Bon, j'y vais? OK. Bonjour à toutes, bonjour à tous. Je vous remercie de nous suivre sur ce webcast. Merci pour votre attention pour cette présentation de nos résultats que je vais commenter avec Pascal Grangé. À l'issue de cette présentation, avec l'ensemble des patrons de métiers et des membres du comité de direction générale, nous répondrons à vos questions. Je démarre avec une revue du portefeuille d'activités qui se renforce considérablement dans les énergies et services du fait de l'acquisition d'Equans. C'est pour nous une étape importante dans le développement du groupe. Elle nous positionne sur une nouvelle dynamique de croissance sur un marché qui est en pleine croissance puisqu'Equans se trouve au cœur des transitions environnementales, des transitions industrielles, transitions numériques et qu'il renforce la résilience du groupe. Vous avez sur la slide et sur le, l'anneau de gauche, la composition, la structure du groupe avant l'acquisition d'Equans, dans lequel nous avions les métiers de construction et de services. Construction et services, parce que nous avions au sein de Bouygues Construction, Bouygues Energies & Services, qui représentaient, 75% de notre activité. Dans ces 75%, il y avait 10 points qui étaient apportés par Bouygues Energies & Services. Vous avez sur la partie droite de la slide, si nous devions considérer que nous avons réalisé l'acquisition d'Equans au 1st January 2022 et dont je prends les chiffres pro forma de la totalité de l'année, on a maintenant un secteur d'energy services qui constitue 33% de notre chiffre d'affaires et Equans devient d'ailleurs le premier métier du groupe par son chiffre d'affaires et par ses salariés, puisque nous aurons environ la moitié des salariés du groupe Bouygues qui seront hébergés au sein d'Equans. Bon, c'est une formidable opportunité de développement pour le groupe. C'est en même temps une étape d'intégration importante puisque nous devons réaliser l'intégration de 70,000 collaborateurs avec une double intégration, l'intégration d'Equans au sein de Bouygues et l'intégration de Bouygues Energies & Services au sein d'Equans. Nous reparlerons de tout cela cet après-midi avec le capital market day qui est consacré à Equans, à son contenu et à ses ambitions de développement. Les chiffres clés que nous avons, je suis en slide 5, ils vous montrent l'accélération du développement du groupe avec la consolidation d'Equans dans les comptes seulement au Q4 2022, puisque nous avons formellement fait l'acquisition au October 4 de l'année passée. L'année a été une année assez compliquée. Je vous rappelle que la présentation de nos résultats s'est faite le jour de l'invasion de l'Ukraine par la Russie. Ça supposait que nous allions peut-être avoir. Which led us to imagine that there would be geopolitical tensions, which proved to be the case. High inflation, interest rates that rose quite sharply and high forex volatility. In fact, our various businesses took the necessary steps to adapt to this new environment. Our group sales rose 18% over the year to EUR 44.3 billion. The current operating profit from activities, COPA, as we call it, rose by EUR 284 million to slightly over EUR 2 billion. Net income attributable to the group was up EUR 67 million. This is the bottom left. On the left-hand side, you'll see that we are restating the right-hand bar chart for the Alstom disposal. That was a one-off. Our net profit restated that is actually up EUR 67 million. Mechanically, of course, the group's net debt increased with the acquisition of Equans. Acquisition estimated at EUR 6.5 billion. We bought back our own shares during the year for a total of EUR 224 million. If we factor out these two items, our net debt would actually have been decreased or improved, if you prefer, by EUR 241 million over the year. The guidance that we gave you when we started 2022, we expected a new increase in sales and an increase in our current operating profit. That's not including Equans, of course. On these two slides, you'll see how we fared. Sales were increased to EUR 40.6 billion. That's not including Equans, i.e. organic growth of 8%, a sharp increase. This was driven by good commercial performance and of course by inflation, particularly at Colas. Our current operating profit was strong at 4.5% of sales, enabling us to boost our current operating profit by EUR 152 million to EUR 1.845 billion. These results have enabled the board to decide to propose to our AGM on the 27th of April the payment of a dividend of EUR 1.80 per share. Remember that this dividend rose in 2021 from EUR 1.70 to EUR 1.80. On the second part of the slide, we've highlighted the fact that we have canceled over 8 million shares in 2022, decreasing the total number of shares in circulation from 382 million to 374 million, aimed at compensating the potential dilution on capital transactions in favor of employees which could take place in 2023. A few words about our sustainable and responsible initiatives, particularly with a view to reducing our carbon footprint. Just an update on the various measures we've taken. On this chart, you'll see where we stand in terms of SBTi approval. Our target is to have all our businesses and activities approved and certified by SBTi. We began with reconstruction, we're going to be Colas, Bouygues Telecom was approved in 2022. Bouygues Construction, Bouygues Immobilier, and TF1 were all filed in last year, but they are currently in the process of being approved. SBTi, the SBTi process is taking longer because of the large volume of applications made. Finally, Equans. Equans is currently calculating its global carbon footprint and will file for SBTi approval in 2024. They will also be proposing how to reduce its carbon footprint in that filing. I'm going to review our various operations, beginning with Construction and Services. When we talk about Construction and Services, in this part we have the Bouygues Energies & Services backlog, which from this year onwards will be booked to Equans. It will no longer be booked to our construction business, which we will simply call Construction, not Construction and Services. Our backlog is at a record level, standing at EUR 33.8 billion. That was at the end of December 2022. Moving on to slide 13. If you look at the content of this backlog, it still includes Bouygues Energies & Services, but not Equans. At EUR 20.6 million, we have a good visibility for the future. That was at the end of 2022. For construction and civil works, this has increased despite less large projects in 2022 and fewer awarded than in 2021 anywhere. The Energies & Services backlog is actually down 4%, which is evidence of the selective approach we've taken to projects. At Bouygues Energies & Services, we have placed emphasis on margin rather than volume. We'll talk to you about that at greater length this afternoon when we present our various indicators. Over the full- year 2022, Bouygues Construction saw its order intake increase by 9% compared with 2021, largely driven by our, what we call normal course of business, which goes to show how competitive we are, particularly in the provinces. In the second half of the year, this was driven by large projects like Quai Vernets in Switzerland in Q3 for EUR 474 million, and Qiddiya, which is an attraction park in Saudi Arabia in Q4 for EUR 559 million. Real estate is a complex environment which became increasingly tense since last summer. Bouygues Immobilier is still benefiting from the catch-up on building permits which had dried up since the municipal elections in 2020. The bottleneck is gradually being released. The amount of time it takes to get works underway is getting shorter. The increase in interest rates are boarding on the usury rate, which does have an impact on reservations. Bouygues Immobilier has decided to postpone certain offers, which means that mechanically the stock available for sale has been reduced and potential reservations are necessarily fewer. Broadly speaking, this is a wait and see market and as a result, Bouygues Immobilier's backlog is down 17% over the last 12 months. It should be mentioned that there are very few commercial property projects, very few commercial property projects being launched insofar as companies have not yet got a clear vision on their needs, particularly in terms of teleworking. Let me conclude with the backlog at Colas at EUR 11.7 million, up 9% on 2021. This of course benefits from an order intake that rose 6% on the previous year. The backlog in rail projects has increased substantially. The Birmingham extension, construction of Phase 1 of the Cairo Metro Line 4, or the five-year continuation of the Network Rail contract, or the railway lines in the south of England. Broadly speaking, the situation has been contrasted by region. In particular, I'm thinking of the level, the low level of activity in Eastern Europe because of the conflict in Ukraine, and an environment that was very much affected by inflation, which had a major impact on bitumen prices. Moving on to the financial performance of Construction and Services. I'm now page 14, incidentally. Sales reached EUR 30.5 billion, up 9%. Of that 9, it would be 4% organic growth, mainly driven by Colas. Colas' sales figure rose sharply by 17%. That would be 9% at constant scope of consolidation and constant exchange rates, driven largely by the impact of inflation. Inflation does play an important role. Bouygues Construction's sales figures up 3%. Construction civil works rose 5%, particularly under the impact of international operations. While Energy & Services remained stable due to two reasons. First of all, the selective approach we are taking to projects, and the transfer of our nuclear activities, It used to be carried out by Bouygues Energies & Services. That's been now, transferred to BTP or Construction and Civil Works. Bouygues Immobilier sales figure, which includes our share in joint developments, is up slightly. I mentioned this notion of joint development because this is something we do to share risk with other developers. Of course, this has an impact on the resources we use. It's perfectly natural to take them into account. They are more representative of how the business is developing. Factoring out this share, our sales would have been down 4%. Current operating profit from activities, that's our COPA, as we call it, totaled EUR 918 million. Bouygues Construction's COPA rose sharply to EUR 413 million, and its operating margin rose 3.1% from 2.7% in 2021. This is all the more remarkable that the year was marked by high inflation and a lot of uncertainty. The COPA margin or activities margin or operating margin of our Construction & Civil Works business rose 40 basis points to 3%. Bouygues Energies & Services reached 3.6%. This is what we call Diogenes plan that we'll tell you more about this afternoon. Despite this backdrop of lesser activity, Bouygues Immobilier generated its ROCA up slightly by EUR 1 million. If you factor out this COPA from joint developments, it was actually down EUR 6 million. Colas has a COPA of EUR 468 million, up EUR 21 million over the year. The COPA in Q4 was up EUR 21 million to EUR 468 million. This was thanks to the plans of action implemented. Frédéric Gardès told you about these when we presented our interim results last July. Before moving on to Equans, I propose we now look at a video about the construction of the wind farm, the offshore wind farm, built by Bouygues Construction of Fécamp. These are the concrete foundations that were put into the sea in Q3 of last year. That was quite a beautiful achievement, a beautiful project conducted by Bouygues Construction, its civil works division. Let's move on to slide 17 with the key figures for Equans. This is rather a special year for Equans because a number of things happened during the year. First, we had to finalize the actual scope of Equans being the conglomeration of several companies within Engie. Of course, we had to separate these from Engie. There was some antitrust work. We had to get authorization from the European Commission. Pulling out Bouygues Energies & Services, BYS, from Bouygues Construction so as to merge it with Equans, and that was done in January 2023. 2022 was also a significant year because that's the first year where we could recognize the transformation plan that started in 2021. Now, Equans, not including Bouygues Energies & Services, Equans has an order book of EUR 18.7 billion at end 2022. This gives us good visibility on future business. Equans contributed to the group's revenue because it was acquired on October 4th. We had just about all of the fourth quarter to ourselves at Bouygues. It brought in EUR 3.8 billion in revenue and EUR 130 million in COPA, in current operating profit from activities, of 3.5%. The pro forma data of Equans as if the acquisition had occurred on the 1st of January 2022, would have produced a revenue of EUR 13.8 billion, COPA of EUR 278 million, a COPA margin of 2%. If you compare this with the announcements of Q4, you can see that the COPA margin was marked by seasonal effects, particularly felt in 2022. The net debt of Equans, which was, it was sit at about EUR 400 million at the time of acquisition, was down to EUR 24 million at end 2022. That's an outstanding performance by the teams led by Jérôme and Etienne. I will not go into the details of Equans' figures this morning because this afternoon, we'll have a whole session dedicated to Equans, its scope, its market, the structure of the company, and the action plan that is being implemented so as to generate the performance expected in financial terms for Equans. Let us move on to TF1. Now, you had a presentation of the numbers by Rodolphe on 14th of February. TF1 had a good operating performance in 2022. Revenue was up 3% at EUR 2.5 billion. Newen Studios was very much involved in this. It delivered a number of beautiful productions, one called "Les Combattantes," that was shown on TF1, also "Marie- Antoinette" and "Liaison." Advertising revenue was stable on a constant scope in 2022, up 2% on the constant scope in Q4, that was thanks to the good performances of the broadcasting of the World Cup, football World Cup. That was also helped by the French national team's performance. At EUR 322 million, COPA is down compared to 2021, in 2021, there was the publisher's tax credit, COVID-related, that was EUR 29 million. If you restate that for that factor, it was up. COPA was slightly up. In any case, the COPA margin stands at 12.8%. What's the outlook? Top management decided to review the situation, appointed Rodolphe as chairman of the board of directors after Gilles Pélisson stepped down. Gilles now is the CEO of TF1, we can only thank Gilles for this transition, this fine transition with Rodolphe Belmer's arrival. The DTT channel will continue its work. TF1 will be able to maintain its leadership with a current operating profit, COPA close to that of 2022. TF1 made an announcement concerning its dividends policy, saying that we are looking at stable or growing dividends for the coming years, the board of directors will propose a dividend of EUR 0.50 per share at the next AGM. Let's move on to Bouygues Telecom now and take a look at the objectives, the targets set in 2022. For 2022, we were looking at revenue bill to customers up upwards of 5%, and that was achieved because now we stand at 6%. It was looking at EBITDA growth after lease of more than 6%. Now it is in fact 9%, not including the restatement of new frequencies. It stood at EUR 1.750 billion. That target was met. Gross capital expenditure was expected to be contained within EUR 1.5 million, not including frequencies, and that was achieved as well. If you look at the total number of customers for both mobile and fixed, we have 15.2 million mobile contract customers, not including machine to machine, that's up 450,000 customers over the year. Regarding FTTH, we have an additional 674,000 customers over the year, including more than 200 in Q4. That growth was done outside the dense areas, that is outside the natural catchment area, as it were, in areas where we had traditionally little business indeed. Finally, the FTTH footprint, as it were, has grown. Now we are in a position to market as many as 27 million premises. The objective was 27 million, and we actually were able to have as many as 29.7 million, so an additional 2.7 million over target. The target, the internet now has become a sine qua non at home, what with COVID and telework and whatnot. When you refer to the internet at home, it's not so much the internet as Wi-Fi. It is indispensable to have high-quality Wi-Fi, and if you can do that, it means that you have good quality end-to-end. This is how a customer can assess the quality of their internet access providers. Bouygues Telecom has remained a leader in connectivity in terms of quality. It is the number one Wi-Fi operator for the second year running. That recognizes, of course, the quality of operations provided by Bouygues Telecom, but also the quality of equipment designed and offered by Bouygues Telecom. By the way, at the bottom of this slide, you have the type of equipment we're referring to here. You have to remember that Bouygues Telecom was the first operator in France with vertical boxes so that signal propagation can be better. Of course, when the box is vertical, signal propagation is better than when the box is horizontal. When the box is horizontal, people tend to put things on top of it. In any event, on this picture you have the Wi-Fi boxes, the Wi-Fi 6E model. We have an eco design box, and that is certified by a German company called TÜV. That's Wi-Fi 6. We have a 5G box as well, and that is 95% made with recycled plastics. On the right-hand side of the slide, you have a box offered by Keyyo, which makes it possible for NTP companies to have not just fiber, but also a backup 4G access to provide a good continuity of service. This one is horizontal, but you have little antennas at the back to that send the Wi-Fi signal. Let's move on to slide 25. The commercial momentum is robust. ABPU is up and we have more customers so revenue is up. ABPU was up EUR 0.30 over the year-on-year, to EUR 20.1, not including roaming, and that's mobile. For fixed, we are up EUR 1.1 year-on-year to EUR 29.5. Revenue in 2022 stands at EUR 5.8 billion, up 3% over the year. Let me point out that the delta between service revenue and bill- to- customer is the revenue from interconnection with other operators. That is down. That is down because there is less use of inter-operator traffic for voice and text messages, but that is offset by new OTT applications. We have others, other sales up for 7%, mostly with contract work. EBITDA is now up 9%, thanks to a good cost control. It stands at 30.4%. We restated the way in which we looked at license fees for 900 MHz and 1,800 MHz frequencies. In 2009 when we were granted these frequencies, the license fees were recognized as operating expenses of charges. Now we line up with the common practice, which is to say that all, that is all operators do the same. This is seen as frequencies that were purchased, they are depreciated below EBITDA. Therefore, this means that EBITDA is up EUR 23 million, and of course the EBITDA to revenue- ratio is improved as well. We COPA was up EUR 93 million. Operating profit is up EUR 72 million at EUR 735 million. In 2021, Bouygues Telecom disposed of fewer, sold fewer data centers, there's less non-current profit. Looking at the outlook for 2023 for Bouygues Telecom, well, we will enlarge the customer base. We will maintain capital expenditure to have a more comprehensive mobile networks. We're looking at more revenue. EBITDA after lease about EUR 1.9 billion. Gross capital expenditures should stand at about EUR 1.5 billion, not including frequencies. I'll give the floor to Pascal Grangé who will give you a detailed presentation of the accounts. With that. Good morning, everybody. Thank you, Olivier. I'm going to tell you about the group's consolidated income statement. I'm not going to dwell on the top lines of this income statement because they've already been commented by Olivier Roussat and explained business by business. Let me comment the lines below COPA. In addition to the PPA amortized at Colas, TF1 and Bouygues Telecom, Bouygues SA, for the very first time, amortized a further EUR 13 million PPA arising from Equans in Q4. In 2023 for the full year, this PPA amortization should represent somewhere in the region of EUR 50 million for Equans. We'll look into this in much greater detail this afternoon at our capital markets day. Non-recurring items totaled a negative of EUR 90 million against a positive EUR 40 million last year. The main reason for this is that the Bouygues Telecom data centers generated substantial income last year. We have still sold a number of data centers for some EUR 70 million. We also have non-recurring expenses concerning M&A transactions and non-recurring provisions subsequent to regulatory changes. The cost of net debt rose to EUR 198 million, of course, arising from the acquisition of Equans, as Olivier said earlier on. Just for your information, for 2023, we expect financial expenses to increase because of the full- year impact of the acquisition of Equans. We believe that this expense will be in the region of EUR 130 million. That's before tax, or if you prefer, the net expense after tax will be of the order of EUR 96 million. Moving down the income statement, we have booked a tax expense of EUR 424 million, which is virtually stable by comparison with our tax expense in 2021, giving us a global effective rate of 27% after 29% in 2021. Very comparable. Finally, a EUR 252 million decrease in the net profit of joint ventures and associates between the end of 2021 and the end of 2022. This was mainly due to the fact that Alstom did not contribute to 2022. Last year's performance was highly impacted by the capital gains from EUR 219 million in sales of these data centers. There's also the dual impact of the Salto platform this year. We have the loss of the activities in 2021 and of course, the decommissioning costs in 2023. Overall, this will represent both the loss and the provision will represent some EUR 46 million in 2022. Overall, this leaves with net income, group share of EUR 973 million after EUR 1.125 million last year. This is a decline of EUR 152 million. If we were just to factor out the impact of the capital gains on Alstom shares, the net result group share would actually have improved by EUR 67 million. We have also drawn up a pro forma statements for the group for 2022. This is based on the hypothesis of non-consolidating Q4 for Equans, but of the based on the hypothesis that we would consolidate Equans over the full year. This has the number of attendant consequences in terms of financial expense and of course, in terms of amortization of PPA. So this acquisition generates additional COPA for the group, of course, but also additional net income. If we factor out the impact of PPA, which has nothing to do with the economic performance of Equans' scope of consolidation. So at this point, Equans, obviously on a pro forma basis, Equans would actually dilute margin on activities. As we saw earlier on, Equans' profitability is not quite as good as that of the Bouygues Group as a whole. This also has a positive impact on not just to COPA, but also on net income group share. That's before amortization of PPA. Let's now look at the group's financial structure and its net debt. As Olivier pointed out, the group's net debt at the end of the period amounted to EUR 7.4 billion, after EUR 941 million at the end of December 2021. I want to point out two important points. The impact of the acquisition of Equans, which was EUR 6.5 billion. We've already communicated about that, and the debt was estimated at the time of the acquisition at EUR 400 million. There's another factor that we also want to isolate. This is the buyback of Bouygues shares, which last year totaled EUR 224 million. Olivier has already commented that buyback. If we factor out those two items, Equans and the buybacks, our debt would actually have been reduced by EUR 241 million. That's a calculation, obviously. The group's net gearing obviously rose to 53%, while it was only 7% last year. That was an extraordinarily low level, as a lot of analysts pointed out at the time. Even at this substantial increase in net debt, the rating agencies have confirmed our good ratings. S&P have given us an A- with a negative outlook. Moody's have given us an A3 rating with a stable outlook. Over the next couple of pages, I'm going to tell you how our net debt has evolved over the period. Not talking about Equans or the buyback of our own shares. In other words, how we got from EUR 941 million to EUR 700 million, which would have been the case if we factor out those two items. I want to point several things out. First of all, net acquisitions, that's net of disposals, totaled EUR 85 million. Now, there are a number of TF1 shares that were bought up by Bouygues, but also the disposals of TF1 over the period. The biggest single factor is the acquisition by Colas of Hasselmann. Hasselmann is a German company specialized in the construction of railway tracks and infrastructure. We also paid for the 5G frequencies and paid the annual fees on the 900 MHz and 1,800 MHz frequencies for a total of EUR 109 million. The dividend payout was EUR 777 million. These are dividends paid by Bouygues SA. There are also dividends paid by TF1 to its minority shareholders. Another very important factor that we mentioned several times in 2022, this is the intake of EUR 723 million net of taxes. This is the amount we received from interest rate swaps closed out in 2022 to, well, largely in 2022. The overall impact of the swaps on our net debt was EUR 831 million. Another important factor is the operations. Our operations generated EUR 214 million. This is what I would now like to focus on in our next slide, page 32. The first factor of our change here is our net cash flow. That's including lease obligations. It was EUR 2.088 million last year. It rose this year to EUR 3 billion. This is because of the increase in the volume of business and of course the COPA. Net CapEx was well under control at EUR 2.08 billion-EUR 2.09 billion. Our investments in Bouygues Telecom were maintained at the level we said they would be at. There was a slight increase, too, as I mentioned earlier on. We sold fewer assets at Bouygues Telecom. The final factor that I want to draw your attention to is the change in working capital requirements, which was a deterioration of EUR 727 million. Our working capital requirements are never stable from one year to the next. Some years, it's up, some years it's down. Sometimes there are objective factors. This year at Colas, for instance, the cost of bitumen rose, which means that for an identical same level of stock, the value of your inventory increases. There's also the change in levels of business, as a result of which, customer receivables are higher than they were the previous year, for example. I'd also like to point out that these EUR 727 million, the change in the years, be compared with a positive change of EUR 321 million last year. I think I remember it was EUR 550 million. You can see how working capital requirements fluctuate from one year to the next, which is perfectly natural and in particular in construction. Concerning working capital requirements, I would also like to point out that at the end of the third quarter of 2022, we identified the issue and told you that we would draw up a plan to considerably improve the figure at the end of Q3. This is what we did because in the fourth quarter, there was a sharp, very sharp turnaround in Q4 with the working capital requirement improving by EUR 2.3 billion. That brings me to the end. Olivier, you have the floor once again. Pascal. Thank you, Pascal. Now let's consider the outlook and our priorities for 2023. No surprises there. The number one priority is, of course, to successfully bring Equans on board and indeed, the merging, as it were, of Bouygues Energies et Services with Equans. Outside Bouygues Construction, you have a performance plan that will be introduced this afternoon to us to improve Equans' own financial performance. We will, of course, be there to support the various businesses in various ways. The number three priority is to continue our line of action for climate and in particular our efforts to reduce our carbon footprint and indeed reduce this three B scope, which is of course the heaviest, as it were, in the company. What's the outlook for the company? Well, there's lots of instability, high interest rates, the volatility of currencies. In that context, we're looking at revenue that should be close to that of 2022, but also an improvement in COPA. That is current operating profit from activities. When I say that the figures should go up, we are looking, we work on the basis of a pro forma of 2022, on the assumption that Equans was acquired on the first of January 2022. We're looking at a revenue of what, EUR 54.4 billion and current operating COPA of EUR 2.164 billion. That's the pro forma. A few events, coming events this afternoon here at 2:00 P.M., Capital Markets Day. At 27th April we will have the AGM. There will be a number of other events on our site. This completes the presentation. Thank you for your attention. We'll be happy to take your questions along with members of the Bouygues top management. This is a call from HSBC. Thank you. Good morning, everyone. I see that there's no guidance for Bouygues Construction, even though Q4 was pretty good. How do you see international and domestic demand for big projects? Where do you stand in terms of your ability to pass on higher costs to your customers? Is there a normative margin level for Bouygues Construction in view of inflation precisely? I have another question on WCI. As you pointed out, you returned, well, you reversed the trends of gains over the previous years, but that does reflect a positive performance of Equans to EUR 210 million. Pro forma, the situation seems more challenging. You said there were gains in 2021 and then factors that deteriorate WCI in 2022. Can you give us details, some color as to how these factors might change in 2023? Well, let me take the question about Bouygues 2023. Pascal wants to take the microphone out of my hand. Well, please go ahead then, Pascal. Be my guest. You do need a microphone, Pascal. Well, I can take part of the question. You have to go to the bottom of the steps, otherwise nobody can see you. That's where you can be seen. Thank you. You had a question about the, well, the market on major infrastructure projects. That market remains buoyant in France. We have the Great Paris, Greater Paris project. You have some issues of transportation infrastructure in the north of France as well. In Toulouse, their airport, where we might have a chance. There also, there are mobility and energy services abroad. Low carbon energy, you're looking about at solar power plants, wind turbines as well. You had the Fécamp project, plus nuclear of course. We are involved in the Hinkley Point nuclear power plant in the U.K. That's the U.K. There are other countries where we do have a presence. Likewise for mobility projects, metro trains and other forms of transportation. This is a market with a high demand for big projects. Right. Regarding the normative level of margins, well, of course, the market is not in a normative environment for the reasons I cited. There are a number of things that will be done at Bouygues Construction to be more selective in terms of projects, to do whatever we can in business line to target our offers more accurately. We've been working with key account managers at Bouygues Construction to. Well, we do all sorts of things to protect margins. At this point, again, this is not a normal environment. Too many things are going haywire, as it were. There are things over which we have little control indeed. Mr. Grangé, you want to add something? Yes. As regards WCR, you rightly point out that there are fluctuations from one year to the next, that's the very reason why we're not giving guidance year on year. Otherwise we would be making assumptions on things we have no control of. It is part of the group's DNA to work on the WCR. We may remember at Bouygues Construction, there were a number of steps taken to keep that under control. In provisional terms, all I can say, there are people who are working on that, and not just at TF1. In all businesses, Colas, Bouygues Immobilier, or indeed TF1, all our teams are mobilized to address the WCR level. We are losing ground on the license fees because the 5G licenses are paid off over several years. Year after year, that means that of course this comes to the detriment of the WCR. We cannot give guidance, but we're not anticipating any major challenges there. Thank you. You will discuss this this afternoon. Regarding Equans, how can you read the Q4 WCR performances? A lot of seasonal factors. You could well imagine a positive contribution. Well, yes, we'll be discussing this this afternoon in greater detail. One thing is for sure, if you look at our plans for Equans, we want to improve WCR. The improvement in Q4 was, of course, significant, and there are a number of seasonal factors. Nonetheless, the medium-term trend for WCR is improvement within the Equans scope. Thank you, sir. The next question comes from Monsieur Mathieu Robilliard from Barclays. You have the floor, sir. Well, thank you for this presentation. I did have a couple of questions. Number one, regarding your rating. You said that in the presentation earlier on, the S&P rating, and looking at the statement published in September, you said that top management was considering a number of smaller acquisitions, but that would add up. That might also go with an asset sale. Can you give us details on that, or is that just the general expectations, or can you give us details? That was one question. The other question's about the telecom, Bouygues Telecom's guidance. Are you including, well, the higher, the increase in rates? How does that reflect if you have higher prices? How will that reflect on the accounts? The final question on Colas's backlog in France. There seems to have been adjustments at the end of the year. What's the part of volume in that, and what's the part of price? We'll have a three-person answer. On the S&P rating. A reference was made to disposals on the S&P statement. In our company, inevitably there will be some small acquisitions considering our the number of businesses. We can expect some external growth, but nothing major on the map. Regarding now, well, you're referring, I believe, to asset-based, Equans' asset-based activities. When we bought back, Equans scope, there were some asset-based activities that were, as it were, acquired on that occasion, and we may well dispose of these assets. Indeed, we started the process a few days ago just to test the waters, as it were, to test the markets. We'll tell you more about this this afternoon. I think that is what S&P was referring to. On telecom, well, the guidance is in line with our own expectations on revenue in view of our plans for the year. Of course, the with the larger base, we can expect a larger revenue. That's basically all we can say. That's basically it. Frédéric will give us the answer to the third question. Yes. On Colas's backlog in France, regarding Colas Rail, that has declined a bit, but that's because we've been very selective with the deals that we do take. On roadworks, there was a, well, a small decline of, in volumes, in industry in 2022, but that was offset by higher prices. All in all, we remain stable. The roadworks order book is looking up. Well, it's at, it's stable if you restate that for inflation. We are on a positive trend right now, we have no concern about markets now. Thank you. Thank you, sir. The next question comes from Eric Ravary, from CIC. You have the floor, sir. Good morning, everyone. I do have three questions as well. On CapEx. Can we have an order of magnitude on the pro forma basis? How do you compare 2023 to 2022? Not including telecoms because we already have the guidance for that. Another question on Bouygues Telecom this time. The dispute with Free and the ruling by a court to have, what was it? The EUR 300 million payment. Are you going to appeal that ruling? Then what's your policy in terms of provisions? The last question, a follow-up question on Colas. The order book, the backlog is up 7% for Colas at end 2022. Any idea of the part of price and volume for the order book? I'll start with the long answer. Benoît will give you the details about the litigation with Iliad, well, between Bouygues Telecom and Iliad. The one thing that you should know that we are challenging the court's ruling, that is one more episode in a line of action conducted by Free against the three operators for the past 10 years. They do not want to carry subsidized offers even though they're perfectly legal. Of course, we're challenging the decision. We appeal the decision, the ruling. We believe that the offers are perfectly legal and they have been confirmed by European legislation. We're well within our rights when we have these subsidized offers. Right. Pascal, on CapEx. We do not provide guidance on CapEx, except for Bouygues Telecom. Bouygues Telecom being the largest consumer of capital expenditure, the guidance for next year is pretty much the same as this year, EUR 1.5 billion. You can see that year- after- year, Bouygues Telecom has been able to give a pretty accurate guidance. On the construction business, we may be having more CapEx in 2023 compared to last year because we're starting a number of major projects. There could also be additional CapEx at Colas, and that is because they will be receiving the two bitumen vessels that they ordered last year. Usually capital expenditure is often met with advances on works invoiced. The last question, the mix, the price volume mix on order books. If you compare order books from one year to the next, if you have a large order coming in at the end of the year, it makes comparison a bit difficult. What is attributable to a commercial policy, what is attributable to inflation, it's hard to tell. About France, that's what I was saying earlier on. North America has been very dynamic, and you can see some of the effects of the Biden plan, and we are very confident on volumes for 2023. Conversely, in Central Europe, the road business is well at a standstill because of the Ukraine situation, plus inflation is higher here, and this may well have impact on volume. The order book remains high. There's some inflation there, but of course, we have been taking a number of projects as well. Frédérick? I'd just like to clarify a point concerning the dispute with Iliad. You have nothing to pay until the appeal has been ruled on. Is that true? No, not true, I'm afraid. What I said earlier on, I'll repeat it, is that we have appealed the ruling. We've also contested the provisional execution of this fine. You do have over EUR 300 million to pay out? Yes. EUR 308 million to be precise. We have no other questions from France. We have now a number of questions in English, I believe. To ask a question, please press star one. We'll take the first question from the English side from Alex Roncier from Bank of America. Good morning. Thank you for a question. I have a question on construction, one on Colas, one on telecoms. In construction, what benefits do you see with the Paris Olympics in 2024? Is that already built into the guidance? Concerning Colas, I've noticed that the margin seems to have benefited at holding company level that would appear to be the benefit of a number of asset sales that you've mentioned. There's also a margin at zero in the U.S. I suppose that that is because of inflation and the cost base. Can we expect a drastic improvement in the years to come, or will this be spanned several years? Finally, in telecoms, you talked about an 80% acquisition in the high-density area. Are we talking about fiber acquisition? Are we talking about acquisitions in fixed lines in general? I'm going to answer your question about construction, the 2024 Olympic Games. First of all, we have been involved in two projects, the Olympic pool for diving, which is just opposite the Stade de France. This is a project that is well underway. In fact, we've already installed the platform in the pool center. We have a second big project north of Paris, which is called The Arena. These are orders we took in several years ago. We have nothing up and coming, which is just as well, given the fact that the Olympics are in 2024, and it takes time to build these things. Thankfully, we have nothing else in the pipeline. You had a question on margins at Colas. I see Frédéric scribbling his answer. Frédéric, you have the floor. If I heard you clearly, there were two parts, one about the U.S. and another at holding company level. In the U.S., as is often the case in the U.S., things happen more rapidly and more suddenly and more violently than elsewhere. Yes, we were quite adversely affected in the first quarter. Overall, if we add in a few one-off difficulties that have since been resolved, yes, this was a year where our performance is not as good as we expected. As for the holding company question, with sales increasing quite sharply, we have more than covered our general expenses, which are quite high. However, you're quite right. There is also a contribution from the asset light plan that we implemented a few years ago, which is aimed at releasing cash that is tied up in non-strategic assets. This is cash that we release to use it elsewhere. That has also contributed. The details of your acquisitions, Benoît, if you would say a word on that. Concerning fixed lines, 80% of our growth is in fiber. Outside of the high density, it's in the medium density and the public initiative zones. Thanks to fiber and thanks to our quality of execution, we have strong growth in areas where traditionally Bouygues Telecom was not as strong. Fiber, yes, has certainly been very supportive of us. The fiber is really a means for Bouygues to increase its market share, particularly in areas where we were not present in ADSL because we simply decided not to develop our own infrastructure. Not so with fiber because we are looking at 30 million premises connected to date. Question comes from Nicolas Maillard, Société Générale. Hello, everybody. I hope you can hear me. It was a quick question, firstly on telecoms, and then secondly, just a quick explanation on Equans, and I hope you can maybe answer that. Firstly, on telecom revenue for 2023, you've not given a precise target for revenue. Do you suspect top line may be a little bit softer this year, or is this just a question of sort of semantics that you're not going to give an actual number for guidance? Your guidance for the EBITDA also seems pretty precise. It is 7% or so that you're implying. You know, what's the outlook in terms of sort of staff costs, energy, and also the wholesale rates on copper, which Orange is talking about lifting? Could you just describe the moving parts, please? The second point was just a very quick explanation of your phrase, strong seasonality at Equans. Could you just explain that point? I mean, if it's just Q4 margins were stronger than the rest of the year, fair enough. Was it something else you were trying to get across? Thank you. Well, one quick one, Benoît. On telecoms, our guidance is that our sales will be higher than in 2022. You can call that imprecise if you like, which I would understand, but do remember that we are in inflation context with a very strong competition. We don't want to be giving indications about what our price policy might be for the year. This is the fundamental reason or one of the fundamental reasons that we are less precise about sales. As regards EBITDA, our guidance is a little more accurate at EUR 1.9 billion. To break that down, well, I'm not going to go into details, but do bear in mind that we are intensifying our value creation strategy. Again, to answer your question about the impact of inflation, we are rolling out a policy to control costs in all areas. It's this twofold strategy of value and optimization of costs that gives us guidance that will be up clearly on 2022. As for the seasonality of margins, up to now, we've had a relatively seasonal business with Colas. In the first quarter, we have not a lot of business costs, but not a lot of sales. With Equans, we have a business which is also seasonal. Jérôme, would you like to say a few words about the variations in margins over the few years and why Q4 is higher than other quarters? Yes, we have seasonality every year. This is mainly due to the impact of weather on our outdoor works. That's the first impact. Though we have also got another form of seasonality that exists in our businesses. I'll elaborate on that this afternoon. Next question. Thank you, Jérôme. Thank you very much. The next question comes from Sam McHugh from BNP Paribas. Thank you. Thank Thank you, guys. Thanks for the presentation. I understand you don't wanna give away the specifics on pricing strategies in telco, but have your thoughts on kind of balancing customer growth and pricing changed at all in the last 12 to 18 months? You know, the market does seem to have cooled down. Do you see any benefit from being, you know, a bit more focused on pricing versus customer growth? Secondly, just a clarification on the accounting change. Is that EUR 23 million benefit just a Q4 benefit? There's not a similar benefit to anticipate in the first three quarters of 2023. Thank you. Okay. You're talking about the new accounting, that new way of accounting frequency costs. Here, I'm speaking on behalf of my colleagues. That is that they are no longer considered as expenses. They are found below EBITDA because they are deemed to be debt. The second part of the question, to be very frank, I didn't understand a word. Did somebody understand? Can I call a friend? On which part of our business? On Bouygues Telecom. My apologies. Yes. Now, I believe I heard the question. The first part of the question concerned, could we be more specific about our sales guidance. Once again, there are fewer promotional drives in the French market in recent years, that's true. I can confirm that in the last three or four months, there's fewer promotional drives, be it in mobile or fixed lines. The prices are on the increase. That's what we've seen. Bouygues Telecom has adjusted its own prices on the customer base and on customers acquired. Yes, this should feed into sales for the year. What about the next few quarters, as I said? It is a very strong competitive environment, and we have nothing to announce just yet as regards pricing. I think there was actually a more specific question about the increase in EBITDA. Is there a full-year effect when we look at frequencies over the full year? If so, those EUR 23 million, is that specific to Q4, or can we expect that to recur over the full year? If I fully understood the question. The answer is EUR 23 million was in Q4. The whole year was booked into Q4. It will be EUR 23 million over the full- year 2023. We booked that amount just to Q4 last year. Thank you. Okay, next one from Jakob Bluestone from Credit Suisse. Hi. Thanks for taking my questions. I've got two, please. Firstly, can you maybe expand a little bit on the decision to move to COPA from current operating profit? Why do you think that's the right metric, and why are you not booking the PPAs in other operating income and expenses? You can maybe just clarify that. Maybe if you can also give a little bit of guidance for what we should be modeling for the PPAs. Secondly, on the telecoms business, historically you had a fairly sizable exposure to roaming. Presumably it was a significant tailwind in 2022. Can you maybe just quantify how big a tailwind for either revenue or EBITDA was roaming in 2022? Thank you. Merci. Avant d'avoir le chiffre précis, parce qu'effectivement on a roaming- Before we get the precise figure, because roaming has declined since COVID, could I ask what the impact was on 2022? Concerning roaming, during the COVID years, 2020 and 2021, roaming decreased very sharply at Bouygues Telecom. What we found in 2022 is that roaming is gradually coming back to pre-COVID levels, particularly with the public at large. People have started traveling again. People are traveling around the country, roaming is almost at the same level as before COVID. However, in B2B, clearly there's been a change of behavior on the part of companies. Even though some company has opened up again and there's more and more traveling, people are working remotely. Roaming in B2B is somewhere between the pre-COVID level and the level it dropped to during COVID. I hope that it will improve again this year because there are more and more countries opening up, and I'm thinking of China in particular. In B2B, I think there's been a structural change insofar as employees are traveling less and working more and more remotely. I should add that concerning roaming a lot, we're very much impacted by what happened in the U.S. and Asia. Europe is very small in terms of gains. Concerning our key performance indicators, how we've changed them, and how you should do your modeling, I think maybe Pascal Grangé will be the person to answer that question. Yes. We decided to change this indicator and started publishing it from Q3 of last year with a view to preparing for the inclusion of Equans. We decided to do this because we felt that the amortization of PPA is not representative of the performance of our businesses. And it's not representative of Equans' performance. We wanted to give you the best possible vision of the economic performance of our businesses. This is why we've decided to calculate COPA while factoring out amortization PPA. From the point of view of modeling, it's quite straightforward. For 2022, we have EUR 56 million in PPA amortized. EUR 56 million, o f that amount, EUR 13 million are Equans related, meaning that next year we'll have Equans impact for about EUR 50 million and the impact of our other businesses for a little over EUR 40 million. These are figures that are in decline, though relatively stable barring further acquisitions. Thank you, Pascal. Next question. Question from Jerry Dellis from Jefferies. Yes, good morning. Thank you for the presentation, and thank you for taking my question. I have two questions on telecoms, please. Mobile service revenues for Bouygues Telecom have been extremely flat every single quarter through 2022, and the mobile ARPU trends adjusted for roaming have also been showing rather stable and low levels of growth. How do we see this better pricing environment in French telecoms actually being sort of reflected in revenues? Is there an offsetting effect somewhere else, please? My second question has to do with your broadband business, where obviously revenues are growing at a very healthy rate. Do you expect to sort of sustain that level of revenue growth into 2023? Could you please comment on how your broadband customer base is distributed between the urban areas and perhaps more rural locations where you're getting access to customers for the first time leveraging your fiber reach? Thank you. That's quite a detailed question. I said we gave you an initial answer on Tuesday. 80% of the connections were in areas that are not dense, in regions where we were not really present. This has really led to an increase in market share. Maybe Benoît would answer the rest of your question. Concerning mobile, the services sales figure includes services billed to clients, which is on the increase, and what we call incoming revenue from interconnections. That is not growing as sharply because that is actually on the decline for two reasons. First of all, the prices that operators pay one another for incoming calls, they are decreasing year after year. There's also the volume of messages or even calls that are currently being replaced by messages on WhatsApp and company. This decline in incoming calls, which still has no impact on EBITDA, because at the same time, we are paying other operators less for these interconnection costs for our clients phoning into other operators. It's, in terms of EBITDA, it's completely neutral. This is why our guidance is based on sales invoiced to clients, which is an indication of the number of clients and the individual amount paid by each client. This figure is increasing substantially in mobile and even more substantially in broadband. That's because in broadband, we are winning over clients. Our positioning is gathering pace in our traditional regions, but also in new lesser density regions where the switchover to the rollout of fiber is enabling us to gain market share. The broadband gains are higher than in mobile and will continue to be higher. Thank you, Benoît. Have we another question? No, there are no more questions. Okay. Let me thank you and see you all at 2:00 P.M. For our Capital Markets Day, which will be devoted to Equans.