Good morning, good afternoon, and good evening for all of you. Welcome. We are very pleased with the entire Michelin team to welcome you in this plenary session where we are going to share with you our strategy for the next decade. Of course, we have structured this interactive session with you in three portions. The first part would be dedicated to our achievements over the past five years, and the second session would be dedicated to looking into our plan towards 2030, and the third part would be to answer and dedicate it to your questions and the answer we can provide to all of you, so once again, thank you very much for joining us, and we all hope that you will find all the information you need to understand where Michelin is going for the next decade. I won't be too long and just leave the floor now to Jean-Claude Pats and Adeline Challon-Kemoun, who are going to give you further detail on why we do things the way we do things. Thank you. Thank you very much, Florent. Good morning and good afternoon, everyone. Hello, Jean-Claude. Jean-Claude and I are very happy to start this meeting with you. Speaking about our specific, unique identity as Michelin, we wanted to kick off that meeting with the 60-second video you just saw, because within these 60 seconds, it really embodies our spirit, our vision, and our uniqueness. I mean our optimism, our positive impact, our offers and initiatives that make the life of our customers easier, and of course, our brand and our mascot, the Michelin Man. This video is part of our new brand campaign, which contributes to support our brand power and our sales. Now, Jean-Claude and I will walk you through the specifics of our unique identity, and I will naturally start with the brand. Our brand, you know it well, is one of the most popular and loved brands in the world. Brand Finance just published its ranking last month, and Michelin retains again the title of most valuable and strongest brand in the industry. But as you know, its power goes far beyond the industry. For example, in China, 89% of the customers know our brand. Another example, two years ago in 2018, the Michelin Man was declared Icon of the Millennium by a group of professionals that were meeting at the Advertising Week event. Our brand promise is innovating for a better life in motion. Well, this promise means value and premiumness for our B2B and B2C customers. We provide our customers not only with excellent tires, but with a wide range of highly- innovative solutions. And for this solution, our customers are willing to pay more. Furthermore, our Michelin brand expresses itself within a variety of assets and in a variety of geographies, more than 170 countries on the five continents, and that is simply unrivaled in the industry. On many occasions, like the sanitary crisis we are going through, this has demonstrated as a strong and unique competitive asset. I'm now handing over to Jean-Claude, who will talk to you about the Michelin people. Thank you, Adeline. Hello, everybody. Let's talk about people. Michelin is strong of 124,000 people located in 171 countries. More than half of our people are less than 40 years old. Our community is aligned around common ways of acting and behaving. This alignment is possible because, first of all, we share the same purpose. We care about giving people a better way forward, and in the spirit since 1899, since the beginning of our history. This alignment is also possible because we share the same core values, values made of respect, among which respect for people. Our strong belief is that human being is not an instrument. People are the reason why. People are at the heart of everything we do. Let's share some hard facts. First fact, in 2020, despite the COVID crisis, the engagement rate of our employees has reached a level of 83%, which is a record for us. Second fact, also in 2020, 89% of our people were proud to say that they were working for Michelin. And last fact, Michelin is regularly ranked as best employer in many countries, among which already in 2021, Spain, Romania, and China. So definitely at Michelin, nothing happens without people. Thank you. Thank you, Jean-Claude. I will now share with you the innovation spirit in our DNA. Since its origin, Michelin has always believed in innovation, innovation as a key enabler to human progress. Today, it is supported by a powerful and expert RDI team of more than 6,000 researchers worldwide, by more than 10,000 active patents in the world, and by a budget of EUR 650 million per year dedicated to our R&D. And one may not be aware, but Michelin is behind many critical innovations that make the world a better place: detachable tires, of course, but also roadmaps, travel guides, radial tires, fuel-saving tires, also one of the very first hydrogen fuel cells, and most recently, groundbreaking bio-resin named ResiCare. Our innovation track is also recurrently recognized by demanding experts. You can see some of these awards on the slide. Let me highlight maybe just two of them. Michelin was voted Tire Manufacturer of the Year for the second consecutive year in 2020, and this is the first time it ever happened in the industry. The other 2020 award that makes great sense, given our sustainable approach, is the award for Best Tire and Green Innovation of the Year that went to our e.Primacy tire, the first eco-designed Michelin tire. Sticking to this topic, Jean-Claude, you will now share with us our way of being responsible. Absolutely. So Michelin is generally recognized as a responsible player. We are evolving this responsibility toward new ambitions because our 21st century is facing unprecedented challenges. The planet is at risk. Mobility is questioned. Prosperity is threatened. And in some cases, social anger is growing. Within this context, we want to have a positive impact on this world. We see opportunities where others may see doom. Our way is to be responsible in everything we do. Tomorrow, inspired again by our purpose, we care about giving people a better way forward. Everything at Michelin will be all sustainable. We want to seek permanently the best balance between people, planet, and profit. This is the core structure of our strategy. And our 100% sustainable strategy is the core of today's meeting. In conclusion, let me put all this in a nutshell. What is our durable and unique identity made of? It is made of, first, of a popular, loved, and loved brand that people trust. It is made of also people sharing the same values and acting accordingly. It is made of also critical innovation for a better life in motion. It is made of sustainability, which is our new responsibility. And lastly, it is made of a balanced portfolio of businesses driven by different economical fundamentals. These are the foundations of our contribution to the 21st century. And we will make it happen because we are Michelin. Thank you. Good afternoon, ladies and gentlemen. Thank you, Adeline, thank you, Jean-Claude, for this introduction. Before unveiling our 2030 strategic ambitions, let's take stock of our 2016 to 2020 strategic plan. I will first come back to our economic performance until 2019, and then Florent will share with you a wider perspective, including the way the group went through the current crisis. At the end of 2019, Michelin was really fully on track to deliver on its 2020 ambition. Our sales have been growing by a compounded average rate of 3% over the period with the acquisition and these investments in a market that has grown probably at a lower pace than what we expected in 2016. We have been able to improve our segment operating margin by a compounded rate of 4% over the period, which showed that our growth was accretive, and our segment operating margin reached EUR 3 billion at the end of 2019. It's an improvement of EUR 600 million 4 over the period, taking into account the adverse effect of the foreign exchange rate. The group has also been able to deliver a free cash flow around EUR 1.5 billion in the last years, far above its initial target of EUR 1 billion. Last, we have improved pre-acquisition our return on capital employed by 1.5 points. Regarding the growth, the group has defined in 2016 four areas of growth. In tires, Michelin was able to outperform the market pace by 0.2 points thanks to the rebound of the mining market, our mining sales from 2016, and thanks to the market share gains, particularly in high-performance tires for passenger car vehicles. On top of that, we have completed the portfolio of activity of the group with Levorin, which strengthened our two-wheel business in South America. We have nearly doubled the size of our beyond road business lines with the acquisition of Camso, and we have strengthened our footprint in Southeast Asia with the acquisition of Multistrada. In parallel, we have completed our strategy in distribution in North America thanks to the sales of the TCI commercial centers to our franchisees and the creation of the joint venture TBC along with Sumitomo, which is now owning the second largest wholesaler in North America. In services, besides the development of our tire-as-a-service activities, we have acquired several telematic and fleet management companies, and we have now under contract more than 1.2 million vehicles, mostly in Europe and the Americas. We have announced in 2016 our ambitions to go in high-tech materials. We have concretized these ambitions through the acquisition of Fenner in 2018, which is a cornerstone of our high-tech material activities. Symmetrically, we develop two joint ventures, Symbio in fuel cells and AddUp in additive manufacturing, and we have completed a certain number of partnerships for incubation acquisition with startups, mostly in the field of renewable or recycled materials. Last, we have reshaped our experience business activities. We have concretized these activities through three main competencies: selection of food, hotel, and wine through, of course, the MICHELIN Guide, Tablet, and Robert Parker. This activity, which was historically more European, is now widely spreading around the world. From January 2018 to May 2019, we have completed four major acquisitions. Plus, we have created our joint venture in distribution in North America. At the end of 2020, we were on track to deliver on the EUR 180 million of synergies that we have announced at the time we made these acquisitions. EUR 80 million, or 44% of these synergies, were already extracted at the end of 2020. Besides the synergies and the intrinsic performance of the companies that we have acquired, we are every six months revising the strategic fit and the managerial fit of all these acquisitions, and semester after semester, we are convinced of the relevance of these acquisitions. I will now hand over to Florent., who will share with you a wider perspective regarding our performance. Thank you, Yves. As you can see, we have covered a lot of ground for the past few years, and Yves explained to you our profit side, if I may summarize it, our performance side, financial performance side over the past few years. But as Jean-Claude and Adeline have explained, the core of our DNA is making sure that in everything we do, we are sustainable. And none of what has been achieved would have been achieved had we not progressed as being a responsible employer. What is crucial is making sure that the people that actually make Michelin every day, that they feel and totally engage, that they are completely responsible for what they do. So we had set ourselves targets in terms of engagement. We measure every year what is the level. We have a survey asking all employees, what do you think on various subjects of their engagement? And you have seen the progress. You can see on the graph the progress we've made. We had a rate of 72% engagement rate in 2013, and now we have moved to 83%, and we are well- embarked for our target of 85%. We slightly missed the target of 85%, but at the time we launched the initiative, I don't think we measured how difficult it would be to be at 85, but we are well- embarked into that scoring. Of course, it all starts by making sure that you provide a safe environment for all the people that work at Michelin. And that's what we measure in the second indicator, and it's called TCIR, Total Case Incident Rate. And you see that there again, we have progressed a lot. The lower the level, the better it is. It means that we have far less incidents and accidents happening while we do our work. And you see we started with a score of 284 in 2014, and we have reached 1.2, which sets us at not yet the benchmark level, but at a very good level. And we are embarked to be soon at benchmark level. You see we have well- exceeded our target there because, again, it all starts by making sure that people, when they do their work, feel safe. Another aspect of this is making sure that our staffing and the way we organize ourselves reflects the way the world is. Therefore, we have decided to track feminization and to progress in the rate of feminization in the management structure. We have made progress, but we slightly missed our target by a few points, but we are well- embarked into this, and I see a very strong momentum in that feature. People, planet, profit. Let's look at what we had set ourselves a target and what were our achievements in terms of environmental impact. If we look at renewable material rate, we set ourselves to have 30% of renewable material composing our objects, our tires, and we've reached 28%. We have made tremendous progress, but we are well embarked to achieve the next ambition, and I will be more precise later on this. If we look at the Michelin environmental footprint, there we look at the impact on various aspects: water consumption, organic VOC emissions, and CO2 emissions, and there, this composite index reflects what is the impact of producing and delivering our activities. You see we have made 51% progress on this indicator, and where we had set ourselves a target of 50%. We have overachieved in this aspect, which was not easy to do. Then, of course, Michelin lives in ecosystems. We are very dependent and reliant on our supplier base as well as our partners and as well as our customers. If we look at the supplier base, we had in 2013 only less than 200 suppliers that were following the EcoVadis system. And now, you see, we have more than 800 that are now following this EcoVadis measurement and system, which is twice as many as what we had set ourselves as a target. I think on this aspect, we are very well embarked into this journey of being all sustainable. I'm sure you've all noticed 2020 has been really a special year because of the COVID-19 crisis. We have to remember that a few months ago, half of the world was stalled, confined, locked down. It was amazing. So when the crisis started to hit us, we decided to take two priorities. The first one was to protect our employees, and the second one was to ensure the business continuity of our operations and while taking care of our ecosystems to make sure that everybody will go through this crisis in the best manner as possible. So talking about protection of employees, we took very strict health measures. We have stopped production for a while very soon to make sure that we would put all the sanitary protection in our plants and in all our operations. We did that early to be able to restart early, and I think we did very well there. Looking at business continuity, we looked at how we could make sure that none of our weaker suppliers or customers would have to die because of lack of business. So we have taken many initiatives to make sure that everyone would stay and could go through this crisis. At the same time, ensuring business continuity was to make sure that we would achieve good cash flow generation and we would generate sufficient results to be able to do our business. That's why we have applied very strict pricing discipline, and we have also been more agile than usual on savings. I was talking about supporting communities. All the sanitary environment went through a crisis, I think, not seen for many, many years. And so we have put ourselves into conditions to make sure that we would produce and donate masks in large quantities as well as hand sanitizers. We donated tires. We helped with free vehicle assistance. We gave financial support here and there. So we used all the leverage and all the capabilities of Michelin to make sure that our surrounding communities would also go through this crisis the best as possible. At the end, I think the group has demonstrated its resilience, its capacity to live through huge crises. The impact on our revenue of the COVID-19 in 2020 is a drop in revenue of around 15%, which is unprecedented since the Second World War. So this is a huge undertaking. And despite that, we've been able to generate segment operating margin. I would say I would qualify it as decent at 9.2%. I was telling you that we decided to protect our cash. That's what we did, and we generated more than EUR 2 billion in cash, which was very good without compromising on our investments. Over the past years, we have created this virtuous circle. We have solid and sustained operating performance and cash flow generation. We are empowering and developing our people so that they can perform and be more happy at work, as well as we support our surrounding communities. We make sure that our investments and our research and development are all the time value-creative. We have a robust distribution to our shareholders. We have a strong, I think, and healthy balance sheet as rated by the rating agencies like Fitch and Standard & Poor's with our score of A-. And we have proven over the past years our capability and our capacity to integrate acquisitions very wisely. Now, with all these ingredients, now Michelin is ready to move to the next step, which is what we are going to talk about now. Thank you for your attention, and I will leave the floor now to four members of the executive committee, starting with Scott Clark. Thank you, Florent, and hello, everyone. I'm pretty sure I don't need to remind anyone that we're all currently living through probably the most disruptive event in our lifetime. The repercussions of COVID-19 are impacting everyone, everywhere, and everything. We see fundamental shifts in the needs and preferences of our customers, governments who are increasing their regulations, oftentimes around trade and the environment, an increasing focus on all things environmental, new technology that will significantly change mobility in the future, and opportunities and challenges for the global supply chain and for global manufacturing. These challenges create some interesting opportunities for the tire industry and for Michelin. We'll see an increased demand for longer-lasting, sustainable tires. The dramatic increase in electric vehicles will bring with it very demanding performances for tires. We'll see an increase in personal mobility. We'll see the advent of connected mobility and the service and solution offers that come with that. We'll see the importance of having a global manufacturing footprint and being able to produce and supply locally around the world. And lastly, we'll see the potential of harnessing data and new digital tools to really drive industrial productivity and performance. Now, beyond those COVID repercussion opportunities, we also see some macro trends that will continue to fuel mobility in the future. We can start with the evolution of the global population. Over the next 10 years, we anticipate the population rising by 700 million people, and those are people that are going to want and need to move. We anticipate an increase in the urbanization rate, a 10-point increase between now and 2050, and that has implications for urban mobility solutions. We anticipate an annual growth in GDP of 2%, and that increased wealth will drive mobility demands globally and certainly in emerging markets. We anticipate miles driven growing at about 3% a year over the next decade based on some of the trends I've just talked about. And the net result of that for the tire industry is growth of about up to 2% in mature markets and between 2% and 4% in emerging markets. Now, beyond the COVID repercussion opportunities and the global trends, we're also seeing a fundamental shift in mobility itself. Over the next 10 years, we anticipate an increase in CASE mobility trends. And quite frankly, many of those trends leverage Michelin's strengths and give us an opportunity to generate value through our leadership in technology. We anticipate a gradual increase in shared mobility driven by the increased urbanization rate. By 2030, we anticipate about 45% of new vehicles will have level three connectivity, which will unlock opportunities for connected services and solutions. We anticipate by 2030, nearly 50% of all new vehicles sold will be electric, and out on the horizon, we see the evolution of autonomous mobility. Of all these trends, perhaps the most significant and the one with the biggest impact on the tire industry is the electrification of the vehicle park. If we look at the EV share of total new car sales, we anticipate that nearly quadrupling between 2020 and 2030, and as I said, reaching nearly 50% of new vehicle sales in 2030. Now, that electrification will be driven by a number of things. First of all, the evolution of battery technology as the range increases and the cost comes down, the development of the charging infrastructure, which is so important to reduce consumer range anxiety, and electrification will be stimulated by governments through their very aggressive restrictions on CO2 emissions and their incentives for consumers to make the shift towards electric vehicles. Now, let me talk a little bit about the electric vehicle market and the tremendous opportunity this creates for Michelin. First, it's important to know that electric vehicles are demanding on tires, and if you look at the performance characteristics required to make an excellent EV tire, they fit very nicely with Michelin's strengths and our technological leadership. First, electric vehicles are heavy because of the weight of the battery. That increased weight reduces tire wear life and places a premium on tire durability. Secondly, electric vehicles have a lot of torque. They have continuous torque, and they generate torque under regenerative braking. Torque, like weight, reduces tire wear life and places a premium on tire durability. We estimate, on average, a 20% reduction in tire wear life on electric vehicles due to the weight and torque of the vehicle. Third, electric vehicles have no drivetrain noise, which means the primary source of noise into the cabin comes from the tire itself, so electric vehicles need quiet tires, and perhaps most importantly, electric vehicles need to maximize battery range, and tire rolling resistance and tire aerodynamics have a huge impact on the battery range of an electric vehicle, so what does all this mean? Well, it means that electric vehicles need low rolling resistance, quiet tires that are extremely durable and last a long time. That happens to be a perfect summary of where Michelin has its technological leadership. Michelin is the pioneer and leader in low rolling resistance tires. Secondly, Michelin has, on average, conservatively, a 15% wear life advantage over our premium competitors around the world. If we compare ourselves to the overall industry, that wear advantage is even more significant. When we look at the performance characteristics required to make an excellent EV tire, it really creates an excellent opportunity for Michelin to demonstrate and valorize our technological leadership in this critically important, fast-growing segment of the market. Now, we continue to bring new innovations to extend our leadership in the electric vehicle market. We've just created a new industry standard called the High Load tire for these heavy electric vehicles. We've launched Michelin Acoustic, which is a tire with a foam on the inside to reduce cabin noise in electric vehicles. And we have Michelin Selfseal, a tire that seals itself so the OEs can eliminate from the vehicle the weight and the space required by a spare wheel and tire. Our OE partners clearly value Michelin's technological leadership, and it's evident in the market share we have today in electric vehicles at OE. Our electric vehicle share at OE is one and a half times that of our total market share. And if we look just at the BEV segment, we have more than three times our total overall market share in BEVs compared to our overall share. Another interesting thing that's interesting about electric vehicles is the fact that the loyalty rate, the tire replacement loyalty rate, is higher on an electric vehicle than it is on an ICE vehicle because consumers seem to be more tuned into the importance of the tire in the performance of their electric vehicle. So beyond the opportunity that the electric vehicle market provides for Michelin, there's another tremendous opportunity we see in targeting the most valuable consumers in the market. In 2020, we did an extensive worldwide consumer segmentation, and we segmented consumers based on a wide array of attributes from their mobility preferences, mobility services, travel, dining, environment, and many other discriminating factors, and what we found, we collected enough information on these consumers that we were able to estimate their lifetime value to Michelin across our portfolio of products. We saw differences that were astounding, a five-to-one ratio between our most valuable consumers and the consumers we're not targeting going forward. So what we're going to do is use this consumer segmentation really as a strategic foundation for unifying all of our B2C businesses around a common view of these very valuable consumers so that we can interact with them in a coordinated way and so that we can develop and grow our lifetime value with these consumers. The other thing we're going to do is leverage the segmentation and all the data we have on these consumers to build consumer profiles of our target consumers so we can find them when they're in market shopping, and we can interact with them. We can drive the efficiency and conversion of all of our marketing and communication spending. So great opportunities with electric vehicles, great opportunities in winning with these most valuable consumers. And we'll do that in a market that is growing. We anticipate that the OE market and the replacement market will continue to grow, and they'll grow significantly in the large sizes. Between 2019 and 2023, we'll see growth in these markets of between 0.5%-0.7% CAGR. The OE market will get back to its 2019 level in 2023, and the replacement market back to its 2019 level in 2022. Now, if we look at the growth by size, you see a very different story. The 18-inch size dimension between 2019 and 2023 has a CAGR that's double digits, 10%. And the 19-inch and larger size business will grow at 14%. A big part of that 19-inch plus growth is coming from many, many new SKUs that will be launched by our OE partners. Many of those SKUs will be on electric vehicles. Now, all those SKUs bring with it complexity, complexity for manufacturing, complexity for supply chain. That's why several years ago at Michelin, we launched an internal program we call Simplexity. Simplexity is all about embracing the complexity that's coming from the market, and we embrace it because it's profitable growth, but internally maximizing opportunities to simplify and standardize, optimizing our portfolio, delaying product differentiation as late in the manufacturing process as possible so we can maximize standardization of our product. Once we've standardized our product, optimize the sourcing of that standardized product, and of course, invest in industrial flexibility, which is critical to us continuing to win in this high-value segment of the market. The co5mbination of winning in electric vehicles, winning with the most valuable consumers, and winning in the most valuable segment of the market are key to helping us deliver at least a 12% operating margin in the SR1 business by 2023. So I hope that gives you a sense of how we will leverage Michelin's technological leadership, our focus on the most valuable consumers, our focus on the most valuable segments of the market to deliver profitable growth in this business for the years to come. Thank you very much. And now I'd like to turn it over to my colleague, Bénédicte de Bonnechose. Thank you, Scott, and hello, everyone. I am now going to update you on our transportation strategy, which includes our truck and bus and light truck activities. So the truck tire market is expected to rebound sharply in 2021, coming back to the 2019 level in 2022, driven by worldwide GDP growth. But this market recovery trend varies from a region to another. China enjoyed a strong OE growth in 2022, and the COVID-19 crisis had merely no impact on the Chinese truck market. North America and Europe, which have been much more impacted by lockdown measures in 2020, are rebounding very sharply and are expected to come back to the 2019 level in 2021. And it will take more time for other geographies like South America, Africa, India, Southeast Asia, for which we are expecting to come back to the 2019 level between 2023 and 2024. So the geographic exposure of Michelin will definitely benefit from this growth. However, the truck tire market is very competitive, with high overcapacities, mainly located in Asia and more precisely in China. So in that context, Michelin looks for valorizing its technological offer. So how will we do it? In major markets, Americas, Europe, we will innovate in new solutions and services in order to help fleets to increase their productivity and to develop solutions more environmentally friendly. In the other markets, we have a selected approach. We are not chasing volumes, and we will concentrate on capturing the pockets of value creation in Asia. To sum up, in road transportation, we aim at serving the most demanding fleets regarding performance with proximity, effectivity, and efficiency. So as I have already said, the road transportation activity is facing a very tough competitive environment. But this environment is very competitive as well for our customers, the fleets. Their own margin is challenged, and they are under huge pressure regarding operational excellence and differentiation. Besides, fleets are facing most demanding environmental regulation and customer expectations, especially towards their environmental footprint. In that context, fleet efficiency, sustainability, and last-mile delivery are key trends representing a highly attractive segment for Michelin, with customers looking for innovative solutions with tires and around tires. Fleet efficiency is key in a competitive environment. Uptime optimization, reduction of maintenance costs, tracking, driving behaviors, fleets are looking for solutions that we are able to deliver thanks to our long-lasting presence beside them, leveraging our innovation capabilities. Besides, in an ecosystem more and more connected, we are able to capitalize on the data we get from all the connected vehicles under contract that we have to constantly enrich our offer to fleets. Transport sustainability is very high on the fleet's agenda as a differentiating factor towards the end customer, large companies like IKEA, Coca-Cola, but also as a basic need to meet regulations, especially for OEMs. So low rolling resistance, lighter tire, retread activity are already a competitive advantage of Michelin. For light commercial vehicles, our Michelin Green Mobility initiatives aim at exploring the very promising market of the fleet decarbonation with a unique integrated offer around vehicle, energy, but also data and tires. And last-mile delivery, our capability to provide a key account management and to innovate for our light commercial customers with a renewed product offer and our electric vehicle understanding is key to surf on the wave of e-business. So fleet efficiency, sustainability, last-mile delivery are key pockets of value creation that we want to target with differentiated offer for which performance is well appraised by our customers. Our customers are willing to pay our offer because they understand the productivity gain they will get. So this strategy will allow us to generate a segment operating margin of at least 10% by 2023. I now will give the floor to my colleague, Serge, in charge of specialties businesses. Hello, everybody. Good afternoon. I'm very pleased to be with you. My intention today is to walk you through the specialty world of Michelin. In fact, Scott Clark presented earlier on the development of the population, the aspiration for more mobility, and also the major change in terms of ecological transition. How does it translate into our specialty? I've been selecting four of our segments here to reflect how it's going to happen in the future for those markets. Let's start with the king of the market. It represents mining, and it's about one-third of our activity for the specialties. If we look at the evolution of the populations, then we see that there will be a need for more goods, so it will drive more iron ore, especially for the mobility. Ecological transition is going to drive more electrification. That means copper, that means rare metals, precious metals. So all of that plays in favor of a drastic development of this market up. At the same time, the transition is going to move for less thermal coal over time, and it will offset part of that growth. But all in all, in the next years, we expect a strong growth in the mining market with more and more demanding customers at the same time. If we look on the B2C side, in the specialties, again, with the motor, leisure, and bicycle, we see that the two wheels are enjoying a very strong growth and a drastic move linked to urbanization, to traffic jams, and also linked with the development of well-being in many countries. We see that people go with electrification, with high power, and also now electric bikes. So that will be a very fast-growing segment. We have seen also that in 2020, that was really a very resilient segment. So we see here those two markets are really, really moving forward. If we now move into beyond the road, if we talk about the basic needs moving into food, you see that more population just means more people, and well-being also is going to favor more demanding in terms of food and evolution. We have seen last year that the market has been very resilient. In fact, it turned to be pretty stable. And then we see growing over the next years. And we see at the same time enriching the development of the needs in terms of meat and in terms of cereals. So in terms of quality, it will go up. And at the same time, there are more needs in terms of protection of the planet. That means that the tires will have to be much more technical in order to protect low-pressure tires, for instance. If we look at the construction, which is also a very important segment for us, it's about 12% of our sales. We see that the growing population will require more housing, and it goes with electrification as well. It will require more buildings, more infrastructure in order for people to move so all of that factors in really rebounding market from 2020 and increasing market over the years so looking at those four, we see that about two-thirds of our activity is rebound to be at the same time in very dynamic market and at the same time enriching market from a technical standpoint and the technical and high demand is really that's our battlefield so we are very confident on that standpoint because dynamics and also technicality. So where do we play here? In fact, we are about product differentiation. In the specialty, I used to say that we want to be the main specialist for the high-end specialists of our customers. So they have, in fact, basically three points which are critical to them in terms of their efficiency. First is safety. So obviously, you want that at all times your tire be safe in terms of grip, in terms of working in different kinds of fields. So you need to have the right adherence, and it has to be all along the life of the tire until the very last gram of rubber that you use. So safety is key. Product, obviously, makes huge differentiation. And at the same time, you will make sure with your service that whatever happens is to be tracked. So that's where the opportunity of service and differentiation takes place. Now, if you're a company, the most important thing to you is that there is no disruption, no downtime in your operations. So that's why the tire resistance is so important. That's why also a tire that can be connected and therefore can warn about how it behaves, is it going to be in a critical situation, then that's important. So the tire product differentiation is there, and it's critical to our customers. At the same time, the service will always play a role because you need maintenance at some point. So the longer between two maintenance, the best. But at the same time, you need to predict that so that you can schedule, and then you minimize your downtime. Now, once you're sure that you have the best in terms of continuity, no downtime, the most important thing is about making sure that your productivity is the top. What means productivity for our customers? It really means a very simple thing that I transport the most minerals in one time frame that you can also harvest the most crop that you can. It's all about the fastest, the highest load, and therefore the tire makes a difference. We enjoy, and Scott Clark was referring to that as well, we enjoy usually a 15%-20% difference with our competition on that. In fact, it can go up to 30% in some cases. We are really about productivity, maximizing the output that our customers are going to get, again, with the gram of rubber that we provide. It's about mass efficiency too. Productivity, you can monitor as well because it's about high speed. When you are high speed, high load, then the temperature and the pressure of the tire matters, and you want to track that and monitor that, and that's where digital comes into place, and sophisticated devices can help to track and monitor so that you can optimize at all times your speed, but the new thing, which is becoming increasingly important, is that it's not only about the operations, but it's about sustainability, and that's where we have worked for quite some time, and we are now in position to offer very strong proposals there, so the first one really starts with CO2 emission, so energy efficient is critical, and it's not sustainability or performance for customers. It's really end. It's both. Because when you lower energy consumption, then it's better in terms of turnover for our customers. Same thing for mass efficiency. The more you get out of your gram of rubber in terms of performance, the best it is. And then now the growing concern, the growing awareness among our customers is what do we do with the tire at the end of life, especially for the giant mining tires. And that's where we have developed many solutions that we are going to implement over the years. So product differentiation, service differentiation is critical, but then you need to get access to that, and you need your customers to be able to get the right tire in the right location and the right services. And that comes into our distribution network, which I'm going to maybe focus on three things which are the most important. First, the tire has to be available in all locations at all times for whoever would like to get it. That's the most important thing. So that's why we are presenting all channels, in fact. Second, there is more and more of e-commerce. So we want to make sure that the experience that our customers get online, offline, is consistent and is the best experience. And then the last thing, when you are either a consumer or if you are a fleet or professional, then you want to get your service and the best experience with your tire when you're on the road, but also everything which is related in terms of product and service at all times. You want to get the most benefit of that. So that's why we are organized in a different manner in B2C and B2B, but basically, we rely either on self-owned that's very limited, and also we ensure with our networks that the experience is consistent and that our customers get the most of all of that. We have alluded already about sustainable products. I would like now to walk you through a little bit what's the life cycle analysis. Because what you see here is that the use of the products which I've described in terms of reducing CO2 and reducing the efficiency in terms of energy consumption, then in fact, the life cycle is huge, so it's really start with raw materials where you can focus on getting sustainable rubber. You can get sustainable or recycled raw materials. Then it's about manufacturing, and here, what is at stake is reducing the water you use, reducing the electricity, reducing the energy so you minimize your impact with the manufacturing. But then your tires need to move to your customers. Also, you need to get your supplies in terms of raw materials. And that's where the local to local production where you sell, source where you manufacture is getting increasingly important, and we have a lot of actions on that. Use of product, we have talked about that. Just to focus on the fact that it represents two-thirds to 95% of the life cycle impact. So it's not to say that Michelin, once we have sold those tires, that's done. No, in fact, it really starts with making sure that the use that is being made of the tire minimizes the impact. And that's why we talk about lowering resistance, obviously, and also continuity and consistency of the performance, what we call safe when new, safe when worn, but it's also consistent performance all along the tire life. Because if you need to remove your tire before it's worn out, then you are just wasting the kilograms that you are not using. Retreading is critical for Michelin. In fact, we pioneered. We invented the retread, which is pretty simple. You get your casing, and then you put on tread bands. And we need to be aware that when you retread twice a tire, which is often the case with our truck tires, then we are saving half, 50% of the raw materials that go into the tire. That's huge. That's immense. That's why retreading is really a critical item also in this reduction of the single impact of the tire. Now, there is more growing interest into end of life, which can go into, in fact, either energy recovery because the tire is one of the most high-content energy products that exist. And also, we can also disband the tire, and with different techniques like pyrolysis, for instance, you can get it down to oil, carbon black, or steel that it was made of in the first place. So that's all the life cycle. We focus on all those items because that's all what it takes, and we are working heavily on those. So I'd like maybe to take a few examples. Adeline already alluded to it in the beginning with the e.Primacy. So I won't come back too much on that, but let's understand that we are saving here. We are talking for one tire in his life, about 174 kg of CO2. That's huge. That's a major contribution. What I've selected for you today is a number of tires that you can see here, which in fact cover all our activities, and we are very efficient. What is important here is that they all present the same DNA, which is more efficiency, more work, in fact, being done by each of these tires for each gram of material which is being used. That's what is unique with Michelin, so it's less energy being consumed. It's extended wear life, and it's at the same time more work in terms of load to be carried and in terms of speed, and therefore, it's more output for anyone, and then it's consistent performance over time, so that's what is unique here. That's what we are dedicated for, and all of that is just Michelin for the future. It's already today because all what you have here has been presented in the last 12 months, let's say, but it's also the future that we are building here, so the manufacturing, as we said, is pretty important in terms of impact. So as we are closing that sequence, I would like to hand it over to Jean-Christophe Guérin, who is going to talk to us about manufacturing. Thank you for your attention. Hello everybody. A few word about manufacturing, our goal is to respond to our business ambitions with the most adapted industrial footprint. To do so, we will keep adjusting our footprint by rebalancing our activities in different zones with a local to local approach. That means local production for the local market, at least at a continental level. This local to local strategy allows us to reduce our cost and to improve our ROCE, to better serve our local customers, and to minimize our intercontinental flows, thereby decreasing associated costs and inventories and decreasing CO2 emissions to reach carbon neutrality in 2050. This strategy, we also contribute to our ambition to have a best-in-class supply chain. We will keep increasing the output of our factories, particularly factories with the greatest capacity and efficiency, and we will prioritize larger factories in low-cost zones. We will also prioritize higher added value production in our high-cost zone factories. At the same time, we invest also to modernize our industrial process in all our plants. To follow this local to local strategy, that's why we add more capacity in Asia, in Central America, and for example, in Thailand, in China, in Indonesia, or in Mexico, and we adapted in the last two years our operating footprint. You can see here the evolution of ratio, and for example, the part of our production in Asia. Please note that in 2020, we are already including the big Multistrada plant in Indonesia and Camso plants in Sri Lanka. So in 2018, just two years before, without these plants, the part of Asia production was 13% to compare to the 20% in 2023. So it's a very big shift. So thank you very much. And it's up to Bénédicte about SG&A. Thank you. So Michelin SG&A reduction is a long-term commitment that the group is tackling year- after- year. But as you know, the purpose of SG&A reduction is not only a question of savings and impact on the bottom line. It is also a question of efficiency and agility. We must be as lean as possible. It is good for our customers. It is good for our employees, and it is good for our shareholder. At the beginning of this year, 2021, Michelin launched the Simplexity program, which aims at saving in SG&A EUR 25 million net of inflation by 2023 and EUR 125 million net of inflation by 2025. The Simplexity program has two main goals. The first one is around increasing productivity, and the second one is simplifying processes. Increasing productivity. Jean-Christophe Guérin already talked about digitalization and footprint optimization in order to increase our industry productivity. Well, it is the same for SG&A. Leveraging artificial intelligence, deploying digital in most of our processes, optimizing footprint by decentralization of our decision process. On the other hand, simplifying processes, it is a never-ending source of efficiency. From best practice standardization to re-engineering our end-to-end processes to get leaner, through making sure that our decisions are taken in an effective manner, close to the operation, close to the customer, and developing shared service centers in low-cost countries in order to develop economies of scale, Michelin is continuously simplifying to make its business. So the SG&A reduction is a key lever to improve in the future the margin of our tire business. So to conclude on the Michelin business winning strategy, in the next coming year, Michelin tire business will benefit from four elements. First, structuring growing market. Second, clear pocket of value creation around electric vehicles, 18-inch plus, fleet efficiency, last-mile delivery, specialty businesses. Third, clear differentiated offer, combining techno and services with special assets like experience. And four, acceleration in our competitiveness plan, both in industry and SG&A. All those make us confident in our capacity to reach the margins that we have presented in each activity. So to deliver on this strategy, Michelin must deploy six transformations. Four of them speak by themselves: customer centricity, data-driven company, innovation acceleration, all in action for the environment. But two of them are more specific to Michelin: Agile Michelin and I am Michelin. Agile Michelin is about our competitiveness effort, simplifying just right behavior, promoting operational excellence, just to make sure that Michelin is agile enough to react and adapt quickly to the changing world. And last but not least, I am Michelin, the cornerstone of our success, making sure that our teams are engaged. It's a transformation to make every Michelin employee an owner and an actor of the company purpose, dream, human and social model, and strategic ambitions. This transformation is to foster learning agility, diversity, and performance in all our teams. You have here all the levers to make the success of the future of the Michelin tire business. So I thank you for your attention, and I now let the floor to my colleague Eric Vinesse, who will present to you our new growth avenues around tire and beyond tire. Thank you very much, Bénédicte, and hello to everyone. Let's turn now our attention to how our innovation capabilities can be leveraged to deliver profitable growth to the group in new domains. The first thing to bear in mind, of course, is that tires offer the possibility to develop capabilities that are very specific. Our long-term commitment to technological innovation has allowed us to develop very distinctive capabilities. Those capabilities fall under four main categories. One is our ability to extract insights from the analysis of the conditions of use experienced by our customers and our products, and to turn these insights into solutions and products with differentiated performance advantage. The second capability has to do with our modes of interaction with our customers themselves, to understand their pain points and their needs, and also to involve them quite early in the innovation process to test jointly how new technology or new solutions can best serve their need and create value for them. The third capability, of course, has to do with our expertise in materials and high-technology materials, especially for complex structures and composite structures, because that's really ultimately what the tire is about, and also the engineering expertise that we have developed that allows us to provide holistic solutions to complex engineering problems, and the fourth distinctive capability has to do with our culture of excellence in terms of quality and reliability of our products, which is quite well acknowledged both in our industry and beyond. Of course, for these four capabilities to be able to deliver growth by being applied to new territories when these territories themselves must verify some quite specific conditions. Of course, they need to be high-margin businesses. They need to show some very clear synergies or adjacencies with our historic domain of activities and also with our capabilities, with our knowledge and expertise that we have developed around these activities. They need to open the way towards new growth avenues and also carry the potential of strong geographical expansion of our activities. Now, if those two sets of capabilities and characteristics are matched together, then clearly we have a way forward towards significant profitable growth, but also overall a more resilient business profile. Now, we have identified five such ecosystems that combine these properties of synergies, adjacencies, and growth potential. Basically, they fall under two main macro categories. The first one has to do with service and tech solutions, and the second one is linked to high-tech materials. The first category, service and tech solutions, very clearly meets this condition of both adjacency and growth, as we are seeing so many of our tire customers very keenly interested in being able to leverage the digital revolution and through the access to services based on data and the Internet of Things, be able to improve and enhance their experience and enhance the productivity and the capability of their activities, and so a clear match there in terms of adjacency, but also a strong connection and coherence with some of the key strengths that I was highlighting earlier in terms of intimacy with our customer and ability to derive insights from their activities. Now, in the domain of high-tech materials, the first one that stands out is, of course, high-tech flexible composites, which resemble tires in many ways and directly leverage our carbon business expertise in terms of complex composite structures that must meet requirements that are at the same time mission-critical, but also antagonistic. And really, in this area, we're seeing the use of many, many different materials in our product that can find application in other composite structures. And of course, we're already involved in some of those thanks to the addition of the businesses that joined the group following the acquisition of Fenner. So a solid basis to target attractive and synergetic markets. And then there are three domains that show very strong potential going forward. And I'll start with the most recent in the group, which are medical activities with Solesis. And two others where we have been present and pretty much on the forefront of the emergence of these technologies more than 15 years ago in terms of R&D. The first one is that of hydrogen with today our joint venture, Symbio, with Faurecia. And the second one is our joint venture, AddUp, with Fives, around 3D metal printing, which again started about 15 years ago in terms of a new technology initially for our tires and then went beyond that. So when we look at those, we see that there are strong adjacencies with our expertise and competencies. And so we can look towards a leadership position in those domains. We can see the potential for significant growth and financial value creation. Now, what I propose is we start digging into more detail around each of those areas, starting with Lorraine, who will tell you about our services and tech solutions. Lorraine, to you. Thank you, Eric. And hello, everyone. So I'm going to walk us through the first promising ecosystem that we have, which is services and tech solutions. Our services and solution teams are very much focused on connected innovation. We innovate to capture every new opportunity in the Internet of Things by leveraging new technologies around sensing, data analysis, and predictive algorithms. So I'm going to give you an overview of our strategy and outlook for the coming years. In 130 years, Michelin has served basically any type of fleet: small and large, long-distance transportation, urban fleets, off-the-road fleets, you name it. And as we were building this very strong intimacy with business owners and fleet managers day after day, understanding their pains and their needs, at the same time, we've been building a very unique know-how of tire usage and their interaction with the roads. That's our DNA as a tire manufacturer. But on top of those foundations, we've also built a unique know-how around tires. First, we know about vehicle maintenance. As you know, we have 7,600 points of service throughout the world. So we've been servicing and maintaining many vehicles in many countries. But we know also about vehicle usage and drivers that we connect and track every day and try to assist through apps like Truckfly. It's this unique know-how that enabled us to develop value-added services around tires. And these value-added services, they were first physical services such as maintenance. I'm going to touch on the services in a second. As mobility became increasingly connected, well, we also increasingly connected fleets, service providers, but also drivers. It's this connected ecosystem that is giving us access to wealth of data about a lot of moving objects. As we analyze more and more the behaviors and their patterns through our data science capabilities and artificial intelligence activities, it's enabled us to provide customized predictive insights to fleets. As we have more and more data, we can design better offers. We can also design better tires. We can serve better our customers, which gives us access to more data and thus creates this virtuous self-reinforcing loop that gives us a head start over competition when it comes to understanding the future needs of our clients. Now, let me illustrate quickly the kind of services we develop. Tires-as-a-Service is a historical activity of Michelin. It started as a subscription model for tires and has evolved over, I would say, a more comprehensive set of offers that make sure that vehicle users can keep their tires safe and up and running through offers such as Effi tires or Tire Care. Fleet management is about optimizing fleet operation. Fleet management vehicles are connected to a digital platform where you can see live where a truck is, but also track alerts and sensors that tell you about the vehicle loading, its routing, its driver behavior, etc. Fleet management is about providing these actionable insights, and that's where our, I would say, mission has become to help people around tires make decisions every day based on real-time data. We've built our leadership in fleet management through a series of targeted acquisitions, Sascar, Masternaut, and NexTraq that are increasingly working as one ecosystem and already delivering strong synergies. In addition, we provide complementary services to fleets to support them in their daily needs, whether they need roadside assistance that we provide, for example, through our on-call emergency roadside assistance service. But we also provide maintenance spare parts, retreading, compliance control, etc., through our Euromaster or Michelin Commercial Service Network. We also connect and support drivers every day, whether they need to find the next refueling station or just a place to rest through apps like Truckfly. So as we've been developing new offers, we've been expanding our customer base and reaching new territories. And our next two frontiers are the digital service platform and our new IoT and data businesses. The digital service platform, which went live in the U.S. in March 2020 under the brand MAESTRO, is about connecting fleets with a whole range of service providers within the Michelin network, but also outside the Michelin network, and as we connect more and more moving objects and as we understand and analyze the patterns and behaviors, we are able to develop these new data businesses where we are no longer serving fleets, but we are actually addressing new types of customers such as insurers or road operators, so now, what will Michelin services and solutions look like in a few years' time? We're going to be addressing two customer domains that are linked through data. On the left-hand side, what you see is our customer domain centered around fleets. That's our digital service platform where we orchestrate a number of services so that we can offer any type of fleet a one-stop shop. On the digital service platform, you find our core activities, our core services that I just discussed, whether it's Tires-as-a-Service, fleet management, or maintenance. Those are very important value bricks for Michelin in which we're going to be keeping investing to keep developing our leadership. But we also intend to open that platform to other service providers, complementary service providers, whether it's other spare parts, whether it's insurers, or people who will support tomorrow all the zero-emission mobility that is going to be developing fast in the coming years. What we want this digital service platform to be is a reference in terms of connected solutions for fleets. As we connect more and more objects and we understand their behaviors, that naturally positions Michelin as a specialist in mobility and usage data. That's what the platform on the right-hand side is about. In this platform, we have an IoT platform that leverages basically all those moving objects and enables us to design offers for new types of clients, whether they're mobility operators, OEMs, insurers, road operators, etc. A good example of that is DDI, which is Driving Data to Intelligence, one of our activities, which is basically leveraging telematic solutions with data science in order to address and provide offers to insurers and road operators for better roads and safer driving. As we accumulate more insights, that helps us develop new offers that will be available on the digital service platform. Now, what are our ambitions and the key levers to reach those ambitions? When we are providing fleet services, we basically have four very important success factors. The first is being able to capture data through sensors. We also need strong analytic capabilities and predictive algorithms, and we need smart interfaces to be in constant dialogue with our clients. In addition, we need a very robust operations and service support network because when we deliver fleet services, we're basically on the deck 24/7. Given the current outsourcing trends, we target a growth in the number of vehicles under contract of about 15% per year between now and 2030. Our digital service platform basically needs two important success factors. First, we need a scalable and adaptable platform, which we've already acquired and tested over the past few years, and we will need a network of partners so that we can quickly reach a critical size. We are targeting with our digital service platform about 5 million transactions per year and connecting 10,000 service providers. Our IoT and data businesses, they're fed with connected objects, which we need to be in exponential number. And we have a very favorable trend over the past 12 months. And what's critical in these businesses is the data science layer because that's where we can provide added value in science to our customers. We want a very active innovation pipeline in these businesses, targeting about 50 new launches per year, which is already pretty close to what we have in the current innovation funnel. So in a nutshell, the bulk of the growth is going to be coming from these new activities between now and 2023. And we are targeting an increase in turnover in services and solutions of about EUR 100 million by 2023. And with that, I'm going to hand it over back to Eric to keep exploring our promising ecosystems. Thank you very much, Lorraine. So we have just looked into detail at our service and tech solution approach. Let's now move to the high-technology domain. Remember the four key areas: high-tech, flexible composites, medical hydrogen, and 3D metal printing. So let's start with an overview of the high-tech flexible composites first. What is really impactful in that area is that because of our historic R&D approach, we have the opportunities to identify new vectors and new areas to go for that are not just simple extensions of a few products that would look like tires or behave similarly to tires, but really to have a more systematic approach covering all the stages of the value creation funnel that goes from raw materials to semi-finished product all the way to final product. The reason for that is really that our R&D approach for the longest time has been based on a holistic approach that makes the full connection from the conditions of use experienced by products in the field in real life so as to extract knowledge of how the materials inside the tires are operating in real conditions and making all the link all the way up to the choice of raw materials, the ability to modify, alter, even introduce new raw materials with very distinctive capabilities when necessary and so as to meet the best performance ultimately. To do that, it requires two things. One is, of course, to have a strong mastery of the materials themselves, their design, their characteristics, even their working on their molecular structure. But also, it requires mastering the transformation of these high-tech materials into semi-finished products and the final products. And this is especially important because it is during this transformation phase, during the manufacturing process, that all those different materials are made to cooperate together mechanically and chemically so as to deliver a level of performance that individually, they would be totally unable to achieve, but that they can achieve by working together. So this is a very important strength that we apply with a deliberate focus on achieving sustainable solutions to the problems we tackle. So what does this mean? In a few concrete examples, and then Sonia will come and give you more details. But on an overall level, if you look at the value creation funnel on the right that goes from raw materials to semi-finished product to final product, you can. Let's take, for example, the first level, the entrance of the funnel with raw materials. Just there, you can see all those materials that enter into the composition of tires, but that also are present in many other products and many other industries: plastics, plastic bottles, yogurt cups, apparels, very, very wide range of applications. Now, it turns out that about 72% of these materials are actually fossil fuel-based. Part of our effort to develop and increase drastically the sustainable material rate in our tires, meaning materials that are either biosourced or recycled. We are actively engaged already in a number of cooperations and partnerships to develop biosourced or recycled-sourced alternatives to those fossil fuel-based materials. Now, as we develop those solutions, they also become of strong interest, of course, to all the other industries that rely on the same raw material. Now, what is critical here is, of course, developing the right process to do this transformation, but also being able to scale it up, knowing which characteristic to master, which level of quality needs to be attained, and that really plays directly into our strengths and our distinctive capabilities. So a lot of opportunities. We'll see some examples also about semi-finished products. And just to finish, highlight that even at the level of the final product itself, we've got, of course, tire at the center here, but there's also all these other areas where a lot of them were already present where we can play an important role: belts and hoses and coated fabrics and sealing solutions, and even inflatable mattresses to protect the body of COVID victims who have to spend many hours in intensive care laying on their front and who develop very bad bedsores. This is something we developed in a few months during the height of the crisis to help hospitals. Now I'll let Sonia dig into more detail about those applications. Sonia, thank you very much. Hello everyone. I'm very glad to be here now to present to you the four ecosystems of our high-tech material activities. I'm going to start with the first one, which is also the biggest one: the sustainable flexible composites. It is the biggest one because we expect a market of more than EUR 200 billion revenues by 2030. Our strategy is very clear. All along the value chain for raw materials, semi-finished products, and finished products, we want to reinforce our positions by leveraging different levers of growth while maximizing the synergies with our material sciences. Let's start with the first level of the value chain, the upstream part. Here, we want to become a developer and supplier of sustainable raw materials in two areas. The first area is the area of recovered materials from end-of-life tires. We are going to sell, and we have started to sell, micronized rubber powders coming from end-of-life tires. And these micronized powders can be reused, of course, in tires. But we are also selling these products to asphalt producers and road builders. Second type of product and second type of technology, recovered materials coming from end-of-life tires, is the recovered carbon black. Here, we are working with a partner, Enviro, a Swedish startup, and we have developed a partnership in order to build a plant using an innovative pyrolysis technology in order to recycle tires, earth-mover tires, and in order to produce, in fact, recovered carbon black. And here, we are able to provide a solution for the mining companies in order to recycle their tires and with a closed loop, ensuring that we reuse these recovered materials into new tires. The second area of sustainable raw materials are the sustainable monomers and polymers. And here, we have two examples where we are, in fact, able to produce bio-butadiene and also recycled styrene from polystyrene. So bio-butadiene is a polymer we are going to produce from biomass, and we are doing a project. We have started a project with IFPEN and Axens in order to be able to have this technology very soon in the future. We have also started a partnership with a Canadian company, Pyrowave, in order to use, again, a new technology to recycle here polystyrene from yogurt cups, for example, or from household appliances. And here, with this technology, we are able to produce recycled styrene, which is reused once again in tires, but also which can be reused as a pure styrene into the production of packaging again. So you see here, for this level of the value chain, we want really to accelerate differentiating technologies by becoming, in fact, a producer and a supplier of sustainable raw materials that are biosourced or that are recycled. The second level of the value chain of these sustainable flexible composites are semi-finished products. And here, we are focusing on a specific product that we have developed 10 years ago for our own tires. This is a special adhesive that has been developed in order to be human- and environmentally friendly. And we have started to use this new resin into our own tires for textiles in our tires. In fact, we have discovered that these resins can also be used in other types of applications, firstly in marine wood and plywood, but also in composites. We have decided one year ago to create a startup and to incubate it into our own incubator. Now we are in the scale-up phase. We have a team of 20 people who are now exploring commercial contracts. We have three customers. It's just the beginning of a big adventure because the market of resins is huge. Of course, here we are talking about creating a new market because it's about sustainable adhesives, but we see a lot of interest in the market. Another offer that we will develop on this semi-finished level is tailor-made polymers. We will leverage our compounding competencies that we use every day for our tires, and we will be able really to reinforce our position as well on this field of tailor-made polymers. The last level, the finished product level, the downstream level, we start from our Fenner activities. And already mentioned by Eric, it's about coated fabrics and technical textile, high-end polymers, conveyor belts, belting solutions, and technical hoses. So here we have different types of rubber goods and products. And our ambition is really to become a global leading player on specific markets where we are going to be able to provide very specific material and very specific products, leveraging once again our material sciences. And we will focus on segments that will require a high level of technicity and a high level of performance of our products. So you see here that we have different types of businesses. We can have businesses that are emerging businesses that are startups, but we have also businesses that are mature. So we are going to use an agile approach in order to adapt the way we grow through incubation of new businesses, through partnership and acquisition of startups, and also through synergetic M&A in order to continue to grow our activities of rubber goods. So I propose to move now specifically to this market of rubber goods and high-tech flexible composite products at the bottom of the value chain. This market is a growing and profitable domain. As I already mentioned, it will represent a very important market by 2030, more than EUR 200 billion revenues for all types of products and all types of applications. Our ambition is really to focus on dynamic markets and to really look at where we can sell mission-critical products that are leveraging all the technicity we have thanks to our material sciences. So we are talking here about, again, coated fabrics, reinforcement, conveyor belts, belting, hoses, and high-end polymers. And all these markets, all these products are addressing more than 20 vertical markets, which is ensuring that we have activities that are very resilient and that are able to face challenging times like we were facing in 2020 and to remain resilient during this kind of situation. We expect 5% CAGR by 2030. It means that our sales in 2019 that were of a little bit less than 1 billion was EUR 900 million revenues. We expect them to reach EUR 1.1 billion revenues by 2023. These are attractive segments, so these are attractive margin businesses with a lower capital intensity compared to our tire businesses. And as already mentioned, these are less cyclical businesses because we are in more than 20 vertical markets. That means these activities of rubber goods are going to ensure a higher cash conversion. Let's move now to the three promising segments that were already mentioned: medical, hydrogen, and 3D metal printing. For our medical activities, in fact, we are talking here about the activities that also joined Michelin three years ago thanks to the Fenner acquisition. It's the activity named Solesis. And here, in fact, we are again talking about materials. We are, in fact, producing and selling bioresorbable, biocompatible polymers, and these polymers are used to address two types of medical markets. The first type where we are selling, in fact, polymers and related textiles is the market of cell and gene therapy. Here we are selling single-use biocontainment systems that are used by our customers to produce cell and gene therapy. The second domain of application of this technology is the domain of regenerative medicine and implants, in fact. Our products that are medical devices and that are, for example, 3D scaffolds that are used by our customers that are themselves producing implants, cardiac implants or orthopedic implants, and our special textile is ensuring regeneration of the body cell. So these markets are very attractive markets from a growth standpoint: 20% growth for cell and gene therapy, more than 10% in cardiomedical devices. These are markets that are also very profitable, and we want to accelerate the growth of this activity and to become really a leading innovation and manufacturing partner in three main domains: cell and gene therapy, bioresorbable devices, and regenerative medicine. For that, we will leverage several levers, but there is a main one, which is our ability to innovate, thanks once again to our material R&D and to our machine R&D, to innovate and create biomaterial polymers that can be used in new applications in the medical world. The next ecosystem is about the hydrogen mobility that you probably know very well. And here we know that this is also a very promising market. Thanks to the affordability and thanks to the availability of hydrogen, we expect a market of 2.5 million passenger cars and commercial vehicles by 2030. In fact, we are building on 20 years of advanced research on stacks and fuel cell systems, thanks to our knowledge of elastomers, polymers, and membranes. We have been able to team up with Faurecia to create a joint venture one year ago with a very clear ambition to become a leader in fuel cell stack systems and to be able to reach EUR 1.5 billion revenues by 2030 on a market potential that will be growing and growing with 35% of CAGR in the next five years and 40% CAGR until reaching in 2030 a total market of EUR 6.5 billion. Here, amongst all the key levers we are going to use to do that, and we are strongly confident that we will be successful, there is one which is about the complementarity between Faurecia and Michelin. Faurecia is really bringing two main elements. First, it's strong intimacy with OEM powertrain teams, and second, it's business of hydrogen storage system. Michelin is bringing strong knowledge in R&D, and thanks to that, we will contribute to reduce the cost of this system, but also to increase the durability. Also, we are bringing our customer intimacy with fleets and our ability to help fleets. As already mentioned, with our fleet management activity and our data activities, we will be able to help fleets to switch to this kind of new mobility and to ensure that they can adopt electric mobility and hydrogen mobility. Finally, we move to the third promising ecosystem, 3D metal printing, so here again, we are building on our expertise and what we have developed over the last 20 years for our own activities, for our own molds. We have developed 3D metal printing machines internally, and we decided again to team up with a partner and to find someone very complementary to Michelin in order to bring this activity on the market. So we created the joint venture AddUp three years ago, and we expect this activity to reach more than EUR 500 million by 2030 and to be break-even in 2023 with EUR 100 million. And how are we going to do that? Thanks to a comprehensive offer that is going and that has started to differentiate ourselves to other competitors that are only selling machines. Ourselves, we are helping our customers to adopt this technology. We are completely customer-centric in the way we develop this business. And we start from the different markets and customers. For example, medical and aerospace are the most advanced industries in the adoption of this technology. With this customer, we are able to offer consulting and training in order for them to learn how to integrate this technology. But we are also able to produce parts for themselves or to sell them equipment. So you see with that that we will be able to grasp this growth that will represent 23% CAGR over the next year. And we are once again building on the complementarity with our partner, Fives, who is really a specialist of machines and that was really critical in bringing this activity to life. As a conclusion, in fact, you have understood that our ambition is really to unleash the power of our material expertise with all these activities. So we need to grow, and we are going to grow. But to do that, we need to master key success factors. The first one, because we are going to develop our activities in many different markets, is really to be able to choose the right model with the right partner. And it will always be different depending on the type of activity because for each of these businesses, the operating model to be successful on the market are very different. So we will ensure this diversity of operating model in our activities. The two second levers are about leveraging our know-how and leveraging our market access. So it's really the ambition here is really to maximize the synergies with the rest of Michelin, specifically on know-how in materials because you have understood this is at the core of our strategy for high-tech materials. We are going also to leverage the market access synergies like we already started, of course, with Fenner activities between, for example, our conveyor belt businesses and our mining activities. The next three levers and the fourth, in fact, are in fact how we are going to build and how successful will we be in accelerating innovation through partnership like we already done with Enviro, with Pyrowave, and Carbios. With startups, we also need to be very good at incubating businesses. ResiCare is the first one. We have several others that are in the incubation phase, and we need to continue to do this approach in order to valorize our material expertise. The next lever is really about our ability to accelerate some of our new business through partnership like we have already started with AddUp and Symbio. We will continue. And finally, we need to make sure, as we have to grow through M&A and synergistic M&A, we need to make sure, like we have already done with Fenner and AI, that we quickly integrate acquisition and we make sure we are grasping all the synergies we can in order to support our growth ambition in our high-tech material activities. And now I hand over to Florent. Thank you, Sonia. We had a very exhaustive and comprehensive view of our plan for the next decade. But when it comes to mobilizing 125,000 people around the world, it is very important that we can summarize all what we have seen in a very short summary of what we call a strategic statement. It has to be very simple, very clear so that it can be shared and owned by everyone because at the end, it's when the 125,000 people in Michelin that will mobilize, that will deliver that strategy. So the first element is it comes to the graph on your left. At the end, the core of our strategic vision is making sure that we have a balanced equilibrium all the time between people, planet, and profit, and the end in between those three components is absolutely crucial. So by 2030, Michelin will generate sustainable growth, creating a balanced view and a balanced value between people, planet, and profit, and we have unique capabilities, and it's very important to know what are your strengths. We have very strong values. We have a very strong brand. We have a huge technical expertise. We know how to innovate, and we've been constantly innovating for the past 130 years. So we are champions in terms of innovation. And we have strong customer expertise. These are the five pillars of our unique capabilities. And we will deliver differentiated products and services in the market, differentiated to provide better mobility, high-tech material-based products and services, along with travel recommendations that improve life in motion for individuals. And that's how we circle the loop with our purpose. We care about giving people a better way forward, and therefore we want to improve life in motion for individuals, businesses, and external stakeholders. So let's review quickly our targets and our ambitions. At this stage, for 2030, it's ambition because we know the journey towards those ambitions will be paved with stones and differences that we were expecting. Our strong ambition in terms of people is to make sure that we continue on the journey of having engaged teams all the way. And if we move from where we are today to 85%, we will be in the benchmark league for engagement rate of people, as well as safety. Safety, we want to be top of the niche in terms of safety. We really want people to feel totally secure and safe when they work at Michelin. At the end, also, we want to continue our journey to improve the diversity and having more women in the management, moving from 28% rate of women within management to 35%, which would bring us in the benchmark level within our industry. If we now move to our planet commitments and ambitions, we know this is a very complex issue if we want to really contribute significantly towards the UN ambitions. So in the Scope 1 and 2, we want to shift towards cleaner energy and reduce our energy consumption. Basically, we've achieved 50% CO2 emissions reduction versus 2010, and we want versus 20 24. And we want to achieve another 50% CO2 emission less by 2030, well- embarked into carbon neutrality by 2050. In the Scope 3, we have separated our ambition in the Scope 3 in logistics, which is how we make sure that our product reaches their customers. We want to do less, we want to do less and better and differently this transportation and this logistics. By 2030, we want to reduce by 15% our CO2 emissions versus 2019, which is very significant, reaching and well- embarked towards carbon neutrality by 2050. For the remaining part of the Scope 3, in terms of the overall supply chain of our industry, we want by 2024 to have 70% of our suppliers having science-based targets. Science-based is a way of measuring the real impact of your activity. Again, well embarked into the 2050 carbon neutrality. Now, if we move on this path, there is one specific and important element, which is we need to change the component of our tires, specifically our tires, but also the other products we will be producing, especially the flexible composites. But in the tires, which will still be the bulk of our business by 2030, we want to have by 2040, 40% sustainable raw material rate, well- embarked into having a 100% sustainable raw material component for tires. And you have here sketched the main component of a tire. And what you see is, if you remember, we are at 28% in early 2021, and we're moving to a substantial 40% with the same level of performance at minimum or enhanced performance, which makes it very, very demanding. And to illustrate that, we know how to do it because already, if we look at the top of motor racing, which is MotoGP, we are already providing tires that are really outperforming everything we know in this type of racing with already in the tires a 40% of sustainable raw materials. So now, if we move to our growth ambition, what you have seen, we have a plan and we have ambitions. We want to generate substantial growth. Starting from 2023, we want to reach an annual CAGR, an annual growth rate of 5% starting from 2023. Why we start from 2023? Because we think by 2023, we will have recovered from the current crisis. We will focus on value-accretive markets. We will have constant and consistent growth in tires in line with historical performance and market forecasts. We would reinforce a development into a high-growth segment in which our expertise can deliver significant synergies. When it comes to our resilience, we want to balance better our geographical footprint, the way where our revenue is based. We want to build a richer product and solution portfolio, and we want to improve the mix everywhere between the cyclical business and the more stable markets. That's how we would weather the next storm that we will have to confront. And of course, all of this, all of this growth package will be done while creating value. And we have the ambition to create, to generate a 10.5% everything included ROCE every year. And this would be a significant, and this would mean a very significant improvement into our most mature business, especially tires. The next element is we have defined those ambitions into a strategic scorecard. That would be our polar star. And this would be how we would look at whether we are well embarked into this ambition. So I would not read all the metrics and all indicators, but I want to just describe our ambition. In terms of people, we want to be world-class in employee engagement. We want to be world-class in employee safety. We want to be a reference in diversity and inclusion of teams. We want to be best-in-class in value created for customers. If we look at our planet ambitions, we want to reach carbon neutrality by 2050 and therefore put all the plans together to be well- embarked in every decade towards 2050. We want to contribute to reaching carbon neutrality in terms of usage of our products. We want to be best-in-class in environmental footprint and industrial footprint of industrial sites, and we want to reach full circularity of products by 2050. If we look at our financial performance delivery, we want to deliver substantial growth, 5% CAGR starting from 2023, having to deliver continuous financial value creation, maintain the Michelin brand power, and maintain the best-in-class innovation pace in product and services. This would be all the milestones we will track. We are all with the executive committee embarked into this journey and these ambitions. Now, I will leave the floor to Yves, who is going to, sorry, just, yes, we have one now. I will leave the floor to Yves, who is going to detail you our commitments toward 2023. Thank you, Florent. Thank you, Florent. Florent, just to share with you our 2030 vision and ambition. As we are evolving in a very volatile and unpredictable world, we have decided to mark out this 10-year vision with a three-year implementation plan. Of course, the two first years of this plan, 2021 and 2022, will be dedicated to the exit of the current COVID-19 crisis. Since June last year, we have said that we are expecting to fully recover from this crisis during the second half of 2022. The crisis has multiple consequences, including disturbances, disruptions in worldwide supply chains that we are seeing in a lot of industries. Therefore, we are aiming in 2023 to generate EUR 24.5 billion of turnover, which is a slight increase versus 2019. We will aim to generate EUR 3.3 billion of segment operating income in 2023, which is a EUR 300 million improvement versus 2019. But if we had the forex effect between 2019 and nowadays, you had to have another EUR 300 million. So it's a current, a constant exchange rate. It's a EUR 600 million improvement, and it's a record operating margin at 13.5%. Over four years, between 2020 and 2023, we're expecting to generate EUR 6.3 billion of free cash flow, of structural free cash flow, including the contribution to our joint venture, which was not the case in the past when we measure free cash flow, and with a gradual improvement during the second half of this period. Then, Florent, I'll share with you in a strategic scorecard, the return on capital employed. We are aiming to generate at least 10.5% of return on capital employed, which is a full ROCE, including the consequences of our acquisition, the immaterial assets, intangible assets, and goodwill, and the contribution and the stakes we have in the JVs or companies that were consolidated by equity. Of course, this plan will be generated thanks to the growth that has been shared by my colleagues from the executive committee during the previous sessions. But we are living in a very competitive environment. And in this industry, in the tire industry particularly, competitiveness is a must. Therefore, we are committed to save EUR 300 million of competitiveness gains during the next three years versus 2019. This is a clear acceleration versus what we have been able to do between 2015 and 2019, where we saved altogether EUR 66 million. Jean-Christophe Guérin shared with you all the elements of the manufacturing competitiveness plan that we are going to use in order to improve our operating gross profit and to finance also the consequence of the mix enrichments, particularly the cost linked to post-manufacturing operations, such as implementation of RFID, Selfseal, or Acoustic technologies in our tires. In parallel, Bénédicte de Bonnechose has explained to you our ambitions regarding SG&A that we can summarize in an average EUR 20 million net of inflation savings for our tire business in the coming three years. In order to measure this plan, we are going to follow our group SG&A versus our gross margin because the gross margin is not influenced as a turnover by the price of raw materials, and you are seeing here that we are aiming to save five points of SG&A on gross margin in the next three years and another five points in the following period. Florent has shared with you a comprehensive set of KPIs about people, planet, and profit. Regarding the planet, we would like to put a strong emphasis by starting to valorize the negative externalities of our activities. For that purpose, we have chosen to select three of them: the CO2 emissions, and we retain the Scope 1 and 2, and the part of the Scope 3 that we are mastering, which is related to the transportation of our material, semi-finished, and finished product, our water consumptions, and the volatile organic compounds consumptions. These three externalities in 2019 were representing an average cost of EUR 330 million. We have valorized, thanks to a very detailed study from our teams, this cost. If I take the case of the CO2, we have chosen a value of EUR 58 per ton, which is basically the avoidance cost of CO2. We are aiming in the next three years to save the equivalent of EUR 30 million or roughly 10% of negative externalities in the Scope, including, of course, the growth of our activities. It put us on the roadmap that is being explained by Florent towards 2030 and 2050. These criteria will be broken down within the organization, and we are dedicating around EUR 40 million per year of CapEx to save these EUR 330 million. Regarding CapEx, we have been adjusting very sharply our capital expenditure in 2020 to adapt to the crisis and to safeguard our cash flow, and of course, from 2021, we will come back at what I can qualify as normative level, close to 2019 level, but with a different breakdown than in the past, with a part of the CapEx dedicated to new activities, and aiming that by 2023, the tire-related capital expenditures should be fully financed by our depreciation. We are also seeing that we are including here also the financing of our joint venture, which will be on average around EUR 50 million per year, mostly to finance the growth and development of Symbio and AddUp, while some of our JV will positively contribute to our free cash flow, such as TBC. You have seen that we have a strong willingness to grow, and from 2023, when we will have fully exited the crisis, to come back to 5% compounded average growth till 2030. This growth will rely on three levels: the growth of our existing activity, both tires and non-tires, the incubation of businesses from our innovation capabilities, particularly from our R&D centers. You have seen some examples with ResiCare of innovation that are coming from Michelin R&D and that we are able to expand beyond tires. Of course, we will pursue our road towards acquisition and partnership, which has been pretty successful in the past years. We are able to continue this path thanks to a reasonable gearing ratio at 28% at the end of 2020, strong financial rating, and a robust free cash flow generation. You have also seen that in our strategic scorecard, we have coupled the growth of our business with a return on capital employed, and 10.5% ROCE over the period 2023-2030 is basically 300 basis points above our weighted average cost of capital. Regarding acquisition, we have proven in the past year that we were able to integrate different kinds of businesses, different kinds of companies in a very smart and pragmatic way, from a full integration in our commercial and manufacturing organization when it's about tires, as we did with Levorin or with Multistrada, to a more decentralized entrepreneurial model when it's about telematics, fleet management, or high-tech material activities such as Fenner. We are looking for companies that are generating intrinsically higher growth rates and that are less capital-intensive than our core activity. I would like also to draw your attention on the fact that we are today operating several of our activities through joint ventures. It was not the case at Michelin six or ten years ago. During these past years, our organization has learned how to manage joint ventures, how to manage relationships, to partner with the strategic partners, and how to manage more standalone business models. We believe that these joint ventures, the partners we have chosen, are increasing the value of these assets. I would like also to draw your attention on the fact that synergies, and it has been mentioned several times by Sonia, is key in the way we are integrating these companies. The valorization of the synergy is one of the key KPIs that is integrated in the assessments of the top management performance. Having now shared with you the growth story of Michelin, our ambition in terms of profitability, I would like now to come back to our capital allocation policy. After having financed our growth, given our robust cash flow generation, we will propose in the future, starting from 2021, to our shareholders to slightly increase our dividend payout ratio to 50% of our net results before non-recurring items, which is an increase versus the previous policy, which was at least 35% of net results before recurring items. We will manage some share buyback in order to neutralize the dilutive effect of employee preferential share programs, and we might opportunistically do some share buyback if to manage our balance sheet, given the low level of interest rates and given the cash generation of the company. I'm now handing the floor to Florent for the conclusion of this session. Thank you, Yves. First of all, I just wanted to thank all of you for listening to this very comprehensive and exhaustive review of our strategic plan, basically. By the way, there was one missing element: what is the name of this plan? Because we believe in life in motion, and we believe motion for life, we have called simply this strategic plan, Michelin in Motion. We are already in motion. We know what we want to do. We know who we are. We know where we want to go. We have very strong ambitions, and Yves has been very thorough, as always, on our objectives in the short term. We have a leadership model. We have strong values. We have now a plan, and I am absolutely confident in our capability and capacity to deliver our ambition by 2030. It's very exciting, and all our teams are now really engaged and eager to deliver on these ambitions and on our commitments by 2023. You've probably noticed that we have run this event live with very strict sanitary protocols and conditions, which has created an unusual way of organizing such an event. So I just want to thank all the technical team that have really done wonders to be able to do this under these conditions. And we now have a 10-minute pause so that we can reach our phone, and then Yves and I will be together to take all your questions and hopefully give you the answers you are expecting. So thank you very much for attending, and we'll see you in 10 minutes. We will start immediately with the Q&A session that we would like to dedicate to our strategic program. We'll have very soon other opportunities to speak about 2021 performance. Let's start with the first question from Tom Narayan from Royal Bank of Canada. Tom, the floor is yours. Oh, yeah. Thank you, Tom Narayan, RBC. I wanted to drill down, if I could, on the margin targets that you've laid out for 2023, specifically on the specialty business. It would appear that the above 17% level sounds like it could be below the margin level you posted in specialty in 2019, despite the higher revenue level you expect in specialty for 2023. So just wondering if you'd give us some color on why you expect the margin profile might actually decrease despite having more revenues in the specialty business, and then how you think this margin level for specialty could proceed as you get closer to 2030? Thank you. Maybe Yves. Yeah, answer this one. First, we announced an ambition to have a margin for the SR3, which is at least above 17%, which is a slight decrease versus 2019. But don't forget that within the specialty business, we have a very diverse mix of activities: mining, aircraft, construction, agriculture, on-site logistics, and the high-tech material activities. So 17% seems, at least, seems for us, reasonable ambitions within the SR3. Yeah. Always remember that SR3 cannot be summarized with mining, but intrinsically, our margin rates per activity would remain at a strong level. I just should add that we gave a global guidance per segment, but overall, we are aiming to improve the overall margin of the group to reach 13.5% by 2023. Let's move now to the next question, Thomas Besson from Kepler Cheuvreux. Thomas. I hope you can hear me. Yes. Yes. Great. I have three questions, if I may. First, to continue on that topic, I'd like to know what you're going to do in terms of disclosures of your non-tire activities. We've had nice videos. We've had lots of discussions around the top-line momentum of various businesses that look great, but we can see very little of it because they are either inside the JV that you don't consolidate or within an SR3 segment that is difficult to read from the outside. So the question is more or less, when do you plan to break down SR3 into what's effectively linked with your traditional tire activities and what we are looking at, something growing towards a bigger portion of your revenues that we could track more efficiently, and it may have as well a positive impact on your valuation? That's the first question. The second, much easier. In your 2023 guidance, can you tell us what you have assumed in terms of net price mix versus raw materials? Have you assumed zero or plus EUR 50, plus EUR 100 per annum? That's the second question. And the third one, you've chosen to change the way you present margins by division, as Tom was mentioning, with above something instead of a range. So it's not really a joke, but I'll say it lightly. Is it an upgrade, a downgrade, or just a different way of presenting relatively similar targets in the end? I mean, 13.5 is effectively a bit above what you had in 2019. But if we kind of average what you had in terms of range, we were getting in the direction of that. That's it for me. Thank you. Okay. So I think Yves can answer most of your questions. Maybe let me make a more generic comment about our pricing policy today, tomorrow, and for the next decade. First is we consider that we cannot offset the rise of raw materials into our prices, so we will pass to the market systematically through raw material clauses or through price increases or sometimes some adjustments, all the raw materials fluctuations into our prices. That's a strategic policy, and that has not changed for we have demonstrated that for the past few years, and we will continue to do that. Now, of course, there are various mix into the way we look at our business. So what matters there, what is important, is that the overall commitment that we will make on improving the overall business operating income. But now, maybe Yves on the disclosures and the fourth segment, etc. Yeah. Regarding the disclosures, three aspects, the first one is that we have always said that one day we'll create a fourth segment, mostly about the high-tech materials components, when this segment will reach, let's say, a significant part of the group. According to international norms, it runs between five or 10% of the group turnover. We can start to disclose to segregate this segment from the rest of the company. What we are going to do, not as in the segment reporting, but in the bridge that we are using to report our segment operating income variation from one semester to another, one year to another, we are going to clearly identify the contribution from non-tire activities, gross margin, margin contribution versus the contribution from the tire business. So you will be able to see what will be the overall contribution year semester after semester of the non-tire activities. And the last point regarding joint venture and more generally all these activities, we are well aware that some of these activities have intrinsic valuation drivers, multiple drivers that are different from our core business. Therefore, we'll find a way in the future to externalize or, as you say, to crystallize some of these values to make it more visible for our shareholders. I think regarding the price net raw material guidance, Florent has answered. The basic hypothesis is that we should hedge the impact of raw material price through our pricing policy, and we should try to retain the part of the mix that we are mastering, which is the product mix, the mix enrichments. There is mixed order mix in our revenues that are linked, for example, at intra-business lines mix or intra-market mix between original equipment and replacement that we cannot master. The decision to change from a range of operating margin per segment versus a floor, don't try to make it to guess a second meaning there as a decision. It's simply a way for us. It's the simplest way to communicate about operating margin per business segment. So thank you very much. Yeah, Thomas? Thank you very much. Sorry, I didn't want to interrupt. So let's now give the floor to Victoria Greer for Morgan Stanley. Victoria, the floor is yours. Good afternoon, and thank you very much. A few questions, please. Firstly, talking about CapEx, you've identified the need to have a pretty reasonable step-up in CapEx, mostly to fund the non-tire elements of growth. Could you talk to us a bit? What is that CapEx really provide? What's that CapEx for? What's it building? And also a bit, what has changed about the need or maybe the opportunity to invest in higher CapEx now versus maybe 2019 when you were talking more about CapEx maybe at around EUR 1.7 billion, EUR 1.8 billion, and you had the commitment to the small annual share buyback? That's the first one. The second one, staying on CapEx, you talked about CapEx for the tire-related business to come down closer to DNA levels. Should we expect there any ongoing plant closures over time? Are you done there? Could you talk to us a bit about your capacity planning over the next decade? And the third one then is on the balance sheet. With the free cash flow numbers you've given to us, it looks like you probably will still come quite close to zero net debt by the end of 2023, even with the increased dividend. Do you think that that's about the right level for Michelin? Should we think about further bolt-on M&A? Or should, I guess, yeah, ultimately, I'm trying to get to how positively should I read the commentary around opportunistic share buybacks? Th ank you. So let me answer first on a strategic basis on this question about future restructuring and prospective restructuring, etc. I think we've been very clear, and Jean-Christophe Guérin went through our commitments into making net savings in our manufacturing cost of goods. And so strategically, we know we have not yet into this local-to-local capability of having a production footprint totally in sync with our selling footprint. And especially when we have very high growth territories, we create first the markets before we move the capacity. So for a while, we export from existing capacities into this market. And once we have reached enough market creation in some place of the world, that's the time where we start implementing capacity. So we are not done yet, but as Jean-Christophe explained, we have already made a big shift in the proportion of tires that we produce in some part of the world versus other parts of the world. And our strategy is to be local-to-local. Now, of course, for obvious reasons, we cannot disclose what will arrive next, but we are firm into our commitment local-to-local. It is good for profitability. It is good for the environment. Now, as far as the CapEx are concerned, maybe a second remark is you've noticed that in 2020, we had to push the brake on investment without touching the fundamental investment, but we had to touch the brake because we were really moving into uncertain areas. Of course, we had plans that have been postponed because of that. Now, that postponing is just why in the years to come, in the next two to three years, that postponement will be just back into our investment. Structurally, we will continue to streamline our investment on tires and gradually grow our investment into other activities and tires without impeding our capability to grow on tires. One strategic element is that the new activities that we have described together will be less CapEx intensive than the tires. That's also good for value creation structurally. So we will increase revenue, and of course, we will have additional investment on this activity, but less intensive than what it is in tires. So maybe if you want to add for the rest of the questions. Yeah. Maybe to complete on the CapEx, as Florent said, we have shaved close to EUR 600 million CapEx in 2020, and we'll have to implement this CapEx in the two to three years to come. So if you look at that, and if you integrate the fact that we had in these figures the contribution to our GV, which was not the case before 2020, in fact, our CapEx are pretty consistent with what we have already shared in 2019. The idea to have the tire-related CapEx being fully financed by depreciation by 2023 is the illustration of this consistency. Regarding the balance sheet, of course, as I said, we are not going to deleverage our balance sheet, but we want to probably use the cash flow that we are going to generate either for accretive acquisition, so value-accretive acquisition, or if we were in a given year not in position to realize any acquisition, we might do opportunistically some share buyback to manage our balance sheet. But structurally, I'm sure you've noticed we have strong growth ambitions. And of course, we will need some means, always value-accretive, like Yves said. Now, let's move to Michael Foundoukidis from ODDO. Michael, the floor is yours. Yes. Good afternoon. Two questions remaining on my side. First one, could you give us an overall picture of the non-tires revenues by 2023? I mean, overall, what should it represent? I mean, you said for 2030, but could you give us some idea before that? And could you give us, more importantly, maybe an idea of what we should assume in terms of profitability by then? And is it a reason behind, let's say, some conservatives around the FR3 margins target? That's the first question. And second one is more dedicated to services. I have to say that I'm a bit disappointed by the revenue growth target by 2023. So I understand that the base in 2019, but I would have assumed that it was far less cyclical than other activities first. And especially in light of what you said, what we discussed this morning in the session, I would have assumed higher goals for that. So could you comment on that? Thank you. Maybe on the non-tire revenue by 2023. Yeah. So what we said is that today, our non-tire revenue represents around EUR 1 billion altogether. And in tire revenue, we integrate both Tire-as-a-Service or these tire distribution-related activities. And we are aiming this activity to grow at least by 5% in the years to come, even before 2023. And intrinsically, some of these activities are growing faster than our core business. It has no impact on the profitability of the SR3, in fact, in the way we give the guidance related to the SR3. Regarding the services, the growth ambitions, don't forget that in the services, you have two components. You have the Tire-as-a-Service activity, which is moving along the global tire activity. And you have the fleet management, particularly components, which represent around EUR 200 million, and which will increase by 50% in the next three years. 50% growth over three years seems for me a decent ambition for this kind of activity. And that's, of course, not including potential acquisition that we might do in this area. And I'm sure as well you have noticed that in Lorraine's presentation on this activity, we are also building two massive platforms. Our capacity to transform the market to adopt those platforms will take some time. And we have the experience in other businesses where when you are transformative, like what we are doing with this platform, it takes a little bit longer, but then the growth will accelerate. It takes time for us to build these platforms, and then it takes time for us to connect all the dots in those platforms. That's why, but like Yves said, 15% compounding growth is nice already. If we can do better, we will do it. So the next question is from Gabriel Adler from Citi. Hi there. Thank you very much for taking my questions. I have two left, please. The first is coming back to capacity. You've spoken a lot about shifting from high to low-cost regions. But in terms of total capacity, we're seeing some other players in the market reducing their total capacity. So how do you see Michelin's total tire capacity today compared to your expectations for the future growth of the market? And then my second question is on M&A because your previous plan involved quite significant M&A deals in order to support preparation for diversification. Now you've given us a strategy which clearly wants to accelerate that diversification process. So could you help us understand how much further M&A is required from here in order to reach that 20%-30% non-tire revenue target in 2030? Thanks very much. Okay. So I will take the total tire capacity and the Yves on the M&A. You will give some insight, but I'm sure you cannot give all the details. With regard to the capacity question, first, it is very important to distinguish between especially capacity for truck tires versus truck and light truck tires and the capacity for passenger car. So when we have movement in the passenger car arena where we have substantial growth in mix, there what we are doing is very often we are closing capacity in low seat diameter, but we are recreating capacity in a high seat diameter. So that's what we did, for example, in the last closure at Dundee. At Dundee or at Bamberg in Germany, we have closed these plants because we could not transform this plant into a much higher mix that we are serving. I'm sure you have noticed that we have very high growth in this very high segment mix, and we are growing much faster than the market. In passenger car, when we make restructuring, overall, in net, we are gradually increasing capacity, but we are converting capacity. The translation of restructuring in passenger car, you will find it in the mix rather than finding it in additional loading of capacity. In truck tires, the situation is different. There we have enough capacity overall worldwide. We are not completely local-to-local in terms of footprint, but in terms of total capacity, we are well compared to actually probably slightly in excess capacity compared to the loading we have. When we make restructuring, and what we did with La Roche-sur-Yon, is we have reloaded other existing capacity when we have closed the plant La Roche-sur-Yon. So in the truck tires, the restructuring of capacity is to increase the loading of our existing capacity. So in truck tires, we hardly put new capacity in total because the market environment is not there. For the segment three, it varies. We have very high growth, and we are not yet saturated in mining, but with the pace of growth we have, that could happen. So we are revisiting constantly our capacity planning with this in mind. And we are, like Jean-Christophe explained, in part of our overall capability to get more competitive on an industrial basis. Part is growing existing sites and maybe reshaping other sites. So as far as M&A, yeah, so you're right, Gabriel. M&A will be a component part of our growth. It was in our presentation. It is one of three components besides organic growth and incubation of internal innovation. We will do M&A in a pragmatic way. We are, of course, to reach 20%-30% of non-tire business in 2030. It will pass through some M&A. We'll not disclose. I'm not going to disclose precisely the areas or the targets that we are looking for. But you have seen in the presentation that first, we have an entire organization, which is Sonia Artinian-Fredou division, which is in fact managing acquisition and partnership through joint ventures, notably, with the help, of course, of all the corporate departments of the group. So it will be part of our strategy. As I said, we have synergies are tracked very cautiously. The synergies extraction was part of the KPI on which top management performance was assessed for the past two years. So we believe that we are now organized to proceed with M&A in a very smart, efficient, and accretive way. The next question is from José Asumendi from J.P. Morgan. Hello Florent and Yves, and the whole team. Thank you very much for the, I think, very interesting sessions today. Just three items, please. I want to come back a little bit to the capacity work you've been doing. You do seem to be ahead of peers, at least in Europe, adjusting or converting capacity. So can you comment a little bit more, please, across passenger car and truck tires, whether there is more work in international locations or specifically in Europe to either convert capacity or reduce capacity across both ends, maybe on the passenger car and truck tires? And have you gone through the peak of, let's say, restructuring of capacity in Europe on passenger car? I'll be interested to hear some thoughts on that, please, again. Second question on SG&A, very simple. If you could just go again through, please, what are the biggest drivers within your SG&A savings? That'll be very helpful, please. And then the third one, as you think about CapEx allocation between passenger car, truck tire, and SR3, do you think there's going to be a fundamental change as to how you're allocating CapEx across the three divisions and how you want to change your business mix more towards SR3 going forward? Thank you. I will answer back on capacity. I think I've been very clear. So in passenger first, our strategy is to be as much as possible local-to-local. We look at local in a region. So you have North America, South America, you will have Europe, you will have Southeast Asia, China, India. And there, again, we want to, as much as possible, match our selling footprint with our production footprint. That's the overall strategy. Now, today, we are still unbalanced between some part of the world. So we are still net importer into Asia. We are still in passenger car. We are still net importer in North America, and we are net exporter out of Europe. So part of that will be reassessing the way we organize that capacity. In truck tires, I think we have the appropriate setup globally. We still have the same type of imbalance that I was describing in passenger car that we are going to gradually address as we go. We will continue investing in new capacity in passenger car because then, as I explained, when we restructure capacity, very often, there is no more markets available for that capacity. So therefore, we have to recreate capacity in markets that exist. That's what I call the mix effect. In truck tires, it's slightly different. When it comes to CapEx, we have been clear in our strategy. We are going to reallocate our geographical footprint, so we want to grow faster in Asia than in other parts of the world, which doesn't mean we don't want to grow in Europe or we don't want to grow in North America, which means that we will grow at a faster pace in Asia than we grow in North America and in Europe. The same applies with the big segment mix, so yes, the specialty segment, we want to have a faster growth, and Serge Lafon has been clear on the segment three, and Sonia Artinian-Fredou and Lorraine Frega have been very clear on our ambition in this specialty segment that is going to grow at a faster pace than what we can grow today in the segment one or the segment two. So yes, there will be a change in the way the shape of the revenue of Michelin in 2030 compared to what it is today. As far as SG&A. So regarding the SG&A, it is a Simplexity program that has been presented by Bénédicte earlier this afternoon. I can summarize the drivers into four. The first one is really simplification and looking for shortcuts in the way we do things within Michelin, including some cultural aspects in the way we work, in the way we cooperate within the organization. The second one is, of course, process engineering, questioning the value added of all the tasks that we are doing, making sure that our customers will be ready to pay for this task. The third one is increasing our shared service centers. We have built in India, in Pune, a center which is today hosting R&D and digital and IT activity, which is now operating with close to 1,000 people. And digital is also a clear enabler. As Jean-Christophe mentioned for manufacturing, digital is a clear enabler for productivity in services. We are implementing more and more administrative robots, for example, that are increasing the productivity of our services activities. The next question is from Michael Jacks from Bank of America. Hi, good afternoon. I hope you can hear me. I have three questions. Thanks for taking my questions, and thanks for the presentation, by the way. My first question relates to slide seven in the last presentation, and I'm not sure if it's a function of scale on the chart there, but if I look at the tire revenues for 2023, it looks like the absolute level is slightly below 2019, despite your expectations for a recovery in the tire market volumes by around the second half of 2022. So I just wanted to ask, is there a specific reason why you think that revenue number is going to be slightly lower or flat? Is it perhaps mix? That's the first question. The second question is with regards to the EUR 100 million a year savings in manufacturing and SG&A. You mentioned in one of the slides that it's going to be partially reinvested in the non-tire business. My question is, should we anticipate this to have an offsetting impact in the income statement? And if so, what will the quantum of that be? And then my last question is in relation to the non-tire revenues, which, again, if I look at the scale on the chart, it looks like it could be around 25% of your group revenues by around 2030. If you could perhaps just give us a feel for what the makeup of that portion of revenues is going to look like. Thank you. Yes, I think it's feasible. What we have said, first of all, on tire revenue, is that what we have said is that we think we will have to wait for the second semester of 2022 before we can come back to levels that are similar to 2019. Hence, the idea of the compounding growth that we are aiming to will arise from 2023 up until 2030. Of course, if we can grow faster, there is no structural reasons why we think we would decrease our tire revenue in 2022 or 2023. We are still on a growth pace, but we have to remember that we have to absorb a 15% drop overall in all markets that has occurred due to COVID-19. Maybe on the savings. Yeah, on the savings, part of the savings will finance some SG&A for non-tire activities in the area of services or high-tech material. To clearly now say in which proportion, it's extremely difficult to say, and we prefer to stick to, let's say, our overall improvement program. We are going to track, as I said, separately the performance of our tire business, so both margin and SG&A dedicated to our tire business versus our non-tire contribution. You will be able to see that clearly in our future bridge in the next semesters. And maybe the last part of your question about the shape of the group revenue in 2030, yes, it will be different from what it is today. Today, I would say 95% of our revenue is tire or tire-related generated, and we want that proportion in a group that will have grown significantly by 2030. We want that proportion to become 70%-75% of our revenue and knowing that the other activities will represent between 25%-30% of our revenue. We gave a range of 20%-30% by 2030 because we're still a decade away, and therefore, the tire will be the difference between 100% and this 20%-30%. But in revenue that would have grown, this is what is important. The next question is from Edoardo Spina from HSBC. Hello. Thank you very much for taking my question. I have one question on the fleet services business. I understand you operate somewhat similar businesses under multiple brands, Sascar, NexTraq, and more for Tire-as-a-Service as well. So can you talk about the potential to consolidate these businesses under maybe one brand and perhaps the Michelin one, given it's so strong, especially as I understand that this would be an area of focus for M&A? And the second question is more about, let's say, what we can call the share of earnings from associates in your P&L. But just to understand the direction of those, because now started to add more businesses, I think that on Symbio, we would have a guidance anyway from your partner. But for the distribution in the U.S., I think also that goes there. So if you could highlight a bit how we think over the decade that line to move. Thank you. So for the first question on the brands, we have to, when we acquire a company like Sascar, Sascar as a brand has a very strong equity in South America. So part of the acquisition is we acquire a very strong brand equity in some markets. Now, as Sascar expands on a worldwide basis, then in different countries, we look at what is the most efficient way to grow this type of service in specific countries. So if I think about China, in China, Sascar is totally unknown. So when we grow services and solutions related to Sascar's technologies, we would most certainly do it under the Michelin brand. But it varies from country to country, and we are really looking at what is the most efficient way to achieve our growth, utilizing the asset of the brand. And it's true for Masternaut, Sascar, and all those brands. We don't have a plan to integrate all these brands into Michelin systematically because we like the Michelin brand. We really want to utilize to its maximum the power of each brand when it's possible. And of course, I'm sure you have noticed that most of these brands say they belong to Michelin Group. So if you look at Symbio, it says it's a Faurecia and Michelin company. If you look at Sascar, it says Sascar, a Michelin company. If you look at other Masternaut, it says it's a Michelin company. So then we are going to look at what is the most efficient way to grow and to valorize and to convince the best of our customers. If we look at the share of earnings, yeah, in fact, you mentioned the companies that are consolidated by equity, and with results is the last line of our P&L. And this amount should improve in the future because some of these activities, there is, of course, ventures that are burning cash for the time being. But in this scope, you have also activities that are profitable and will further grow. So we can expect this amount to improve in the years to come. Maybe to complete Florent's answer on the fleet service business, don't forget that we have two major synergies between these companies. It is the technological platform that we will sooner or later merge in order to leverage the potential of the best of the different platforms that we have acquired. And the other important synergy is the synergy between these activities and the Michelin teams. For example, Sascar entered into the Spanish market in 2020 and has been able to conquer new customers despite the crisis, thanks to the association with the Michelin commercial teams in this country. The next question is from Victoria Greer from Morgan Stanley. Hi there. A couple more from me, please. Coming back to the non-tire revenue ambition 2025 to 2030, could you talk a bit about phasing there? I guess maybe it could be a bit lumpy if some of that maybe comes from M&A. And also around profitability, do you have any kind of ambition for profitability on those revenues? Secondly, then on tires for electric vehicles, yeah, we heard some kind of interesting commentary today around your higher market share in OE for electric vehicle tires, the 20% reduction in wear life from higher weight and higher torque for BEVs. Can you talk to us a bit about how that might come into either top line or margin for SR1 over the next few years, or is it just going to take a bit of time because it's going to take time for EVs to mature into the fleet? Thanks. Okay. So as far as the non-tire revenue, I think we have been clear. And on the journey to 2030, many things will happen. So we have not phased because, especially on the part regarding acquisitions, we have ideas. We cannot disclose them because in front of a buyer, we have to have a seller, and we don't want to give indication to the market on what is our strategy there. But the journey may be different from what we expect. The ambition is still the same. In terms of profitability, I think it has been clear. We need to look at the overall Michelin Group profitability. And especially when we grow in these, when we extend the reach of our technology to different markets, there is a very strong link between the core know-how of Michelin. If you look at all the extension we have done in the past and we will do in the future, there is this very strong link to the core knowledge and know-how of Michelin. So that's why we don't disclose the profitability of here and there. We commit on enhancing the group profitability, and the last element is I have been very clear as well in our ambition, saying that tire profitability will significantly improve in the future overall, taking all the actions we are taking, whether on SG&A industry, but also in terms of innovation, in terms of taking the opportunity of the electrification of the vehicle park. All of that is part of the plan to enhance the overall group profitability. Tires for electric vehicles, and tires for electric vehicles is an opportunity to enhance the tire margins. Yes, on the tire for electric vehicles, we have a very strong advantage. Basically, the tire spec for an electric vehicle is called Michelin, and we don't have to do major tuning of our tires to fit on electric vehicles. That's why our market share is strong, and it will grow as the share of the electric vehicle grows into the market. So we'll take the last question from Pierre-Yves Quéméner from Stifel. Yes. Thank you. Good afternoon to you all. Thank you for taking the question today, Stifel. Coming back to your 2023 target, I find it a bit difficult to join all the dots. You are bouncing back from a low base in revenues from 2020, but you will have roughly EUR 4 billion in revenues. You are implementing a EUR 1.3 billion saving plan through SG&A and production, plus potentially, I'm not sure if they are included into these numbers, these future synergies from the recently integrated companies. Overall, you will achieve EUR 24.5 billion in revenues. According to my calculation and the usual drop-through, I guess you should be closer to a 15% margin at the group level and not close to 13.5%, which is your target. What are the headwinds I should factor into to moderate my numbers, so t o speak? Okay. I've not completely understood all your questions because the line was not very good, but Yves, as understood, so. Yeah. I will start. At the beginning of the question, your voice was a little bit difficult to capture. But first, the bounce back is correlated to the fact that we have always said that we were aiming to come back to 2019 level in the second half of 2022. And that's why we expect a slight growth, 5% growth, starting from 2023 and going forward till the end of the decade. In terms of operating margin, don't forget that we built this forecast with January Forex values, which shows already, if we compare with 2019, a EUR 300 million headwind. So you have to add on top of the ambition of EUR 3.3 billion of operating margin by 2023, EUR 300 million linked to the Forex. So we believe that it's already ambitious. There is, of course, a component of risk and opportunities when you build such a forecast over three years, but it's already one point of operating margin more than what we delivered in 2019, which was a record year for Michelin. So we believe if we achieve it, it will be a sound performance. Excellent. Thank you. Thank you, Yves. I think this was the last question. So I just want to take the opportunity to thank all of you for your interest in Michelin. Really, we have really great ambition, and we have fired up teams, and we are going to embark for the decade. I cannot wait. 2030, basically. I think we would be. Michelin is already a great company. It will even be a greater company by 2030. So thank you very much for your time with us, and we look forward to our next interactions. Thank you. Thank you.