Full Year 2022 Elior Group SA Earnings Call Transcript
Hello and welcome to Elior Full Year 2021 to 2022 Financial Results Conference Call. Please note this call is being recorded. (Operator Instructions) I will now hand over to your host, Bernard Gault, Chairman and CEO, to begin today's conference. Thank you.
Thank you, operator, and thank you all for attending the Elior '21-'22 earnings conference call. Before we go into the full presentation, I would like to share with you a few starts. We delivered in '21-'22. When I arrived, I was facing a very difficult situation. The company was about to announce heavy operating losses for H1 '21-'22. The debt levels were high and the company was broadly unprepared for record inflation. We took action. 1/3 of the contracts is new, was -- is renewed. Loss-making operations are closed. Preferred Meals in the U.S., which was hurting our results, is totally shut down at good conditions and in time. The loss-making contracts are seriously prosecuted and turned out. Incentive schemes to align interest of employees and
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