Alten S.A.

Hello.

Welcome to the Q1 results call of Alten. Bruno Benobiel, Deputy CEO, will take the call. Over to you. Good evening. Thank you all for joining our quarterly call for the business of first quarter 2021, the resumption of activity that we saw in Q4 of last year that was a very low at that point, has strengthened, as you can see through the figures in the press release sent out by Cecile a few moments ago. Even if performance remained mixed, both geographically as well as sectorally, the Business decrease has been almost half versus Q4 2020, whereas Q1 last year was the strongest quarter in Altemps history. Revenue came in at 681 million euros, down 1.3 versus last year. It would have been flat. Constance Exchange, the combination of organic growth and external growth, has erased over a year in terms of activity. The crisis that we have gone through and that is not over yet, France, Business is down 12.7%, 15.3% like for like outside France. Business is up 6.8%, but 5.6% on like for like. So overall, at constant scope, the decrease of activity for Alton this quarter comes in at... Minus 9.6. The activity rate has gradually improved but remains insufficient going from 96.6 in Q4 to 9.6. 88 in Q1. The trend remains positive from 87% in January. The activity rate grew to reach 88% in March and is coming close to the normative rate of 92.5 for Alton. Many countries or regions have returned to normative activity. rates are even higher. And the intercontracts in certain areas are surprising. Toulouse, for example, automotive in France and Germany in particular. The Use of part-time work has been reduced. It remains in France and Germany. It was 5% furlough schemes at group level at Q4. It was reduced to less than 3% in Q1 this year. And as I said, essentially in France and Germany, because it's still 6% in France and 12% in Germany. Headcount continued to decrease during the quarter. We were 33,800 employees. People, 29,400 engineers at the end of December 2020. Today, we're 37,150 at the end of March. 32,400 engineers and consultants on a par with March last year. We were 37,500 engineers. of which 32,700 engineers at that date, excluding acquisitions and disposal. Engineer headcount 30,180. That's a sequential improvement between December last year and March this year of 780 people, as follows, minus 129 in France, plus 909 outside France. If we now look at the situation by geography, as we usually do at the end of March in France, activity down 15.3 percent still penalized by automotive and civil aeronautics automotive 11.5 percent of revenue still down 35 percent and aerospace 20 percent of revenue france decreased by 35 percent other sectors are up for the most part the buoyant sector Energy, 16% of revenue, except for oil and gas. Pharmacy, 9%. Rail, naval, 8%. Defense and security, also 8% of revenue. In France, all these sectors are up by 10% or more. International, the situation has also markedly improved, even if some countries have too high bench rates. Outside France, activity is down 5.6%, whereas the decrease... was at 12.4% in Q4 last year. North America, particularly in the U.S., representing 80% of NORAM activity, is down by further 10%, minus 20% in Q4 last year because of auto, oil and gas and services. Canada, 20% of NORAM growth, It was 11% this quarter, thanks to the bank, insurance, tertiary sector, telecoms. In Canada, all sectors are up, save aerospace and energy, only representing 10% of Canadian revenue, both. In Germany, business is down by 24%. Unfortunately, a major decrease reflecting an improvement in this situation because it was significantly reduced. Q4, 20% was down 31%. Q3, down 34%. Let me say that the decrease or growth rates are comparable quarter on quarter insofar as activity dropped. In H2 last year, we don't benefit from a base effect that will become favorable as of Q2. The Q1 of 2020 was a very high quarter for Alton. Activity in Germany picked up slightly in automotive, however, It's still at minus 23. Sure, that's better than the minus 30 and 40 the last quarters of last year, but it's still insufficient. Aeronautic business has not picked up in Germany, unlike France, where we see a slight improvement. minus 50, a sector that only represents 18% of revenue. In Germany, the other main sector, finance, service, industry, up, life science. In Spain, activity down 5.6%, telecoms, service, and aerospace. It's up across all the other sectors. In Italy, activity continues to grow almost spectacularly. Growth hasn't weakened slightly in 2020 this year. Top 20% in Q1. All sectors are growing. Highest growth rates being automotive, plus 27%, representing 20% of revenue. Defense and space, plus 30%. 12% of Italian revenue, rail and life sciences. Scandinavia, a constant scope. Revenue is still down 15%. Finland, a quarter revenue of the area. Activities only down 5%. Industrial equipment almost back to normal. Sweden, three quarters. Activities improvement, even if it's still down 19%. It was minus 28 in Q4 because of auto and heavy trucks. A third of the sector, all the others, are Benelux, posting 3% growth activity. back to break even in Belgium where most sectors are growing, especially pharma. Netherlands activity grew 6% thanks to electronics and semiconductors. All sectors are growing. Asia, the scope sees a return to growth. Organic growth comes in at 15.5%. India represents 30% of APAC. China, 20%, delivered an increase of 16%, 17%. Japan, 15% growth above 25%. India grew thanks to electronic semiconductors, auto service. China, auto service. electronics and semiconductors too. UK business continues to recover even if the decrease 12% still impacted by the decrease in aero and auto but diversification in other sectors are growing strongly. Switzerland for the first time activity stabilizing down in the industry whereas all other sectors are growing. Life science and finance notably. Eastern Europe that we have added to the chart. It represents 2% of group revenue activity grew strongly in Poland, plus 40% thanks to financial services, ditto in Romania. To a lesser extent, activity is only up 10%. That's the review of the activity by geography. By sector, of activity as I do I'll give you the main trends in Q1 the change by sector Follows up from the H2 last year, auto and aero, lastingly impacted by the crisis, civil aeronautics, the others flat or growing. If we start with auto, 16% of revenue, now 23% slightly up because We were at minus 36% in Q3, minus 33% on Q4. At carmakers, the situation's mixed. Some are growing quite significantly, about 10%. CA or Ferrari, others growing. VW, others decreasing. Equipment suppliers, ditto, pretty mixed bag. rail, naval, 5% of revenue growth is still double digit. The outlook's good in both those sectors. Aerospace is down 38%. Activity stabilized at minus 50, Q3 and Q4 picked up slightly. Visibility is pretty low in civilian aerospace at Airbus. The Space subsector, 2.5% of the 10.5. Picked up as anticipated as of Q1, only down 5% versus 2020. Defense and security, 5.2% of revenue picked up. Activity grew 10%. Some accounts growing strongly. Energy. 11.5% of group is stable, but oil and gas at 5% is down 13% following additional budget cuts following the drop in oil prices. Nuclear just over 3% continues to grow by 11%. Energy equipment over 3% of revenue has growth rates topping 10%. Life sciences, almost 10% of revenue. Henceforth, growth also accelerated, 10.5%, thanks to the pharma sector, essentially. Medical equipment is stable. Other industries account for 6% of revenue, up 5% also after a decrease of 10% in 2020. Telecoms, 6% of revenue, slightly down, minus 4%. Primarily due to certain telcos, but the trends there vary considerably. All clients are up except for Orange at the start of the year and SFR Altis. That was already the case last year in significant proportions because they'd implemented their decision to re-internalize decisions that accelerated with the COVID crisis and continues to be rolled out the first quarter 2020.

Electronics, media, and e-commerce, 7% of revenue stable, resuming significant growth in spite of 80% drop in activity at Amadeus. Semiconductors and electronics activity made up the bulk of growth. Lastly, bank and finance stable, both in retail services and public services, and also bank assurance, varying by geography and by client. It can be quite a difference from one area to another. On to M&A activities for the quarter. We already announced first acquisition beginning of 2021. One of the companies we listed in the We have three acquisitions in 2021 in France and outside of France. In France, the first company in information systems has already announced 37 million euros in revenue, 280 employee consultants. In Germany, we acquired a company in automotive software with interesting clients. Their revenue is 10 million euros. We also bought a small company that's in consulting and agile trading to boost our footprint for a specialized subsidiary in the U.S. Their location is in the U.K. and Finland. Nine and a half million in revenue last year. All these companies will be consolidated on the 1 July 2021. The outlook for 2021 now. It's still early days to give you specifics. But usually, at any rate, we don't make major points in April regarding the whole year. And we can say that we haven't yet seen the end of the crisis. There are ups and downs as there are lockdowns and easing of lockdowns. But we can say that Working from home is doing well pretty much everywhere now. It's not a drag on deliveries. It can be sometimes down on commercial meetings. It's easier to conduct business in person than via Teams or Zoom. But as we've seen in the figures, activity all in all remains satisfactory. Organic growth would be fairly high with automotives and aeronautics. Unfortunately, though, here we're having to contend with two sectors that are hit structurally by the health crisis, and that will continue for another year or two, at least, in aeronautics, certainly. Resumption activity was somewhat stronger than we'd expected, to be frank, in the quarter, particularly in February and March. especially return to a 90% activity level. We hadn't expected that resumption that soon, since some geographies are still down at 80% and 88%. Unless the health crisis worsens again, we should resume organic growth by Q3 2021. Last year, someone asked a question that I couldn't answer today. I can say that, really, honestly speaking, Unlisting really took a substantial downturn between now and then. In spite of cuts and some seasonal projects, we should end of September be a positive year today for Alton group-wide. So there you go. I'll let the participants ask questions. I assume some people do have questions now. So we'll open it for Q&A now. Please, Norman, if you'd like to ask a question, please press star one. I'll tell you when you can ask your question, then you will unmute at that point. First question. You have the floor, sir. Hello, Bruno. I don't know if you can hear me. I've got three questions, actually. on automotive. Could you give us more specifics regarding Italy performing fairly well versus France and Germany? Ferrari and others apparently doing well. What about market share? Is there a change in market share or is it just that budgets are up? Second question. On furloughs, 2-3%. I'm wondering, do you think, as of Q3, that'll be a thing of the past? Last question. Growth margin. At the last call, you said there was no issue regarding consultants' wages. Is that still the context? Thank you. Answered questions in order. On automotive, Germany, a slight uptick in automotive. We've had various offers and consultations in Q1. It's not feeding into revenue yet, but still we're seeing somewhat of a recovery in the German automotive sector. projects relating to software, embedded software, and also projects having to do with the zero emissions vehicle. It won't come as a surprise to you. In France, a less clear-cut recovery in the auto sector, but it should really come into play in the second half, I think, especially in PSA and Renault's accounts. Now, Italy, I can't say if we're gaining market share or if budgets are up, but my feeling is we've got a truly excellent team, and we probably will be gaining market share. Budget's going up by 20%. I don't think that's happening against CIOs. I suspect there's another phenomenon. The vehicle maker's So we have to increase outsourcing, and there's a shift between external costs versus internal costs. And that's one explanation of the big uptick. Something we already emphasized last year, somewhat going against the trend that we're seeing among other carmakers. Now, Sweden, activities stabilized. Ford in the U.S. resuming growth. That's, of course, good news. Volkswagen, it varies from market to market, growing in some areas, such as Germany, northern Germany, and still seeing negative growth, and southern Germany. So those are the points around the main establishments. The UK, Shag, or Land Rover, big accounts as well. For the time being, There's a very, very soft uptick in activity. All the vehicle makers and equipment suppliers to a lesser degree are in the same situation. Quick transition towards all electric. Some makers today are shifting completely to hybrid electric. We have slots for vehicle deliveries. These vehicles work well in cities, but for longer distance travel, somewhat a different situation sometimes. So the right response has to be sound. We'll probably see an increased demand for projects in the upcoming months and years, months and years. We're less worried about automotive as opposed to aerospace. In aerospace, there has been a recovery, especially in France, not as much so in Germany. But this is going to be a lot slower than the recovery we're going to be seeing in automotive. Now onto furloughs. In France, in Toulouse, mainly, and also in Nantes, we still have projects. These are ex-Airbus projects. And intercontract positions that are difficult to We don't have as many intercontracts as we have previously, but still we do have people between contracts around 15%. There's the same thing about Southern Germany, Munich, and automotive. Our strategy, to the extent possible, is to try to push for transfers and mobility. For instance, currently projects in Paris and other business sectors, which very much may use the skills we have in Toulouse. Given on furloughs, being paid to stay at home and receiving an percentage of their pay is also difficult getting the transfer. As long as the furloughs exist, I mean, we may continue. we have skills that we're not able to always use, gradually furlough schemes will lessen and necessarily this turnaround, this situation will change. People will no longer have resources left to furlough schemes. And now in Germany, oh, sorry, last one in France, furlough, 6% currently, probably in Q3 would reach, go down to probably two to three percent, so divided by two, basically. Now, into Germany. More of a question mark, because this very much depends on the recovery in the automotive sector. Plus, the competition scheme is quite generous in Germany. We're hoping to divide by two, but it depends very much on how good the recovery is in the automotive sector. Lastly, gross margin. Answer your question. Yes. close margin is holding up, maintaining at the level it was last year and the previous year. There is no negative effect on the close margin fundamentals. Of course, this year has been different from previous times. Prices have held up broadly. There haven't been price cuts. even though there's some mixed effects in prices, varying consultant community in different sectors and so forth that's having an impact on financial cost prices. But client cost prices, the prices we negotiate with our major clients haven't changed. So our growth margin has continued to be protected, continues to be protected for the time being, mainly today. It depends very much on level between contract. I hope that answers your question. Yes, he did. Thank you very much.

Next question from Derek Markham from Sochi, and you have the floor. Hi, Bruno. I hope you can hear me. I have three questions. My first is, could you say a bit more about the granularity on the decrease of oil and gas in France versus a picture that was far more positive outside France, the difference between France and international. Second question on M&A, could you give us the growth posted? You mentioned the contribution of M&A to Q1, nine point something percent. That's 75 million euros. What's the revenue there compared to 2020 to assess the growth trajectory of the company that joined the scope? My final question on modeling. You helped us a lot with the year to date at the end of Q3, but as of Q2, with that base, that you'll be able to achieve double-digit organic growth. Those are very specific questions on oil and gas in France. Yes, there's a revenue decrease with Total that has cut heavily in its capex at the end of last year. I think they disclosed on that, so I'm not... giving any privileged information here, but there were cuts in billions of euros there in their capex, so it's obviously decreased considerably in France. But it also decreased in the U.S. There's one group that has also cut a lot in its capex, Chevron. We weren't expecting that. We had an activity drop of the order of 10% that we didn't see coming. because with the rebound of the oil price, that should pick up. The rest is holding up, but on the major projects where clients commit very significant budgets, And there's no adjustment to the context on a real-time basis. Last year, the price of oil was sharply down, and then it went up. It was almost in negative territory, up to 20 euros. A lot of clients who had mega projects who just slashed them. And then we saw the price of oil increase since then. Is it lasting? Not going to last? How are clients read it? The fact is that they've taken decisions to cut CapEx at that point last year, and those decisions haven't been reversed and brought back into the pipe. M&A. If I understood your question, you'd like to know what is the Q1 2020 of companies that we consolidated for the first time in Q1 2021, the contribution of acquisitions in Q1 2021. 65 or 70 million euros. You take that scope, what is it generated by way of revenue since 2020? Well, I don't know what they did in Q1 2020. or the economic performance of those companies? I mean, how do you see a double digit? Well, because these companies that we're buying that we bought last year, in terms of accounts closed and activity management is very sketchy. I mean, we need to put put them to rights in terms of the financial tracking with the metrics, starting by basic cutoff procedures. So the accounts are meaningless at that point. That's why I can't answer your question because I can't tell you what the revenue was Q1 last year. These are companies that didn't produce a closing. What I can tell you is that these are companies that on flat activity trajectories, if I look, there was one, and if I rebuild the activity trend through two metrics, headcount, the the externals and the activity levels, because when we do the due deal, we try and rebuild them by looking at the timesheets, this one that's even slightly down. So in the summary on the 13, it's flat. With one, there's a slight decrease. But if projecting... These are companies that are not going to stay flat, right? No, they're not set to stay flat. Will they be still next quarter? That can't be ruled out. There are some, all those we've acquired that were consolidated. There are two that are in a decreased dynamic. There's one that is posting slight growth. There's one that's flat. There's another, the most significant of those acquired last year, SDG present in several countries is up double digit as compared to last year. And all the others, be it Japan, Ukraine, or other, are flat. So what we do, of course, we try and staff the sales, the commercial organization, as we do normally when we integrate them, we put in place our tools, our incentive systems, recruitment systems, And we train them to our business sales development technique because these are companies that are set to grow. But when we buy companies, when companies are sold, there are two reasons why. That either it's purely an asset decision decision. on the part of the sellers, or they haven't been able to unlock the growth in their companies, and they prefer to secure the backing of a group for that. And SDG was a fine acquisition. Organic growth into Q2, double digit. Is that on the cards? Around that. We could be of that order. That's a possibility.

This question is valid. Go ahead. Thank you. Good evening, Renaud. Good evening. I wanted to follow up on a question we just had, 2020. January Q2 isn't that far away in terms of billing in the normative environment. Can we assume studying mid-2021 will see a normal seasonal effect or are there other considerations? Well, you mean things that would disturb the usual seasonal effect? Yes. Well, there shouldn't be any more. There could be lockdown decisions, some local partial lockdowns in certain locations, but gradually we're coming back to a fairly normative situation. Okay, so it's a model of quarters. We can Do things fairly sequentially in the past or the basis? Yes. But you have to realize you must change your count. Growth. Even if it's not year-to-date. Actually, comparable to 2020, there are none less sequential growth in Q1. There's just a taking into account the Q2 dynamics. Well, you mean expecting things to speed up again? No. What I'm saying is, I was wondering if we could expect for Janet Grove, Q2, in the double-digit neighborhood. I say maybe. Maybe a bit above, maybe a bit below. I don't know exactly. Maybe. Conceivably, yes. Yes, first of all, baseline effect lower in Q2 than the past, theoretically. If you just look at the seasonal effect alone, you're in use. The proportion should be the same, but the assumption is there was Q1 growth. In Q2, we'll see the continued benefits of the Q1 growth. the May effect, the month of May effect, and so forth. We assume that there will be additional organic growth, sequential, either by reducing the contract or reducing project headcount. We resume sunhiring in Q2. Well, precisely, that's my next question. Headcount in France. Departures this year. What happened with headcount? Was there a natural attrition for specific departures? No. What about hiring plans? Okay, hiring plans. We have none. It's opportunistic only. Currently, we only hire when he arises for a specific project, mainly. Okay. In some locations, as I mentioned, there's some areas where there's double-digit growth, and in that instance, we hire when we can't find skills in-house. But we're not at all in the situation of 2018-2019. We had major hiring campaigns. We were hiring people even when we didn't have a project, realizing, figuring that we needed these resources, and these additional resources would help us Gain projects. That's not the current situation now, though. Are you still having to release people to reduce the intercontract? Is this natural attrition? What about reductions? Headcount reductions in some areas. Were there small plans where this is natural attrition, natural departures, or was there a restructuring plan? Well, last year we had small restructuring plans. Yes, but what about 2021? Will you do further ones? For the time being, we scheduled no further restructuring plans. We did one small one in Germany. The second one we didn't end up moving on. Northern Germany. Much smaller scale than what we'd originally foreseen. We wanted to keep the skills in-house. These are, after all, skills that are in demand by the client. So we're using furlough schemes. That's the German rationale anyway. We're very much part of that process. I was just saying, for now, we aren't considering further headcount reactions then. Okay, the last question, the three companies in M&A. What about profitability and prices? Broad brush. Are you continuing to buy targets six-day times as it? That's correct. That has not changed. Could you indicate margins so we could have an understanding of cash expectations? And for margins, for all the companies we acquired, average margin of these three is 6%. All right, great. Well, thank you, Ben, very much. Thanks, Bruno. No, to clarify the answer, you too. In Q1, like-for-like scope and same currency, 620. So currency cost is around a million. Like-for-like, same scope. I don't expect the same revenue in Q2. Far from it. There's. We may be almost there. We almost get there. Right around 620? Basically, yes. Okay. Okay, thank you. We haven't gone through May-June yet, so of course there's a way to see. But let's say It's entirely feasible.

Let's put it that way. Maybe a bit ambitious because in some activities, slightly better than anticipated, the operationals are gaining confidence. So in certain cases, they're ambitious in their forecasts. We have to adjust them slightly, but... I don't know if we'll deliver as much, but I don't think we'll be too far from that figure. At least that's what I hope, unless May and June are a lot flatter than expected. That's very clear. Thank you. Next question, Derek Muck from NRL. Your line's open. Sorry to return to the charge, Bruno. An important question. Have you had a very significant impact on Q1, and how do you model it in Q2? With the lockdown, et cetera, I mean, did that have an impact on Q1? Ah, leave, leave taken. Very little impact in Q1. And on Q2, we plan more days of leave than usual in Q2 for people who, well, those who are furloughed. We can't do anything about that. But the others, we've asked them to, as far as possible, to liquidate their leave by the end of May by granting a possible carryover for those who are in project. Thank you. I hope you're not sick, that you haven't caught the virus, but no, I can confirm that I don't have COVID, and I'm not using a face mask because I'm alone in my office. No further questions in the line. If you have a question, please press star 1. Brian Garnier is up next. Yes, hi. Bruno, could you – maybe it's a little early in the year, but the question of the margin activity that's coming in better than expected in the quarter and could translate to the other quarters – Do you consider that it's going to generate additional leverage on the margin to return to the normative levels of operating margin around 10% that was mentioned in February? No. Answer. No, for the time being, that's not feasible to return to normative operating margin levels. 2021, as we said, will be a year of transition. We gave broad ranges of margin forecast into 21. I think we said between 7 and 8. That's a range that is broader than the one we normally give. We're sticking to that. We'll be more specific in July because we'll have clearer visibility. But on the one hand, even in terms of activity, acquisitions have offset some of the activity loss. They're coming with their own structure. It means that on the – The onboard scope end of 19, early 20 of Alton, we have costs that are proportionally higher than they might be, both for sales and for SG&A. We've reduced them considerably, but we decided to preserve organizations and investment programs that we'd planned. to prepare the out years. I'd also explain that we'd taken quite a few locals at the request of clients who were forecasting massive outsourcing, notably in auto and aero, while that generated additional costs that we'll jettison as soon as we can... that we can... terminate the leases and then there are other streamlining effort for real estate underway that takes a while but that adds additional spend what I said I know I costed The additional cost, depending on the level of activity of all the SG&A versus the normative situation, between 120, 130, and 160 bps for Altum in 21. And then there are all the aspects. To the close message, we haven't slimmed down all the technical divisions, all the centers of excellence. We're continuing to organize the ramp up for certain nearshore and offshore activity rates haven't returned to normal. I said that we'd reached 90% only in March, but we're far off. Still two points adrift from the alternative normative and two points of activity cost 1415. All that to say that many reasons why it's impossible to see a return to the normative margin in 2021. So maybe also. On the office space, okay, so is there a more specific plan regarding a new employment, a new labor organization over time because there are many players who are The extended remote working in the model, 40, 50% of their headcount, and so obviously a streamlining. If it's spread over three, four years, where are you at in that process at Alten? Well, we, for the time being on remote working, we're waiting to – have the experience, in other words, sufficient hindsight to see that it's lastingly possible to roll out. Because on the one hand, there's the real estate savings and then all the efficiency losses when people are working from home. that they don't interact sufficiently with the organization and we lose out on efficiency. And we can measure that. It varies depending on the job description, the type of project of the people. We won't. I mean, we haven't begun the slightest... corporate negotiation on that because the social partners on these issues are already very ticklish. But I don't see a situation where we would move to 40%, 50% remote working. That seems impossible to conceive. What we're seeing is many people who, after the first lockdown, found that pretty pleasant work to get organized who have difficult domestic situation to manage with kids, et cetera. It's not the case of many of the engineers, but many want to return to the site and not just one or two days a week to interact with colleagues. Project is a team effort, and working from home isn't the same thing as working interacting in the office. So in answer to your question, no, we don't have a specific plan. We're waiting for feedback and better hindsight. We'll do that once the health situation has stabilized and we see how things have changed. happened over two years and um sound out people what they want and see if it's compatible with project efficiency well we're not measuring today's our engineers uh remote working a group level i think the rate is 65 that's very high today with um Areas of activity were above 80% in certain parts of the world. Clients are not saying anything for the time being. It seems to work. Last year, there were requests from clients who wanted a reduction of 20%, 30% for productivity losses on the invoices. It didn't lead to much, but not necessarily totally effective. unfounded as clients have no other choice everyone's making too we'll have to see how the clients are going to get organized. If our clients are 60% home working, maybe we can increase the level of remote working. Maybe not 60, but more than today. If clients, after the pandemic phase, get more people back to the office. I know that some have announced higher remote working levels, but we have to see how that operates over time. Maybe there'll be continued remote working. But for the time being, in our plans, in our real estate plans, we haven't factored in that item of future employment organization because we haven't thought it through yet. Thank you.

Thank you. No further questions in the queue. If you'd like to ask a question, press star 1. No further questions in the queue. I'll give the floor back to your host. Okay. Well, then, thank you, one and all. Thank you all for taking part in the Alten call for Q1 revenue. Thank you for the questions. We'll meet again. I believe the next publication is 20th of July this year for revenue of the first half of 2021. Maybe we'll have an opportunity to talk for a little more outlook. In the meantime, stay in good health and enjoy the springtime. Hopefully, terraces will be opening up soon. Have a good evening. See you soon. Bye-bye.