Thank you. Good morning, ladies and gentlemen, and welcome to this conference call on the Veolia 2020 annual results. I am with Estelle Brachlianoff, our COO, Claude Laruelle, our CFO, and Olivier Brousse, our Head of Strategy. During this conference, we will present the very strong 2020 results we have just published, which once again prove Veolia's resiliency and exceptional rebound capacity in confronting the sanitary crisis. You will see that we recovered our 2019 level of activity and profit as early as Q3. We even exceeded it in Q4, leading to the second half 2020, well above 2019, making us ideally positioned for 2021. Since the first signs of the pandemic in China at the beginning of last year, I set the priorities for the year ahead in order to enable the group to tackle the challenges of the COVID outbreak. First and foremost, ensure maximal protection for all our employees throughout the world and provide all essential services for our clients. Second, enable the group to absorb the inevitable economic consequences in order to rebound as quickly as possible. Third, remain focused on operational efficiency to limit the COVID impact on our results. Fourth, maintain the strategic priorities of our Impact 2023 program launched early 2020 in terms of new development, innovation, ecological transformation projects, and continue to invest for the future so as to increase our competitive edge. Thanks to the exceptional commitment of all our employees, whom I thank very warmly, we have successfully faced all the challenges of the COVID crisis and even surpassed the objectives we had assigned ourselves. Veolia will have thus wiped out all the consequences of the sanitary crisis in less than nine months. We are starting 2021 with level of activity higher than that of 2019, which makes me very confident for the year ahead, despite the ongoing COVID situation. Estelle will give you details on our 2020 operational achievements. Olivier will update you on our multifaceted performance objectives, as well as on several important and already successful innovation projects. I will, of course, give you an update on our planned takeover of Suez, which is progressing quite well since the filing of our tender offer on February 8th. I will also share with you our financial prospects for 2021. Finally, Claude will give you all the details of 2020 financial performance and results. I am now on slide six. 2020 results were clearly ahead of target, taking into account the crisis. After Q3, where we managed to offset the first half shock more quickly than expected, Q4 was also above our objectives. This was achieved thanks to the strategy put in place very early in the year to face the crisis, keep up our prices, launch the specific cost-cutting plan of EUR 250 million, complementing our efficiency program of EUR 250 million, and maintain our growth CapEx in order to feed the group's future growth. We managed to stabilize activity in Q3, -0.6% at constant ForEx, to resume top-line growth in Q4, +0.9% at constant ForEx. In terms of EBITDA, to grow it by 1.7% in Q3, by 4.2% in Q4, well above our initial objective of stability for Q4. All our teams have remained fully focused on operational performance. Once again, I want to thank them warmly. For the full-year, revenue reached EUR 26 billion, EBITDA was EUR 3,641 million, current EBIT EUR 1,275 million, and current net income, EUR 415 million. These very encouraging results allow us to propose a dividend increase to EUR 0.70 per share for 2020. I now hand over to Estelle, who will detail the 2020 operational performance of the group. Thank you, Antoine. 2020 has certainly been an exceptional year in many respects. Of course, the pandemic has had a direct impact, notably in the spring. The resilience of our essential services as well as our ability to react, adapt and recover very quickly have been very strong. Delivering economic performance whilst growing our business according to our strategic plan has been my constant focus throughout the year, and it still is. Starting with our revenue, the rebound we have seen in Q3 has been reinforced in Q4, back to a little growth compared to 2019. I must say, I'm particularly happy to see our hazardous waste activity growing by almost 4% in Q4. For EBITDA, it shows an even better picture, growing by 4.2% in the last quarter and with margin levels back to 15.7%, slightly higher than last year. Altogether, cumulative EBITDA over the second half of the year was higher than in 2019, despite some percentage of activity still missing here and there. This is really the direct result of our Recover and Adapt plan launched in the spring, which has led to more than doubling our cost-cutting effort compared to our initial objectives, which have reached EUR 550 million in 2020. I'm now on slide eight, which gives a little color on the activity level in the last quarter of 2020 by geography, which Claude will detail later on. Starting with Europe, the second wave of COVID in the autumn has not had a major impact. Municipal water and district heating have performed very well, whilst construction worked full speed with even some catching up effects. Waste volume has stabilized above 95% in France, Germany, and the U.K. until, of course, in the U.K., the new lockdown in November. In Asia, Africa, and Middle East, as well as Australia, the level of activity was comparable to pre-COVID levels. In North America, we are still missing some volumes in refinery by-product regeneration and industrial services, and in South America, some dry waste volumes. Going to slide nine, which shows our cost-cutting plan performance, and which is a key factor of our EBITDA performance in the second part of the year, as you have seen. We have exceeded both our annual efficiency plans as well as our specific Recover and Adapt plans with a total cost cutting of EUR 550 million reached in 2020, more than double our original targets. As you know, our Recover and Adapt plan was launched in the spring to compensate for COVID impact. I'm pleased to see that our digital roadmap launched two years ago, and the various tools we have deployed accordingly, has been a key enabler to deliver on this Recover and Adapt plan. We've been able to switch swiftly and seamlessly to remote working whenever that was suitable. Over 66 Hubgrade live control center across the globe, as well as our customer hubs, have helped enormously to optimize our services and keep live communication with our customers. While those efforts were delivered, I'm pleased we have been able to sign new contracts and projects as well, which will help sustain our growth. Just to mention a few examples listed on slide 10, I would like to highlight a nice series in Eastern Europe with the right bank district heating network of Prague and cogeneration in Budapest, both anchored with local partners and able to deliver synergies with our existing business in those countries. In France, the acquisition of OSIS from Suez will perfectly complement and take its place with our existing SARP business, which is a very successful business in environmental maintenance. I'm now on slide 11. Reflecting back on 2020, the crisis has strongly confirmed the soundness of our strategic choices, organization, and positioning. Starting with our team, their engagement and professionalism during the crisis have been exceptional. At a time of borders reappearing pretty much everywhere, our decentralized organization at the country level for daily operations, together with local partnerships around the key infrastructures, have been key to our resilience and responsiveness. Our digital transformation has certainly been accelerated as well from strong foundations. Continuing with our business model, it has proven very resilient thanks to a balanced portfolio in various geographies, as well as between municipal and industrial customers. When it comes to industrial customers, we are very pleased we've decided a few years ago to ensure we were not too exposed to a specific sector such as oil and gas or automotive, for instance. This was certainly a smart move. 2020 performance of our hazardous waste activities, though serving exclusively industrial customers, is a testimony to our excellence and differentiation in this space. I'm now on slide 12. You would see that more generally, the development priorities which underlie our strategic plan, Impact 2023, remain fully valid, and we are delivering on this plan. Despite the COVID crisis and our global effort to reduce costs, we made sure to maintain a reasonable envelope for discretionary investments in order to deliver on our strategic plan and ensure future growth. You will recognize on this slide the priorities underlying the strategic plan as they were presented to you last February in three categories, as you know, accelerate, optimize, and reduce. This plan is well underway in each of those categories, as you can see via examples mentioned in the gray boxes on the slide, which I would be happy to detail if you wish. On slide 13 now. I would like to focus in particular on three examples which illustrate how our strategic plan is moving forward. Starting with plastic recycling. In 2020, we opened a new capacity for PET recycling in Spain, signed a JV as well with Mitsui and 7-Eleven for a new PET plant in Japan, and developed four other projects which should materialize in 2021. Our Indonesian plant should be commissioned soon. Another key commitment we took in our strategic plan was to eliminate coal from our European energy activity by 2030, which represents a total investment of EUR 1.2 billion. We started to invest in this transition in Braunschweig, Germany, and plan to do so in the Czech Republic very soon. Poland will be next in 2022. Last but not least, hazardous waste. The economic performance maintained during the crisis with revenue growth and double-digit EBITDA margin even in 2020, confirm our ambition in this sector. We are building new treatment facilities as we speak in China, Singapore, India, as well as Saudi Arabia, South Africa, Germany, and the U.S. We are developing a few other projects as well. Slide 14 illustrates this more precisely with a map. I'm now on slide 15. Those strategic goals were translated as well into an asset rotation program in order to free capital to invest in the most promising activities, such as the one I just mentioned. This too is well underway, with EUR 2 billion already closed or signed, the largest being our municipal energy business in the U.S., of course. Veolia has once again proven in 2020 its resilience in an unprecedented crisis and its capacity to rebound very swiftly and very strongly. Veolia is a strong company, and we are focused on continuing to deliver good results. I now hand over to Olivier, who will present our non-financial results for the year. Thank you, Estelle. Good morning, everybody. I'm on slide 16. As we've said in the past, we believe that the prosperity of our company is ensured by the fact that it's useful to all its stakeholders, our shareholders of course, but also our employees, our clients, the planet, and the society we operate in. As you know, this is why last year in February, we launched what we call our multifaceted performance, made of 14 indicators on top of the four financial ones. This is what you can see on this wheel with the stakeholders and the indicators. These indicators, they come with targets that we've made public, that we've assigned to our management teams and inserted in our internal management processes. As we said, they're also externally audited every year. They are designed to address each of our five stakeholders' needs. We strongly believe that by meeting these targets, we will get closer to our stakeholders, and we will make Veolia stronger and more competitive. Also, we will stay true to our purpose. On slide 17, you can see a selection of some of these indicators for each of our stakeholders, aside from the financial ones. On the left-hand side for clients, one objective, of course, is to ensure that they are satisfied with our services. The indicator we chose is the Net Promoter Score. You can see here, not only the target for 2022, but also what we've achieved in 2020, and we're pretty happy with the results. As you can see, we're on track. One could say we're even above the target. Of course, the pandemic and the crisis have brought us very close to the needs of our clients, if anything, by ensuring the continuity of the services we deliver to them. Second, for the planet. One of our objectives is to phase out coal from our operations in Europe by 2030, not walking away from it, but converting it to cleaner energy. As you can see, we've started the investments, and we're on track to meeting our target. For our employees, one of the indicators we show here is to assess the level of engagement. Of course, this level of engagement is paramount, as we've seen during the pandemic, for instance, with our frontline workers who made wonders to ensure essential services are delivered come what may. As Antoine said, we're very grateful to them and very proud of their high level of engagement that you can see on these results with 87% engagement level. Finally, for society. We can't ignore the fact that there are people who are yet not connected to essential services around the world. One of our commitments is to increase the number of people benefiting from help to access water and sanitation. We've assigned ourselves a target for 2023, 12% increase to the number benefiting from these essential services, and you can see that we're off to a good start in 2020. I'm on slide 18 now, talking about innovation. In terms of innovation, despite everything that has been going on in 2020, we've managed to focus and accelerate on some very promising projects. These projects not only address major challenges of the green transformation of society and our economy, but also potentially, they can open new significant markets for Veolia in the future. One of them is the recycling of electric car batteries. You will be aware that 2020 has seen a significant increase in the sale of electric vehicles throughout the world. In Europe, only more than 1 million vehicles sold, which is for the first time, more than the number of vehicles sold in Asia. Of course, these batteries in a couple of years will have to be recycled. One reason is that they are part of hazardous waste. Batteries are dangerous if they are left doing nothing. The second thing is that they contain very valuable metals, cobalt, nickel, lithium. If we manage to extract these metals, of course, they will be recycled into production of new batteries. By 2030, we forecast that there will be more than 1 million batteries available to be recycled in Europe only. We started a joint venture with Solvay. We've got the first plant in France. We've got another one in Asia. We will be ready to be one of the major players of the recycling of this wave of batteries that is coming to us. The second one is carbon capture. Everybody these days is talking rightly about achieving net zero targets, aligned with the Paris Agreement. Net zero targets will come with carbon capture, there is no doubt about that. This is what Veolia is working on. Because of our competencies, because of our partnerships with industrials, because of our knowledge of handling, capturing, and transporting hazardous waste, which is what carbon dioxide is, we feel we are well positioned to address this future market of carbon capture. In fact, in partnership with a British company called Carbon Clean, we've started a number of developments, one in India. There are two in India, the other one in the U.K., and we hope that by 2023, we will be able to show and demonstrate our industrial ability to capture the carbon. The third one is the bioconversion of organic waste. As you probably know, by converting organic waste, we can now grow insects that will become and produce oil, protein to feed animals, and organic fertilizers. We've got a first plant already operating in Malaysia. We've got another one being under construction in the south of France. This is a multi-billion dollars market internationally, and we believe that because of our knowledge of the feedstock of the organic waste, we can, again, contribute to this market and take a significant stake of it. Finally, water, on two grounds. First, wastewater reuse and desalination. You can see on the slide an example of one product we launched, which is called the Barrel, which is a very compact, safe, cost-effective, and digitally connected small plant with membranes that will be able to provide desalination fresh water in remote areas. The first industrial full-scale plant will be operating in France by 2021. This will address not only the need for fresh water, but for instance, the needs of agriculture, as we've seen last summer, where water is no longer available at the right time or the right location. Again, we believe we can provide solutions. As you can see, we've got very promising innovations under development in Veolia, and we hope that we can bring them to the market in the coming months and years. All these efforts in terms of ESG, I'm on slide 19 now, start to be acknowledged by the international rating agencies. We're very pleased with that because we're working hard on it. As you can see on this slide, we've made progress in 2020 among some of the major agencies. CDP climate ranking increased our ranking from B+ to A-. The FTSE4Good Index, again, acknowledged our position, ranking us number one in water utilities, and entering Veolia as part of the top 5% best performers in global utility sector. Finally, ISS ESG ranking has ranked us now number one in the utilities and multi-utility sector. At the end of the day, the hard work we put on ESG matters starts to appear in the rankings and put Veolia on top of these rankings. We're very pleased with that. Thank you, Olivier. Now let me give you an update on our planned takeover of Suez. I am on slide 20. The project we launched at the end of August 2020 to create the world champion of ecological transformation is a major opportunity at a time when climate change is the defining issue. The Veolia-Suez combination is an answer to this emergency. As I have already had the opportunity to tell you, the very strong complementarity between Suez and Veolia in terms of assets, geographies, know-hows, technologies, human resources, and clients is very obvious and guarantees the successful integration of the two groups. Our respective strategic plans share the same objectives, combining our forces will therefore accelerate the execution of our ambition and enable us to reach our objectives even faster. All of this makes the combination of Veolia and Suez a strongly value-creating transaction for all stakeholders. Our clients will benefit from a larger and more innovative service offering. The employees of both groups will benefit from new and expanding opportunities. Finally, the value creation coming from the merger will be strongly accretive to Veolia's EPS, hence for all our shareholders. Where are we in the transaction? I am on slide 21. We are progressing perfectly in line with our plan. After the acquisition from Engie of a 29.9% stake in Suez capital on October 6th, the legal hurdles we have faced and which have prevented us from filing a formal offer earlier have all been resolved one by one. We have therefore filed our tender offer before the AMF, the French stock market regulator, on February 8th for the 70% remaining shares of Suez at EUR 18 per share, dividend attached. The antitrust process is also progressing as planned with regular and constructive exchanges with the European authorities. We expect to obtain a green light within now 7- 13 months from now. The financing of the transaction is, of course, fully secured, and our cash projections for 2021 bring down the net financial debt to below EUR 12 billion. The leverage ratio will thus decrease to below 3x as early as 2021 and from 2023 onwards. On page 23 now, you see our financial prospects for 2021. In 2021, we will more than offset 2020, and we expect to deliver strong results growth. In terms of revenue, we plan to recover our 2019 level of activity. The activity lost due to COVID will be fully recovered and complemented by new growth. In terms of EBITDA, we target growth of more than 10% with an EBITDA above EUR 4 billion, thanks to revenue increase and to a cost-cutting plan of EUR 350 million, including EUR 250 million from our recurring multi-year efficiency program and EUR 100 million of additional savings coming from our Recover and Adapt plan. Net financial debt will decrease to below EUR 12 billion, hence a leverage ratio below 3 x at the end of 2021. In terms of dividends, in view of the very good 2020 performance, a EUR 0.70 dividend will be proposed to the GM. Our objective here is to recover our pre-crisis dividend policy in 2021. On page 24, you can see the breakdown of the 2020 revenue and EBITDA decline, their rebound targeted in 2021, leading to an increase of revenue of more than 3% and of more than 10% at the EBITDA level. You see clearly that in 2021, Veolia is targeting financial performance at least equivalent to or above 2019 levels, meaning that our objective is also to come back to the same level of dividends we had proposed at the beginning of 2020 for the results of 2019. On page 25, we confirm that the strategic choices included in our Impact 2023 plan remain fully relevant. These choices enabled us to face the crisis. We will continue their implementation in 2021. Our long-term financial objectives have only been delayed by roughly one year. It is clear that the finalization of the takeover of Suez will reinforce and accelerate the execution of this plan. I now hand over to Claude, who will give you the details on our 2020 financial performance. Claude, the floor is yours. Thank you, Antoine, and good morning, ladies and gentlemen. I'm on slide 27. I'm sure you remember the very good Q3 number that we presented in November and reminded by Antoine and Estelle. For Q4, we have exceeded our guidance on all financial indicators and accelerated our performance after the Q3 rebound. In the presentation, we focus on understanding the Q4 numbers in our various businesses, keeping in mind that Q4 is remarkable on three main items: pricing discipline, cost-cutting, and cash collection. Regarding ForEx, you can see it has impacted all the P&L indicators with a negative, -1.5%. Thanks to the strong performance of Q4, all the variations that you see on the slide for the full-year are improving compared to Q3. Let's move to slide 28 with the details of 2020 by quarter and by geography. You can see the strong rebound of Q3 with the revenue back to historical level and EBITDA up 1.7%. Q4 shows an acceleration and is a remarkable quarter in two ways. First, a revenue increase of 0.9% at constant price for the whole group. Second, thanks to a good operating leverage, an EBITDA increase of 4.2% with the effect of both pricing discipline and cost-cutting that strongly deliver. France has more than confirmed its rebound of Q3 with +2.5% growth in Q4, thanks to good water and waste volumes, and also favorable pricing in both activities. The rest of Europe had a very strong Q4 with a boost of the energy business in Central Europe and the continuous effect of the tariff increases in the water and heat businesses. The rest of the world is more contrasted with China back to growth at +4.1% at constant price in Q4, and North America not fully back yet to its nominal level of activity with lower refinery activity. Global business continued to perform well, +2% at constant scope and ForEx, with recovery of waste and good momentum in hazardous waste, as Estelle told you. On page 29, you have the Q4 revenue bridge. The favorable pricing is more than offsetting the lack of waste volume. You can see on the bridge that the like-for-like growth is very well oriented at +0.9% in the context of COVID wave two. What is remarkable is the price effect of EUR 80 million, contributing for +1.1% of the revenue increase. As Estelle told you, we continue to have a slight negative effect on volume at group level, -0.7%, linked to less commercial waste volume in a few geographies. One last thing to mention, energy and recycled prices are well-oriented, +EUR 48 million or +0.6%, which is promising for 2021. Moving to slide 30. It shows the revenue bridge for the full-year with a limited 2.9% decrease compared to 2019 and the sharp rebound in H2 after the COVID outbreak. What is again remarkable for this year is the green box on the chart of price effects, EUR 286 million for the full-year. As we told you, we have learned from the previous crisis, and we have kept our pricing discipline all along the year despite the temporary drop of volumes. That will clearly help our 2021 performance. We can move to slide 31, detailing our waste activity. Waste revenue is back to growth in Q4, driven by waste prices. You can see the yearly revenue sequence with a sharp drop in Q2, the rebound in Q3, but not yet at 100%, and the very good Q4 performance, + 1.6% at constant scope and ForEx. Let's focus on the Q4 column. Q4 revenue growth is, as you can see, strongly driven by price increases + 2.3%, more than compensating the negative volume effect of - 1.8%, linked to commercial and industrial waste in the U.K. and Germany. France did very well in Q4, + 2.5% revenue growth with + 3% price increase, driven by our treatment facilities and higher recycled material prices. In the U.K., you are now familiar with the situation. Our PFIs have continued to run at full capacity, producing a large portion of the revenue and results of the country. While the decline in C&I collection volumes linked to the November lockdown have impacted the landfill volumes with lower margin. This is overall a very resilient business model. Germany was flat in Q4, and the rest of the world was sharply up. In Asia, for example, we had the effect of the startup of new hazardous waste facilities combined with commercial development. Pacific is back to growth, + 3.4%, and the U.S. has recovered quite well with a flat Q4. Hazardous waste in Europe has almost fully recovered, and here again, the business model is very resilient, with the treatment units producing most of the results and running at full capacity. On slide 32, you have the EBITDA bridge for Q4 only, with a strong +4.2% increase. Let's focus on the three main points. First, cost-cutting is strongly delivering with EUR 83 million. Despite all the difficulties linked to the various lockdowns and the travel restrictions, we were able to over-deliver our cost-cutting plans in all our business units. It is more than the double of the usual price-cost squeeze of - EUR 39 million. Now with our adaptation of the COVID situation, our volume impact is very limited, - EUR 11 million. The energy and recycled prices are well-oriented, especially for paper and cardboard, which is up compared to Q4 last year, + EUR 8 million. Promising for 2021. Moving to slide 33. You can see the annual EBITDA bridge compared to 2019. The main effects are, of course, the COVID impact, which has led to an overall volume and commercial effect of - EUR 133 million, concentrated in Q2, and the cost-cutting plan for EUR 278 million, fully implemented, as I said, despite the various lockdowns which have occurred during the year. It is twice the usual price-cost squeeze of - EUR 132 million. Moreover, this year, the overall impact of energy and recycled prices has benefited EBITDA by EUR 28 million due to the energy prices with a favorable combination of increased heat and electricity prices in our energy business and lower fuel costs in waste activities. Let's review now our activities by geography, starting by France on page 34 with resilient water and waste activities in H2. Focusing on Q4. French water business continued to perform very well with revenue up 2.5%, thanks to volume and tariff, and also works associated with our contracts, which are back to normal. Waste activities were also very well-oriented, despite the second lockdown that was much less impacting than the first one. We took advantage of the volume resilience to continue to increase our treatment prices, which has more than compensated our volume decrease. Recyclers were also well-oriented in France in Q4, helping to boost the results. The EBITDA of the segment was sharply up in Q4, helped by these good business trends and cost-cutting measures. Regarding rest of Europe on page 35. Revenue growth in Central Europe was very strong. Revenue up 14.9% in Q4 and 6.3% for the full-year, with the mainstream businesses performing very well in energy and water, and additional revenue and EBITDA coming from the recent acquisition of the Prague right bank district heating network and cogeneration assets in Budapest. We also enjoyed a good start to the year 2021, which is all very promising. U.K. has also a solid Q4 with a resilient business model, as I said, combined with strong adaptation measures. Even though revenue was impacted by the November lockdown, U.K. delivered a strong EBITDA growth in Q4, +13.7% at constant ForEx, thanks to the great performance of our PFI and efficiency measures. Germany revenue was flat with Q4 waste volume back to normal level. Southern Europe, which is mostly concentrated on energy business, has recovered a normal activity and margin in Q4. Let's review now the rest of the world on page 36, where we experience a recovery in all regions with a few highlights. Starting with Asia, China is back to growth with +4% revenue increase at constant ForEx in Q4, with good waste and energy activities. Latin America is doing better in a context of lower currency and COVID, now under much better control. For example, Brazil is up 10% at constant ForEx in Q4, with a new acquisition in the southwest region complementing our waste activities very well. North America is still impacted by the lack of gas and jet fuel consumption, with lower volume in our recycling business for refineries. The rest of the business is performing as planned. Australia is back to normal, and our Morocco activities are recovering well after a very long lockdown. EBITDA of the segment is well-oriented, +5.4%. Of course, it has to be compared at constant scope and ForEx, as Q4 2019 included the contribution of the district heating business in the U.S. I'm moving to page 37. Global business had a strong recovery in both construction and hazardous waste in Q4. As you know, our VWT transformation is ongoing to focus this activity on value-added technology and reduce the level of risk. VWT activity in Q4 is well-oriented, +6.2% at constant ForEx. Like SADE, +8.1%, with a strong catch-up after the long lockdown of Q2. Hazardous waste in Europe has recovered well and today is only impacted by lower oil prices than last year. EBITDA for the segment is almost stable in Q4 compared to last year, -1.5%, due to the fact that industrial and energy services were impacted by lower activity levels. Which was almost fully compensated by the very good performance of our technology and construction activity. On slide 38, you can see the EBITDA translation into current EBIT. Two main variations compared to last year. A significant change in provision reversal and fair value adjustments, - EUR 12 million this year compared to + EUR 52 million last year. Also less contribution from our Chinese JVs, leading to a total net income of JV and associates of EUR 111 million compared to EUR 130 million in 2019. As a result, the level of current EBIT for the full-year 2020 is EUR 1.275 billion. Moving to slide 39. You have the detailed translation of current EBIT into current net income. What do we see? First, a significant decrease of the cost of net financial debt at EUR 414 million compared to EUR 431 million in 2019, with a significant decrease of our cost of borrowing down by 62 basis points, thanks to the refinancing of our euro debt and the interest rate decrease in almost all countries. Second, income tax expense decreased in line with earnings before tax. Thanks to the Q3 and Q4 strong performance, the tax rate is well below 30% at 26.1%. Current net income group share has reached consequently EUR 415 million, showing a remarkable H2 performance after EUR 6 million in H1. Net income group share on page 40 is at EUR 85 million with many non-current impairments taken in H1. The main variation in the non-current items versus last year is a non-current capital gain of EUR 170 million linked with the disposal of our district heating business in the U.S. in 2019. We can move to slide 41, with a better-than-expected free cash flow of EUR 507 million. Thanks to a very focused management of our cash flow in all our countries, we are able to improve our working capital position at year-end by EUR 233 million compared to year-end 2019. All the geographies where we had some issues in Q2, Morocco and LatAm, for example, have improved significantly. We took advantage of the strong cash collection to increase our discretionary CapEx at EUR 435 million, +20% compared to last year, in order to meet the crisis with reinforced embargoes. For example, as Estelle mentioned, we are building a new biomass boiler in Braunschweig, Germany, which is our first energy conversion project, and we have also invested significantly in our hazardous waste projects, five in Asia, under construction or commissioning, and also one in Germany and one in Saudi Arabia, for example. Regarding the debt level, net debt is decreasing at constant scope by EUR 400 million. The debt increase is coming from two main effects in 2020. First, the purchase of Suez share for a net EUR 1.45 billion. Second, the asset protection effect with many projects acquired in 2020 for EUR 1.47 billion. This is a temporary situation and linked to the phasing of our asset rotation. Our commitment for 2021 is very clear. A net debt at year-end below EUR 12 billion and a leverage below 3. On page 42, you can see all the variation of the net debt between end of 2019 and end of 2020. You can see the main increase. They are coming from the level of CapEx to exist the crisis with embargoes, the net financial investment, and the acquisition of Suez shares. Moving to page 43. Veolia continues to have a robust balance sheet and a very strong cash position, EUR 6.7 billion at the end of 2020. We have also the full confidence of investors with the latest midterm note issuance done at a a negative yield of -2 basis point for a six-year maturity. That will help further reduce our cost of borrowing in 2021. After this very strong Q3 and Q4 performance, which has shown a remarkable rebound of our activity and our financial performance, I can fully confirm our 2021 guidance described by Antoine and the medium-term outlook on page 44 and 45. Thank you for your attention. Thank you, Claude. Ladies and gentlemen, the floor is now yours for your questions. Thank you, ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad. The first question comes from Emmanuel Turpin from Societe Generale. Sir, please go ahead. Good morning, I will limit myself to two questions. First of all, would you mind updating us on the latest trends that you've seen since the start of the year from a business perspective? I'm particularly interested in waste volumes. We had a quarter-over-quarter improvement in 2H last year, it was still nevertheless printing a negative year-over-year growth in Q4. What are you seeing at the start of this year? Is the good waste pricing environment still holding? Maybe also a comment on bookings in construction. You were saying they were soft at the end of last year. What are you seeing most recently? My second question is related to the outlook for 2021. Bloomberg is saying that you're expecting a DPS of around EUR 1, which if we apply it to your historical payout policy, would imply an ordinary EPS of at least EUR 1.3 per share. Therefore, if my math is correct, ordinary earnings at or above EUR 750 million. Is this the right way to look at it? Thank you very much. Thank you, Emmanuel. Estelle will answer your first question, and I will take the second one. Hello, Emmanuel. On your first question about what is the trend at the beginning of the year like, specifically in the waste volume and pricing. The answer is basically exactly similar to what we've seen in Q4. We don't see any specific difference so far. Which means, if I go more into details, in terms of volumes, yes, you're right, we're still missing 1% or 2% here and there, and depending on the geographies, which is exactly what is detailed on page 31 for Q4, but it's more than compensated for the price increases. Therefore altogether, revenue is slightly up compared to the years before. It's exactly what we see now. To answer your questions, although we still have a little bit of volume missing, we continue with our price increase as well as cost cutting. In the end, EBITDA, related to the waste activities, is not only holding but actually progressing compared to 2019, exactly in a similar way as what the rest of the group is showing. Okay, about the outlook of 2021, you understand well, Emmanuel, our objective is to have better, or at least equal performance of 2019 in terms of revenue and profit, meaning that if we reach this objective, we will come back to a dividend policy pre-crisis. This dividend policy pre-crisis was for the results of 2019, with EUR 1 per share in terms of dividends. Of course, coming back on this policy means that if we reach our objective for 2021, we will come back at that level. You understood also that our Impact 2023 program is fully valid. We will continue to perform it. The crisis just make losing for us roughly one year. The objective we have in terms of results for this plan could be just postponed from one year, but we're still on the same objectives for this strategic plan. The next question comes from Juan Rodriguez from Kepler Cheuvreux. Sir, please go ahead. Thank you, everyone, and congratulations from the strong performance on Q4 results. I'll limit myself to two questions, if I may, to afford other one. First is on the upcoming negotiations with Suez. What are the points at which Veolia is willing to negotiate or will be more open, and what can be considered a red line in this sense? This is the first question, and the second one is more the operational side. Can you tell us what is your current exposure to CO2 prices and your hedging strategy on that front? Thank you. Claude will answer the second question, and after that, I will come back on the third one. In terms of hedging strategy for CO2, you know the way it's working. For 2021, we have hedged most of our CO2, at EUR 22 per ton, which is much lower than the current market. We are very well covered for 2021 on the CO2 side. We are starting also to cover 2022. You know the hedging policy that we have. We are starting to sell electricity for 2022 with a higher price because the midterm outlook for electricity is higher than usual. In the meantime, we are hedging CO2. We start, but we are only at 30% as we speak. About our project with Suez. As you know, we filed our offer officially some weeks ago now. There is no discussion with Suez today, but I told it again through a press release two days ago, I am still willing to present personally this project to all the board members of Suez, and as it is also what we have to do when we file an offer or when we are receiving an offer. I remind you what is this project. It is to build one world champion of ecological transformation, but we have also to ensure that the competition on our different markets, especially the transporter market, should be strong. It is why I'm still ready to propose a solid, good quality, and long-term operator of water in front of Veolia. I am ready to negotiate that and to negotiate also with Suez board members the element to put in place this project. We are ready to discuss about our project, not another one. Perfect, thank you. The next question comes from Andrew Fisher from Berenberg. Sir, please go ahead. Okay, thank you. Good morning, everyone. Thanks for taking my questions. Just on cost-cutting, I was wondering if you could please give us a little bit more color on things that you've learned from the Recover and Adapt plan, that obviously you can then carry through into future efficiencies, not just with obviously the Veolia business, but also maybe that will relate to your ability to cut costs when integrating Suez. Then just also on pricing, obviously, you've highlighted the success on price increases. Just wondering if you could maybe give us a little bit more color on how that sort of works with the negotiations that you're having with key customers, sort of if there's any sort of examples that you can give us on how you're successfully passing higher prices through when obviously some customers might be still struggling with their own volumes and revenue advances? Thanks. Okay, good. I'm going to answer those two. On your first question, which is about the Recover and Adapt plan and the efficiency plan. To give you a little bit of color on that, I guess, we have a few usual stuff and a few stuff which have been speeded up by the crisis. On the usual one, we've done a lot of effort on SG&A, as you can guess, and actually G&A more so than SG&A. As in, for instance, rethinking all our locations in terms of headquarters in the various countries and administrative teams. We've closed a few sites to regroup people in the same location and stuff like that to reduce real estate costs, just to give you an example of what I call the usual ones. On the, I guess, the things we've speeded up, I would emphasize on digital, which is a key one. Digital operations is really something which we've launched something like 18 months to two years ago, which led to from five Hubgrades to now 66 Hubgrades. Hubgrades being the live control center where we have all our big assets basically being monitored live. We have a lot of IoTs everywhere to measure a few datas live, and all those datas are gathered into a control center, which you may have one or two per country or three, depending if the countries are big, it could be per region, typically. Why is it so important? You can optimize live the performance, such as reducing the energy consumption of the wastewater treatment plant, because you can see on the screen that something is happening which can allow you to reduce a bit the consumption. You can monitor, for instance, how a network of water distribution is behaving and at times feel that there may be a leak somewhere, which you can anticipate as opposed to just repair when it's bursting. Reducing, therefore, the maintenance cost altogether. Those are real-time examples of how digital help improving the performance, and the performance as in basically sweating the assets and improving the yield of our various plants. We can apply in a strong way to much more assets we put into those Hubgrades, and the more we will deliver such savings. It's really sustainable, and I would say quite deep in the organization. In terms of your second question on price increase, I might give a little bit of color on that. I will take the example of C&I, so commercial and industrial waste, where the contracts are, I guess, relatively simple, as in price increases are usually yearly. We've been really using everything we've put into the CRM to be able to analyze customer by customer, and type of customer by type of customer. The price they have compared to the pricing strategy we may have. Just to give you an example, we may launch a price increase, which is super high for, say, big retails at one point because they pay less than they should compared to our metrics, if you want. They're stable in the prices of the small shops with, as we speak, and the prices are not necessarily in the best shape possible. We can target some specific type of customer, depending on our metrics, and depending as well on the type of waste they produce. If they produce something you just end up burning or putting in landfill, it has less value than if they produce some cardboard or some plastic. You can target a price increase very differently from one to the other. When you do something like I just described on C&I in France, in some regions, you can have 10% or 15% increase at times in 1/3 of customers, typically. It could be zero on another part of customer. That has been proven super successful. Great, thank you very much. The next question comes from Olivier van Doosselaere from BNP Paribas. Sir, please go ahead. Thank you very much, and good morning, everyone. Just a few questions on my side, please. First, two questions on Suez. The first one is, I was wondering how you think about some of the French parliamentaries having proposed a mediator to actually come in and play a role in potential discussion with Suez, and maybe more broadly, how you see the government's role in the debate. Secondly, still on Suez, could you please let us know how exactly you will account in your P&L for the stake that you have in Suez? When you say that you expect also net income to recover the 2019 results, would I be right to assume that it is not including the contribution from Suez there? Then if I may, just on the dividend, you said that you would recover dividend policy pre-COVID from 2021. I think you had actually mentioned a year ago that the dividend for 2023 was going to be EUR 1.3 per share. I wonder if that is actually still valid. Finally, if I may, on the guidance, I wonder to what extent the EUR 4 billion EBITDA guidance for 2021 actually reflects dilution from disposal, or should we think that the disposal that you will do in 2021 are more minority stakes in, as you said, Central and Eastern European assets, which therefore shouldn't really affect EBITDA but could increase minorities? Thank you. Okay. I will take the first question, Olivier. I will ask Claude perhaps to answer the other one. About this question on Suez, I think I already answered your question. I repeat, Olivier. We filed our offer officially. I want to present this project and this offer to the board members Suez. I think it is normal when no official offer is on the table. For that, I will be the best mediator for that. They will also be, because we have to discuss together. It is normal. If anybody could convince the board members of Suez to receive me for this presentation, it would be perfect. I think we could do that directly as it is normal to do it. About the accounting in the P&L, a s you know, the shares of Suez are non-consolidated because we don't have the control of the company, so it's really non-consolidated shares. There is nothing from Suez, anything from Suez in our accounts today, in our P&L, and we will take the dividend that we will receive from Suez. It will be accounted in other revenue and expenses, other financial revenue and expenses in our P&L in 2021. In terms of, you were talking about the dividend of 2021. We already talked about the dividend, and you know that we are saying that we will be back to the previous dividend policy. Regarding the situation of 2021, if we deliver the 2021, all the numbers you're talking about, yes, in the order of magnitude you're talking about is right, Olivier. We should be in the magnitude of EUR 1 of dividend per share. Yes, exactly what we answered to Emmanuel some minutes ago. Yes. In terms of guidance, the EUR 4 billion is including also some disposals. It's fully included. What we are talking about is really our commitment to deliver above EUR 4 billion of EBITDA in 2021, including the asset disposal that we have in our plan. Thank you very much. Ladies and gentlemen, I would like to remind you that if you wish to ask a question, please press zero one on your telephone keypad. Ladies and gentlemen- Emmanuel? Okay. Yes. We have a question from Emmanuel Turpin from Societe Generale. Sir, please go ahead. Thank you. Just a follow-up question on slide 13, which is very interesting about some of your growth pillars. Starting with hazardous waste, very resilient performance in 2020 with revenues slightly up. We have now EUR 2.5 billion of revenues from hazardous waste. Would you mind quantifying the EBITDA from hazardous waste in 2020? You mentioned a high double-digit EBITDA margin. Maybe are you able to draw a line, maybe two, three years forward, as you have many growth projects, where could this division land, looking at Veolia standalone? I guess same questions for plastic recycling, which was one of your big areas of growth, and still is, I guess, considering the development plans. You had mentioned some financial ambitions or budgets for plastic recycling, quite ambitious. That was pre-COVID crisis, and the COVID crisis has, of course, had some impact on the world. Now, is your business development plan for plastic recycling still holding? Should we still assume the targets you were mentioning pre-crisis, or do you believe there could be delays? If you could just remind us of the metrics, that would be very helpful. Thank you very much. Yes, Emmanuel, it is Estelle's slide, so tell him the answer. Okay, fair enough. I'm super happy to answer to those because the answers are quite positive in my opinion and confirming that we've made the right choices in terms of our strategy. In hazardous waste, the margin we've been able to achieve altogether in 2020 is around 17% EBITDA, which is super good when you consider the overall situation, including the spring one, where there's a lot of industries closing and so on and so forth. Of course, it's an aggregated one throughout the year. That's a high double-digit EBITDA margin we mention on this slide. We intend to have an extra EUR 1 billion or something like that of turnover by the end of the plan in hazardous waste with all the development we've just mentioned. That's the order of magnitude and the ballpark number of our strategy in this spectrum. The crisis has confirmed that it was a good choice. Why is that so? We are very differentiating here. Our customers need us. We are an essential service, even in hazardous waste towards industrial customer, that has been proven throughout the year 2020. In terms of plastic recycling, the answer is yes, we won't change our plan because it confirms that basically low quality of plastic has not a real future, but high quality of plastic recycling has, and has proven very resilient. Typically, when I mention food grade PET recycling, which is typically what we do with the Danone plant in Indonesia, for instance, we managed to sign contracts which are decorrelated to virgin oil price, and that has been resistant throughout the year 2020, despite the oil price crashing. Basically, in the vast majority of 2020, we sold recycled plastic at a higher price than it would have been if it had been virgin. Everybody has complied with that contract, so that's more a proof of resilience there than anything else. If you're talking about low quality of plastic, that's another story, but that's not the segment we are in. Thank you. Ladies and gentlemen, do we have any questions? No, no more questions. Thank you very much for being on the call. Have a good day, and see me next time. Bye-bye.