Good evening. Thanks for being here today at the presentation of the annual results 2020 of the Eiffage Group. To abide by the health rules, we made a choice to have this meeting online. As you may notice, we're privileged to use of the videos. I hope we'll be able to meet again for the presentation of the half year results next August. As usual, analysts will be able, of course, to ask their question following the presentations. Please allow me to get back for a few seconds on the video you have just seen of the opening of this sequence. As you may have noticed, the future Motorway A79 that we're implementing between Sazeret in the Allier Department and Digoin is a major project for Eiffage. 88 km of the National Road 79 up to the motorway standards, mobilizing all the business lines of the group so as to secure this major project in design-construction. Of course, a new concession of 48 years at the core of a territory, enabling us to beef up our portfolio. I have a special thought for the family and those close of Marc Legrand, who left us January 13th. Marc was a leading figure of our group, member of the ExCo, and manager of the concessions. He led the projects, the most iconic projects of Eiffage, like the Millau Viaduct, and the high-speed train Bretagne-Pays de la Loire, and fully invested himself as he knew how to do it in the project of A79. Marc was something special, with tremendous human qualities, respected by all. His succession is organized and will be implemented beginning of May. Remember, a year ago, we were closing a magnificent year 2019. Our order books were full with works, and we had won great successes in concessions. That was without and before this virus, was not immediately perceived as a pandemic that would very toughly impact the whole of the economy and turn our lives personal and professional topsy-turvy. Thanks to the responsibilities of our teams, the quality of the social dialogue, and the nimbleness of our group, we knew how to adapt day after day to the evolution of the situation and remain mobilized as close as possible of the territory so as to make sure, as much as possible, the operational continuity of our activities in constraining health conditions. We experienced two half years totally different. First half year, as we said last August, was strongly impacted by the lockdown, with a decrease of activity meeting more or less two months in France and one month internationally speaking. The recovery of our activities, some governments required the full stop, was done progressively in full security for all of our collaborators, for all our employees, as by the end of June, almost the totality of our processes had recovered. Our concessions never stopped operating. According to what we announced during the half year results, we experienced a sensitive recovery of the activity at the second half of the year. The sanitary constraints were being aligned in all the countries where we work. The works activities worked almost normally, enabling us to be back to activity levels very close to what we knew before the crisis. In France, our clients went on with their major programs of investment, but the businesses experienced a decrease. Electoral years are never easy, but in 2020, elections lasted several months, which froze a lot of decision-making. In the other countries, our activities remain also supported by major projects. The struggle against the virus demands a vigilance of all moments. We successfully proved it during the second half of the year. We know how to live and how to work in spite of the virus. We also experienced magnificent trade successes, commercial successes. First half, we successfully commanded major operations to which we have fought for several years. HS2 in England, A3 in Germany, not forgetting A79 in France. The second half year enabled us to win magnificent contracts and offer an order book at a historical level. I'm inviting you to discover some of those contracts in pictures. In Germany, in France, electrical infrastructures of line 16 and 17 of Grand Paris Express. In Germany, PPP, 76 kilometers of motorway A3. France, concession of the future Motorway A79 in the Allier. France, renewal of the former headquarters of Peugeot in Paris. France, future swimming pool of Bordeaux Mérignac, Olympic Swimming Pool. U.K., terminal phase of HS2. Design, implementation, and maintenance of the Paris-Saclay hospital. North Sea, substation for the wind farm Hollandse Kust Noord. France, building operation maintenance of a school, wood and straw. France, building of the real estate project Joya. New headquarters for RTBF in Brussels. That's the public radio and television. Offshore substation for the wind farm in the Bay of Saint -Brieuc, ocean. Large port of Marina Baie des Anges in Villeneuve-Loubet on the Mediterranean, France. Spain, electric solar farm. France, new headquarters of Lidl in Châtenay-Malabry, department stores. Foundation of the two first phases of the wind farm Dogger Bank. Norway, implementation of a motorway of seven kilometers. Eiffage. Some areas were especially active in 2020, like renovation, renewable energies, health, and of course, the major transport infrastructures. Beside those orders, the year was wealth and activity and in deliveries. In concession, 2020 witnessed the materialization of our activities in our new lines. Also the airport activity, where less than two months after our beginnings, this business had to face the most important zone of turbulence that it ever experienced. We're today currently very impacted and getting back to the traffic level of 2019 will take several years. On the motorway concessions, we have experienced a brutal decrease of traffic during the lockdown, with the recovery as of the end of the lockdown in May. This summer, we almost went back to traffic levels close to 2019. Motorway concessions proved a very high reactivity to the government decision in the recovery of the traffic. Over the year, traffic of APRR is decreasing by 21%. December 2019 was also very important to the strike of the trains in France. About the other concessions in PPP, the high-speed train BPL goes on without any traffic risk. In spite of the closing to public of the stadium Pierre Mauroy, the teams have secured the handball matches of the Olympic Games in 2024. We acquired also in 2020, 2% of the APRR capital. Now we are shareholding up to 52% of APRR. In the works, our activity sustained. Construction was highly impacted by the health crisis. Real estate proved its resilience, and due to its expertise, made an exemplary year, even if the administrative processes during the COVID are complexifying the situation. Initiatives around new ways of building, strengthened by recent acquisitions, will be drivers for the development. The very good situation of our activities in Belgium and the first significant successes of real estate in Poland. Energy. Organization by axes of market, by directions of market implemented during the past years helped us to take up the opportunities of the recovery plans line by line. Resilience of organization enabling us to implement its human resource and its capacity where there is a need. Nimbleness is basic. Some businesses are impacted by their exposure to industrial lines, which are very impacted, like aerospace. Other are submitted to strong demands like pharmaceuticals. European activities were very dynamic, especially in Spain and in Benelux. Motorways. The work margins resisted. Our teams went on innovating. Road of the future, recycling, and vegetal binding agents are doing from Eiffage Route, a renowned player of the ecological environmental transition. Metal. We enjoy of the very dynamic market of the wind farms in Europe. In 2020, we developed this expertise in France. This will enable the teams of Eiffage Métal to consolidate this knowhow that makes us unique. Civil engineering, the work implemented during the past years to widen our coverage, geographic coverage, and our expertise in Germany enables us to grab beautiful opportunities. In France, the recovery of the specialty businesses, concentration in region with a high added value of the major project like the Lyon Turin and the Grand Paris Express enabled us to remain at exceptional levels of activity. Allow me to insist upon the Grand Paris Express involving all of our lines of business. More than 3,000 employees are mobilized on the various projects. Beyond civil engineering, with no less than 10 tunnel borers in activities, as we announced Monday, we won two stations on construction. The branch energy systems, besides its implementation in those stations, also secured several technical allocations on high voltage, low voltage, and ventilation. Let's see a summary in images of the activities over 2020. 10 tunnel borers on the Grand Paris Express in France. Rebuilding of a electric line, very high voltage. Warsaw facades of the hub. Delivery of three buildings, high energy performance, Floresco, Saint-Mandé, in the Paris suburb. Renewal of the elevator of the Eiffel Tower, North pillar. Power plant for the nuclear park. The largest solar farm in Europe, Núñez de Balboa in Spain. Of the works at the BNP Paribas Fortis. The lock and the dam of Harelbeke. In Senegal, the works of the train in the Dakar region. Bringing down the Pentagone Plaza Tower in Clamart, a suburb of Paris. Renovation of a building that will host the boosters of the Ariane rocket. Transformation of old containers into buildings. The Biophalt solution on the roads. Mango mobilités services of APRR. Grand Tortue Ahmeyim, our name in Senegal, building it. Permanent activity in our airports for the needs linked to the COVID-19 crisis in the airports. Works and operation of micro power plants in France. Large headquarters of Danone. Of the works for the Reims Arena. Opening of line 14, north of the Paris underground metro. First electrical cars, Volvo. Restoration of the Hôtel de la Marine in Paris. Hay River Bridge in Canada. Eiffage. During this period, we have to be really aware about our capacity to hire, integrate, and support the development of our teams. In 2020, in France, we hired no less than 2,250 young people and welcomed 3,900 alternates and 2,000 people who are working part-time. We implemented 820,000 hours of training and more than 1 million in 2021. We have to maintain an awareness of all time in prevention. This is even more so basic that we're exposed to important risks, highlighted by the health crisis that we are experiencing. Thanks to the mobilization of all our teams in France as in Europe, internationally also, this year, we reached a rate of frequency of the labor accidents at 5.82, below six, according to the ambitious target that we had set collectively in the framework of the strategic plan, Eiffage 2020. It's a major satisfaction, but it's never enough, and we should maintain our efforts day after day. 2020, it was also the 30 years of the employee shareholding plan at Eiffage. We couldn't commemorate the way we had wished, but in spite of the situation, the underwriting campaign made during the lockdown was a major success. Again, we experienced a progression of the underwriting rate reaching 70%-71% in the group. This is showing a magnificent collective momentum and a great pride of a part of belonging. As you certainly noticed, pandemic impacting us on the short term didn't prevent us from mobilizing ourselves on the challenges of the environmental transition. We published in April our first climate report according to the framework of TCFD, updating our biodiversity plan and launching a second phase of call for solution on the industrial partner platform, Sekoya. We are convinced that the challenges climate carbon, often perceived as constraint, are an ocean of opportunities for our businesses. We had the emergence of several materials concrete solution that we have to implement because the strategy of the group is to be a player of the industrialization of those innovation, making them known internally and externally. The recovery plans that are being implemented in all our countries will be as many opportunities of acceleration of environmental transition. It's a very good information for our business. We have a double challenge. Be exemplary on our own release, but also to be able to offer to our customers innovative solutions to improve their own emission of gases. We committed ourselves to the scenario of 1.5 degrees that will match a reduction of 40% of our greenhouse effects on the Scope 1 and 2 until 2030 compared to 2019. We have already presented this kind of graph, putting forward all the top actions implemented by the group on these topics for the past 15 years. On screen, you have a focus on 2020. 2020 will have highlight by the release of the first climate report and the action plan biodiversity, as I said previously, in cooperation of our corporate social responsibility during the refinancing of the banking lines up to EUR 5.1 billion since 2019. We reached the A-minus rate in the ranking of climate change 2020 of CDP. Challenges of carbon climate are a concrete way to make our signature alive, make our difference known. It's in this mindset, in total adequation with the values of the group that we started our campaign of communication, low carbon, make the invisible visible, so as to each and everyone could really pick up the already operational solutions and become an ambassador facing our clients. A coffee break. A break to recharge the batteries. You can see a surface paradise or the energies of future eco-neighborhoods. Roadworks, or 100% recycled surface thanks to Biophalt. Lampposts or smart lighting that adjust to actual needs. Working together for a city with a high quality of life. You can see a daring architecture or 1,000 sq m of crops in the heart of the city working together for urban farming. You can see old containers or a high energy performance contemporary house working together for a circular economy. We know there are at least two ways of looking at things. Let's see both. For the past 10 years with our customers, suppliers, and partners, we have adopted an eco-responsible approach to meet the challenges of climate change and the preservation of diversity. It's by seeing things in such a way that we can work together to create a future enriched by human perspective. Okay, after this tour of what we have done, a summary of 2020 in figures. A decrease of the results limited to 10%, thanks to a very good second half of the year in works. Following a first half year decrease, unprecedented decrease of 19%. Our operating profit is at EUR 1.263 billion. Strong decrease. However, we have to highlight the profitability of the Works at the second half 2020 identical to the one of 2019. In spite this exceptional crisis, the net result reached EUR 375 million, EUR 375 million, half of the one of 2019 after a first half year, which generated a loss of EUR 8 million. Cash flow of Works did well. You can see it on the graph of variation of the WCR, generating a cash flow level very close to the one of 2019. We can reduce again the gearing, which is at EUR 9.9 billion, which was not really foreseeable at mid-March. Visibility, our order book is, as I said, at a historical level with EUR 16.2 billion, an increase of 14%, 14%. For 2021, we foresee a progression of activity and results. However, without being back this year to the levels of 2019. Works activity is foreseen in a significant increase, bearing on a very good order book and our capacity to work with or in spite of the virus. However, the activity of the concessions will remain very depending on the evolution of the health situation and of the decisions of the governments. We'll suggest at the general assembly a dividend of EUR 3 a share, i.e., EUR 1.5 for 2020. I'm confident the group is solid, and we have the means to go on with our development in all our lines of business who are at the heart of the environment transition. Thank you for your attention, and I invite Christian to give you the in-detail explanation of our financial elements. Thank you. Good afternoon to you all. I suggest we return to the major figures mentioned by Benoît. Our revenues down 10%, as you can see, -9.5% in Contracting, minus 12.7% Concessions like for like, and 12.7% without the revenue of airports integrated this year. This demonstrates the persistence of the health crisis on Concessions traffic throughout the exception of the beginning of the year and the holiday period. In Contracting, without surprise, activity's down in each of the divisions. The highlights just been stated as Contracting as of H2 returned almost to their level of 2019 with a limited reduction of 1.4%, even revenue stability of Contracting in France in H2 at +0.1%. The consequence you can see on the right of the screen, because remember in H1, the drop in activity was twice as strong in France than international. That was corrected. Full years, the activity reduction losses are very similar, 0.7% between France and rest of Europe. By country on page 36, the major trends. I'll return to three of our major countries of operation. Our activities in Germany were up 10% for three reasons, business continuity during the first lockdown. Sustained order intake and the start of the construction work of the A3 motorway in Spain. Energy business slightly up. That's a limited decrease overall in the country, despite decrease in road activity. Belgium -13%, a country heavily impacted by the health crisis and the halting of many of its job sites in March. On the recurring operating income, the margins down 7.7%, 38.4% in concessions, 2% in contracting. That's minus 1.6% in contracting. This decrease of 1.7% is a 2.1%, and 0.5% international, given the shock that we mentioned in the first half. What's also interesting is to focus on the second half, that I'll comment separately this year. We don't normally do that. Shown here is once the contracting activity returned to a level close to 2019, margins also become similar to what they were back in 2019. Slightly up in infrastructure and energy systems, business lines, and down in construction, where buildings suffered more. All in all, you see a contracting margin in H2, 5.4%, identical to 2019. Proves that our companies integrated the health constraints, demonstrating agility, capacity to adapt, and cost discipline. The result of concessions remains heavily impacted by traffic drops, even if concessions adapted their costs and their investment budget. The outlook over five years, it's a usual document that is of no real interest this year. You'll find this shape in the curve of all the following slides. Turning now to the results by division. In construction, the activity drop is stronger than elsewhere, notably during the first lockdown. Longer periods to obtain planning permission in France, that didn't help us during the year. Real estate held up well with a drop of reservations 16%, 25% if we just take France, boosted by renewed interest from institutional investors for block sales, and also the significant first successes achieved in Poland. Real estate generated EUR 58 million in operating profit, lower than the EUR 77 million achieved in 2019, for a margin of good quality at 6.2%. The takeaway here is buildings slightly loss-making affected by distancing measures, more costly and more onerous to put in place, and of course, the lump sum nature of most of our contracts that made it more difficult to obtain compensation. We're here close to Angers. I'll illustrate what I'm saying by initiative in low carbon construction. We're building here 4 R plus 4 collective housing units by our B3 Ecodesign that you've seen. It's a modular construction company using sea containers across all types of housing, but also in the service sector. It's a virtuous constructive mode because it's of low carbon emissions. In addition to recycling containers, it's off-site, and the finished product is very energy efficient. In the infrastructure division, the drop in activity is lower, thanks to the major sites of the Greater Paris, EUR 730 million in revenues against EUR 700 in 2019, as we saw in the film. Wind power accounts for the growth of metal in France, Saint-Nazaire, and also the good performance of international, driven by the market for road and rail infrastructure in Germany. Lastly, road in France is down by 13% in a market that's more depressed than that. In H1, we increased to 100% our holding in the mining quarries, hence the stability in quarry tonnage levels at the foot of the screen. As to the results of the division, they picked up in H2 across businesses with a margin slightly higher than that of 2019, in spite of bidding costs, very significant in that activity. I'd like to return to the A79 to comment this original initiative. We're using a belt conveyor over 1.7 kilometers to carry materials from the quarry to the job site. Nothing revolutionary, but it's the first time that it's used in a major earthworks projects, avoiding 160,000 round trips by trucks, that's colossal, and the corresponding CO2 discharge and traffic disruption. Energy systems business line activities down by 9.5%, slightly less international. It limits its drop in margin to 90 basis points, would have posted profitability up without the shock of H1. This better margin resistance is due to the diversity of contracts in the branch. We strengthened in France and Belgium on that of broadcasting integration through the acquisition of two specialized companies. This year, we also delivered major transactions cited on the screen, and we also renewed the order book in major projects, some cited by Benoît on Greater Paris, mentioned at the foot of the screen. That augurs well at a time when certain industrial clients will no doubt slow their order intake. I mentioned Saint-Nazaire for infrastructure, energy systems also active. This is the ESTEC. There's one per wind power unit. It converts high voltage power and sends it back to the substation. Three modules assembled at the Saint-Nazaire port with a gantry. In concessions, APRR traffic was mentioned, its strong variability over the year. The good management of operating costs and quick responsive teams preserved the EBITDA margin, a very laudable level, 71.4% down, very limited given the traffic drop experienced. This allows APRR to see its credit note, A-minus, confirmed by S&P stable outlook and its short-term credit note upgraded to F1 by Fitch. All that without neglecting customer service on screen, a few major initiatives that are significant, nor investment in the company's low carbon strategy. I'll return to one of those in Grenoble. This is the AREA network we introduced in October 2020, this dynamic carpooling lane over eight k's. It's only activated in the event of traffic congestion by the diamond shape luminous panel, reserved for vehicles with two passengers or those with zero emission, either electric or hydrogen. across all concessions we've been presenting since June 30th, this slide on the left with the motorways. We mentioned APRR. Other motorways closer to that of APRR. there's the airport activity with the change versus 2019 that we indicate, just for memory, because we didn't have those assets in our numbers in 2019. Third block, PPP, including the high speed line BPL without traffic risk. The operating margin is down 11.3% owing to the drop in the APRR EBITDA margin and then the integration of airports. The loss is there, EUR 45 million in that. EUR 45 million of loss. EUR 33 million correspond to the amortization of goodwill. The differentiation is the operating loss of the asset. Illustration, our micro power plants acquired in 2019. Full ownership, works over three years for ecological compliance and to boost their powers. There are three tranches, essentially in the summer, two of the sites on screen, fine autumn views. For our income statement, I extensively mentioned, as did Benoît, the two main metrics. The other income and expenses down EUR 17 million as June 30th. There were two very significant amounts, a charge of EUR 57 million for asset impairment of the Pierre Mauroy Stadium given the crisis, and income cash balance EUR 61 million as part of the buyback of the 2% of the APRR capital cost of net debt is down once again EUR 12 million with a more significant drop in the debt of APRR, but additional financial expenses at Eiffage SA to structure additional liquidity, the bond issue that we made. In the other income and financial expenses, we had the Getlink dividend in 2019, a few impairments of securities, non-significant tax expense down. Net income comes in at EUR 375 million, which brings us to earnings per share of EUR 3.83. The debt, I'll comment it through this bridge of development across the year. The EBITDA decline is around EUR 500 million. At the foot of the page, you have the 2019 figures offset by the change in WCR, which generates cash for some EUR 321 million. The drop in tax paid for operating cash, the first gray line, that's identical to 2019, EUR 2.2 billion, give or take EUR 20 million each. Contracting division contributed to the good holding of WCR for a total of EUR 364 million. Turning to investments. OpEx, contracting, slightly higher than 2019. That's the tunnel borers for Greater Paris introduced this year. They'd have been down without that. Concessions. CapEx, EUR 400 million for APRR, EUR 150 million for building the new A79 motorway, EUR 100 million on other assets in PPP in construction, for a total that I round off at EUR 650 million. This leads us to a net investment flow of EUR 1.1 billion above by EUR 250 million through 2019, which is the construction of the new Motorway A79. Development, investment, and renewal, even if it's positioned at this point in the bridge, important to bear in mind. Free cash flow, EUR 1.1 billion. Very close to its 2019 level. The variance only made up, let me insist, of the investment differential that I just explained, which is a growth investment. In acquisitions for some EUR 300 million, the main transaction is the buyback of 2% of APRR this year. Next, we have under this item, acquisitions of small, five companies in Energy Systems. Lastly, capital transactions made up of the dividend paid by APRR to its minority shareholder, and movements on Eiffage stock increased by its treasury stock by 1% over the year. All in all, net debt down EUR 330 million to EUR 9.9 billion in spite of the turbulence experienced in 2020. We detail, as always, this debt, it's split between the non-recourse portion of concessions and with recourse of holding and contracting. We really attach importance to this split, which represented within our business model and our financial capacity and our leeway. Lower part in black, you have the stability of the concessions debt. Upper part, net cash of EUR 1.1 billion benefited of the change in contracting WCR, financed our growth investments, some EUR 300 million, also carrying the financing of A79 at equity by the group holding company. Group liquidity is detailed on page 38. It strengthened significantly in 2020 once again. Let me end with our order book, already discussed by Benoît. Overall, you have the detail here by division and construction. The order book's slightly down, which highlights lower order intake in a highly competitive building market. In France, we see on the graph clearly the impact of major projects treated in 2020 for infrastructure, already had a significant order book for Grand Paris and offshore wind power. Energy, +16%, main for major projects at a lesser extent. Same situation as for infrastructure. I believe I've detailed our major metrics. We can now move to Q&A with Benoît. Let's start with questions in French before moving to questions in English. Thank you. Please wait until your name is announced. Once again, press star one if you have a question. Our first question comes from JPMorgan. Yes. Hi. Good evening, Benoît, Christian. Hope you can hear me clearly. Thanks for taking my question. Well done for the results. My first question will be on WCR fine performance. We saw it at Vinci also. They indicated, however, that there were some early anticipated payments for certain public clients in 2020, and that boosted the cash flow performance. Is it also the case for you, and what must we factor in for 2021, as you see it? My second question on the construction margin, they're down in H2. Can we hope that they'll level off in 2021 versus 2019? Should we consider a bit more pressure on that? Where does that come from? My third question, on the outlook for negotiating new contracts, stimulus package on APRR, Autoroutes. Vinci seemed to be saying was no longer on the cards, and the extension on it. What's your take on that? Thanks. Christian, maybe on WCR. Yeah. From time to time, we have public clients that pay-- It went well towards the end of the year, but not significantly more than usual. I just suggest we return to a slide, the small multi-year graphs of changes in WCR discussed by Benoît. What we see for WCR total as a period, you do the sum, we're in a variation of zero, pretty much for revenue of EUR 80 billion. We've always said on a long-term trend, the WCR change, if our results are clearly assessed as zero, even if from time to time we can accelerate payments, have a payments advantage. Mid-term, we can say it's zero. Second point, look at the graph just above, and you see that we're consuming WCR in growth years. Conversely, we gain WCR, that is, we improve our treasury in years of decrease. It served for the industry as a crisis dampener when we saw a sharp drop in revenue. We hadn't seen it on this scale, but it's quite pleasing to have that incoming cash flow this year. Logically, I think that if we regain volume in contracting, we'll consume a bit of WCR. It would be logical given past history. Our WCR is under control. I think we should rather anticipate a stable WCR with a slight cash out for 2021. It would be consistent with what we see on the chart, even if it's somewhat difficult to theorize WCR. Previous year's weight of real estate, we had strong real estate growth levels the past three years, 16 2017 through 2019, real estate consumed always a bit more WCR than other. Stability, slight cash out, but not a total unusual behavior by our clients. Maybe Olivier on the construction margins. Yeah. Hi. What we can say for the construction margin, the market remains competitive as was said, notably in France. The second issue is that generally, results depend on order intake and volume. Generally, we're on markets that are pretty flat or downward or slightly down or up. Here, we are in a pretty marked uncertainty in the trend of our order intake. I'd say really the challenge is more considerable in 2022 than it is in 2021. You see that our order book was slightly down, and if the drop were to heighten, it wouldn't contribute to stabilizing profitability earning. They really depend on our order intake that we're really keeping a close watch on month by month. Thank you, Olivier. Philippe, maybe some input on the stimulus package or possibility thereof. Good evening. Yeah. At the start of 2020, the transport ministry had asked us to prepare investment proposals to accelerate the ecological transition, a bit more biodiversity on our motorways, and this massive stimulus package offset by an extension in concessions, was put on hold by the government for the time being, given the political priorities of the day. Today we're moving towards a plan-based contract, more modest in terms of volume, clear towards the ecological transition, though it would appear be financed by more moderate tariff increases. Our proposals to reduce CO2 emissions on the motorways are on the table, have been for several months. They're ready for a massive stimulus plan or for a more modest contract plan. We're available with the government to move forward on those fronts. Thank you, Philippe. Next question from Jean-Christophe Lefèvre. Yes, good evening. Can you hear me? Yes, indeed. Bonsoir, Christian. Good evening. Good evening, Jean-François, if he's present. It's about the Motorway A79. We can barely hear the speaker. Out of the EUR 548 million of the project in 2021, 2022, will this be refinanced with partners? I think it's APRR that has to manage this project. You didn't elaborate on this project yet. Are there clauses of the sharing of the revenues? Second question. Curiously, on the airport of Toulouse, we don't see the monthly traffic. Can we have a base traffic on an annual base and the loss? Can we have the EBITDA? It would be nice. Third and last question about Eiffage Énergie Systèmes. Can we have the magnitude of the revenues in Spain, in Belgium, and in Germany? The German figures didn't go above EUR 150 million. Was this figure improved this year? Thank you. Christian, CapEx, I'll give you approximate figures, EUR 300 million in 2021, above the EUR 150, and EUR 100 residual to get to this figure that you alluded to next year in 2022. It's a very short period of time. Today, we are on a track that we had from the beginning. It's a project that is totally supported by Eiffage SA, and it's only the operation that is picked up by APRR. For the time being, we are in the classic framework to be financed by Eiffage during the construction. The question will be asked when the refinancement will come, when the Motorway A79 will be operated. We'll see if it changes regarding the shareholder proportion between APRR and Eiffage. Okay. On the tariffs pricing? What do you mean? About the pricing. All the pricing about our offer are elements that cannot be disclosed at this stage, because it's going to be only at the end when the motorway will be operated in consultation with the government that the prices will be announced. What is the magnitude of the revenues during the first year projected? No, we cannot do that. Airport of Toulouse. Yes, on the airport, other concessions. What I can tell you is the EBITDA is positive, of course. We have a loss of EUR 11 million before the amortization and a margin of EBITDA, which is positive. On the Eiffage Énergie Systèmes, we are on growth in Germany. We didn't have an external growth, a significant one. In the past years, we made only small external growth. We had no opportunities of important growth. Currently, in Germany, we have several subsidiaries who are on businesses which are halted, and there is no bridgehead that would have an important German activity. Those are areas where we think we'll strengthen ourselves. I alluded to it in the past. I'd say that our Spanish position, conversely, still is very important and the most important in the market for the foreign operators. Some figures per country. In Germany, EUR 100 million activity. The rest by the infrastructure, metal, and civil engineering. In Belgium, we have EUR 150 in energy, the rest in construction. We didn't do, as Benoît, major external growth. We are on the figures that you know. In Spain, we had a small external growth and a lot of organic growth. We changed the scale, and we're on the figure between EUR 500 million and EUR 600 million. Something very important. In energy, we took our share on the market of renewable energies. We're very active there. I didn't hear properly. Is it a loss of EBITDA? No, the EBITDA is positive in Toulouse, in the airport, and the operational result is negative by EUR 11 million. Thank you. The EUR 45 million of loss for the airports, because I thought it was an important figure, is EUR 33 of overvalue, and EUR 11 million of loss, and EUR 1 million of the Lille airport. EUR 1 million. One unit. The sound is no good. Next question comes from Barclays. Yes, hi. Good evening. Thanks for taking my question. I have three quick ones, in fact. The first point of detail about CapEx on A79. What could you do as a repeat year on the phasing of investments at APRR and the rest of the concessions portfolio? My second question concerns the outlook. You mentioned strong rebound, no surprise of your construction activity in 2021 versus the basis of 2020. Could you give us an idea where you plan to get to as compared to 2019? Is it a total return to the level of two years ago on what you see on your order book? Do you think that you'll be slightly below that and qualitatively by activity? Final point, could you give us an order of the margins in the various contracting business? Very good margin in infrastructure and energy system in H2 2020. Can we extrapolate that into 2021? Maybe Christian, on the phasing on the CapEx. Philippe, do you want to speak to that? Then I'll come in on the remaining CapEx. Y eah, for the phasing APRR year, we invested EUR 400 million in 2020. For 2021, we anticipate EUR 450 million. It's a strong activity year for the two major projects, A480 in Grenoble and A75 at Clermont-Ferrand. There should be a decrease as of 2022. We're anticipating today some EUR 350 million in 2022. On the other concessions, with our new operations, we can expect EUR 30 million-EUR 50 million over the number on the only operations under the Reims Arena PPP police station in Paris, still PPP, the nautical stadium at Mérignac that we saw in the upgrade of the dams, renewal CapEx for airports, and the marina of Villeneuve-Loubet count between EUR 120-EUR 150. EUR 120 on that scope and EUR 150 for new business in 2021. Once again, EUR 100 million for 2022, and then it'll depend on successes achieved on new deals. On the outlook in contracting, as I said, the order book is at an all-time high. What's crucially important to be borne in mind is that it's hugely driven by the major projects. Impressive figures, are spread over time, far longer. It's good news because it stabilizes a lot, but it really hides the forest here on the kind of business franchise on a day-to-day basis, short order books, it's a lot softer. There were issues linked to elections that I mentioned earlier. There are some industrial sectors where we were exposed on service work, small civil engineering or Energy Systems Division. It's repositioning, but we don't have great visibility on the share of activity that naturally we have to secure during the course of the year and that we execute during the year. That's why the rise versus 2020 is obvious, is evident because we're assuming that we'll continue to be allowed to work as we did during the second lockdown, as we did in a number of countries, including during the first half. The uncertainty on certain business franchise volumes is such that could be lower compared to activity levels reached in 2019. On the portion that you call margin extrapolation, both are somewhat linked. Today, I think, this is demonstrated in H2, in the H2 margins that we announced, for all contracting similar to 2019, there's no return to better fortunes on big deals. It's really kind of half-year execution. In spite of constraints, a number of difficulties, we're able to factor that into our costs, notably for short-term order intake. There's no reason to have impacts and to produce less well. In our business, you have an obvious volume effect that, of course, leads to SG&A coverage that's not as good. If volume were to reach what we saw in 2019, I see no reason for margins not to continue to grow. If volumes were to land at a weaker level, there would be a slight margin erosion. Is the answer sufficiently clear? Very clear, thank you. Thank you. Next question, Pierre-Jean Tessier, HSBC. Good evening. Three questions. First, about Grand Paris. Can we have an idea of the market share of Eiffage on the share of the works? I think there are three groups in design and building. What are the trade strategy or business strategy will you have? Second question is about the Toulouse Airport decrease of traffic. Is there any solution to be expected about changes in the concessions? Third question, privatization of the local airports. Is it all on standby? Privatization of the regional airports in France, yes. Nothing for the time being. Would there be something? It would be excessively complicated to structure a business plan in the short term, the years to come, i.e., all the movements noticed could really justify a certain amount of concentration of the very tiny airports who will not live over the crisis. Those are not significant elements. On the pricing, regarding the lack of visibility, we renewed the prices of 2020. That was those of 2019 and those of 2018. Due to the lack of visibility, we have no capacity to establish a regulation contract, we'll remain in a situation day after day. Okay? About the Grand Paris Express. Grand Paris impacts all of the works business lines. Your question was more on civil engineering, I suppose. On the other lines today, all of the stations, the certain amount of groups, we made a choice to integrate between Eiffage Construction and Eiffage Systèmes. We had two first successes. We won two stations, and we operate on the same way for the other stations which are put at call for tender. It's between EUR 50 million and EUR 100 million according to which station, a certain amount will be put for auction. At the scale of the energy system, those are significant contracts that may go up to EUR 50 million to EUR 100 million. The Société du Grand Paris, to all the groups, to be very active in mobilizing qualified teams to be able to catch up with the delays or concentrate the resources in order to be starting several pits at the same time, which encouraged the groupings. We have a stable group, a high voltage, low voltage and another grouping regarding ventilation. For the time being, we have won a certain amount of things. We are on the line 15 and the line 16 and 17. Those are the studies being led, and the first works will be able to start soon. The last element is for the major projects of civil engineering, I think that globally speaking, we remain on market shares which are classical. The only element that was totally unusual, we made a strategic choice to go on our own on the tremendous project of the 16. While most of the time it was a grouping. Well, it had a very special effect. In the first year, the market share of the group, due to the line 16, was a special case. I'll leave the floor to Guillaume for the menu of years to come, so to speak, which is still very important. Hello. Indeed, the menu is still very important for years to come. We're positioned on two call for tenders by the Société du Grand Paris in 2020, in spite of all the lockdown effects and the health crisis. The most important one we are preparing our offer is the southwest from the Pont de Sèvres till the La Défense. The second one in parallel is the southeast, closing the line 15 to the east. The two other lots haven't started yet. On those call for tenders, Eiffage is positioning itself. We took the strategic decision to renew the same recipes that worked on the line 16. We organize the investigation in solidarity with partners who are subcontracting. Guillaume. Thank you, Guillaume. Is it clear enough, Pierre? Yes. Thank you. Thank you. Our next question comes from Bryan, Garnier & Co. Yes. Hi. Thanks for taking my question. First, following up on your comments about the two tenders by the Greater Paris Authority, could you give us an idea of the sums involved? What's the size of the project that's expected? That's the first question. Second, on a lighter note, you mentioned at the outset that the accident rate was down again last year. Do you see a similar situation for temporary personnel? What do you plan to do to reduce the difference? When we look at the accident rate, there's quite a marked difference if we just look at Eiffage employees and also temporary staff. Is it training that accounts for the difference? Are there some lessons learned there to reduce the delta between the two? Third, more general question, you mentioned business in urban lighting. Today, you're seeing a lot of attention for the smart city, or has the pandemic slowed those initiatives? Thanks. Maybe Guillaume on the tenders of the Greater Paris. Well, we're in the offer phase. We haven't done all the costing. Can't give the amount of our offer, but these are segments of the order of EUR 2 billion for each of the two contracts. On industrial accident frequency rate, you're absolutely right. What's very important is fundamentally to work on prevention so that it becomes a full management enabler and that it's included throughout the chain. The first key driver is to be deployed internally with all our teams. The more we can set the example, well, as a knock-on effect, it can improve the situation for our temporary staff. The difficulty for temporary staff is their turnover. We're working increasingly with temporary staff companies to help them to train them, that they can indeed benefit from training assisted by companies before they are received. We also make increasing use of so-called systems that allow us to improve the induction process. At management, we track rates for our own personnel and the temps and of course, the subcontractors. It's the whole chain. You need the car that's in front that pulls everything along, which is based on a deep conviction by the headcount complement and the company to achieve excellence on that front. I can assure you that when there's a sense of pride that's established, we had very long spells at zero accident. That can be a problem that occurs, but we immediately analyze it, and the teams get back to the original process, and that will improve the situation for our temporary staff and subcontractors because it's a very important issue for them, too. Turning to the smart city. Well, I don't think there's a real change here. I think that we're moving clearly to something that is far more comprehensive. When we address a district overall, we see that clearly with the urban development phase of Eiffage to propose inclusive solutions with the technology to share usage, to implement more attractive and finer solutions in terms of impact, disruption, and carbon footprint. That's moving forward with the help of technology. Not only, and that really is what is driving the process forward, perhaps with another name, but it's another vision of what we call the smart city or an aspect of smart that involves more topics than something that is merely technological as a few years ago. I can assure you that Eiffage urban development are at the cutting edge to implement those changes, and there's keen interest from our clients and our people to implement standard setting districts. The company's societal responsibility is all about generating eco districts to promote better living together and other things that will have a beneficial impact on society long term. Thank you. Merci. We have no more questions in French, and we'll move to the English questions. Questions in English. The first question comes from the line of Luis Prieto. Please go ahead. Hello. Good evening, gentlemen. Luis Prieto from Kepler. I have just one question. The rest have been answered. Regarding the question, I'd like to know what the capital allocation strategy should be over the longer term, over the medium long term. We have seen in recent times, airport capital allocation, APRR stake at Getlink. I'd like to know what we should expect along these same lines over the next years, given the current situation today, which is obviously more constrained and looking at an improvement over coming years. I think that as I said in the past, the basic strategy will not change. Let me remind you, we believe in two main balances. One balance between know to be very present in our territories, but also to know how to take projects much more complex, large infrastructures, being a global player. The second balance of the group is between those works and those concessions. Today, we're convinced that we have the means and the capacity to go on, develop ourselves on those two lines in time, keep this balance between works on the one hand and concessions on the other. To allocate the capital so as to be able to develop our two businesses. It goes through the works being active and our capacity to be able to go on Growing knit of the territory in a more important way to add a certain amount of specialties with a specific direction with the Eiffage Énergie Systèmes and the works to be able to be more performing, notably in the international development. I do believe that we should better be in less countries and stronger in those countries. In some, there are businesses which are not present that we can implement. If not, for those who are present, is to be able to become, little by little, a more global player in those countries. We discussed it earlier on the Énergie Systèmes line of business, a strengthening in Germany, Belgium. We did it in Holland recently, in the Netherlands. Those elements have a lot of interest for us, and we work on that because at the end, in the given country, if we're able to have the whole of the business lines, it will be more attractive for the best of these countries that will be able to generate the power and capacity of the development of the group in those countries. Less countries, but strong in those countries with all our businesses. When we talk about the development of our concessions, the first risk of the concession holder is the political one. A good way not to cancel because it's impossible, the political risk, but to circumvent it or to restrain it is to be a real player in the works. We have our social responsibility at our heart, and we have a territorial strategy. We're ready to open up this kind of things, but we focus on places where we are a player, works, recognized, like the French region, but also the case of Belgium, Germany, Netherlands, Switzerland, Spain. Those are playgrounds where we can carry on growing and develop our concessions. In the recent elements we performed in the past years, our presence and the capital of Getlink is of interest to us in the long run. We'll be ready to strengthen ourselves if need be. If there is an opportunity, and meeting what we think is good for the company and its development. If not, on the other topics, we are open to a certain amount of elements linked to energy, either on hydroelectricity or solar. Those are businesses where we can totally integrate. Obviously, in the long run, when we allocate capital, if you can be sure if it's a greenfield or a brownfield, we need the works competences or skills. The more works you have, the less the competition is difficult. That's why it's of interest to us, and this is why the example we showed you with the Motorway 7 and 9 is the perfect illustration of the group's strategy in this development, because we can secure this new concession in the long run while doing a major project with our works teams and the operation in the long run. If I should summarize, develop both sides, works and concessions, but in a territorial configuration that remains consistent so as to remain eventually able to carry on with our values and attract talents to develop the group. A follow-up, if I may, on that respect. When you mentioned energy, hydroelectricity and solar, you're referring to energy generation, right? Sorry? When you mentioned in the last part of your contribution, you mentioned hydroelectricity and solar in the energy business. You're referring to developing energy generation assets in those fields, right? Operating. Energy generation asset. Yes, absolutely. If I take hydro power plants, fundamentally, it's of interest because we're learning on a sector in order to be able to sign long-term contracts for buying power under good conditions. You have to invest some CapEx, it's through our contracting team. Operation maintenance is done by our teams over the long term, that allows us at our scale to understand and, of course, would be fully open whether to be hydro power concession deals more consequential. Today, they don't exist in the territories where we're established. There are a number of opportunities that are looming. It's of interest because it's greenfield, and rather brownfield, I should say, and we're capable of leveraging all the skills of the group and not just buying back an existing asset where there would be nothing special to do. Christian? Y at-il d'autres questions? [Foreign language] Are there any other question? Any other question from the English side? The next question comes from the line of Tobias Werner from CIF Europe. Please go ahead. Yes, good evening. Thanks for taking the questions. Two, if I may. Apologies if they've been asked already. Number 1, can you give us an update where your traffic on the APRR sits at year to date compared to 2020 and 2019? Also, it would be quite helpful, what sort of assumptions you take with a view to 2021 in terms of traffic versus 2019? Secondly, you're paying a dividend of EUR 3, of which EUR 1.50 relates to 2020. You're basically saying the additional EUR 1.50 is a special dividend. Is that the right way to see it? Yes. Oui. Christian, you got it perfectly. It's EUR 1.5 for the 98 million of shares that will be taken on the net reserve that we have for 2020 of EUR 375 million, and an extra dividend of EUR 1.5 that will be paid at the same date and at the same time. In once, I mean. Philippe, some news about the traffic, some information about the traffic. Indeed, our traffic remains under the pressure of the health crisis and the government measures to prevent the circulation of the virus. The closing of the ski stations is really having a very important impact on our concession network. We are impacted more strongly than other networks in Europe. In terms of figures, the accumulated traffic 2021 since the beginning of the year-for-year, is minus 25%. I will not give you a perspective for 2021. We have no guidance on the traffic for the year 2021. It's even more so difficult that we are in a great uncertainty about what's going to come next. I'm not able to give you any guidance about the traffic for 2021. Thank you, Philippe. Thank you so much. The next question comes from the line of Gregor Kuglitsch from UBS. Please go ahead. Hi, good evening. Thank you for squeezing my question in. There are two or three questions maybe. One is to the clarification from earlier. You mentioned the airport breakdown in loss. Can you just explain, if I understood, EUR 11 million loss for Toulouse, EUR 1 million for Lille. What's the balance to get to EUR 45? Is it an amortization charge for the price paid on Toulouse? Just clarification on that. Second question is on capital allocation. I understand your broad framework, but can you give us an idea when you think about returns, what you're looking for? For instance, when you buy shares in Getlink, what is it that you're looking for, as an example, in terms of rate of return? Linked to that, are share buybacks something that you consider actively when you benchmark acquisitions? In other words, do you look at your own stock to see whether it's more attractive than acquiring something else? Thank you. On your first question, I confirm your understanding. The operational loss of the two airports that you mentioned, EUR 11 million, the variance is the amortization by Eiffage of the goodwill of the price paid that we decided to amortize linearly over the period between the acquisition date and the end of concession to the tune of EUR 33 million per year. On the share buybacks, our purposes of capital allocation is to develop the group, the focus areas mentioned by Benoît. We regularly buy back shares because we have an offer, as you understood, employee offering every year. We pledge to cancel the new shares that we create for employees. We buy some back for cancel. We're opportunistic, and depending on the share price drop, we intervene more or less strongly, but long-term to maintain the shares at the current number, 98 million, or to dilute existing shareholders through capital increases for employees. We're not going to reduce by benchmarking the value creation of a capital reduction versus growth. The idea is to invest our cash flow in the group's growth. Benoit. Thank you so much. The next question comes from the line of Martin Wachter from Bank of America. Please go ahead. Yes. Thank you. Good afternoon. My question is on your dividend policy. Can you clarify what sort of payout ratio can we expect in the next few years? I think if we look at this dividend for 2020, the EUR 1.5, that would be around 40% or 39%. Is that the floor? Is that the recurrent payout ratio for the coming years as well? Good calculation, good mathematics. The basic element is that you're talking about policy of dividend. We have no policy of dividend. However, the 39% or 40% you've seen since a certain amount of years, we have shown that we know how to make move our dividend given the evolution of the results, and there's no reason to change. We are facing an exceptional year, but when we have taken the decision to suggest this dividend of €3, €1.5 for year 2020, during the pandemic, when we took the decision, all the uncertainties and all the government pressure not to hand out any dividend, we explained that when we'll have to decide about the suggestion of a dividend to the general assembly of 2021, we would take into account the fact that we canceled this dividend. This is why we decided to add EUR 1.5, making that we're paying out EUR 3. I mean, suggesting EUR 3 to the general assembly of the year. Thanks. We have another question in French from Morgan Stanley. Your line is open, sir. Dividend once again, and to simplify the EUR 3 today, are they a floor or not? That is my first question. Not many acquisitions, not many divestments, rotation in construction. Are there things that are beginning to be sellable excluding the lockup? Thirdly, you shared your caution, your prudence, on construction. If we take into account the potential stimulus package in France, Germany, at European level, be it in road or energy, can the more things are going to improve energy that delivered a good H2, where we were used to a margin progression of 20 basis points per year for six, seven years now. Thanks. Maybe Christian on the first two points. Well, EUR 3 dividend. No, it's not a floor. It's EUR 1.50 plus EUR 1.50. Maybe you can come in here. Policy, we don't have a dividend policy. It's not a floor. We're not pledging today not to reduce the dividend versus those EUR 3. On the PPPs, no change of policy as regards the building PPPs. We always said that what was going to be divested was our building PPPs. We've done that several times, penitentiary, education. Let me remind you that for an attractive gift, it's not a matter of selling a PPP of EUR 30 million in debt and EUR 3 million to EUR 5 million in equity. We have to aggregate a number of things to make the package attractive. We'll sell the oldest PPPs, that will arrive to debt ranges where they're sellable. I don't know if it'll be the end of 2021, early 2022, but we can expect 2021, 2022 if the market's there, we'll sell the oldest PPP building projects in our portfolio. As always, we keep the long-term maintenance portion of those assets, and we free ourselves of the corresponding debt, but you know that. On construction margin, obviously we'll remain attentive as regards the number of issues that are linked to the stimulus plan, the recovery plan. One of the first points is, of course, the speed at which they'll be able to come into execution, and depending on the countries, it may considerable impact. We can say, for example, today, our infrastructure activities in Germany are already benefiting from the recovery that picked up pre-crisis on the renovation of a lot of infrastructure, and that accelerated with the crisis. We're growing significantly in Germany, thanks to that. In Spain, well, necessarily, the country is excessively affected and is setting great store by this European stimulus plan to revive some infrastructure will affect our road business. Yes, we're attentive. That 2021 is likely. It's a bit tight aside from certain countries that have already started, but it's true that midterm, there's no reason not to have this flow that will come and help. There are a number of projects already existing, and we reroute them towards finance from a recovery plan. That can accelerate their execution, and that's very positive for the sector. On the portion of your question specific to Energy Systems division, I haven't changed my mind. There are those that are better than us. For several years, we've always said that we considered that we needed to reach, on a recurring basis, 5% profit margin on those businesses. Given our geographic mix and above all, our size, these are places where volume is accretive on the profitability front. I think that had there not been the COVID pandemic, it's clear that we would have delivered at least an additional 20 basis points. We're on track. H2, we managed to deliver a margin higher by 20 basis points than 2019, all other things being equal. We're nearing five, and we haven't changed our view. We plan to reach them. As soon as there's a bit more volume, it's easier. There you have it. It's more the uncertainty of the volume that short term can be impactful. The underlying profitability of deals today, the process in place is that we can be quite profitable in those businesses. Okay. If I may, one last one about Getlink. Things seem to be getting some visibility around the other side of the Alps. Do you feel a beginning of a start of emergency to look into this file? Well, I think our will and our capacity have nothing to do with the Alps and the other side of the Alps mountain. There's no issue. We already debated about that. I think that Atlantia, outside of Italy, is more a financial investor than an industrialist. As you know, we had a partnership of long-term with financial investors to deal together with the TRN AREA. It went well. There are no major issue regarding that point. Our only issue regarding Getlink is simple. What is the right level of valuation for the group? Is this the right level to be able to strengthen ourselves? We have time. It's a concession that is ending in 2086. No emergency, if this is what you meant. Thank you. One last question from Jean-Christophe Lefèvre, CIC. Mr. Lefèvre, your line is open. No further questions. Well, thank you all. We all hope to see you again physically at the half-yearly results if the health crisis allows us. Thanks for joining us this evening for the presentation of the full-year results. See you soon. Thanks.