Good morning, ladies and gentlemen. I am Philippe Berterottière. I am very pleased to be with you today to present to you the 2020 financial results of GTT. I am today with Eric Dehouck, Deputy CEO of GTT, and Anouar Kiassi, VP Digital of the company. Unfortunately, Marc Haestier, our CFO, is feeling unwell and is not with us today. I would like to wish him a swift recovery. Therefore, I will present the financial parts of this presentation, and I hope to be up to the task in that respect. So, in an exact summary, in 2020, GTT has recorded an excellent performance, delivering on its target. And not only did we do that, but also we set the ground for the future. First, we delivered a very strong financial performance, in line with what we promised, in line with our guidance. We had also many commercial successes in our core business, translating into a very high order book. We further strengthened our innovation and R&D with recruitment of highly skilled talents. We completed three acquisitions in our R&D, in digital matters, and in green hydrogen. And finally, we managed to maintain a sustained level of business, strictly complying with health and safety measures during this difficult period. Well, we are going to go through the fact that we are, in fact, a leading technology provider committed to energy transition. We are very well positioned to benefit from the growth of the energy value chain, and we do intend to conquer new frontiers of the energy transition. We will go through our key operational highlights before looking at our financial results for 2020, which are quite robust. And then I will conclude in giving you the outlook for the years to come. First of all, we are a leading technology provider committed to energy transition. In fact, who we are, I would like to spend a few minutes to explain who is GTT, what we do, and more importantly, why we do it. GTT designs a comprehensive range of cutting-edge technologies and provides added value services. That's what we do. We do it for a reason: to improve energy efficiency. We do that for decades. Consequently, we enable decarbonization, which is, this is one of the biggest challenges for the world for the next 30 years and probably for the entire 21st century. What we do for decades, it's exactly that. Our [Foreign language] mission statement, defined in 2020 by the employees of GTT, which is now in our bylaws, drives everything we do. You can read it here, but we can summarize it by the fact that at GTT, we are determined to contribute to building a sustainable world, and we hope to demonstrate that in the coming slide. We just translate that in our baseline: technology for a sustainable world. Cutting-edge technologies in order to help our customers meet the challenges of energy transition. First of all, that's LNG carriers, the tank technologies for LNG carriers, for onshore tanks, for other vessels. We do that for FSRUs, FLNG. We do that for decades, as you know. And just one figure: in the past decade, we very significantly improved the efficiency of LNG carriers, reducing the emissions of these ships by 40%. We do that also for LNG as fuel. When we propose our designs for LNG as fuel, we propose a solution to clean up very significantly the shipping world. We do that also with smart shipping. I mean, all the digital solutions we propose to owners and charters, which allow them to reduce their energy consumption. And last but not least, in entering into the green hydrogen sector, we are proposing a fully green solution for the future. So we build trust with all energy stakeholders for over 15 years. We have two families of technologies: Anouar and Marc, with many different solutions there that we apply to many different applications offshore energy as a fuel. And we have a full range of services to accompany these solutions and to make the life of owners and charters much easier. In fact, very simply, to maximize the number of days of charter of these ships. If we look at our key competitive advantage, just look at this figure. In 10 years, we almost divided the boil-off rate, which is the main physical thermal characteristics of our systems, in two. That is translating into fuel savings amounting to about $4 million per year, with the price of the MMBtu at $7, which is quite low. And saving in terms of CO2 of $1.5 million. It speaks for itself. In fact, we have a unique technology expertise relying on a very strong intellectual property and also a very strong human capital. That's the two pillars of the company. I could multiply figures about patents: hundreds of patents, thousands of patents. I just would like to say one thing. In the recent years, in 2019, we've been by far the first company, intermediate-sized company in France, for a number of patents registered. It's about one patent for six employees. We have more than 80% of engineers and technicians who are working hard to propose the solutions of the future. In fact, if we look a little bit at the past, we are going to talk about the future. If we look a little bit at the past, we see that over the past 10 years, we kept on introducing new technologies. You can read them here. Also, if you look at the figures, in fact, the R&D budget has been multiplied by almost four. The number of employees in R&D has been multiplied by about two. Over the past 10 years, the budgets for R&D have been about 10% of our revenues. It's easy to benchmark, it's among the largest budgets in the industry in terms of percentage. What is more important, it's constant. So this is this steady effort which can pay off. The environmental, social, and governance responsibility is really at the core of GTT's DNA. I talk about our quest for constantly reducing the emissions of LNG carriers and associated systems. But we go beyond. We go beyond in entering into hydrogen, green hydrogen. But we go also beyond for ourselves. We set for ourselves an ambition to be carbon neutral by not later than 2025. We are going to look at other things, how our designs can further reduce the emissions, for example, in the industry at large. We do that for LNG carriers. We want to go beyond. We want to go beyond in terms of our technology. But for ourselves, we begin by that. By 2025, we want to be carbon neutral. In terms of social responsibility, we are highly committed to gender diversity. We implement that in the company, and it's not easy. It's not easy at all in such a technological sector. I know that quite well. It's something we are very strongly committed, and it's very important to us. We provide also to our highly qualified workforce training to be even better. Governance, we have just one thing. For management, the long-term incentive for our taking into account ESG objectives up to the level of 30%. So it's genuine. It's what the GTT's employees want. That's what the governance of GTT wants, and it's what we do. Thanks to that, we feel that we are well positioned to benefit from the growth of the LNG value chain. On this chart, you can see the expectations for the growth of the LNG demand over the next 20 years, and you can see that wherever you take, it grows, and it grows significantly. We are right in the middle of that. We are quite ideally placed to benefit from this growth, on which everybody agrees. This growth, Asia will remain the key growth part for energy. We know that it is the case today. Asia is representing already 70% of the demand of energy. And analysts consider that by 2040, it should represent 75%. You know, I told you about that in the recent years, that energy imports in China are growing very quickly. It continued in 2020. And in fact, it will continue over the next 20 years. China is very soon going to become the first importer of energy. And by 2040, it should overpower the second one, which should be India by a factor of two. So this increasing balance will require new capacities, new liquefaction capacities, and also new capacities to transport this energy. You can see on this chart what it means in terms of increase of energy over the next 50 years. It's almost doubling the production of LNG. So we can expect additional FIDs. You know that very recently, Qatargas took the decision of expanding the North Field. It's going to add 33 million tons per annum. A little bit before, Golden Pass decided to increase the production of the plant from 16 million tons to 18 million tons, and last year, a very particular year, everybody will agree on that, we had an investment decision from Costa Azul. So even though after all the decisions taken in 2019, the flow of FID is still very strong. So what does that mean for GTT in terms of orders for GTT? In fact, for LNG carriers, we increase a little bit our expectations of LNG carriers for the next 10 years. We passed to 290-320 units. And that's in spite of the very strong year we had in 2020 with 41 LNG carrier orders. So while it's in fact a stronger message than what the figure could translate. VLEC, FSRU, FLNG, we did not change our expectations. For onshore and GBS tanks, we passed from 15-20 units up to 25-30 units. You know that in 2020, we signed for three onshore tanks, in 2019 for three GBS. And we are entering into the onshore tank business, talking with people about the interest of GBS. We are becoming more bullish on that sector. We totally revisited, as you know, the onshore tank technology, and it is supporting this stronger expectation. So that is placing us into a very strong situation for conquering the new frontiers of energy transition. There, I would like to hand the floor to Eric Dehouck to continue. Thank you very much, Philippe. Ladies and gentlemen, good morning. At GTT, we have decided to conquer three new frontiers. The first one is the Liquefied Natural Gas as fuel, LNG as fuel. The second one, the smart shipping, and the third one, the green hydrogen. Let's start by the LNG as fuel. We are very proud to show you here on this picture one of the flagships of the CMA CGM fleet: 23,000 containers on this ship, and actually, if you look, if you have a closer look at this picture, you will see in front of the ship another ship, which is the bunkering ship, the refueling ship. Those two ships are equipped with the GTT technology. As a player in the maritime industry, we want to play a role in the energy and environmental transition. The International Maritime Organization, the IMO, has defined a framework of regulation in order to encourage and to create this transition. Maybe among several decisions, two should be highlighted here. The first one, in 2016, the IMO has decided to ban for 2020 the sulfur oxide. This has been the kick-starter of the LNG as fuel market. And the second one is that by 2050, any new ship will have to reduce its greenhouse gas emissions by 70%. This will create a momentum to replace the aging and most polluting ship, and also for the ship owner to create new ships with new and cleaner technologies. So what are the, on top of the existing conventional fuel, what are the various options to a ship owner? Actually, our studies show that the probably only existing solution today to go into the direction of a more sustainable world is the Liquid Natural Gas as fuel, the LNG as fuel. We are absolutely convinced that this is the only solution existing today, and the infrastructure, the technology exists. We know the economics behind it, and all the regulation is in place. We really do believe in the emergence of low carbon fuel and eventually no carbon fuel in the future. But as of today, even if we put a lot of effort on that, there is no infrastructure still existing, and the technology has yet to be developed. So we believe that LNG as fuel is a no-regret investment that will contribute to the energy transition and to the environmental transition. So what are the dynamics of this market? We know that this market is mainly driven by new builds. This market has been decreasing over the past 10 years, going from 4,000 ships per year to nearly 700 ships in 2020, which has been an exceptional low year, especially due to the COVID-19 pandemic crisis. On this market, we are really targeting the large ships, and we see on this market, on this segment, that the LNG as fuel is step by step taking market share, and we do target on this market a market of 260 ships per year as a segment. We want, as GTT, to be a tier one company on this segment. Let's now look at the second frontier that we would like to conquer, and I give the floor to Anouar Kiassi, Vice President Digital. Thank you, Eric. Good morning, everyone. Before I describe to you our activities in smart shipping, let me first tell you what smart shipping is. Smart shipping is the use of state-of-the-art technologies, digital technologies to improve energy efficiency, safety, and operational costs. Smart shipping has different levels. It goes from remote monitoring to fully autonomous operations. A smart ship is equipped with a variety of sensors that collect operational data. They are connected to the shore to transmit and receive information in a secure manner, and they use state-of-the-art artificial intelligence to make the best decision. So it is a fascinating market that fits very well GTT DNA as it combines a unique knowledge of the maritime industry and an appetite for technology. There are different levels or different domains in smart shipping. The main ones are Performance Management, E-navigation, Weather and Routing, Performance Asset Management, and Fleet Operations Management. This market, the overall market, will grow annually by 9%. It's a steady growth to reach $730 million in 2025. The main drivers for that growth are the environmental requirements, the need for transparency between stakeholders, improvement of cost, of course, and the regulation in terms of safety and environment. At GTT, we ambition to be a reference player in that fragmented market, not only in LNG and LNG as fuel, but for all types of commercial ships. For that, we keep improving our products and services through a combination of organic development and add-ons. But we also intend to expand vertically by improving our footprint with additional products and horizontally by expanding beyond performance optimization where we operate today. We have strong levers to implement successfully our smart shipping strategy. First, we have an in-depth knowledge of the maritime industry and a privileged access to the industry stakeholders. Next, we have unique expertise in multiphysics modeling and artificial intelligence that will give us and gives us a competitive advantage in the long run. Also, our capability or capacity to acquire targeted companies will help us increase our footprint in terms of product and market share. And finally, the demand for smart shipping solutions is increasing because of the growing pressure for the reduction of emissions and the energy efficiency. So in conclusion, GTT offers unique proprietary solutions to ship owners, charters, and operators. And we deeply believe that we will make the difference in that fragmented market by introducing cutting-edge innovation that goes beyond simple digitalization. Back to you, Eric. So the third new frontier that we have decided to conquer is the one of the green hydrogen revolution. Our studies have demonstrated that the common denominator for the future decarbonized energy is either coming from green ammonia, from synthetic LNG, from hydrogen itself, is actually the green hydrogen produced from water electrolysis. This is why, actually, in 2020, GTT did the acquisition of H2Gen, which is today renamed Elogen. This company, Elogen, is designing and manufacturing water electrolysis with the proton exchange membrane technology, which we do believe is the best technology to fit best with renewable energy. We have a common DNA between GTT and Elogen. It's a DNA of technology, a DNA of innovation, a DNA of performance, and a DNA of reliability and long-term relationship and support of our customer. We have learned this long-term relationship, and the importance of this long-term relationship is the LNG business that we know well. What are the market dynamics here? We can clearly see that there is nowadays an unprecedented support for this market, unprecedented because of the public funding which are now available for developing this market. Europe has announced that they will put in place between now and 2050 over EUR 400 billion in order to support the development of the technological bricks and of the infrastructure to develop this market. We also believe that on this market, the only way to produce this green hydrogen is the water electrolysis on which we are positioned now. What are the developments for Elogen in the next coming decade? Actually, we are going to focus on three areas of developments. The first one is the internationalization going from a Europe-based to a broader international organization. The second one is to address more end markets going from a light mobility and light industry to heavy mobility, heavy industry, and the energy sector, and last but not least is also technological development going from what is called today small electrolyzer to higher capacity electrolyzer in the future, so it's been four months now that we have done the acquisition of Elogen, and we confirm our commitment to green hydrogen, and we today believe that in 2021, the company will do roughly EUR 6 million of revenue. We are targeting an EBITDA positive by 2025, and we have the ambition on this market to be able to produce more than 400 MWs per year of electrolyzer by the end of the decade. Let's look now at the key operational highlights for 2020. Key commercial achievements, first of all, in 2020. Many things to say. I just would like to spend a couple of minutes on our commercial achievements. We obtained 41 LNG carriers, which is a very large number of ships. I would say that also we obtained very diverse orders, orders of LNG carriers with some mid-size LNG carriers that we did not obtain before. New designs, opening new possibilities for LNG carriers corresponding to new trades. We obtained FSU, very, very large FSUs. We obtained also onshore tanks. We obtained also a contract with the U.S. Department of Defense. It shows that there is a potential in our technologies, which was not really tackled before. I could continue that for quite long. Let's make a long story short, that the points I wanted to highlight. Corporate key events in 2020. There is the KFTC matter with a decision in November from the KFTC. We appealed against, we appealed immediately against this decision as we are convinced that what we do is really fulfilling the current competition regulations. We appealed to the High Court. The Seoul High Court accepted our request to suspend the effect of the decision. KFTC appealed against that. So we are going to know in several months what is the outcome on this matter. We are quite confident, and later we are going to know on the merits of the matter what is the decision of the High Court. In 2020, we performed three acquisitions. It's more than all that we did in the previous life of GTT, and thanks to that, we are reinforcing our offering in smart shipping that Anouar talked about, and we entered into green hydrogen. So now, financials, robust financial performance. On this graph, we can see the flow of business we are expecting in the years to come. You can see that on the white part of the slide with something that we never had before, something very regular in terms of business perspectives over the next years. The years before, we had something very strong for the year, the following year, a bit less strong, but something far less regular. We have something which is new. It's a long-term visibility, which is giving us quite strong confidence in what we are doing, what we have to do, and in the perspectives and in the business we are tackling. Strong financial performances, our revenues have increased by more than 37% in 2020, and the EBITDA has increased by more than 39% in 2020. If we look at our cost base, the external costs have increased by 27%. For our cost base, they've increased by 26%, which is due to the increase of our staff, our employees. We do need that to address all our ambitions and also to the fact that our profit-sharing schemes, as we are strongly associating our employees to the fate of the company, is significantly increased with the 2020 results. As a result, our dividend policy is as such. After what we paid on 2020 in last November, we proposed to pay the balance of the dividend at the beginning of June of EUR 1.79, corresponding to 80% of the distributable result. I would like to conclude with the outlook. In fact, as far as the revenue is concerned, we are seeing in 2021 revenue between EUR 285 million and EUR 315 million. Compared to the recent years, you've seen on the previous graph that all the orders we received are going to have are a bit later than what they used to be. And so we are not benefiting fully from the benefits of them directly in 2020. Still, we have quite high turnover for this year. The EBITDA, we plan to have an EBITDA between EUR 150 million and EUR 170 million in 2021. We increase our staff, a number of employees, highly qualified people in order to address the challenges we would like to take in the years to come. And in fact, what we did, we set the ground for our future business, for our future ambition. That's what we do. And it's quite fundamental for addressing all these ambitions. For dividend, we stick to our policy to have a dividend of at least 80% on the exercise 2021. So as a conclusion, what we can say is that GTT, it's more than 550 women and men, highly qualified in their respective fields, committed to building a sustainable world. At GTT, for more than 50 years, we have always been innovating, designing technologies, improving them, accompanying them, exploring new things, inventing, always with a pioneering mindset. In a fast-changing world, we are strongly convinced that we've got to continue to do that and that we can play a key role alongside our customers to enable and accelerate the energy transition. For us, energy is a key part of the energy transition. Wherever we look at, however we address the issues, we see LNG. Beyond LNG. It is our responsibility to continue exploring ways to improve energy efficiency. That's what we do with LNG as a fuel. That's what we do with smart shipping. And obviously, that's what we do with green hydrogen. In fact, at GTT, we know, we believe, we know that we can make a difference. And we will. Thank you very much, ladies and gentlemen. Now we are going to answer to your questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad. Once again, that is star and one to ask a question. And your first question comes from the line of Jean-Luc Romain from CIC Market Solutions. The line is now open. Good morning and congratulations on the 2020 results. I actually have two questions. One is on the scheduling of the turnover for 2021 and 2022, given the orders you received in H2 2020. In H2 2019, you had very strong orders and about EUR 30 million translated into 2020 turnover, and I would like to understand why nothing translated in 2021 turnover from the H2 2020 orders, and my second question regards to Elogen. Very useful, the 400 MWs you indicated. In terms of turnover, what kind of ballpark would it represent, given that when we look at new orders, for instance, we see that orders for one to two megawatt PEM electrolyzers represents 1 to 1.5 million EUR now? Okay. Thank you very much. Could I ask you a favor? Could you introduce yourself? Oh, sorry. I'm Jean-Luc Romain at CIC Market Solutions. Okay. Sorry, sorry, sorry. I did not recognize you. Sorry for that. Thank you. Well, as far as the orders are concerned, in fact, this year, we had orders for deliveries later than before. So just that, and it's easy to see on our press release. When we announce an order, we announce also generally the delivery date. And you can see on our various press releases that the delivery dates are rather later than what they used to be. It's the only explanation. It's quite simple. In 2019, maybe there were early slots in yards for some reasons. And in 2020, the owners and yards preferred to have delivery dates later than before. On energy as far as the turnover is concerned, I think that everybody will agree on the fact that this industry is still a small one. You talk about now. It's a nice company, but still, it's a small turnover. So I would say that we don't give yet figures on energy turnover. We work in this company for three months now. So we are going to be more specific in the future about our ambitions there. Already, we gave you some interesting things with 400 MWs in 2030. We are ambitious, and we told you that by 2025, we are going to be a bit break even. In fact, I'm quite eager to wish the period where we can make money with energy in order to make use of the tax credits of this company. Thank you. Can I have one more question? How much is the tax credit so far? Tax credits, it's not at all insignificant. Thank you. Thank you. And your next question comes from the line of Kévin Roger. Your line is now open. Yes. Good morning. That's Kévin from Kepler Cheuvreux. Two questions on my side, please. The first one is related to, let's say, your pipeline for future order intake. Can you give us a bit of, let's say, color in terms of timing of delivery? Would you expect the 2021 orders to be delivered in 2023 with a typical two-year delivery time, or would you say it would be again over the long term? And in that question, do you have any idea in terms of timing for the announcement of the NFE, LNG carrier-related vessel? And the second question is related to your PNL and the impact of your, let's say, current hiring. You have announced that you will have 100 new persons. What would be the impact on your external charges, please? Because the two main drivers of your PNL are external charges plus employee costs. I was wondering the impact of the increase in employee costs, if it would decline, decrease the external charges, or if there is a, let's say, limited impact? Thanks a lot. Okay. Thank you very much. You can see on this chart the way the orders we have in our order book are going to generate revenues, and it's quite easy to compare the dark blue column with the lighter blue column and to see that finally the perspective we have now is much longer than the one we used to have, so your point was about the 2021 orders. Are they going to generate revenues in 2023? Well, they will generate revenues in 2023. There are, of course, possibilities to deliver ships in 2023. Now, is it really going to be significant or number of ships to be delivered in 2023 or later? Well, we have still to see that. What I see, frankly, is that the LNG carrier business is very active. We saw on the spot market in January absolutely incredible charter rates, which means that, in fact, this market is eager to have appropriate tonnage and also more and more to have a tonnage with carbon footprint as low as possible, and I think we shouldn't undermine these two phenomena. When you look at the situation of the LNG carrier business, there are points of time in the year where this market is very stressed, very short, and there is a very strong will from the upstream industry, from the charterers, the big LNG companies to reduce their carbon footprint everywhere, not only in LNG carriers, but also in LNG carriers, and so solutions which can improve their carbon footprint are very much welcome, so I think it's going to be a strong support of the demand in the years to come. Let's see what are going to be the delivery dates for the orders we are going to sign for in 2021. I'm not particularly concerned. On the impact on PNL of what we do, we did a lot. We did a lot in the recent years. In the recent couple of years, we addressed many things in our R&D. Of course, it's an effort of long term. I would say that we do not plan to significantly increase our expenses beyond what we do for the time being, except in one point, which is the hydrogen, green hydrogen. There is something new. We do intend to do what we know, what we know to do. It means managing a technological program. We do want to have an excellent technology to bring something which is superior to the others. Of course, we are very much encouraged by the very ambitious programs that various bodies, French government, but others as well, are putting in place in that perspective. And we do intend to accompany these efforts with our efforts. Sorry, maybe just a follow-up. Do you have, let's say, any view, any clue on the NFE, North Field East Qatar-related cargoes? Because basically, there would be needed from 2025. Would you say that your order would happen, let's say, as early as 2021, or it would be over the longer term because there would be needed by 2025, please? We do not comment on negotiations. What I can tell you is Qatar is needing tens of ships for the North Field phase. This should be accommodated by shipyards which have production capacities which can be extended, but which have a certain limit. Qatar is also looking for ships for Golden Pass. Qatar has a 75% stake in the Golden Pass project. They extend the capability of Golden Pass. Golden Pass, it's also tens of ships. If you add these two figures, you may arrive to a very significant figure, cumulated figure. This very significant figure has to be accommodated by the production capabilities of shipyards. The Qatar people know that very well. It's likely that they will have to pass orders in a not-too-distant future. Okay. Thanks. Have a good day. Thank you. And your next question comes from the line of Jean-François Granjon from ODDO BHF. Your line is now open. Yes. Good morning. I've already answered on the last question regarding the Qatar project. I have two more questions. The first one is regarding the guidance for 2021 in terms of EBITDA. This implies a decline for the EBITDA margin compared to the previous level. Could you explain that? And the second point concerns the entity. Could you give us the magnitude of the losses of this company at that time? Thank you. Sorry, I did not understand the question on energy. For energy loss, what is the magnitude of the losses in terms of EBITDA for this company at that time? For the guidance of our EBITDA, you have to consider that our turnover is not as high as what it was in 2020, and that we embarked on reinforcements of the company mainly in our R&D with hiring people and also in launching efforts with partners. So spending money with several partners. We enforce also different structures of the company to be able to accompany, in fact, the overall growth we are expecting and we are aiming at over the years to come. So that is done. It's largely behind us. I would say that we said it. We said it in 2019. I think it was for our half-year results, where we said that we are convinced we see that there is a very bright future, and we've got to make sure that the company can take the most of this growth in reinforcing its efforts for proposing new things. You can see that, in fact, we are delivering that through the diversity of orders we've been able to sign in recent years. We're not only a company delivering technologies for LNG carriers. We do many other things besides that. On energy, once more, all that is a pretty new story. We don't give you too many details. Maybe in working out a little bit the figures, you will be able to come to some conclusions. I will not hide that the EBITDA is negative for the time being. It's manageable. We do intend to keep it manageable, and we do intend to be EBITDA positive by 2025. And once more, I'm eager to arrive to the moment where we can make money at energy in order to benefit from tax credits. Okay. Thank you. Thank you once again. If you wish to ask a question, please press star and one on your telephone keypad. Press star and one to ask a question. And your next question comes from the line of Jan Richard from Berenberg. Please ask your question. Yes. Good morning, everyone. This is Jan from Berenberg. I have one follow-up question on energy. Just to make sure if I understood it correctly, did you mention that revenues in 2021 would be lower than in 2020? I don't remember we said that. And in fact, not revealing a big secret, I would say no. Okay. Perfect. And the second question is on working capital. There is a large cash outflow from working capital in 2020. Could you give us a bit more flavor on the drivers behind this, and especially what is in this other line in the working capital statement, please? Yes. Well, you know how we recognize revenues and what are the payment milestones. And in fact, there are two phenomena here. The first phenomena is that some ships, about 10 of them, rather than being delivered in the very late part of 2020, are delivered in the very early part of 2021. And that has a very significant impact on our cash as the last payment to be made at delivery is amounting to 30%. So that has a very strong impact on our cash. Nothing serious, nothing unusual, except that this year, this slight delay was between December and January. And there is a second phenomenon, which is the fact that orders we signed for are for fairly remote deliveries. And it means we cannot collect cash for such late or remote deliveries. The combination of these two phenomena is explaining most of the working capital variation from year to year. Thank you once again. If you wish to ask a question, please press star and one on your telephone keypad. There are no questions at this time. Please continue. I'm trying to read the first one. So I will answer to the first one. The second question is not on the screen anymore. Okay. So the first question, could you imagine using the ownership of Elogen to offer customers to produce your own green fuel package sometime in the future? Oh yes, we do imagine that. And it's already what Elogen is doing. But it's a very interesting question because we are sure that in hydrogen, there are plenty of business models to imagine. And so we are going to be very open to that. What we can see is that there is a very strong traction from the market, a very strong interest. And we are going to see how we can accompany this interest from plenty of different players. So while we are going to tell you that in the years to come. The second question is, could you explain exactly how energy fits with your existing business? What kind of offers do you plan to develop with the ownership? So I would say the second part is very much what I just said. We are going to work on that with a very open mind and trying to find what is the best combination, meeting the customer's demand, allowing us to provide what is going to be an excellent system. But the first one is dealing with what are the combinations between the two companies. I would say we could say many things, but I would say just only a few. It's a technological system. And its technology, it's what we like. It's what we like, and it's what we know how to manage. So it's totally within our boundaries, totally within our capabilities. We know that. Immediately, different employees of GTT worked for energy because they have a lot to bring. It's not black magic. It's electricity in water in order to separate hydrogen and oxygen. Then you have a gas. The gas, we know how to handle that. We can bring a lot in terms of how you handle the hydrogen coming from the electrolysis. In order to do that, you need knowledge of materials. We have a very strong knowledge in materials here. You never noticed, but if we are in this position for decades, it's because we have very strong, deep knowledge in several things. We can bring things there. We can bring things also in managing these programs. I could continue like that, but I would not like to be too long. And then, well, we will see about how we can apply this technology to some specific markets we know very well, but I will not go too fast on that. Can we have an idea of the losses associated with Elogen? It's a bit early to disclose that. Once more, it's manageable. Manageable at the level of GTT, manageable in the years to come. And we will make sure it remains like that. And once more, we have the target to be EBITDA positive by 2025. So you can look at that as an investment in the future. You see that, as Guillaume, we are very cost-conscious. We have always been very cost-conscious. We could not be who we are without being cost-conscious. We are going to apply that to this acquisition in particular and to the losses, to the investments we are going to make there. You can count on us on that. And the last question on the screen is, can we have an explanation on the change in working capital? But I think I addressed this question a bit earlier. So a question from Mr. Dupavillon. [Foreign language]. So what could be the impact of the contract passed by Technip Energies and Chiyoda with Qatar on our order book? Well, that means just simply that the expansion of the North Field, which is discussed for, I would say, for some years, for several years, is now in force. So it goes, it's real, it's a fact. And they are going to expand the production capacity of North Field by 33 million tons per annum. For us, the consequence is that they do need ships to transport this energy. Full stop. There are some other questions coming, I think. Could you imagine using? Is it your expectation that the working capital outflow of second half 2020 will be fully recovered in the first half of this year? Well, as I explained to you, the two phenomena at work in the variation of working capital, a large part of that, a very large part of that is probably already recovered, and the second part will take a bit more time to be recovered. The first part is linked to the delay of deliveries between December and January. The second part is linked to the fact that the orders are for later delivery dates than what they used to be, and that will take a bit more time. The second question is, if the Supreme Court in South Korea rules in your favor, will you recoup the EUR 9.5 million fine? So if, first of all, it's not yet the Supreme Court, you have the Seoul High Court. And then if you are disappointed by the Seoul High Court decision, you may go to the Supreme Court. And yes, we are asking for recovering this fine as we do consider that what we did is fully in accordance with the current competition laws. So we are going to ask for the reimbursement of this fine. A question from Mr. Hillers. On LNG as fuel, many new large vessel orders with dual-fuel propulsion have been announced recently. Where do you stand there? Recently, in fact, there were some. You were some. You have to look at what are the vessels. We are looking at a particular type, basically a market of 260 for the time being. 260 ships a year. And we did not sign for any of them recently. So some of these ships have not been right in the middle of what we are targeting at. Some others have decided on the different technology. That does not change something to our strong conviction that our technology is very adapted to very large ships. It's better in terms of efficiency. It's better in terms of CapEx, and it's better in terms of OpEx. So it's not unusual when an industry is starting that people are trying different things, that some people are trying to undercut you with promises, very bright promises, and very low prices. But we do know, we do think that we are going to be very well adapted to a fairly large number of ships. So we did not sign for any recently, but it does not change anything to what we think about our capability to address a part of this market. Can we expect a significant number of new orders here in 2021? I could have added, so it's a bit the same matter. I could have added that 2020 has been a low year for LNG as a fuel, mainly due to the fact that the spread between conventional fuel and LNG was very small. Oil price was low, so the spread between these two energies was small. And with this spread, it was difficult to justify that you could amortize the cost of a cryogenic tank shortly. In 2021, we may expect, it's already largely the case, but we may expect better oil prices. I always, I think, told you that by $70 a barrel, $80, it would be a clear signal for the shipping industry to move to energy. So that's one factor. But there is another important factor that Eric Dehouck underlines, which is the IMO regulations not only on sulfur oxide, as it was the case for the January 2020 milestone, but on CO2. And there it would be a very strong factor if these milestones for reducing the CO2 from the shipping world are enforced. Because for us, for large ships, there is one solution, which is energy. It's a final question afterwards, no more? Okay. Okay. So how is the, from Nick Konstantakis from Exane, how is the capital intensity of the business changing as a result of getting into units manufacturing for H2? So I would say that for the time being, we have a facility, which is that we are optimizing in terms of space. We can probably accommodate a larger production there. We don't see yet so massive CapEx investment. If the market is really taking off quickly, we will have to do it. But I would say that it would be excellent news for everybody, for our shareholders, for GTT, and more importantly, for the planet. Thank you very much. Have a good day.