy transition and the digitalisation of infrastructure providing substantial growth opportunities.”

ACTIVITY UPDATE

FUNDRAISING

• Fundraising amounted to €1.8bn in 2023 (€2.4bn including co-investment), of which €1.6bn related to Flagship Fund V and €0.2bn to NextGen Fund I. Fundraising conditions remained complex, primarily due to fund investor liquidity and capital allocation constraints
• Flagship Fund V passed €9.0bn in commitments in 2023, representing 90% of the Fund’s target size of €10bn and already close to +40% above the €6.5bn raised for Flagship Fund IV. More than €5.6bn (~60%) of commitments were raised from returning fund investors and a record €3.4bn (~40%) of commitments were raised from new ones. The final close is expected in 2024
• NextGen Fund I successfully held a final closing at €1.2bn in 4Q 2023, reaching its target size and demonstrating Antin’s ability to successfully raise capital for new investment strategies
• Antin also achieved significant strategic fundraising objectives, including strong re-investments from its existing fund investors, a significant expansion of its fund investor base, as well as continued geographic diversification. Across its three investment strategies, Antin had more than 320 fund investors at the end of 2023, up +60% since its Initial Public Offering in September 2021

INVESTMENT ACTIVITY

• Investments totalled €2.0bn in 2023 (€2.1bn including co-investment), with four investments announced across Flagship and NextGen
• The cash tender offer for 100% of OPDEnergy was announced in 2Q 2023 and marked the second portfolio investment of Flagship Fund V. The offer received regulatory approval of the Spanish authorities in 1Q 2024. The acquisition of Consilium Safety, announced in 4Q 2023, marked the third portfolio investment of Flagship Fund V, resulting in the fund being ~26% committed as of 31 December 2023
• NextGen Fund I announced two investments in 2023, including the acquisition of smart grid business PearlX and a joint venture with Enviro, backed by Michelin, to create the world’s first large-scale tyre recycling plant. Both investments demonstrate Antin’s strong commitment to the energy transition and circular economy. NextGen Fund I was ~48% committed as of 31 December 2023
• While Mid Cap Fund I announced no new investments in 2023, additional capital was invested in growth and the development of the existing portfolio companies, resulting in the fund being ~47% committed as of 31 December 2023. Antin announced its investment in Excellence Imagerie in January 2024, after the end of the reporting period

EXIT ACTIVITY

• Realisations slowed in 2023, consistent with the broader private infrastructure exit activity. Antin signed and completed the sale of Hesley Group in 4Q 2023
• Flagship Fund III and Fund III-B were 38% and 26% realised respectively as of 31 December 2023. Flagship Fund II was 92% realised, with one remaining portfolio company

FUND PERFORMANCE

• All funds continued to perform either on plan or above plan, supported by continued growth and robust margin evolution across the portfolio, demonstrating the strength of Antin’s risk-reward investment framework and the resilience of the portfolio companies held by the Antin Funds
• Flagship Funds II and III are ahead of plan with Gross Multiples of 2.6x and 1.8x respectively. Flagship Fund IV and Fund III‑B are early in their post-investment periods and performing on plan with Gross Multiples of 1.3x and 1.6x. Mid Cap Fund I, NextGen Fund I and Flagship Fund V are in the investment period. They continue to deploy capital and build their respective portfolios, with Gross Multiples of 1.2x, 1.0x and 1.1x respectively

INCOME STATEMENT ANALYSIS

REVENUE

• Revenue reached €282.9m in 2023, up +32.1%. This strong increase was driven by higher management fees, which accounted for more than 98% of total revenue. They are generated by funds raised with a contractual duration of 10 years and provide significant predictability to Antin’s revenue
• Management fees in 2023 totalled €278.4m, up +33.1% or €69.2m. They benefited from the scale-up of the Flagship investment strategy and the successful final closing of the inaugural NextGen Fund
  • Management fees from Flagship Funds grew by €62.5m. Flagship Fund V generated an additional €91.4m in fees in 2023, benefitting from a twelve-month contribution to revenue in 2023 compared to a five-month contribution in 2022, and from additional funds raised during the year. Management fees for Flagship Fund IV decreased by €22.5m in 2023 as the Fund entered the post-investment period on 2 August 2022. From that date, Flagship Fund IV began charging management fees at a lower fee rate on the cost of investments not yet realised. Due to the realisation of investments, management fees from Flagship Fund III and Fund III-B declined by €3.6m and €1.2m respectively
  • Management fees generated by Antin’s latest investment strategy, NextGen, increased by €6.7m in 2023. Fundraising of NextGen Fund I continued in 2023 until the Fund held its final closing at target in the fourth quarter
  • The effective management fee rate(1) stood at 1.32% in 2023 compared with 1.35% in 2022. The slight decrease in the fee rate is driven primarily by Flagship Fund IV moving from the investment period to the post-investment period on 2 August 2022, and therefore charging a management fee rate of approximately 1.2% compared to approximately 1.5% before
• In addition, carried interest and investment income recorded a loss of €(1.2)m in 2023, compared with a gain of €2.1m in 2022. Carried interest revenue amounted to €(0.1)m and investment income amounted to €(1.0)m in 2023. The recognition of negative investment income is primarily due to the ordinary J‑curve effects related to Flagship Fund V and NextGen Fund I, which are early in the fund’s life cycle. In particular, Flagship Fund V is incurring fund level expenses for the evaluation of investment opportunities and management fees while only one portfolio company was subject to revaluation

EBITDA

• Underlying EBITDA reached €175.5m in 2023, up +48.2%, significantly above the revenue growth of +32.1%. It benefited from operating leverage, resulting in a larger increase in revenues than in operating expenses, following the hiring of employees and investments in the build-out of the operating platform in prior years. Underlying EBITDA margin stood at 62%, up 7 percentage points compared to 2022. The growth in underlying EBITDA and the margin expansion demonstrate the scalability of Antin’s business model and are the result of operating leverage embedded in our business model
• Total operating expenses amounted to €107.4m in 2023, an increase of +12.2%, driven by higher personnel expenses
• Personnel expenses stood at €74.2m in 2023, up +15.1% driven by higher headcount to support growth, inflation-linked wage increases and promotions
  • The number of employees, excluding the fund administration team based in Luxembourg, grew by +10.9%, from 174 as of 31 December 2022 to 193 as of 31 December 2023. The number of employees increased primarily in the investment team and in operations. The investment team continued to be strengthened to accompany the growth in Fee-Paying AUM. Hiring in New York outpaced other office locations in support of Antin’s expansion in North America. The build-out of the operations team was linked to the Group’s growth and enhances the platform’s scalability. It included among other areas key hires in technology and sustainability
  • The remaining increase in personnel expenses was driven by wage increases related to inflation and promotions
• Other operating expenses and taxes totalled €33.2m in 2023, up by +6.2%
  • The largest share of the increase came from administration fees, which are related to Antin’s in-house fund administration platform based in Luxembourg and recharged to the funds, generating an equal amount of revenue and thus no impact on EBITDA
• Reported EBITDA stood at €114.4m in 2023 compared with €20.9m in 2022. The difference between underlying and reported EBITDA relates entirely to the non-recurring Free Share Plan implemented at the time of the IPO and hedge transactions associated with the plan

NET INCOME

• Underlying net income amounted to €127.9m in 2023, up +60.6%
• Depreciation & amortisation stood at €16.1m in 2023, up +20.3%, driven by the amortisation of placement fees related to fundraising and the depreciation linked to the recognition of right-of-use assets related to lease agreements for the expansion of the Group’s offices in Paris and London
• Net financial result increased significantly to an income of €10.6m in 2023 compared to a €(1.6)m expense in 2022. This is primarily due to the allocation of Antin’s significant cash balances to short-term deposit accounts and money market instruments earning interest following increases in interest rates
• Income tax totalled €42.1m in 2023. The effective tax rate increased to 25% from 23%, due mostly to changes in the United Kingdom effective as of 1 April 2023, increasing the corporate tax rate from 19.0% to 25.0%
• Underlying Earnings Per Share (EPS) after dilution amounted to €0.73 per share in 2023, up +65.7% compared with €0.44 per share in 2022. This increase is driven primarily by the increase in underlying net income. It also benefited from lower dilution effects related to the Free Share Plan
• Reported net income amounted to €74.8m in 2023 compared to €(16.8)m in 2022

BALANCE SHEET AND COMMITMENTS

• The balance sheet remained strong as of 31 December 2023, with €423.9m in cash and cash equivalents and no borrowings or financial liabilities
• Antin’s commitments in relation to its investments in the Antin Funds and in Carried Interest totalled €184.2m as of 31 December 2023, of which €128.9m is uncalled capital that constitutes an off-balance sheet commitment. It included €108.7m related to investments in Antin Funds and €20.2m related to investments in the Carried Interest

DISTRIBUTION TO SHAREHOLDERS

• At the Shareholder Meeting on 13 June 2024, a full-year distribution of €0.71 per share will be proposed to shareholders for the fiscal year 2023, representing an increase of +69% compared with the previous year. The total estimated payout would amount to €127.2m, representing a payout ratio of close to 100% of underlying net income. The proposed distribution will be entirely paid out of distributable income
• The first instalment of €0.32 per share, equivalent to €57.3 million, was distributed on 16 November 2023 and the remaining balance of €0.39 per share, equivalent to €69.9m, will be paid on 19 June 2024, with the ex-dividend date set for 17 June 2024

GOVERNANCE

• Antin’s Board of Directors, which met on 6 March 2024, approved the audited financial statements for the 2023 fiscal year. The Statutory Auditors are in the process of issuing a report with an unqualified opinion, which will be issued in the 2023 Universal Registration Document
• The Board of Directors decided to propose the re‑appointments as Directors of Alain Rauscher, Mark Crosbie, Mélanie Biessy and Ramon de Oliveira to the Annual Shareholders’ Meeting on 13 June 2024. The current two-year term of office for Russell Chambers will end at the time of the Annual Shareholders’ Meeting. The Board warmly thanked him for his contributions to the work of the Board of Directors and for his active involvement in the Audit and Nomination and Compensation Committees

POST-CLOSING EVENT

• Acquisition of Excellence Imagerie. Antin announced on 22 January 2024 the investment in Excellence Imagerie, a leading medical imaging group in France, marking the sixth investment for Mid Cap Fund I

OUTLOOK

• Growth. Growth in Fee-Paying AUM above that of the infrastructure market over a fund cycle. Successful completion of fundraising for Flagship Fund V in 2024 above the Fund’s target size of €10bn
• EBITDA. Underlying EBITDA in 2024 expected to be at or above prior year level
• Distribution to shareholders. Majority of cash earnings to be distributed with the absolute quantum of annual dividends expected to grow over time. Distributions paid in two instalments per year, one in autumn and the second after the Annual Shareholders' Meeting

WEBCAST PRESENTATION

• Antin’s management will hold a webcast presentation to present the full-year 2023 earnings today at 11:00am CET (10:00am London time)
• Please visit Antin’s shareholder website https://shareholders.antin-ip.com/ to listen to the webcast or click here. A replay will also be available after the event.

CONSOLIDATED FINANCIAL STATEMENTS

INCOME STATEMENT ON AN UNDERLYING BASIS

(€m)

2023

2022

Management fees

278.4

209.2

Carried interest and investment income

(1.2)

2.1

Administrative fees and other revenue net

5.7

2.8

TOTAL REVENUE

282.9

214.2

Personnel expenses

(74.2)

(64.5)

Other operating expenses & tax

(33.2)

(31.2)

TOTAL OPERATING EXPENSES

(107.4)

(95.7)

UNDERLYING EBITDA

175.5

118.5

% margin

62%

55%

Depreciation and amortisation

(16.1)

(13.4)

UNDERLYING EBIT

159.4

105.1

Net financial income and expenses

10.6

(1.6)

UNDERLYING PROFIT BEFORE INCOME TAX

170.0

103.5

Income tax

(42.1)

(23.8)

% income tax

25%

23%

UNDERLYING NET INCOME

127.9

79.7

% margin

45%

37%

Underlying earnings per share (€)

 

 

- before dilution

0.73

0.46

- after dilution

0.73

0.44

Weighted average number of shares

 

 

- before dilution

175,571,129

174,531,363

- after dilution

176,316,749

181,978,992

INCOME STATEMENT: RECONCILIATION FROM UNDERLYING TO IFRS

(€m, 2023)

Underlying basis

Non-recurring

items

IFRS basis

Management fees

278.4

-

278.4

Carried interest and investment income

(1.2)

-

(1.2)

Administrative fees and other revenue net

5.7

-

5.7

TOTAL REVENUE

282.9

-

282.9

Personnel expenses

(74.2)

(60.8)

(135.0)

Other operating expenses & tax

(33.2)

(0.2)

(33.4)

TOTAL OPERATING EXPENSES

(107.4)

(61.1)

(168.4)

EBITDA

175.5

(61.1)

114.4

Depreciation and amortisation

(16.1)

-

(16.1)

EBIT

159.4

(61.1)

98.3

Net financial income and expenses

10.6

(3.6)

7.0

PROFIT BEFORE INCOME TAX

170.0

(64.7)

105.3

Income tax

(42.1)

11.5

(30.5)

NET INCOME

127.9

(53.1)

74.8

In 2023, Antin recognised €60.8m in personnel expenses related to the Free Share Plan, of which €57.2m related to compensation expenses and €3.7m to social charges. Antin also recognised financial expenses of €3.6m related to the financing of the hedge transaction associated with the Free Share Plan and a €11.5m reduction of its income tax liability.

BALANCE SHEET

(€m)

31-Dec-2023

31-Dec-2022

Property, equipment and intangible assets

20.6

19.0

Right-of-use assets

49.8

50.6

Financial assets

53.4

41.6

Deferred tax assets and other non-current assets

17.1

17.2

TOTAL NON-CURRENT ASSETS

140.9

128.4

Cash and cash equivalents

423.9

422.0

Accrued income

14.4

8.7

Other current assets

38.4

37.7

TOTAL CURRENT ASSETS

476.7

468.4

TOTAL ASSETS

617.7

596.8

 

 

 

TOTAL EQUITY

497.5

473.5

Borrowings and financial liabilities

-

-

Lease liabilities

50.1

51.9

Other non-current liabilities

4.1

8.3

TOTAL NON-CURRENT LIABILITIES

54.1

60.2

Borrowings and financial liabilities

-

-

Lease liabilities

7.4

6.0

Income tax liabilities

14.6

1.8

Other current liabilities

44.0

55.3

TOTAL CURRENT LIABILITIES

66.0

63.1

TOTAL EQUITY AND LIABILITIES

617.7

596.8

CASH FLOW STATEMENT

(€m)

2023

2022

NET CASH INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES

125.8

103.9

Of which (increase) / decrease in working capital requirement

(43.3)

(6.0)

NET CASH INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES

(17.8)

(23.9)

Of which investment in financial assets

(18.7)

(8.7)

Of which purchase of property and equipment

(5.2)

(15.4)

Of which proceeds related to financial assets

7.4

-

Of which net change in other financial assets

(1.3)

0.2

NET CASH INFLOW / (OUTFLOW) RELATED TO FINANCING ACTIVITIES

(105.6)

(50.7)

Of which dividends paid

(106.1)

(43.6)

Of which payment of lease liabilities

(6.0)

(3.4)

Of which disposal / (repurchase) of treasury shares

(4.3)

(1.2)

Of which net financial interest received and paid

10.7

(2.4)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

2.3

29.3

Cash and cash equivalents, beginning of period

422.0

392.6

Translation differences on cash and cash equivalents

(0.4)

0.1

CASH AND CASH EQUIVALENTS, END OF PERIOD

423.9

422.0

APPENDIX

DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE MONTHS

(€bn)

AUM

Fee-Paying AUM

Beginning of period, 31 December 2022

30.6

19.1

Gross inflows

2.4

2.1

Step-downs

-

-

Realisations (2)

(1.6)

(1.0)

Revaluations

(0.3)

-

End of period, 31 December 2023

31.1

20.2

Change in %

+1.7%

+5.8%

ACTIVITY REPORT

(€bn)

Dec-2023 last twelve months

Dec-2022 last twelve months

AUM

31.1

30.6

Fee-Paying AUM

20.2

19.1

Fundraising

1.8

8.2

Fundraising incl. co-investments

2.4

8.2

Investments

2.0

2.7

Investments incl. co-investments

2.1

3.5

Gross exits

-

2.2

Gross exits incl. co-investments

-

2.4

KEY STATS BY FUND

Fund

Vintage

AUM €bn

FPAUM €bn

Committed Capital €bn

% Committed

% Realised

Gross Multiple

Expectation

Flagship

Fund II

2013

0.6

0.3

1.8

87%

92%

2.6x

Above plan

Fund III (2)

2016

5.6

2.0

3.6

89%

38%

1.8x

Above plan

Fund IV

2019

10.9

4.6

6.5

87%

-

1.3x

On plan

Fund III-B

2020

1.5

0.8

1.2

88%

26%

1.6x

On plan

Fund V (3)

2022

8.9

9.0

9.0

26%

-

1.1x

On plan

Mid Cap

Fund I

2021

2.2

2.2

2.2

47%

-

1.2x

On plan

NextGen

Fund I

2021

1.4

1.2

1.2

48%

-

1.0x

On plan

(€bn)

 

 

 

COST OF INVESTMENTS

VALUE OF INVESTMENTS

Fund

Vintage

FPAUM

Committed Capital

Total

Realised

Remaining

Total

Realised

Remaining

Flagship

 

Fund II

2013

0.3

1.8

1.6

1.3

0.3

4.1

3.8

0.3

Fund III (3)

2016

2.0

3.6

2.9

0.7

2.3

5.9

2.0

3.9

Fund IV

2019

4.6

6.5

4.6

-

4.6

6.2

-

6.2

Fund III-B

2020

0.8

1.2

1.1

0.3

0.8

1.8

0.5

1.3

Fund V (4)

2022

9.0

9.0

0.8

-

0.8

1.0

-

1.0

Mid Cap

 

Fund I

2021

2.2

2.2

0.9

-

0.9

1.1

-

1.1

NextGen

 

Fund I

2021

1.2

1.2

0.2

-

0.2

0.2

-

0.2

DEFINITIONS

Antin: Umbrella term for Antin Infrastructure Partners S.A.

Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK

Assets Under Management (AUM): Operational performance measure representing the assets managed by Antin from which it is entitled to receive management fees, undrawn commitments, the assets from co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments

Carried Interest: A form of investment income that Antin and other carried interest investors are contractually entitled to receive directly or indirectly from the Antin Funds, which is inherently variable and fully dependent on the performance of the relevant Antin Fund(s) and its/their underlying investments

% Committed: Measures the share of a fund’s total commitments that has been deployed. Calculated as the sum of (i) closed and/or signed investments (ii) any earn-outs and/or purchase price adjustments, (iii) funds approved by the Investment Committee for add-on transactions, (iv) less any expected syndication, as a % of a fund’s committed capital at a given time

Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period

Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees across all of the Antin Funds at a given time

Gross Exits: Value amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period

Gross Inflow: New commitments through fundraising activities or increased investment in funds charging fees after the investment period

Gross Multiple: Calculated by dividing (i) the sum of (a) the total cash distributed to the Antin Fund from the portfolio company and (b) the total residual value (excluding provision for carried interest) of the Fund’s investments by (ii) the capital invested by the Fund (including fees and expenses but excluding carried interest). Total residual value of an investment is defined as the fair market value together with any proceeds from the investment that have not yet been realised. Gross Multiple is used to evaluate the return on an Antin Fund in relation to the initial amount invested.

Investments: Signed investments by an Antin Fund

Realisations: Cost amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period

% Realised: Measures the share of a fund’s total value creation that has been realised. Calculated as realised value over the sum of realised value and remaining value at a given time

Realised Value / (Realised Cost): Value (cost) of an investment, or parts of an investment, that at the time has been realised

Remaining Value / (Remaining Costs): Value (cost) of an investment, or parts of an investment, currently owned by Antin Funds (including investments for which an exit has been announced but not yet completed)

Step-Downs: Normally resulting from the end of the investment period in an existing fund, or when a subsequent fund begins to invest

Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortisation, excluding any non-recurring effects

Underlying Profit: Net profit excluding post-tax non-recurring effects

ABOUT ANTIN INFRASTRUCTURE PARTNERS

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €30bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore, Seoul and Luxembourg, Antin employs over 220 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0)

https://shareholders.antin-ip.com/

Financial Calendar

 

1Q 2024 Activity Update

30 April 2024

2024 Annual Shareholders’ Meeting

13 June 2024

Half-Year 2024 Results

11 September 2024

3Q 2024 Activity Update

30 October 2024

(1)

Excluding catch-up fees and management fees for Fund III-B

(2)

Gross exits for AUM and exits at cost for Fee-Paying AUM

(3)

% realised and Value of investments include the partial sale of portfolio companies from Flagship Fund III to Fund III-B

(4)

Fundraising ongoing. % invested calculated based on the Fund’s target commitments of €10bn

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240306210403/en/

SHAREHOLDER RELATIONS Ludmilla Binet Head of Shareholder Relations

Email: shareholders@antin-ip.com

MEDIA Nicolle Graugnard Communication Director

Email: media@antin-ip.com

BRUNSWICK Email: antinip@brunswickgroup.com

Tristan Roquet Montegon +33 (0) 6 37 00 52 57

Gabriel Jabès +33 (0) 6 40 87 08 14