Vinci Sa Act

Good morning to you, one and all. Thank you for taking part in this presentation of our 2020 for your results. You should be seeing the slides in real time on your screens. And of course, you can also find them posted, full presentation posted on our site. We'll be using that throughout our presentation. Christian Laberry is at my side. The two of us, we're doing this together. We're at the headquarters in Malmaison. I'm with Christian Laberry. In front of me, I have the executive committee from Vinci, particularly the business line managers who will be able to field questions later that you may have. Now, first, a few slides to begin with. First of all, an illustration of the very large number of solidarity actions that we've been rolling out since the beginning of the health crisis. Here you can see this. This is a food truck distributing free hot meals to lorry drivers. We know that at one time, lorry drivers no longer were able to access the restaurants on the sides of our motorways, the rest areas. These are very popular. We got a lot of very positive messages from them, many thank yous voiced by these lorry drivers. They really felt that we were doing something for them. Next slide. This just goes to show that our infrastructure, our airports were and still are on the front lines to provide transportation of essential goods, medical equipment, and now vaccines. These were the first deliveries of vaccines we're seeing at the Belgrade Airport in Serbia. The next slide here, it's an artist's rendition of the motorway section D4 in the Czech Republic. This is an operation which will be the first motorway PPP in the Czech Republic. We are the preferred bidder there. The Czech parliament should be deciding today on final grant, final award. Then we'll be able to sign probably next Friday. This is a wonderful success. Next, a picture which is an illustration of Vinci Energy's acquisition a few months ago of a company called EWE, Offshore Services and Solutions. They were a service provider in project development, engineering, and also maintenance management of offshore wind farms. Their expertise is very sophisticated. Firstly, regarding offshore operations. Furthermore, electro technology, particularly transformer, high voltage electricity transformer stations, which make it possible to bring this electricity to land. Next, a very interesting A thing I'd like to bring up, an experiment we're doing with Electron, a company. The idea is to experiment with systems for induction charging via road lanes. It's a very short section right now, about 10 minutes. If it works, this can be experimented on longer stretches and then possibly rolled out to specific sections of motorways, such as logistics areas or port facilities, i.e., anywhere where it's necessary to help light vehicles and lorries to not have to be weighed down by batteries, i.e., they can get recharging faster. while they're driving using induction technology, which makes it possible to do contactless wireless charging. You might have this on your cell phones already. You just place your cell phone on a pad, and it can be charged wirelessly without necessarily having to plug it into something. Next, we have an artist's rendition. This is a beautiful contract of roadways and about 20 bridges in Australia. around and toward the Sydney airport, 900 million euros to be done as a joint venture 50-50 with our partner, John Holland. Lastly, we have a picture here, an artist's rendition also, of Vinci Immobilier, what it's developing right now for the Athletes Village. This is for the 2024 Olympic Games. It's a facility being set up in a brown field, 6.4 hectares is its size. We can say that the idea is to provide this to the Olympic Games 2020, about 6,000 beds for the athletes, 33,000 square meters of service areas and other areas during the Games. Afterwards, this will all be restructured, reconfigured after the Games are over so that we can be producing office areas, store space, as well as apartments in a new neighborhood area. with a very strong attention being paid to environmental considerations here, impact on the environment, as well as using biosourced materials. So that was just to whet our appetites, talk about our projects. Let's talk now about 2020. As you know, we were very hard hit by the health crisis. It impacted all of our divisions, every single one of them. But you already know, I realize this. The intensity varied quite a bit from one business line to another and also from one geography to another. Starting in mid-March, Business impact was almost immediate and very large scale. Our number one priority very clearly was to protect our employees. I do believe we were fairly good approaching them. We did achieve this. On that point, I'd use the opportunity to really pay tribute to all of our employees, their sense of responsibility, the quality of social dialogue, without which our achievements wouldn't have been possible to weather this crisis. Motorway traffic plummeted by 80% during the first lockdown. Passenger traffic in our airports fell to basically zero. Works activities reacted quite differently from one geography to another. Things halted almost completely in France for at least six weeks at the worksites. However, activities were almost normal in several other countries, specifically Germany. In addition, there was a phenomenon in that has already impacted our property development activities. A lot of government administrations, almost all government administrations were closed, especially the government offices that are in charge of granting work permits in the various administrative Then as of May, we resumed our business on our work sites. They're now operating almost completely normally. Motorway traffic starting after the first lockdown, as well as airport traffic, began ticking up gradually, recovering gradually, reaching a peak midway through the summertime regarding motorway traffic issues. This peak was very near usual traffic levels we'd had in 2020 at the same time of the year. Unfortunately, everything started going the other direction after the subsequent waves of the pandemic and a lacking coordination among the various countries, particularly European countries. regarding restrictions on movement and quarantine measures. For all these reasons, we've seen a significant drop by 10% in our annual revenue versus the previous year and a 62% drop in our net earnings to 142 billion euros. Now, three points. Order intake was good, very good. In fact, the order book is at a record level, 42.4 billion euros. Next, we have to also observe, and this is really quite extraordinary, the resilience of activity and operating income from Vinci Energy. This really makes us feel comfortable with our stepped-up strategy to develop these business areas. Lastly, Excellent situation of our free cash flow, very near its record level of 2019, which necessarily mathematically means a reduction by 3.7 billion euros in our net debt over the annual period. This is all thanks to very stringent and strict management of both OPEX and CAPEX. Furthermore, thanks to a lot of cash in from clients, particularly also our government clients, and especially I'd mention in most recent weeks, in the last weeks of the year, cash in from clients. We saw a strong improvement in free cash flow for Vinci Contracting plus Vinci Immobilier to the tune of up 1.5 billion euros, broadly enabling us to offset the deterioration in concessions free cash flow, which was down 1.8 billion euros due to the significant drops in traffic, which I already alluded to, and we'll come back to the point in a moment. This is slide 13 now. The way the countries reacted to the crisis, well, we can see this very well depicted on page 13. France, we see a drop of 13%. The rest of Europe, Western Europe and Central and Eastern Europe, saw a drop broadly of around 7%. South America went down substantially as well. However, on the other hand, North America sees an upturn. Africa, right now, things are more uncertain there. Another point I'd like to observe, Contracting business done outside of France reaped the benefits of these differentials between France and outside of France. So outside of France, business was 53% for contracting, 53% versus 50% contracting business outside of France in 2019. Now, let's move into further detail broken down by specific business areas. Vinci Autoroutes, you remember, got a very good start of the year up until 17 March. It was up 4.8% growth in traffic for Vinci Autoroutes. Traffic then plummeted by 87% for light vehicles and dropped only, so to speak, by 36% for heavy vehicles, which turned out to be more resilient to These are the figures after the first lockdown. Then there was a gradual resumption in traffic. As I mentioned, traffic reached almost normal levels compared to previous years in Q3 and July, before then weakening once again in the last quarter of the year due to renewed restrictions and curfews as well as other issues. measures of that ilk. So in all, we've finished the year at 23.8% drop in light vehicle traffic, and heavy vehicle traffic held up much better. It was only down 6.5% for the year. Nevertheless, there's a great deal of good news. First of all, light vehicle traffic is just waiting with bated breath to resume, so to speak. We saw it when restrictions were lifted in the summertime. It picked up quickly. Furthermore, heavy vehicle traffic, as I mentioned, supported very much by the fact the economy resisted quite well. Furthermore, there's been exponential increases in e-commerce. Next, we are public service providers, and as such, we've performed very well in ensuring – faultless continuity of service. Furthermore, we've shown very clear adaptability to the very strict health rules. Our employees have been fully on board and committed. At Vinci Auto Route and throughout Vinci, I would like to use the opportunity once again to thank each and every one of our employees. Vinci Auto Route. will have continued to be one of the main project owners for France when it comes to public works. 757 to 750 million euros invested in 2020, specifically continuation of work on the western bypass of Strasbourg, which will be delivered in the third, last quarter, sorry, of 2021. Last point, and most importantly, this crisis has confirmed that roads broadly, not just motorways, but all the roads network, is the vital network for our country. I'm sure you know nine trips out of ten and three trips, commutes to work out of four are done by the road. The knock-on effect is that we feel that France can only comply with the Paris Accords if very quickly we can decarbonate road traffic as we're trying to do specifically in our motorway network. We'll come back to the point during your questions if you're interested in Vinci Airports, the advantage is that this is sort of a leading indicator of the crisis. We have airports located in Cambodia as well as Japan. So Vinci Airports was better prepared than others, thanks to that, for the almost shutdown of air traffic starting in mid-March. Next, what we saw was a slow uptick in air traffic, mainly domestic traffic, then Schengen traffic starting in June, and then, as in motorways, there was a plummet again in Q4 due to renewed restrictions. However, some glimmers of hope in other geographies, such as toward the end of the year, the Americas, Japan, and Brazil. These are geographies where you have a large proportion of domestic air traffic due to the fact these are large countries and the distances that must be flown. Three things I point out, Revinci Airports. First of all, a great deal of work has been done on OPEX and reducing CAPEX during the second half of the year. And in terms of refinancing set up, particularly for Gatwick and Lyon, all these quick actions have made it possible, first of all, to contain impact on EBITDA and also to ensure resilience, liquidity, overall resilience of this business activity, which, as you well know, will take time to get back up to pre-COVID levels. The second point we'd observe, we continued – since the beginning of the crisis. The most strategic works at Cionicville in Cambodia and Belgrade in Serbia, Itami, Japan, and Santiago de Chile. We also, in France, as soon as we could, which means even before the end of the lockdown, in France, we resumed work on the Rennes and Toulon runways, which were some of the first construction work sites to resume business in the springtime. Lastly, a glimmer of hope, the rebound in domestic traffic in China. You saw this in the newspapers. It may be a little less true today, but a few weeks back, domestic air traffic in China had actually gone above the previous year's level. A second example, the Dominican Republic, in our business there, we've seen that air traffic very quickly started looking good again as soon as restrictions were lifted again. The point being, in our opinion, very clearly people have a strong desire to travel, and we're going to see this evidenced in our networks after the health crisis. Now, concessions development, two beautiful examples of success that show the momentum in our development of concessions and our ability to – pull together, display synergy between concessions and contracting business lines. First of all, I'd elude the signing of the first motorway PPP in Kenya, which will be generating approximately 900 million euros worth of works at Vinci Construction businesses. Furthermore, we've been designed preferred bidder for the first Czech Republic's PPP. I already alluded to it. This should be signed and closed in all likelihood next fall. Friday, a week's time after getting the go-ahead from the Parliament today. The work in the Czech Republic will be conducted, among others, by Eurovia. In that country, it owns a very strong subsidiary, which has already proven itself in a previous PPP in Slovakia, a neighboring country to the Czech Republic, as you well know. Now, to talk to you about contracting Vinci Energy to begin with, I told you already, exceptional resilience at Vinci Energy. They especially did a good job of things in Europe as well as North America and also reached full levels of activity in France in the second half of the year. Vinci Energy is in spite of the crisis, was able to continue moving forward with its strategy of acquiring businesses, particularly getting a significant foothold in Canada, specifically in Quebec, bringing into the fold TransElecCom Inc., with around €200 million revenues per annum, This is expertise focusing mainly in construction as well as maintenance of electricity grids in Quebec. Another highlight you'll see on the slide here, international business at Vinci Energy now representing 57% of its total. which is very much in sync with the strategy we've had in force for several years now. I'd use this opportunity. We're talking about energy. I'd like to say to you regarding ACSIS, the process is underway. I have nothing to add, and I will not add anything further on that, even if there are questions. The important thing is whether or not this pans out, we very much intend to continue developing our energy assets and activities, particularly in renewable energy. Onto Eurovia, beautiful reactiveness and responsiveness for Eurovia to adapt to the crisis and prepare for recovery. Like in other contracting businesses, a much more significant drop in France than in most other countries. Some of the countries such as the United States, the United Kingdom, Chile, the Czech Republic, have even seen growth versus the previous year, including if you cancel out currency effects. Order intake at Eurovia suffered in France, a well-known negative phenomenon, post-elections. But the good news is order books started looking better in Q4, which is why all in all, not the only explanation, but all in all, made it possible for us to have an end-of-the-year order book, which is up, compared to the previous year. Briefly, I'd like to mention to you, since we're talking about Eurovia, which is led by Pierre-Angèle Rasse, he now is in charge of Eurovia and Vinci Construction, both of them together, so that it's possible to develop even further synergies and complementarity between these business areas to better respond to customer expectations and also to rise to the major challenges of the environment, energy, and digital. I'm mentioning him because, henceforth, we will be communicating not in terms of contracting, which included Vinci Energy, Eurovia, and construction, but rather we will talk firstly about the new Vinci Construction division, which consolidated previous Vinci Construction plus Eurovia, and then on the other hand, There will be Vinci Energy, as I've already said, which will be stepping up its growth. So this is the last time we're disclosing figures with this business line segmentation that we'd been accustomed to previously for a fair few years already. I'd like to move on to construction now, the way we used to term it. The situation is quite a mix here as well. Around minus 15% like for like in France, whereas internationally they maintain their activity. We reorganized, fairly large scale reorganization of entrepôts contracting. A few years ago when entrepôts contracting was suffering from a significant drop in investments made by major oil and gas companies, initially we thought that was cyclical, temporary, but now we've understood for a while now that it was structural. So it was time to restructure entrepôt's contracting, which we basically split up into portions that came into subsidiaries in Africa, for instance, and also many of them, many other portions became part of the major projects division Grand Projet. There's a synergy effect here. We saw this clearly very recently. when we won an LNG tank, liquefied natural gas tank, in the UK, reservoir in the UK. I think it was Grey Island. And you probably know that this is the kind of thing, these LNG tanks, these are one of our specialties. We've made about 20 of these in recent years. The most recent were in Siberia as well as Canada. A very important thing to observe and take away from a chicken section in spite of the crisis, we can say that we had a particularly large number of large major projects. I'll just mention three. There are many more, maybe four. First of all, the major Paris Express project. We often talk about this. I won't comment on it again. We've got a big portion of it in terms of market share there. Next, an extraordinary project. These are N1 and N2 sections of the HS2 high-speed line in the UK, around 6 billion euros, which we will be doing as a joint venture with our partner, Balfour Beatty. several botches of the rail link city rail link in Auckland New Zealand around 500 million euros here also a joint venture then there's another contract around 750 million euros this is to refurbish a tunnel Louis Hippolyte La Fontaine as its name would have it it's in Quebec It's also a joint venture on Vinci's side. It includes Vinci Construction and Eurovia, which is to say this is the new Vinci Construction that I just described for you a moment ago. All in all, at Vinci Construction, Thank you very much. and activity which is achieved 50% within France, 50% outside of France. So here as well we can say this is very much on trajectory toward our internationalization, which we decided on a few years ago. Now lastly on property development, real estate development started the year very, very well in terms of residential development, creating dwellings, as well as corporate real estate development. Then for fourfold shock, first of all, a shutdown of the work sites. Next, a quasi absence of reservations during the lockdown and also during the following weeks. Thirdly, the negative effect of municipal elections. And then lastly, the wait and see attitude of property investors, particularly corporate property. Sales was hard hit, but then sales resumed in Q4, especially, but not only, thanks to block sales that were made to large real estate companies, such as the housing portion of the Caisse de dépôt et consignation. Thanks to this, it was possible for the full year to contain the drop. in reservations for new housing to 16% versus the previous year's achievements. Lastly, you saw this in our press release. Very recently, we acquired the remainder of capital held by the company called Urbat. This is a strategic move. Now we can position ourselves even better in the area of affordable housing. On this point, it's just an anecdote. The figures aren't very high. But I'd mention something. We have a real estate development activity with a local, Max Loco, in Monaco. There was a freeze in all reservations for Testimonial 2, Operation Underway, so we didn't reserve one single piece of housing. There are 60 for sale. This is very high-end housing and very high-priced housing. Not one single reservation in 2020. Since the beginning of 2021, though... We already have seen three reservations for these and a fourth one which is in the pipeline. So just to give you an idea, this is yet another sign that things are beginning to recover and head in the right direction. I suggest we now hand the floor to Christian Laberry. I'll come back, as is my custom, to talk to you later about the future.

Good morning to you all. So I'll begin as per usual by word on revenue that declined recently. by 10% full year, with a steeper drop in concessions and in contracting concessions. Revenue is down 32%, impacted by global movement restrictions that considerably impacted airport traffic, of course, to a lesser extent, motorway traffic. In contracting, the drop was, after all, limited at 5%. After a Q2 sharply down, particularly in France, Owing to the first lockdown when construction sites were stopped, business returned to levels close to normal as of June. And in H2, contracting revenue remained broadly stable as compared to H2 2019, plus 2% Vinci Energy, minus 2% for Eurovia, minus 1% for VC Energy. whereas concessions revenue was down compared to 2019. The same proportions in H1, H2, minus 31%, all-in-all constant scope and currency. The drop comes in at minus 11%, of which minus 33% for concessions, minus 6% for contracting. Scope effects cover contracting. Recent acquisitions of V about 20 in 2020 most significant TCI in Canada in October these acquisition 2020 bought in additional revenue close on 300 million euros added to an equivalent amount for acquisitions in 2019 full year concessions we had the upside of the full year integration of Gatwick 2020 consolidated in the group's accounts 2019 all in all scope effects Not that significant, but there was a depreciation of the euro versus the US, Canadian, Australian, New Zealand dollars. The impact of the crisis was stronger in France than international. In fact, twice as high in international. In contracting, in spite of the health crisis, activity outside France was maintained close to capacity in most countries where we're present, differences by zone, and at the end of the day, the share of revenue outside France grows to 47% as against 45% 2019, and contracting almost 53% as against 50% in 2019. Turning now to the results, okay, business drop heavily impacted our profitability across our business, and the possibility of adjusting, unable to adjust real-time cost. EBIT, companies consolidated overall, stands at 2.9 billion, almost half versus 2019, a margin halved, coming in at 6.6% as against 11.9%. particularly marked drop in concessions, motorways, especially airports, in spite of traffic. Experts were not able to reduce their costs with the significant drop in their revenue. Their costs were essentially fixed. Contracting divisions see their contributions decline, owing to the undercoverage of overheads, labour and materials during the shutdown, the second half in France, in spite of... Partial measures put in place across division. Learning from their experience of past crises, contracting was agile to adapt rapidly to the situation. Both EBIT and contracting margins grew in the second half of 2020 as against 2019 overall. Margin contraction is limited in contracting. Minus 30 BPs at Vinci Energy. 5.7% of revenue is against 6% at Eurovia, 70 bps, 3.5% is against 4% in 2019. For VC, a marked fall, 170 bps to 1% is against 2.7% in 2019, owing to the difficulties. Several end-of-construction sites in France under performance and productivity losses are more marked in this business because it's more difficult to put in place protection measures. Difficulty of oil and gas entrepôts impacted 2020 results, but that business was fully developed. And that restructuring is now completed. Performance of Vinci real estate sharply down due, as Xavier said, the stoppage of new work sites during the lockdown. Let me remind you, the production of sites is crucial to real estate and also the lag. In sales and in commercial real estate, sales were postponed because of the wait-and-see attitude of investors. And let's see, next slide. The income statement, we can mention here a reduction of the expense of share-based payments, Finchie, an exceptional figure. Bonus was paid at the end of 2019 to all employees in France. At the end of 2019, companies consolidated at equity a loss this year, whereas normally its income, minus 108, is against plus 260 due to our minority holdings in airports, be it ADB, Kansai or Chile. and in non-recurring items there's similar expenses last year but items that are more significant in size for impairment of close on 100 million euros on the one side restructuring costs also for some 100 million euros in construction entrepôts in particular Gatwick and positive income link to the scope change integrating the deconsolidation of ADP financial income broadly flat which is a good achievement because the cost of debt is down and allowed us to offset the impact of the acquisition of Gatwick full year, because last year we only had six or seven months of financial expense on Gatwick. Sharp drop, obviously, of the tax expense. Income dropped half. Ditto for the tax expense. minority interests of the associates in loss-making subsidiaries, essentially airport, £1.242 billion earnings, low compared to what you were used to in 2019, but we can consider as commendable and better than anticipated given the upset caused by the pandemic and most of our operations. We tried to quantify the impact of COVID. It's not a totally scientific exercise. I wanted to compare with the budgets that we drew up pre-COVID. We estimate that the impact on the income of COVID was about 2.4 billion. So we would have been above the 2019 number, excluding COVID. Unfortunately, COVID struck, which strengthens the indications that we gave you about a year ago now. Next, cash flow. It's the good news, indeed, the very good piece of news 2020 is, as you have noted, financial analysts in your paces this morning. In spite of those difficulties, we generated cash on the year 2020 at a remarkable level. And the assessment on screen shows you the mechanics. EBITDA down. by two six billion from eight five to five nine billion but this EBITDA drop of 2.6 billion was almost fully offset by an improvement in WCR and current provisions. WCR played to the tune of 2.3 billion. We improved it last year by barely 400 billion, which was already a good performance. This year, we really skyrocketed. Reduction in tax paid, a reduction in OPEX, both in contracting and at London Gatwick. Now, the contracting divisions are the major contributors to improving WCR because it's linked to cash in from clients extraordinarily high, both in France as well as in other European geographies, particularly towards the end of the year. Some clients right at the end of December paid ahead of time. for certain services that were only due early 21. Not only the sustained activity in H2 was rapidly invoiced, I said that it was almost the same level of 2019 and cashed in, but longstanding receivables were recovered thanks to very good follow-up work on the ground. Development investment in concessions flat versus last year, about 1.1 billion. It's worth recalling that most of these investments were already underway pre-COVID, and we can't stop them in their tracks. I'm thinking the new terminal at Belgrade Airport, some work that was done in Cambodia, or the Western Bypass of Strasbourg. In terms of acquisition of new companies, a low amount, 400 million as compared to 8 billion last year. Well, obviously, that's the illustration that last year we took 50% of Gatwick, which weighed hugely. And this year, acquisitions were relatively limited in terms of amount and concern, essentially Vinci Energy. As regards cash linked to dividend share buybacks, they were sharply down versus 2019. Following the stoppage in March 2020 of share buybacks at the early pandemic and partial payment of the balance of the dividend of €125 per share in July in respect of 2019, 60% of that dividend balance was was paid in shares. All in all, a debt variation a lot higher than what we estimated of 3.7 billion, bringing net debt at the group at the end of the year to 18 billion. Next slide. Looking further out, you see that Vinci's demonstrated on many occasions its ability to weather crises and difficulties the toughest ways. such as the one we're currently experiencing. Unfortunately, the crisis is not over. Delivering performance more than commendable in terms of cash flow. And so, as I said, and as Xavier said, the remarkably high level of free cash flow in 2020 on a par with that of 2019. is one of the greatest causes of satisfaction on the financial front. So the balance sheet structure, next slide, balance sheet structure remains very strong with capital 46 billion down. That's the improved WCR shareholders' equity, 23 billion non-recurring items at a very high level. Gross, dead, close on £28 billion, slightly down versus last year, but we renewed, we reissued loans, more about that in a second, to face our reimbursements. And cash, available cash, reaching close on £10 billion, that's again 6.8 at the end of 2019. Next, let's move to the key items of our financial policy. If I don't get lost in my papers, but never mind, I can do it without my script. We benefited in 2020 of exceptional market conditions. Shortly after the beginning of the lockdown, that was in May, The beginning of lockdown was quite difficult, but we didn't turn to the financial markets, waited until things calmed a bit. In May, Kofi Rud issued 900 million loan, 11 years with a 1% coupon, which was already a very fine performance. And more recently, in November, Venchi SA, an inaugural issue, 500 million green bond, issue zero coupon, but in fact... Given that we issued below par, or rather above par, we have a negative yield. So in fact, we borrowed at negative rates over eight years. That's a first, never happened before. And for the time being, remains a record, perhaps not global, but at least French. For how long, I don't know. But that's the way it is. On the right, you see the liquidity level, 10 billion of cash at the end of the year. We, of course, need to add the undrawn credit lines at Vinci to the tune of 8 billion, and T-bill is used for 1.2 billion, of which 200 million at Gatwick, because Gatwick benefits from the T-bills guaranteed by the Bank of England as part of the support to the UK economy. Shared buybacks I've spoken to. Capitalists use partial payment of dividend. Final slide recalls The rating agencies that rate us, S&P and Moody's, maintained their rating. It wasn't a done deal, if you recall, at the end of H1. They credited us with the resumption of our operations that occurred partly in H2 and awarded us, maintained a stable outlook. You see, the cost of debt is slightly down. In fact, it... is down more on the Euro component of the debt, which accounts for 60% of the total, 28 billion mentioned earlier. But as I said, we consolidated Gatwick, the acquisition costs over a year. So we're impacted on average cost by the sterling rate of the Gatwick debt acquisition debt. In spite of that, our cost of debt is slightly down. Xavier.

Thank you, Christian. First of all, I would like to just give you a few of my thoughts. These are points I've already made in the past. No particular order in all of this, but let me just say the following. We've all understood just how much our colleagues, how much we miss our colleagues. We're using our force, energy, and creativity to maintain our relationships with our colleagues and all the other stakeholders as well. which is all to say, yes, of course, remote working will continue apace and develop further, but there will be some limits. We're convinced that the company will never be able to just be remote contractual relationships because the company is first and foremost a location where people are together. It's a group of people serving a strategy, a shared dream. It's especially true in our business lines, and I'm absolutely convinced this is equally true in all areas of the economy. Next. It's never been more necessary to show our social responsibility in societies that are ever more fragmented, that have never needed as much as currently to reestablish this social fabric. It's crystal clear that now, more than ever before, we have to step up our environmental policy, even just because of immediate concerns regarding the health of our fellow citizens. All of a sudden, we really get a fuller understanding of our health as well as the planet's health and needs. Next point, we have to continue adapting and being agile. We've been very adaptable and agile during the crisis. We'll continue demonstrating this. And it's first and foremost thanks to our local managers. We restate our belief that the right decisions are made as close as possible to the ground, to the field. This is a good thing. We've got the right organization for this, highly decentralized, making it possible to be fleet-footed, responsive, quick-acting to crises as they arise. Now the crisis is a virus. In the future, as long off in the future as possible, but there'll be another one in the future sometime. A last point on this. New challenges are coming to the fore for all of us. We as a company and we as a country see more and more challenges. And these challenges become global challenges. Think of the pandemic. It's very much global. Think of the planet itself, a global concern. Cyber security, other types of crisis we can't even imagine today may well happen. All these crises have become global crises. Therefore, all of us will need to change the way we do things, change the way we think about things, our mindset. My point being, highly vertical responses, very top-down responses, quickly have to give way to faster responses, more agile responses, greater cross-cutting cooperation and local cooperation. Next. To come back to our businesses specifically. First of all, It is currently impossible to make specific series forecasts pertaining to our concessions business. This is very much too much dependent on how the measures taken to counter the pandemic and restrictive measures that may be taken in a fairly disorderly fashion by the various different countries. You may remember back in September. we had the impression that we might complete Vinci Autoroutes' year at minus 15% in traffic. In the end, it was down more than that. Why? Because in the interim, the pandemic developed further, and you're familiar with what that led to. You can see this quite well on slide 32 and then slide 33. On 32, you can see changes in traffic on Vinci Autoroutes month-to-month throughout 2020. You can see it was quite a ride, went way down, plummeted way down, and then went way back up to a level very similar to the previous year, 2019, and then to plummet yet again in Q4 of the year. The point here is... There's a need for mobility. People have a desire for mobility that remains. As soon as the restrictions are lifted, people will begin traveling again. This will respond quite quickly. Vinci Otterwitz will see this. We're in line with the previous financial year, maybe not quite as strong a reduction as we've seen throughout 2019. What we thought would be interesting would be to give you, at least during this time of crisis and regularly every month, we'll give you our traffic statistics for our concessions, businesses, and for the first time, We'll be doing this toward mid-February. So I can't give you figures for January traffic now, but you will get it very, very soon, get those figures very, very soon. The important thing to remember at Vinci Auto Roots is demand is pent up. It's waiting to express itself as soon as the restrictions are lifted. because people need to travel. There's a pent-up need. It's very strong. We see it in our geographies, and we see it in all geographies where we operate. Vinci Airports sees Q1 2021, which is difficult. We see it's slide 33, minus 80%. Vinci Airports will recover more slowly, more gradually during 2021. among other things. as people begin to be vaccinated on a large scale and we start seeing herd immunity and people start to want to travel more. For instance, look at the United Kingdom. It's the European country that's vaccinated the largest number of people. In the UK, they've already vaccinated over 10 million British citizens. They're targeting very high vaccination levels, maybe 90% vaccination by next summertime, which means it's just a few months' time in some countries. they'll have very much reach to herd immunity, which means also that within Europe we should reach that herd immunity sometime during 2021. Last takeaway point on Vinci Airports, you know that our positioning, and we can see this on slide 33, is 78% VFR, which is Visit Friends and Relatives VFR. and tourism. Only 21% of our traffic is business travel. So we're very much VFR, Visit Friends in France, and tourism. We hope this will help us see a quicker resumption in our Airbus network versus the major international hubs whose business traffic is more significant than is our case. We saw an example of this during the summertime when there's a traffic resumption between France and Portugal, and clearly that's the segment of VFR and tourism. And it bounced back during the summertime and then went back down. due to the increase in the health crisis. So in any event, though it will be better than in 2020, in any event, Vinci Airports, yet again, will see a strong drop in 2021 compared to 2019. contracting now the situation is quite different there I already said this our order book is at a record high this is page 34 especially outside of France the international accounts portion of our order book is 60% of the total in 2021 we should once again see a level of contracting activity very similar to 2019 with an improvement in and operating margins for the three divisions so that we may come back to and slightly go beyond provincial construction, the margin levels that we achieved in 2019. If you add up all of this, this will mean that for Vinci overall, we cannot give a reliable forecast We'd have to look at a crystal ball to do that, and that would be pointless. But we can say it's clear we're not going to see in 2021 a resumption of activity levels and margin levels that we had before the beginning of this health crisis. Now, of course, the group intends to go further than this. We think in the long term, take a long-term view. Our project is to prepare ourselves for a recovery in economic activities in all territories where we're major players, both in concessions and contracting. Our view is we have the possibility of using assets that are very strong assets of ours. First of all, our business model is a long-term business model, very much suited to the current challenges, which are long-term challenges. We're talking about energy efficiency, the environmental transition, new mobility needs and communication needs. For all these reasons, we've got a strong belief that we're here in all of our business areas. For the long run, we're in buoyant, long-term markets. Next, our businesses are highly responsive. We act quickly. We saw this during 2020. Thanks to the way we're organized in a very decentralized fashion, our teams are highly committed, very much engaged, witnessed by our ability in the crisis 2020, ability to react. Our financial situation is very sound indeed, as Christian Laverie has explained it to you just a few moments ago. We are therefore confident. And with this confidence, the board of directors I met yesterday decided to propose to the next annual general meeting, which will be held on April 8th. And I dividend the identical amount as last year, which is 2.04 euros per share payable, detachable 20 April and payable on 20 April 2021, 22 April. Now, before I start in Q&A, let me say growth is going to be ever more green. There's no doubt about that whatsoever. We began working this starting in 2019. very beginning of 2020, before the COVID crisis, we announced our targets and our precise commitments that all of our 217,000 employees are now working on. There are three areas of focus. Act for the climate, which means addressing our CO2 footprint. Optimize natural resources thanks to rolling out the circular economy when possible, which means reusing materials to not have to extract these materials from the planet. And then thirdly, Biodiversity, preserve natural environments. One last point having to do with our social and societal responsibility. As we see it, this is very much part and parcel of our environmental responsibility. During a time when society is experiencing a trying situation, we've all got to be active in this area of the society as a whole. We're talking about, for instance, Give Me Five, helping youngsters in France, or think of other things we do. There are many citizens' actions that we began in almost all of our countries since the beginning of the health crisis. All of these actions and many others in each of our countries are a great illustration of our humanist approach, our inclusive approach in our business, our ability to work for a more inclusive society with more solidarity. I'm emphasizing these initiatives. Why? Because we not only must continue with these, we are going to need to boost these even further. Today, clearly, paying attention to the planet is no longer optional. The environmental transition, however, will only take place if we also pay greater attention to societal and society considerations. It is our custom to try to put all this into perspective and talk about overall performance, comprehensive performance. You can't just talk about technical or financial performance on one side and the environmental and social performance on another side. No, it's overall comprehensive performance. You can't have any performance at all. You don't have all of this type of performance. That's certainly our belief and that's what brings us forward. That's what our focus is. Our whole purpose, our whole calling, our main deep-seated calling is to reconcile all of this, to bring together in one movement the will to be useful to people and a concern for the health of our planet. Thank you very much. We'll be happy to field questions. Christian and I, as well as our colleagues from the Executive Committee, are here to answer your questions now. Thank you.