Good day, and welcome to the Europcar Mobility Group Q1 results conference call, hosted by Caroline Parot, Chief Executive Officer, and Luc Péligry, Group Chief Financial Officer. Today's conference is being recorded. At this time, I would like to turn the conference over to Caroline Cohen, Head of Investor Relations. Please go ahead, ma'am. Dear everyone, welcome to Europcar Mobility Group Q1 2021 Results Conference Call. In a moment, I will give the floor to Caroline Parot, CEO of the group, and Luc Péligry, CFO. They will take you through the presentation, and then we will open up the line for questions. As today's presentation may contain some forward-looking statements, we invite you to read the important legal disclaimer on slide 2 of this presentation. The presentation is available on the company's website, and a replay of this call will be available on our website shortly. With that, it's my pleasure to pass the floor to Caroline Parot. Thank you. Good evening, everyone, and thank you for joining us at the occasion of our 2021 1st quarter publication. The agenda today will consist in, of course, Q1 highlights, updates on the context, unfortunately still under the COVID-19, and on the rollout of our Connect strategic roadmap. We will have then a review of our quarterly results, driven by Luc Péligry, and finally, an outlook for the rest of the year. Please turn to slide 5. Our Q1 activity was still impacted by the COVID-19 outbreak, which started for our group late February last year. This quarter, the situation was contracted, and I would say, gave us reasons to be reasonably optimistic for the coming months. Frist, because despite lockdowns and travel restrictions, we registered a strong rebound in our U.S., Australian, and New Zealand perimeters, in line with the 1st positive effects at scale of the sanitary measures these states took and of the vaccination campaigns. At the end of March, our U.S. perimeter is back to its pre-COVID-19 level. Then, as you will see later in this presentation, because our Vans & Trucks activities performed very well over the quarter, while we continued to enjoy good resilience of our domestic markets, notably SME segments. Q1 was also characterized by the pursuit of our efforts in terms of cost adaptation. The decisions we took during 2020 regarding our fixed cost base are paying off with permanently reduced cost base. Besides, with greatly increased agility, we are confident in our capacity to further adapt our variable and network cost base to business level over the course of 2021. Regarding the rollout of Connect, our strategic roadmap, we are well on track with new go-to-market approaches implemented and the successful launch of new services and solutions. In terms of cash management, we are still improving compared with initial planning, becoming better and more efficient quarter- after- quarter. Please go to slide 6. How to comment our performance during Q1? Despite revenue still being heavily impacted by the COVID-19, with the full effect this quarter compared to five weeks only last year, we have been able to adapt our business everywhere in the organization. As a result, corporate EBITDA came at -EUR 44 million, compared to -EUR 64 million last year, and -EUR 14 million in 2019. All the measures we took allowed to a limited fall through in EBITDA to 11% only versus 2019, i.e., EUR 30 million EBITDA less, compared to a drop of EUR 260 million in revenue. More in percent, as you will see later on, those measures are not tactical, but embedded in our group operating model and are resulting in a lower break-even point. On the cash generation performance, as said, we are also improving quarter-over-quarter. Our performance was excellent in Q1 this year, with EUR 100 million cash out, better than Q1 2019 as a pre-COVID-19 reference. Please go to slide 8. The business environment around us. With still no long-haul traffic restart yet and limited traditional leisure and B2B travelers, as I just told you, the picture was contracted for Q1. We have Europe in one hand, where the global sanitary situation is progressively improving, but with vaccination campaigns being slower than planned, hence sanitary constraints still in place as I speak, even if this month of May should dramatically improve on that front. As a result for Q1, revenue was driven by domestic demand and by Vans & Trucks only. On the other hand, in the U.S., and to a lesser extent in Australia and New Zealand, we registered a strong rebound at the end of the quarter, most likely due to the positive impact of sanitary measures implemented there. Booking figures are improving daily, in line with the recovery of domestic airline traffics. This is why, although there are still uncertainties ahead of us, in particular for Q2, with no Easter period again this year, we see reasons to be reasonably optimistic starting Q3 and for the rest of the year with the global situation hopefully improving in line with what is going on in the U.S. now. This is assuming, of course, that the current vaccination campaigns are successful and that there are no strong new COVID-19 waves. This trend, when it happens, will allow us to fully benefit from the 1st positive impacts of the rollout of Connect, our strategic roadmap. Please turn to Slide 10. As I told you early April on the global full-year earning calls, with Connect, we reshaped our organization by service line around use cases. Beginning with this quarter, we will base our revenue reporting on this new organizational framework. On the leisure side, due to very limited short and middle traffic, the activity level was still low during Q1, with the low-cost segment suffering most. Nevertheless, we can read these figures as encouraging because they demonstrate how resilient our brands are based on their capacity to capture domestic demands. Our proximity service line suffered as well as downtown rental stations and car sharing in urban area met low demand levels due to curfews, lockdowns, and circulation restrictions. Also, lower than last year due to business travel still out of the equation, the performance of our professional service line is encouraging, driven by SMEs and the successful launch of the new portfolio of highly flexible mid to long-term offers based on subscription in the course of March. Those evolution are supporting our midterm growth with the professional segment. Vans & Trucks performed extremely well over the quarter with 8% revenue increase versus last year. This performance was, of course, driven by home deliveries, but also by the capacity of our teams of experts in our super sites to design and serve LCV solutions tailored around their customer needs, whatever their size or industry. Please turn now to Slide 11. Over the course of 2021, Q1 2021, the group made good progress in its Connect roadmap. To meet an increasing need for greater flexibility and in line with the implementation of our new go-to-market approaches by service lines, we launched innovative offers to facilitate the day-to-day life of professionals, thanks to flexible mid and long term subscription solutions. Following the strategic partnership with Telefónica and Geotab in October 2020, our connectivity program reached another key milestone recently, sealing a deal with Free2move, the connectivity platform of Stellantis. Thanks to these international partnerships, the group will enjoy a seamless access to vehicle telemetry data such as geolocalization, fuel level, mileage, and maintenance alerts. This data will be processed to help improve customer experience and optimize business applications as well as internal processes such as fleet inventory management, vehicle delivery and collection, vehicle maintenance, and so on, and we are well on track toward our objective of a full connectivity of the fleet by 2023. Finally, the phase 1 steps of the group brand new unified and strongly integrated IT system were successfully reached, allowing, as planned, a rollout over the course of Q2 onwards, beginning with Portugal before a global implementation. This is a key milestone in the group journey towards at scale, fully digitized customer journey and operations. On a longer perspective, Connect will significantly transform the model and the profile of our group, enabling a rebalancing of our revenue streams with less seasonality, a linear organization and operations, paving the way for an enhanced cost efficiency, profitability, and improved cash flow generation, and at scale digitization of the customer experience we deliver, cross-brands and geographies. Let's now focus a few minutes on Flex, Superflex, and DuoFlex, as their successful launch in March is very promising for the future, especially regarding our objective to rebalance our revenue streams to become less leisure dependent. Please turn to Slide 12. In a nutshell, these brand-new solutions are modern and disruptive alternatives to fixed-term leasing and to vehicle ownership, as they are based on the convenience of a monthly subscription without the need to commit on a set long duration. Full flexibility is keyword here with a double benefit for customers. Flexibility of their cost base and fleet size, thanks to the capacity we give them to easily adapt to their activity level month- after- month. Flexibility regarding usage is thanks to DuoFlex, the capacity to switch from LCV to a compact or familial for the weekend, or from a thermal engine to an electric one, and so on. The launch of these offers in March 2021 was met with great success among their target audience, translating into an increase in commercial leads of 76% compared to February. With these new high flexible solutions, combined with our expertise in fleet management at scale, we are convinced that we have developed a competitive advantage over the other rental players, as well as leisure, with good growth perspective ahead of us. I will come back on our outlook later on, but I give the floor now to Luc Péligry for the details of the Q1 financial results. Thank you, Caroline. Good afternoon, everyone. I will go on Slide 14. As Caroline just told you, despite the crisis, we have been continuing to reduce drastically our cost base, both variable and fixed costs, both further lowering our break-even point. I want to highlight again the very limited fall through in corporate EBITDA, 11% versus the Q1 2019, and I will guide you through the main reasons why. 1st, on the margin after direct cost, we have improved the margin by 2% - 24% versus Q1 2020. This is thanks to strong adaptability of our business model. The fleet-linked costs were down 38% versus Q1 2020, thanks to the strong utilization rate recovery, I will cover that later, which has taken up close to Q1 2019 level, with a minus 3% difference only. On the variable costs, we were able to flex them further and recorded a minus 37% decrease versus both Q1 2020 and Q1 2019, reflecting the improved flexibility of our business model, with numerous costs externalized and contract renegotiations. Finally, on the fleet financing costs, they decreased at a lesser rate than revenue, notably linked to a cost per unit slightly up due to a higher proportion of Vans & Trucks in the group's fleet. 2nd, after the variable costs, and for me, even more importantly, on fixed and semi-fixed costs, we are particularly proud of the strong reduction, minus 30% versus Q1 2020 and Q1 2019 on pro forma, we achieved regarding adapting our HQ and network costs to a lower level of activity. This is the payoff of the implementation of our adaptation plan that we ran in H2 2020. We took, of course, advantage of all, I would say, state advantage-driven measures, but also cut costs on a permanent basis, closing some stations, transferring others to agents, as well as implementing restructuring plans on top of other measures, in some cases. All this cost control allowed us to reduce corporate EBITDA losses by EUR 20 million versus last year, at minus EUR 44 million. Go for slide 15. On the full cost side, given the uncertainty on the demand and in the wake of H2 2020, we maintain strong discipline with another push on our cost mitigation actions, resulting in a quarterly cost base of EUR 400 million, versus EUR 621 million in Q1 2020, and even versus EUR 426 in Q4 2020. On the variable part, we decreased the fleet cost by 36%. I will come back on the next slide. The other variable costs also decreased by 40%, from EUR 208 million to EUR 125 million, more than in line with the revenue drop. Overall, this good performance regarding the adaptation of variable costs demonstrate how agile we have become in adapting to demand levels, and this with a strong asset when business will fully restart. Again, I would like to insist on the fixed and semi-fixed cost base, which represents network and HQ cost. We went from EUR 187 million to EUR 130 million, a 30% reduction. This is a great achievement, and the result of a successful anticipation of a reduced level of activity for 2021 as part of our recovery journey to 2019 levels. This is a strong importance for the next 2021 quarters, but even more for the coming years, since this lower cost base will de facto increase our profitability as top line will recover, a recovery occurs. This is how we achieve the lower corporate EBITDA losses in Q1 2021, with a -EUR 44 million, with its improvement of EUR 20 million compared to Q1 2020, despite a sharp revenue decline, -EUR 200 million versus Q1 2020. Please turn to slide 16. Coming back to cost adaptation, focus on fleet, which is the largest part of our overall cost base, which representing more than 30% of our cost base. Faced with COVID-19, our core was adapt permanently on a weekly basis, and it's still, to limit to the demand, with the objective to continuously optimize the utilization rate, which is one of the main profitability driver of the activity. As a result, recovery of the utilization rate went from 41% in Q2 2020 to a 70% average in Q1 2021, which is a 3.5 improvement compared to Q1 2020. Utilization rate has been very stable. It is now very close to pre-pandemic levels, which is an outstanding performance, especially compared with Q1 2019, in the context of a higher volatility in volumes due to COVID-19. On top, we are, of course, closely monitoring the semiconductor shortage and the impact on OEMs, adapting our fleet plan accordingly. Go to page 17. Slide 17, sorry. Profit before tax has strongly recovered from last year, with a EUR 53 million improvement from EUR 135 million loss in 2020 to minus EUR 82 million in 2021. What are the main items below EBITDA? Depreciation outside of the fleet, as a reminder, these figures include the IFRS 16 impact on the rent of HQ and network, and remains flat versus last year at EUR 35 million. The non-recurring charges are lower than in Q1 2019 at EUR 9 million, and they are mainly linked to the finalization of restructuring in network and HQ that we started in Q4. Cost of the non-fleet financing, they are down EUR 37 million versus Q1 2020, and this is mainly linked to the restructuring. As a reminder, interest on the corporate bonds for EUR 7 million were part of the P&L up until the closing of the restructuring at the end of February. They have now disappeared in March, and we'll see the full effect in Q2. They have no cash effect in Q1 since they have been capitalized. On top, we have isolated the impact of the restructuring cost on a specific line. As you see, net restructuring results, which is positive for EUR 25 million, most of it being non-cash. On the tax side, we took a cautious view on tax losses carry forward, and we activated only tax losses for EUR 5 million compared to EUR 30 million in Q1 2020. This view will be adjusted quarter- by- quarter with a better vision of the recovery. As a result, the net loss is -EUR 77 million, improving by EUR 28 million versus last year. Slide 18. Cash and liquidity are, of course, at the heart of the way we manage the group and take our business decisions. Usually, as a reminder, our business profile shows the highest cash burn of the year during Q1. This quarter, we managed to reach -EUR 100 million of operating free cash flow, which is a very good performance compared to 2019, where we reached -EUR 79 million, but with more than EUR 30 million corporate EBITDA and EUR 260 revenue more. It's even more a better performance than 2020, where we reached -EUR 136 million. What are the main ingredients of this performance? Non-rec items were aligned with the finalization of the restructuring plan of H2 2020 for EUR 9 million, as I mentioned on the P&L review. Limited CapEx of EUR 12 million, focused on prioritized products and tech projects linked to our strategic roadmap. As mentioned by Caroline, our focus is mainly put on connected cars, digital customer journey, and on unifying our IT backbone across the group with the Purple project. We also see a slight improvement versus Q1 2020 on the non-fleet working capital and provisions as a result of a strong focus on collections. As a result, our stance is that Q1 2021 will be the peak in terms of cash burn in 2021. Move to slide 19. We have now a robust financial position post-restructuring, as discussed during our last call, leading to a net debt pro forma of EUR 93 million at the end of last year, effectively settled on the 26th of February this year. Following the restructuring, as a result, as at the end of Q1 2021, the net corporate debt remains at a low point of EUR 199 million. The main changes versus the end of December positions come from the operating free cash flow of -EUR 100 million. The cash burn for the period is EUR 106 million, much lower versus the Q1 2020, which was standing at -EUR 188 million, and even 2019, with a cash burn of EUR 140 million. As far as liquidity is concerned, the corporate group position is now at EUR 515 million. I remind you that in addition, we have a EUR 225 million fleet financing line that has been granted at the time of the restructuring that could be used to refinance the cash in fleet and improve this liquidity position. As a consequence, between the low level of the net corporate debt, the strong existing liquidity, the low level of cash burn in Q1, Europcar Mobility Group has now all financial means to sustain the recovery of the business. With that, I hand over to Caroline for the outlook. Thank you, Luc. What is the outlook for the rest of the year? As you all know, all two vaccination campaigns are now taking place at scale in most of the countries. The COVID-19 pandemic is unfortunately still here and should still impact Q2. In this context, also, what we can observe right now in the U.S. is promising. We consider that the timing and the magnitude of the global recovery remain uncertain. This is why we are not into a position to provide any guidance for 2021 yet. Nevertheless, we are very confident that our 2021 revenue will increase versus 2020, based on the resistance of our domestic revenue generation capacities, as well as on the renewed go-to-market strategies with the launch of other innovative services and solutions scheduled this year. In the meantime, we are also closely monitoring the situation of the semiconductor shortage at OEM level, so as to be able to adapt our fleet plan short and midterm accordingly. Of course, as we did in 2020, and until the sanitary situation significantly improves, we will strongly focus on pursuing the adaptation of our cost structure and expect our cash consumption will be lower this year. Please turn to slide 22. As a conclusion, please let me reemphasize the outstanding job our teams did in steering and lowering our fixed costs and variable costs, enabling limited and very controlled cash consumptions. We are now way more agile than we were before the crisis, and ready to capture the recovery to come in Europe, as it has already happened in the U.S. Thank you very much for your attention, and Luc and myself are now available to answer your questions. Okay, so we will now open the lines for questions. If you would like to ask a question on the phones, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one on your telephone keypad to ask a question. We'll now pause for a moment to allow everyone an opportunity to signal Okay, we'll take our 1st question from David at Kepler Cheuvreux. Please go ahead. Your line is open. Yeah, good afternoon. Thank you for taking my question. I have a couple of questions. The 1st one is related to the summer season. At the end of March, your fleet is slightly below 200,000 vehicles. What is your anticipation for the summer? Do you expect to expand the fleet? If so, to what extent? Do you have a view on the competitions? My question is related to the risk of missing some opportunities of business or the risk of oversupply. This is my 1st general question. My 2nd question is related to your tax savings. What is the total amount of tax savings in your account? Thank you. Good afternoon, David. This is Caroline. Thank you for your question. I will take the 1st one, and I'm not sure I'll get the 2nd one. Yeah Think on the tax we launch it. For the summer, we have consciously decided not to guide this year for the full year including the summer period, because we think it is premature to go to that direction. What I can tell you is that, regarding the level of the fleet, we are cautiously adapting, fitting, and defitting the fleet to the level of activity, and we are very cautious in that ramp-up, considering that there will be a growth in the revenue compared to last year. As you mentioned, there could be some risks depending on the evaluation of this magnitude of rebound. We want to take a cautious view. The fleet will grow, but in a very controlled manner. Because we are working very closely with the OEMs, which are partners since long date, we are able to manage the fleet rotation plan in a different manner than before. Having in mind that we mentioned it very shortly, the OEM semiconductor shortage could also manage differently the deliveries of the fleet going forward. We are really changing our fleet plan to be sure that we are able to size the growth opportunity while taking no risk due to the high volatility we are still considering for Europe. On the competitive landscape, it's quite difficult to see it from now on. We do play with a very domestic market during this one. We have been successful in our SME business. What is missing for every competitor is the long-haul and mid-haul traffic, airline traffics. We are going to discover in the next weeks what is the magnitude of the rebound and the market position that people are taking. It may mean that globally, we will see anyway some positive pricing impact on the summer, as we have seen in the U.S., because we do believe everybody is very cautious on the fleet side. Just maybe if I can remain on your answer. We know your fleet at the end of March. Do you think, 1st, that your fleet for the summer will be bigger? 1st question. Secondly, if you anticipate some good news or some bad news, at which extent can you adjust your fleet? Yes. View from today, we do consider that our fleet will progressively increase to reach a higher level during the summer than the one which is today. As I said, we are monitoring a strong fleet rotation plan to be able to deal with bad surprises that could still occur, view from today, due to the volatility of the COVID-19 impact on the behavior of customers. What is much more important for us is, in addition to the vaccine campaign, what will be the real behavior of our customers, which are much more last-minute than ever. You know that in the prior years, we were having probably one week or 10 days max of lead time of reservations for the bookings in our businesses. This year, what we are facing is three days of reservation. To make anticipation at large scale is difficult. That's why we are taking a cautious view on the fleet. We will have the flexibility embedded in the way we are structuring the fleet sourcing and the fleet selling during the next quarter. Thank you. We have the capability to adapt. We are very progressive. That's why the low point we are seeing now is really good. We are going to build on it. Yeah. On the other way, is there a risk of shortage of cars? When you deal with Peugeot and other car makers, are you sure to be delivered? The priority of car makers is to address consumers? At the end of the day, if they have bigger issue than the one we are considering with them, I cannot tell you that I'm sure, because it is not my full decision at the end. We have totally rebuilt our fleet planning, and we have flexibility in our fleet to cancel some selling of the buyback, for example. We are able to extend our buyback according to that. We are able to extend some duration on our at-risk because the fleet, we are able to have a longer duration due to the age of the fleet as of today. We are able to manage that, so to extend the existing fleet. It is a great asset for us to do that. We have several, and as you know, we are working with all OEMs, all of them. The issue that some of them are having can be mitigated by other OEMs. For the time being, we are controlling the situation. If there's something new, obviously it will be new. So far, we are controlling with limited risks, even though we cannot have the full view of this situation. Okay, thank you. We do believe it is a situation where it will help also to improve the pricing in the market over this summer. Okay. Thank you. Regarding the question, did I understand well it was about tax, your questions? Yeah, the volume of tax savings. We don't have any tax savings. It's just that we have been cautious on the activation of the tax losses. That's why we have a low level of tax on the P&L, positive tax. There's no savings on tax. No, sorry. My question was not very clear, but what I mean is, what is your tax loss carry forward? Yeah, I understand now. We have some tax losses, but we took a cautious view not to activate all of them. That's what we mentioned. I get- Last year we were- What is the total volume? Sorry. You want the volume of NOLs? That's correct? Yes. Yes. It varies country by country. On the annual report, you have the full figure for the year 2020. It varies country by country because the way we can consume this cash is different from country to country. Okay. Thank you very much. Okay. Thank you. As a reminder, if you would like to ask a question, please press star one. We will now take our next question from Christophe at Oddo. Please go ahead, sir. Good evening, ladies and gentlemen. Do you hear me? Yes. Yes. Good evening. Yeah, great. I've got four questions, if you don't mind. The 1st one is related to the network and the HQ cost. How much do you think you are able to save for 2021 versus 2020 or 2019? Basically, the saving on a full year basis. Okay. You want to answer or you. The 2nd one is, if there is a pickup in activity, related versus your business plan, I would say, how much of the network cost should increase? Because I assume that the HQ is more or less stable or fixed, and the network is probably semi-fixed. Is it linked with revenue, or fully with revenue, or is there a kind of a fixed as well part on that? The 3rd one is, if I remember well, in your previous business plan, September to November 2020, you say that the cash burn in 2021 could be impacted by non-recurring item for EUR 245 million, and most of that was related to working capital, non-fleet working capital, plus the fact that there is a financial restructuring. Is it still valid, this figure of EUR -245? The last one is, what the month of April look like, just to give some figure related to the Q2. Thank you. Okay. We will share that with Luc. You're right to say that the HQ is a fixed cost. We have been able to lower our HQ cost at the level we are reporting during this quarter, which is EUR 70 million, EUR 72 million. I think that if you multiply that by four, you have more or less what will be the cost for this year. It is a decrease versus last year of about 30%. We have 30% decrease versus last year, and this is done. That's why the 1st quarter is showing that. Your question on the network is interesting because, yes, a portion of the network is fixed cost, which is premises. We have been able to variabilize a portion of those premises, so it means that we are at a low level in Q1, reflected by the low level of activity. If and when, and it will go up during Q3, we will have more activity loading loaded in the business, so we will have more cost being loaded in the network. In a nutshell, the low level to the highest level of a network cost when we were pre-COVID-19 was, per quarter, approximately EUR 20 million. When we were having the low Q1 2019 versus the high Q3 2019, we were having, in cost for the network, EUR 20 million of gap between those two quarters. This year, the level of cost increase between the lowest quarter and the highest quarter will be obviously less because we have not at all the same pattern of seasonality. It is to give you the max magnitude that is existing, and we can consider that the increase during Q3 will exist in line with the revenue, because we need more people in the operation. Will be limited compared to the prior years, and will be reflected in Q3 for sure, and partially in Q4. I think it is linked with your 2nd question with the pickup in activity. Network is both fixed and variable, and the variable cost are increasing according to the revenue. If we look at what is happening in the U.S. today, since the rebound of the U.S. market, our U.S. operation are growing volumes month- after- month. With the low level of people starting January, we have increased the ramp-up of people in the operation according to the highest level of activity. It is totally variable, and we are able to permanently adapt to cope with the reality of the business, which is a great asset, and we have continued to flexibilize. We have even more flexible network than before. On the cash, I will take the month of April, if you may, and Luc will go for the cash burn. On the month of April, the month of April is traditionally, compared to our initial planning, a month where we see the Easter period. This year, that's why I said that Q2 will be not as good as it was in the prior years, post the 1st Q1, because Easter has been canceled, at least in Europe, due to the COVID-19 situation. The month of April is developing as per our expectation of the last forecast, but below what we were thinking at the beginning of the year due to the COVID-19 campaigns. This is Europe. We see in some markets, at the end of April, a start of the recovery and a start of regain momentum in some leisure activity. What is important is that we were using a very strong resilience in the B2B SME segment, which is strong. More important, we see that the U.S. and Australian perimeter are really increasing at a fast pace, thanks to the decrease of the sanitary measures. We see good level in volumes, or high level of volumes, coupled with high level in price. When we see the rebound, it could come very fast, and we see the volumes, which is coming quite quickly. Q2 in Europe will be slightly below initial expectation, but the ramp-up is coming, and if no new wave, that's why I say we are reasonably optimistic for the Q3, because we see that people want to travel as soon as the sanitary measures and restrictions are pushed away by the various governments. And Luc, on the cash burn. What I can say on the cash burn, you mentioned that there were some EUR 245 on fleet working capital from, I would say, that communication we made before. From what you see and what we see after the Q1 results is that the cash burn, which is the highest point of cash burn during the year with Q1, is EUR 100 million. Now that our forecast, instead of burning EUR 450 million, as we were saying on this forecast that we did in 26th of November, we believe that it will be more in the region of EUR 350 million-EUR 400 million of cash burn. It will be limited. It will be, I would say, decreased by between EUR 50 million and EUR 100 million. It's an improvement, a big improvement in terms of cash burn for the full year 2021. Okay, understood. At the end of the day, regarding if you compare your unofficial expectation for 2021, if I may say, it seems to be more or less the difference between the initial guidance that you gave in September to November were not that big, let's say. Well, at the time, we said that we would burn EUR 450 million in 2021, I think we can decrease this figure between EUR 50 million and EUR 100 million, which is not negligible, I would say. I think that with the cost reduction, we managed, I think the right prioritization on the operating free cash flow, limiting the CapEx and limiting the non-rec, we'll be able to burn only between EUR 350 million to EUR 400 million, where we were saying that we would burn EUR 450 million. If you consider the EUR 450 million, EUR 100 million of that is related to other eventuality. Which means that if you consider the EBITDA, but tell me if I'm wrong. For 2021, previously, before IFRS 16, you were at EUR 150 million. Basically, my question is that you are not going to be far from that, let's say, or? No, we'll be much better. I will take it. 1st, we are not going to re-guide on December, because consciously, the volatility is such that we don't want to say what will be the level of EBITDA today, because we are still in the way of ramping up the story. If there's a fast rebound, we will see. For the time being, what we can say is that the progress of the recovery is slower than the one we anticipated when we put a 1st vision of what will be 2021 in the month of October last year. Yes, we are slower than that level. It doesn't mean that the midterm prospects is going to be changed, but the curve is a little bit different. 2nd, on the cash burn which the real focus on our side, as mentioned by Luc, we will reduce significantly this level. Fundamentally, the level of free cash flow that we do have during this quarter is even a better sign that we will go significantly lower than that progressively should the full recovery of the business coming, as we do expect now, over the next quarters. Why we are taking a cautious view now is that we don't want to give any numbers before we see the final curve. You're right in your comment. If the situation is improving now quarter- after- quarter, and being closer to what we were expecting at the beginning, yes, the level of cash burn will be significantly lower. Let's wait for the Q2 period to see how the business is developing. We have good optimism for Q3, Q4, but let it come to evaluate the magnitude of it, to be sure that we are able to be in position. You're right. It comes, the cash level will be much lower than what was expected at that time. Okay. Good. Thank you very much. Thank you. Thank you. As a reminder, if you would like to ask a question today, please press star one. We will now take our next question from Patrick at Société Générale. Please go ahead. Yeah. Good evening. Can you hear me? Yes, good evening. Yes, we can. Good evening, sir. On my side, yes, two questions, in fact. You mentioned a rebound in the U.S., in Australia, and New Zealand. Could you remind us what U.S., Australia, and New Zealand represent together in the, for instance, the Q1 revenue? I have seen one figure, which is +17% in U.S. Could you be more precise on what is the situation in Australia and New Zealand? My 2nd question is about some very short-term projection. In one week, there is a weekend of Ascension. I don't know if there is another word in English, but in French, Ascension. So it's in one week, so I guess that you have a perfect view, at least a good view, on how things are regarding this weekend, at least in terms of reservations. Can you compare the level of reservation that you have, say, in France for this weekend to the one you had Well, last year, I suppose it was almost zero, but in 2019. Okay. Thank you, Patrick. This is Caroline. Good evening. Good evening. Your 2nd question, and I will go first. I will go with the next one with Luc right after. What I said, I don't know if it was in the previous question. Certainly, the level of reservation that we are able to monitor is counting in numbers of days. Your question on the famous weekend of May are more related to the French perimeter only than the rest of Europe. We see, since the announcement that there will be some improved sanitary measure starting the 19th of May, meaning after the weekend, we have seen, obviously, an increase in the website search. We have seen some increased reservation. We cannot compare to 2019 at all because the lead time of reservation is less than three days. We do believe we will see what is the real appetite of the customer to move before the official deadline this weekend only. For me, I cannot answer to you because, due to the three days, I think this weekend we will have the story. On your 1st question regarding the U.S., before I leave the floor, I don't know, what was your 17%? I'm sorry. What's your 17%? I think in the press release or somewhere, 17% growth I think in Q1 for your-. It's growth. The growth in the U.S. Okay. We have on the month of March, I think. It's the month of March itself, not the full quarter. What is good? Why is the month of March? We see the level of reservation in the U.S. increasing month after month since the beginning of this year. The breakdown of when they stopped the sanitary measures, we see the business flying like hell. Month- after- month, we see good volume improvement. At the end of March, our U.S. perimeter came back to the pre-COVID-19 level with a better level of pricing. Correct. We see that when the recovery is coming, the recovery is coming quite fasten with a good signal. It doesn't mean that the full year will be the same, because we need to measure everything, but it's a good signal that the strong appetite of customers to travel. The same is true for Australia, New Zealand, where we are in a counter cycle. Australia, New Zealand today are entering their winter period. Here we see that they have a domestic market, which is working well. What is important is the B2B market, which is working well. Historically, U.S. is a very specific case for us because we purchased them at the end of 2019. It means that we have only enjoyed managing them and integrating them in the perimeter during COVID crisis. The relative weight of the U.S. in the group as a whole is approximately a little bit less than 10% globally. They are a little bit higher than that in this quarter specifically because they have a rebound starting earlier than the rest of the country. The Australia, New Zealand that we group together is much smaller and is representing probably- 7% 6%-7% of our business. It is on a pre-COVID basis, and it is not changing nowadays. Thank you. Thank you. We will now take our next question from Wolfgang at Sarria. Please go ahead. Yes. Hi, thank you. First of all, congratulations on the restructuring. Very well done. I wanted to go back to asking some more questions about your fleet management going forward. How should we think about, first of all, at the end of March and perhaps going forward, what were effectively the percentages within your fleet of owned vehicles with buybacks, vehicles under operating leases, and at-risk vehicles? Can you share those figures with us? So- What kind of change should we be anticipating as well? Okay. We are in a very particular situation because we have been able to manage the fleet over the last quarters, thanks to, 1st, strong de-fleet of the buyback program. It means that the weight of the at-risk vehicles, which have approximately, on average during a year, 10%, but at the bottom of the year, 20%, we are now more close to 40%-45% of fleet at risk in our perimeter today. Yeah. Which will change very quickly because most of the purchase we are doing, again, are buyback. Buyback. In fact, we are in a particular balanced situation compared to the past, where it is not by choice, but it is because the buyback model was the strength of the group to be able to defeat super fast today. Yes. It will change over the next months because the new purchases that we are doing are only buyback model. We will defeat that fleet anyway. Buyback, you don't differentiate there between operating lease versus own plus buyback. It used to make a difference on your balance sheet. Should I think of the two still as sort of being 50/50 split between them? Yes, with IFRS 16, which is now recomputing nearly everything. That's right. I think, when the balance sheet. In the management account prior to IFRS 16, we are not managing differently because the cost of financing was the same. It is just a presentation in the balance sheet. Nowadays, it's nearly the same. You're right in your average percentage. Okay. At-risk vehicles, I suppose therefore, the overall, I don't know, you had about EUR 650 million or so, I think, in at-risk vehicles at the time. That won't have grown. I'm guessing you're at EUR 600 million or so. No. No. It's not growing. The share is even decreasing because we have decreased. Yes. It's the Okay the weight in the total fleet. Okay. Going forward, what mix do you think you're aiming at? Do you think you'll bring the at-risk vehicles then back down to the sort of 20% level or 15% level? Or is it going to remain a higher percentage because you won't grow your fleet back all the way? How should we think about that? There will be several direction. First, we are going to increase only with buyback because it will give us a greater flexibility as we want to maintain it. That's why it will reduce, and we will continue to do the normal de-fleeting of the at-risk vehicles. This share will decrease as well. Before telling you if it is 15%, 20%, let us go through the year because as you have understood. I see. we are still having some volatility. After Q3, we will have the view. Plus, bear in mind that compared to the prior years, except 2020, which was very special, the group was used to have a lower buyback, lower at-risk positioning because we are not having the U.S., where in the U.S., the fleet is at risk. That's why the percentage of at-risk vehicle will increase, but not on a like-for-like basis because the U.S. itself will make the amount overweight compared to the past. I see. Yeah, that makes sense. I wanted to ask a question I was asked earlier, perhaps rephrase it a little bit. If you sat together on a Monday morning and decided you needed another 20,000 vehicles, how long would you take to get those in? I know it's different kinds of vehicles, but in general. It depends on the country. Usually, between the order and the delivery, it could be two - four months, depending on the OEMs. Fortunately, we are also able to purchase with other channels, so we can reduce that. Yes, it depends totally on the OEM situation and on the country's situation. Between two - four months. It could be less, and sometimes it could be one month and a half when the fleet are available on the PDI sit. Yes, take two - three months, obviously. View from today, but it could be shorter depending on the channel. Final set of two little questions. Away from this year, perhaps next year, when maybe next year is more predictable than this year. What kind of change are you anticipating in your rental days per vehicle, given the Flex models, et cetera that you're rolling out and other changes that you're making, as well as perhaps price per day? Listen, it's too early for me to tell you what will be the RPD next year. The predictability will have to be assessed. All in all, we are rebalancing the business towards a better resilience in Q1, Q2, and Q4, with topics which are more targeting professional and the duration is higher. The higher duration means a factual RPD that could be lower, but doesn't mean that the profitability is lower. This is something that we will have to further extend to the market. On the leisure for next year, guys, it's already difficult to predict the leisure pricing this summer, I'm not going to have a view on the leisure in one year. I think that this year will be very specific and difficult in terms of comparison, considering that there could be less fleet than demand. It means that the price could be quite healthy. We will have to see if it is replicable the next year. Let's go for 2021 to go for more normalized business before totally seeing how the price will evolve in 2022. What I can tell you is that what we see is that everybody wants to have a healthy behavior coming from this difficult last 18 months to be sure that we are just going to serve with the right price for the right level of service. The question is not to decrease price, but to have a healthy business with regular normal price for the level of the service we are managing. Okay. Thank you very much, and again, congratulations. Thank you. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star one. We will now take our next question from Daniel at BNP Paribas. Please go ahead. Hello. Thanks for taking the time. I just had a question. On the Q4 2020 call, you mentioned you might refinance the November 2022 note in the bond market, either at end of this year or in the early part of 1st quarter next year. Do you have any update on this or on the timing of that transaction? No, we have no timing for transaction. We know that the bond is maturing in November 2022. It's part of the securitization, but there's no timing scheduled already. No updates on if it'll be at end of this year or early part of next year. That still holds? Yes. Okay. Thank you. Thank you. There are no further questions over the phone lines at this time, so I'd like to turn the call back over to the speakers for any additional remarks or questions on the web. Okay, I think that this is ending this call. Thank you for attending this and for your questions. With the team, we will remain available for any further questions. We give you a rendezvous for the month of July when we will have the full H1 and hopefully, a really better visibility on how the sanitary measures are impacting the rebound of the business as they have already done for the U.S. perimeter. Thank you very much. This concludes today's call. Thank you for your participation. You may now disconnect.