[Non-English content] Good morning, ladies and gentlemen. Good morning. Thank you for being with us for this presentation of the Bouygues Group's annual results, the 2020 annual results. We're still working remotely because of the pandemic. This morning, I'm going to comment the results with Olivier Roussat and Pascal Grangé, and of course, with the heads of our five businesses. We'll happily take your questions at the end of the presentation. First of all, I'd like to say a few words about changes to the governance of our group. At yesterday's Board of Directors meeting, I proposed that we separate the functions of Chairman and Chief Executive Officer. As you know, I have been Chairman and CEO since the 5th of September 1989. I'm now nearly 69 years of age. I felt that the time had come to change the way our Group is governed. The Board approved my suggestion. Of course, Olivier Roussat was appointed Chief Executive Officer of the Group. Before that, he was Deputy CEO, so that was the natural way to do things. He will be in charge of our Board of Directors and Management Committee. He has also appointed two new Deputy CEOs, Pascal Grangé, who was previously Senior Vice President and who will continue to be in charge of finance. You all know Pascal, of course. Secondly, Edouard Bouygues, also as Deputy CEO. My eldest son who's in charge of developing telecoms, CSR, and Group development. He will also be appointed Chairman of Bouygues Europe, which is a small entity liaising between the Bouygues Group and the European Commission. The idea is to do lobbying, defend our positions when we need defending. Edouard will also devote some of his time to Bouygues Telecom, where he has been appointed Executive Vice President in charge of development. I think that was a very useful move. Remember, the group was founded by Francis Bouygues exactly 70 years ago. I think it was in the last quarter of 1951, and the first full year was 1952. One of the original things about the group is that in 70 years of its existence, we've only had two chairmen. It's rare enough to be worth mentioning. I think this is maybe one of the reasons that we have a very strong corporate culture. Our corporate culture is very original and very widely shared by our employees. These are, I believe, characteristic features of the Bouygues Group. I think it will be up to the new team to develop, enrich, and even modernize that culture to ensure that it is as widely shared as possible by our employees for the greater benefit of our clients and, of course, of our shareholders, too. That's what I want to say about our change of governance. Let's now move on to page five, to the presentation of the highlights of the year. 2020 was an unprecedented year that was very difficult from the human and economic points of view. If the pandemic that the world had to face hasn't finished now, at least there are vaccinations that are, in fact, light at the end of the tunnel. In this broader context, the group has proved its agile, responsible, and resilient. We very rapidly adapted to the way we work and implemented strict protocols to protect our employees, our clients, our partners, and of course, our subcontractors. In France, back in mid-April, before the first lockdown, we gradually started up our construction business again, and thanks to the sharp rebound of business in the second half year, we have actually contained the impact of the pandemic on our revenue and on the group's results. The group's current operating income rose 11% by comparison with the second half of 2019. The target we set ourselves as of a current operating margin, slightly higher than the second half of 2019. That target has been exceeded because we exceeded 6.8%. That is up 0.8 of a percentage point. Against this backdrop of a crisis, the actual solidity of our financial structure is undeniable. We ended the year with a very low level of debt, fractionally below the EUR 2 billion mark, down by comparison with 2019, and cash at a very high level of EUR 12 billion. Free cash flow after working capital requirements reached EUR 1.2 billion, which is much higher than in 2019. In fact, it's a remarkable performance that is worthy of mention given the context. So far as there's no such thing as a vaccination against global warming, whose consequences are increasingly visible, increasingly striking. We have moved on to a new stage with our climate strategy. On the 16th of December last, our five businesses published ambitious goals to reduce their greenhouse gas emissions by 2030, in line with the Paris Agreement. Of course, they also published their plans of action to achieve those goals. Finally, given our good results, the board will propose that the next AGM approve the payment of a dividend of EUR 1.70 per share, which is a token of our confidence in the group's future. Moving on to the highlights. This is page six of the handout. Our construction finished the year with a backlog at a record level, which gives us good visibility for the future. Furthermore, profitability was well turned around in the second half year, and free cash flow is at a remarkably good level. As for TF1, it has remained a leader in terms of its own commercial targets and has proved very quick to respond and adapt its programs at its costs. Finally, Bouygues Telecom has continued to expand. The commercial dynamics have been very good in mobile and actually gathered pace in fiber to the home. Bouygues Telecom exceeded its services revenue target, which rose by 6.4% over the year. Its EBITDA after leases also rose sharply over the year at over 6%. It generated a free cash flow of EUR 254 million, of course, in line with the guidance. Let's now look at the key figures for the group on page seven, which is evidence of our good resistance to the pandemic. Thanks to the very strong mobilization of the businesses, the downturn in revenue was well contained, and indeed, likewise with current operating income. At EUR 34.7 billion in 2020, the group's revenue was only down 9% over the period. Remember that it was down 15% at the end of the first half year by comparison with the first half of 2019. Current operating income was well in the black for the year at EUR 1.222 billion, down EUR 454 million by comparison to 2019. Just for the record, in the first half year, we estimated that the impact of the pandemic would be some EUR 650 million. That is the impact on the group's current operating income. At EUR 696 million, the group's net income or group share net income includes an increase in non-current income related to the cost of adapting our construction business and impairments of various assets at the Unify division of TF1. It also includes Alstom's contribution of EUR 169 million, which is down from EUR 238 million in 2019. Alstom's contribution was EUR 118 million in Q4, subsequent to the two transactions we carried out during the period. Let's take a closer look at the group's performance in the second half. That's page eight of your handout. As we said at the start of today's presentation, the group became very profitable once again in the second half of 2020. Current operating margin reached 6.8%, up 0.8 of a percentage point over the year. This is higher than the target we set ourselves last August. Now, this performance was due to the good growth momentum at Bouygues Telecom, the pickup in business, and the various savings achieved in construction out of TF1. Let's now look at the group's free cash flow. That's page nine. The group generated a remarkably high level of free cash flow after working capital requirements at EUR 1.2 billion, much higher than we anticipated. It was up sharply on 2019, even when we factor out the Alstom dividend. Now, this performance is indicative of two things. First of all, a very good generation of free cash flow at EUR 725 million, despite the impact of COVID-19 on our businesses and our results, and in a broader context of maintaining our investment momentum to increase our growth over the next few years. Leaving aside 5G frequencies, net CapEx totaled EUR 1.6 billion, which was stable by comparison to 2019. Finally, or secondly, I should say, the excellent management of working capital requirement relating to operating activity by all the businesses. This performance contributed to the great strength of our financial structure, as you can see on our new slide. At fractionally below the EUR 2 billion mark, net debt at year-end improved by EUR 241 million by comparison with year-end 2019. This net debt allows for high generation, or should I say, it can result from high generation free cash flow after working capital requirements, the positive impact of the disposal of a 4.8% stake in the capital of Alstom in September 2020 for a total of EUR 450 million net of expenses, the acquisition of EIT by Bouygues Telecom for some EUR 830 million, and the first 5G frequencies, for which we paid EUR 87 million. The gearing or net debt ratio was at historically low 17%. This compares with an average of approximately 37% over the last 15 years. As you can see on page 11, at the end of December 2020, Bouygues had a very high level of cash available for a total of EUR 12 billion. That's an increase of EUR 400 million compared with the end of December 2019. This breaks down at EUR 4 billion in cash and EUR 8 billion in undrawn lines of credit, of which EUR 7.6 billion are covenantless. Concerning the debt structure. It's very well spread over time. The bank loans in this debt schedule, which is in light blue on the chart, is relatively minor by comparison, which shows just how efficient our centralized cash management is. I'm now going to give the floor to Olivier Roussat for a detailed review of the performance of our various operations. Olivier, you have the floor. Thank you, Martin. We'll start off with the construction business. On this slide, you have pictures of this business. You have what is known as soft mobility. We're building a voussoir in a tunnel for Grand Paris, a bicycle lane, and a garden where we plant greenery to prevent having too much concrete on the ground. Order book has reached an almost all-time record, EUR 33.1 billion. The real record was 2 years ago, where we were slightly above that. Still, we have 62% of the order book, the backlog then, is overseas, and it's stable compared to 2019. Let's take a closer look at the construction business in France. The order book in France is slightly down, just 1% down year-on-year. It's 1% up at Bouygues Construction and 2% up at Colas compared to last year. At Bouygues Construction, order intake was up 5% in Q4 2020 compared to a year before. You have two examples of such orders. In Q4, there is a project in Bagneux and another one in Champs-sur-Marne. At Colas, the order book is stable in Routes Métropole, that is the road business in France. That's because we have a better-than-expected performance from private as well as public customers. The order book at Bouygues Immobilier is down 11%. There are reasons, well, the same reasons as we mentioned before. We don't have an issue with demand. We have, in fact, an issue with supply. What it is that we have land, we have customers that are happy to buy property, but in between the two, we need to get the construction building permit, and that has been halted. So that makes it difficult to take on new orders. If you look at the order book internationally, it's up 2% if you leave out disposals and acquisitions that occurred compared to 2019. It's up because Bouygues Construction's order book is up 4%, and that's because its order intake was up 10% in 2020 compared to 2019. We have two examples, again from Q4, the Pawtucket tunnel in the U.S., EUR 256 million. You have Učka in Croatia. We have Hong Kong, the health authorities, EUR 200 million. For the order book of Colas, it's total restated for the main acquisitions and disposals. It does include the extension of the metro line, the Edmonton metro line in Canada. That's worth EUR 500 million right there. H1 was, of course, impacted by the COVID crisis, but the construction business bounced back in H2. That dramatic return to business made it possible to contain the loss of revenue, and indeed, decline in operating profit for the year. Sales for the construction business revenue was EUR 26.2 billion, down 11% over the year. That decline is more marked in France than elsewhere because the lockdown conditions were much more drastic in France than elsewhere around the world. The Current Operating Profit stands at EUR 437 million, that's a healthy figure, but it's down still EUR 473 million compared to 2019. Current Operating Margin stands at 1.7% over the year, that's down 1.4 percentage points compared to last year. On H2, Current Operating Margin for the construction business reached a high level, 5.7% up 0.5 percentage points compared to H2 2019. That good performance is the result of several things. Number one, gradual return to business, indeed catching up, that is also because we took all sorts of steps in H1, make the necessary provisions to be able to start up when business picked up again, savings that were conducted around the business, and then some compensation that we received after some sites were halted in H1. Throughout the year, significant efforts were made to generate free cash flow. Now after WCR, it stands at a high number. It's EUR 1.04 billion compared to EUR 704 million a year before. That's a significant improvement. Let's move on to TF1. The results were presented by Gilles Pélisson about 10 days ago. We'll go over this quickly enough. The first good news is that we maintained its leadership on commercial targets. The audience shares on women in charge of purchases remained high at 32.4%. Regarding individuals aged between 25 to 49, audience share was 29.9%, and that's a consistent increase since 2017. These audience shares show that viewers spend more time watching TV because of the lockdown and the curfews. Nonetheless, they decided to stick with TF1, which goes to show that our programs were very much in line with viewers' expectations. Regarding the financial performance, you do have the effects of the COVID crisis with lost revenue in H1 2020, but then a rebound of the broadcasting business in H2. Revenue sales were down 11% for the year as a whole. There is a resumption of advertising income in H2, and that made it possible to make up for some of the cancellations of H1. Some of the advertising campaigns were simply postponed from H1 to H2. On revenue, there was Newen, which had halted all its shootings between April and May, was able to resume that activity in H2. We do have to pay tribute to the efforts made by TF1 to keep the cost structure under control, in particular, the programming costs. TF1 was able to save as much as EUR 152 million for all its five free-to-view channels, and that is unprecedented in TF1's history. That EUR 152 million saving made it possible to compensate 100% of the lost advertising revenue. Regarding the outlook for TF1. In 2021, TF1 will offer a great variety in its programs. We will be able to resume programming, including for the Euro 2020, because the World Cup is the following year. There is some uncertainty about the COVID-19 crisis and indeed possible variants and new lockdown conditions. TF1 will lean on its ability to adjust and adapt so as best to handle the situation and develop its broadcasting accordingly. It will be developing Newen's activity internationally, and so develop its new platforms there. Then we will refocus Unify, strengthen the brands, develop synergies to develop business and improve profitability. In fact, we're looking to a positive COP in 2021. Now, Bouygues Telecom. On this picture, you have a Bouygues Telecom shop. Because of the curfew conditions, we changed the opening hours. Now it's 9:00 A.M. till 6:00 P.M., but a number of shops had to close down in shopping malls. Still, if you look at the sales momentum that we had in 2020, we can see that that momentum was confirmed. Our operator was able to secure its position. Even though there was a significant increase in traffic, customer satisfaction did not decline at all. In fact, at end December 2020, Bouygues Telecom had 12.1 million contract mobile customers, not including machine-to-machine or the EIT acquisition. We gained as many as 606,000 clients over the year, including 150,000 in Q4 alone. The base of fixed customers is now 4.2 million, including 38% of FTTH customers, compared with 25% last year. The demand for FTTH has been stepping up, and there you have the effects of lockdown, where there was a significant push of FTTH technology compared to ADSL. Bouygues Telecom gained 226,000 new customers. That's a record high ever since we launched the FTTH offer. All in all, Bouygues Telecom was able to take on 604,000 FTTH customers over the year, with the total number standing at 1.6 million at end 2020. On this picture, you have the latest offer. That's supposed to be the best Wi-Fi repeater on the market. It's called Modem Bbox Fibre Wi-Fi 6. Bouygues Telecom was the first operator to build a vertical modem. It's vertical because a signal propagation is better when you have a standing box rather than when it is horizontal. That's a significant technological breakthrough. We have to pay tribute to Bouygues Telecom. Up until now, we had these boxes lying underneath the set-top box. Now it's standing alone and indeed standing, which makes a huge difference. How does the new intake of customers reflect on revenue? Sales were up 5% over the year. I beg your pardon. Sales from services were up 5% year-on-year, in spite of the loss of revenue of roaming that was as much as EUR 33 million. The fixed business was up 9% over the period. The mobile sales from the mobile business is up 3%, and that's because of what more customers, but also improvement in ABPU, both mobile and fixed. The mobile average billing per unit grew from EUR 19.2 in Q4 2019 to EUR 20.4 million in Q4 2020, restated for the roaming effect. As to the fixed ABPU, it's even more spectacular. We're looking at an additional EUR 2.7 per customer per month, with an ABPU standing now EUR 28.6. We have a bigger, well, a more aggressive strategy called more for more, offering more services for a slight increase in the rates. This is really now bearing fruit. Our strategy now has enabled us to generate, in sales of services, an improvement of 6.4% over the full year, standing at EUR 4.9 billion. You have a little sticker on page 25. This was a major, well, an impacted year where we lost a lot of roaming business, and yet being able to generate 6.4% improvement is quite a feat. It is quite unique indeed in Europe. Of course, of the lockdown, there was no roaming business, and yet we were able to achieve that performance. At EUR 1.5 billion, EBITDA after leases was up EUR 91 million compared to last year. That includes EUR 20 million of non-recurring costs that were related to the brand positioning campaign, and the advertising campaign. There's a EUR 90 million negative net impact of roaming over the year. Yet, in spite of all this, EBITDA margin after leases was stable at 30.7%. Current Operating Profit was EUR 623 million, up EUR 83 million over the year. That includes EUR 50 million of non-recurring items in Q4 because of a better improvement in delinquent bills and a revision of the depreciation timetable. Current operating profit stood at EUR 651 million, including EUR 28 million from non-current profits, and compared with EUR 70 million before, because there were fewer mobile sites sold off. CapEx, not including 5G frequencies, were EUR 1.27 billion, in line with the guidance, and disposals over the same period were EUR 245 million, and that includes a significant portion of the Asterix project, optic fiber project. That was EUR 185 million in disposals right there. Free cash flow, EUR 254 million, is in line with the objective for 2020. That is what we announced. Let's take a look at the effects of the EIT operation. That operation was completed on 31 December in the morning last year. The acquisition price was EUR 264 million. Sorry, EUR 564 million, not including the earn-out there. Some part of the price includes a reflection of the performance after the acquisition. In any case, that acquisition makes Bouygues Telecom the number 3 mobile operator in France with 14.2 million customers when you add in the 2.1 million EIT customers. This is a tool by which we will expand our market share. That was part of the strategy which Richard and his teams discussed at the beginning of the year. Because of this acquisition with EIT, Bouygues Telecom will be able to develop its business on three key markets. The general public, B2C, and EIT already has 2.1 million customers right there. The corporate market, we have as many as 93% of French companies already covered. Well, we have as many as 4,000 branches on the Crédit Mutuel CIC network, that will expand, of course, the network. Synergies will occur as EIT customers will migrate from SFR and Orange to go to Bouygues Telecom, although some were there already, of course. Let's review the announcements that Richard made on Capital Markets Day in January. His strategic plan is called Ambition 2026 for Bouygues Telecom. What's the purpose there? Well, of course, we want to accelerate growth so as to become number two in the mobile business. Well, we'll see just what we mean by number two in the mobile business. We want to be a major player in the fiber business with an additional three million customers in B2C. Then also increase the fixed part of the business for B2B. To get there, we have three assets. Of course, we have our employees very much committed to this, we have seen a development over the year. The quality of the network, that has been recognized by ARCEP again and again. Of course, its outstanding customer experience, that has been an asset for many years indeed. Ambition 2026 proposes to pursue sustainable but profitable growth. The idea was to have sales and services above EUR 7 billion by 2026. EBITDA after leases should stand at about EUR 2.5 billion. EBITDA margin is aimed to be 35%, then free cash flow, we're looking at EUR 600 million. That's the third objective. What exactly do we mean by number two in the mobile business? We want to be considered to be the first second choice. In terms of networks, when customers are asked, "If you don't go for number one, whom would you go for?" It's a matter of perception. We want to be in that position. How can we get there? Of course, there has been a significant brand positioning announced by Richard in 2020. We also need to secure a position as a second mobile network in France, and that was done through the significant investments which Richard mentioned in Capital Markets Day. Of course, we have to capitalize on the integration of EIT. That's number one. Number two is to gain 3 million additional FTTH B2B customers, B2C customers, I beg your pardon. That will be because of the expansion of our coverage. We will double the number of subscribers from 17.7 million premises to 35 million by 2026. You may remember this set-top box, but the vertical Wi-Fi repeater, this is the first time that the media have recognized that we at Bouygues Telecom have produced the best device on the market. It's the best on the FTTH market, which happens to be the fastest growing business. There you have an example right there. We'll also be working on eco design products, and that Wi-Fi box is a case in point. We will be offering competitive offers and capitalize on our more for more strategy. Number three, we want to double our position in the fixed B2B business and be a major player in the wholesale fixed business. Because of the connection with EIT, we can have access to the SME market, which is the most profitable market segment. There are a number of infrastructure projects that are underway. We want to be able to turn these FTTO and FTTA, in fact, turn this into a profitable business, and be able to cash in on the wholesale fixed offer. We have our objectives for 2021. Obviously, we'll pursue both FTTH and mobile with the integration of E IT. We're looking at organic growth at sales from services estimated at about +5%, in spite of the lost roaming business, and we don't expect that to bounce back so quickly. You have to understand that roaming does not exist within Europe. Roaming business comes from the U.S. or Asia, and as things stand, transcontinental flights are few and far between, and there are very few people on board at all, so very few roaming consumers, and so very little business there. We're also looking at an improvement in EBITDA after leases, including EIT, up 5%. Well, because of course, people are spending more money in the business. We have to spend more on OpEx and CapEx. There are more leases. In spite of this, we're looking at improved EBITDA. Net CapEx should be about EUR 1.3 billion, not including 5G frequencies. Now I'll give the floor to Pascal Grangé, who will give you details of the accounts. Thank you, Olivier. I'm going to talk about the consolidated accounts, beginning with the income statement. I'm not going to dwell on revenue and current operating income because they've already been presented by business by both Olivier and Martin. I'm going to focus on the other operating income and expenses, which were a total of negative EUR 98 million in 2020 against income of EUR 20 million in 2019. These expenses include EUR 69 million at Colas. This is consistent with the reorganization of the road-building business in France, and of course, the decommissioning of the Dunkirk refinery. They also include EUR 17 million in restructuring costs at Bouygues Immobilier. Finally, EUR 75 million at TF1, corresponding to the impairment of part of the goodwill and some of the Unify brands. These expenses were partly offset by non-recurring income. Two examples, EUR 36 million at Bouygues Construction. This is due to the litigation with Alpiq. Of course, EUR 28 million at Bouygues Telecom, mainly due to capital gains from disposals of mobile sites. The net debt improved by EUR 40 million over a year. This variation was due to, first of all, a reduction of EUR 25 million in the average outstanding debt by comparison with the previous year, and a weakening of interest rates on our bond issues. That was EUR 15 million to us. Concerning the lower half of the income statement, we recorded a taxation of EUR 317 million in 2020, down from EUR 452 million in 2019. Effective tax rate was 36% this year, up fractionally from 32% in 2019. This variation can be attributed to two factors. First of all, a number of deficits abroad, outside of France anyway, which cannot be carried as deferred tax assets. Secondly, the effective tax rate is different this year because 2020 losses on fully integrated subsidiaries are activated at a lower rate than the effective rate this year. The decrease of EUR 134 million in the net income of joint ventures and associates in 2020 was mainly due to the decreased contribution from Alstom. This variation can be explained in several ways. First, the EUR 54 million decrease in capital gains from disposals and dilution, EUR 172 million last year, but only EUR 118 million in 2020. Secondly, this can be explained by a decrease in Alstom's contribution, a EUR 15 million decrease, due exclusively to the downsizing of our stake in the capital of Alstom. Overall, net income was EUR 770 million in 2020. The group share was EUR 696 million, down from EUR 1,184 million in 2019. Let's now look at the group's balance sheet at year-end 2020. The total of the balance sheet was EUR 40.6 billion, up from EUR 39.5 billion at year-end 2019. We are, by the way, page 31. Non-current assets total EUR 21.5 billion, up by EUR 1.132 billion. This is due to several factors. First of all, intangible assets were up EUR 517 million. Bouygues Telecom is the main contributor to this increase due to the acquisition of 5G licenses for a total of EUR 608 million. Conversely, the impairment of Unify brands was carried under this same item at minus EUR 17 million. As for goodwill rose by EUR 691 million. This increase is mainly attributable to EIT for a plus EUR 756 million, offset partly by the impairment of the Unify division's goodwill for a total of EUR 58 million. Finally, joint ventures and associates was down slightly, down EUR 14 million. This was mainly due to two changes. First of all, the valuation of Bouygues Telecom's stake in SDAIF, which we refer to as the Asterix project. That is for EUR 295 million, almost entirely offset by Alstom for EUR 263 million. This amount is consistent with the share of our result for the period. The variation in the value of Alstom was subsequent to our disposal of a 4.8% stake and the first capital increase of Alstom. These current assets, I should say, were mainly stable over the period. Finally, assets or activities held for sale includes EUR 41 million in the net book value of the Bouygues Telecom data center, which we expect to dispose of in the course of 2021. On the liability side, the biggest change concerns non-current liabilities, which rose by EUR 1.21 billion between 2019 and 2020. Non-current financial debt rose by EUR 1.3 billion. This was, of course, subsequent to the EUR 1 billion bond issue in April 2020 and the additional earn-out to be paid for the acquisition of EIT by Bouygues Telecom. Let's now look at changes in net debt in 2020. This is page 32. As you've already seen, net debt was fractionally below the EUR 2 billion mark at the end of 2020. This low level of debt is a reflection of how well our businesses have performed in 2020, and in particular, Bouygues Construction, which had a very high level of cash at over EUR 3.1 billion. TF1 and Colas succeeded in reducing their debt to almost zero in 2020. Net debt at the end of 2020 was down EUR 241 million by comparison with year-end 2019. This was subsequent to the following main changes. First of all, EUR 450 million due to the disposal of almost 4.8% in the capital of Alstom, as I said earlier on. Secondly, the cost of acquisitions, that was EUR 747 million net of disposals, comprising mainly EIT for EUR 830 million, which includes the earn-out. That was by Bouygues Telecom, of course. The acquisition of Granite Contracting by Colas for EUR 224 million. Of course, the amount received in compensation subsequent to the Digicel litigation, that was approximately EUR 90 million. In addition, we have EUR 37 million for various capital transactions and others, combining the share buybacks, the exercising stock options, and the residual part of the capital increase reserved for employees. This issue known as Bouygues Confiance. Of course, there was the dividend for EUR 687 million. That was a cash out. EUR 87 million corresponded to the first installment on the 5G frequencies. Finally, the important part of the year was the additional EUR 1.275 billion arising from operations. This is what I propose now to look at in greater detail on page 33. Let's begin with net cash flow, which includes the repayment of lease obligations. This net cash flow was EUR 2.337 billion, down EUR 3 million by comparison with 2019. This was due to the sharp downturn in activity and results over the period. Net CapEx, not including 5G, was stable at EUR 1.6 billion. As I said earlier on, the group decided in 2020 to maintain its CapEx momentum in 2020 to accelerate growth of its businesses over the next few years. Changes in working capital requirements relating to operations improved substantially over the period. Substantially, by that I mean by EUR 700 million. This performance is a good reflection of the ongoing efforts of the businesses to cash in trade receivables and reduce the level of inventory. Free cash flow after working capital requirements total EUR 1.2 billion, up sharply by comparison with 2019. Finally, the variation in working capital requirements arising from amortizations and miscellaneous improved by EUR 195 million. This was mainly due to a number of postponements towards the end of the year at Bouygues Telecom. Overall, the variation in operations related working capital requirement was much higher than in 2019. A few words to finish. Let's finish with operating CapEx, that's page 34. As mentioned, operating CapEx, that's not including 5G frequencies, are broadly speaking stable by comparison with 2019. However, this stability hides several factors. A EUR 218 million decrease in construction. The construction business adjusted its CapEx to the level of activity during the pandemic. Secondly, this was due to a EUR 189 million increase at Bouygues Telecom, which substantially increased its gross CapEx by comparison with expectations. Furthermore, in 2020, Bouygues Telecom acquired 70 MHz of 5G frequencies at a cost of EUR 608 million, as you can see. Overall, operating OpEx, net operating CapEx total EUR 2.22 billion in 2020. Finally, that brings me to the end of my presentation of the financial accounts, financial statements. I give you the floor back, Martin, for you to continue. Thank you, Pascal. I'm now going to bring or conclude this presentation. Moving on to page 36. In a difficult context, the context of the global pandemic known as COVID-19, the group proved to be agile, responsible and resilient. Our activities are positioned in essential necessities, housing, transportation, communication, information, entertainment, and so on, with business models that have not been undermined by the pandemic. All our business segments proved their ability to rebound swiftly, thanks to the adaptation measures that they rolled out as early as April 2020. This performance would not have been possible without the unrelenting commitment of all our employees, the quality of social dialogue that we have had for years with our social partners, and of course, the great financial strength of the group. The group proved to be resolutely responsible to its stakeholders. In this document, we've mentioned a certain number of decisions that we took in that respect. On the strength of its ability to adapt and its resilience, the group decided to maintain the capital allocation that we have shown on page 37. The thing to do is to develop our existing activities, beginning with energy and services. In 2020, we enforce our expertise in renewables and in particular in green hydrogen. At Colas provided itself with the logistical means required for its bitumen strategy, which consisted in securing supplies and in extending its distribution and trading businesses. At Bouygues Telecom, we have decided to accelerate our growth. As we told you, we've acquired EIT at the end of 2020 and launched our strategic plan called Ambition 2026. In media, TF1 has been developing new international business and working on large platforms. We're very eager to maintain our strong investment grade rating with good control over our debt and secure cash flow. Our long-term rating was recently published by Standard & Poor's and Moody's. As you can see, our ratings are very good, continue to be very good. Finally, we'd like to make a return to shareholders, and the board of directors has proposed at the next AGM vote on the payout of a dividend of EUR 1.70 per share. Against this backdrop, in 2021, the group will invest in order to strengthen its business segments and boost their growth in the years to come, while maintaining our dividend payout policy, as pointed out on page 39. The outlook based on what we know to date and barring any deterioration due to COVID-19, the outlook is as follows. In 2021, revenue and group's performance should be well above 2021, but not as high as in 2019. In 2022, the group's current operating profit should be back to a level similar to or slightly better than in 2019. Over and beyond the financial prospects, I'd like to say a few words to you about our corporate social responsibility roadmap. This is page 39. Last year, we set ourselves four priorities. First of all, health and wellbeing in the workplace, gender balance, the climate, and biodiversity. To preserve our employees' health and improve their wellbeing, Bouygues has reinforced its approach, called Quality of Life in the Workplace, and is pursuing the development of social protection in all our companies in the group. France aside, the first of these called BYCare, and the first issue here is insurance benefits in the event of the death of one of our employees. To encourage gender balance at all levels, Bouygues will be launching its gender balance plan 2021, 2022, 2023, which will include a gender balance criterion in the variable compensation of the group's executive officers and senior executives. Finally, at the end of 2021, the group will map out the various stages and financial consequences of its climate strategy. It will also review the strategic conditions and financial conditions required to be carbon neutral by 2050. Finally, it will specify its commitments to biodiversity. That's it. Ladies and gentlemen, that brings us to the end of our presentation. Before moving on to questions and answers, let me remind you of our next two rendezvous on page 40. On the 22nd of April, I will be chairing the combined annual general meeting, and the first quarter 2021 results will be published on the 20th of May. Our next two rendezvous, my colleagues and I are now at your disposal to take your questions. Yeah. Pascal. All right. We have the first question from Nicolas Cote-Colisson from HSBC. Nicolas, you have the floor. Thank you, and good morning, everyone. Regarding the construction business and the outlook for 2021, the COVID effect was kept under control at end 2020, and yet we don't expect business to be as good as in 2019. Can you give us the reasons why, and the reasons why your competitors might be more optimistic than you? On the telecom and B2B, the regulator has imposed new regulations on high-quality service. What are you waiting to get into, or are you waiting for new developments to get into the professional, that is the B2B business? On page 37, you have your capital allocation strategy. On the long-term, in view of the very low level of the debt and cash generation that should remain high, this should offer opportunities for new diversifications, and the fact that you have new demographics and new health requirements. What are your long-term expectations? All right. Number one, on the construction business and our own expectations regarding sales in 2021. For Bouygues Construction and Colas, we're looking at an improvement in revenue of about 3%-4%. On Bouygues Immobilier, we are looking at something more significant, about 10%. The reason is that you had the lockdown effect on, well, Colas and Bouygues Construction was a period when you could not bill our customers because sites had halted. For Bouygues Immobilier you had a double penalty. You had the same, no new acquisitions. During the first lockdown, you could not sell anything, and so you couldn't get advances on new sites, which is why now Bouygues Immobilier is bouncing back in a more dramatic way. Now, B2B, Richard. Yes. On the B2B end of the business, there is a new piece of regulation which improves quality of service for Orange. These are, of course, positive developments, and we are determined to enter the B2B to business with the infrastructure project and the Samalu project, and that will make us even more relevant on the B2B market. On question number three, we've always tried to be as conservative and as financially cautious as possible. It is true the debt level is quite low. For the time being, our intention is to pursue existing activities, and that may well require additional capital expenditure for external growth purposes. So we allow for that, but other than that, we don't have any strategic ambition to embark on a new business altogether. Having said that, we are always keen to consider the future, and look at possible scenarios, not just for France, but for the world at large. How are we going to pull out of the COVID-19 crisis? In particular, we are expecting a significant increase in public debt. What difference will this make to the world economy? We have to allow or to consider a number of possible scenarios so as to position the group in the best possible way for the future. Thank you. Next question from Eric Lemarié from Bryan, Garnier. Eric, you have the floor. Yes. I have, in fact, three questions, if I may. Number one, on the construction business, I understood that Colas, in its press release, announced that they were looking at the current operating profit in 2021 to be close to that of 2019. What of Bouygues Construction and Bouygues Immobilier you're expecting profit margin, operating margin to bounce back. On Bouygues Energies & Services, BYES, you didn't get into detail of that, but can you tell us what was BYES's performance of sales and current operating profit? Then Alpiq, why is it that you received a compensation? Is it that Alpiq's performance, was it under expectations? On current operating profit, you have Frédéric's statement regarding Colas. What you have to recognize is that in H1, of course, business was less than expected, we're waiting. It won't be until 2022 that we expect profit to be in line with 2019. For Bouygues Immobilier, as early as Q3, we're expecting operating profit to be, well, in 2021, pretty much in line with what we had in 2019. That was Bouygues Construction. For Bouygues Immobilier, we are looking at an improved operating profit, but less in 2021 than what we had in 2019. For BYES, current operating profit for the year's margin is 1% for the year and 3.2% for H2. Regarding the dispute with Alpiq, well, we closed on the basis on the provisional closing with Alpiq. When we arrived at the final reckoning with Alpiq, we came to a disagreement as to how they had arrived at the provisional numbers. There was a dispute, and this was solved at the end of the year to our advantage with a EUR 36 million compensation. Thank you. The next question comes from Josep Pujal from Kepler. Josep. Hello. I have, in fact, three questions. Number one, on cost inflation. When you see that some products used by the construction business, steel, copper, raw materials are going up, do you expect this to have an impact on profit margin in 2021, or have you organized some sort of hedging to protect from that? It would be good to know the% of your orders that have clauses that protect you from increases in the prices of raw materials. Regarding the expectations for 2021, you said that in 2020, local authorities paid their bills at the end of last year, and hence you had less of a receivable. Well, a problem with collecting receivables. For 2021, what is the outlook for WCR? Do you think that the situation will turn around, and that what you earned in 2020 might disappear in 2021? That was question number two. Question number three, a follow-up on the Alpiq issue, this EUR 36 million in compensation. Is that the final award? Are there still disputes with Alpiq? Could that number be revised upwards? On the cost of raw materials, yes, we have clauses that protect us from price increases, and we are indeed looking at increases in the price of raw materials, and that is why we have such protection clauses in our contracts. On that point, there are two ways of doing this. Also, when we purchase raw materials, we usually have a contract with a firm price, even if the market prices go up. The second question about the free cash flow in 2021. You may remember that in the previous financial announcements in 2020, we told you that we were concerned that there might be an unfavorable development of the working capital requirement. We announced that in April. It didn't happen. We expressed our concerns again in June, and still, the problem did not materialize. As you said, some clients play ball, and they paid their bills on time. Well, no one paid ahead of time, and I'm not saying that local authorities really helped, but say they didn't make things any worse than they could have been. But it's very difficult to have a reliable model of WCR in the construction business. What we do is inasmuch as possible, we try and cash in on our receivables, but we don't take more than we need or than what is due. We also help our customers manage their inventories, and that is how we improve WCR. As to what to expect in 2021, this is a dynamic exercise. We want our people to work hard to collect the money that is owed us. Now, the outcome for 2021, it's a bit premature to tell now, but we'll see. The final point, for Alpiq, it's both good and bad news. The settlement is final, so we won't be getting anything more than what we have already received. Another question. This is Frederic Boulan from Bank of America. Frederic, you have the floor. Good morning. I have three questions. First of all, concerning telecoms and your targets for 2021. 5% EBITDA growth, including EIT. That's about a EUR 60 million contribution from EIT. EBITDA will be organically stable despite the 5% growth from the services revenue. Maybe you could explain what's happening here. Secondly, concerning 2022. You have some EUR 30 million additional from telcos, which is maybe encouraging in terms of the pickup of your profitability, and indeed the pickup of construction, and particularly Colas. I'm a little surprised by this message of stability or thereabout. I seem to be missing something there, if you could help me there. Third question concerning the group's debt. A year ago, you proposed an exceptional dividend of EUR 0.90 subsequent to the Alstom transaction. Now the debt and cash flow are extremely well managed and in a very good place at the end of 2020. What are the prospects? Do you prefer to remain cautious given the uncertainties of the pandemic, or is there any chance of a medium-term return to shareholders in the medium term? Thank you. Let's begin with the telecoms question. Richard? Concerning EBITDA growth in 2021, you have to bear in mind what we told you at our capital market day. We've decided to accelerate growth, and this comes at a cost, particularly in 2021 in fixed lines, which will have a slight impact on our 2021 EBITDA. In addition to that, one peculiarity regarding 2021, last year, in the first quarter, we had roaming, which constituted significant revenue. In our anticipation, we won't have that income in 2021 unless you know otherwise. Barring that is a negative variance by comparison to what you're familiar with. Your second question. Well, to answer your second question, it's just cautious. We tend to be traditionally cautious, and once again, very conservative. What we have told you about 2022 is a conservative estimate regarding stability. Dividend. Concerning the dividend, here, too, you have to remember 2020. Remember, in 2020, we began by announcing an exceptional dividend. This was before the pandemic. In April, we suspended the dividend decision, considering that the situation didn't lend itself to the payment of any dividend at all, let alone an exceptional dividend in April. Well, we reinstated that dividend at the end of September, which very few groups did. We paid a very usual dividend at the end of September. Let's not forget that in the course of the year, we acquired EIT, which wasn't planned at the time of the dividend decision. Finally, I'd say we're in a situation where the outlook is okay, good. We've decided to launch this Ambition 2026 plan at Bouygues Telecom, which will also require investments. Also, currently the rationale is what Martin Bouygues has described. We want to develop our businesses, remain with a strong investment-grade rating. Finally, work on the return to dividends or return to shareholders. As you know, the group's preference is to gradually increase the dividends when the situation enables us to do so. That's the strategy we will continue to apply. Thank you. Next question is from Thomas Coudry from Bryan, Garnier. Thomas, you have the floor. Good morning. Thank you. I have a question concerning media. We can see that the sector is consolidating, especially since the various declarations made recently. My question is a very simple one. I'd like to know what role the Bouygues Group intends or expects to play in this sector, and in particular, if the Bouygues Group would consider disposing of its stake in TF1. Well, like you, we recently discovered the intentions of RTL Group. It would appear that M6 is changing hands. This is, of course, only very recent news, and it's news to us. Yes, we will have to consider everything. We certainly haven't entered into any strategic discussions, but there's no reason why we shouldn't review the situation to get a better understanding of the sector. Let me say a couple of things. First of all, TF1 had a very good year in 2020. Its viewership strategy and programming costs strategy were very good. A lot of work put in, and the outcome, the results are encouraging. The acquisition and development of Newen is producing results, and we believe that we have a great vector for future development, and we're very happy about that. That said, broadly speaking, the global landscape in media is different, particularly with the so-called GAFA, as you know. France is still embedded in a rather archaic system. Our regulatory systems are almost antiquated. They're 35, 40 years old. I know this all too well because I was a director at TF1 from the time it was privatized 34 years ago. What I can say is that what we feel most concerned about as things stand is the need to have in-depth transformation of the media regulatory system in Europe in general, and in France in particular. Remember that TF1 has specific obligations by comparison with M6, that these obligations go back to the law privatizing TF1, which dates back 35 years. As usual, nothing has changed since, except that TF1 continues to have obligations that its competitors do not have. Yes, we are very interested in the future of M6. We're going to put a lot of work and thinking into this. Gilles Pélisson is working very hard on the group's development, TF1's development in particular. We feel that we're very well-positioned. Let me conclude by saying that TF1 has succeeded in maintaining a position that's almost a unique position in liberal economies, in a highly competitive world. TF1 has maintained its outstanding viewership, which is, I think, something we can thank the staff at TF1 for. Thank you. Is there another question? Is there anybody out there? No more questions? Yes. You're ready to talk, mate. The question first is getting back to the leverage. You said you wanted to maintain a strong investment-grade rating. Can you maybe just help us put some numbers around that? Do you have a specific gearing ratio or net debt to EBITDA threshold? Just to help us understand what is the correct leverage levels for your business when you speak to the agency, just to sort of put some numbers around it. Secondly, if you can maybe just clarify on the construction divisional margin guidance. It was slightly lost in translation. Apologies to make you repeat that. What were your expectations for Bouygues Immobilier and Bouygues Construction margins in 2021? Thank you. Concerning leverage, our debt. We do not give any guidance on our debt, quite simply because, very simple reason, that rating agencies do not reason in terms of a gearing ratio. They reason by comparing future cash flows to the level of debt. Depending on how the group performs in its various business segments in the future, how these segments evolve, because they all have different investment rationales. The attendant ratio changes over time. This is why we prefer to say we hope to remain strong investment grade rather than give you something more specific and find ourselves in a position where we have to modify this over time. As for the current operating margins, I think I answered that earlier on, but in Bouygues Construction, we're back to the level of margin we had in 2019, which enables us to anticipate a similar margin in 2021, similar to the one we had beforehand. As for Colas, I think I said that we expected a lower level of metropolitan roadways activity, which will then be boosted by a stimulus plan. The current operating margin should be slightly below the level of 2019. Thirdly, Bouygues Immobilier. Here we expect a current operating margin, which should pick up on or be higher than in 2020, but unfortunately lower than the level we achieved in 2019. Thank you. Have we another question? Line of Andrew Lee from Goldman Sachs, please go ahead. Thank you. I had a couple of questions on the telco side. I know you've spoken about guidance being conservative, but just to follow up on the question earlier about underlying EBITDA growth, being stable in telco within your guidance. Just wondered when do you start raising those marketing costs in telco, and has this started already, and if so, have you seen any impact? Secondly, your market share take midterm guidance. This is also going back to what you highlighted at the capital markets day, wondered how you're thinking about that market share growth in terms of, is it linear or back-end loaded? Be interested to hear your thoughts on the French competitive environment and how you'll be playing that over the next 12 months. Thank you. Okay. Thank you for your questions about the evolution of the EBITDA. As I told you before, when we're looking at exactly what will be the specific variation in 2021, it will be a specific year, and due to the fact that it will be a specific year, we are impacting different elements. The first one is concerning the investments that we will do in fiber, mainly. It's where we will have a significant growth higher than expected in our previous plan, and which will impact definitely our EBITDA in 2021. I reiterate the fact that in parallel of that, the roaming of Q1 will have some impact compared to the previous year. Except that, on a normal way, normally we will still have a significant growth on our EBITDA as we did in the past and as we present to you in our capital market day. It's a temporary situation, especially in 2021. About the growth. We are able to produce the growth normally, in B2C and B2B due to the quality of our network. We are planning to have this significant growth continue to be in our plans, and it will be due to the growth of the market, which is still growing on mobile, and it will be significant growing on FTTH. With due to these two opportunity, we consider it our plan to growth will be continue on the next six years. In parallel of that, we have decided to accelerate the growth for fiber, but we have decided to accelerate the growth too in B2B. We are quite confident with the numbers we give you during the capital market day. That's the two elements that we had globally. Thank you. Yes, by and large, the growth we're looking at is not on the basis of a price war. Here we're surfing on growth of the market itself and we want to be seen as the number two operator, which is a sort of a customer magnet that enables us to arrange client acquisition at reasonable price conditions or tariff conditions. Yes. Next question, please. Next question. Line of Jerry Dellis from Jefferies. Please go ahead. Hi. Yes, good morning. Thank you. Thank you for taking my questions. I had two questions, please. First one on competition in French telecoms. Just to develop things a little bit. I think year to date, we see some recovery and Iliad's porting data suggesting that they are gaining a bit more competitive commercial traction. They also seem to have a rather differentiated approach to the deployment of 5G. I'd be interested in your thoughts around what Iliad in particular is doing since it launched 5G and the implications for competitive tension in the French telecom market in 2021. The second question is really to do with Alstom. I think the lockup on your Alstom shares expires in early March. Just wondered if you could update us, please, with your strategic thoughts around the importance of Alstom within the group and your commitment to preserving that Alstom shareholding. Thank you. [Non-English content] [Non-English content] We're not sure. We didn't quite get the first part of the question. On the 5G market, the first issue was, we are rolling out the infrastructure and all four operators are rolling out the infrastructure. Of course, customers need to have a 5G smartphone. Less than 5% or 10% of French customers have such a phone. Apart from that, we find that 5G is being used. We have a few hundred thousand customers using it. If you compare the use of a 5G customer and a 4G customer, you have an additional 10% use for 5G clients. You would have to wait for the whole network to be rolled out to see more usage. You asked a question, but I didn't quite hear the first part of the question. No, Alstom was the second question. The first part of the question on Bouygues Telecom, what was the first part of the question on Bouygues Telecom? The sound wasn't very good in. If we look at the official porting data in France, coming from the database, it shows that year-to-date, Iliad's intake, porting in intake, is up 40% year-on-year. That's quite a strong reversal in trend relative to what we saw last year. I wondered what you think about that. We observe that prices which came down in Black Friday have not quite got back up to previous levels. We observe also Iliad being quite aggressive, perhaps on pricing and also on 5G. I was really just interested in your thoughts about that, and whether you think it is something that we need to be concerned about or just something that will perhaps disappear in a very brief time. [Non-English content] Sorry, we simply cannot hear you at all. If we can get to us bilaterally afterwards, because I'm sorry. We'll give you an answer about Alstom. Yes, on Alstom, we had an 8% stake in Alstom after the capital increase that was conducted in Q4, and we decided to go for a blank operation. That is, we sold some preferential subscription rights and signed up to part of the capital increase. Since the end of January, Alstom has completed its acquisition of Bombardier Transportation, as was planned initially. The CDPQ and Bombardier Inc. have subscribed to a capital increase in Alstom, and our own stake came down to 3.6% with the same number of shares. There's a lockup that is valid till the end of March. We haven't decided whether we will keep our stake or not. Right now, Alstom is a leader in rail transportation, and this is a good.