Hello. Welcome to the Q1 results call of Alten. Bruno Benoliel, Deputy Chief Executive Officer, will take the call. Over to you. Good evening. Thank you all for joining our quarterly call for the business of first quarter 2021. The resumption of activity that we saw in Q4 of last year, that was very low at that point, has strengthened, as you can see through the figures in the press release sent out by Cécile a few moments ago. Even if performance remain mixed, both geographically as well as sectorally, the business decrease has been almost halved versus Q4 2020, whereas Q1 last year was the strongest quarter in Alten's history. Revenue came in at EUR 681 million, down 1.3% versus last year. It would have been flat, constant exchange. The combination of organic growth and external growth has erased over a year in terms of activity. The crisis that we have gone through, and that is not over yet. France business is down 12.7%, 15.3% like-for-like. Outside France, business is up 6.8%, but 5.6% so overall at constant scope, the decrease of activity for Alten this quarter comes in at -9.6%. The activity rate has gradually improved but remains insufficient, going from 96.6% in Q4 to 88% in Q1. The trend remains positive. From 87% in January, the activity rate grew to reach 88% in March and is coming close to the normative rate of 92%-92.5% for Alten. Many countries or regions have returned to normative activity rates or even higher, and the inter-contract in certain areas are surprising. Toulouse, for example, automotive in France and Germany in particular. The use of part-time work has been reduced. It remains in France and Germany. It was 5% furlough schemes at group level at Q4. It was reduced to less than 3% in Q1 this year. As I said, essentially in France and Germany, because it's still 6% in France and 12% in Germany. Headcount continued to decrease during the quarter. We were 33,800 people, 29,400 engineers at the end of December 2020. Today, we're 37,150 at the end of March, 32,400 engineers and consultants on a par with March last year. We were 37,500, of which 32,700 engineers at that date. Excluding acquisitions and disposal, engineer headcount 30,180. That's a sequential improvement between December last year and March this year of 780 people as follows: -129 in France, + 909 outside France. We now look at the situation by geography, as we usually do at the end of March. In France, activity down 15.3%, still penalized by automotive and civil aeronautics. Automotive, 11.5% of revenue, still down 35%, and aerospace, 20% of revenue. France decreased by 35%. Other sectors are up for the most part. The buoyant sector, energy, 16% of revenue except for oil and gas. Pharmacy, 9%. Rail, naval, 8%. Defense and security, also 8% of revenue. In France, all these sectors are up by 10% or more. International, the situation has also markedly improved, even if some countries or countries have too high bench rates. Outside France, activity is down 5.6%, whereas the decrease was at 12.4% in Q4 last year. North America, particularly in the U.S., representing 80% of NORAM activity, is down by a further 10%, -20% in Q4 last year because of auto, oil and gas, and services. Canada, 20% of NORAM growth continues. It was 11% this quarter, thanks to the bank insurance, tertiary sector, telecoms. In Canada, all sectors are up, save aerospace and energy, only representing 10% of Canadian revenue both. In Germany, business is down by 24%. Unfortunately, a major decrease reflecting an improvement in the situation because it was significantly reduced. Q4, 20% was down 31%, Q3 down 34%. Let me say that the decrease or growth rates are comparable quarter-on-quarter insofar as activity dropped in H2 last year, and we don't benefit from a base effect that will become favorable as of Q2. The Q1 of 2020 was a very high quarter for Alten. Activity in Germany picked up slightly in automotive, however, it's still at -23%. Sure, that's better than the -30% and -40% the last quarters of last year, but it's still insufficient. Aeronautic business has not picked up in Germany, unlike France, where we see a slight improvement, -50%, a sector that only represents 18% of revenue. In Germany, the other main sector, finance service industry is up life science. In Spain, activity down 5.6%. Telecom service and aerospace, it's up across all the other sectors. In Italy, activity continues to grow almost spectacularly. Growth hasn't weakened slightly in 2020 this year. At top of 20% in Q1, all sectors are growing. Highest growth rates being automotive, +27%, representing 20% of revenue. Defense and space, +30%, 12% of Italian revenue, rail and life sciences. Scandinavia at constant scope, revenue is still down 15%. Finland, a quarter revenue of the area. Activity is only down 5%. Industrial equipment, almost back to normal. Sweden, three quarters. Activity's improvement, even if it's still down 19%, it was -28% in Q4 because of auto and heavy trucks. A third of the sector, all the others are Benelux, posting 3% growth activity back to breakeven in Belgium, where most sectors are growing, especially pharma. Netherlands activity grew 6% thanks to electronics and semiconductors. All sectors are growing. Asia, the scope sees a return to growth. Organic growth comes in at 15.5%. India represents 30% of APAC, China 20% delivered an increase of 16%, 17% Japan, 15% growth above 25%. India grew thanks to electronics, semiconductors, auto service. China, auto electronics and semiconductors too. U.K. business continues to recover, even if the decreased 12% still impacted by the decrease in aero and auto, diversification in other sectors are growing strongly. Switzerland, for the first time, activity stabilizing down in the industry, whereas all other sectors are growing, life science and finance notably. Eastern Europe that we have added to the chart, it represents 2% of group revenue. Activity grew strongly in Poland, +40%, thanks to financial services. Ditto in Romania, to a lesser extent, activity is only up 10%. That's the review of the activity by geography. By sector of activity, as I view, I'll give you the main trends in Q1. The change by sector follows up from the H2 of last auto and aero lastingly impacted by the crisis. Civil aeronautics, the others flat or growing. If we start with auto, 16% of revenue, now 23% slightly up because we were at -36% in Q3, -33% on Q4. At car makers, the situation's mixed. Some are growing quite significantly, above 10%, FCA or Ferrari, others growing, VW to others decreasing. Equipment suppliers, ditto, pretty mixed bag. Rail, naval, 5% of revenue growth is still double digit. The outlook's good in both those sectors. 38% activity stabilized at - 50%. Q3 and Q4 picked up slightly. Visibility is pretty low in the civilian aerospace at Airbus. The space sub-sector, 2.5% of the 10.5, picked up as anticipated as of Q1, only down 5% versus 2020. Defense and security, 5.2% of revenue picked up. Activity grew 10%, some accounts growing strongly. Energy, 11.5% of group is stable, but oil and gas at 5% is down 13% following additional budget cuts following the drop in oil prices. Nuclear, just over 3%, continues to grow by 11%. Energy equipment, over 3% of revenue, has growth rates topping 10%. Life sciences, almost 10% of revenue, henceforth growth also accelerated 10.5% thanks to the pharma sector, essentially. Medical equipment is stable. Other industries account for 6% of revenue, up 5% also after a decrease of 10% in 2020. Telecoms, 6% of revenue, slightly down -4%, primarily due to certain telcos. The trends there vary considerably. All clients are up except for Orange at the start of the year and SFR Altice. That was already the case last year in significant proportions because they'd implemented their decision to re-internalize decisions that accelerated with the COVID crisis and continues to be rolled out the first quarter 2020. Electronics, media, and e-commerce, 7% of revenue stable, resuming significant growth in spite of 80% drop in activity at Amadeus. Semiconductors and electronics activity made up the bulk of growth. Lastly, bank and finance stable, both in retail services and public services, and also bank assurance, varying by geography and by client. Can be quite different from one area to another. On to M&A activities for the quarter. We already announced our first acquisition beginning of 2021. One of the companies we relisted in the release. We have three acquisitions in 2021 in France and outside of France. In France, the first company, in information systems, this was already announced, EUR 37 million revenue, 280 employee consultants. In Germany, we acquired a company in automotive software with interesting clients. Their revenue is EUR 10 million. We also bought a small company that's in consulting and agile training to boost our footprint for our specialized subsidiary in the U.S. They have locations in the U.K. and Finland. EUR 9.5 million in revenue last year. All these companies will be consolidated as of 1 July, 2021. The outlook for 2021 now. It's still early days to give you specifics, but at any rate, we don't make major points in April regarding the full year, and we can say that we haven't yet, seeing how the crisis, there are ups and downs as there are lockdowns and easing of lockdowns. We can say that working from home is going well pretty much everywhere now. It's not a drag on deliveries. It can be sometimes up and down on commercial meetings, and it's easier to conduct business in person than via Teams or Zoom. As we've seen in the figures, activity all in all remains satisfactory. Organic growth would be fairly high without automotive and aeronautics. Unfortunately, though, here we're having to contend with two factors that are hit structurally by the health crisis, and that will continue for another year or two, at least, in aeronautics, certainly. Resumption activity was somewhat stronger than we'd expected, to be frank, in the quarter, particularly in February, March, especially return to a 90% activity level. We hadn't expected that resumption that soon, since some geographies are still down at 80% and 88%. Unless the health crisis worsens again, we should resume organic growth by Q3 2021. Last year, we had someone ask a question that I couldn't answer. Today, I can say that really honestly speaking, unless things really take a substantial downturn between now and then, in spite of cuts and some seasonal project pressures, we should, end of September, be a positive year to date for Alten group-wide. There you go. I'll let the participants ask questions. I assume some people do have questions now. We'll open it for Q&A now. Ladies and gentlemen, if you'd like to ask a question, please press star one. I'll tell you when you can ask your question, then you will unmute at that point. First question. You have the floor, sir. I don't know if you can hear me. I've got three questions, actually. The first one, on automotive. Could you give us more specifics regarding Italy performing fairly well versus France and Germany? Ferrari and others apparently doing well. What about market share? Is there a change in market share or is it just that budgets are up? Second question. On furloughs, 2%, 3%. I'm wondering, do you think as of Q3, that'll be a thing of the past? Last question. Gross margin. At the last call, you said there was no issue regarding consultant wages. Is that still the context? Thank you. Answer your questions in order. On automotive. Germany. A slight uptick in automotive. We got various offers and consultations in Q1. It's not feeding into revenue yet, but still, we're seeing somewhat of a recovery in the German automotive sector, mainly for projects relating to software, embedded software, and also projects having to do with zero-emission vehicles. It won't come as a surprise to you. In France, a less clear-cut recovery in the automotive sector, but it should really come into play in the second half, I think, especially in PSA and Renault accounts. Italy. I can't say if we're gaining market share or if budgets are up, but my feeling is we've got a truly excellent team, and we probably will be gaining market share. Budgets going up by 20%, I don't think that's happening at FFCA or Ferrari. I suspect there's another phenomenon. The vehicle makers are going to increase outsourcing, and there's a shift, external cost versus internal cost. That's one explanation of the big uptick. Something we already emphasized last year, somewhat going against the trend that we're seeing among other car makers. Sweden, activity has stabilized. Ford in the U.S., resuming growth. That's, of course, good news. Volkswagen. It varies from market to market, growing in some areas such as Germany, Northern Germany, and still seeing negative growth in Southern Germany. Those are the points around the main establishments. U.K., Jaguar, Berlin, and Andorra are big accounts as well. For the time being, there's a very soft uptick in activity. All these vehicle makers and equipment suppliers, to a lesser degree, are in the same situation. A quick transition towards all-electric. Some makers today are shifting completely to hybrid electric. We have slots for vehicle deliveries. These vehicles work well in cities, but for longer-distance travel, somewhat a different situation sometimes. The right response has to be sound. We'll probably see an increased demand for projects in the upcoming months and years, months on year. We're less worried about automotive as opposed to aerospace. In aerospace, there has been a recovery, especially in France, not as much so in Germany. This is going to be a lot slower than the recovery we're going to be seeing in automotive. Onto furloughs. In France, in Toulouse, mainly, and also Nantes, we still have projects. These are ex-Airbus projects and inter-contract positions that are difficult to ignore. We don't have as many under contract as we had previously, but still, we do have people between contracts, around 15%. I'd say the same thing about Southern Germany, Munich, and automotive. Our strategy, to the extent possible, is to try to push for transfers and mobility. For instance, currently, projects in Paris, in other business sectors which could very much make use of skills we have in Toulouse. People on furlough, being paid to stay at home and receiving a percentage of their pay, it is often difficult to get them to transfer. As long as the furloughs exist, we may continue to have skills that we are not able to always use. Gradually, the furlough schemes will lessen. Necessarily, this will turn around. This situation will change. People will no longer have resources once the furlough is through. Now in Germany. Oh, sorry. Last one in France. Furlough, 6% currently. Probably in Q3 would reach, go down to probably 2%-3%, so divided by two very quickly. Now, to Germany. More of a question mark, because it very much depends on the recovery in the automotive sector, plus the compensation schemes furloughs are quite generous in Germany. We're hoping to divide by two furloughs by Q3. It'll depend very much on how good the recovery is in the automotive sector. Gross margin. To answer your question, yes. Gross margin is holding up, maintaining at the level it was at last year and the previous year. There is no negative effect on the gross margin fundamentals. Of course, this year is different from previous times. Prices have held up, broadly. There haven't been price cuts. Even though there's some mixed effects in prices and varying consultant seniority in different sectors and so forth. They're having an impact on financial cost prices. Client cost prices, in other words, the prices we negotiate with our major clients, haven't changed. Our gross margin has continued to be protected. It is protected for the time being, mainly today. It depends very much on levels of inter-contract. I hope I answered your question. Yes, you did. Thank you very much. Next question from Derric Marcon from Société Générale. You have the floor. Hi, Bruno. Hope you can hear me. I have three questions. My first is, could you say a bit more about the granularity on the decrease of oil and gas in France versus a picture that was far more positive outside France, the difference between France and international? Second question on the M&A, could you give us the growth posted? You mentioned the contribution of M&A to Q1, nine-point something percent. That's EUR 75 million. What's the revenue there compared to 2022 as the growth trajectory of the company that joined the scope? My final question on modeling. You helped us a lot with the year to date at the end of Q3, but as of Q2, with that base, that you'll be able to achieve double-digit organic growth. Those are very specific questions. On oil and gas in France, yes, there's a revenue decrease with Total that has cut heavily in its CapEx at the end of last year. I think they disclosed on that, so I'm not giving any privileged information here. There were cuts, billions of euro there in their CapEx, so obviously it's decreased considerably in France. It also decreased in the U.S. There's one group that has also cut a lot in its CapEx, Chevron. We weren't expecting that. We had an activity drop of the order of 10% that we didn't see coming. With the rebound of the oil price, that should pick up. The rest is holding up. On the major projects where clients commit very significant budgets, and there's no adjustment to the context on a real-time basis. Last year, the price of oil was sharply down, and then it went up. It was almost in negative territory up to EUR 20. A lot of clients who had mega projects who just slashed them, and then we saw the price of oil increase since then. Is it lasting, not going to last? How our clients read it. The fact is that they've taken decisions to cut CapEx at that point last year, and those decisions haven't been reversed and brought back into the pipe. M&A, if I understood your question, you'd like to know what is the Q1 2020 of companies that we consolidated for the first time in Q1 2021, the contribution of acquisitions in Q1 2021. EUR 65 million, EUR 70 million. You take that scope, what is it generated by way of revenue since 2020? Well, I don't know what they did in Q1 2020. The economic performance of those companies. How do you see a double digit? Well, because these companies that we're buying, that we bought last year. In terms of accounts closed and activity management is very sketchy. We need to put them to rights in terms of the financial tracking with the metrics, starting by basic cutoff procedures. The accounts are meaningless at that point. That's why I can't answer your question because I can't tell you what the revenue was Q1 last year. These are companies that didn't produce a closing. What I can tell you is that these are companies that on a flat activity trajectories. If I look, there was one, and if I rebuild the activity trend through two metrics, headcount, the externals and the activity levels, because when we do the due diligence, we try and rebuild them, by looking at the time sheets. There's one that's even slightly down. In the summary on the 13, it's flat. With one there's a slight decrease. If projecting a quarter, these are companies that are not going to stay flat, right? No. They're not set to stay flat. Will they be still next quarter? That can't be ruled out. There are some, all those we've acquired that were consolidated. There are two that are in a decreased dynamic. There's one that is posting slight growth. There's one that's flat. There's another, the most significant of those acquired last year, SDG, present in several countries, is up double digit, as compared to last year. All the others, be it Japan, Ukraine or others, are flat. What we do, of course, we try and staff the sales, the commercial organization as we do normally when we integrate them. We put in place our tools, our incentive systems, recruitment, and we train them to our business sales development technique. Of course, these are companies that are set to grow. When we buy companies, when companies are sold, there are two reasons why that. Either it's purely an asset decision on the part of the sellers, or they haven't been able to unlock the growth in their companies, and they prefer to secure the backing of a group for that. SDG was a fine acquisition. Organic growth into Q2, double digit, is that on the cards? Around that. We could be of that order. That's a possibility. Thank you. Next question is now on the line. Go ahead. Thank you. Good evening, Bruno. Good evening. I wanted to follow up on a question we just had. 2020, down in Q2, isn't that far away in terms of billing in the normative environment? Can we assume starting mid-2021, we'll see a normal seasonal effect or are there other considerations? Well, you mean things that would disturb the usual seasonal effect? Yes. No. Well, there shouldn't be any more. There could be lockdown decisions, some local partial lockdowns in certain locations, gradually we're coming back to a fairly normative situation. Okay, to model the quarters, we can do things fairly sequentially, using the past as a basis. Yes. We have to realize, we must take into account growth, even if it's not year to date. Combined, actually comparable to 2020, there is nonetheless sequential growth in Q1, in addition to taking into account the Q2 dynamics. You mean expecting things to speed up again? No, what I'm saying is, the group was wondering if we could expect organic growth Q2 in the double-digit neighborhood. I'd say maybe. Maybe a bit above, maybe a bit below. I don't know exactly. Maybe. Conceivably, yes. Yeah, first of all, the baseline effect, lower in Q2 than the past. Theoretically, if you just look at the seasonal effect alone year-on-year, the proportion should be the same, but the assumption is through Q1 growth. In Q2, we'll see the continued benefits of the Q1 growth. Then the May effect and so forth, whereby we assume there'll be additional organic growth, sequential, either by reducing the between contract or reducing project headcount. We resumed some hiring in Q2. Precisely. That's my next question. Headcount. In France. Departures this year. What happened with headcount? Was there natural attrition or specific departures? No. What about hiring plans? Okay, hiring plans, we have none. It's opportunistic only. Currently, we only hire when a need arises for a specific project, mainly. In some locations, as I mentioned, there's some areas where there's double-digit growth and in those instances we hire when we can't find skills in-house. We're not at all in the situation 2018, 2019, where we had major hiring campaigns. We were hiring people even when we didn't have a project, realizing, figuring that we needed these resources, and these additional resources would help us gain projects. That's not the current situation now, though. Are you still having to release people to reduce the inter-contract, or is it natural attrition? What about reductions? Headcount reductions in some areas in Q1. Weren't there small plans? Was this as natural attrition, natural departure, or were there restructuring plans? Last year we had small restructuring plans. What about 2021? Will you do further ones, or are things okay? For the time being, we've scheduled no further restructuring plans. We did two small ones. One small one in Germany. The second one we didn't end up moving on. Northern Germany. Much smaller scale than what we'd originally foreseen. Southern Germany, with [Sondy], we wanted to keep the skills in-house. These are, after all, skills that are in demand by the clients. We're doing further schemes. That's the German rationale, anyway. We're very much still part of that process. I was just saying, for now, we aren't considering further headcount reduction plans. The last question, the three companies in M&A. What about profitability, prices? Broad brush. Are you continuing to buy targets, 6x EBIT? That's correct. That has not changed. Could you indicate margins so we could have an understanding of cash expectations? Margins for all the companies we acquired, average margin of these three is 6%. All right, great. Well, thank you then very much. Thanks, Bruno. No. To clarify the answer. Q2. In Q1, like-for-like scopes and same currency, EUR 620 million. Currency cost us around EUR 1 million. Like-for-like, same scope. I don't expect the same revenue in Q2. Far from it. There's an effect. We may be almost there. We're almost get there. Right around EUR 620 million. Basically, yes. Okay. Thank you. We haven't gone through May, June yet, so of course we have to wait and see. Let's say it's entirely feasible, let's put it that way. Maybe a bit ambitious because since some activity slightly better than anticipated, the operationals are gaining confidence. In certain cases, they're ambitious in their forecasts. We have to adjust them slightly, I don't know if we'll deliver as much, but I don't think we'll be too far from that figure. At least, that's what I hope. Unless May and June are a lot flatter than expected. That's very clear. Thank you. Next question, Derric Marcon from [NRL}. Your line's open. Sorry to return to the charge, Bruno. An important question. Have you had a very significant impact on Q1, and how do you model it in Q2? With the lockdown, et cetera, did that have an impact on Q1? Well, leave taken, very little impact in Q1. On Q2, we plan more days of leave than usual in Q2 for people. Well, those who are furloughed, we can't do anything about that. The others, we've asked them to, as far as possible, to liquidate their leave by the end of May by granting a possible carryover for those who are in projects. Thank you. I hope you're not sick, that you haven't caught the virus. No, I can confirm that I don't have COVID, and I'm not using a face mask because I'm alone in my office. No further questions on the line. If you have a question, please press star one. Bryan Garnier is up next. Yes. Hi. Bruno, maybe it's a little early in the year, the question of the margin activity that's coming in better than expected in the quarter, and could translate to the other quarters. Do you consider that it's going to generate additional leverage on the margin due to the return to the normative levels of operating margin around 10% that was mentioned in February? For the time being, that's not feasible to return to normative operating margin levels. 2021, as we said, will be a year of transition. We gave broad ranges of margin forecast into 2021. I think we said between seven and eight. That's a range that is broader than the one we normally give. We're sticking to that. We'll be more specific in July because we'll have clearer visibility. On the one hand, even in terms of activity, acquisitions have offset some of the activity loss. They're coming with their own structure. It means that on the onboard scope, end of 2019, early 2020 of Alten, we have costs that are proportionately higher than they might be, both for sales and for SG&A. We've reduced them considerably. We decided to preserve organizations and investment programs that we'd planned to prepare the out years. I'd also explained that we'd taken quite a few locals at the request of clients who were forecasting massive outsourcing, notably in auto and aero. That generated additional costs that we'll jettison as soon as we can terminate the leases, and then there are other streamlining effort for real estate on the way that takes a while, but that adds additional spend. What I said, at least I know I costed the additional cost, depending on the level of activity of all the SG&A versus the normative situation between 120, 130 and 160 basis points for Alten in 2021. There are all the aspects linked to the gross margin. We haven't thinned down all the technical divisions, all the centers of excellence. We're continuing to organize the ramp-up for certain nearshore and offshore. Activity rates haven't returned to normal. I said that we'd reached 90% only in March, but we're still two points adrift from the Alten normative and two points of activity cost 14, 15. All that to say that are many reasons why it's impossible to see a return to the normative margin in 2021. Maybe also on the office space. Okay, is there a more specific plan regarding a new employment, a new labor organization over time? There are many players who are the extended remote working in the model, 40%, 50% of their headcount, and so obviously a streamlining. If it's spread over three, four years. Where are you at in that process at Alten? Well, we, for the time being on remote working, we're waiting to have the experience. In other words, sufficient hindsight to see that it's lastingly possible to roll out. On the one hand, there's the real estate savings and then all the efficiency losses when people are working from home, that they don't interact sufficiently with the organization, and we lose out on efficiency, and we can measure that. It varies depending on the job description, the type of project, of the people. We haven't begun the slightest corporate negotiation on that because the social partners on these issues are already very ticklish. I don't see a situation where we would move to 40%, 50% remote working. That seems impossible to conceive. What we're seeing is many people who, after the first lockdown, found that pretty pleasant to get organized at site, who have difficult domestic situation to manage with kids, et cetera. It's not the case of many of the engineers, but many want to return to the site, and not just one or two days a week to interact with colleagues. A project is a team effort, and working from home isn't the same thing as interacting in the office. In answer to your question, no. We don't have a specific plan. We're waiting for feedback and better hindsight to do that once the health situation has stabilized and we see how things have happened over two years and sound out people what they want and see if it's compatible with project efficiency. What we're not measuring today is our engineers remote working at group level. I think the rate is 65%. That's very high today with areas of activity. We're above 80% in certain parts of the world. Clients are not saying anything for the time being. It seems to work. Last year, there were requests from clients who wanted a reduction of 20%, 30% for productivity losses on the invoices. Didn't lead to much, not necessarily totally unfounded as clients have no other choice. Everyone's making do. We'll have to see how the clients are going to get organized. If our clients are 60% home working, maybe we can increase the level of remote working. Maybe not 60%, but more than today of clients after the pandemic phase get more people back to the office. I know that some have announced higher remote working levels, but we have to see how that operates over time. Maybe it'll be a continued remote working. For the time being, in our plans, in our real estate plans, we haven't factored in that item of future employment organization because we haven't thought it through yet. Thank you. There are no further questions in the queue. If you'd like to ask a question, press star one. There are no further questions in the queue. Okay. It goes back to your host. Okay. Well, thank you, Wendell. Thank you all for taking part in the Alten call for Q1 revenue. Thank you for the questions. We'll meet again. I believe the next publication is 20th July this year for revenue of the first half of 2021. Maybe we're now turning to the talk for a little more outlook. In the meantime, stay in good health and enjoy the springtime. Hopefully, terraces will be opening up soon. Have a good evening. See you soon. Bye-bye.