Hello, welcome to The Suez H1 2021 Results. Please note this conference is being recorded. For the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the presentation. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand over to your host, Bertrand Camus, Chief Executive Officer, to begin today's conference. Thank you. Good evening, everyone, thank you for joining us on this H1 2021 call. I'm very pleased to be with you today, together with Julian Waldron, our Group Chief Financial Officer. Today's presentation, we will start by giving you a short presentation highlighting the performance of Suez over H1, say a word about where do we stand, putting in motion the agreement reached with Veolia, and then conclude by a Q&A session where Julian and I will answer your questions. First of all, let's start with the highlights on slide three. As you can see, our performance in H1 is very solid. Very solid at all levels. First of all, in terms of revenue, we deliver the year-on-year organic growth of 11%. Of course, the rebound is clear against 2020, which was heavily impacted by COVID. More importantly, we also significantly improve our performance against 2019 with plus 5.7% organic growth. All segments of activity are growing, and our commercial momentum continues to be strong. Second, in terms of profitability, EBITDA increased to EUR 1.6 billion, with an organic growth at 38% against 2020, and +11.2% against 2019. Thanks to the combined effects of selective growth, expansion in higher value-added activities, and increased operational efficiency, we deliver improved operating margins. Finally, our net debt went down sharply to EUR 8.625 billion, supported by solid cash generation, and also the impact of more than EUR 1 billion from disposals. As you can see, and in spite of a context that remains uncertain and challenging, we drove the performance of the group up significantly and at all levels, with both a clear acceleration compared to 2019 and a strong rebound compared to 2020. Therefore, we confirm all our objectives for 2021. I must tell you that I am very proud of the results of our Suez 2030 Strategic Plan, and very proud of our teams, whose determination and commitment has been key to drive our strategy and our transformation forward. They are our most precious asset, and I would like to thank again all Suez employees for their engagement in this challenging time. Moving now to slide four. I'm convinced that finance, economic development, and sustainability must converge, and Suez has naturally a key role on that matter. Sustainable development is at the heart of our DNA, as expressed with our purpose. Just like we commit on our financial performance, we also commit on our contribution to fight against global warming and protect biodiversity. The group has submitted earlier this week to the Science Based Targets initiative, the SBTi, its 1.5 degree Celsius align target, in line with the group's pledge to the business ambition of 1.5 degree Celsius initiative that is led by the United Nations Global Compact. As you know, we were also one of the first companies to publish the part of our activities integrated in the reference framework of the EU Taxonomy for sustainable activities. 74% of Suez 2020 revenues are integrated on the basis of the current information available. Beyond the high score we calculated, I am also proud that the internal methodology developed by Suez for this assessment has been recognized as a reference by European and French public authorities. We are actively contributing to shaping a sustainable planet through our solutions. We enable our thousands of customers to strengthen their own commitment to the environment every day. This leads me to slide five, about our commercial pipeline. During this first half, we continued to record a strong sales momentum, with nearly EUR 1.8 billion of new contracts. We picked up some to highlight those successes. I would like to mention Turin in Italy, with the modernization and extension of the largest ultrafiltration drinking water production plant that represents EUR 85 million turnover contract over five years. We also won series of contract in France, both in municipal water and in recycling and recovery. We will, for example, accompany the Syctom in Paris, the local communities of Neuilly-sur-Seine in optimizing the management of household waste while preserving the environment and promoting social integration and access to employment. These contracts represent EUR 135 million revenue. We won a very innovative water and sanitation contract in the South of France in Brive. It is a seven-year contract for total revenues of around EUR 80 million. Last, we signed also 20 contracts in China for a cumulative turnover of nearly EUR 40 million. This excellent performance confirms the relevance of the strategic acquisition of our NWS and SUEZ NWS in China at the beginning of the year, fully part of our asset rotation plan. All those contracts illustrate the group's strong growth potential and demonstrate the confidence of our clients in our ability to help them implement cutting-edge solutions and technologies, and to help them develop more virtuous and environmentally friendly model. In addition, we pursued the development of our successful Suez 2030 Strategy, boosting selective growth through targeted acquisition. You will find on slide six, three prime example of the type of company's competencies we recently acquired. The first one is ARIA Technologies, which strengthens our expertise in air quality monitoring solutions. Suez is a pioneer in this field, and we have been investing for more than 15 years in the design, development, and operation of air treatment solutions, both to serve local communities and industrial groups. This acquisition will definitely enable us to provide even better support to our clients in facing environmental challenges. The second acquisition I would like to mention is Hydrelis, which is a young French company providing innovative digital solutions to manage water consumption. Last, we increased our participation into PRODEVAL and created a joint venture with them, which will drive the development both in France and internationally of offer in the field of treatment and recovery of biogas from the methanization of organic waste and biosolid. These strategic acquisitions enable us to continue to enrich our commercial offer with differentiating solutions, one of the main strengths of Suez. Moving on the next slide, and before Julian deep dive into the details of our financial performance, let me show you here how we have continued to benefit from the successful implementation of our performance plan and how this drives the improvement in profitability you have been witnessing. For the year 2021, we confirm our goal to save between EUR 275 million and EUR 325 million, thanks to the optimization of industrial processes, reduction of our SG&A, and improvement of our procurement spending. If we quickly focus on the effort on the SG&A on the right side of the chart, you can see that this is paying off with a significant reduction of almost 14% since last year. We have been mentioning it over the past quarters as context of the pandemic has helped us accelerating the delivery of savings. As you can see, and as mentioned in introduction, the combination of our performance plan with selective growth and focus on higher value-added solution has driven operating margins up. As you can see on the right-hand chart, EBIT margin for the first half of the year, which is 9.2%, the highest level since 2016. Last, I would like now to focus once again on Water Technologies & Solutions, WTS business unit on slide eight. This unique platform is a strategic asset for us, and that drives the acceleration of our sustainable profitable growth. WTS improves the contribution of industrial customers and provides a better balance in terms of our geographic presence. WTS performance already reached a record level in Q1, I am pleased to share with you that the division's performance remained on the same track in H1, setting here again another record, EBITDA, at EUR 160 million, in progression of +58.4% compared to last year. In addition, we also record a very high positive free cash flow of more than EUR 80 million. With that, I leave the floor to Julian. Bertrand, thank you very much, and good evening, everybody. It's a real pleasure to be with you tonight, and thank you for joining us. A few comments, firstly on the group, then by division, and then lastly, I will cover the balance sheet. Throughout, I'll try to give you not only some comments looking backwards, but also a couple of qualitative comments looking forward, too. You'll have seen that we've confirmed this evening all of our objectives for the current financial year. H1 highlights on slide 10, as Bertrand outlined in his introduction, a strong performance in the first half. Revenue is up 11% organically, with a positive contribution from all three segments. There's been resilience, in particular in water, resilience overall in ETS, and a strong rebound and a strong growth in recycling and recovery. EBITDA is up 38% organically compared to last year, driven by the top-line growth and the continued success of the performance plan, with a positive mix effect in some businesses, too. Our cash flow has improved, we've got the positive impact of the disposals. As a result, our net debt decreased by EUR 2.1 billion versus June 2020 to reach EUR 8.6 billion. That's the lowest point that we've had since the acquisition of GE Water. All of this translated, as we've been aiming since we rolled out our plan in 2019, for an improvement in our recurring earnings, so our recurring EPS and our recurring cash flow. Recurring EPS in the half was EUR 0.48, supporting our full-year target of between EUR 0.80 and EUR 0.85. 2020 was impacted by the pandemic, and that's why in our disclosure today, we focused on 2019. As Bertrand said, revenue grew 5.7% organically over two years. We're able to grow around 3% compound despite headwinds in from the pandemic in some parts of our business. EBITDA up 11% over the two years. Again, we're driving top line growth, but on a profitable basis, and that growth is flowing through to EBITDA, and EBIT and recurring net. That EBITDA growth, together with better working capital control and CapEx discipline, has taken our debt down substantially. We're below at 2.7x EBITDA, the level we targeted in October 2019. Lastly, the commitments to drive the bottom line, I mentioned, with our H1 recurring EPS at EUR 0.48 a share, and that compares to EUR 0.17 a share in H1 2019. If we dig into the three segments and start with water on slide 11, EUR 3.28 billion of revenue up 4.1% organically year-on-year, but with a contrast across regions. Looking at the evolution region by region, in France, volumes are up half a point year-on-year, but are still 1.9 points below the 2019 levels. Tariffs are up this year, 1% on average, and I would comment that we've not yet seen a significant impact of inflation on our tariffs. In Spain, volumes were 2.5% above last year, but are still 3% below 2019. Tariffs were broadly unchanged, and we expect them to remain that way for the rest of the year. In Chile, confinement was a feature of the first half due to the pandemic. Volumes were down 1% year-on-year and 7% below the 2019 levels. Tariffs were positively indexed at 2.3% positive, and we expect those tariff trends to continue in the second half of the year. By contrast, volumes in North America were strong this semester due to, in some states in the U.S., exceptional weather conditions. Volumes overall were 3% above last year and 6% above 2019. There are some states that you'll have seen in the news where the average temperature was 10 or more points above normal, and we saw increases in water volumes equally exceptional in those states. Tariffs were positive about 1% in North America over the period. I would also note that construction activity restarted this year in a number of areas, notably Latin America and France, and the stoppage of those was a feature of a year ago. Looking at profitability, gross margin rates were above last year, but not quite at 2019 levels given the volume impacts I mentioned earlier. The strong control of SG&A has driven an improvement over both 2019 and 2020. EBIT increased to EUR 411 million, thanks to a significant drop in cost and provisions related to the economic situation and the pandemic recorded in 2020. Compared to H1 2019, EBIT was up on an organic basis 1.4%. I made some comments looking ahead. I think the most important thing for me to say is that we're entering into the critical summer periods of France and Spain. I think it's still too early to say where tourism activity goes year-on-year. Even today, you've seen changes in the regimes governing travel to and from the U.K. That's an important driver for tourism in some of the places in which we operate. I've mentioned areas such as Chile where we expect tariffs to continue to be well-orientated. There's always the weather. Weather has been somewhat damp in France, for example, but exceptionally hot in the U.S. as I've mentioned. Turning on slide 12 to recycling and recovery. After an excellent Q1 performance, we were on the same trajectory in Q2. Revenue came in at EUR 3.9 billion, up 20% organically year-on-year. Compared to 2019, our revenues were up 11.5%. Looking at the bridge, scope impact is essentially the disposal of our European recycling and recovery assets in Sweden and Northern Europe. In the scope change, we've corrected for both the change in scope, thanks to disposals, but also the accounting impact, in particular on EBIT that's given. The organic growth variances are clean for those effects. Pricing and mix, as you can see, has been a strong driver of performance. We saw strong momentum in France and in Northern Europe, including the U.K. across the period. Process waste volumes grows by 4.6% in total year-on-year, so a not surprising rebound, but with some distinct geographic variations. In Europe, we are slightly above process waste volumes for the half year to June 2019. U.K. has had some positive impacts from the end of waste exports to Northern European countries, resulting in a high saturation level of our treatment capacity. As you know, commodity prices was still a major driver, as was the case in quarter one. Commodity prices reached record high during the semesters, in particular in metals, paper, and plastic, and they supported both the revenue and to a smaller extent, the profitability of the segment. As well as both pricing and commodities being supportive, as I've mentioned, SG&A was also under control and drove a strong improvement in profitability year-on-year of EUR 51 million. EBIT for the period was EUR 344 million against only EUR 70 million impacted by the pandemic in the first half of 2020. Compared to H1 2019, EBIT grew organically by EUR 106 million or 50%. Looking ahead, I think the impact of commodities on H1 was a positive that was not expected back in January. I think we need to remain prudent on how commodities evolve for the rest of the year. It's out of our control, but no particular things to call out. I think prudence is the right stance to take in mid-year. We expect the other positive trends, pricing to remain good. Mix and volumes, we think we have also reasonable trends for the second half of the year. Do remember two things. Firstly, that there will be a change in perimeter with the sale of the Northern European and the Swedish assets. That will impact the absolute numbers in the second half. H2 2020 was a strong rebound post pandemic, so it's quite a strong basis of comparison that you'll remember. Slide 13, ETS. Revenue at EUR 1.67 billion, up 5.5% organically year on year. As Bertrand pointed out, strong performance driven in particular by the product activities in WTS, where deliveries and production continued at a high level. There's strong demand for those products. We saw a strong performance in Smart and Environmental Solutions, notably around air quality, digital and decentralized, both in France and in the U.K. In hazardous waste, growth driven by Asia, and we also opened two new sites in Asia. In terms of profitability, WTS was the strongest driver. Product sales, as I mentioned, service revenues were strong service revenues as well, and chemical revenues were very resilient. Project activity continued as it was in H2 last year, as it was in Q1, to be lower. Order intake was nonetheless up 1.2% year-on-year and was stronger in quarter two at +14%. Cost control has been excellent, as has control of cash flow and working capital. After two years of hard work by the teams, as Bertrand mentioned, WTS is delivering strongly. There is more to come. EBIT for the segment was EUR 117 million against EUR -13 million in the first half of 2020, including the costs and exceptionals related to the pandemic. In terms of trends looking forward, the only thing that I would call out is the gate fees in Asia. Although volumes are coming back, gate fees are under pressure. We would expect this to continue in H2. Working net capital net debt on slide 14. As I've already mentioned, we're creating value for shareholders through our increased cash flow over the last couple of years. Our net debt is down EUR 2.1 billion compared to a year ago and compared to June 19, it's down to EUR 2 billion. Even if I were to adjust for the dividend, which was paid in early July this year, we're still substantially down and below our 2.8x- 3x target. The biggest drivers in the debt reduction we've achieved in the last six months have been gross cash flow and a further contribution from working capital. Over all our improved profitability over the last two years is flowing into cash flow as we undertook that it would. Having stabilized our working capital, we now have a business that is substantially less seasonal in its cash consumption and cash usage, and we've been able to release cash all the while whilst paying our suppliers more reliably and in many cases, more quickly, and also where we were required to during the pandemic in being vigilant in allowing our customers to pay on a timeframe that's comfortable for them. Underlying a more stable, less seasonal, solid working capital position for the group. As you know, in the first half of this year, we also canceled our securitization program. This reduced our costs. Over a full year, it would take around EUR 10 million out of our charges in different parts of the P&L. Disposals contribute to EUR 1.36 billion gross, of which EUR 0.36 was reinvested, essentially in the first part of our expansion in China, announced in January. Our net debt at the end of June, EUR 8.6 billion at a leverage ratio of 2.7x EBITDA, which is better than our 2.8x-3x target, and that a year earlier than expected. Lastly, on slide 15, before I hand back to Bertrand. We put an improvement in the bottom line, both cash flow and EPS at the heart of our financial objectives. The results of H1 show that we're on our way to deliver these objectives, and again, I think slightly ahead of schedule. Our recurring EPS for the first half stood at EUR 0.48 a share, and our recurring free cash flow was EUR 484 million. In the second half of the year, we can expect further good performance, even though I think for cash flow, one of our objectives in the second half of the year is now to help our clients invest more. As you've seen from a lot of the events in the first half, as we come out of the pandemic, there is a need for our clients to invest, and therefore we will put more money to work in CapEx in the second half. We start from an exceptionally high base, as you can see. With that, I hand back to Bertrand for closing comments and comments on Veolia. Thank you very much, Julian. Now that we've walked you through our H1 performance, I would like to talk about the latest developments and where we stand with regards to the Veolia deal. [So we are currently working towards smoothen representation deal.] The work to create on one side a new Suez and those linked to Veolia's takeover bid continue to progress, with the aim to complete the transaction by the end of this year, 2021. All the parties are aligned with one same objective of success, with swift execution that would be beneficial to all our stakeholders, our shareholders, customers, and employees. In concrete terms, this means that the methodology has been agreed and fully deployed. Working groups have been set up, and teams are working in a highly collaborative fashion to make it work, and finance departments of both groups are working together. During this period, we have three priorities. The first one is to go on and pursuing our respective daily activities as we continue to operate as separate companies with the same level of excellence, of course, and keeping the good momentum we have been able to create in our businesses. Second priority is being ready to continue our businesses once the deal will be completed. The third one is, of course, ensure that we obtain regulatory and competition approvals. Of note, the AMF gave its rubber stamp regarding the compliance of the offering, and it will open tomorrow. Moving to the next slide 18. You have the calendar of the operation. Here are the next main steps to come in the coming months. As you already know everything about this timetable, I'm going to move directly to the next slide. As you know, thanks to the agreement we have reached with Veolia, a new Suez is going to emerge. It will be both an agile and solid group, fully dedicated to environment, with a strong French base and all the appropriate resources that will help it thrive internationally. It will be driven by a powerful culture of innovation, a solid research and development, and digital capabilities. It will also have a strong financial structure and first-class shareholders. One of my objective was to have a new group, agile and strong enough to maintain its growth prospects and innovation capacities in France, of course, but also internationally. Today, I have the certainty that this new Suez will have the necessary assets to face it. Governance of this new entity is moving forward and will be settled in the coming weeks. Going to the last slide. Once again I think we need to move one slide to another, if I'm not lost. Today, I want to say, once again, that I am extremely proud of the results of our Shaping SUEZ 2030 plan that we initiated only two years ago in 2019. I'm also very proud of the teams. The group's transformation has rapidly paid off, and the results are even accelerating in the first half of 2021. We are firmly installed in a solid growth and enhanced profitability trajectory. Our recurring EPS in H1 has almost tripled compared to H1 2019. Our net debt continues to structurally decrease and reached its lowest point since GE Water acquisition. Our solutions fully respond to the environmental emergency and are very promising for the future. We have continued with success to improve allocation for all our stakeholders and to meet our commitments to our clients. As a consequence, I repeat that we are confirming our guidance for 2021. Thank you very much for your attention, and Julian and I are now ready to answer your questions. The first question comes from the line of Emmanuel Chesneau, Société Générale. Please go ahead. Hi. Good evening, everybody. I'd like to start with the first question on overall guidance. I would like to know to what extent the performance in the first half was actually greater than what you had hoped for at the start of the year, and what the implications are for the full year. Looking at EBIT, you basically reported around EUR 800 million in H1. Your full year guidance is EUR 1.4 billion-EUR 1.6 billion. We shouldn't forget the impact of scope, of course, which already affected the H1, but will continue in H2. Considering that the second half of the year is structurally a larger contributor than H1, considering that H1 is already halfway to the top of your guidance range, I'd love to understand to what extent we should actually think about higher end of the range or potentially beyond that, or what factors we should bear in mind to add a bit of caution to the outlook I just described. My second question is on WTS, as you chose to highlight it at the start of your presentation, the progress since H1 2018 is very impressive indeed, moving from less than EUR 100 million to EUR 160 million EBITDA. Would you be able to share with us your view on what contributed to this strong improvement, splitting the improvement between cost-cutting or maybe commercial activity, or maybe mixed improvement? Lastly, I remember a comment you made in Q1 for waste, saying that the good performance in Q1 was more explained by pricing than volumes. Sure, in Q2, volumes did rebound very materially. Could you give us a bit more on pricing environment in Q2 for services, not for commodities, on maybe what you see in the trading environment going into 2H. Thank you. I will make some general comments on your three questions and then I will let Julian complete with maybe more details. Being able to predict with certainty what's going to happen in the next six months, given all the uncertainties with respect to COVID, confinement, de-confinement, vaccination, and that was not something, for example, that was so clear at the beginning of the year, especially in France, is, I would say quite difficult. Are we surprised? What we see is that the fundamentals of the business are there. They are very strong. What, for me made it possible is really, having the teams really embracing the Strategic Plan and working hard to deliver, which means capturing growth wherever you can capture growth, developing the business wherever you can develop the business. When you look at our performance business unit by business unit, we have some areas which are still affected a little bit weaker than what we could have foreseen, like Spain, for example, which is still very much suffering from confinement and the absence of tourism and others, like the waste business that were very well, I would say, on a very good trajectory, thanks to both volume and prices. On WTS, it's a mix. It's a lot of discipline. I think that there were maybe some bets that were made at the beginning, because we brought to the GE Water businesses, the Suez businesses. It was a structure that was fully embedded in GE Power that had no support functions really set up. The start was little bit harder than expected in the first years. It has been a very strong, I would say, commitment of the teams to control costs, reduce costs, reduce G&A, and be very selective in the way they develop the business. On waste, yes, it's very positive in Europe. I would say the trend, maybe a little bit better than what was expected. On the other hand, we have the water business that is still affected in Spain, in Chile, and flat in France. What I would say is that going back to normal, what will be normal in the future is a big question mark, but there is still room for improvement of those businesses that are still affected that will eventually compensate if the waste business will slow down in the coming months and years. I think Emmanuel, if I could add a couple of things to that. Performance this year certainly is at the better end of our expectations in WTS, is at the better end of our expectations on the things that we control in R&R. We're about halfway through our ambition for the performance program this year. We had EUR 275 million- EUR 375 million, which we gave you as an objective, and we're about EUR 148 million at the end of the first half. I think we are overall, probably marginally or in some cases, clearly better than when we started the year. Having said that, I'm going to give two or three areas why I think it's right to be prudent at this part of the year, and then we can talk again in September, October, and see where we've got to. First, you're right about scope. If we take all of the different areas of scope, whether it's the Northern European business in Sweden, whether it's a sale that we sold, you've probably got around EUR 90 million-EUR 100 million of EBIT in H2 that you need to subtract from H1 to H2. Let's do that first, and we knew that we'd have those businesses disappearing in the year. Nonetheless, I still think that leaves us with a good performance against our guidance for the year based on where we ended H1. Secondly, we are going into the summer period, and you're absolutely right. The summer period is very important for us in water, and it is quite volatile. Having said that, the teams have got the levers to respond if volumes are better and to control their costs if water activity is lower. I think none of us can sit here and predict exactly where commodities will be towards the end of the year. What I do know is that if you look back at Q3, Q4 last year, Q3 was negative from a commodities point of view. Q4 started to move positively. Even if they remain at the current levels throughout the second half, the impact in Q4 year-on-year will be slightly dampened. There are those puts and takes. Generally speaking, in all of our calls at the middle of the year, we've tended to be somewhat prudent because of some of the uncertainties ahead. One thing I would say is I think all of the teams, whether it's in profitability, whether it's in cash flow, one of the things that both Bertrand and I wanted to do two years ago was to make this business less seasonal. There are obvious seasonalities in our business in terms of water consumption. I think we all understand that, but to have this business that quarter after quarter, month after month, looks after its processes, its working capital, its profitability, that's been one of the culture changes that we've not completely finished, there's much more to do, but that we've tried to make happen over the last two years. I won't comment much on WTS, but I would say an awful lot has come from mix and selectivity. If I look at the project business two years ago, which was in Suez Industrial Water at the time, being able to combine that with more selectivity with the technology that was on offer, I think that's pushed mix and the overall profitability of the business significantly. The rest, as Bertrand said, when we both looked at this business in mid-2019, the back office didn't function. It does now. It can get better, which is a message to my dear friend, the CFO. It still can get better, but it's substantially improved over the last two years. Lastly, on waste, volumes aside, I think we still feel that the pricing environment is propitious across the European waste activities as we exit Q2. Thank you. We currently have no questions on the line. If you would like to ask a question, please press star 1. The next question comes from the line of Philippe Ourpatian de ODDO. Please go ahead. Yes, good evening to all of you. Just three, let's say, additional precision. One is concerning the U.S. industrial water activity. You mentioned that there is a kind of lag mainly in the area of, let's say, some WTS, means I was just looking for the acronym. Could you just elaborate a little bit more on that? What is the impact in terms of EBITDA and EBIT, and what is your view about the timing of the recovery? That's the first question. The second one is, you mentioned that effectively your cost-cutting was benefiting from a quite substantial good level and potentially from an improvement coming from the pandemic, mainly, for example, like travel. Could you just also a little bit elaborate about what is the impact of, let's say, these potentially non-recurring charges, even if, and it's true for you as for everyone in this conference call, the way that we are working is substantially moving to more digitalization versus, let's say, physical meetings and traveling. The last is, could you just give us the impact of the Asian gate fee pressure on the first half, and what are you seeing quantifying the potential impact on the second semester? Many thanks. Thanks for your question. I will take the second one and let Julian answer to the two other ones. I think that, yes, you are right. I think that the pandemic has been, I would say, by force, made us change the way of working. I also agree that, I mean, that it will disappear with the pandemic one day, but that it's really a profound change of the way we are working. Just an example, we had three offices in our three buildings in Paris with our various subsidiaries. After the pandemic, now we have just one b uilding, and we went to flex office on all the floors, and those savings are going to be forever. That's one. I think also we know that we have to go on implementing, year after year, productivity gains to be competitive on our businesses. We knew at the beginning that the business was full of cost optimization potential that had not been fully extracted. We put this performance plan, the EUR 1 billion at the beginning. Year after year, we have been confirming that this is absolutely possible to achieve those targets and to develop new ideas to go on developing productivity gains year after year. I think that the mix of cost is going to change and definitely with the disruption of digitalization, businesses like ours have to reinvent their processes to be much leaner. This is something we had identified, and also to be, thanks to that, much more competitive. I think to put it from my blunt point of view, Philippe, as every quarter goes by, what used to be non-recurring in terms of cost, if people are not spending the money, as far as I think we're concerned, it becomes a part of their way of doing business. I think increasingly, and I think all companies will say the same thing, you don't need to go back to your levels of spending before. What we were thinking might rebound, just will not in time, and will become durable savings. That's certainly what we see. That frees up when I look at SG&A, and we look at, say, the six or 12 months in front of us on a going concern or normal course of business basis, it means that we have money available to invest in bidding on projects. We have equally cash flow that we can reinvest in CapEx, as I mentioned. I think it's become a virtual and a durable virtue in the business. As far as WTS is concerned, remember the project business, which is the only one since the pandemic started within WTS that has seen its activity decline, that's a relatively small part of what we do. The demand for incremental capacity improvements from our customers, which is in the membrane activity, for example, or in the very small project activity. The need for mobile units, the need for chemicals, the need for the services, and the aftersales that goes with it, all of that has been either very resilient or has been very positive. The mix effect on our profitability has been very good as well. The pipeline of project investment, that's anything between EUR 20 million and EUR 40 million. The pipeline is excellent. I think when we look at the opportunities WTS has to win projects, we've not had a pipeline this good since, certainly I've been here. Those projects we're proving that we can win on the basis of technology, not on price, that bodes well. Customer decisions to invest the EUR 20 million, EUR 30 million, EUR 40 million, EUR 50 million expansion of their plants, those processes are taking longer. In the meantime, we sell membranes, we sell mobile units, we sell technology, and we sell services and chemicals. The business, as you can see, is up 58% in its EBITDA. There's more to come, that's how it's going. In terms of Asia, I don't want to exaggerate the overall importance to the bottom line. I think when you look within ETS, you can see the performance and you know because we've said it, that the performance is driven most of all by the improvement of WTS. Within hazardous waste, it's slightly down year-on-year in terms of the impact on our EBIT. We do see prices continuing to be under pressure, capacity continues to come on stream and it'll take a while for that new capacity to be absorbed. Volumes are coming back. It's taken longer for industrial volumes to come back in China than maybe some of us expected a year ago. That will work its way out, I think there'll still be some pressure in H2. In the overall scheme of the ETS segment, what has driven H1 is WTS. Thank you. Many thanks. Very clear. Many thanks. I think we're done. We're done. Last comment? Thanks a lot for spending this nearly one hour with us. We have the opportunity to meet again in the coming months. I think that the momentum of Suez this first half has been very, very positive. Once again, we need to put that in the context of what we had to go through with both COVID and the Veolia operation. I think that the teams have been outstanding, being focused on implementing the plan we put together two years ago. It's really a source of pride for me, for the executive committee, and I think for all the teams of Suez, of being able to achieve such good results in such a short time, in such a difficult context. Thanks a lot for being with us, and I hope that after this avalanche of results in the coming 48 hours, you will have some rest during this summer. You can count on us to execute the Suez-Veolia transaction as soon as possible, so that those of you who've been unable to write anything for the last nearly 12 months now can start to write again on the sector. Thank you very much for being with us tonight. Thank you for joining today's call. You may now disconnect.