Morning, ladies and gentlemen, and welcome to Orange's first quarter 2021 results conference call. The call will be hosted by Mr. Ramon Fernandez, Deputy CEO, Finance, Performance, and Development, with members of Orange's executive committee for the Q&A session that will start after the presentation. Thank you, and let me hand over to Mr. Ramon Fernandez. Good morning. Welcome to our Q1 2021 results presentation. We will start with slide number four, which presents the key highlights of the quarter. You can see on this page a number of elements. As a result of our excellent commercial performance this quarter, we now serve more than 11 million convergent customers and close to 10 million fiber customers out of 49 million connectable homes. We posted strong FTTH net adds, especially in France and Poland. In France, thanks to fiber, we reached the highest broadband quarter in Q1 since 2016. In mobile, 5G offers are now available in five countries with a strong appetite for 5G smartphones. In France, we now cover 239 cities with 5G. In Africa, Middle East, the top line grew by 7.1%, the highest first quarter in 10 years, and fixed broadband, now one of the key engines of growth in Africa, Middle East, boosted a customer base growth of 38%. Orange Bank grew its customer base with 1.5 million customers in Europe, including nearly 300,000 newly integrated B2B customers, and Orange Bank Africa has already more than 500,000 customers in Africa. Finally, the group has made three critical steps in implementing major infrastructure projects with the creation of Orange Concessions in France, Totem, our European TowerCo, and recently the Polish FiberCo, delivering on the commitment made in our Engage 2025 strategic plan. These projects clearly underline the value of our network assets, which have been shown to be so crucial during the ongoing pandemic. By creating these independent structures, we are strengthening our leadership and fostering sustainable value creation through an optimized infrastructure management with a dedicated profit center. Regarding our financial achievements, slide number five. This quarter was fully impacted by COVID compared to only two weeks of crisis impact in Q1 2020. We managed to sustain revenue growth with +0.5%, reaching EUR 10.3 billion, despite Spain still negative, thanks to the excellent performance of Africa, Middle East, the solid trend of other European countries, the upturn of enterprise, while France is resilient. We also managed to stabilize Group's EBITDA at -0.3% year-on-year. This is -EUR 8 million. The roaming impact was -EUR 42 million this quarter. Regarding CapEx, as initially planned, we will reach between EUR 7.6 billion and EUR 7.7 billion this year. In line with this full year guidance, CapEx were up by 12.4%, reaching EUR 1.8 billion at the end of March. This increase is mainly due to less asset disposals, but also to an acceleration of investments after the COVID slowdown in Q1 2020, notably in France and MEA. Let's now move to the business segment review, starting with France on slide seven. France, where this first quarter continues to be impacted by health restriction measures, notably with the closure of around one-third of our stores, representing 40% of our sales. In spite of this impact, and excluding the negative non-recurring effect of digital content offers, we managed to stabilize our total revenues in Q1. As such, regarding retail services excluding digital content offers, our strong performance in fiber and convergent services more than offset both the structural decline on PSTN and the conjectural decline on roaming. Also our retail service revenues, excluding PSTN, maintained its solid trend by growing by 1.9%. Turning to equipment sales, they were back to growth boosted by 5G main brands handsets launch. Lastly, wholesale revenues decrease was mainly due to national roaming, whereas on the fixed side, revenues growth from FTTH compensated for legacy decline. Turning to our commercial results, we continue to build on the strong momentum of fiber, registering 385,000 net adds, a record for a first quarter. Fueling a broadband net adds at plus 94,000. On mobile, we delivered a resilient performance for a Q1 with plus 32,000 net adds excluding M2M, and a slightly decreasing churn in a quite competitive environment. This quarter, we saw new promotions in the very low end, in our opinion, they do not jeopardize the global improvement dynamics seen over recent months on the main low-end playing field. That is mobile plans above 10 giga, for which the entry price point remains stable. On the value side, our convergent ARPU pursues its growth despite a drop of out-of-bundle revenues related to roaming and content. Last but not least, we have launched two more for more commercial back book actions since the beginning of 2021, which will start to translate into our financials from Q2. Let's now turn to Europe, where we achieved a solid commercial performance with a clear improvement year-over-year, despite a quarter being fully impacted by COVID with fixed broadband net adds of +62,000 compared to -8,000 in Q1 2020, and mobile net adds of +64,000 in Q1 versus -99,000 in Q1 2020. Total Q1 revenues remain under pressure at -2.4% due to the situation in Spain. Excluding Spain, other European countries grew by 2.2%, notably in Poland, where retail services grew by 2.7%, driven by strong customer volume and better ARPU trends with a clear monetization of fiber as the ARPU in fiber in Q1 is 18% higher than the fixed base only. In order to build on the strong fiber momentum, as said earlier, Orange signed a partnership with APG in Poland to expand our fiber footprint by an additional 1.7 million households over the next five years. The entity was valued at EUR 605 million. As a result, Orange Polska will receive EUR 303 million from APG. Turning to Spain. This quarter, we maintained our positive performance in net adds in convergence fixed broadband, including FTTH and mobile contracts, thanks to the repositioning of our offers, which helped us improve the convergent churn by more than four points, and also stabilize the fixed broadband customer base while keeping on increasing fiber penetration. Nevertheless, while allowing us to be more competitive and more active in the low-end segment, repositioning our offers results in pressure on the top line. Total revenue was down at - 7.4%, but with an improving trend quarter-on-quarter. Retail services decreased by 10.2%, linked notably to the impact of repricing on existing customers of the customer base in H2 2020, while wholesale revenues decreased by 2.3%, mainly due to a drop in visitor roaming and international traffic. More than ever, let me assure you that all our teams are fully mobilized to implement the new strategy and improve the performance in Spain. Let's now turn to Africa and Middle East, the main contributor to the group growth, with revenue increasing by 7.1% in Q1, driven by four fast growth engines. Data, reaching 36 million 4G customers with revenue up by 22%. Fixed broadband with 1.8 million customers up 38%, which continues to accelerate with revenue growing also by 38%. Orange Money with an active customer base up 18%, delivering revenue growth of +19%. Finally, B2B with a significant revenue growth of +12%. The mobile customer base increased by 6%, reaching more than 130 million customers. From a geographical perspective, this very strong growth was mainly supported by the clusters, Sonatel, Côte d'Ivoire, and by Egypt. Half of the footprint delivered a double-digit growth with strong performance in Guinea, Sierra Leone, Burkina Faso, and Mali. Let's now look at the enterprise segment, with revenues coming back to growth at +0.4%, pursuing the improvement trend that we had observed after the drop in the first lockdown period in Q2 2020, thanks to an ongoing strong recovery in IT and IS revenue up by 6.4%. Supported by both cybersecurity revenues up by 16% and cloud up by 5%, the latter with service growth of +9%. Today, IT and IS revenues exceed 40% of total revenues as we continue to increase its weight in our revenue mix, pursuing our strategic plan. This performance was able to compensate mobile, down by 1.3%, still to a large extent impacted by roaming. Voice, at its usual legacy declining trend, -4.9%. Finally, data at -3.2%, dragged down by Globecast due to event-related business not possible in a lockdown period. During this quarter, we pursued our strategy around the development of SD-WAN in France and globally, where OBS enjoys the leading position. Getting choose Orange flexible SD-WAN to support and build a resilient, secure, cloud-based infrastructure with increased agility to transform the health industry. Another example, Orange has been chosen to deploy SD-WAN solution for BNP Paribas, comprising more than 1,800 sites and bank agencies. Let's now recap our 2021 guidance given in February, which we are confirming despite the ongoing COVID situation. As we said in February, our guidance include the tax refund allocation effects. Firstly, we are targeting a 2021 EBITDA around flat minus, following the use of the tax refund for an employee shareholder plan and CSR projects. CapEx level will be between EUR 7.6 billion and EUR 7.7 billion, completely in line with our prior guidance of between EUR 14.7 billion and EUR 14.8 billion for 2020+ 2021. Organic cash flow target for 2021 is above EUR 2.2 billion. The net debt to EBITDA telecom ratio remains unchanged at around two in the medium term. Finally, in regards to the 2021 dividend, we will propose to maintain a EUR 0.70 level while paying a EUR 0.30 interim dividend in December 2021. We confirm as well what was said previously regarding the 2020 dividend at EUR 0.70+ the additional EUR 0.20 coming from the tax refund. This concludes my presentation. With my colleagues, we are now ready to answer your questions. Thank you. If you wish to ask a question, please press the star one on your telephone keypad. Please ensure that the watch on your telephone is switched off to allow your signal to reach our equipment. In order to give time to everyone, please only ask one or two questions. If we don't have time to take your question, then please contact our investor relations team after the call. If you find that your question has been answered, you may remove yourself from the queue by pressing star two. So again, please press star one to ask a question, and please pick up the handset. Our first question today comes from Nicolas Cote-Colisson from HSBC. Please go ahead. Thank you. Good morning. Two questions, please. First one is on Spain. I can see the net adds across the products were positive, but they were still weaker than in the previous two quarters. Is there any specific reasons there? Has competition been tougher, or should we read this as a kind of a seasonal pattern? Any indication on as when the retail revenue trend should improve would be helpful, too. My second question will be for cloud and cyber defense. Do you see the vertical integration as a net positive, or do you think there is a case for more independent structures to gain scale faster eventually? Thank you. Okay. Thank you very much, Nicolas, for your two questions. We have Jean-François Fallacher, CEO of Spain, with us today. Jean-François will take the question on Spain. Hugues Foulon, who is in charge of cyber defense, will take your question on cyber. Helmut will also be able to comment on the cloud part. Jean-François. Hello, everyone. Jean-François Fallacher speaking. Yes. On your first question about the commercial results on Q1, yes, indeed. If we compare to the excellent commercial results of Q3 and Q4, this is a slowdown of the results. Indeed, mainly linked to the fact that if we look at the market in Q1, I would say if we look at the big brands, the three big infrastructure brands the market has been quite stable, I would say. If we look at all the other players and even the second brands of the main operators. Just to give you some statistics, we looked at how the offers have been moving for the five main low-cost brands, I would say. There were roughly 50 changes of offers. 1/3 was a simple price decrease, and 2/3 was adding more resources for the same price. You see that this, I would say, a low-end market in Spain, has been more aggressive actually in the first quarter. The slowdown that you see indeed is clearly explained by the aggressivity of the low-cost player, more aggressivity of the low-cost player. As I had the opportunity to comment in actually the previous quarter results, we are very cautious on our side. You know that we have changed our portfolio over last summer, which basically explains the very strong results we posted in Q3- Q4. By the way, which explains also the positive net adds we are posting this quarter. Nonetheless, we are very cautious. We do not take any other measures to be more aggressive because clearly as a strong number two of the market, the last thing we want is to fuel further any price war. This is what I can say. On your other question was on the revenue trends. On the revenue trends, clearly, the minus 10% we are posting this semester is again due to two facts. The first is the loss of customers that we had in the first half of 2020, which is still weighing. The second effect obviously is linked to this new portfolio. The new portfolio has clearly allowed us to not only stop hemorrhage of customers that we had in H1 2022, but again, to go back to positive net adds, as you can see. It has a consequence, is that there is obviously a mixed effect in our base because as more the Orange base or Jazztel base is taking the new offers. We have a positive effect on the reduction of churn, as was commented by Ramon. Also clearly a mixed effect, which is waiting on our service revenues. That's what is currently happening, and we have to be patient because this effect will last. As I was commenting in previous meetings, we cannot expect, I would say, a better outlook before 2022. Thank you. Thank you, Jean-François. Let's start with Helmut on the IT and IS business, which is back to a very nice growth. We'll go to Hugues. Helmut? Yeah. Thank you, Ramon. Thank you, Nicolas, for the question. I take care of the cloud perspective of your question. As you know, any kind of enterprise digital transformation is comprised of a network transformation, of a cloud transformation, and of a security transformation. The three go hand in hand. Cloud is a business per se, but also an enabler across the different functions. If you just think about the collaboration landscape, most of the collaboration solutions which we are using, you are using, are more and more cloud-based. If you think about solutions in the industry for the zero perspective, cloud extends into the edge, and edge is natively the meeting point between network, cloud enablement, and security, of course. Therefore, we very strongly are convinced that the driver for our 9% services growth that also Ramon has highlighted, and by the way, is driven primarily by Europe and by Asia Pacific, where the growth is even higher, is a good way forward. We noticed that the sensibility in terms of data sovereignty, specifically our European passport and being a trusted player in all of the digital ecosystem, is an advantage. As we have highlighted for the first time, cloud also goes hand in hand with the data analytics business that also has seen a double-digit growth, as you could see. I think it was on page four of our presentation. Last but not least, the networks Ramon has highlighted, software-defined networks, are more and more also cloud-enabled because networks become the access platforms to cloud services. We are very confident on this double approach on cloud, which is both an enabler and a business per se. Maybe- Hugues Foulon speaking. Maybe to add a few things about cyber. We are really working with Helmut to define the best of the two worlds for cyber. On one side, to keep and to increase the synergy with the rest of the group, and especially on what just Helmut mentioned. On the other side, to have the right level of autonomy and agility to develop this company. Why do we need this autonomy? This is to have the room of maneuverability on the finance side. Also to define the right model to attract and keep the key talents all over Europe for cyber. Thank you. Okay. Thank you. Thank you. We now move on to our next questioner, which is Akhil Dattani from JPMorgan. Please go ahead. Yeah. Hi, good morning. I've got two questions as well, please. If I can start maybe on Spain, just a follow-up to the prior question. Just any sort of color on how fast through the back book repricing you are would be helpful, just to help us understand when that inflection starts to come through. I guess linked to that also, any comments you have on the recent MásMóvil-Jazztel deal and what you think it means to the market would also be helpful. Shifting over to enterprise. We've had Bouygues and Iliad both move into enterprise space recently. It'd just sort of be helpful to get your thoughts around their price points, their strategies, and how you think it plays into the market going forward. Thanks a lot. Thank you very much, Akhil. Jean-François will go back for the bank book Spanish question, and then I'll ask Fabienne to take the enterprise French question. Okay, thank you very much for your question. Jean-François Fallacher speaking. On the question on the back book repricing, what I can say is that on the Jazztel side, most of it is done. I would say one more quarter and we will be done. Meaning that most of the customer base has been migrating to the new tariffs. However, on Orange, there is still quite a long way to go, which is both sides, good news and bad news. The good news is that obviously by doing that, we are preserving the value. This base will migrate to the new pricing, which is also good news because then they will be protected, and we aim to obviously reduce churn in a country where churn is excessively high, Spain. As I was saying, the effects of these moves, we need to have some patience. The effects of this move will still last a few quarters. Obviously, as we previously said, we should see some amelioration at the end of this year and next year in 2022. Your second part of your question was about the potential acquisition of Euskaltel by MásMóvil. I guess your question will be on the impact of this acquisition, the way we see that. First of all, as we said before, this is a consolidation move whereby the number four of the market is buying the number five, and obviously it's going to grow stronger so that if this operation is finalized, which we believe is very likely, we will have a stronger number four in the Spanish market. As it is a consolidation move long-term, we believe this is a good thing for the Spanish market. That's the first point. Short-term, in terms of potential market repair, because I get a lot these questions here, we are a bit more cautious because looking at the way MásMóvil has been integrating these previous acquisitions, and we know that MásMóvil is having also an external growth strategy to fuel its growth. What we see is that usually they have acquired companies and they have not especially integrated them nor reduced the number of brands. I think they are probably the operator running the most number of brands. Here, short-term, we're a bit more cautious and we don't see, let's say, any potential market repair. Looking at the last trend we saw from the Virgin Media brand, we believe that having this brand, let's say in the MásMóvil environment with a numerous number of other brands, might be a positive news for us and for the market. Obviously, as you all know, we have two major, I would say, operators, which are our wholesale partners. The first one is MásMóvil, both from fiber and mobile because they are using our national roaming deal. Euskaltel is the second one. Obviously, these contracts are contracts with very strong confidentiality clause. You will understand that I cannot reveal any of the details of these. We will see what will be the reaction of MásMóvil. First of all, we need to see this deal happening. Then, I guess, they might want to renegotiate some of the Euskaltel contracts. We are preparing ourselves. We will see in due time what will be the consequences. We expect there will be consequences on our wholesale business in the short term, indeed. Thank you very much Jean-François. Just to say, this is Ramon, that we are all watching this very closely and I guess this scenario of market consolidation in Spain is a good news, I would say, looking ahead. Fabienne, on the enterprise market for France? Yes. Thank you, Ramon. Good morning. As expected, we observe more and more competition on the B2B with the new competitors. As usual, Free has entered the pro market by price aggressiveness. Maybe the most important is the facial price difference seems very important, is really reduced when you compare exactly the same offer. The gap is not different that we have before in the market between Orange and the other competitors. That explain the soft reaction you can observe in the market by competitors. We have some moves. Bouygues launched a new offer yesterday. At the end, the market is not stable, but with the same kind of competition. Bouygues seems focused the high-end market of pro SME. Free seems aim to attract price-sensitive pros, maybe more on the low-end market. We have the same kind of competition, the same kind of gap of pricing. In this context, we expected this arrival, so we prepare it and we keep developing and enriching our offer by investing new services. It's why we launched two weeks ago a Fiber filter to secure mobile equipment, and we will enrich in the future our offer around fiber security. Maybe the most important is to note that Q1 2020 was very active on the B2B, and that sustained all competitors in their growth, and specifically Orange, because we maintain our market share, and we are really confident we can maintain them in 2021. With the market more active, the need for connectivity, for website, for fiber is really there in this B2B market, and specifically on the pro and SME. It's a good news for the future, and I think that will help to have a more peaceful market, because a lot of activity for all competitors. Great. Thank you. Thank you. We now take our next question from Roshan Ranjit from Deutsche Bank. Please go ahead. Great. Morning. Thank you for the questions. Two quick ones from me, focused in France, please. Ramon, you mentioned the slight step up in CapEx this quarter with part of that being focused in France. Is it possible to get a sense of the phase-in of the tax refund CapEx allocation? Is that a driver this quarter, or is that going to be more evenly phased out through the year? That EUR 300 million CapEx for that front, please. Secondly, you mentioned some slight price competition at the lower end in the market. Have you had to respond with any price adjustments with Sosh on that? I think you did that at one point last year, but then you actually moved pricing higher. Are you seeing any kind of erosion between the high end and the low end? That would just be interesting to know there. Thank you. Thank you, Roshan. I will turn to Fabienne, but on the CapEx part of the question and the phasing of the tax refund, there is only EUR 10 million in Q1, which is coming from this so-called tax refund CapEx allocation. Most of it is in front of us, looking at the EUR 300 million we talked about, which will be essentially split between most of it for France and most of it for co-financing in fiber, and the rest in Africa, Middle East, where we can see that every euro invested is translating into very fast growth cash. I turn to Fabienne on the pricing question, just saying that as I said initially, we are confident that the better environment that we had been witnessing over the past quarters is still with us, which is, of course, an important element. Fabienne, do you want to elaborate on this? Yes. You're right. We observe specifically in the mobile, because in the broadband it's really stable, no more aggressiveness or no more promotion. In mobile, we observe new promotion appear this quarter, specifically in the very low-end markets. In our view, these moves are tactical, and they are linked with two points. The low levels of sales, this is a characteristic of the Q1, and above all, the shop closure. Competitors need to animate the market and launch this very low-hand market. The most important is the low-hand entry price point remains stable, and this is the more important point for the customer. This is a major activity. In this context, we decide to pursue our strategy with Sosh to be a smart follower strategy. A smart follower. To not respond, as you can observe, we don't launch new offer. We maintain our strategy to try to pacify the market without being out of the market. We can do that, and we succeed, and the growth of Sosh is sustainable in this Q1. You have another question about, yes, low-hand market and high-hand market. Yeah. Q1 has been impacted by the closure of the shop, and specifically in this case, the Orange brand. We have been impacted. In Q1, we don't observe a slowdown in the high-hand market, but an impact on Orange brand. At the end of March, we observe a better increase. We are confident in the future because we know we can open more closure in the future. Currently, 30% of our shops are closed due to the sanitary restriction, and as mentioned by Ramon, that represents 30% of our sales. We have good news in the future, so we are confident that in the future, we can go back growth more than in Q1 on Orange brand. I think I have taken all your question. Yeah. No, that's great. Thank you. Just quick follow-up. You talked about a kind of normalization towards the end of the quarter. Does that be kind of 80 high-end, 20 low-end split, which you previously talked about? Is that fair? Yes, exactly. On March, as you can see, we launched an offer, a promotion on Orange brand, attractive, that sustain the dynamic of Orange brand. That helps us in the period where the shops were closed. We observe this and as all year, every year, Q1 is not favorable for Orange. It's a soft activity, and we know that March is the turnaround of the year, and we are very confident for Q2, Q3, and the end of the year, that we will be in growth specifically on Orange brand. We make all we have to do to enrich Orange brand and to have an attractive plan. We are really confident in this for the future. March is a turnaround, yeah. Not turnaround, term. Great. Thank you very much. Just maybe to be clear, the Sosh remains 20% of customer base. There's no change in the equilibrium of the customer base of Orange, globally. Perfect. Thank you. We now move on to Mathieu Robilliard from Barclays for our next question. Please go ahead. Yes, good morning. I had two questions, please. First, with regards to Belgium, and Orange Belgium. I think you made it clear that your final offer price is EUR 22, but I was wondering what you would do if you don't get enough shares, for example, to be able to delist the stock, because it's in some shareholders of them, although are not satisfied with the price offered. What would happen in that situation? That's the first question. If I could come back to France. Ramon, I think you mentioned that you did some back book price increases or more for more initiatives by the end of Q1. I was wondering if this was a bit more pronounced than in previous quarters. Trying to understand if that could have a visible impact in terms of the retail trajectory in the coming quarters. Thank you. Thank you, Mathieu. On Belgium, the offer is closing tomorrow at 4:00 P.M. It was open on the 8th of April, and as you said and clearly understood, the price of EUR 22 is the final price. I just recall that before announcing this operation in December, the price was at EUR 16. The price premium of 36% is here, and it will not be here forever. Right? If we don't have enough shares to delist, which is most probable because one shareholder which holds more than 5% of the stock, you need 95% to delist, said he would not bring his own shares. Orange Belgium will remain listed. We didn't set any threshold. I guess everybody will understand that the EUR 22 will not be there forever. My personal advice would be to bring these shares to this table. On France, I'll go back to Fabienne, but I will just say that in this environment to be in the position to have this bank book repricing is, I think, the best testimony of what Fabienne was saying about the resilience, and the pricing power that Orange France keeps on the French market. It's a very encouraging move, I would say. Fabienne? Yes. It's exactly what you explained. We maintain our strategy to push more for more strategy and to push some revamped offers as we made in October, if you remember, when we included additional data, 5G-compatible, two SIM cards, and to sustain pricing power. We are able, at the beginning of the year, to push through our approach of back book repricing. We did it on the mobile only, and we did it on the Open plan. We will do when it's possible, each time we can. We don't observe any impact on the customer base, and no refusal because behind this back book repricing, we give more data. You know our strategy. We are very limited in the data because we want to have the possibility to give more data and to give for more pricing. We pursue this strategy, and we are really confident that we can do in the future, and specifically with the 5G arrival. You have a second question about the dynamic, the retail trajectory in coming quarter. We are really confident because our fundamentals are very good in the Q1 and will be very good too in Q2. We observe a real and steady acceleration in access revenue growth, driven by two points. The same and positive momentum for fiber. The growth of the customer base is really strong, and we observe the same in April, and I think we observe a real turn in 2020 and in 2021, and a strong appetite for fiber. The second point, as I explained, we maintain our pricing power strategy and all opportunity we can have to give more for more for customers and back book repricing. Thank you very much. We maybe can rely on the roaming of Q2 too for the revenue. Sure. Thank you. Thank you. We now move on to Jakob Bluestone from Credit Suisse. Please go ahead. Hi. Thanks for taking the questions. I had two questions, please. Firstly, can you give an update on the potential entry in Ethiopia? What's the latest there, that you can share with us on that potential move? Just to come back to an earlier point on enterprise and the new offers from Bouygues and Iliad. I think you mentioned you expect it to keep your market share stable. Just to be clear, do you think you need to revamp your portfolio to achieve that? Is there any risk to the ARPU that you see? Do you think you can achieve a stable market share in enterprise on the back of your current offers? Thank you. Thank you, Jakob. Well, on Ethiopia, the process is ongoing. I think that what I said in the full year call, which was if the conditions do not seem good enough, we would not go, is more actual than ever. Let's see. I guess you have understood that it's an important process, but we would only go if we are convinced that we can create value. I think it's important to understand. This is more generally what is driving our M&A policy. On the French enterprise market, I'm going to turn back to Fabienne, maybe Helmut also will want to add something, but I would only say that we've said for some time that we do not expect to keep the market share on the enterprise market absolutely stable. We've been saying for some while that we were expecting to see more competition ahead, that other services coming with 5G, with all the IT and IS services we talked about, with cyber, with cloud, with data, that the other business that we would generate would help to mitigate any impact on the market share through additional revenues and higher ARPU. I think this is how we should see this. Just turning back to Fabienne. Thank you, Ramon. It's exactly what you said. We have so high market share on the B2B, specifically on the pro and SME market, that we expect we can have some decrease. Small decrease, but maybe decrease, because we have more competition. At the same time, we are convinced we can generate more value per customer with more services. This is exactly what we can observe at the end of 2020, at the beginning of 2021. It's why we keep enriching our offers by investing new services, more services, and specifically around cybersecurity, because it's an important concern for the B2B and for our customers. We will maintain this strategy to give more services and to enrich our plan. To answer your question, we offer a wide range from small to big customers. We don't need currently to revamp our offers. We have to adapt them, and we did it if necessary. We have a very wide range. We have different solution for our customers. It's not the case of Free. It has only one offer. Maybe it will be a point for him and for Iliad in the future. We will adapt as we did on the B2C market and as we did in the B2B market, more to be consistent with the behavior of the consumer and to adapt to the competition. Maybe you have a third question? I don't remember. No, just two. No, it's okay. Yes. You answered everything. Thank you very much. Thank you. We now move on to Sam McHugh from Exane. Please go ahead. Yeah. Thank you. Just two questions as well. First one, I wonder if you could just elaborate a bit more on the backbook pricing in France, maybe some color on how big the price changes were, what percentage of the base did they apply to. I don't know if you can help us a little bit. Secondly, just a question on Totem. I understand a number of the Totem sites in France don't actually have any mobile equipment on them, and they may be either empty or only have radio equipment. Can you give us an idea of what percentage of the sites are like that don't have MNO equipment? Are they capable of hosting antenna? Are these sites in more rural or urban areas? Thanks very much. Fabienne, do you want to shed more light on the bank book, or do we want to keep some of our little secrets for ourselves? Your choice. Maybe just two points. The back book repricing responds different stake, first of all, generate value. The second point is for Orange to maintain the difference between Sosh and Orange brand, and to offer to our Orange brand customers more value, more data, more services, a real difference between the Sosh offers. That's why we all the time revamped our offers or organize some strategy more for more to be, as on the B2C, consistent with the customer behavior, consistent with the requirements, and to give more, but at the same time, to benefit more pricing. This is a simple strategy. That sustains the revenue, and this is the good news, because we are convinced that in France, even if we observe a beginning of market repair, we are able, all competitors, to raise and to increase the price in France. We are very far from what the value we can generate. We will maintain this strategy and sustain the market to be more pacified and to be more reasonable. We don't want to lose this strategy, and we want to make the job as we did in 2020, and we will do the same in 2021. Okay. Thank you. Thank you, Fabienne. On the Totem question, we do not disclose the information regarding sites with no MNO equipment. In any case, these sites are not taken into account when we talk about increasing the tenancy ratio. We will have a chance, Sam, to come back to all these issues. We've designated the CEO of Totem Europe, Nicolas Roy, a very experienced guy from the group. He's going to set a team, and we are very well on track with implementing and putting in place, operationalizing Totem before the end of the year. I guess at some point, I don't know if it's in Q3 or before the end of the year, we will be back to you with additional info on this Orange TowerCo, which is going to be an important part of the story for the group in the next quarters and years. Just to clarify, your tenancy ratio growth targets don't assume you'll add equipment to these sites, is that right? We'll come back to this in detail. The answer is yes. We'll come back to all these issues later. Yeah. Thank you very much. Thank you. We now move on to Jerry Dellis from Jefferies. Please go ahead. Yes, good morning. Thank you for taking my questions. I've got two questions, please. First one is back on Enterprise. I suppose in the consumer market, we did see the development of what we call the no-frills segment. If we think about the enterprise market, what is there to stop a no-frills segment developing? If we think about the specific offer that Iliad markets into the enterprise base today, it may have fewer features than some of the offers that Orange markets, but on a like-for-like basis, how much cheaper than your list price is Iliad's pricing today, please? Secondly, in Spanish wholesale, you mentioned that the prospective merger of MásMóvil and Euskaltel may have some implications for your wholesale business. My understanding is that Orange is committed to minimum guarantees until June of 2024. Could you help us understand where the wholesale revenue risk actually lies? Is it a question that Orange is currently spending above those minimum guarantees, or is there some capacity that they have to exit their deal with you early? Thank you. Obviously you have a lot of interest today on the enterprise market for France. We'll go back to this with Fabienne. Maybe I will ask also Helmut to complement the answer on this point. First, Fabienne, then Helmut, and then we'll go back to Madrid. Yes. Okay. You're right. The price is a good question, but not only the only one for the B2B market, and I will come back on this point. If you observe the Free offer, the initial price difference is more than 50%, but it's in really reduced to less than 30%. If you compare exactly the same offer between Orange offer, Free offer, and the other, this gap, around 30%, is exactly the same gap we currently have between Orange and the other competitors, Bouygues and SFR. It's why I explained there's no real change in this market. That explain why you can observe a soft reaction from competition. I don't observe promotion really aggressive in the B2B market since the launch of this new offer by Free. The question is if we can have a better price. I think it's not the question because as I explained, we don't have exactly the same offer. We have more services in Orange brand offer than our competitors. We enrich our offers by new services. It's maybe a little bit more complicated in the B2B market to compare exactly the same offer with another one. The second point is, the requirements for the B2B is a little bit different for the mass market. What they require, how customers require. First of all, a really, really strong and solid quality of the network, both on fixed and on mobile. Second point is they need sometimes a really strong convergence of telco and IT because they don't have the possibility to have different supplier. They want some offer package and adapted at their requirements. They need a quality of a strong and a solid customer support. We have it. They need the proximity, it's exactly what we did in 2020 during the crisis COVID. Maybe one point, we note a significant improvement of our B2B NPS in 2020 and at the beginning of 2021. It's not so easy to make the same description on the B2B market as they made in the B2C. The assets we have in Orange brand are really solid. I repeat, we maintain in 2020 despite more competition, we maintain in Q1 our market share because it's not only price, it's not only offers, it's a lot of assets around, and we have them. Maybe a last point, it's more complicated to address the customer, B2B than B2C. It's another point we have with all the team we have on the all territories in France. Yes, I am sure the market will be disrupted, the market will be more competitive, and we have to anticipate and to prepare the future. It's exactly what we do all the day, every day. We are not worried about tomorrow by this offer and not by the reaction of Bouygues yesterday. We have the ability to adapt our offer. We have the ability to be competitive in this market with all asset we have. We are still confident. Maybe Helmut, you want to complete? Yeah. [Non-English content], Fabienne, thank you Jerry for this question. Indeed, to complement, Fabienne was highlighting the topics on the PME and on the SME segment. I speak more for the medium-sized segment and the upper segment in the French market. In a nutshell, first of all, we have a value strategy, number one. Number two, the price elasticity is of course much higher in the consumer side. I think this was also pointed by the question before, than it is on the B2B side. You have observed that we respect very much our tough competitors that you have mentioned. You have observed as well, there have been acquisitions made two years ago, to enter also the SD-WAN market to go into those pertinent IT topics. There's a learning curve to overcome. So far, I think in the decision-making of the customers, even though there are now new offers. I think the positioning is very much a telco-only approach versus the customers, and the problems we are solving for the customers are their digital transformation. This, as I said, comprises network plus cloud, plus Cyberdefense, and therefore we are more pertinent. COVID has simply accelerated this move that the customers are asking telco plus, in addition something. The quality of the network, the relevancy in talking to the customers, I think is clearly underlined. To give you one example which we did as well, even on the mobile side, because the churn rate is very low on the mobile side, by the way, and it has gone even down in Q1, in France. Even on the mobile side, we introduced last year mobile applications offer, which means for a medium-sized enterprise in France, you have the possibility to completely administer via your mobile application that is in our store, your complete reimbursement of expenses of your employees. We are helping them to get more productive. Therefore, the pure price point of a pure mobile offering is one answer, but it does not solve all the issues that enterprises have on the French market. Therefore, I think this is one of the reasons why for years now, we have been defending our good value strategy. Thank you, Helmut and Fabienne. Jean-François. Yes. On the wholesale and the impacts of the MásMóvil and Euskaltel deal. I see that you read very well the press release of Euskaltel in 2019, that indeed this information in public. There are two contracts actually, we are having, with Euskaltel. We have one contract, which is MVNO contract, another contract concerning access to fiber. What I can tell you is that obviously, we expect that MásMóvil once this operation concluded, will very likely want to see how they can optimize these contracts. These contracts obviously, they include minimum guarantees and exit clauses. You will understand very well that for confidentiality reasons, I cannot comment further. As Ramon was rightly saying, obviously we are preparing ourselves for this potential upcoming negotiation that should occur once again this deal will be completed by MásMóvil. Thank you very much. Thank you. We now move on to Frederic Boulan from Bank of America. Please go ahead. Hi. Good morning. Two questions on my side. First one on pricing in France. Following the previous discussion, I think Fabienne, you talked about a turn in the Orange brand in March. I'd be interested in the mix, because on one hand, you've introduced a premium for 5G, about EUR 5, at the same time, you also have a 10-year offer for 70 gig, since March. Any comment on the type of customers you're adding and how you think it will impact up in the medium term when we take into consideration the back book, the pricings that you mentioned, and the level of the phone book. That's first question. Secondly, on a follow-up on Totem. Is there any update right now on your thinking, both from the scope perspective beyond France and Spain and target capital structure considering some of the developments in the broader European landscape? Thank you. Thank you, Frederic. I'll turn to Fabienne. Just saying for France that you need, and Fabienne was saying so, but I'm just repeating that when you have one third of your shops closed, this gives you a specific context, which explains the promotion you had on the Orange 10 EUR plan. This is very linked to the closure of shops. You need to understand this. Fabienne. Yes, it's exactly what you said. The context of the Q1 was a little bit specific with a lot of our shop were closed. It's a soft quarter. We decide, and as I explained, to maintain smart follower strategy with Sosh and not respond to the market and specifically to the new offer appeared. At the same time, we decide to support the Orange brand, and specifically because 40% of the sales were out due to the shop closure. We need on the digital to support the Orange brand. We launched an attractive promotion, yes, at nine, around EUR 10. I remember after one year, it's EUR 35. This promotion maybe just to remind you, is not new. This promotion had already existed. It was embedded in Open plan. It's not new. It was not predatory. As you can observe in March in the market, there's no reaction. We have not been followed. It was not a predatory offer. It was an offer to sustain Orange brand when 30% of our shops are closed. We don't participate in a predatory market. You can observe it. It's really clear. I think you have a second question about the 5G premium. Yes. We decide in our strategy and in our value strategy to maintain 5G only on Orange brand and not to align with the other competitors. Sosh is not available in 5G, and we want to maintain this strategy in 2021. I think it's possible. The 5G term will be, I think, in 2022, not in 2021. We observe a strong dynamic in handset sales. 40% of our handset sales are made on 5G handsets, it's good. The real term will be in 2022, so it's too early to turn our strategy, and we will maintain the value strategy and to have a real gap of experience and of offers between Sosh and Orange Brand. We maintain this strategy. Thank you, Fabienne. On the Totem question. Regarding the scope, as we said in February, we are working on the potential arrival over time of other European Orange countries into Totem. This is ongoing work, and we will be back to you in due time. You have here a clear perspective. Second, on the capital structure. On this front, I think we were clear that Totem is going to create value building on two legs. The first one is the organic leg, through increasing the tenancy ratio and looking for additional sources of revenues. Here we have a number of ideas, and Nicolas Roy is already working on these issues. The second one is inorganic, because we will be watching very closely domestic opportunities and also broader opportunities in the European market, which is on the move with a number of players, and we will be part of this game. This is also why we are setting this independent structure with dedicated management and a clear objective, which is to be a key player on the European landscape. At this stage, I guess there is really nothing more to say, but we said that the capital structure would be a means to an end. If participating to the consolidation of a market requires an evolution in the capital structure of Totem, this of course will be considered. Okay. Thank you very much. Thank you. From UBS, we have Giovanni Montalti with our next question. Please go ahead. Thank you. Good morning. Can I ask if you can share some thoughts with us in terms of how do you think about potential further consolidation in Spain following MásMóvil bid on Euskaltel? Thank you. Well, I think I will, this is Ramon, just repeat what we have said constantly, which is first, that the fragmentation of the Spanish market is an important cause of the difficulties that a number of players are seeing on the Spanish market. Six players at least, 20 brands at least, is too much. The first move of MásMóvil and Euskaltel is probably a step which would not be the end of the game. If you look at the dynamics of the Spanish market, probably it will not be the end of the story. Once you've said this well, then when you are in our shoes, you look at all potential scenarios. We've been doing so, we will continue to do so. With always a view, which is that Spain is a central market for us. We have a very strong asset. I can say, because Jean-François will not say it, that we have a top CEO in charge of putting the operation in Spain on a better footing with the full support of the group, of course. That has started. We will continue to build on the recovery. Not hoping to see consolidation making the job for ourselves. We need to do the job at home, and this is what Jean-François and his team are working on. There are many initiatives which have been taken. Once again, we are seeing some first very encouraging signals of a turnaround on the commercial front, of course. This will take some time to turn into financials. We know this. We said it. We said we did not expect to go back to EBITDA growth before 2022. The work is ongoing. If at some point there is anything else to do, looking at the structure of the market, we are a big player and we will be a part of this discussion. Very clear. Thank you. Thank you. We now move on to Andrew Lee from Goldman Sachs for our next question. Please go ahead. Yeah, thanks. I had just two quick questions. The first one was on your cost-cutting targets, and how they filter into your free cash flow guidance. Apologies, I've probably just got confused on it, but I think originally you said that not all of your EUR 1 billion cost-cutting target was included in your midterm free cash flow guidance. Is that the case, or are you including all of the EUR 1 billion cost-cutting target now in that guidance? How are the benefits of the tax rebate restructuring spend incorporated into your free cash flow guidance, if at all? That was question number one. The second question was just a broad one, which you may not want to answer now, but on the Totem strategy, there was some press speculation a couple of weeks ago about you potentially pooling your towers with another large player. As a hypothetical question, what is the aim and the benefit of doing that, given there's limited overlap in existing markets? Why would you seek to do that, and why specifically would you necessarily want to be a major European tower player? Okay, thank you. Thank you, Andrew. On the cost-cutting target free cash flow guidance, and basically where do we stand with our scale-up cost efficiency program. First to say that we are on track with our objectives. There is already in Q1 some elements of this scale-up program. I would say both the letter and the spirit. Very strong discipline at group level, which has been filtering down and which is being discussed on a regular basis, of course, at the executive committee and then more broadly across the group. All the objectives we give are, if I may say so, all included. When we say that by 2023 we aim at a net indirect cost reduction of EUR 1 billion on the basis of close to EUR 14 billion basis of 2019, this is going obviously to contribute to the organic cash flow target for 2023, which has been set between EUR 3.5 billion at a minimum level up to EUR 4 billion. We said with Stéphane at the full year call that we were optimistic that because of what we were doing with the scale-up program and all the other initiatives at group level and the very strong dynamic we see in some areas. We are spending a lot of time, and it's fair enough on the difficult situation in Spain, but we tend to forget that Africa, Middle East, which is now far bigger than Spain, is growing EBITDA at a pace of 10%. If we were talking about EBITDA in Q1, you would see that Africa, Middle East is even able to do more than this. We need to see that we have other engines for growth which are going to support these free cash flow objectives. Also, the other European countries. When you look at Poland, when you look at Belgium. Belgium published its results also. You see there is a nice dynamic here. Romania and Slovakia are also, we never talk about Central Europe, but they have also nice performances, and they have been improving significantly. The cost-cutting program is in place. The discipline is here because we just have no choice if we want to make sure that we will be able to absorb some difficult situations, essentially now Spain, which will be better. This is a tough period, but it's going to get better because of all what we said. The guidance is all included. It has a minimum target of EUR 3.5 billion of organic cash in 2023. We will be there. When you look at the benefits of a tax rebate, I don't like very much the rebate word, by the way, because it was not a rebate. It was a battle. It was a legal battle that we have been winning. It was not a rebate. It's something we took with our teeth, these EUR 2.2 billion. When you look at how this is incorporated, when in fact the incorporation is in the additional spending we have put and we will be putting in the machine in 2021 to prepare through value creative initiatives, to prepare for the future. This is why the organic cash flow, which was continuing to grow with more than EUR 2.6 billion, is going to more than EUR 2.2 billion because of some additional CapEx with an investment rate of return between 15%-20%. This is going to be very much supportive of the performance of the group. We have also some, I would call investment in transformation in the company. We talked about a number of issues in February, which will also help the group to be more, I would say, cost-effective, more agile. This is very rewarding, I would say, spending. I hope it's clear enough. If not, Andrew, please, we will come back to it. Everything is included. Look at the cash line and be confident that the minimum EUR 3.5 billion in 2023 is a very, very strong objective of all the team. Regarding Totem, yes, there will be press speculation time and again. When you create such an ambitious new entity such as this Orange Tower Co, obviously, you will read and we will all read some comments about what's going to happen with pure tower companies in Europe. There are some interesting elements regarding some of them currently. I'm not going to be more specific, but a lot of discussions and focus. You have the tower companies of the telco players. Vantage has been listed, Deutsche Funkturm is there is Totem. I guess that the telco players that have made the decision to keep control of their towers, and we are in this category. We think it is wrong just to give up these strategic and value creative assets. We will be part of a tower market, which is attracting a lot of attention, which apparently is valued much better than the telco traditional activities. We are part of this game, and we will look at any opportunity which would help us to secure and accelerate our capacity for growth in the domain. When you ask what are the benefits in theory of, let's say, cross-border consolidation, it is exactly the same question as the one we have when we look at telco cross-border consolidation. It's a good question. There are some elements of answer to this question, today it's premature to enter into more details. The fundamental point is that we are absolutely determined to make sure that this infrastructure asset that we own is going to support the future of Orange as a group. Look at the latest deals we've made. We didn't talk so much about the Polish FiberCo and the CEO of Orange Polska is also with us online today, Julien. Jean-François, now in Madrid, had been preparing this Polish FiberCo. Look at the value of this operation with APG. This is a clear signal that these assets have a very strong value and that we are able to manage them well, if I may say so. Thank you. Very helpful. Thank you. We now take our next question from Abhilash Mohapatra from Berenberg. Please go ahead. Yes, good morning. Thanks for taking my questions. I've got a couple of clarifications, please. Firstly, just on the French wholesale business where you say that on the fixed side, fiber to the home compensated for legacy declines. If you could give us some color on what that includes for maybe sort of co-financing or build construction revenue trends during the quarter, that would be helpful. Secondly, just on French Enterprise again, I guess lots of focus on that. Just wanted to check. Previously, you suggested that Enterprise EBITDA could start to grow again from end of 2021. Just wanted to check if that's something that you feel confident with still please. Thank you. Okay. Thank you, Abhilash. Jérôme Barré is also with us today. Jérôme, can you take the first wholesale question? Yes. Good morning, everybody, and thanks for the question. My first comment about wholesale revenue in France is that the forecast that we gave during the December 2019 capital market day for the fixed wholesale revenue in France are unchanged. Which means a peak in 2020, where revenues in 2022 are at approximately the same level as in 2019, and no change for the accumulated revenues between 2019 and 2023 as well. That's my first comment. The second comment is that we expect in the next year a decrease compared to 2020 due a few reasons. The decrease of the mobile agreement with Iliad, even if we have postponed the end of this agreement at the end of 2022. That's the first point. The second point is that on the fixed market, wholesale market in France, the fiber co-financing procedure will be lower than in 2020. Of course, copper will pursue its structural decline. There are growth relays. We have growth relays in the infrastructure field. We have growth relays in the fiber revenues. You mentioned the PIN construction, which is, of course, a big growth relay. We're working hard on these growth relays. This should help mitigate the decrease of fixed wholesale revenues in France. My final comment is that we, and back to your question about the growth of these new activities, is that we will give some more colors, some insight regarding these growth relays in France in Q3 in order to show and to demonstrate how we mitigate the decrease of legacy business and legacy revenues through these growth relays, especially on infrastructure and fiber revenues. Thank you very much, Jérôme and Abhilash. We also plan to come back to all of you in Q3 with a kind of deep dive on wholesale, because we know we always have questions on the wholesale perspective. We've been discussing this in the past years. On our work plan with the team, we have a Q3 deadline we've set to ourselves to come back to you with additional information on wholesale. On the enterprise, OBS, EBITDA trajectory, yes, I am happy to confirm what we have said, which is that we continue to expect to have a positive turnaround by the end of the year in terms of EBITDA growth. I would add that Q1 was very encouraging. We don't talk about EBITDA as Q1. We talked only about revenues. The turnaround you are seeing in revenues is also showing a much better trajectory in terms of EBITDA following a very difficult 2020, which was heavily impacted by the pandemic. We are clearly on a much better track. What we said before is confirmed despite the ongoing COVID impacts like roaming. Full confirmation. That's great. Thank you. Thanks very much. Thank you. Our last question today comes from Thomas Coudry from Bryan Garnier. Please go ahead. Yes, good morning. Thank you. I have two questions, please. One is a follow-up on 5G. Could you give us more color on the cities where you have launched 5G? You have now a few months in experience. Do you see a change in competitive dynamics in these cities? How is the take-up of 5G there? I just wanted please to have an update on Orange Bank, on your plans, and on the status of your discussion with a potential new partner. Thank you very much. Okay. I guess for 5G, France was the question, even if we have launched 5G in five countries. I guess when you're talking about cities and the 239 cities, maybe Fabienne, if you can give a few big names, and then we'll turn to the Orange Bank question before closing. Yes. We launched 5G in 248 cities. Specifically, big cities as Paris, Bordeaux, Lyon, Marseille, Clermont-Ferrand, Rennes, Nantes. I think we will be able to launch in Lille, because it was the last one of the big city in France, and I think we will be able to launch, I think, in May. All the discussion we have with local authorities allow us to launch, in France, in all the big cities, and we can reach more than 24% of the population coverage. It's a good thing. We don't observe a change in the competitive landscape. I think it's too early this Q1, and I think it will be the same for 2021. The fiber will be the real element of the battle because majority of the population in France is confined, is in a kind of lockdown. The priority is given to the home connectivity, and fiber is the real term of this year, and it was the case in 2020. I think for the 5G, I think we will have to wait for 2022 to see some real change. We observe, quarter after quarter, more appetite for 5G, and specifically, well, as I explained a few minutes ago for new offers we launched in October, and we are very satisfied by this launch and by the equipment. 43% of the handset sales in Q1 were 5G compatible. We observed that the French consumer prefer as operator the arrival of 5G quarter after quarter, and that sustain the equipment revenue in the Q1 as you can observe too. Thank you. Thank you. Thank you very much, Fabienne. I'll maybe answer now to the Orange Bank question on what is the evolution of a process looking for potential partners, and then we'll close. Just to say, and Paul de Leusse is with us, that the change towards value, compared to volume, is very well on track. I'm not going back to it, but we may take, at some point with Paul, more time to discuss the overall strategy in terms of mobile banking. I think it could be interesting. As far as discussion with potential new partners, the point is that, as we've said, Groupama, who's our partner today with 22% of the equity of Orange Bank, has said that they were willing to change this position in terms of being a shareholder, even if a commercial partner is very much here. We have opened the process, to find a new partner. This process is ongoing. I must say that we have seen very interesting marks of interest, which clearly show that Orange Bank is an interesting partner for these interested parties. Once again, we'll have a chance to come back to it. Maybe it's time to conclude. I would like, in the name of all of us, to thank you for being with us, for your question. I would just like to stress in closing that we talked a lot of France. In France, despite this COVID period with the closure of a number of shops, we have very solid net adds, a very good commercial dynamic with a decrease in churn. We are extremely confident, as Fabienne was saying, about the improving trend for retail services over the period, thanks to the more for more strategy and a number of initiatives, including the bank book price increases we discussed. This is point one. I think we talked a lot about Spain, which is an area of focus, well understood by everybody. Important to note the turnaround, which has been engaged. We are extremely determined to follow up on the first positive signals here. Wholesale will be part of what we will talk again in Q3. I think Jérôme did already give you a nice flavor on this. When you look at the financials, well, we spent a lot of time, and it's normal on some issues which raise questions. Don't forget Africa, Middle East. We have no questions on Africa, Middle East. It's EUR 2 billion EBITDA growing by 10%. I would say it's worth giving a look. Maybe we should do more with Alioune. Alioune is with us also, I think, maybe we'll have a dedicated session at some point. The other European countries are growing. IT is fast growing. We talked about cyber at 16% growth. We have also to look at all these issues which put us in a very confident situation when we look at the EBITDA perspective for the year. The France minus figure is clearly at least what we will be delivering. The organic cash, which is really the cornerstone of our story because the end of the game is cash. Well, the cash target is very strong and will be where we have committed to be. Thank you all. Take care and [Non-English content].