Good morning, ladies and gentlemen. Welcome to the conference, Alten 2020 Annual Results. Working with you this morning coordinating the call. Please observe this call is being recorded. During the conference, you'll only be allowed to listen. Subsequently, you will be able to unmute during the Q&A. Do this by pressing star one to record your question. If you need assistance, please press star zero. That will connect you to an operator. I'll give the floor now to Mr. Azoulay, Chairman and Chief Executive Officer, who will begin our session this morning. You have the floor, sir. Thank you. Good morning to you one and all. Thank you for taking part in this call. Unusual circumstances for the presentation of the 2020 annual results. I hope you're all doing well, and that our next meeting will take place in person. We can at least be hopeful that'll be the case. During our presentation, I'm going to try to summarize for you all the results for 2020 as reported. Also, the impact of the COVID crisis on 2021. I'll also talk to you about a vision which is becoming fairly clear today, i.e., Alten Group's overcoming this and recovery for the Alten Group in 2021, resumption of business. These figures were reported to revenue of EUR 2.3 billion, bringing us back to 2017's revenue figure. Unequaled drops, France versus international areas. As you can see, internationally, there was much less of an impact than France, which drops for around -4.4%, in France -20%. Of course, France, we'll come back to the point later, highly impacted by the strong presence of Alten Group in aerospace and automotive sectors. To talk to you about operating profit, 6.1%. Engineering headcount, currently 29,400 engineers, 32,800 employees overall. We lost since pre-COVID, post-COVID, for the year, lost approximately 3,150 engineers. Usually, this figure would be a pretty good reflection. Change in number of engineers is usually showing of change in Alten Group's potential. Usually, all of our engineers are working on projects, whether you're talking about work packages or technical assistance. Whereas here, we have to sort of tally this up differently. They're engineers. Many of them were at extra bench, additional contracts due to the COVID crisis, with or without subsidy. Another important point to observe is to take a look at how many engineers are currently working on projects today. Overall, as you see, we lost 3,150 engineers, 3,150. Currently, we've lost. Well, the impact of the crisis will have been around 4,500 projects. About 1,000 engineers are in extra bench. The 4,500 projects that were lost, so to speak, are mainly in aerospace and automotive sectors. We'll come back to the point later. We can say henceforth that we've managed to make up for this through acquisitions underway or achieved the objective before the summertime to go beyond the situation where we stood end of 2019, and we've almost achieved this. Those are summary overview of our figures. Let's move on to slide number five, your map of the world, to take a look at the impact by geography that the COVID crisis has had. As I mentioned earlier, the impact is mainly to be seen in France, where we lost more than 2,000 engineers, 2,290 engineers. Also, I make a similar point regarding Germany. It doesn't come as any surprise. That's where you find most of Airbus activities and aerospace activities more broadly, in Toulouse, Nantes, and Hamburg in Germany. Automotive sector, a drop, but not due to COVID. We reduced well before starting in September 2019, before COVID, and the down continued during COVID. These are the main explanations for the changes that you see above and beyond other areas of change. All these events. Well, let's move on to slide on page six. We've considered shifting the Alten Group's positioning and speeding it up. There are a couple of types of activities. This is how we categorize these at Alten. In blue, engineering in industry, there's industrial areas, design engineering, and then outsourced R&D engineering, manufacturing engineering, and technical support engineering. These are the things in the blue V. These are specific engineering areas where Alten is present around 70% of us is design engineering. 5% or 6% would be manufacturing engineering, making up all on approximately 75%. We say overall 70% now due to the COVID crisis and are refocusing toward the right-hand side of the screen in yellow. Here we're not talking about R&D departments or production as such, but rather we're talking about working with IT departments at our various client premises, regardless of activity, IT and IS departments. They need software. They need admin software, CRM, customer management software, and so on and so forth. Infra network, cloud, data management, so on and so forth. This is a different target of clients. Here we've got, of course, the ESNs that are trying to capture big BPO software packages and full CRM packages and so forth. We at Alten, as an engineering and design company, we try to capture what I'm showing as the central rectangle here, which is IS software and applications development. Infra cloud, these are very technical areas that fit perfectly with our engineers that we have on board. Strategically, this has been our decision. The yellow area, we're carefully targeting design, infra, and cloud network, as well as security. This should make up around 30% of the group, which is far from the case in many countries currently. In France, the percentage is well below, around 15%. In Germany, it's almost 0%, Sweden around 0%, in other countries we've already reached 30%, even more. We're making efforts in this yellow area here, which may mean we'll start competing with some other ESN companies. Everything we do, specific developments, data, and so forth, isn't necessarily something where there's competition. Capgemini, Atos, and others aren't necessarily in this area. BPOs of six years, turnkey support, admin and so forth. I hope that sounds right. Regardless, we're moving more into the yellow area here, including acquisitions and including in France. Takeaway point, this ratio, Alten is first and foremost a company of engineering. Over 70% of us is in engineering, 30% in IS and IT design. Even in the blue area, and of course, in the yellow area, mainly we're focusing on digital. Mechanical and electronics aspects, even under engineering as such, are very much in a minority. Under blue engineering here, our focus is really mainly systems engineering, real-time embedded systems for control and piloting. Digital. Now on to page seven. Gives you a breakdown of how our activity has evolved. Of course, there are two industries that were hard hit, as you can see here. Aerospace, civil aeronautics, and automotive. Broadly, these two sectors alone used to make up for this group around 35% pre-COVID, now they only make up 29% of our group. These are two sectors. I'm not talking of the entire aerospace and defense industry. I'm talking about civilian aeronautics as a subset, 12.1%. Ditto regarding land and navy transport. Only automotive has gone down as much, which is also to say we're gradually, slowly but surely, I very much hope, as I said, before the summertime or even well before, we intend to reach again the situation of December 2019. Sectoral breakdown of Alten will change, however. We'll have a lot more business activity in other sectors such as life sciences, energy, rail, and naval, which are doing well. Bank and finance services, telecommunications. Diversification will be much fuller and much better distributed. That's a real strength of the Alten Group. We've seen this ever since the internet bubble crisis in 2002, 2003, that impacted many sectors, telecommunications and so forth. The 2008 and 2009 crisis mainly impacted IT services and finance as well as automotive. 2012, automotive as well. There was a crisis to a lesser degree. Broadly, we can say that thanks to this multi-sectoral footprint, that we are very sound, on a very sound, sustainable footing. That's not the only aspect, though. Our engineering positioning, our basic systematic refusal to work on other areas such as high-level consulting or providing Level 1 or Level 2 technical support, which aren't in line with the population of employees we manage as engineers between zero and 10 years experience. All of this helps Alten continue to be a highly sustainable, long-lasting company. Let's move on to slides eight and following. Just a quick comment on the various sectors as such, going through them one by one. Page eight. To repeat, automotive was very hard hit and started well before the COVID health crisis. There was restructuring, cost cutting, as this often happens before resumption in business. Saw the rollout of new strategies by the car makers, decarbonization, electrification of vehicles, and so forth. We're expecting a resumption recovery at best in June, and at the latest toward the end of the year, automotive recovery. We're already starting to see the preliminary signs of that. We've reached a trough, and we're very hopeful. We very much believe a good resumption recovery should take place before the end of the year. Now we move on to rail and naval. There are lots of new projects that were begun. Submarines to be exported by the Navy. Modernization of various other vessels. This was something not very developed in here. We're also seeing developments in new countries such as Australia. Let's move on to slide page number nine, aerospace and space. Civil aerospace. Firstly, unfortunately, I'd hoped, of course, that we did have some hope there might be a recovery before the end of the year. You're all familiar with the announcements by Airbus, Boeing's difficulties. Our basic assumption here is we don't expect any recovery in this area before 2022 and even 2023. We've reached a low point now. We're seeing a very slight uptick, non-significant. We're not concerned. We reached a trough. It can only go up from here. There's a great deal of pent-up potential for growth in a couple of years' time. Not 2021, and maybe not September 2022 either. On to defense and security and space. These three sectors, which suffered a few years back, then grew in market share, and we're going to see that our clients are growing in this area. This is a good thing. It offsets difficulties in aerospace, more specifically. Move on to page 10, which is energy, first of all. Energy, we're very present. Firstly, regarding oil and gas, with our engineering offices, locally, platforms, supervision, platform architecture to operate with engineers local. There was a slight dip here, weakened due to drops in oil prices. Regarding nuclear, our portion is buoyant. Renovation, security, and plant dismantling, these are opportunities for new projects. A lot remains undone. We're far from having tapped into all the potential we can get in the energy sector. Under renewable energy, we're not very present. Distribution and energy transportation, we're not very present either. Here as well, there's a great deal of potential growth that we can tap into, mainly outside of France, for the time that we're mainly present in France. Life sciences. Our strategy of presence, which we began six years ago now, we've got over 8.7% of our revenue in life sciences. We'd had none previously, almost. If you're thinking of pharmaceutical laboratory support, regulatory projects, data processing, this is all work for engineers. Think of manufacturing as well that requires engineers. We're talking about cutting-edge processes as we're familiar with from space work. There will be further new projects in this area. There are many emergency projects due to COVID, which means this bodes well. We think there's a great deal of potential for growth as well here. Let's move on to slide page 11. Telecoms. We know that this is an important sector during COVID, and there are also more 5G projects we're active here as well. Infra and network projects we're active on. Think of all the remote work and so forth people are doing. This leads to further projects in this area. BFA services, public sector, we mentioned these earlier. We could have put this in the yellow rectangle I showed earlier. We're going out and seeking data processing and developing specific software for IT processing and finance, banking, and so forth. We're talking about customer management, customer marketing. There's a big data focus here, big network focus, real web focus. Here, Alten has a position to take. This is about 20% of our revenue. I talked to you about our strategy, and we very much intend to move towards 30%. We're going to be seeking further growth here. I hope that gives you a good overview of these various sectors, these various growth drivers for us. The only pink or reddish areas would be civil aeronautics, but that won't be forever. Now to talk about our policy for external development. You can see this on this page. Bottom down, the tally of number of engineers would say that we lost around 3,000, and then there's about 1,000 engineers that are an additional contract to extra bench, more than we usually have. Usually, the occupation rate is 92%, 93% for engineers, including people off on training or off on sick leave. We've lost 3,100 engineers, and we also lost approximately 4,200 projects to date. There's been a slight improvement since December 2020, around 4,000 projects. We have to find them again, catch up on this, make up for them. We've decided to step up our acquisitions policy, external development policy. You know that conventionally, we move toward companies that have around 300 employees. We've used this crisis as an opportunity, looking afield internationally. It's mainly internationally that we've sought external growth. As you can see, we're talking about around 3,000 engineers under project. All in all, this means we've got to catch up for H1 2021 of around 1,000 projects. We've almost already achieved that based on ongoing discussions. The 3,000 we bought in 2020, then the last one in February 2021, as you can see, are mainly located outside of France, Europe, the U.S., and Asia. The next ones will be mainly in the U.S. and Asia, in 2021, a French company to bolster IT services. We divested two companies. One of them included only technicians, infra network business for telco operators. Another company which was in levels tier 1 and tier 2 support. We divested the company to them, a company of technicians that provided infra network tech support. We also shut down a company in China that was very focused on manufacturing and prototyping. If you think back, you might remember a company we used to have in France way back when, Idestyle. It looked like them, resembled them. We decided to divest this one as well because it's not in line with Alten's positioning, this prototyping. Of course, this didn't help out on the figures, but no problem, it needed to be done. Let's take away a couple figures. We lost 3,000 engineers. We lost, to date, 4,000 projects. We've made up for almost all of them by a small organic assumption plus external development, 3,000 people. We've got about 1,000 more engineers extra bench than usual. As I said, it's highly likely we'll have resolved all of this before the summertime. Now, page number 13, shareholder base. Hasn't changed much. The free share system is available to employees so they can have Alten shares. These shares are mainly for the 200 top managers of the Alten Group. There you have it. I've finished with the first portion of our presentation. I'd like to hand over now to Bruno Benoliel, who will be giving you more of a rundown of the specific figures in 2021. Good morning. Following up on what Simon just explained on Slide 15, as per usual, we've depicted the change in revenue, and this time on the same slide, engineer headcount within the group. It's more in number of projects that we must look at the numbers to date than in numbers of engineers. Alten has lost 3,100 engineers between 2019 and 2020 owing to the crisis. Excluding acquisitions, in fact, we've lost about 3,500 engineers, the bulk in France, just over 2,000 and about 1,478 precisely outside France. Alten is back at the end of 2020 to its end of the level 2018 level, and we're kicking off the year 2021 with two and a half years of loss of activity, if I can put it that way, owing to the COVID crisis. Loss of activity that's being caught up, both because we're counting on a recovery in organic growth, we're hoping for that as of H2, and the acquisition policy remains very dynamic. International, as you can see today, above 60% of revenue. Owing, unfortunately, the crisis led France to lose more activity than internationally, and the strengthening of acquisition on the international footprint. Slide 16. Now what you see is overall for the group, a loss of business in H1 that continued in H2, organic decrease of 12.9% in line with the 13% that we anticipated back in the summer. An FX impact relatively low, essentially due to the rise in the euro at the end of 2020 versus the U.S. and Canadian dollars, pound sterling also and the Indian rupee. Activity level that these numbers reflect a drop to 77%. Let me remind you, in Q2 2020 that began to pick up in H2 because it was of 80% in Q3 and 86.5% in Q4. Affecting 92% of Alten across areas of activity. Essentially, you lose 2020 average activity rate of 84.6%, where it was at 92.1% in 2019. Just a point because the question is sometimes asked, the activity rate includes the furloughed engineers because they are, in fact, engineers without activity. Slide 17. In France business, bigger organic drop than the group average because the organic drop is -19.5%, hurt, as we said, by automotive and aerospace. Both sectors in France represent what they represented at group level, 35% of revenue in 2019. Today, the contribution to revenue is close to 25%. Conversely, in France, energy that represents 15% of France energies, rail and naval activity, just over 7% overall in France. Life sciences, just over 10%, and telecoms, 10% of business areas that are still growing. Slide 18, international. I'll detail by country at a later slide. International is, of course, impacted by the crisis, as you see in the figures, less than in France because organic decreased -7.9%. Very mixed bag. Decrease offset 50% by acquisitions achieved essentially international in 2020. Slide 19, which shows you as with every sequential trend in Alten's growth quarter-by- quarter. This year slide depicts really the severity of the crisis in H2, France -28% business that continued against expectations to decline in Q3 slightly before beginning to pick up again across geographies, as we can see in Q4. This year, an additional business day in 2020 versus 2019, but the marginal impact in terms of the crisis, it accounted for 0.6% of revenue. Slide 20, a more detailed view by geography. You'll find in the annexes an analysis of business growth sequentially quarter by quarter to give you a more dynamic approach of how the year unfolded, excluding France because we've already discussed France. International, if the average is -7.9%, you see by geography there's a big deviation. North America, U.S. in particular, representing over 80% of North America. The main sectors, automotive, oil and gas, and finance rebounded slightly in Q4 after a strong decline in Q2 and Q3 for a lesser drop in the final quarter. Average drop at 9% full year. Canada held up better, even grew 13% in 2020, thanks to the service sector, grew over 15%, accounting for over 50% of the business in Canada. Telecom's up sharply also as well as life sciences. Germany, where aero, auto activities overrepresented in 2020, 70% of German revenue. That's where activity dropped the most significantly, -25% in Germany, having reached a -28% during the year. Both sectors are struggling, of course. Some diversification initiated in Germany a couple of years back, beginning to bear fruit. All the other sectors, even if they represent minority share of the revenue, all the other sectors are growing. Scandinavia business is down 20% on average, like for like. Finland representing a quarter of Scandinavian revenue down only 7%, essentially in industrial equipment sector. Sweden, the decrease is the order of 28% constant ForEx because the sharp drop in the auto and truck sector representing 1/3 in local revenue, down over 40%. Benelux business down slightly 3% decrease. Belgium business down 10%, but stabilized in Q4 with service activities that dropped surprisingly offset by a strong growth in the pharma sector. Netherlands activity up 3% thanks to semiconductors and electronics. Spain that held up well during the first lockdown decreased in Q4. Probably the only country that was slightly bucking the trend of the others at the end of the year because of the succession of lockdowns. Asia Pacific that encountered difficulties. That's where the crisis started back in early 2020. The scope grew organically by 6.5% with growth that leveled off in Q4. Growth driven by India, where local activity grew 10%, representing over EUR 40 million. China slightly down owing to auto accounts, but activity stabilized. Italy, that's truly an exception in the sector panorama. It's a country of 12% performance that need to be underscored in this crisis with a country where all sectors are up, including the auto, LCA. U.K. lastly, activity down 5%. Activity that grew in H1 dropped sharply in the Q2 and Q3 and up again in Q4. Activity heavily impacted by an aero and auto account that represent 40% of total U.K. revenue. International countries that posted very disparate performance levels and in fact quite faithfully reflect the exposure of each country to the auto and aerospace sectors. Slide 21. The income statement for this year. No surprise operating profit on activity down, primarily impacted by the drop in activity in the group that had recourse to partial unemployment furloughs. Alten has furloughed engineers that are extra bench over and above the normative extra bench of the group. That is, we consider that must be furloughed engineers that are extra bench owing to the crisis. Alten always finances its extra bench normative rate, and in fact slightly beyond that to answer questions that was raised as to be able to use the furlough scheme to cushion, to dampen the margin. That's the case, but it's the case only for what we call the extra bench people who are non-normatively extra bench. Alten of course resorted to furlough schemes in all countries where it was possible. France, Germany essentially, but also Belgium, Italy, Spain. The remaining cost is never zero. It's at a minimum 15%-20% for furlough. France and Germany can rise to 70% like in Sweden. Obviously it had a dampening effect on the accounts, but it substantially decreased the total gross margin. We have costs linked to local business software that owing to that were impacted. The fundamentals of gross margin at Alten were preserved. That is the cost to salary ratio remained unchanged. Alten took measures in the face of the crisis. We almost doubled the recruitment during Q2 and Q3, heavily reduced SG&A. This level at the end of 2019, we plan EUR 2.9 billion revenue in 2020. We had to turn to a far more reduced cost base and put in place a headcount reduction plan, layoff plans that were not that significant, but in the U.S., Sweden, Germany, U.K., and in Spain. Lastly, we had to support additional costs linked to the health crisis, the protective equipment that was EUR 4 million, the price tag on that, and our research tax credit in 2020 is lower than that in 2019 because of the lower level of activity and a smaller number of projects eligible to this tax credit. Overall, if we are to model the change in the margin between 2019 and 2020, gross margin dip by 2.7 points, SG&A rose 100 basis points, 20 points in relative value owing to the drop in revenue, 0.2% coming from the protective measure and the research tax credit down 10 basis points, so 0.1% of revenue. Our operating margin goes from 9.9% of revenue in 2019 to 6.1% in 2020. Share-based payments, EUR 7.9 million. Non-recurring profit, EUR 15.3 million. Essentially restructuring costs in the country cited for EUR 7 million. Acquisition fees, about EUR 6 million fees. Those are the fees paid to the M&A companies or due diligence. Tax adjustment costs abroad are just over EUR 2 million. As a consequence, net income, EUR 119 million. That's 5% of financial income, EUR 14 million, corporate tax EUR 26.9 million, and companies consolidated at equity EUR 1.6 million, net income group share EUR 98 million, that's 4.2% of revenue. Just a word on the tax rate, effective tax rate, 25.2% this year owing to the capital gains on divestments taxed at a lower rate, the effective normative tax rate of the order of 28%. Slide 22, the detailed analysis of the financial income, as you can see on the slide. Cost of net financial debt, EUR 0.5. Negligible interest on leasing contracts under IFRS 16, about EUR 2 million. Cost of financial net debt, that's essentially to the capital gains on divestments. We divested the two small companies that see a minority stake that we also had in another company. The exchange result, -EUR 4.6, essentially ForEx positions on receivables in USD. By geography, slide 23. You can see that France was heavily impacted by the crisis, 35% revenue in auto and aero. Activity rate, 78% full year, far lower than the average activity rate. It was 92% last year. Type of furlough, the gross margin was actually significantly impacted, down 5 points versus 2019. We, of course, implement SG&A reduction measures to reduce the cost in absolute terms versus 2019 terms. SG&A rate up 210 basis points in 2020 and COVID spend accounted for 40 basis points in France, whereas they're very low internationally. All in all, operating margin down from 11%- 3.6%. International, like the activity results, are very mixed. Of course, furlough schemes were implemented in the country cited. Germany, which is the most impacted by the crisis, is posting a loss in 2020. Scandinavian, in spite of problems encountered by Sweden, it maintains its EBIT above 6%. U.K., Luxembourg, Netherlands, and Belgium, we managed to maintain an ROA above 10%. Southern Europe, Spain delivered a performance in the order of 5%, whereas Italy, in spite of all the good results, maintained operating income, operating profit about 10%. Lastly, North America operating profit is down, no surprise, but it nevertheless above 5%, whereas in APAC, where the situation improved. The end of the day, the operating profit on activity is close to 9%. International, you see that the numbers, as mixed as those on the growth front and overall, excluding Germany, our operating profit remains satisfactory, very close to its 19%. With Germany, it drops to 7.7% in 2020. In fact, you see that international, that's where the recurring costs are the most significant. That's where we had the acquisitions, and we implemented the restructuring plans mentioned previously. Balance sheet structure, I won't dwell too much on that. Paradoxically, the balance sheet is strengthened, in fact, after the crisis assets, the non-current assets, just over half the balance sheet, essentially goodwill. The rights of use under IFRS 16, part of the non-current assets, but of course, change with the leases. Current assets, 40% of the total, 80% made up of customer receivables, liabilities, equity, above half the total balance sheet. Important cash this year, over EUR 200 million. Gearing comes in at -16%. Cash flow. Net cash, Alten generated EUR 186.7. EUR 320 last year. Restated via IFRS 16 provisions for the buildings associated with the leases that we hold, the real cash flow stands at EUR 136.2. That's 5.8% of revenue. It was EUR 272 last year. That's 10.4% of the revenue is down half, which is normal because it trends in parallel with the reduction in operating profit. Conversely, our working capital change is EUR 168 million, a reduction due to the receivables diminution, result of organic growth, EUR 159 million. DSO down six days versus December 2019 because it was at 86 days versus 92 days last year, thanks to France, primarily. The improved in DSO generated EUR 43 million additional cash. Drop in tax debt is at EUR 25 million, and we have a social receivable, EUR 6.2 million for fellows cross-group. A word on decrease in DSO end of June. We noted slight increase in DSO. That's normal because that's the seasonal impact. We also anticipated an increase of DSO six days at the end of 2020 owing to the initiative. Certain customers, some announced that they would defer payments. In actual fact, in December, November, December, big clients in France paid their invoices on time or even for some slightly ahead of time. Change in behavior that was totally unexpected. We don't know whether that is set to continue or not and may reflect a desire to have a WCR need that is more attractive in 2021. Be that as it may, we were paid, we cash in on our DSO that lost six days. I don't know if in 2021 we'll be able to replicate that 86-day DSO number, even if, of course, the cash-in teams are really focused on that target. After including the tax paid, EUR 50 million CapEx, EUR 12 million, 0.5% lower this year than last year. IFRS as of 49. Our free cash flow, EUR 246.8. That's 10.6% of revenue above the 7%, the normative 6% for an EBITDA 10% that I've always explained to you, it's higher this time owing to the decrease. Change in scope represented cash out of EUR 122.2 million in 2020. Includes, of course, the amounts paid for acquisitions achieved in 2020, the integration of the treasury of companies acquired, and the earn-outs for earlier years, as well as the cash in on the divestment of companies. Other financial flow, EUR 3.9 million, essentially ForEx impact. As Alten didn't pay a dividend in 2020. Net treasury comes in at EUR 196 million, a gearing of -EUR 16.1 million. Just a clarification here, since we don't book in treasury the earn-outs, but they represent at the close of 2020 an amount of EUR 72 million. No surprise, more than doubled versus last year, owing to the acquisition dynamic at EUR 72 million. EUR 5 million-EUR 7 million will be disbursed in 2021, the balance, the bulk, beyond 2021. Slide 26 shows the free cash flow by half versus 2019. I won't dwell on that. Slide 27, just the analysis of the balance sheet, income statement, cash flow statement of IFRS. That really is very time consuming in terms of tracking. Doesn't really enlighten much on the Alten accounts. Makes them even more opaque, I find, but the impact is almost zero on the accounts in the income statement, and also in terms of the financing. IFRS lease debts are not included in the net cash position. They're excluded. They don't represent an economic reality. They account EUR 170.2 million at the end of the year, essentially real estate, 87%. Takeaway on the activities in 2020 result, all countries exposed to auto and aerospace sectors representing from 34% in 2019, that's dropped to 25% revenue share in 2021, were heavily impacted both in their activity and their earnings. The resumption in activity is very gradual, started in Q4, is continuing because we're seeing in Q1 2021 that Alten has preserved its gross margin fundamentals. That measures implement to limit the consequences of a health crisis on gross margin effective as of H2. H2 margin comes in better. They expected identical to H1 since there were more business days that contributed to improving the margin structurally between H2- H1, we anticipated a margin down, which didn't materialize. Free cash flow sharply up despite a decrease in profitability as a result of lower activity combined with improved DSO. There you have it. I'll take your questions after the presentation. Back to Simon, who'll discuss the growth strategy for Alten. Thank you, Bruno. We've made most of the points. Let me just recall the following. On page 13, we can see the impact of the crisis. Well, our strategy isn't a marketing strategy. It's a strategy of doing away with the 2020 losses due to COVID before the summertime. We may well be in a better position afterwards. Extra bench should be around 1,100 people, a little bit higher in December. We hope to achieve this before the summertime to bring AGNA back to normative levels. It would be good if 2020 were, aside from operating profit, which necessarily would be lower, but in terms of business activity, if we're pretty much a reflection of the volumes that we had and the situation where we stood November 2019, or even better than that. Thanks to our being able to offset through external growth. Fortunately, it's gone well. We've ended up where we wanted to be in the countries where we wanted to be. Civil aerospace, as I said, potential for growth in 2022. We're not worried about it today. This couldn't go lower than a trough. Automotive will also see a recovery. Other sectors are very promising. It's up to us to tap into all of this. Currently, the group is heading toward more international activity. Alten very clearly is an international group. We've got sectoral and geography diversification. This is quite uniform. We have issues to settle in various countries. We're not of a critical size, requisite number of engineers and project, and we have to be active in three sectors in each country, but we never jeopardize, during a time of crisis, a given country. That's been our strategy. It's always been a win-win strategy. The sector is doing well. I mentioned them to you. Defense, space, telecoms, life sciences, energy and services, banking, et cetera. Currently, we're in a good position to continue moving in these areas. We're in a very good position. The competition in many of these sectors isn't yet consolidated and isn't yet organized. Move on to page 31. Of course, what's enabled us to achieve these results is first and foremost, Alten Group's excellent financial health, our balance sheet, our ability to have organic growth, plus giving us financial reserves so that we could buy what we wanted. Always had excess cash, and our WCR has always been very good. If you tally up everything, net profits in 2020 and 2021, we will see the acquisitions we do will be in line with the net result that's generated. This will not in any way reduce our cash or our equity or in any way worsen our situation and our balance sheet. We should say more than ever before, we're remaining faithful to our strategy, compliant with our strategy. Sometimes we were criticized about acquisitions and so forth. We are who we are. This crisis makes us want to continue being who we are. We're stepping up external growth. We continue organizing ourselves the way we do. 2022, therefore, will be a year much better than the pre-crisis time. We look at number of engineers, number of projects, number of contracts that we bring on board, end of 2021 for 2022. I very much hope this will be higher than it was the case in 2019. Three important subjects. I'll use the opportunity to mention these before wrapping up. When asked, is the business of engineering going to go offshore in a big way to India or elsewhere? Currently, our offshore proportion is approximately 5%. That is around 2,500 engineers working offshore for countries, India, Morocco, and Romania. That is the bulk of them. There may be other countries offshore in the future, in Asia and elsewhere in Europe. Yes, we will offshore somewhat more, but it won't be a major shift. Maybe we will double offshoring in three years, going to 5,000 people or 6,000 people, which will still continue to be reasonable in a group that will have gotten bigger in the interim. We are ready to rise to all these challenges and customer demands. Our competitors are often looking for this, that may not be as well structured as we are offshore and often not in the area of engineering. That was a parenthetical point just to say that more than ever before, this group is confident. Bolstering its position as a leader in engineering and technology consulting. We're there to hit the ground running. Everything is ready to recover quite significantly after COVID. For us, COVID is pretty much solved already. Thank you very much for your attention. We'll be happy now to field any questions that you might have. Bruno and I will answer those questions. Ladies and gentlemen, if you'd like to ask a question, press star one on your keyboard. Make sure that you unmute while you ask your question. I will tell you, the operator, when you can ask your question. Press star one for a question. Thank you. We have questions in our queue. The first one from Emmanuel Cadat from Gilbert Dupont. Go ahead, sir. Yes, hello. A couple of questions. Activity rates. You mentioned. We got the figures for H1 of this year. What are you thinking in terms of numbers, natural departures and so forth in the various sectors? Another question. 2021. You gave us some figures for 2021. Normative margin expectations this year. You have to think about what the landing might be. Another question, 2022. From operating profitability. You said various margin hadn't been worsened due to crisis. Do we hope to reach the normative operating margin by that year? Thank you. Yes. To answer regarding activity rates. First of all, thank you for those questions. Let me say that those are very good questions. Extra bench activity levels at 92%-93% current activity, as I mentioned earlier, hovering around 1,200 people, around 3%. This is very local, mainly four cities, broadly in Germany, a little bit in Munich, automotive. This will be absorbed, though, when there's recovery in automotive. We're not worried about that. What we're slightly concerned about for what's remaining are concentrations of people in aerospace that we have in Toulouse, in Nantes, and also Hamburg, and to a lesser degree, in Sophia Antipolis. We were highly present. Regarding post-Airbus, these are the ones that are furloughed. This is due to the crisis. The others have not been furloughed. As long as they're covered by paid furlough, then there's some wait and see on both sides, by the company and the engineers. They're not budging. They receive 100% compensation. They've got a mobility clause requiring them to work within France or Germany. This is in their contract. We're not making use of that contractual possibility for the time being. This is an indirect answer to your question. Point being, if furloughing is halted, it's going to happen actually in the near future, we'll ask for mobility. When there's resumption in other cities and other sectors, we'll ask these engineers to please transfer or leave. These will be discussions we have with the labor representatives, and they understand full well that an engineer is expected to do that. Now, outside of France and Germany, and I'd remind you, there are no layoff plans, or they're only very marginal. None at all in France, and in Germany, very, very tiny ones. Outside of France, labor law is sometimes liberal, allowing us to lay people off. It sounds cynical, but this is the case in the U.S. and the U.K. It's okay. It's all right. Things went fairly well. Extra bench was resolved in that fashion in those countries. I believe we will have solved this through natural departures, a resumption in business, shifts to other sectors, bringing engineers to accept to move and shift, so they wouldn't have to stay at home, even with 100% pay, to accept to go outside of the aerospace sector or possibly to another city. That'll solve things. We've already seen this in the past. We've already divided this number by two. That's on activity rate. On to profitability 2022. Yes, of course, if there's no hiccup, no hitch, we'd like to get near our customary profitability in 2022. Of course, with extra bench and reduced overhead. That won't be the case in 2021, even though I would repeat, before the end of the year will the equivalent activity, even greater activity than in 2019, idea of revenue. Activity rate will have come back to the normative level before the end of the year, even before the end of the summertime. The impact of 2021, we won't see right away. I'm hoping in 2022. Everything will depend, of course, on how easily Western countries solve the COVID crisis. Anything's possible. The narrative seems fresh, and it's behind us. We hope it's not just impression. As to free cash, Bruno will comment on this point. Bruno. Yes. I've always explained to you, free cash flow at Alten, with an operating margin of around 10%, normatively and with no organic growth, should be around 6%. Why? Fairly mechanically, it's equal to net profit when you subtract investments, capital expenditure. I know you're right. Next year's free cash and future year's free cash will depend on our activity business margin. We don't know today what it will be, the group's ability to resume organic growth, which will necessarily consume some cash. Yes, we could be in a situation, and we'd like this in 2021, where we've got a change in working capital on WCR, which would be negative or positive, depending on how you view it, which would be due to the fact that the group is beginning to consume cash because it resumes financing new clients. I can't go further than that. It all depends on your working assumption in terms of growth and operating profitability. Yeah, you can craft a model pretty easily looking at P&L and operating income with an assumption of CapEx as being 0.7% of revenues. Excellent. Thank you very much. Thank you. Next question comes from Laurent Daure, Kepler Cheuvreux. Your line's open. Hi, Simon, Bruno. Several quick ones. First point I'd like to return to change of the margin H1, H2 and the improved international. There was a business day impact. There are certain geographies that have already structurally improved their margin and contribute in 2021 to group improvement. That's the first point. Second point, could we have the amount of government support or a change between H1, H2 concerns, essentially France in terms of margin impact? Lastly, return to the previous question about the furlough scheme, 1,100 engineers today without layoffs, with people leaving. You'll still have 700 by the summer. Won't you have to go implement a layoff plan? Is that way a risk on the change in group margin between H1, H2 this year? I'll respond to your last point on furlough. Well, from what we see in the markets and from what we see in terms of engineer movement, essentially France to a large extent, to a lesser extent, Germany, elsewhere, everything's fine. From the geography standpoint, no problems elsewhere, with a few marginal exceptions. Back to the normative rate pretty much across the board, excluding France, Germany, to a lesser extent Sweden, but even in Sweden, things are fine overall. Geographically, the margin will be impacted because it's the main driver for the impact on the margin. The resorption of the 1,100 extra bench engineers that worsens the normative rate of 92%, 93% occupancy rate. Well, frankly, we believe that that will be resolved before June. It was before the end of the year, but I think that will be resolved. That's what we see coming today. Can't give you more detail than that, but I gave the reasons why that will happen in the previous question. That's to say, at some point, engineers will accept to move, and if they don't accept, then we'll let them go. Our problem today, it may surprise you, is to compel our business managers to return to an aggressive position on recruitment, aside from the areas, quote-unquote, where we were hit by COVID. Aside from those areas, we must revert to recruitment full throttle, and our success criteria is, one, to always be ahead of the game in recruitment as we were back in 2004 and in 2010, and we were proved right. There's no reason. Young engineers are always tough people to attract. Today, we're really trying to boost recruitment and to leverage the crisis to attract engineers of a high level for the geography. I think I've answered both questions. Maybe, Bruno, you could speak to the gross margin and government support for the furlough scheme. Well, maybe on the furlough scheme. Today, essentially located France and Germany, that's where all the engineers concerned are located. Government support in France continuing month by month. The government is extending those today through end of March, compensation means where it's kind of 20% out-of-pocket expense. As of April, the out-of-pocket expenses probably grow to 40%, 45%, depending on the categories of personnel concerned. Once again, we can't rule out the government decides to extend that over time. Once the decision is taken in France by the government to revert to an ordinary law compensation system, the out-of-pocket of 40%, 45% will last six months because the furlough scheme lasts six months. After six months, companies will have to shoulder the full cost. Today, we'll continue to benefit in France from a furlough scheme through the end of the summer, at the very least. We'll see for Q4. We'll also see at that point how things will develop for the extra bench. Germany, German government announced that it would maintain government support for furlough to keep skill levels in companies as long as necessary, at the minimum through the end of 2021. The out-of-pocket in Germany, that's about 20%. Have to live with that. On the face of it, there's no risk of seeing that out-of-pocket expense increasing between now and the end year. That's to answer your point about government support scheme and then a little bit in Belgium. It's really scattered here and there. As to the margin H1, H2. In July, I announced that we gave a margin guidance slightly above 4% in H2 because obviously we have a half that's hurt by the crisis compared to H1, only one quarter. We took the pendulum effect into account this way, H1, H2, you'll find that in the account, the differential number of business days between H1, H2 last year. We had about the same differential. There was an impact on the margin of 1.8 points. That we were full capacity with an activity rate of 92%. We can't transpose that pendulum effect H1, H2 identically, but 1%, but that was factored into the guidance we gave. That improved the margin with the disclosure that we would exceed 5% as we move to the end of the year. The fact that cost reductions implemented went swiftly, were rolled out faster than anticipated. SG&A rate down, as I indicated, with SG&A rate in absolute terms, identical to that of 2019, in some places lower, whereas projected high. A reduction in the extra bench swifter than expected after the summer. Q3 was a good quarter when activity continued to decrease, and there were more people leaving than expected. That had an impact. research tax credit, slightly better than expected also because it was lower in H1 than in H2. All that put together, there's some mix effects that account for the fact that the reasons why we have an H2 margin on a par with H1. That wasn't our initial scenario back in last July. Thanks for the geographies. I've given you the orders of magnitude for 2020 that we know. What's the challenge today? Increase the margin in Spain because has a low gross margin in Spain, so the margin is very sensitive to the break-even is higher as a consequence. Margin sensitivity rate very high compared to the activity rate. We had a layoff plan. Activity rates are now normative. Germany were the question mark today and France for the rest. All the other geographies have returned, give or take, to their pre-crisis level, with the exception of Sweden that still impacted even if we adjusted the activity resources. Activity rate back above 90%, maybe U.S., where we have a profit level that is slightly lower. To try, Laurent, to give you a number, you can imagine that the annual price, all costs included, payroll for an engineer in France or Germany, employer costs EUR 50,000 on an annual basis to give you a round number. We have an average subsidy rate of around 70%, r emains when we had 2,000 people for four months that gave an amount, covered 70%. Now we have 1,000 on extra bench. That's going to decrease to 60%, possibly 40%. Gives you an idea of the support we'll be getting at 2021. We're not really counting. It's not a problem for us, for Alten. That's not an issue. The extra bench should no longer exist. We'll resolve it not financially but commercially. Thank you. That's very clear. Thank you. Thank you. The next question from Mr. Gregory Ramirez. Go ahead, sir. Hello, good morning. I'd like to come back to the various parameters that you're taking into account. Operating margin 2021. For the return to growth margin. Could you please give us further details telling us how we can evaluate the full impact of changes in activity, impact of the drop in furloughs, expenditures that will necessarily increase once again after recovery in activity? I suspect. Should I repeat my question? I don't think so. Yes. You're asking about changes in the various scopes impact on operating margin in 2021. Is that correct? Yes. Wondering about the impact in resumption in use rate and resumption of various costs that had been halted due to the crisis and that will then resume again. Also wondering about the drop in inter contract coverage, so on and so forth. Okay. For the time being, we're not disclosing details on operating margin. We never do that at the beginning of the year. One, even in usual times, it would be early days in the year to do that. Usually, we have clear assumptions as to growth and projections of cost trends. This year, that's very complicated, as you can well imagine, due to the fact the crisis is still here. We don't have a great deal of visibility. What I can say, though, the impact of use rate, generally 70 basis points gross margin in results, gives us an order of magnitude as to the impact this could have as there's a resumption activity. The drop in furlough subsidy can use this modeling. Around EUR 50,000 per annum, I mentioned earlier. Out-of-pocket amount is between 20%- 40% with seasonal effects. For the time being, it's 20%, that'll shift up to 40% in Q4, depending on governmental decisions. Similar order of magnitude in Germany. You know that we've got around 1,400 currently. That's today. This goes up and down depending on activity shifts and changes. That enables us to project as residual costs and trends over time in the legal costs. For the time being, though, let me say that SG&A rate, structurally, they're greater than what we usually have by an order of approximately 120 basis points. We're continuing to set up various organizations of the group to support the future, inter alia, support future growth. We've decided to continue with various investments, for instance. As we start recovering more normative activity, these costs will be fairly diluted. This is also going to be coordinated very dynamically. They're just sales and recruitment costs that vary with activity levels. Same with SG&A. You saw in previous years, cost of SG&A was fairly stable. It's carefully monitored investments over time as business develops, activity increases. Currently, excess costs are 120 basis points group wide, which may last through 2021, will then be reabsorbed as revenues begin growing again, organic growth. Those are basically the indications I could give you at this juncture. Thank you. Thank you. The next question. This is Eric Marcon from ODDO BHF. Go ahead, sir. Good morning. I hope you can hear me all right. Several questions. Firstly, to come back to Germany briefly, could you give us some comments on changes in direction, the arrival of changes in management, a new manager for Germany. I was wondering, is this the run up of a transformation plan there may be in Germany? You'd frozen this more or less with the arrival of COVID, distribution between engineering and others. You have someone from Adecco. Second question on Germany, a follow-up to some degree. Due to the fact Germany is making losses in spite of government subsidy, isn't it somewhat surprising that it's only marginally that you've got a layoff plan, a partial one? After all, won't it be necessary to go more in this direction in 2021 without a bigger resumption activity, greater layoff? Should I continue with my questions now or later? Go ahead with your questions now. Ask all of them now. Okay, fine. Thank you. Another question, more technical, on M&A. Thinking of the company about 2021 announced has payment already taken place? Is this factored into the EUR 120 million? Another point, could we get further detail on the profile of that company? 38 million EUR in revenue at least. We didn't get comments on this. I have another question on reducing car maker panels. I think there's an automotive car maker that reduced its panel from 13 to three companies. Are you in that panel? Is this an overall major trend you're seeing speeding up during COVID? It had already begun previously, is this speeding up under COVID? Thank you very much. Thank you for this question. First of all, regarding Germany. Yes. Previously, Germany was organized into two parts. One part called Northern, mainly around Hamburg. Report to the person in charge of Airbus, Toulouse. That made sense, since the bulk of their activity in the north was Airbus Hamburg. You had the southern part of Germany with a manager, not a member of the executive committee, working almost exclusively for automotive. We decided, considering what happened in the aeronautics crisis, we stopped splitting Germany in two. In that respect, sorry for saying it that way, we decided to bring Germany back together under one single management, we sought someone for that. Someone had been at Adecco briefly, they're really from another company, spent 12 years at another company previously. They're a trained engineer. He's a top-level person. We announced him. Among other things, his mission statement will be to pull together Germany under one management also move into areas where we hadn't been present previously. Mainly in the south, into aeros having problems in the north. We, first of all, consolidating and then supporting the recovery in automotive, Germany and in France, we're seeing this now. They'll also diversify into other sectors such as telcos and life sciences services and energy, where we're not present currently or almost absent in Germany. There's some reasons we're not present at all, such as Berlin. As you can see, we've still got a lot of potential for work in that country. The knock-on effect of what I just said in terms of 2020 results, as you can imagine, we lost about 60% of aeronautics activity in the north in one month's time. We made money. Automotive wasn't doing well in the south either to make up for that. We didn't lose a lot, a little bit. We would have preferred at least to break even. In spite of subsidized furloughs, around 70% subsidy in Germany, that wasn't enough. This year, I hope we'll break even again or do much better than that. We'll start seeing some very ambitious momentum, multi-sectoral momentum in Germany. No doubt about it, we waited a little bit too long to launch our multi-sectoral approach there. It should have been done a while back. That's why we needed a top-notch manager to really move on the ambitions we have for Germany. Next. Just to add another point in the answer, I might interject. There was the split of activities in Germany. Offsite management and then engineering packages and so forth. Well, the split from very naturally in Germany, we'll be trying to set up two separate legal entities because rules governing labor laws negotiated by industry and labor are such that you have to pay penalties and/or bonuses to people in technical assistance in Germany, which means you can't do this in the same way as in France. By the same token, technical assistance is covered by something different. We're not talking about temporary employees, but actual management of engineers' careers. 30% margin varying from client to client. Added value. This can be under package or technical assistance. In Germany, they've changed the situation, changed the rules. Now there are penalties in some instances that can reduce 10 points of gross margin. To deal with SG&A and Human Resource models. Time and material and technical assistance under work package isn't possible. Can't hope to develop technical assistance in Germany using SG&A like you have in France on the work packages. It's not feasible there. This is why it is necessary to separate out technical assistance. At SG&A 14%, we still have a fair few people there. All the while maintaining the financials under the work packages. Yes, we will keep that separation. Human Resource management and SG&A management. The models for SG&A and Human Resource are not going to be the same in the two areas, in Germany versus how it's done in France. Germany is now together under this umbrella, reporting to the same management. Our chief in Germany is the chief for the whole of Germany. Slide 10. Paid in 2020. It wasn't there end of 2019. Cash impact not very significant. That won't substantially change our cash position. They work in IT services, general services, i.e., retailing, banking, finance. The yellow business areas that I showed you earlier on the slide. Try to increase the ratios there. The data and IT services ratio in France, which was fairly lowish, required one, mentioned earlier in September, October. They were in that area as well under infrastructure of the network. We're completing all of this. We're reaching 30% in France, as is the case in many other countries. In a very specific technical positioning. Engineers with added value, not BPO with software packages configuring, so forth. That's not our business area. On to your question. The panel of remote automotive suppliers. Follow-up question. Apparently, a French car maker was talking about reducing their list of suppliers from 13 suppliers to three suppliers. Peugeot and Renault had already been doing that, having three, four or five preferred suppliers. I was wondering about you. First of all, are you in that panel of three that have been shortlisted? I have no information. I haven't seen that particular information, for the time being, that's not our reality. Information point, two makers in France, not dozens. We are well-positioned with one of them, no problem. There's another one after some new listing done recently, showcasing suppliers. We're not in list one. We're in list two for them. Broadly, we're making every endeavor to get back into list one. There are four plus, two or three in list two. If we do our job properly, I think we'll shift back up into list one fairly quickly. For the time being, that vehicle maker will not be changing their overall policy. We're not in any way concerned or worried about this. My information is not exactly the same as yours. Okay. Follow-up question. Might I ask about automotive now? In the presentation, you emphasized the fact that German automotive ought to tick back up in Q1. In the press release, it talked about automotive seeing a recovery in H2 2021. Could you give us more specifics on this recovery in automotive that you're expecting? What countries are you sure about this will be happening quickly at the beginning of the year? Where are the countries that you have some doubts and you're not sure of the recovery yet in terms of the timeline? What about the countries where at this juncture, you're not seeing any improvement? Thank you. Broadly, overall, yes, we've got indicators of a good recovery in H2 2021 among all the vehicle makers broadly. They've got to step up their programs, specifically in hybrid and electric vehicles. Currently, we're seeing growth, we're seeing calls for tender. There are some vehicle makers where things are speeding up, such as one in northern Germany, where there are lots of calls for tender. Okay. Well, thanks a lot. Next question, Stéphane D'Enguin from Exane BNP Paribas. Your line is open, sir. Thanks. Hi, Simon and Bruno. Two quick ones on 2022, hoping the year will normalize. When you look at the change in the market post-COVID, if there is one, maybe an acceleration in digitization, for example, change in Alten's position, more IT services, more international presence. What can be the growth in the addressable market for Alten as of 2022? If there's change in the addressable market growth as compared to pre-COVID. Second question on 2022, the acceleration of M&A that we see in 2020, 2021, can that become the new normal? In other words, as of 2022, will we continue to see this level of M&A high now that we've become more used to making bigger acquisitions? Thanks. Well, you need to put into perspective at its right level what I told you about the blue and the yellow hard and fast engineering and IT services. The aim is to return to interesting issues in IT services, normative level in each country, 30% remain essentially an engineering company. It's not a new strategy. It's just a lag to be caught up in certain countries such as France and Germany. That delay, that lag corresponds to our sectoral diversity. We also have it in all countries in particular sectors. I said it's Germany. It's not normal that we're not in energy or telecoms as much. In France, there's no reason for it to be low. Ditto for U.K., several other countries where we need to have that sectoral diversity and the IT services data segment is part of that like the others. It's not a strategy of moving towards IT company or to involved in software packages. We're an engineering company. We'll take our share of software packages. Very often, for the reasons outlined, engineering companies, because they develop specific software packages, they don't do the contracting and installation with software packages for admin systems. We don't do that. leaving that aside, the growth of Alten Group, well, I've just given you the key will reside firstly in growing in sectors where we're well-positioned across geographies. secondly, to open up all the sectors where we're not present. The goal is to have three or four sectors per country in engineering to a lesser extent, IT services. the market in all that, well, is unlimited. Today, we have no market blockage. Everywhere we go, we can bring needs, we can conquer business, organic growth. Our only problem, because we're a service company, is a problem of training and supporting our business management and technical management team with good HR. The only reason why we haven't doubled what we'd like to be in the U.S. or we didn't do what it took in Germany, et cetera, is solely down to management organization issues, be they business, technical, and Human Resource enveloping that. The market for us is no limit. Look at France. You'll find pretty much the largest engineering companies. Why don't we have other similar multi-sectoral or multi-country companies in Germany or the U.K.? If you have names to cite in Germany, we have two or three, Bertrandt, EDAG, but they're not positioned as engineering companies like Alten, Altran, Akka, et cetera. The market is not consolidated. It's all for the taking, but to take it, we have to have the trained management resource. The pay-off growth depends solely on that, not on the market, the problem. I really addressed the question in that way. It's not a product that we want to sell. We don't know whether it's going to be successful or not. There's a competitive product that will be better when needed, and the clients, I mean, companies, see that Alten, by consolidating their HR and technical strategy, can better meet the needs for outsourcing that are indispensable, especially when there's a COVID crisis impacting all our clients. On M&A, second part of your question. Well, we really boosted things in 2021 with an eye to offsetting what we lost, but using the results generated between 2020- 2021, do the balance, you'll see that net income 2021 equals price of acquisition. We haven't impacted our balance sheet or our cash position. Now, that continue in 2022, 2023. We took a pace moving to 200 people, 500 people, but I'd already announced that well before COVID, for those of you who recall, that we're allowing ourselves to do bigger M&A deals. These are not companies of 10,000 people at 1.9%. These are add-ons, bigger add-ons. 300 people, 500 people will cost between EUR 20 million, EUR 50 million, EUR 70 million will self-finance. If we can continue into 2022, well, of course, that will correspond. I hope that will account for about 1/3 of the ideal model. Excluding COVID, 2/3 organic growth and 1/3 M&A as we did in the year 2017, 2018, 2019, were about 10% or 11% organic growth and 2%-4% M&A. That's what it would have meant by acquire 3,000 people in years 2022, 2023. Thank you. Thanks. For the time being, there are no further questions. Let me remind participants that you can press star one if you have a question. We have an additional question coming from Mr. Derric de Marco from Société Générale. Over to you. Sorry to return to one question that I omitted to raise earlier, would you have the figure to hand? To give us a clearer idea of the recovery we're seeing in your clients, could you discuss the number of calls for tenders that you're receiving for clients excluding auto and aerospace early 2021 versus last year? Have we returned square to early 2020, or the sequential metric would make more sense. Could you give us more granularity on the KPIs commercial activity that allow you to believe that the recovery is well underway in most clients, aside from auto and aero? Because assume that that's where part of the extra bench will be deployed if it's possible to redeploy them there. Excluding auto and aero. We're not in the same traction level that we had in 2019. I would put it about 70%, excluding auto and aero, what we had in 2019. That gives you an idea. When auto returns, it will boost the ratio even further. There are needs there, given the fact that we've slowed the recruitment, the equation is done in terms of the extra bench. Thank you. You're welcome. If there are no further questions, I'd like to thank you all for tuning in to the call in these unusual circumstances. Bruno and I available to answer any additional questions. Have a good day. Stay safe, and see you soon. Thanks for taking part. You can now disconnect.