Bouygues

Good morning, ladies and gentlemen. Good morning and thank you for being with us for this presentation of the BRIC Group's annual results, the 2020 annual results. We're still working remotely because of the pandemic. This morning, I'm going to comment the results with Olivier Roussat, Pascal Granger, and of course, with the heads of our five businesses. We'll then happily take your questions at the end of the presentation. First of all, I'd like to say a few words about changes to the governance of our group. Now at yesterday's Board of Directors meeting, I proposed that we separate the functions of Chairman and Chief Executive Officer. As you know, I have been Chairman and CEO since the 5th of September 1989. I am now nearly 69 years of age and so I felt that the time had come to change the way our group is governed. Now the Board approved my suggestion And, of course, Olivier Roussard was appointed chief executive officer of the group. Before that, he was deputy CEO, so that was the natural way to do things. So he will be in charge of our board of directors. and management committee. He has also appointed two new deputy CEOs, Pascal Granger, who was previously senior vice president and who will continue to be in charge of finance. You all know Pascal, of course. And secondly, Edouard Bouygues, also as deputy CEO. My eldest son is in charge of developing telecoms, CSO and group development. He will also be appointed chairman of Bouygues Europe, which is a small entity liaising between the BRIC group and the European Commission. The idea is to do lobbying, defend our positions when we need defending and Edouard will also devote some of his time to BRIC Telecom where he has been appointed Executive Vice President in charge of development. So I think that was a very useful move Remember the group was founded by Francis Brigue exactly 70 years ago. I think it was in the last quarter of 1951 and the first full year was 1952. One of the original things about the group is that in 70 years of its existence we have only had two chairmen. It's rare enough to be worth mentioning. I think this is maybe one of the reasons that we have a very strong corporate culture. Our corporate culture is very original and very widely shared by our employees. These are, I believe, characteristic features of the ABRI group and I think it will be up to the new team to develop, enrich and even modernize that culture to ensure that it is as widely shared as possible. by our employees for the greater benefit of our clients and, of course, of our shareholders too. That's what I want to say about our change of governance. Let's move on to page five to the presentation of the highlights of the year. 2020 was an unprecedented year that was very difficult from the human and economic points of view. If the pandemic that there was at face hasn't finished now, at least there are vaccinations that... are in fact light at the end of the tunnel. So in this broader context the group has proved its agile, responsible and resilient. We very rapidly adapted to the way we work and implemented strict protocols to protect our employees, our clients, our partners and of course our subcontractors. In France, back in mid-April before the first lockdown, we gradually started up our construction business again. And thanks to the sharp rebound of business in the second half year, we have actually contained the impact of the pandemic on our revenue and on the group's results. So the group's current operating income rose 11% by comparison with the second half of 2019. Now the target we set ourselves of a current operating margin slightly higher than the second half of 2019, that target has been exceeded because we exceeded 6.8%, that is up 0.8 of a percentage point. Against this backdrop of a crisis, the actual solidity of our financial structure is undeniable. We ended the year with a very low level of debt, fractionally below the 2 billion euro mark, down by comparison with 2019, and cash at a very high level of 12 billion euro. Free cash flow after working capital requirements reached 1.2 billion euro, which is much higher than in 2019. In fact, it's a remarkable performance that is worthy of mention given the context. So far as there's no such thing as a vaccination against global warming, whose consequences are increasingly visible, increasingly striking, we have moved on to a new stage with our climate strategy. On the 16th of December last, our five businesses published ambitious goals to reduce their greenhouse gas emissions by 2030, in line with the Paris Agreement and, of course, they also published their plans of action to achieve those goals. Finally, given our good results, the Board will propose that the next AGM approve the payment of a dividend of €1.70 per share, which is a token of our confidence in the Group's future. Moving on to the highlights, this is page 6 of the handout. Construction finished the year with a backlog at a record level, which gives us good visibility for the future. Furthermore, profitability was well turned around in the second half year and free cash flow is at a remarkably good level. As for TF1, it has remained a leader in terms of its own commercial targets and has proved but very quick to respond and adapt its programs at its costs. Finally, Big Telecom has continued to expand. The commercial dynamics have been very good in mobile and actually gathered pace in Fireway to the Home. Big Telecom exceeded its services revenue target, which rose by 6.4% over the year. Its EBITDA after leases also rose sharply over the year at over 6%. Finally, it generated a free cash flow of €254 million, of course, in line with the guidance. Let's now look at the key figures for the group on page 7, which is evidence of our good resistance to the pandemic. Thanks to the very strong mobilization of the businesses, the downturn in revenue was well contained, and indeed likewise with current operating incomes. At €34.7 billion in 2020, the Group's revenue was only down 9% over the period. Remember that it was down 15% at the end of the first half year by comparison with the first half of 2019. Current operating income was well in the black for the year at €1.222 billion, down €454 million by comparison with 2019. Just for the record, in the first half year, We estimated that the impact of the pandemic would be some €650 million. That is the impact on the group's current operating income. At €696 million, the group's net income or group share of net income includes an increase in non-current income related to the cost of adapting our construction business and impairments of various assets at the Unified Division of Table 1. It also includes Alstom's contribution of £169 million, which was down from £238 million in 2019. Alstom's contribution was £118 million in Q4, subsequent to the two transactions we carried out during the period. Let's take a closer look at the group's performance in the second half. That's page 8 of your handout. As we said at the start of today's presentation, the group became very profitable once again in the second half of 2020. Current operating margin reached 0.8 of a percentage point over the year. This is higher than the target we set ourselves last August. This performance was due to the good growth momentum at Greek Telecom, the pick-up in business, and the various savings achieved in Construction Additive 1. Let's now look at the group's free cash flow. That's page 9. The group generated a remarkably high level of... free cash flow after working capital requirements at €1.2 billion, much higher than we anticipated. It was up sharply on 2019, even when we factored out the outstanding dividend. Now, this performance is indicative of two things. First of all, a very good generation of free cash flow at €725 million. despite the impact of COVID-19 on our businesses and our reserves and in a broader context of maintaining our investment momentum to increase our growth over the next few years. Leaving aside 5G frequencies, net capex, totaled €1.6 billion which was stable by comparison with 2019. Finally, or secondly I should say, the excellent management of working capital requirement relating to operating activity by all the businesses. This performance contributed to the great strength of our financial structure as you can see on our new slide. At fractionally below the €2 billion mark, net debt at year-end improved by €241 million by comparison with year-end 2019. This net debt allows for high generation, or should I say it can result from high generation free cash flow after working capital requires, the positive impact of the disposal of a 4.8% stake in the capital of Alstom in September 2020 for a total of 150 million net expenses, the acquisition of EIT by Brigg Telecom, for some €830 million and the first 5G frequencies for which we paid €87 million. The gearing or net debt ratio was at historically low 17%. This compares with an average of approximately 37% over the last 15 years. As you can see on page 11, At the end of December 2020, we had a very high level of cash available for a total of €12 billion. That's an increase of €400 million compared with the end of December 2019. This breaks down into €4 billion in cash and €8 billion in undrawn lines of credit, of which €7.6 billion are covenantal. Concerning the debt structure, it's very well spread over time. Furthermore, the Bank loans in this debt schedule, which is in light blue on the chart, is relatively minor by comparison, which shows just how efficient our centralized cash management situation is. I'm now going to give the floor to Olivier Roussard for a detailed review of the performance of our various operations. Olivier, you have the floor.

Thank you, Martin. And we'll start off with the construction business. On this slide, you have... pictures of this business. You have what is known as soft mobility. We're building a voussoir in the tunnel for Grand Paris, a bicycle lane and a garden where we plant greenery to prevent having too much concrete on the ground. The order book has reached an almost all-time record, 33.1 billion. The real record was two years ago where we were slightly above that. But still, we have 62% of the order book. The backlog then is overseas. It's stable compared to 2019. Let's take a closer look at the construction business in France. In France, it's slightly down, just 1% down year-on-year. It's 1% up at Bouygues Construction and 2% up at Colas compared to last year. Bouygues Construction order intake is up 5% in Q4 2020 compared to a year before. And you have two examples of such orders in France. There is a project in Bagneux and another one in Champs-sur-Marne. At Colas, the order book is stable in Route Métropole, that is the road business in France. And that's because we have a better than expected performance from private as well as public customers. The order book at Brigue Immobilier is down 11%. There are reasons, well, the same reasons as we mentioned before. We don't have an issue with demand. We have, in fact, an issue with supply. What it is is that we have land, we have customers that are happy to buy property but in between the two we need to get the construction building permit and that has been halted and so that makes it difficult to take on new orders. If you look at the order book internationally, it's up 2% if you leave out disposals and acquisitions that occurred compared to 2019. Because the order book is up 4% and that's because its order intake was up 10% in 2020 compared to 2019. We have two examples again from Q4, the tunnel in the US, €256 million. You have in Croatia. We have Hong Kong, the health authorities, €200 million. For the older book of Collard's Table, restated for the main acquisitions and disposals, it does include the extension of the Metroline, the Edmonton Metroline in Canada. That's worth 500 million euros right there. H1 was of course impacted by the COVID crisis but the construction business bounced back in H2 and that dramatic return to business made it possible to contain the loss of revenue and indeed decline in operating profit for the year. sales for the construction business revenue was 26.2 billion euros, so down 11% over the year. That decline is more marked in France and elsewhere because the lockdown conditions were much more drastic in France than elsewhere around the world. The current operating profit stands at €437 million, so that's a healthy figure, but it's down still €473 million compared. to 2019. Current operating margin stands at 1.7% over the year, so that's down 1.4 percentage points compared to last year. However, on H2, current operating margin for the construction business reached a high level, 5.7% up 0.5 percentage points compared to H2 2019. And so that good performance is the result of several things. Number one, gradual return to business indeed catching up because that is also because we took all sorts of steps in H1, making the necessary provisions to be able to start up when business picked up again, savings that were conducted around the business, and then some compensation that we received after some sites were halted in H1. Throughout the year, significant efforts were made to generate free cash flow. And so now after WTR, it stands at a high number. It's 1.04 billion euros compared to 704 million euros a year before. So that's a significant improvement. Let's move on to TF1. The results were presented by Gilles Pélisson about 10 days ago. So we'll go over this quickly enough. The first good news is that we maintained its leadership on commercial targets. The audience shares on women in charge of purchases remained high at 32.4% regarding individuals between 25 to 49, audience share was 29.9%. That's a consistent increase since 2017. These audience shares show that, well, viewers spend more time watching TV because of the lockdown and the curfews and whatnot. Nonetheless, they decided to stick with TF1, which goes to show that our programs were very much in line with viewers' expectations. Regarding the financial performance, well, you do have the effects of the COVID crisis with lost revenue in H1 2020, but then a rebound of the broadcasting business in H2. Revenue sales were down 11% for the year as a whole. There is a resumption of advertising income in H2 and that made it possible to make up for some of the cancellations of H1. Some of the advertising campaigns were simply postponed from H1 to H2. On revenue, there was a new one which had halted all its shootings between April and May was able to resume that activity in H2. And then we do have to pay tribute to the efforts made by TF1 to keep the cost structure under control, in particular the programming costs. TF1 was able to save as much as 152 million euros for all its five free to view channels and that is unprecedented in TF1's history and that €152 million saving made it possible to compensate 100% of the lost advertising revenue. Regarding the outlook for TF1, well, In 2021, TF1 will offer a great variety in its programs and we will be able to resume programming including for the Euro 2021 because the World Cup is the following year. Still, there is some uncertainty about the COVID crisis and the possible variants and new lockdown conditions, but TF1 will lean on its ability to adjust and adapt so as best to handle the situation and develop its broadcasting accordingly. It will be developing new activity internationally and so develop its new platforms there. And then we will refocus, unify, strengthen the brands, develop synergies to develop business and improve profitability. In fact, we're looking to a positive COP in 2021. Now, Brick Telecom. On this picture, you have a Brick Telecom shop. Because of the curfew conditions, we changed the opening hours. Now it's 9 till 6 p.m., but the number of shops had to close down in shopping malls. Still, if you look at the sales momentum that we had in 2020, we can see that that momentum was confirmed. Our operator was able to secure its position in 2020. Even though there was a significant increase in traffic, customer satisfaction did not decline at all. In fact, at the end of December 2020, WIC Telecom had 12.1 million contract mobile customers, not including machine-to-machine or the EIT acquisition. We gained as many as 606,000 clients over the year, including 150,000 in Q4 alone. The base of fixed customers is now 4.2 million, including 38% of FTTH customers compared with 25% last year. The demand for FTTH has been stepping up, and there you have the effects of lockdown where there was a significant increase push of FTTH technology compared to ADSL. BRIC Telecom gained 226,000 new customers. That's a record high ever since we launched the FTTH offer. All in all, BRIC Telecom was able to take on 604,000 FTTH customers over the year. with the total number standing at 1.6 million at the end of 2020. On this picture, you have the latest offer that is supposed to be the best Wi-Fi repeater on the market. It's called Modem B-Box Fiber Wi-Fi 6. Brick Telecom was the first operator to build a vertical modem. It's vertical because signal propagation is better when you have a standing box rather than when it is horizontal. That's a significant technological breakthrough, and we have to pay tribute to Big Telecom. Up until now, we had these boxes lying underneath the set-top box, and now it's standing alone and indeed standing, which makes a huge difference. Now, how does the new intake of customers reflect on revenue? Well, sales were up 5% over the year. Sales from services were up 5% year-on-year in spite of the loss revenue of roaming that was as much as 33 million euros. The fixed business was up 9% over the period. The mobile business is up 3% and that's because of more customers but also improvement in ADPU, both mobile and fixed. The mobile average billing per unit grew from 19.2% in Q4 2019 to 20.4 million in Q4 2020, restated for the roaming effect. As to the fixed ABPU, it's even more spectacular. We're looking at an additional 2.7 euros per customer per month with an ABPU standing now at 28.6 euro. We have a bigger, well, a more aggressive strategy called More for More, offering more services for a slight increase in the rates, and this is really now bearing fruit. Our strategy now... has enabled us to generate in terms of services an improvement of 6.4% over the full year standing at 4.9 billion euros. You have a little sticker on page 25. This was an impacted year where we lost a lot of roaming business and yet being able to generate 6.4% improvement is quite a feat. It is quite unique indeed in Europe. because of course of the lockdown there was no roaming business and yet we were able to achieve that performance. At 1.5 billion euros EBITDA after leases was up 91 million euros compared to last year. So that includes 20 million euros of non-recurring costs that were related to the brand positioning campaign. and end the advertising campaign. And then there's a €90 million negative net impact of roaming over the year. And yet, in spite of all this, EBITDA margin after leases was stable at 30.7%. Current operating profit was €623 million, up €83 million over the year. That includes €50 million of non-recurring... items in Q4 because of a better improvement in delinquent bills and a revision of the depreciation timetable. Operating profit stood at 651 million euros including 28 million euros from non-current profits and compared with 70 million euros before because there were fewer mobile sites sold off. CAPEX, not including 5G frequencies, were 1.27 billion euros in line with the guidance, and disposals over the same period were 245 million euros, and that includes a significant portion of the Asterix project, the optic fiber project. That was 185 million euros in disposals right there. And then free cash flow, 254 million euros, is in line with the objective for 2020, That is what we announced. Let's take a look at the effects of the EIT operation. That operation was completed on 31 December in the morning last year. The acquisition price was €264 million. 564 million euros, not including the earn out there. Some part of the price includes a reflection of the performance after the acquisition. In any case, that acquisition makes Bouygues Telecom the number three mobile operator in France with 14.2 million customers when you add in the 2.1 million EIT customers. So this is... a tool by which we will expand our market share. That was part of the strategy which Richard and his teams discussed at the beginning of the year. So because of this acquisition with EIT, WIC Telecom will be able to develop its business on three key markets. The general public, B2C, and EIT already has 2.1 million customers right there. the corporate business market. We have as many as 93% of French companies already covered. And then And, well, we have as many as 4,000 branches on the Crédit Mutuel CISD network, so that will expand, of course, the network. Synergies will occur as EIT customers will migrate from SFR and Orange to go to BRIC Telecom, although some were there already, of course. Let's review the announcements that Richard made on Capital Markets Day in January. His strategic plan is called Ambition 2026 for BRIC Telecom. So what's the purpose there? Well, of course, we want to accelerate growth So as to become number two in the mobile business, well, we'll see just what we mean by number two in the mobile business. We want to be a major player in the fiber business with an additional 3 million customers in B2C and then also increase the fixed part of the business for B2B. To get there, we have three assets. Of course, we have our employees very much committed to this, and we have seen a development over the year. The quality of the network, and that has been recognized by RCEP again and again, and, of course, its outstanding customer experience, and that has been an asset for many years indeed. So Ambition26 proposes to pursue sustainable but profitable growth, The idea was to have sales from services above 7 billion euros by 2026. EBITDA after leases should stand at about 22.5 billion euros. EBITDA margin is aimed to be 35%. And in free cash flow, we're looking at 600 million euros. That's the third objective. Now, what exactly do we mean by number two in the mobile business? Well, we want to be considered to be the first Second choice, I mean, in terms of networks, when customers are asked, if you don't go for number one, whom would you go for? I mean, it's a matter of perception. We want to be in that position. How can we get there? Well, of course, there has been a significant brand positioning announced by Richard in 2018. We also need to secure a position as the second mobile network in France, and that was done through the significant investments which Richard mentioned in Capital Markets Day. And then, of course, we have to capitalize on the integration of EIT. That's number one. Number two is to gain 3 million additional FTTH B2C customers. And that will be because of the expansion of our coverage. We will double the number of subscribers from 17.7 million premises to 35 million by 2026. You may remember this set-top box, but the vertical Wi-Fi repeater This is the first time that the media have recognized that we at Brick Telecom have produced the best device on the market. It's the best on the FTTH market, which happens to be the fastest growing business. So there you have an example right there, but we'll also be working on on eco-design item products and that Wi-Fi box is the case in point. And then we will be offering competitive offers and capitalize on our more for more strategy. And number three, we want to double our position in the fixed B2B business and be a major player in the wholesale fixed business. And because of the connection with EIT, we can have access to the SME market, which is the most profitable market segment. And then there are a number of infrastructure projects that are underway. We want to be able to turn these FTTO and FTTA turn this into a profitable business and be able to cash in on the wholesale fixed offer. So, we have our objectives for 2021. I mean, obviously, we'll pursue both FTTH and mobile with the integration of the IT. We're looking at organic growth at sales from services estimated at about 5% plus 5% in spite of the lost roaming business and we don't expect that to bounce back so quickly. You have to understand that roaming does not exist within Europe. Roaming business comes from the U.S. or Asia and as things stand, transcontinental flights are few and far between and there are very few people on board and also very few roaming consumers and so very little business there. We're also looking at an improvement in EBITDA after leases including the IT, up 5% because of course people are spending more money in the business, but we have to spend more on OPEX and CAPEX. There are more leases. So we have, in spite of this, we're looking at improved EBITDA. And then net CAPEX should be about 1.3 billion, not including 5G frequencies. And now I'll give the floor to Pascal Granger who will give you details of the account.

Thank you, Olivier. I'm going to talk about the consolidated accounts beginning with the income statement. I'm not going to dwell on revenue and current operating income because they've already been presented by business by both Olivier and Martin. So I'm going to focus on the other operating income and expenses which were a total of 98 million negative in 2020 against income of 20 million in 2019. Now these expenses include 69 million euro at Colas. This is consistent with the reorganization of the road building business in France and of course the decommissioning of the Dunkirk refinery. They also include 17 million in restructuring costs at Big Immobilier and finally 75 million at TF1, corresponding to the impairment of part of the goodwill and some of the unified brands. These expenses were partly offset by non-recurring income. Two examples, 36 million at reconstruction, This is due to the litigation with Alpic and of course 28 million at Brick Telecom mainly due to capital gains from disposals of mobile sites. The net debt improved by 40 million euro over a year. This variation was due to first of all a reduction of 25 million in the average outstanding debt by comparison with the previous year and a weakening of interest rates on our bond issues at worth 15 million to us. Considering the lower half of the income statement, we recorded a taxation of 317 million in 2020 down from 452 million in 2019. The effective tax rate was 36% this year, up fractionally from 32% in 2019. Now, this variation can be attributed to two factors. First of all, a number of deficits abroad, outside of France anyway, which cannot be carried as deferred tax assets. And secondly, the effective tax rate is different this year because 2020 losses on fully integrated subsidiaries are activated at a lower rate than the effective rate this year. The decrease of... 134 million in the net income of joint ventures and associates in 2020 was mainly due to the decreased contribution from Alstom. This variation can be explained in several ways. First of all, the 54 million euro decrease in capital gains from disposals and dilution, 172 million last year, but only 118 million in 2020. Secondly, this can be explained by a decrease in Alstom's contribution, a 15 million decrease due exclusively to the downsizing of our stake in the capital of Alstom. Net income was €770 million in 2020. The group share was €696 million, down from €1,184,000,000 in 2019. Let's now look at the group's balance sheet at year-end 2020. The total of the balance sheet was €40.6 billion, up from €39.5 billion at year-end 2019. We are, by the way, page 31. Non-current assets total 21.5 billion up by 1.132 billion euro. This is due to several factors. First of all, intangible assets were up 517 million. Brigg Telecom is the main contributor to this increase due to the acquisition of 5G licenses for a total of 608 million euro. Conversely, the impairment of Unify brands was carried under this same item at minus €17 million. As for Goodwill, Goodwill rose by €691 million. This increase is mainly attributable to EIT for a plus €756 million offset partly by the impairment of the Unified Division's Goodwill for a total of €58 million. Finally, Joint Ventures & Associates was down slightly, down €14 million. This was mainly due to two changes. First of all, the valuation of Brie Telecom's stake in SGAIF, which we refer to as the Asterix project. That is for 295 million, almost entirely offset by Alstom for 263 million. This amount is consistent with the share of our result for the period. The variation in the value of Alstom was subsequent to our disposal of a 4.8% stake and the first capital increase of Alstom. These current assets were mainly stable over the period. Finally, assets held for sale, assets or activities held for sale, includes €41 million in the net book value of the Brie Telecom data centre, which we expect to dispose of in the course of 2021. On the liability side, the biggest change concerns non-current liabilities, which rose by €1.221 billion between 2019 and 2020. Non-current financial debt rose by €1.3 billion. This was, of course, subsequent to the €1 billion bond issue in April 2020 and the additional earner to be paid for the acquisition of EIT by Brick Telecom. Let's now look at changes in net debt in 2020. This is page 32. As you've already seen, net debt was fractionally below the €2 billion mark at the end of 2020. This low level of debt is a reflection of how well our businesses have performed in 2020 and in particular, big construction which had a very high level of cash at over €3.1 billion. TF1 and Colas, succeeded in reducing their debt to almost zero in 2020. Net debt at the end of 2020 was down €241 million by comparison with year-end 2019. This was subsequent to the following main changes. First of all, €450 million due to the disposal of almost 4.8% in the capital of Alstom, as I said earlier on. Secondly, The cost of acquisitions, that was €747 million net of disposals, comprising mainly EIT for €830 million, which includes the earn-out. That was by Brick Telecom, of course. The acquisition of granite contracting by Colas for €224 million. And, of course, the amount received in compensation subsequent to the digital litigation. That was approximately €90 million. In addition, we have €37 million for... with various capital transactions and others, compiling the share buybacks, the exercising stock options, and the residual part of the capital increase reserved for employees, this issue known as BRIC . Then, of course, there was the dividend for €687 million, that was a cash out. €87 million corresponded to the first installment on the 5G frequencies. And finally, the important part of the year, was the additional €1.275 billion arising from operations. And this is what I propose now to look at in greater detail on page 33. Let's begin with net cash flow, which includes the repayment of lease obligations. This net cash flow was €2.37 billion, down $303 million back in 2019 due to the sharp downturn in activity and results of the period. Net capex, not including 5G, was stable at $1.6 billion. As I said earlier on, the group decided in 2020 to maintain its capex momentum in 2020 to accelerate growth of its businesses over the next few years. Changes in working capital requirements relating to operations improved substantially over the period, substantially by that I mean by €700 million. Now this performance is a good reflection of the ongoing efforts of the businesses to cash in trade receivables and reduce the level of inventory. So free cash flow after working capital requirements totaled €1.2 billion, up sharply by comparison with 2019. Finally, The variation in working capital requirements arising from amortizations and miscellaneous improved by €195 million. This was mainly due to a number of postponements towards the end of the year at Greek Telecom. Overall, the variation in operations-related working capital requirements was much higher than in 2019. A few words to finish. Let's finish with operating capex. That's page 34. As mentioned, operating capex that's not including 5G frequencies are broadly speaking stable by comparison with 2019. However, this stability hides several factors. A 218 million decrease in construction. The construction business adjusted its capex to the level of activity during the pandemic. Secondly, this was due to a 189 million euro increase at Greek Telecom, which substantially increased its gross capex by comparison with expectations. Furthermore, in 2020, Brie Telecom acquired 70 MHz of 5G frequencies at a cost of €608 million, as you can see. Overall, operating INPEX net operating CAPEX totaled €2.22 billion in 2020. Finally, that brings me to the end of my presentation of the financial accounts and statements. I give you the floor back, Marta, for you to continue. Thank you, Pascal. I'm now going to bring or conclude this presentation, moving on to page 36. In a difficult context, the context of the global pandemic known as COVID-19, the group proved to be agile, responsible and resilient. Our activities are positioned in essential necessities, housing, transportation, communication, information, entertainment and so on, with business models that have not been undermined by the pandemic. All our business segments proved their ability to rebound swiftly thanks to the adaptation measures that they rolled out as early as April 2020. This performance would not have been possible without the unrelenting commitment of all our employees, the quality of social dialogue that we have had for years with our social partners, and of course the great financial strength of the group. Finally, the group proved to be resolutely responsible to its stakeholders. In this document we've mentioned a certain number of decisions that we took in that respect. On the strength of its ability to adapt and its resilience, the group decided to maintain the capital location that we have shown on page 37. First of all, the thing to do is to develop our existing activity. Beginning with energy and services, in 2020 we enforced our expertise in renewables and in particular in green hydrogen. At Colas, Colas provided itself with the logistical means required for its bitumen strategy which consisted in securing supplies and in extending its distribution and trading businesses. At Brick Telecom, we have decided to accelerate our growth. As we told you, we've acquired EIT at the end of 2020 and launched our strategic plan called Ambition 2026. Finally, in media, TF1 has been developing new international business and working on large platforms. Finally, we're very eager to maintain our strong investment grade rating with good control over our debt and secure cash flow. Our long-term rating was recently published by Standard & Poor's and Moody's and as you can see, our ratings are very good, continue to be very good. Finally, we'd like to make a return to shareholders and the Board of Directors has proposed that the next AGM vote on the payout of a dividend of €1.70 per share. Against this backdrop, in 2021, the Group will invest in order to strengthen its business segments and boost their growth in the years to come while maintaining our dividend payout policy as pointed out on page 39. The outlook based on what we know to date and barring any deterioration due to COVID-19, the outlook is as follows. In 2021, revenue and groups performance should be well above 2021 but not as high as in 2019. In 2022, the group's current operating profit should be back to a level similar to or slightly better than in 2019. Over and beyond the financial prospects, I'd like to say a few words to you about our corporate social responsibility roadmap. This is page 39. Last year, we set ourselves four priorities. First of all, health and well-being in the workplace, gender balance, the climate, and biodiversity. To preserve our employees' health and improve their well-being, Bouygues has reinforced its approach called Quality of Life in the Workplace and is pursuing the development of social protection in all our companies in the group France AlatSai. The first of these is called Bouygues Care, and the first issue here is insurance benefits in the event of the death of one of our employees. To encourage gender balance at all levels, BRIG will be launching its Gender Balance Plan 21-22-3, which will include a gender balance criterion in the variable compensation of the group's executive officers and senior executives. Finally, at the end of 2021, the group will map out the various stages and financial consequences of its climate strategy. It will also review the strategic conditions and financial conditions required to be carbon neutral by 2050. Finally, it will specify its commitment to biodiversity. That's it, ladies and gentlemen. That brings us to the end of our presentation. But before moving on to questions and answers, let me remind you of our next two rendezvous on page 40. On the 22nd of April, I will be chairing the combined annual general meeting and the first quarter 2021 results will be published on the 20th of May. Next two rendezvous, my colleagues and I are now at your disposal to take your questions.