Thank you to our investors and analysts for being here today. The group's management is delighted to have you here in Brussels today to present the results for 2023. Today we'll start with a brief introduction, then we will present the results for the first half of 2023 and the financial situation as of June the 30th, 2023. We'll focus on ESG performance. We'll talk about development of new activities, and we'll conclude with outlooks for 2023 and beyond. Jean-Louis Bouchard will make a short introduction. He's the Chairman and CEO of Econocom. He will be giving the floor to Patrick van den Bergh and Angel Benguigui, who are both managing directors. At the end of this conference, there will be a Q&A session. For those who are not here in the room with us, you will have the possibility to ask questions on the platform. For those who are in the room with us, at the end of this conference, you will have the opportunity to ask questions. There will be a cocktail organized, and you will have the opportunity to talk to our three panelists. Jean-Louis, the floor is yours. Good morning. Thank you very much for being here. Quite often in the media, we can see press releases with the results of a company, and people forget to recall people of their names because large groups change name quite often. We changed our name. We used to be ECS. Now we are Econocom. For 40 years, our name has been Econocom, and what we do has changed. We still focus on digital. What we do has been changing, I will very briefly remind you of what we've been doing because we are now in direct competition with Accenture, Atos, Capgemini. Every time we were put in competition with them, we would say, "Yes, but we don't do exactly the same." We do funding, but not service as they do. Now things are changing, and we are focusing more and more on services. Now we are making and sealing new contracts on workplaces. This is due to two steps evolutions. First, 10 years ago with the cloud. We've changed activities based on this, with COVID, and the shift of workspace and equipment. Now large companies want workplaces, so space plus places, squares that become a service. Our new contracts today, they are based on this, and that's why we have new activities appearing in distribution. Supplying equipment, services to have these equipments going and funding. Little by little, we added two core activities based on everything related to audiovisual. The group has EUR 130 million of revenue based on the workplace, all the screens, all the supports, and supports provided to users and for equipments. We repurchased two companies. BIS, a few years ago. Chantal, when was this? In 2017. Six years ago. In Belgium, in the Netherlands mainly, a bit in Belgium. In France, we have Isaprop, about EUR 150 million of revenue. In France, EUR 35 million, in Spain, in Italy, in total, EUR 350 million, more or less. We are now organizing all these activities and restructuring all these activities. As you all know, we are moving towards recycling equipment, improving life cycles. That's something we've been doing since the beginning because we started with secondhand computers. A year ago, we've invested in SOFI Group. That will become Econocom Rehabilitation. This will become our fifth activity of recycling equipment because all bid tenders today focus on recycling equipment. Our job is to work in a mixed working environment. Now people, they don't work at home or in the workplace. They work differently. They don't go to the workplace to have access to a laptop because they have their laptops with them, but they go to specific areas with screens. Now you have hybrid meetings with people who are online and others who are in person, and that's what Econocom does. Now I'll give the floor to my two managing directors who will be giving you figures and information on what is going on at the moment. Thank you. Thank you very much, Jean-Louis, for this introduction. Welcome. It's a pleasure for me to present the results of the first half of the year 2023 and financial situation of the group as of June 30, 2023. First of all, consolidated revenue, and then we'll talk more in detail about all businesses. First of all, revenue, EUR 2.337 billion, 3.9% growth based on all three activities of the groups, driven by the three business lines and contribution of 2022 acquisitions. Organic growth shows that the revenue was stable between 2022, 2023. That was based on production in the first semester. For operating margin, EUR 44.2 million for the first quarter of 2023, so below 2022. We'll be talking about all different business lines, but it's a trend that we foresaw, and we communicated on this in our press release for the first semester of 2023. The context is different compared to 2022. The situation in the beginning of 2023 has had an impact: inflation, rising rates, and the shrinking of the distribution markets. Let's look at Products & Solutions. The revised revenue, EUR 554 million for the first semester, 5.5% growth driven by 2022 acquisitions of Semic in Spain and Lydis in the Netherlands, and limited organic growth, a decrease of 2.8% after a strong first half of the year in 2022, and -10%, so overall decline in the market. Econocom is still very resilient compared to the trends on the market. These trends are compared to 2022 with high growth between 2021 and 2022. It's important to keep this in mind. If you look at the operating margin for Products & Solutions, we are at EUR 16.1 million, EUR 15.9 for 2023. A 12.1% decrease compared to 2022, 2.7% less decline due to reduction in volumes, and a difficulty to offset prices to the market. Maybe there is something to do with the organization, but we are quite confident for Products & Solutions in the medium to long term. This activity has a good growth rate if you look at it over a few year periods. We will keep on investing in this, it can be profitable in years to come. We won't reduce investments because there is a short-term reduction. We'll keep on investing because there is a lot of potential, great opportunities. It's important to us for the future. It's also due to interest rates. We have factoring cost up EUR 0.9 million due to an increase in interest rates. If you look at this business, you can see that we have mixed visions, because for the medium and long term, we have a very positive vision. If we listen to what customers have to say, we can see that their investment decisions are a bit lagging behind for 2023. This has an impact on this activity. We will see for the last quarter of the year what will be the situation. We will remain very much aware of the activities of the market, and we'll see for the future. We are still optimistic. Now regarding TMF. As for Products & Solutions, there is a positive growth, 2.8%, with a revenue of EUR 498 million for the first quarter of 2023. The growth declined in the second semester 2023, because in the second quarter 2022, we had strong operations that had an impact on the revenue. If you look at trends in the various countries, Germany, Italy, and in all our countries, we have a very positive trend for the TMF business. Our customers want different funding solutions that are not the traditional ones. We offer them solutions and support for the future. Now regarding our operating margin for TMF, EUR 17.3 million for the first quarter, EUR 21.6 million for the first quarter 2022. Operations with strong contribution in revenue in 2022 had an impact on the margin too, which explains why the margin is lower this year. We think that the second half of the year will offset this, because we have strong pipelines in all countries for TMF. There will be an improvement in our operating margin in the second half of the year 2023. Now regarding services, a growth of 2.6% with a revenue of EUR 254 million. The growth is back after three declining semesters in 2022. Now, growth is back in 2023 with a few important contracts signed with a good performance in Spain for this activity. If we look at the second quarter, we can see that this business will carry on growing and especially have an organic growth. Now regarding profitability and operating margin for services. In the first quarter, EUR 11 million margin. Its profitability rates of 4.3%, that is 4.3% down. In 2022, in the first semester, we had a few positive elements. In 2023, if we look at developments in the beginning of the year, we can see that launching the new contracts we've just signed require investments. This has a negative impact on our operating margin. We will have positive effects of these contracts, so it will be offset. We also have rising costs that we are passing to our customers. If we look at semester number two, based on what we know, based on our agreements with our customers, what we know as regards passing on costs and OpEx, we know that we had more OpEx for the first quarter than for the second quarter. We know that the operating margin will increase in quarter two. Let's look at the simplified income statement. I already talked about the revenue and the operating margin, and now I'll focus on this part, on operating profit and net profits. EUR 38.3 million for operating profit compared to EUR 48.8 million in the same period in 2022. We see that there is a big difference, especially when it comes to operating expenses. In February, we already said that our objectives for 2023 was to reduce the other operating expenses for 2023. This is what we did during the first half of this year, and this is what we want to do for the second half. Keep reducing these operating expenses so that they will be below 2022. Net profit, EUR 24.7 million compared to the same period in 2022, it was EUR 33.8 million. There was this big difference. Why? There was the rise of interest rates on our net financial income. There was a volume effect of EUR 3.5 million between these two halves. On top of that, we managed to offset that with our discontinued operations. This had a great positive impact on this first half of 2023, and we are also expecting this positive impact for the end of this year, compared to last year, where we had a negative impact from our discontinued operations. Regarding the net financial debt. At the end of June 2023, it was EUR -321 million. Same period last year, it was EUR -272 million. Why? We invested in M&A acquisitions done by the group, EUR 27 million, and also share buybacks and the repayment of share premiums, EUR 25 million. When we look at the free cash flow, we have to bear in mind that there was a one-off impact in WCR, and this had a negative impact. We managed so to find a balance in the free cash flow, plus EUR 11 million. This focus on free cash flow was very important because we are working hard to optimize our free cash flow in the whole group. What's also important is the operating debt. In February, we talked about it. This operating debt is our net financial debt, but that we adjust for discounted lease payments, so on contracts carried on balance sheet and with no refinanced or refinance with recourse. When we talk about our net debt, EUR 321 million, we have to take into account the discounted rental income of EUR -285 million and the operating debt, EUR -36 million. Let's look at the breakdown of the net financial debt. The cash as of June the 30th, 2023. I'm sorry, but I think that I need a glass of water. As of June the 30th, 2023, the cash level was of EUR 133 million, and the net financial debt is at EUR -321 million. If we compare that to the same period in 2022, we see that this level is inferior, is lower. This shows that the repayments of OCEANE helped us because we managed to refinance that with more flexible bank financing. This helps us also to manage, in a better way, our debt as a group, in the group. Now let's move on to cash management. We are working a lot with our teams to improve the situation. At the end of 2022, we launched different projects, different contracts to improve our cash management. We want to upgrade our cash pooling systems, our cash management and cash forecasting systems as well to, yes, improve our cash levels. We also be integrating our WCR requirements. These modifications are very important for our strategic plan for our future. We will talk about that a bit later because this free cash flow will help us to invest better and will help us to grow. Angèle, I am giving you the floor. Thank you very much. We will move on to other indicators, non-financial indicators. We will talk about environment, social and governance indicators. It is something that is really important for us, and it has been very important these past years, especially with Véronique di Benedetto. She developed the ESG department, and she helped us to improve ourselves. Today, we see a great improvement in our ESG indicators. +4 points in the EcoVadis rating, we are at 70 out of 100. We improved our gold medal in 2023. +3 points for our gender equality index in France. We are at 86 out of 100. We would like to achieve a better goal in the next years, we won 99 places in the ranking of companies committed to diversity. These are not financial indicators, but they have an impact on the financial markets and that is how we managed to obtain a credits loan. We signed this loan with the bank LCL and Crédit Agricole d'Ile-de-France, and this interest rate is indexed on three indicators. First, we have to lower our carbon footprint, we have to improve our SBTi indicators, and to improve our gender equality index in France, +2 points per year. We are on this journey. We are already on this journey. We know how these non-financial indicators are important for our investors, we will keep working on that, and we are committed to do so. When it comes to the development of new activities, Jean-Louis Bouchard, in his introduction, already talked about that. First of all, the audiovisual activity. It is not a new one. It is gathering our capacities from different activities and business lines. For instance, with Exaprobe in France or what we did in the Netherlands. In the Netherlands now, we are well-positioned in this audiovisual market. That is why we are a leader in the Netherlands, we are also acquiring in P&S activities, for instance, in Spain, in Italy with Assystem, in Belgium as well. It is a country where we have a branch of this. This business line has a revenue of EUR 350 million. This is our fourth independent business line. We think that this business line will have an important growth in the following years. We are doing integration services, providing equipment. Here I am talking about flex offices, video conferencing, digitalization of information. In the group, we have different great projects under development. We are also reviewing what we are doing so that we can better integrate different points on our strategic plan. When it comes to refurbishment, here we are talking about a fifth business line. We started that with SOFI Group a few years ago. They are refurbishing smartphones and iPads. They are more focused on B2C, now we are trying to develop synergies with Econocom Factory so that a large proportion of TMF fleets will be channeled to Econocom Factory rather than third-party brokers that would sell it to other refurbishing companies. We are also doing a market addressing plan via the existing sales network. It is something new. It is a strong development. We are also improving our B2B channel and B2C channel. Of course, we are also looking at interesting companies in this market because this market is growing in Europe. Let's move on to the outlook. What are we expecting from 2023? Here's a reminder of our 2023 guidance. It was based on two points, a revenue increase of 5%. I would like to remind you that this includes also the acquisition and then an improvement of net consolidated result. It was EUR 65 million in 2022. Despite a first quarter that was hard, Patrick explained why. We still think that we can reach these goals, whether it is for our revenue increase or our net consolidated result. During our presentation for the first quarter of 2023, we already said that the second quarter wouldn't be easy because of the different factors that we explained. We still think that we can reach this goal. On the medium term, we are still confirming what we said about our strategic plan. We We have three pillars. A strategic plan of five years between 2024 and 2028 included, EUR 5 billion revenue in 2028 and EUR 4 billion in 2026. In our strategic plan, we have five businesses. P&S, TMF, audiovisual, refurbishing, and services. In May, we started working with an external consultant with 50 different managers from our group to draft this strategic plan. It's working well. On November 16th, we will be part of the investor day. We will present this strategic plan to the market and to the analysts, so to you. Now, if you have questions feel free to ask. We'll be happy to answer. Who's bold enough to ask questions? Many people, apparently. That's good news. Here in the room, we have Chantal De Vrieze. She's in charge of Belgium. She's been in charge of Belgium for a few years, I think. Yes, but not too many. Okay. There are also strong characters of our group. We have Philippe Gilliot, who's in charge of services for France. Mr. Roudil, who's in charge of all services. Baptiste Saint-Paul, who's in charge of the TMF business. He's been doing so for a few years for France and abroad. For all contracts on our strategic plan, we have many leaders of Econocom who are here to answer your questions. Valérie Glanz, among others. Yes, please. Thank you very much for your presentation. I have a few questions. First of all, as you explained, the first half of the year was not easy. What do you think for the future based on the situation, on what our analysts think? If we look at your guidance and the services, you said that you're coming back to your former margins, how will you offset the difficult situation? What is the visibility? Will there be changes, or have there been changes in pricing already for the contracts? What do you think? As I said, when I talked about services, there will be changes in the prices for the second semester. We have also new agreements on salaries, and these salaries have had a very strong impact in the first semester for FLS. This will have a positive impact for the second half of the year, and there will be a better operating margin in the second half of the year, with the rates between 5.5%-6% across the year. This is quite normal for such services. You're comfortable with the market's expectations for net profit? Yes. We put the guidance on the net results of the year. I talked about other operating costs. We had a lot in 2022, EUR 27 million, if I remember correctly. This will be strongly decreased for the year. We are at about EUR 5 million for the first half of the year, there will be a reduction in other operating costs. Thus, we will reach our goals for net revenues. This is something we already talked about in February. We've taken some pledges to better manage our other operating costs, and we are still doing so, trying to be as highly performant as possible in 2023. I just wanted to add something. Your job, and it's very useful, is to hold us accountable. Our goal is to be useful for society, Econocom's work is useful for the whole society. Twice a year, we dress well and we come and see you, just like when you go to attend a ceremony, and we present to you. I suggest you look at body language. We often talk about soft power, for example. Look at people in Econocom. Econocom is doing well. There are figures, your job is to hold us accountable, we have to explain these figures. Without looking at the figures, I consider that Econocom is doing well and our economic performance is more or less the same as last year, which is very good in a difficult market. If you look at specific moment, of course, there are good things and bad things and up and downs, the goal is to show you the reality as it is. We've always done so at Econocom, we are doing well. We are a healthy company, look at people, have a drink with them, ask questions, talk to them, you will see we're very transparent at Econocom, I'm very proud of this, you'll see what's happening. Okay. Loud and clear. I will still be talking about figures, it's okay. I hear you. Yes. Of course, figures are important. I'm not saying let's not care about figures. Figures are important. I know. We shouldn't overlook them. Your role here is to ask us to think of the future, to talk of the future. We are told every time: "What is your guidance?" Guidance is not about us. It's about you. There are many of you thinking about it, having patterns and models and comparing to other groups, which is very healthy, and this is your job. For guidance, we don't read in the future. We don't know what will happen. Sometimes we are good at foreseeing the future, sometimes we are not. We draw conclusions from our mistakes. That's what we do. There is what you feel. These meetings are very important because that's how you see reality, what it's like. Okay. Thank you very much. A second question regarding new departments, audiovisual new departments. You said that there will be nice growth in the future. What kind of organic growth do you think? As regards margins, what do you expect? Patrick is very well acquainted with this, but I'd say that in the coming years, there will be strong growth of audiovisual more than for Products and Solutions. We have a few ongoing operations in the group with significant European customers, and with them, we'll strengthen our integration capabilities in this market. We all know that after COVID, all main corporations have been trying to develop video conference and smart offices. 10 years ago, it was viewed as something very futuristic. It was the same as artificial intelligence today. Now these smart offices, they are being created with our partners and our customers. That's why we separated our divisions to better online our offering and to aim at the right targets and to have external growth. There are many American competitors entering the European markets that will be consolidated. This shows that there will be strong consolidation in the coming years. Our external advisors, they share this opinion, and that's why we are working in this way on our strategic plan. That's good news. That's great opportunity. One last question, if I may. What about the working capital? There has been an increase in working capital. What's a normal level for working capital? I can't give you a figure for the WCR. In the past, we had WCR improvement programs that we relaunched this year. It's also included as part of our strategic plan. Everything is based on our different business lines, and we know that we have to share good practices to improve our WCR. It's something that is ongoing, and we are working with our total WCR throughout the year and not punctual WCRs average, because that's how you can really have a good vision, and we have ambitious targets for 2023. Okay. Thank you very much. Thank you. David Langman from ING. A few questions. First of all, as regards the goal to increase net profits this year, what are your expectations for ROC, so the operating margin? If I understood well, there will be a slight decrease and restructuring costs that will fall down. For operating revenues, we will be below 2022, but this will be offset because there will be less operating costs. That's what I explained. The net revenue should be good over the period. We talked about the situation in 2023, inflation, production issues. In the post-COVID period, we have stronger swings than previously, with very good years. 2020, 2021, a bit less. 2022 was good. 2023, slowing down. The growth remains stable and strong from one year to the other. In 2023, our operating revenue will be less good as 2022, but this won't change our goals, that will be to improve our net revenue. Okay. Thank you. One question on the operating margin maybe business by business. As you said, we went through very difficult or very peculiar years. In 2022, we had peaking margins, and maybe we won't have such good margins in the coming years. Or is it the contrary, or will there be a decline in 2023 but then an improvement in the future? We are aiming at an improvement, if we look at the second half of the year 2022, there will be an improvement on this. There is also an impact of rising costs and rising prices. We're working on rising prices, on passing on these costs. That's our goal for the second half of the year. This is also in line with the strategic plan. I have been at Econocom for 15 months only, I can see that this group has a lot of opportunities. Opportunities to better work together, which is important vis-à-vis the market and our customers. We have to capture business to improve our organic growth. Many opportunities in everything we do with our strategic plan. If we look at our costs and expenses we need to optimize our costs. We need more synergies. This is something we will be working on. We will be improving our margin through volumes, but also through an improvement in costs. This will lead to an improvement in our operating margin in the coming years. I would like to add something. In Belgium, we are, I am also, because I've been here for more than 40 years, there is the indexation of wages, and in the rest of the group in other countries, it's not the same case. It takes time to implement that with our clients. First, it was not included in the contracts, even if clients accept these changes, it takes time to integrate that, include that in the contracts. This has an impact on the margins. When it comes to the volumes, I remember in the 1970s, in the 1980s, there was stronger margins, the interest rates were about 15%, 18%, and this was good for the financing part activity. Angèle is working on the development of activities with other people here in the room. The financing business line is booming, we think that it will be like that. For several years, many clients were saying: "Why should we be doing that when we can rent for 0% interest?" Today, we are back at this more traditional trend and more adapted to the TMF business line. It goes beyond only financing, but it requires a lot of financing. This part was on margin and on the second one on volume. A last point, during this uncertainty period, it was very important to secure our banking lines. That's why a year ago, we have medium and long-term banking lines that are secured, cost around EUR 400 million. We try to improve that. Why? Because this will help us to do some acquisitions. You'll see in our strategic plan that acquisitions are very important. We will keep acquiring. It costs several million EUR. We went from 10 to almost EUR 18 million, and Eric can confirm that. To secure these banking lines, we went from 9 to EUR 18 million. As you know I owe 50% of the group, I'm always thinking about the future, not only on short-term but also on long-term. We are not thinking only on short-term. We prefer to have this security, this safety, many different factors are impacting your analysis. Could you please tell us, give us more information on the income statement, and can you give us more detail on discontinued operations? I'm not sure I understood what happened compared to last year and what will happen. You talked about EUR 5 million compared to the loss of EUR 2 million last year. What will happen? Do we have to wait for another positive result? There are two questions, one on discontinued operation and another one. The first one on financial results. You have the factoring cost and the financial cost. When we look at the first half of 2023, we're talking about EUR 5.5 million, EUR 3 million on financial expenses, and around EUR 2 million linked to the increase of interest costs. This is something that will also be visible during the second half of the year. If we focus on the EUR 3.5 million on financial costs. We think that this trend will keep increasing because the cost will keep increasing. This is something we've seen in the past. When it comes to discontinued operations. The second half of 2022, there was a negative impact linked to a disposal that we plan to do at the beginning of 2023. This year it's the contrary. We have a disposal that will have a positive impact. Negative impact, the end of 2022, and positive impact in 2023. We think that this year the first disposal will have a positive impact at the end of the year. Maybe we'll have another one. These discontinued operations will have to take into account several factors. We don't want to rush things. We'll have EUR 5 million-EUR 10 million added value, right? Yes. It will depend if there's another disposal by the end of this year. We don't know. Should we continue? Are there any other questions? Maybe questions online. I have two questions indeed. Why did you decide to organize this conference in Belgium? Do you plan on working and communicating more with Belgian investors? Also, what is your communication strategy in the markets when we know the situation? Well, there is this great hotel here, the Pullman, and I love traveling in Thalys. When you arrive at Gare du Midi, you're very happy to be with the Belgian team for two days. Econocom Belgium, I think we can congratulate them. They had amazing results, very good growth and profitability rate. This is the great opportunity to come to see you. She's leaving us tonight because she's going on vacation. As you can see, she's smiling. Yes, we couldn't resist. I'm very proud. Second question: What's your communication strategy when we know how is the current situation? I think that it was very important to meet the market and to present ourselves, to introduce ourselves. As shareholders, it's very important. You don't work for Jean-Louis Bouchard. No, you work for the company. This is something that was needed. Last question: When it comes to the increase of the interest rate, how this will have an impact on our distribution and supply activities? Last year before this increase of the interest rates, I asked Valérie something very difficult. One year before we asked to have a new loan of EUR 200 million. Before this increase. We obtained this EUR 200 million in very good conditions. Now when you ask me questions about the interest rates, I don't really have answer. I just have the same information as you, as what you're reading in the news. We see that in the Western countries and also in Asian countries, they are really well managing to forecast the situation. We see that the situation is not that bad, and the central banks are trying to maintain the inflation rate. This is the magic of the capitalist world. That's why the world is not collapsing. Whenever there is a crisis, everyone is thinking the world will collapse, but it's not right. We don't know. We can't foresee what can happen. We anticipated the situation a bit with this EUR 200 million loan at a fixed rate for three, five, and seven years. When it comes to our activity, I don't know. I don't think that the interest rate will decrease very soon. That's not something we count on, and we're not really hoping on that because the TMF activity business line is working well. As half of our activity is based and focused on that. We created this company when companies were investing in cranes and other equipments, but then computers were created, and they were really reluctant on buying that. 50 years after that, we are still focusing on that. When we go to SOFI Group, which is called now Econocom Rehabilitation and Recycling. Our allies from banks count on us to deal with that. Another question. You said that the normative margin for services was 5.6%. What would be the normative margin for TMF and distribution according to you? Well, I think I will answer because I'm not sure Eric will be able to answer as this changes every year. I think that it is higher to the margin we've just given you. I think this is a more conservative estimate. We can do better, but for TMF, the raw margin is between 12% and 15%, and after all costs, it will be at 5%, 6%, let's say 5%. For all three business lines, the margin is a bit higher, but for this business line alone, it is a bit less. I will give the floor to Philippe Renauld, who loves to speak in public. He's very tanned already, and he will be answering this question because he's been in charge of this for the past 15 years in France. By then, we had EUR 100 million in revenue in France and now a bit more than EUR 600 million. I'm talking business volume here and not IFRS. I include software sales. Thank you very much for this introduction. The operating margin, it's confidential. I don't want our competitors to be knowledgeable on this, but it is about 3.5%, 4%, which is a bit higher than the average on the markets. I don't want to compete with my friend, Lanc, but we do distribution-based services, so we support our customers with services that surround our products. For example, we offer guarantees on our products. Mr. Bouchard, you said previously that the workplace is very important for companies and users. Well, for example, you have a computer you use to work, and you also use in your private life, and you don't want it to break down because having your smartphone or computer breaking down has a strong impact on your daily life. We also offer rapid repair, and these are what we call product-based services, and we are a product-based service company now. Yes. For example, if you have the Normandy region that orders 100,000 Apple. If they order directly to Apple, they will have three trains arriving to Rouen. This won't be very useful because, for example, if the Normandy region wants for each pupil to receive a computer, they have to take care of the computer to give it back in a good shape. This is something we are able to do, and Apple doesn't want to do that. That's why we have partnerships with all these large brands because we buy the product to the manufacturer, and then we provide services to match the customer's needs. For example, for your example, we are leaders in education in France. For example, if you want to provide pupils with computers, you need to give each pupil their computer. This takes time. You need staff. You need people who will go to all high schools and give to each pupil their computer. Of course, this cannot be done overnight. You need to prepare. You need to monitor distribution with electronic monitoring systems. All of these services are provided. We have, for example, guarantee extensions and other kind of services. I understand your concern. We focus on combined margin with services distribution. Pure supply, that accounts for 3%, 4%. There is distribution services, which brings us to 5% or 6%. If you add utilization or user services, we can reach 5%, 6%. That's for the trend. We won't reach 12% or 14% if we have large volumes. This will have a negative impact on profitability. Another question. What was the amount of unconsolidated factoring as of June 30, 2023? EUR 192 million, which is more or less as last year, EUR 187 million. It's quite stable, and this includes reverse factoring. No more questions. Thank you. Is there someone else who wants to take the floor? Yes, I have a broader question. If you do some benchmarking with competitors. If we focus on services. You had 8% margins. Now you're talking about 5.5%, 6% margins. What has happened? Are you planning on changing your business lines? How can we compare to understand the situation? This changes a lot. It's hard to foresee future profitability for services. You're talking about services only? Yes. Okay. I'll give the floor to Long because he's well acquainted with this. He's been in charge of all services in France for the past five years. He's in charge of EUR 350 million, EUR 400 million revenue. Okay. Good morning, everyone. The service business is based on info management multi-annual contracts. Last year, we signed many managed services contracts that were transitioning in the first half of the year. During this transition, there is some investments made on the contracts, and now all of these contracts have transitioned. Now for the second half of the year, we'll have better normative margins that will be beyond 6%, but we have the SA that will offset this. With these new contracts, what's important to keep in mind is that we have organic growth for services in the first half of the year, which requires investments. That's why we had fewer normative margin in the first half of the year. We also have premiums from the states which help us, and these are premiums. In the long term, we are not foreseeing future inflation, no. We're talking here about premiums. This will help protect our margins. Lastly, with multi-annual contracts, we have long-term deadlines, so there will be price renegotiation. When you do body shopping, you can renegotiate selling prices. With multi-annual contracts, you renegotiate at each deadline. With all this work, at each deadline, we'll pass on the inflation. We just need time to properly manage all deadlines. We are quite comfortable, but we want to diversify our business lines because we used to have managed services, but as it was said, we have a strong vision on workplace. We want to diversify our businesses because we have more hybrid workplaces now. We'll have more professional services and more added value, and that's how we'll increase profitability. We need enough volumes, and we need to have a volume that is more or less the same as Run today, so we can reach the rates. Okay. Yes, this is about diversification. This will have an impact on the margin, right? Yes, of course, because if you look at our competitors who only do traditional managed services, the rates for the French market are at about 4%. Some main managed services actors even have negative rates. If we want to add value, we need more high-performing services to focus on designing builds, and to focus on production, which is important because that's how we will then develop our business with our customers. Designing builds will have a negative impact on the margin at first, and then a positive impact. Yes, of course. The upstream activities requires more skills, so people who cost more, but this is passed on in higher selling prices. Okay. Thank you. Any other questions, or you are all very thirsty? Thank you very much. We will always try to show you our body language, and now we will do that with a coffee. [Foreign language]. [Foreign language].