Good afternoon, everyone. Welcome to the Virbac full year 2020 result conference and webcast. Hosting the call today are Manuela Rodriguez, Head of Investor Relations, and Sandrine Brunel, Head of Corporate Communications for Virbac. We will be joined by Sébastien Huron, Chief Executive Officer, and Habib Ramdani, Chief Financial Officer. Before we begin, I will remind you that the slides and additional financial materials have been posted on our website in the investor section, and a replay of the meeting will be available after the conclusion of this webcast. You will be able to pose your question during the meeting by using the question tab on the top right hand of your screen. Please introduce yourself beforehand with your questions. All the question will be answered during the Q&A session. With that, I will turn the call over Sébastien and Habib. Habib, you may begin. Thank you. Thank you, Manuela. Good afternoon to all of you. It's my pleasure to start this presentation of our 2020 results and perspectives as well. We are going to cover first the financial results. I will then hand over to Sébastien, who will take us through a little bit of the past couple of years, what we have achieved up until 2020. We'll then focus on the priorities of 2021 and look back on the years to come as well. Let's start with the financial results. As usual, I will first give you highlights of the main elements, points, takeaway from our financial result that have been posted for 2020, and then we will go a little bit into more details. To start with, I'm very pleased to share with you that we have had an excellent sales performance with a growth rate of 5.7% at constant rates, this, despite both the COVID-19 crisis as well as our internal disruption in the supply of vaccines following the issue that we had at the mid-year 2020. This good performance is linked obviously to the engagement of our teams throughout the world, as well as the resilience of our sector, the animal health industry. We can see as well that we have had growth in mostly all the regions that we are covering, with the exception of the U.S., that has been more or less stable. Sébastien will say a couple of words on that later on. From a current operating income before depreciation of assets linked to acquisitions, we have also had a very strong performance. We have added EUR 17 million at constant exchange rate, leading to an EBITDA ratio to sales of 14.4%. This is due to two main elements, factors. The first one is the operational performance, the top-line growth, as well as the margin improvement in all region. The second element is the limitation of expenses in the context of the COVID-19. Some of it was voluntarily. We've been very cautious, especially at the beginning of the crisis, the first part of the year. Some of it is non-voluntarily. It's linked to limitation of expense that we had linked to the travel ban, postponement of some meetings, congresses as well, marketing expenses that have been pushed, and as well as R&D studies that we have to stop or postpone. Final comments on the operating income is linked to our Forex impact, which has been negative. As you can see on the slide, the bottom of the slide, we have had a negative impact on the top line of EUR 35 million and a negative impact on the EBITDA level of EUR 10 million. The bottom line is also a dilution of our EBITDA ratio to sales. I mentioned that it was at 14.4% in 2020 at constant exchange rate, using the exchange rate of 2019. Using the exchange rate of 2020, it is at 13.8%, we lost 0.6 point of EBITDA ratio linked to the negative evolution of the exchange rates. Very briefly, we have shared with you here the evolution of the average exchange rates between 2019 and 2020. We can see that many currency devaluated versus the EUR, especially in Latin America and Asia, such as the Brazilian real, who lost 25% between the two years. Let's continue to go down our P&L statement and to say a couple of word on the net profit that have increased significantly, moving from more than EUR 50 million in 2019 to EUR 142 million in 2020. A significant improvement. It's linked to essentially three elements. First one is the operational performance and the OpEx savings or limitation linked to the COVID-19 situation that I mentioned earlier. Second element is the non-recurring items. You know that we have divested SENTINEL in 2020. As a consequence of this divestment, we have recorded a net capital gain of around EUR 66.5 million, which has a direct non-cash impact on our net profit in 2020. The third element is a decrease of the net cost of financing linked to the cash that we got from the SENTINEL divestment. We've been able to reimburse some of the credit line that we had, which translated into a lower cost of financing. We moved from around EUR 20 million to EUR 10 million in 2020. If we look at now the net debt evolution, you see that we had a very significant decrease of our net debt by more than EUR 400 million, which is a combination of two elements. First one, obviously, the divestment of SENTINEL. We got a cash in of $410 million, which translate into EUR 363 million, which is a direct impact and enable us to decrease our net debt. At the same time, we also had an operational decrease of our net debt at constant exchange rate and scope, so without the impact of the divestment of SENTINEL, of about EUR 72 million. The combination of those two elements, as well as a slight evolution of our working capital needs, enable us to move from a positive net debt situation at the beginning of 2020 of EUR 368 million to a negative net debt situation or positive cash situation of EUR 63.4 million at the end of 2020. Finally, on this slide, you can see that we have taken another major step in our journey to deleverage our company, Virbac, and we have reached a negative level of our net debt on EBITDA ratio at minus 0.29, which is obviously well below our bank covenant commitment of 3.75 for the end of the year. Let's look at very briefly the latest perspective or guidance that we have shared with you and what we have achieved. We said that we would end up 2020 with an EBITDA ratio to sales or to revenue at constant rate of around 14%. We have finalized our P&L profit and loss statement with an EBITDA ratio of 14.4%, very well in line with what we communicated. We said as well that we would be cash positive, as I mentioned, we are cash positive by EUR 63.4 million at the end of 2020. Let's have a look at our consolidated sales. We have posted consolidated sales of EUR 934.2 million in 2020, which is slightly below 2019. With two main impacts. First one is exchange rate. As I mentioned, we lost EUR 34.5 million linked to the exchange rate, as well as a change in perimeter, which is the divestment of SENTINEL. At constant perimeter and at constant exchange rates, we have had improvement, a progression of our sales by 5.7%, which is one of the best performance of Virbac over the past several years. If we look at now where these improvements on the sales dimension is coming from, you see the two red block, which again, focus on exchange rate negative impact as well as the U.S. with SENTINEL divestment. Beyond that, at constant scope and exchange rate, again, we've been able to add EUR 50 million, five, zero, between 2019 and 2020, so a very strong performance. A good portion of that has been realized in Europe. We have added EUR 22 million of sales in our European region, which is a very solid 5.9% growth, which is coming from several countries or subregions that have contributed to that. Northern Europe has done very well. Central Europe as well, has performed very well. France has had a very strong year, especially on the companion animal pillars, with very strong performance of our pet food sales, for instance, in France. Spain has performed very well as well during this and has recovered after 2019 that has been more difficult, if you remember. A lot of countries and region have done very well in Europe. The only one exception, shall I say, is U.K., which has seen a decrease of its sales between 2020 and 2019 by around 8%, which is essentially due and linked to the COVID-19 situation and impact, which has been very difficult in this country. The rest of the growth is coming from rest of the world, which is adding another EUR 29 million versus 2019 at constant exchange rate. For us, rest of the world is essentially four region: Latin America, Pacific, Asia, that have grown an excellent 7%, each of them close to 7%, around 7%, as well as Africa, Middle East, which has posted a growth of 4.5% comparing to last year. This is due, obviously, again, to the engagement of our teams in all those countries, as well as to the resilience of the sector. We have had also some very good performance on our existing product. We have benefited as well from a couple of product launches, such as Cydectin Platinum in Australia, as well as the geographical extension of some of our product, a good illustration being the launch of Suprelorin in China. It's also interesting to note that among the top 10 country in size in these four regions, all of them have grown, with the exception of Chile. We're going to come back to that later on. The lowest growth has been Japan and Australia. Those two countries have still grown by more than 4%, comparing 2020 to 2029. Finally, the highest contributor has been India. If you remember, the beginning of the year, the first part of the year has been quite difficult in India, with some consequences, economical consequences as well, and sanitary consequences linked to the COVID-19 pandemic in this country. We are very happy to see that our activities is rebounding fantastically well during the second semester. Our local team have been able to restore very quickly our supply chain. We've been able temporarily to take market share to competitors. We have had a very good performance in India for the second part of the year. Very quickly, if we look at the sales growth by segment, starting with companion animals, you can see that most of the segments have posted a growth with the exception of biologicals, the vaccines. You know that we have suffered from the stop of our production for several weeks due to a pipeline rupture in our worldwide production site for vaccine, dogs and cats, which translated into a decrease of our sales comparing 2020 to 2019 by the EUR 12 million that you can see on the slide. Apart of that, all segments have grown, the first one being parasiticides. It's red because of the divestment of SENTINEL, but as you can see on the slide, excluding SENTINEL, we have added EUR 7 million sales with product, notably on products such as Milpro that have performed well. Two other segment that have grown double digits, very in line with the historical trend that we had, is the specialty segment as well as the pet food segment. As you can see, pet food have been reached now more than EUR 60 million of sales overall. A very good performance on companion animal, which has grown close to 6% at constant rate, which is the same for food-producing animal as well, and you see that the picture is quite similar, a lot of green. We have grown in many segments, with the exception of aquaculture, with the more difficult situation on cold and warm water fishes, and we're going to come back to that. Other segment that has been stable, but apart of that, all the segment have grown. The top growth being vaccines as well as anti-parasiticides. Vaccines in Europe as well in Latin America. Anti-parasiticides have been grown with many different products as well that generated that growth. Finally, antibiotics. We mentioned that on the long range, we don't necessarily expect to see a growth on this segment. Some years, linked to the situation with the epidemic, we can see some growth. It's a very cyclical also segment, and it has been a particularly good years with the sales of antibiotic, especially in Latin America and Asia Pacific region. The sales breakdown by region and business has not fundamentally changed, with the exception of the divestment of SENTINEL, which translated into a slightly lower share for companion animal that is now below or slightly above 57%, as well as North America, whose weight has slightly decreased following the sales of SENTINEL. Before moving to the profit and loss statement, I wanted to cover one of the main events in terms of impact on our financial statement for 2020, which is obviously the SENTINEL divestment and the related accounting impact. As you can see, the net value of assets that has been sold and thus taken away from our balance sheet amounted to slightly less than EUR 300 million. The sale amounts, which is a cash that we received, amounted to EUR 363 million. Thus, we have recorded a capital gain of around EUR 70 million gross before tax and EUR 67 million after tax. If you remember, we have had some deferred tax asset on tax losses carried forward, which were in 2017 impaired, so taken away from our balance sheet. We have impaired those in application of the IFRS rules. Still, we've been able to use them against the capital gain that we had related to the SENTINEL sales. The majority of the capital gain has been done without any tax impact, or we've been able to use our historical deferred tax assets. Let's move to the profit and loss statement. I covered already the top line, the net sales. You see that we had had a net expenses decrease comparing 2020 with 2019. It's essentially linked to two elements, exchange rate impact, obviously, which has had an impact on this line, as well as the cost expenses reduction or limitation following the COVID. Although it's quite difficult to assess it precisely, as it's a sort of a what if scenario, we have estimated at around EUR 15 million for the entire year. As a consequence of all of that, the very good operational performance that we had on the top line and on the expenses, you see that our current operating income has grown significantly comparing one year to the other. Despite the SENTINEL divestment, which impacted that, and we mentioned that it translated into a one point EBITDA impact, linked to the SENTINEL divestment in 2020 versus 2019. The amortization of intangible assets arising from acquisition have also decreased, which is the consequence of the divestment of SENTINEL only. You see our other non-current income and expenses on this line. We have essentially in 2020, two elements, the gross capital gain, so before tax, of our SENTINEL divestment, as well as the impairment of CaniLeish that we already shared that has already been accounted for at the end of June. We shared that in September, for EUR 4.4 million gross and EUR 3 million net impact. You see the net financial expenses that have decreased significantly between 2020 and 2019. Finally, on the income tax, it has grown, which is the link to the very good performance that we had, obviously. Our effective tax rate has more or less remained stable. We are slightly above 28%, and we are now slightly below 28% in 2020, but it's more or less the same. All in all, a very good year. Very nice improvement of our net result, moving from slightly above EUR 50 million group shares to EUR 137 million in 2020. If we look at now, breakdown of EBIT adjusted evolution between 2019 and 2020, you see that Europe and the rest of the world have contributed significantly to the improvements. Obviously, the U.S. has contributed negatively, linked to the divestment of SENTINEL that we shared, as well as some one-off impact. We had a one-off profit last year, if you remember, with the sale of our headquarter. We have recorded some one-off expenses this year linked to the impairment of some obsolete industrial equipment as well as intangibles. Final comments on this slide, which is on the corporate block. You see that we have a slight improvement here, which is linked to the limitation of the expenses, obviously. We had also a one-off impact for EUR 3.6 million, which is a profit linked to the vaccine-related insurance. This is an insurance reimbursement that we received linked to the issues that we had with our vaccine sites. We don't see this impact when we look at the evolution from 2019 to 2020, because if you remember last year, we already had a one-off profit, which was linked to the pension fund reversal for approximately the same amount. Evolution of cash flow has been very positive, both at the operating and net dimension, with respectively 15.3% and 9.5% growth comparing the two years. The evolution of free cash flow as well, we have slightly decreased the net free cash flow generation between 2019 and 2020. This is essentially linked to the increase of the CapEx spending. We spent around EUR 30 million in 2020, as well as to the increase of our working capital requirements in 2020, which is linked to the increase of our inventory. Also an increase of our receivables linked essentially to the factoring. We have decreased the amount of factoring between the beginning of the year and the end of the year by around EUR 20 million. All of that has been compensated by an increase of our accounts payable linked to the increase of activity during the second part of the year and the end of the year, as well as the end of year rebates, which have also increased, and have played favorably on our working capital requirements. Overall, a net free cash flow of EUR 77 million has been generated. Evolution of net debt. If we look at the opening position, I mentioned we were at a net debt position of EUR 368 million. We are now in a positive net debt or cash positive situation of EUR 63 million. I already commented the net cash flow generation, the CapEx, as well as the working capital. You see that the next very big item is the other items. There we have the benefit of the $410 million of cash generated through the sales of our SENTINEL assets in 2020. At constant rates, without the benefit of this $410 million or EUR 363 million, the improvement of our net debt would have been around EUR 72 million, comparing the beginning of the year and the end of the year, which is still a very positive operational improvement. Let's have a look quickly at our balance sheet analysis. It used to be very stable from one year to another. This year it has changed significantly. The number 1 impact is obviously the SENTINEL divestment, which translated into a decrease of our fixed assets linked to the sale and the fact that we have taken away from our balance sheet and transferred the SENTINEL assets goodwill, as well as the intangible and some tangible with stock, for instance. The working capital has remained more or less stable at the balance sheet level comparing 2020 and 2029. On the capital employed section, you see that the main impact is obviously linked to the net financial debt, which is moving from a positive to a negative position. We can go very quickly through our financial ratios. They have improved significantly over the past three years. All of them are now negative, linked to the SENTINEL divestment and especially the net debt and operating cash flow, as I shared with you earlier. Final slide on the financial section of this presentation is a shareholding structure as of 31st December 2020. You see that nothing has materially changed. The Dick family continues to own 8% of shares and close to two-third of the voting rights. I will now hand over to Sébastien for the next section of our presentation. Thank you. Thank you very much, Habib. Hello, everyone. We are going to cover different points, the first one being the ability to execute and the main 2020 achievements. In fact, as you know, we have defined a strategy back in 2017, at the end of 2017. As I frequently explain, the most important, it's not only the strategy but the ability to execute. I have to say that we are quite proud to have been able to execute so well over the last three years. For us, it is something really important to really walk the talk and to be able to perform at the level of expectation and deliver on results. You see that we are not only focused on financial performance, we are also focused on social performance and environmental performance because we strongly believe in the fact that this is a balance between the three elements, and that these three elements are really important to the sustainability of the performance. We are, as we always explain, because we are a family-owned company, we are looking for the long term, and we are in the sustainability of the performance and in the long term. We really care about the social performance. We have developed many programs over the last three years related to health and safety and the environment. We have developed a Great Place to Work program two years ago that we are rolling out, and where I will comment a little bit later. We have taken true measure and true objective in order to improve the performance on waste reduction, gas emission reduction, electricity consumption, and things like that. We really are working on the three dimensions. You see from 2017 to 2020, our last three year performance. You can see, I let you look line by line. Of course, the sales, the top line does not seem very impressive with 8.4% growth. As you know, we had some impact from the exchange rate, and we have had mostly and more importantly, the divestment of SENTINEL, which was our number one product. This performance is after the divestment of SENTINEL, which of course, remains an overall good performance where we organically have beaten the market, growing faster than the market year after year over the last three years. We have improved the EBITDA ratio and the EBITDA amount very significantly. We improved 4.5 point, despite here again, the exchange rate, 4.5 point over three years. The group profit include the divestment of SENTINEL. You can see that it has been really a turnaround. In term of return on capital employed and return on equity, we also have a much, much higher ratio than we had three years ago. The debt, I don't comment it because Habib already explained that in detail. Say very briefly, we are quite proud of the last three years' performance. It is important for us to look a little bit at longer term than just quarter-over-quarter. Here you have not the financial performance, but the main element, which we do not describe so much in detail, but which in fact explains the financial performance. You have many of the decision which were long-term decision, like the divestment of the logistic platform in Wissous. We had the closing of the Brazilian manufacturing sites. We have decided to reallocate some of our resources differently. We are trying to improve performance in all the dimension, including manufacturing sites. We had the successful transfer of the SENTINEL SPECTRUM production in St. Louis, as you know, to fulfill the manufacturing site. We keep the manufacturing despite the SENTINEL divestment. We keep the manufacturing in St. Louis, and we produce today for Merck. We launch a think very big plan in China because China is the second biggest market in the world, and for us it was a very small affiliate, so we wanted to make it more important to us. We have, we keep continuing in opening new affiliate in new growing market where we believe there is perspective in the future, et cetera. I will not list all the points just to say that over the last three years, we have really executed well many structural things, important decision, which are really setting us in a much better shape for the coming years. It's not only divestment of some element like the site or the platform, it's also the investment in R&D labs in Taiwan, investment in R&D labs in Uruguay, where we have a huge level of capacity for vaccine development, et cetera. That is not only 2018 and 2019, it is also 2020. In 2020, we have kept a good, strong annual performance at 5.7% constant rate and scope growth, which is above the market. It's another year where we have beaten the market over the last three years. The EBITDA, Habib explained it, so I will not describe it in detail, but we have improved it by 1.4 point at constant rate to 14.4%. That is due to the strong sales. We know that the business model is very depending on the level of sales growth. Of course, when Europe is performing to close to 6% and when the group is performing close to 6%, we have a significant way to deleverage and to improve profitability. As I tend to explain, when the growth is around 3% or 4%, it's more difficult. When the growth is around 5% or 6%, it's much more easy. When it is above 6%, then it is really almost automatic. We have a strong operation cost reduction linked to the COVID impact. No traveling, no congress, no event. That is, of course, impacting the 2020 account and helping us. We had some delays in R&D, catching up in the second part of the year. It was a much more impact at the end of the first semester, and we have spent much more and catch up part of the delay in the second half of last year. Overall, during the year, we saw a little bit of reduction of expense in R&D, but not with too many impact on the main program. The debt reduction has been covered and the return on invested capital at 14.7% and the return on equity at 24.1%. I will not spend too much time on the year main focus. You have many of the activity just to say that it was a very particular year. It was requiring a lot of efforts, a lot of investment from our teams. People have really been re-engaged. We did a really good job in term of managing the production, the supply, despite the COVID, the restrictions, the sanitary restriction. We have been able to work from a remote position. We have really done a good job on that. The SENTINEL divestment has been a clear cornerstone in our strategy to reallocate our portfolio. The reason of the divestment are clear. We were clearly overweighted in parasiticide in the U.S. We had too much of our margin in only one segment, one species, one country, which was heartworm dog, U.S., and heartworm dog, U.S., was way too much in terms of proportion of our sales and portfolio. We wanted to transform our portfolio in the U.S. to make it look much more like what we have in other countries, what we have in Europe, for instance, with a broader diversity of product segments. That's why you will see later, we will launch pet food, for instance, and we are launching other products. The strategic vision was to divest one product and reallocate resources in order to build on a stronger base and a more diversified basis the U.S. business. We are consistent and trying to execute here as well our long-term strategy, among which it is aquaculture. We have acquired, it's a very small business, but we have acquired a business with tilapia vaccines. Tilapia is the most important species in terms of tonnage of aquaculture production. It's a very important species in a warm-water species. We have acquired a portfolio of vaccines, both. Some of them are already commercialized in one country. The intention is to extend them to other countries to make a geo extension. We have acquired a pipeline with 3 projects in the R&D programs. We have also secured a companion animal product from Elanco in Mexico. The rest is listed. I'll let you read it. Among which we are quite proud is all the Great Place to Work initiative, where we are really working with the employee in order to get maximum engagement from their side in order to perform well. In long-term vision, the wet lab and aquaculture diagnostic center in Vietnam is also quite important as it will give us a platform in the middle of Asia, close to the consumer, to the customer, close to the fishes, in order to be able to quickly make diagnostics and develop new vaccines and new products. In terms of main achievements, when we look at the geographies, as Habib explained, we have the top five growth countries. You see are India, France, Brazil, Mexico, and China. You see the emerging market like India, Brazil, Mexico, and China, for us, are the main emerging market. Here again, very much in line with our strategy and what we try to achieve. We had a very good year in France as well. 10 areas, 10 zones have grown at double digits. Of course, Brazil and China, which I mention frequently because it’s the second-largest and the third-largest market in the world, but you can see that it is very diversified across the different geographies of the group. In terms of the booster programs, they have kept quite resilient. The pet food is growing double digits, close to 27% this year again. That despite no geo extension, we had planned to launch it in China. As I explained, it was delayed. There has been no launch in China and no launch in the U.S. in these figures. This is mostly organic growth of the pet food, so 27%. The VEGGIEDENT has been growing 17% outside of the U.S. The truth is this is one of the product categories which has been the most impacted by the COVID, but also from a base effect because we have launched a new formula in 2019. Of course, when we launch a new product, you have some stocks that go into the channel. In the year 2019, we had a very good year with the VEGGIEDENT, and the combination of the COVID impact with less visits to the veterinarians, and this is less of a necessity product, let's say, in a time of COVID, combined with the fact that we had a very strong 2019 year, made that overall the product has been almost flat, 1% down. Suprelorin growing 17%, so doing very well and becoming each time a bigger product for us. It's an implant for the dog reversible sterilization, which is an untapped market, really an unmet need where there is a lot of room for growth in the coming years. Here again, we are not really in China. We were supposed to launch in China in 2020, but the launch was supposed to happen exactly in March when the COVID-19 happened, all the launch plan was stopped and put on hold. We are not yet in the U.S. with the main indication, which is dog indication. As I mentioned below, pet food, Suprelorin, especially in China, in fact, most of the product launch delayed have been in China, have been impacted by the COVID-19. In terms of geography, I will move fast because we covered it already quite a lot. Just to say that the performance has been mostly around Sentinel, because of course, all the team was fully dedicated to Sentinel in the first half of the year. We had a very good Sentinel sales in the first half of 2020 with EUR 39 million, which was growing versus the first half of 2019. That's why the impact has been estimated around one point only in terms of EBITDA at group level when we look at the overall year performance. A lot has been done around this, of course, because of the confinement, because of the lockdown, because of the type of product, we have been, in the U.S., more impacted than in other markets by the COVID. We are very proud of the successful return of market of Epi-Otics. Epi-Otics is doing very well. We have the launch of SENERGY, which is a selamectin generic, a generic of Revolution of Stronghold. Stronghold is the Zoetis brand in Europe, and Revolution in the U.S. It's a significant market, and we have launched a product last year. As mentioned before, dentals, antibiotics have been more affected. China has not been a very good year last year, in fact. Despite a growth of 17%, this is way below what we normally do, and we have been strongly impacted by the COVID-19. As I mentioned, Suprelorin launch was delayed, and we plan to relaunch a product in 2021 to relaunch it this year. The pet food launch was postponed. That was due to the bird flu. Two years ago, it was due to the African swine fever, the delay. We moved the production to another site. We changed the formula toward chicken meat. With the bird flu, we have been forced to delay it again. The plan now is to move the production to China in order to not have any more barrier of entries in terms of importation from Europe or for any country outside of China. The plan is to move production to China, and that will probably take around two years to execute that before we can launch in China. That's a bit of disappointment with regard to China growth plan, but despite that, we still have grown 17% last year, and we are in the top four in companion animal in China. Here again, the other parts of the plans are being executed quite well. We have many products under registration, and we try to bring new products and new innovation in order to keep growing and to keep growing very fast in China, as well as developing the market access for digital platform because in China, the internet is really helping a lot in booming in order to sell directly, including to pet owners, certain products. Chile, as explained by Habib, was strongly impacted by the COVID, it was a flat performance in 2020, despite a very good job of the team. That was due to the fact that with the COVID, the restaurants were closed, the salmon consumption has been much weaker. The price has been dropping, the industry has been really affected. We had a 2020 flat performance due to that. We have, despite that, continued to invest in R&D in order to be up to speed with the new regulation. As you know, there is a change of regulation to register the vaccines. Before, the vaccines were authorized to be put on the market for one year. It was an automatic renewal. Now, with the new regulation by 2022, the vaccines will have to be registered forever. Forever meaning for a long period of time, not renewal every year. With that, there are new requirements, new efficacy requirements, new testing requirements. We are reinforcing the R&D plans in order to be able to re-register or to register these vaccines under the new regulation by 2022. We have successfully renewed the major third-party distribution agreement. That is important because a significant part of our business was also made of third-party distribution agreement, just because we are the number 2 player in the market, we are a very attractive player for smaller players and smaller company. We have access to many products, and it was important for us to renew it, and that has been achieved. We keep working on a manufacturing competitiveness program in Chile. As you know, we have an R&D site locally and a manufacturing site, which make us highly competitive, but we want to improve our margin, and we want to focus on the improving productivity and margin in this country. The minority share acquisition is being discussed currently and will be communicated by mid-2021. We will inform you of what we decide to do in the medium. That was for the ability to execute and the main 2020 achievement. If we look at the company priorities and the 2021 update, what I've explained in September was that we were going through a kind of transition phase for two years. By transition, it means part of what I already explained. First, the divestment of SENTINEL, which is a really important element to take into account, which will allow us to reallocate our portfolio. To us, it's a very positive thing. It free us from the debt, it give us much more room to maneuver. The idea is to reallocate the portfolio and to have a much more diversified portfolio and also something that will allow us for faster growth. Again, as you all know, SENTINEL was dilutive in term of growth. We had a negative growth from SENTINEL for many years. The fact to have divested SENTINEL should help us grow much faster than what we used to grow in the past. We have mentioned that in the past, it was impacting more or less of one point the growth of the group. By the divestment of this product, we should be able to reallocate that portfolio and keep growing even faster than before. We had the opportunity now with the situation to significantly invest in manufacturing an informatic system. That also we have explained why and we have communicated. We want to digitally transform the organization, the company. We have started three years ago. We have changed, with G Suite and Google, all the emailing system and the communication system to accelerate the collaborative work between the company. We have installed human resources information system this year, in 2020. Now we are doing the ERP, the MES, which are all the manufacturing system and the laboratory system in order to improve data management, productivity, and information. That should improve our productivity and overall performance. Because of that, historically, the normative level of CapEx was around EUR 40 million, and we have said that over the next 2 years, we should be around EUR 60 million with all these investments, assuming no more delay, because as you know, sometimes there are some delays which are not due to us. Like last year, for instance, most of the CapEx were delayed because of the COVID and the overall situation. On the OpEx front, the transition phase is more linked to the fact that we are entering 2 new markets. Really, it's new market. It's pet food in the U.S. and food-producing animal in the U.S. These two new markets will become transformational to Virbac over the years. There will be some market cost entry at the start, of course. FPA, it's a totally new market for us where we have to build a very small organization, we have to build an organization in order to enter it. We will maybe take a partner for part of it, for some segment, we have decided to go it on our own, to build the organization. On pet food, we have the commercial organization in place, it's more marketing, A&P, and training and technical training. There are costs, of course, when you launch a range of pet food. That will make some significant investment in the coming years until we can get the critical mass we expect on these two ranges. It is very positive for the long term. That is why when you look at 2023, 2025, and beyond, the boost U.S. performance will come also from this part. We expect at least a fast-growing FPA business with launch of new product that will complete the launch of the first product this year. We hope that we will be successful and manage to impose our pet food range in the U.S. It will be a difficult market. It will be a very difficult market because we are playing on the backyard of the two largest player, which are Royal Canin and Hill's. We think that we have a nice positioning for the pet food range to be successful. We will keep doing what we have done over the last three years. It is focusing on organic growth. We want to create value. To create value, we know that this goes from organic growth first. We want to keep growing above market rate, and we have delivered like that over the last three years. We expect to keep doing that. We expect to keep growing above market rate organically, gaining market share. Of course, we are now capable of adding on top of that, what we call programmatic M&A. It means we are not looking for a huge deal or transformational deal. This is not what we want to do. We want to acquire smaller business or smaller company or pipeline or things like that will be accretive to our business, that will make sense, that will allow us to digest this acquisition, that will allow us to capture the value of this acquisition and build on it in order to create maximum value and help the group keep growing faster than the market, of course, and improving profitability much faster as well. All that with the growth of the top line should help us leverage the different commercial investment we have to be able to get back to the target of 15% EBITDA. You remember we have said that we were supposed to arrive around 15% around 2022. That was the initial target before the divestment of SENTINEL. As we have explained, SENTINEL was supposedly impacting us around three points of EBITDA on the pro forma level at the full year at the time of the divestment. It mean that to set up a target of 15% EBITDA now, it's equivalent to what would have been 18% before. We have not yet defined when we will do that, but we have structurally organizing the company in order to be able to get back to this level of 15%, even after the divestment of SENTINEL and with everything I just explained. Among the priority, number 1, our people. We really believe that as a mid-size player, the number 1 competitive advantage of Virbac is the level of engagement. It's not just the person or the people. We don't believe we have smarter people in Virbac, but we believe they are more engaged, much more engaged than anywhere else. There is more collaboration, maybe, for being a mid-size player, and we really believe this is a competitive advantage. We want to keep that, and we want to have the best and the most engaged people of the industry. I will not detail all the bullet points, but you have many initiative we do, including, we will build this year a Virbac 2030 project, in which we will define all together the purpose of the company, the why of the company, and we will keep pushing on the programs like the Great Place to Work and a participative management, thinking of how we can learn from the COVID and really keep some of the new behaviors and learning post-COVID so that some of the savings we have been mentioning before could be sustained and maintained post-COVID. We also try, and that's part of the transition phase, to simplify and digitalize the company. Here we are investing and heavily investing in manufacturing and lab system for the long term, but also in key processes. I mentioned the HRIS system, but in finance, in purchase, we are also digitalizing the company, trying to simplify the process as much as we can and make them more productive. We are using a lot of digital investment in market access to reach a customer, to improve the margin, to get direct to them. That is yielding quite good results so far. The organization is quite part of the recent initiative we are doing in this dimension. As illustrated by the divestment of SENTINEL, we also try to better prepare the company for the future, and we have a process of reorganizing, reallocating the portfolio. When I mention portfolio and improve the EBITDA ratio, I make a quick update on the situation of the COVID-19 in March. It's one year later than the confinement, so we see a much higher level of adoption of dog and cat, I mean, and that is making the market overall very resilient. The uncertainty that we are still looking at is linked more to the supply issue. What we see that there is a bit of disruption in certain country, linked to sometimes human COVID vaccines, but we know that there is some tension on plastics and different type of material components. We have anticipated as much as possible everything in order to not be impacted by that. Depending on the evolution of the disease, on the resurgence of second and third wave of COVID, there could be certain lockdown and there could be certain impact also on the supply of the product and on the price of certain components and material. That's a level of uncertainty we have to deal with at the current stage. Last but not least, I would like to conclude on the 2030 strategic plan. First to say that we think it's the right moment to project the company at nine, 10 years and try to design what we intend to do over the next mid, long term. I will not detail it, but just to share with you, we have started the project this year. We will be building that with the teams bottom up. We have developed nine stream of activity, nine kind of plans and workshops where people will be working around this vision of what we want to do for 2030, starting with the purpose of the company. Most importantly is to ask the right question. Among which is, are we well-positioned? Is our portfolio well-positioned in term of product, segment, country? We want to discuss, for instance, it's much easier to perform when we are on vaccines for poultry over the last five or 10 years, and when you are in antibiotics for swine. We want to analyze these kind of things. Are we on the right segments? Are we well-positioned, and how can we improve our position strategically over the next five to 10 years? We will discuss about how to generate accretive and profitable, sustainable growth through 2 type of moves. What we call a portfolio-related moves, which is a rebalance between what I mentioned being pharmaceutical, biological, and pet food and pet care. Of course, we will keep focusing on the strategic species. We are not going to start in a new species where we have no competency. We'll be focusing on companion animals, bovine, swine, and aquaculture. How do we want to reorganize a bit our portfolio among these segments and these species? We will discuss about performance-related moves linked to innovation. I mentioned it before, how to accelerate innovation. We have many ideas. I don't want to share them. They remain part of our strategy and what we want to do differently from the others. We have many ideas on how to accelerate innovation, and how to improve our competitiveness in manufacturing, and how we can also be even better in programmatic M&A. What is maybe important is to look at the picture of today. At the top of the chart, you have the market today. It's, of course, estimation. It's internal estimation, but you have a clue of what the market is more or less today. At the bottom, you have the proportion of sales of Virbac in each category. You can see that 26%, almost one-third, a bit less, more than a quarter, on the market is biological, vaccines. For us, it's only 12%. Among what we want to do, we want to double the category of biological. We would like to be much more in line with the market, much closer to what the market is in term of vaccines. You will see, I will explain on the right side of the chart that we want to focus on vaccine, that this become a priority for us. I'll explain why. You have the why on the side. First, it is our history. Virbac come from biology and bacteriology. We have started there. We need to remain there. It is a market with very high barrier to entry. There are very few players. We have many animal health companies, but most of them are doing pharmaceuticals. You have very few key players in vaccines and biology. The fact to be among the top five and the very few, makes you have a very significant, a very good position strategically. There is high level of technological barriers, high level of CapEx. It's linked to technology, to new platforms. It is not for anyone, and the barriers to entry are very high. It is, of course, the fastest-growing segment and the dominant market in animal health when you look at food-producing animal, which is somewhere where we want to keep developing ourselves. It's a very high margin segment. When you're in food-producing, it's very high margin. We know that because we're in aquaculture. We know how profitable the vaccines are for salmon, for instance. More importantly, maybe, from the strategic standpoint of view, it is where most of the new disease, the new markets, the unmet need will emerge. I mentioned sea lice because it's an evident one, but not only. There is room for technological innovation, there are many new emerging disease. We saw it with the bird flu, we saw it with African swine fever, swine. Like in human with the COVID over things, there is emerging new disease, this is a very attractive market. Strategically, for this reason and this ability to grow, we want to focus much more on vaccines. The second pillar of growth will be pet food and pet care. You see that here we are very well-positioned. We are almost a double size of what the average market is. We want to accelerate, because here we have a very good competitive advantage in term of product, in term of formulation, composition. We have a very unique positioning in term of medical, scientific, and veterinary positioning. We have a huge legitimacy, a huge credibility. Health start with nutrition. That's the reason why we want to go there. We think we have a competitive advantage, which is a very sustainable one, and it is very financially attractive. It's less R&D. It's a much faster R&D. It's a shorter cycle. It's highly profitable because of that. It has a very high return on capital employed because it's less CapEx in term of manufacturing. It's less risk because shorter cycle of development, less disruption, less risk of disruption, so less market change. All these reasons make it very attractive. There, the barriers to entry are very different. They are not so much technological. They are much more commercial barriers to entry. It takes a long time to get there. Once you get there, normally you remain there for a long time. It's really a cumulative growth and accretive growth over time. It costs to get in, but once you get in, you get it for a long time. It's quite complementary and quite good with vaccines. It's quite at the opposite, but this could be two major axes of growth for the group. For pharma, we will keep developing pharma. We are very well-positioned, as you can see. We will try to focus more on specialty to try to search for additional differentiation and uniqueness in order to improve margin and be more profitable. We come to the end of the presentation. I want to share the pipeline. This is a classical chart I use to update. I update every presentation. There have been some move over the last two semester because of some delay linked to COVID, as I explained, and some R&D program, which are delayed by nature. It's R&D, so there are always a lot of uncertainty. With uncertainty could be some delays or some project which been stopped or not. Overall, we have been able to deliver quite nicely. The pipeline is very consistent with what we have explained over the last few years. We are still with a good arrival of new products. It is true that it's a bit unbalanced between 2021 and 2022 between companion and food producing. Food producing, it is the main product we mention in the U.S. for this year, for instance, which is of public information, the launch of the tulathromycin in the U.S. For the rest, you see the pipeline is quite good. It's quite rich. 2023 should be a very good year. 2024 should be a very good year as well. We have not defined the value at the bottom chart because it's still very uncertain based on the product profile and this, and we don't want to put a figure we cannot walk the talk or be sure about. To conclude, just to say that the guidance as of today is between 3%-5% in constant rate, which mean, in fact, this is a constant rate and 0%-2% at constant rate and actual scope. The first 3%-5% is constant rate and scope, and with the actual scope is 0%-2%. In terms of EBITDA revenue, we are at between 10%-12% at constant rate. We explained that the CapEx will be probably around EUR 60 million this year. There is a negative impact of the exchange rate of around EUR 10 million on the top line that we have expected. No material impact on the EBITDA. The last comment is to say that we expect a payment of dividend will be proposed at the next annual shareholder meetings, and payment proposed will be a dividend of EUR 0.75 per share. Thank you very much. We can go to the questions. Thank you, Sébastien and Habib. We will go to the question. Thank you to the participant because we have had several questions. The first one is linked to the acquisition of the products from Elanco. We have some detailed question regarding the price pay for the product, the margin expected, and why we don't think that there will be an effect on the margin. The last question regards the production of those products. Will they be internalized or not? Many question in one question. The first point is what we have acquired is two things. One is a R&D pipeline or program of a new parasiticide. Of course, that was not planned in our R&D, so that will means a further investment in R&D. We have negotiated that to finance this R&D, we needed Elanco to I should have explained first that Elanco was forced to divest that with the European Commission, linked to the Bayer acquisition. We were searching for a home for this R&D program. When we have discussed and negotiate, the fact was to say that, we say, yes, it is a very interesting program, but it is very heavy and very expensive to develop. It's parasiticide, so it means many studies on different parasites and things like that. We have negotiated that to take it, they will need to pay the milestone. They will need to financially contribute to the cost of R&D, and they will need to give us some product to, by the margin acquired for the products, also finance the R&D. All that has meant that we got a very good deal, but we didn't pay for it. All that was free. That's what I can say. On the margin and thing like this, I do not comment. We do not give this level of details. Of course, we were in a strong position to negotiate good products, so we believe they are very good products. One is complementing very well our dermatology line. The second one is very well adapted to the welfare of the animal. It's two very nice product for companion animal. It's global products, global rights. That's very nice, in fact. Manufacturing, one of them will be very likely transferred to our manufacturing site in St. Louis, so it will help fulfill the manufacturing in St. Louis. The second one is produced in a third party, and we are currently discussing whether we keep it in the third party or not. It is not defined at this stage, and it is possible that it will stay in the third party. We have to analyze that. Okay, a question regarding the dividend, which seemed light in view of our balance sheet. They understand that we have to reinvest in CapEx. Are we keeping a maximum capacity for M&A? Yes. In fact, two things. First, it's not our decision we propose, but it is not our decision to define the level of dividends. It is the majority shareholder and the general assembly. That is not our decision, but the reasoning behind the weak level, as commented, is yes, to keep a maximum level of capacity for M&A and be able to be well-positioned and reactive in case there are things that we want to acquire, and as I mentioned before, it's part of what we want to do, to try to boost M&A. Rebounding on M&A, what would be our targets or preferred targets for M&A? Yeah, it's very simple. First, we need to be two to make M&A, somebody has to want to sell. We could discuss about what will make sense for Virbac, but in reality, we are very pragmatic because, between the theory and what really happened, it's not like that. What I can say, it's the two main geography where it will make sense for us is U.S. and Europe, very clearly because we have commercial teams in place. Whatever we put in the top line will go to the bottom line. There are maximum level of synergy in Europe and U.S. If we have the choice, we will probably look at these two geography in first. We are looking at pipelines because many now, large company are not for sale. Consolidation has already happened a lot, so it's more smaller organizations, smaller company. It could be pipeline, it could be original things like market access or business model that we could look at. There is not one single thing we are targeting. I mentioned the part that China was something we are looking at in order to have a better market access as well. China may be a third one. We are listening, we are open. What we want to do before anything else is a good deal. A good deal is to pay the right price for maximum value. Thank you, Sébastien. Another question regarding the growth ex-SENTINEL, which was very weak in the U.S. Do you have some explanation on that? Yes, I think it's related to three things. Number one is the fact that the team has been really, really focused on SENTINEL no matter what, until the end of the divestment. The first six months have been really, fully dedicated to SENTINEL, and when we were focusing on that, we were maybe doing less of the rest because of the divestment. Second, we were really impacted by the COVID-19. We may have forgotten that, the U.S. were among the most criticized country in term of COVID-19 management, and there have been many, many issue and curbside, and the reps were not allowed to visit the clinics. We had no ability to talk and to visit the vets. It is always difficult to push your product in this condition. It is true that when you have a very strong brand and a very well-recognized product among the top of our category, you do not need to push them to sell. It is a bit recurrent sales, but when you have a bit of weaker brand recognition, you need to keep pushing in commercial deal behind. Probably that could explain a part of it. Last but not least, the nature of the portfolio, which is dentals, dermatological shampoo, things like this, were less necessity product. They were not a prescription product, and you know that most of the visit to the vets were restricted to urgency or emergency. When you have a sick animal, you treat it. When it's prevention or it is things that are of less necessity, we have seen that. All the other reason I explained, which was, for instance, the fact that 2019 was a very strong year on dentals with a base effect. All this has probably explained the flat performance of the U.S. outside of SENTINEL. Okay. Regarding the returns, we understand that Epi-Otic returned to the market. How do you see the outlook for the market for 2021? Is there any additional legacy products to return? Hello. Epi-Otic has been returning very well. We are very, very happy with Epi-Otic. We don't communicate at product level, but what we expect is the growth to continue and the product to do very well in the U.S. this year. There are no more legacy product of significant importance. The only one which was supposed to come or could come one day was Soloxine. This is a last and big one, which has not come back. So far, we have no solution and no timing. I had explained in the past that for Soloxine, it was required to make some significant CapEx because of the safety measure for the production people. It's a hormone, it's a levothyroxine, we have to have part per million of contaminant in the air. The air conditioning system and all these things are very costly CapEx. We are not equipped for that, so we search for a CMO, and if we can't find one, we will not come back with this product. At this stage, no timing. Thank you, Sébastien. Some financial question for Habib. Regarding the corporate tax for 2021 and 2022, what should we expect, considering the decrease of the CVAE? Yeah, we don't see a change in the effective tax rate, which shall remain globally at the same level, around 28% as we've had in the past. Except, obviously, there are some strong evolution of the local corporate tax in some countries. We know that it's being discussed in some countries. In the current situation, we don't expect changes. Okay. Thank you, Habib. Financial expenses, how much should financial expenses decrease, taking into account the net cash position? Yes, we will continue to have a decrease of the financial expenses by several million EUR in 2021. We have had six months with a significant level of debt and six months without any debt in 2020. Obviously, we will, most probably, modulo possible M&A, but we also said that it would be a small to medium size M&A. We will most likely be in a much more positive situation in 2021, and thus, we can expect to have several million EUR less in the net financial expenses. Thank you, Habib. Returning to the U.S., can you tell us how the developments for food producing and pet food segments are going? For the pet food, it is more or less according to plan, which means it is a launch plan in the second semester of this year, as of today. It's always like that with launch and new products. Until it is done, it is a bit of uncertainty. As far as we know, and based on the current knowledge, it is still planned for the second semester, and it's up and running according to plan. For pet food, there is no change. For FPA, for food-producing animal, never, versus what I explained a few months ago. We have launched tulathromycin, which is the generic of DRAXXIN, of the Zoetis product. The patent has expired worldwide now, but with different timing in Europe and the U.S. In Europe, we launch very quickly after the patent expiry, and so we have been able to catch good market share and to see that we perform quite well. In the U.S., I had indicated that ideally it would be good to launch in March after the patent expiry. Our product is being manufactured in a CMO, because we need a sterile injectable FDA site, which we do not have. It was made with a partner. This has been a big delay, so we, as of today, don't have the registration of the product. It is not yet registered. We know that two products have been launched in the U.S. We are still planning a launch at the second part of the year, in the second semester, it is difficult to say how well it will perform because it's not the same thing to be first generic than to be number 3 or number 10. We know that 15 to 17 companies are working on this. In Europe, we have been able to execute well, in Canada as well. In the U.S., we are, at the moment, planning for a S2 launch, a second semester launch. Do you expect to gain market shares from the current product range in the U.S.A., outside of pet food and FPA? Yes, of course. Well, we just work for that, so all the team are on that for that. On exotic and our dermatological range, it is very likely that it will happen. On the dental, I really believe we'll have a good year, because last year was bad, so I expect this year to be quite good. It's a bit more challenging on the parasite side, because here we are missing a strong ectoparasite side, and there is a lot of bundling from the competition, so it's more challenging and difficult on the parasite side. Yes, we are doing everything we can in order to gain market share, of course. Can you comment on companion animal market growth in Europe coming into 2021, and whether you can gain market share near-term in Europe? The only thing I can say is, over the last few years, we have gained market share in Europe. Overall, we have gained market share. We are growing at 5.9% last year, so way above the market as far as we know. There is no reason why it will not be the same this year. Again, we don't know what the competition will launch as new product. We don't know how much market growth will be this year. We have no prospective data or clear data what the market will be. To affirm that, it is impossible, but we are doing everything we can to keep beating the market. We have been growing faster than the market over the last few years, and there is absolutely no structural change to that, so there is no reason why it will not be the case. Pet food, for instance, is still growing very fast, and we are growing at double digit in pet food over the last three or four years, above 20%, and we do not see so far a reason why this will change. I will say that at the moment, we are in good track. Thank you, Sébastien. Turning to India, the Indian market, can you comment on the competitor dynamics, and do you expect we can sustain the strong 2020 performance? I don't have a crystal ball. What I can say, that the first semester of 2020 was very bad and very weak, one of the weakest we had. The second semester was one of the best we ever had. It was very strong. We try to understand why. Among the explanation we got from the teams and from the subsidiary was the fact that there was a disruption of our smaller competitor for the logistics and linked to COVID. We didn't know whether this will last two months, three months, or more. It seemed that it's still lasting. At least we see a strong growth still now. How long it will last, it is not possible to say. The fact is, the market is also quite good, quite supportive. The dynamics, the overall market dynamic is good. In fact, that's what I try to explain. We believe, I believe as of today, that between, globally speaking, not India only, but between adoption for companion animal and the overall trends versus last year, we have to remember that the world is coming from a pandemic in swine with African swine fever. It's coming from a bird flu in poultry. The COVID-19 disruption, we have a base effect which will probably help 2021 in term of analysis. Even for food producing, we expect probably a good year. In India, it should be the case. I don't have a crystal ball, and I cannot affirm that. I'm just guessing. Thank you. Moving to Chile, because we have all the geographies. We have two questions. The first one is, how do we see the market in Chile? The second one, what are the options to purchase the minority shares of Centrovet? If there's one country where I can have a better crystal ball, it's Chile. Because it's one of the country where the market is dominated by a long cycle species. What I mean by that is poultry, swine, cattle is less true, but poultry and swine are short cycle, the market could go up and down much quicker. In Chile, salmon is two and a half years, three years production. You know how many salmon will be put in the water for the year after. We know that last year, it has been put 10% less smolt in the water, so it means we have 10% less adult salmon in the water this year versus last year. We know the market in volume is theoretically down around 10%. Although it's December to December, so I don't know exactly the average, but the market will be, in volume, very likely down this year. What Virbac will do there, it's difficult because it's depending on our ability to gain market share, to capture market share from the competition, to increase price. We will try to execute as much as we can, but we know the market will be very difficult and the volume-based business will be down probably around 10%. The acquisition of the minority shareholding? We will communicate on that mid-year. As explained, we are in the middle of the discussion with our partners. Of course, we have very good relationship with them. We have been working with them for eight years. I have explained the reason why we decide all together what we will do. This decision will be communicated at the mid-year. Thank you so- In fact, we needed to have the closing of the account at the end of March to be able to know what is the exact pricing, and that's why the discussion have not started much before. It was theoretical discussion until we have the final closing of the account and the calculation of the price, which has happened now, and this is now that we are really discussing on the true figures and value to discuss what we do and to agree on what we will do. Thank you, Sébastien. One last question regarding the pipeline potential revenue metrics and the slope. Does it give an idea of the slope and dynamics of growth year after year? No, I don't think so. Not enough. The organic growth is coming from three things: price increases, volume increase of the base business, and new products. There is no one metric per year. It is, of course, depending year after year. On average, roughly, we can say that one-third of the growth is coming from price increase, one-third is coming from volume increase, and one-third is coming from new products. The variation of new products is only impacting one-third of the overall potential growth, overall where we can go. Of course, on top of that could be adding in licensing, which help in term of growing. The pipeline is only the internal pipeline, but we can add licensing product. We have many agreements every year where we partner with other company. This is not in the pipeline because these are deals that could be materializing in two months, three months, six months, so they could not be anticipated when we do these templates. These templates are just reflecting the R&D pipeline. M&A, of course, on top of it. One last question because I did not see that. One comment on the excellent work that has been done those last years, so thank you for that. Your most complicated challenge now, isn't it, to find the right acquisitions at the right price? No, I don't think so. The most difficult challenge now is to remain focused on what we have been very good at doing over the last three years. Now, in the middle of the COVID, and when the COVID will go away, to keep the discipline, to take advantage of the learnings and not get too much enthusiastic about that. Also, now that we have a lot of cash. We become cash positive after many years of being tight on costs and expenses, is to keep the discipline and the ability to keep executing well in order to perform above market average and create more value and extract more profits. That's not the challenge, but that is among the things that we need to be very focused on. Of course, M&A is part of it as well. We will do everything we can. As I mentioned, M&A will depend on the opportunity as well, so it's not only depending on us. The first element only depends on us. One last question that has just arrived regarding what do you think about the zoonosis in Spain on horses, and what could be the impact for Virbac? Zero impact for Virbac, or very little impact. It has many restriction on many things, but it is not a strategic species for us. We have a very big product there, a parasiticide product, EQUIMAX, but we do not expect any impact from that at group level. Okay. Thank you, Sébastien and Habib, and thank you to all the participants. This is closing today's session. We thank you, and you will have access to the webcast for those who wants to review the meeting. Thank you very much. Thank you.