Ladies and gentlemen, welcome to the Alstom conference call. I will now hand over to Henri Poupart-Lafarge. Sir, please go ahead. Good morning. Good morning, everybody. Welcome to our full year results conference call for the fiscal year ending March 2021. We are going to go through the classical agenda, starting by the 2021 highlights, which I will detail now. If you see the slides. Here they come. In terms of global takeaway from this year, which has been, by any means, a very exceptional year for Alstom. It has been a year of a lot of progress, a lot of improvements, a lot of actions. Globally, if we are looking at Alstom first, Alstom in its old perimeter before the integration of Bombardier, we are fully in line with the guidance that we gave to you at the time of the capital increase a few months ago. I just remind you what were these guidance. First, we have a book-to-bill ratio, which is above one. Clearly, we told you, I think back in September that, yes, the first half was relatively soft in terms of order intake, but that the second half would be much better. That's what has happened, particularly during the Q4, with a large number of projects which had been awarded at the time. By the way, some of them, which have been awarded, would only be booked during 2021, 2022. The year 2021, 2022 is also starting on a very good pace. Sales at EUR 7.7 billion, also in line with our guidance. A short decline on an organic basis as compared to last year. Worth noting that this decrease has been recorded during the first quarter of the year, but the second half of the year was showing an increase as compared to last year. Despite, as you can imagine, some continuous slowdown because of the COVID. Even during H2, we had in service, notably, a little bit of downside pressure. Overall, we are continuing to execute our projects and our backlog. This is one of the good satisfaction of the year, to be very clear. Our execution in the Alstom scope, in the Alstom perimeter, has been extremely sound, I would say, for our backlog. Which has enabled us to record an adjusted EBITDA of 8%. Actually, if you look at the margin, an increase as compared to last year, despite the situation, despite the tension which has been here on our supply chain during the first part of the year. Finally, last but not least, positive free cash flow. Yes, still impacted by the ramp-up of some of our rolling stock contract. Still impacted by the suboptimal supply chain due to its disruption because of the COVID. Still, as announced previously, a positive free cash flow from the Alstom perimeter. Now, talking about Bombardier and the acquisition, which has occurred on the 1st of February, as you know. The first 100 days were very positive. Very positive integration. A lot of work has been done, and we come back to that. Clearly, the first step of our integration is now being secured with the new organization in place, people, new processes in place, people working, already some concrete results of this integration in terms of technology, in terms of standards, in terms of offers and solutions. Stepping back on the market, good market outlook. We have seen, since we talked last time, again, a new announcement, and in particular, the Biden plan, which has been announced recently, which is supporting rail transportation. Last but not least, again, ESG still at the heart of our strategy, and we made a lot of progress on ESG. Overall, I would say a very exceptional year, a very good year, which opens up also a lot of potential for the future. I will not go back on the figures that I said. EUR 9.1 billion of orders. We are actually at a book-to-bill above one, including the two months of Bombardier, both in orders and in sales. Sales at EUR 8.8 billion. Again, a factual increase, a slight decrease on an organic basis. EBIDTA at EUR 645 million, adjusted EBITDA. Above last year in absolute numbers. Above as well last year in margin for the Alstom scope, with a BT contribution at 2.7%, in line with our expectations. As you know, we are expecting the backlog of BT to generate this kind of order of magnitude. Very negative cash flow for the year. Positive for Alstom, negative for Bombardier, not surprisingly. We knew that Bombardier had an extremely stressed balance sheet, and in particular, in terms of payable, which we have unwinded during the second part of the quarter. We come up with a more normative way, but we'll discuss that later on. Net profit, adjusted net profit impacted not only by the increase of the EBITDA, but also which is more than compensated by some exceptional items, and in particular, the cost of the merger with Bombardier, which is there, and a few write-off. Laurent will detail the P&L later on. Backlog, EUR 74.5 billion. A record high backlog. A record high for Alstom perimeter, which is now supplemented by Bombardier backlog. Overall, I would say an extremely sound backlog. In terms of ESG, we are continuing to work. This is at the heart of our strategy. As you know, not only our solutions contribute to the climate change challenge, but also, I would say, the way we need to operate, the way we are producing our trains and equipments have to improve year after year. You see here a few items. The first one, which is the energy reduction within our solution. The trains, which are using less and less energy, 21.7% reduction. We have also committed to power all our sites from renewable power, so 60% of electricity is from renewable power now. We are designing our trains using eco-design, which include not only energy saving, but recyclability and a number of features. EHS is continuing to improve. We have improved our EHS records for years and years. Now we are still improving this situation year after year. Increasing gender diversity, even though we are far from our objective and far from what we can do, but still increasing gender diversity year after year. Finally, this year, we have been, I would say, included as a top employer in most of our main countries, which is, of course, a great satisfaction. Foundation, supplier. As you can see, all indicators are going in the right direction as far as ESG is concerned. BT, Bombardier. As I was saying, very good momentum. Frankly, I'm positively surprised and positively impressed by the speed of our integration with Bombardier. I guess the cultural fit was there. The willingness of our new colleague from Bombardier to embrace Alstom values was totally there. Therefore, it has helped us to really put in place the organization very rapidly. We are helped by good support from our stakeholders, and in particular from the customers, which have welcomed this acquisition, and some of them have already expressed positively the early impact, I would say, of Alstom integration. That's very good news. Projects. We have finalized the project deep dive. We have completed it. In the end, there are no big surprise. We knew what were the difficulties. On the positive side, there is no new technological difficulty that we could have difficulties to overcome. I think that, as I explained in the past, there is nothing skyrocketing. There were a number of managerial difficulties, problems of management of projects, delays, and so forth, that we need to solve. Quality as well is not at the level where it should be. We have continuously worked on the deep dive, but more importantly, we have started to work on solving these issues. Again, I'm happy to report that some of the projects are already starting to move in the right direction, and this has been recognized by customers. IT, this is just a symbol of the fact that now we are one company, we are working on the same processes, We are starting to work on the same tools, even though it will take a few years for everybody to be fully on the same page. This early discovery phase, I would say, enables us to confirm all our guidance in terms of synergies and in terms of outlook. We confirm what we said at the time of the acquisition, both in terms of synergies as well as in terms of EPS accretion for the next two years. I will go relatively fast on the market. You all know the situation. Very strong boost towards sustainable mobility and therefore towards rail on all continents. We have quoted a few examples. In Europe, with a goal of doubling high-speed rail traffic, doubling freight. A strong push towards hydrogen. There were a number of key elements during this year. One of them is definitively the fact that hydrogen has gained a lot of momentum, and our hydrogen trains are now recognized as being one of the solution for the decarbonization of mobility. The Biden plan, the jobs rescue plan in the U.S. Very impressive numbers, which will sustain the market in the coming years. It will take 12 or 18 months to really translate into orders, this is a very nice pipeline of investment going forward. Another example, India, where we are extremely present. You know that India is one of our strong footprint, even more so now with Bombardier. Here as well, very strong announcement. Overall, a very sound market for the years to come. Coming back to a few of our indicators. Orders intake, say EUR 9.1 billion, including EUR 0.7 from ex-Bombardier. Very sound, therefore commercial activity. Very good activities in signaling and services. Good above 40%, which is a good ratio. Apart from that, relatively well-spread order intake in our different regions, with, of course, a predominance of Europe, particularly on Q4, the last orders which have been announced, a number of orders have been announced on Europe. On the back of the continuation of investment plans, which again confirm what I told you several times, that despite the decrease in ridership of some of our operators, they have maintained their investment plan. We've seen that in very diverse countries, such as Germany, Spain, Italy, Denmark, which are countries where we have recorded a very large order. Europe has been stronger this year. You can see that on this slide. Some nice picture which shows Europe, Spain, again Germany, both in double-deckers as well as in tram. France as well with Toulouse. Interestingly, turnkey business is coming back or coming to Europe. Europe was not a turnkey market particularly. It was more the Middle East or Latin America. We have recorded Toulouse, and as you know, we have also been awarded the metro of Athens, which will be recorded in the coming months. Last but not least, of course, the Metra in the U.S., which is a very nice order, which also give us a possibility to design a new train, which will be very useful for the coming investment plan, which is being launched in the U.S. Asia is still quite buoyant, with Taipei and, of course, India extremely also buoyant. In terms of sales performance and project execution, no surprise. We have a nice growth during H2 as compared to last year, as expected. We are back on our growth pattern. System is going down quite sharply. No surprise at all. It is putting some pressure on our working capital, as we explained to you in the past. This is definitively the same analysis of the very large contract in the Middle East, whether we talk about Dubai, which is now totally completed, or Riyadh. These are projects which are behind us now, and they were not replaced by similar projects in the Middle East. Middle East will come back, but there was a long period of low market level in the Middle East, and now systems are more in Asia, in Europe, and of course, in Canada, in Montreal, where we have a very large metro system. We have, of course, done a very large acquisition with Bombardier. In addition, we want to continue to do some very targeted, focused acquisition, mostly targeting technology, whether it's some particular components such as brakes for IBRE and Flertex, cybersecurity with a partnership with Cylus, or digital technology with B&C in the U.S. on the West Coast. We are continuing to, I would say, enhance our position in hydrogen with the acquisition of Helion in France on fuel cells. As you know, we are a strong believer of hydrogen trains, and we need to continue to build our capabilities. It's something to have fuel cells, but in a train, it cannot be fuel cells which are totally on the shelf. We need to have our own technology, own capabilities to integrate fuel cell technology in our trains. Last but not least, of course, service is an important business for us, and we are continuing to increase our geographical presence in service. Innovation, to smarter and greener, as we said, two main pillars of our innovation capabilities, our innovation strategy. Hydrogen, I talked a lot about it, but we have been awarded some trains in France and in Italy, which then supplement the order that we have already in Germany. Again, the important point is that now all countries are going in that direction. We have a discussion in the U.K. We have discussions in Spain as well. Really believe that hydrogen train will be one of the solutions going forward to replace all the diesel fleet. Something that we have talked less about, which is the autonomous train, which is one of our main, I would say, objectives in terms of digitalization. Of course, we have some automated metros, but we need to go to main lines, and we have some milestones which have been achieved there. For example, the first locomotive in autonomy in France, some automatic shunting in the Netherlands. We are moving ATO for regional trains in Germany, where we have been selected to launch this prototype in Germany. We are moving in that direction. One thing which is extremely interesting for us is, as you know, the signaling market in Germany is probably the most important market going forward. We were not so present in Germany, particularly on the track side. We are present on the onboard equipment, but not on the track side. We have been awarded a first line for digital interlocking for Coburg for Deutsche Bahn. This is extremely key for our penetration on this very promising market. I think it was worth noting. In addition, we have been selected as well by SNCF in France, but this is more in continuation, I would say, of our previous contracts. ESG, I was mentioning a few examples. You have here on the slides the fact that we definitively want to comply with all our commitments regarding decarbonization of the economy. We have been included in the Climate A List from CDP. We are in the Dow Jones Sustainability Indices as well. We are supporting the community. We are putting solar panels on our factories in India because we want also to produce our own electricity, not only to buy renewable electricity, but also to produce our own electricity. We are definitely investing more and more on ESG topics. I will now hand over to Laurent, who will detail for you the financial results of the year. Thank you. Up to you, Laurent. Thank you, Henri. Good morning, everyone. Let's start to review our profitability trajectories for 2021. First, highlighting the very positive uplift of our adjusted EBITDA margin on our Alstom legacy perimeters up to 8% compared to 7.7%. The key drivers, the first one has been our positive gross margin evolution, which has been backed by a strong project execution. As well, our continuous effort on operational excellence initiatives, such as leveraging our best cost countries for sourcing and engineering. Overall, I'm pleased to confirm that our average backlog margin continue to improve in 2021. Second driver has been our cost structures and our R&D, which is overall stable despite COVID-19 impact on volume. Finally, as you see, CASCO, our signaling JV in China, continues to deliver nicely. All in, we are on adjusted EBITDA for the group at 7.3%, including two months contribution of BT of 2.7%, and this consistent with 2020 recurring performance. Moving to our detailed P&L and going straight below adjusted EBITDA, we have limited restructuring charge at EUR 14 million. We booked as well in a number of one-off items, including EUR 117 million of charges related to the Bombardier Transportation acquisition, and as well EUR 84 million PPA impact, which are mainly driven by BT acquisition. COVID cost recorded below adjusted EBITDA amounted to EUR 68 million, and as you know, all expense in our H1 2021. Finally, we had our usual profit mechanical reversal to our EBITDA of our Chinese JV at minus EUR 50 million, including CASCO, and as well, our ex BT rolling stock JVs in China, leading to an EBITDA of EUR 300 million. Below EBITDA, our ETR stands at 27%, financial cost at EUR 68, and contribution from our equity investees at EUR 83 million, slightly down compared to last year due to a lower TMH contribution. All in, adjusted profit at EUR 301 million, putting aside the PPA impact after tax of EUR 61 million. Moving to the cash. First of all, we are very pleased by the positive performance on Alstom legacy in line with our guidance, despite the very specific COVID impact, altogether EUR 48 million for this year. After a very positive free cash flow of EUR 301 million in the second half of 2021. A very strong H2 in terms of cash performance for Alstom legacy perimeters. In terms of drivers, we had, as expected, a working capital increase by around EUR 240 million, which is linked to our rolling stock ramp-up and overall contain our CapEx to around EUR 150 million. Moving to the free cash flow usage for former Bombardier Transportation in February and March of EUR 750 million. This has mainly been driven by one-off items of around EUR 550 million, specifically suppliers repayment and reduction of working capital instruments, the rest being related to working capital and cost phasing. All in, a free cash flow for this year at minus EUR 700 million, driven by this Bombardier Transportation cash usage in Feb and March. Moving to the net debt situation, end of March, standing at around minus EUR 900 million. starting from the end of September at EUR 840 million, what are the key drivers of this evolution? Number one, our capital increase of EUR 5.1 billion on the net proceed of BT acquisition at EUR 4.4 billion. Second, the BT net debt at acquisition date on January 29 at around EUR 1.4 billion. Third, obviously, the free cash flow movement I was commenting for the second half of Alstom legacy and two months of ex BT. Finally, as you see, some evolution in terms of M&A that Henri has been commenting. As the last point, we have also reclassified a number of working capital instruments related to factoring and third-party advance payment arrangement in net debt for a total amount of EUR 453 million. All of that leading to our net debt end of March at around minus EUR 900 million. Turning to the Bombardier Transportation project review, as mentioned by Henri, we have implemented as of January 29, a full task force reviewing in depth 120 project of BT legacy perimeters, representing 70% of the total backlog. We are now deploying a comprehensive action plan on three dimension. Number one, technical engineering, which are focusing, obviously, on the development side of the project. Second, industrial and supply chain, ensuring industrialization and ramp-up, which is definitively ahead of us. Of course, reinforcing the commercial and customer relationships on this project. Financially speaking, this review led us to build additional provision for risk of contract of around EUR 630 million, incremental to the EUR 450 million, which has been accrued for by Bombardier Inc. in December closing, leading to a total, as you see, of provision for risk on contract of around EUR 1.1 billion considered in our opening balance sheet. Project stabilization remains, obviously, a key priority moving forward. We understand now the challenges in depth, and we are deploying mitigation across the board. Moving to liquidity status. We have, as March 21, strong liquidity position, exceeding EUR 4.5 billion, including EUR 1.5 billion of RCF and EUR 1.75 billion of short-term RCF facilities, replacing the Alstom and BT existing RCF, as well in the context of COVID-19, which are both fully undrawn. We have bonds amounting to EUR 1.45 billion, including a 750 bond issued in January at a record coupon rate of 0%. Our target, obviously, remains to stay in a strong Baa2 rating. Finally, in terms of dividends, the board of directors will propose to the general assembly a EUR 0.25 dividend per share, resulting in a 31% payout ratio. Henri, back to you for the conclusion. Thank you, Laurent. As a general conclusion, if you look backwards, again, 2021 has been a absolutely extraordinary year, where Alstom has managed to meet all our own targets from Alstom scope standpoint, on the back of a good market rebound at the end of the year, a very, very good year indeed. We are on our way to integrate Bombardier. We have now, I would say again, put in place all the necessary processes and routines to manage satisfactorily the project of Bombardier. We don't ignore the challenges, I think we are up to them. We expect, going forward, a very good market momentum for the coming years, starting this year, even more importantly on the years after. We imagine that you will have a lot of questions, we'll open the floor for Q&A. We will host a Capital Market Day beginning of July, to give you more perspective on the mid to long term. We need to, as we did, I think, a few years ago with Alstom in Motion, we need to have a complete plan to present to you at the time. We'll give you a further update beginning of July on what should be our trajectory going forward. Having said that, I'm more than happy to answer with Laurent to any questions you may have now. Thank you very much, and we'll open the floor for Q&A session. Thanks a lot. Thank you. If you want to ask a question, please press Star one. I will now give the floor to Ms. Daniela Costa from the company Goldman Sachs. Madam, go ahead, your line is open. Hi. Good morning. Thanks for taking my question. I have three, if I may. First one I wanted to ask you regarding what you talked about in terms of unwind of working capital at Bombardier. I guess before you had sized it or from the Bombardier accounts at roughly EUR 1.3 billion between factoring, extended payment terms, and customer advances. I wanted to understand, clarify, what is the right number to compare that with? Is that the EUR 450 million of reclassification of working capital instruments? I think you've also mentioned now during the speech, EUR 550 million of one-offs. Based on that, is there more unwind that you might have to do, and how will you go about it? That's my first question, and I'll ask the others after, maybe. Thank you for the question, Daniela. I may leave the floor to Laurent to answer to these questions. Thank you, Daniela, for this question. In a nutshell, we have classified EUR 450 million as debt out of the EUR 1.33 billion you are referring to, which are referring to a specific arrangement with the customers and with the factoring. Factoring, by the way, has been repaid, so that is EUR 450, which is part of that. On the rest, we have reduced the reverse factoring to some extent, as well. A part of it is classified in advance payment and will continue its life along the project. Bottom line, out of the EUR 1.3 billion, EUR 450 has been classified in debt. Around EUR 110, EUR 150 has been reduced, and the rest will be unwinded following the life of the project, including the reverse factoring, which will be continuing because we feel that this is something which is positive in terms of our supply chain management. Okay. I will now give the floor to Mr. Guilherme Penha from the company UBS. Sir, go ahead, your line is open. Thank you. Good morning. Thanks for taking my questions. I wanted to ask about the extra provisions that you booked, the EUR 632 million, on the back of Bombardier Transportation risk. Can you give us a little bit of an indication of the timing of the different projects that you're basically referring to on these provisions? Is there any particular year that we can see a bigger allocation of provisions as we may understand? Thank you. Thank you for your question. First of all, this amount of provision is consistent with our previous guidance in terms of the backlog of Bombardier. We knew that we had a different view, let's say, than Bombardier on its own backlog. This is the translation into numbers of this different view. They will be unwinded, not to zero. We always have, and if you look at Alstom in the past, we always have a certain level of provisions, of course. It will decrease to a more normative level over one to two years. It will not go to zero, of course. We still have a number of provisions. I agree with you that these provisions are not only for loss making but are also general provisions on contract. You see the amount for Alstom was EUR 500, roughly EUR 500, which we can see as a recurring level. Laurent, you want to add something here? No, I think it is clear. Thank you. I will now give the floor to Mr. Alexander Virgo from the company, Bank of America. Sir, go ahead, your line is open. Thanks very much, and good morning to everyone. I wondered maybe you could talk a little bit about the pipeline of order intake and how things look over the near term, like 12 months or so. Particularly, maybe you could answer the question as to why you've chosen to start providing full-year guidance until the capital markets day. Thank you. Thank you for the question. We see a good order pipeline. There are a number of projects which are being discussed. It's clear that order intake is always a little bit volatile. There are very large orders to come, like the very high-speed trains in the U.K., for example. We have also some large orders to come in Mexico. We have large orders to come in Canada. Of course it depends on our commercial successes. That may be why we are not necessarily giving today guidance on this perspective. I can tell you that we are very positive on the commercial momentum, and we'll know more, of course, in a few months from now. The long-term trend is extremely positive. It's a very, very large sustained pipeline. We are also awaiting orders in Israel, for example, so we have a number of good commercial to come. I will now give the floor to Mr. Gael de-Bray from the company Deutsche Bank. Sir, go ahead, your line is open. Yes. Thanks very much. Good morning, everybody. I have a few questions, please. The first one is, we've been now four months into the consolidation of Bombardier. How do you see the integration process progressing? I know it is early days, but what surprised you the most in a negative and in a positive way? That's question number one. Question number two is about the net debt position of Bombardier. What drove the sort of the EUR 400 million increase in Bombardier's net debt to EUR 1.4 billion between December and January? The third question is about your future free cash flow generation. Given the need to continue to disengage from some of Bombardier's working capital financing initiatives and all the project charges already booked. Could you help me understand how potentially significant the disconnect between cash flows and profit might be in the coming year or in the coming years, and how long it might take for cash flows to fully reconnect with the P&L? Thank you for the question. I will take the first one, and I will leave the next one for Laurent. On the first one, yes, we have been now with our new colleagues for a few months, and it's true that we have some positive and negative surprises. The very first positive surprise is the very good integration. I would say, I know it's like a buzzword nowadays, but I feel that the Bombardier teams are extremely resilient. They have been in a very deep crisis at Bombardier Group for years and years, and they still have a lot of energy. They want to rebound. They are extremely enthusiastic to embrace the new challenges, to embrace the new company. There was no negative feeling about leaving Bombardier and moving to Alstom, on the contrary. We have made some surveys, and we have more than 90% of the employees of ex-Bombardier being positive on the merger, not only from a strategic standpoint, but also for their own individual perspective. I think it's extremely good. That has helped us to work extremely fast, not only in terms of putting in place the organization, but indeed, and this is the second very good surprise, indeed, in terms of solutions. We have already offered, I was mentioning a tender in Mexico, for example, that we have offered, where we are combining both Alstom and Bombardier solutions. We have already worked in India to improve some of the Bombardier projects with some of the Alstom technology. The ability to combine the different subsystems with one each other has been much quicker than I thought. I think this is because people are really collaborating with each other and really now on each of the tender, we are acting as if we had a combined portfolio. Of course, we need to rationalize it. We need to improve the interfaces. We need to maybe discontinue some of the redundant technologies. In the main now, when we are doing a tender, we are already benefiting from the very, very large portfolio. On the more negative side, this is indeed a feeling of disorganization, which was very profound. I said that for the project, and I will repeat it again and again. I think that from a technological standpoint, our colleagues from Bombardier were absolutely competent, and there is no big technological problem. There is no trains that will not be handed over to the customers and so forth. I think that we are far from this kind of situation where we have big technological problem. Already we are helping, as I said, as Alstom experts are helping Bombardier colleagues to cure their technological issues. There is nothing which is impossible to cure. It's true that the project management, the management, in general, was profoundly perturbed by the situation of Bombardier. We need to restore some basics, in terms of stability, in terms of long-term perspective, and not only a very short-term perspective, in day-to-day management. I think this is something that the Bombardier colleagues themselves are welcoming, but this is something that takes some time. I'm very confident that we'll achieve it. It's true that the depths of the perturbation in terms of management of the company from the Bombardier group was probably higher than what I thought. Maybe Laurent on the more financial- Yep side. Thank you again for your question. On the net debt of ex-BT as of June 29 of 1.4, we have two elements into it to get to your point. The debt as of end of December, which was in the range of EUR 950 million, as we communicated, and we had a cash flow usage of EUR 450 million in the month of January, which is chiefly related to a working capital phasing. On your second point, and which is more looking ahead, I can provide you some of the key moving part we will have in the next years. Definitively on the positive side, we see a very strong market traction, which will of course, generate down payment and progress payment, and which will be, of course, a positive evolution. We definitively confirm as well our positive trend on the free cash flow generation on the Alstom legacy perimeters. On the kind of the other side of the equation, we will need indeed to unfold in terms of cash, the risks on contract provision, and we may have as well some impact in terms of working capital phasing on the ex-Bombardier perimeter. These are the four moving parts, and we will provide you more colors on the netting of this moving part for 2021, 2022, and as well, more important for the mid to long term in our capital market day. I will now give the floor to Mr. Simon Toennessen from the company Jefferies. Sir, go ahead. Your line is open. Yes. Good morning, everybody. I've got a question on the due diligence part at Bombardier and what you've discovered so far in the review. I thought the 70% of acquired backlog that you've reviewed was an older target that you set in the past, and I believe you're going through a 100% review at the moment. Is it that you're going to comment at the Capital Markets Day about having reviewed the entire backlog, and you will then be able to say whether there are further issues relative to what you've found so far? The second question is on the U.S. infrastructure programs. If you could elaborate a bit more of the announcement that you've had so far on rolling stock, but also maybe on signaling. You said you're positively surprised, but maybe you can go into a bit more detail here. In relation to that, do you think your footprint in the U.S. is sufficient, given also, obviously, Bombardier has a decent footprint there? Or do you think given the discussions that are currently happening, and I know it's early days, that you might have to invest more into the footprint in the U.S.? Thank you. Thank you for your question. To your first question, no. We have reviewed the entire backlog now. What we give you as the global picture with the amounts of provisions being booked and so forth, corresponds to 100% of the backlog, not 70%. Where we want to give you more color is on the outlook, because we need to look at the commercial momentum and how it translates into our sales and profitability going forward. In terms of now, I would say the due diligences on the past and the review of the past backlog, this is now behind us. What we are showing today to you with the entire backlog. In the U.S., yes, these are extremely large numbers. It's true that most of the investment will come to the infrastructure. As you know, there is a need to rejuvenate a lot, rehabilitate a lot the infrastructure in the U.S. We'll talk about bridges and whether it's for road or for tracks. That will consume the vast majority of the sums which have been announced. Still, the remaining portion is huge as compared to the current market situation, and this will go for rolling stock as well. We expect not this year, not during the next 12 months, because of course, we need to translate that, and Amtrak need to translate that into concrete orders, both on the main lines and on the urban side. On the main lines, directly through Amtrak, on the urban side, through some co-financing of projects, including PPP projects and so forth, a significant increase in the market. This will be in two years, and of course, it will translate into a sale the year after. When I say significant, it should be a double-digit increase of the market in the U.S. related to these elements. The question of the footprint is a good question. We have a very good footprint in the U.S., already Alstom, but even more importantly with our new Bombardier footprint. Nevertheless, and you will probably see it's not big amounts, but we are investing in the U.S. on the back of the Buy American Act. We have also a large footprint in Mexico, as you know, we have a large footprint in Canada coming from Bombardier. The Buy American Act pushes us to produce everything that we sell in the U.S., in the U.S., and we are fully compliant and embracing this Buy American Act. Therefore, for example, for the Metro project, which we have been awarded, we are investing in terms of capacity in the U.S. It will not be a huge amount. We are talking tens of million of EUR, and as compared to the size of the market, it is not huge amounts. It is true that the future market will require some investment, mainly triggered on the back of the Buy American Act rather than on a global perspective. Thank you. Next. Next question. Just as a reminder, only one question is allowed. I will now give the floor to Ms. Iris Zheng from the company Credit Suisse. Madam, go ahead. Your line is open. Thank you for taking my question. Can I have a follow-up on the provisions that have been taken? In the past, you've mentioned that some portion of the backlog of Bombardier Transportation is of low margin, could you give an update on that? Also on the provisions, are they mainly linked to the rolling stocks and any portion of that is linked to, for example, service and secondly, potentially? Leave it to Laurent. On the split of provision between the different product lines, the vast majority is on rolling stock. Could be one or two on signaling, frankly, the signaling portfolio of Bombardier was sound, and we had one or two elements. The vast majority is on rolling stock. On the unwinding Laurent? Yep. On the unwinding of this provision and overall on the backlog, it will be an unwinding which will be over the next around three years, I would say, related to the rolling stock deliveries, which is very much, as we indicated, rolling stock driven. In terms of the update on the backlog overall, Henri said that there is no major evolution in terms of the way we look at the backlog from this deep dive phase. We are in the same kind of ballpark overall. I will now give the floor to Mr. Martin Wilkie from the company Citi. Sir, go ahead, your line is open. Yeah, thank you. Good morning. It's Martin from Citi. Just one question coming back to the cash flow. You talked about some of the unwind and the reclassification and so forth, but another part was there was an impression that there was some excess contract assets at Bombardier. Some pending cash, which doesn't look like it appears in your balance sheet. I know there are accounting differences, but just if you can talk about has that cash been received, or is it no longer expected to be received, or is it now shown in a different line somewhere in the balance sheet? Thank you. Yeah. I'll let Laurent, you can take this one. Yep. Martin, thanks for your question. This has been overall considered, of course, in the overall balance sheet we have. This is something that we will as well provide you as colors, Martin, in terms of the key moving part of the cash moving forward. I have mentioned we will have some working capital phasing, which are related to contract assets. This is something where we'll be able to provide you more colors early July in our capital market day. Yes. Indeed. As you know, there were some stocks and inventories in terms of finished goods, and it's true that there are a lot of trains sitting on the backyard of Bombardier to be expedited, and this will generate some cash. On the other hand, we have some liabilities in front of that. Overall, it's relatively balanced. By the way, I should have mentioned, it makes me think that one of the good news in terms of supply chain, it's true that in terms of inventories, the level of inventories of Bombardier is relatively low, and we have discovered that they have a nice management of their inventories, and I think that's beyond, I would say, a number of, I would say, artificial measures, so to have supplier payment. Beyond that, from a physical standpoint, they had some nice inventory management, which we could apply to Alstom as well. Some good practice as well. Next question. I will now give the floor to Mr. Jonathan Mounsey from the company Exane. Sir, go ahead, your line is open. Thank you. Good morning. Thanks for letting me ask the question. Just back to the previous question briefly. I think the magnitude of that cash trapped on the balance sheet has been discussed before. I seem to remember a number of EUR 1 billion or even in excess of EUR 1 billion. Without a huge amount of detail, it seems to roughly offset the off-balance sheet financing that you also inherited. Is it still the view that the magnitude is there? Maybe as well, you mentioned that it'll take three years for the provisions to normalize. What about this cash trapped on the balance sheet in finished goods? Is that a three-year story, or could we actually see that coming in sooner, given that a lot of these trains are finished or close to being finished? Also, a follow-up on the deal-related remedies. Are we close to that all being done now, or how much time will that one belong to? Thank you, John, for your question. On the excess inventories, indeed, this is something which will be enfolding in the next two years or so, related mainly as well to the U.K. situation. You need to bear in mind that a part of this finished good or inventories has been already paid by the customers. When you deliver a car, you don't have 100% of the car value, but a fraction of it. This is something which will be as well, I would say, a positive, in the next two years or so in terms of excess inventory unfolding. To the EUR 1.3 billion of the unwind of the working capital, back to the question of Daniela, the first question. Just to recap, EUR 450 has been taken into debt, and we have EUR 650 which are left in our balance sheet. 400 of reverse factoring, which we will continue because we feel that this is a competitive tool for our supply chain, so we'll continue and adapt. EUR 250, which are specific arrangement, which are of advanced payment, with one of our key customers that we will continue as well. Thank you. I will now give the floor to Mr. Alasdair Leslie from the company Société Générale. Sir, go ahead, your line is open. Yeah. Hi, good morning. You haven't given an initial guide for the fiscal year at this stage, but you do say the additional provisions you've taken at Bombardier are in line with expectations, and you've reconfirmed the double-digit EPS accretion target as well by year two. Just wondering, can you confirm the sort of trajectory of Bombardier margins as well over the next couple of years is in line with your kind of original expectations as well? Should we maybe expect a year one margin for Bombardier in line perhaps with the Q4 level, just to kind of help us anchor expectations over the next couple of months before the CMD in July. Perhaps a follow-up question as well, just outside the review of the Bombardier backlog, are there any situations where you've kind of identified some risks around pricing contract terms at Bombardier on pre-tendering activities, where there might be some form of legal commitment already to the customer? Thank you. Laurent. Yep. On the trajectories of the gross margin of Bombardier, we are confirming very much the perspective that we have been explaining, which is recoveries to a standard margin in the midterm. We do not see why we cannot achieve this. We need to unfold the kind of difficult project in the next three years, the job will be essentially done in this timeframe. We are now benefiting as well from the technologies and the support of the full group, to get a fix on these issues and get order intake with good quality and good margin. To your second point on the downside risks moving ahead, we don't see any price pressure. I think there is a stability in terms of the overall competition background in the main. In terms of T&Cs as well, it's stable. There is no negative evolution. Of course, it depends tender by tender, region by region. In the main, we do not see any downside pressure on these two aspects. Thank you. Next question. I will now give the floor to Mr. James Moore from the company Redburn. Sir, go ahead, your line is open. Hi, Laurent. I trust you're well. It's James from Redburn. Going to the BT backlog. Now you've reviewed 100%, can you say what the margin is for the legacy BT trains and systems business in the backlog? That's clearly the area of risk that investors worry about it. What confidence can you give them that orders were not heavily discounted by a parent trying to stay alive for advances? The follow-up would be, with all the many complex moving parts that you have laid out for the coming fiscal year, and I know the outlook's coming, could you at least say if you expect positive free cash flow for the whole group in this fiscal year? In terms of due diligences, we can confirm, in the main, what we said at the time of the acquisition, that the overall margin in the backlog of Bombardier is around 3%-4% and is consistent with this number. Which is, by the way, consistent with the two months profitability of 2.7% that we have recorded at the perimeter of Bombardier. We are in this vicinity. In terms of backlog flow, as Laurent said, it's in the coming two to three years. The ballpark numbers are not different from what we have announced. Of course, project by project, there are pluses and minuses. We have booked some provisions on some projects and so forth, this is no different from what we've seen, what we announced in the past. In terms of cash flow generation, we will tell you at the CMD, there are pluses and minuses. It will depend as well on down payments, so we need to review the commercial assumptions in terms of what could be the down payment of the year. As you can imagine, with the size of the company, the amount of down payment, which is expected for one year, is very significant. We need to put that into one equation, and we'll let you know the consequences. We will now take the last question. I will give the floor to Ms. Katie Self from the company Morgan Stanley. Please go ahead, your line is open. Hi. Good morning. Thanks for taking my question. Yeah, just in a follow-up to James' question, actually, I think as you said, a lot of different moving parts. Perhaps if we just take a step back and look at the bigger picture, in your view, has that EUR 1.1 billion of provisions that you've now taken essentially covered everything, right? Does that really draw a line in the sand on the risk that people have been concerned about here? That's question A. If we just think conceptually, when you think about that cash momentum at Bombardier coming through, how long could it be for that Bombardier cash to really become positive? Is this something that's very long-dated or something that could be happening in the next couple of years? Thank you. Thank you very much. It allows me to conclude a little bit on this subject and, as you said, to step back a little bit. Yes, what we have done as a review of the project is drawing a line in the sand, and we don't expect at all to come back to you with any further deterioration. This is what we have recorded, and that's what is needed, absolutely, and no more, I would say, to execute the contract. We, and as well, if you step back a little bit, considering the speed of the integration, considering what we do today, we believe that the turnaround of Bombardier will take two to three years. During this time, we'll have some pressure on the margin, we'll have some pressure on cash, definitively, and we'll come back to a more sustainable profitability, sustainable level of cash generation, in the next two to three years. From there, as you know, we are going to benefit from the high level of synergies that we are expecting. Thank you very much. I think it concludes our Q&A. Of course, we'll all, and the IR team is all at your disposal for further questions during the day and later on. Thanks a lot. Thanks to all of you. Have a nice day.